Guardian Variable Products Trust N-CSRS Certified semi-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: June 30, 2023

Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is filed herewith.

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
Statement of Assets and Liabilities	11
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Supplemental Information
Liquidity Risk Management Program	23
Approval of Investment Management Agreement	24
Portfolio Holdings and Proxy Voting Procedures	31

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $433,018,606

Bond Sector Allocation¹

As of June 30, 2023

Bond Quality Allocation²

As of June 30, 2023

1

GUARDIAN CORE FIXED INCOME VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		4.000%		6/30/2028		11.48%
U.S. Treasury Bond		3.875%		5/15/2043		10.03%
U.S. Treasury Note		4.625%		6/30/2025		7.22%
U.S. Treasury Bond		3.625%		5/15/2053		4.55%
U.S. Treasury Note		3.750%		5/31/2030		2.51%
Federal National Mortgage Association		3.000%		5/1/2052		1.96%
Federal Home Loan Mortgage Corp.		3.500%		6/1/2052		1.39%
iShares MBS ETF		—		—		1.15%
Vanguard Mortgage-Backed Securities ETF		—		—		1.11%
Federal National Mortgage Association		4.000%		6/1/2052		1.06%
Total						42.46%

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 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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,019.80	$	2.50		0.50%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,022.32	$	2.51		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 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 10.1%
Federal Home Loan Mortgage Corp. 3.00% due 3/1/2052	$	2,741,813	$	2,415,586
3.50% due 6/1/2052		6,606,445		6,020,513
4.00% due 10/1/2037		435,714		420,640
4.00% due 6/1/2052		3,145,665		2,950,789
4.50% due 8/1/2052		3,835,899		3,687,382
4.50% due 9/1/2052		480,763		462,066
Federal National Mortgage Association 3.00% due 7/1/2051		3,586,981		3,162,804
3.00% due 5/1/2052		9,652,860		8,496,083
3.50% due 6/1/2052		4,919,277		4,483,033
3.50% due 9/1/2052		3,964,063		3,619,845
3.50% due 10/1/2052		3,981,541		3,626,603
4.00% due 6/1/2052		4,881,624		4,579,306
Total Agency Mortgage–Backed Securities (Cost $46,278,380)				43,924,650
Asset–Backed Securities – 19.7%
Aligned Data Centers Issuer LLC 2021-1A A2 1.937% due 8/15/2046(1)		2,016,000		1,762,086
Allegro CLO VI Ltd. 2017-2A B 6.76% (3 mo. USD LIBOR + 1.50%)     due 1/17/2031(1)(2)(3)		2,000,000		1,950,400
Ally Auto Receivables Trust 2022-1 A3 3.31% due 11/15/2026		3,850,000		3,749,856
AmeriCredit Automobile Receivables Trust 2020-3 C 1.06% due 8/18/2026		2,625,000		2,465,518
Anchorage Capital CLO 21 Ltd. 2021-21A B 7.00% (3 mo. USD LIBOR + 1.75%)     due 10/20/2034(1)(2)(3)		1,750,000		1,712,025
Ares XXVII CLO Ltd. 2013-2A BR2 6.923% (3 mo. USD LIBOR + 1.65%)     due 10/28/2034(1)(2)(3)		2,000,000		1,959,642
Ares XXVIIIR CLO Ltd. 2018-28RA A2 6.66% (3 mo. USD LIBOR + 1.40%)     due 10/17/2030(1)(2)(3)		2,400,000		2,358,847
Avis Budget Rental Car Funding AESOP LLC 2019-3A A 2.36% due 3/20/2026(1)		2,440,000		2,303,040
Barings CLO Ltd. 2020-1A AR 6.41% (3 mo. USD LIBOR + 1.15%)     due 10/15/2036(1)(2)(3)		2,800,000		2,733,405

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Battery Park CLO II Ltd. 2022-1A A1 7.259% (3 mo. USD Term SOFR + 2.21%)     due 10/20/2035(1)(2)	$	3,550,000	$	3,550,000
Benefit Street Partners CLO XVI Ltd. 2018-16A BR 6.81% (3 mo. USD LIBOR + 1.55%)     due 1/17/2032(1)(2)(3)		2,800,000		2,730,840
Canyon Capital CLO Ltd. 2022-1A B 6.832% (3 mo. USD Term SOFR + 1.85%)     due 4/15/2035(1)(2)		2,000,000		1,945,916
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026		2,200,000		2,052,612
Cathedral Lake VI Ltd. 2021-6A AN 6.505% (3 mo. USD LIBOR + 1.25%)     due 4/25/2034(1)(2)(3)		2,500,000		2,457,492
CIFC Funding Ltd. 2013-4A BRR 6.892% (3 mo. USD LIBOR + 1.60%)     due 4/27/2031(1)(2)(3)		2,000,000		1,955,600
Dryden 80 CLO Ltd. 2019-80A AR 6.236% (3 mo. USD Term SOFR + 1.25%)     due 1/17/2033(1)(2)		3,350,000		3,280,990
Dryden Senior Loan Fund 2017-47A CR 7.31% (3 mo. USD LIBOR + 2.05%)     due 4/15/2028(1)(2)(3)		2,100,000		2,075,850
Exeter Automobile Receivables Trust 2022-2A A3 2.80% due 11/17/2025		1,192,688		1,188,162
Ford Credit Auto Owner Trust 2020-1 A 2.04% due 8/15/2031(1)		2,400,000		2,258,153
GM Financial Consumer Automobile Receivables Trust 2020-4 A4 0.50% due 2/17/2026		3,579,000		3,388,859
Gulf Stream Meridian 6 Ltd. 2021-6A A1 6.45% (3 mo. USD LIBOR + 1.19%)     due 1/15/2037(1)(2)(3)		1,800,000		1,767,780
Hertz Vehicle Financing III LLC 2022-3A A 3.37% due 3/25/2025(1)		2,140,000		2,110,203
Hyundai Auto Lease Securitization Trust 2022-B A3 3.35% due 6/16/2025(1)		2,800,000		2,752,761

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Jamestown CLO XI Ltd. 2018-11A A2 6.951% (3 mo. USD LIBOR + 1.70%)     due 7/14/2031(1)(2)(3)	$	2,800,000	$	2,736,720
KKR CLO 38 Ltd. 38A A1 6.306% (3 mo. USD Term SOFR + 1.32%)     due 4/15/2033(1)(2)		2,800,000		2,753,217
Master Credit Card Trust 2021-1A A 0.53% due 11/21/2025(1)		3,120,000		2,973,048
Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A BR 6.662% (3 mo. USD LIBOR + 1.40%)     due 10/18/2030(1)(2)(3)		1,050,000		1,026,980
Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A A 6.32% (3 mo. USD LIBOR + 1.06%)     due 4/16/2033(1)(2)(3)		2,900,000		2,862,880
Nissan Auto Lease Trust 2023-A A4 4.80% due 7/15/2027		1,600,000		1,576,879
OHA Credit Partners XIV Ltd. 2017-14A B 6.761% (3 mo. USD LIBOR + 1.50%)     due 1/21/2030(1)(2)(3)		2,000,000		1,953,800
PPM CLO 2 Ltd. 2019-2A BR 7.015% (3 mo. USD LIBOR + 1.75%)     due 4/16/2032(1)(2)(3)		2,500,000		2,418,500
Santander Drive Auto Receivables Trust 2022-3 A3 3.40% due 12/15/2026		2,657,738		2,621,904
TIAA CLO IV Ltd. 2018-1A A2 6.95% (3 mo. USD LIBOR + 1.70%)     due 1/20/2032(1)(2)(3)		1,240,000		1,207,512
Toyota Auto Loan Extended Note Trust 2021-1A A 1.07% due 2/27/2034(1)		2,175,000		1,941,474
Verizon Owner Trust 2020-C A 0.41% due 4/21/2025		678,295		671,223
Voya CLO Ltd. 2015-3A A3R 7.01% (3 mo. USD Term SOFR + 1.96%)     due 10/20/2031(1)(2)		2,000,000		1,967,064

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Westlake Automobile Receivables Trust 2022-3A A2 5.24% due 7/15/2025(1)	$	1,493,846	$	1,490,546
World Omni Auto Receivables Trust 2021-B A4 0.69% due 6/15/2027		2,800,000		2,562,547
Total Asset–Backed Securities (Cost $86,563,442)				85,274,331
Corporate Bonds & Notes – 22.7%
Aerospace & Defense – 0.5%
Lockheed Martin Corp. 4.75% due 2/15/2034		1,200,000		1,196,724
5.20% due 2/15/2055		400,000		412,924
Northrop Grumman Corp. 4.95% due 3/15/2053		400,000		390,136
				1,999,784
Agriculture – 0.5%
Philip Morris International, Inc. 5.75% due 11/17/2032		2,300,000		2,357,086
				2,357,086
Beverages – 0.3%
Anheuser-Busch InBev Worldwide, Inc. 3.50% due 6/1/2030		1,200,000		1,116,960
				1,116,960
Biotechnology – 0.2%
Amgen, Inc. 5.25% due 3/2/2033		900,000		900,909
				900,909
Commercial Banks – 7.0%
Bank of America Corp.
4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter)     due 7/23/2029(2)		2,400,000		2,276,208
5.288% (5.288% fixed rate until 4/25/2033; SOFR + 1.91% thereafter)     due 4/25/2034(2)		1,400,000		1,387,162
Barclays PLC
2.645% (2.645% fixed rate until 6/24/2030; 1 yr. CMT + 1.90% thereafter)     due 6/24/2031(2)		1,600,000		1,283,312
7.119% (7.119% fixed rate until 6/27/2033; SOFR + 3.57% thereafter)     due 6/27/2034(2)		500,000		500,285
BNP Paribas SA
5.125% (5.125% fixed rate until 1/13/2028; 1 yr. CMT + 1.45% thereafter)     due 1/13/2029(1)(2)		2,200,000		2,154,240

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
5.335% (5.335% fixed rate until 6/12/2028; 1 yr. CMT + 1.50% thereafter)     due 6/12/2029(1)(2)	$	2,200,000	$	2,172,632
Credit Agricole SA 5.514% due 7/5/2033(1)		800,000		805,896
Deutsche Bank AG 2.311% (2.311% fixed rate until 11/16/2026; SOFR + 1.22% thereafter)     due 11/16/2027(2)		2,900,000		2,494,580
Discover Bank 4.682% (4.682% fixed rate until 8/9/2023; 5 yr. USD Swap + 1.73% thereafter)     due 8/9/2028(2)		2,000,000		1,816,760
Fifth Third Bank NA 2.25% due 2/1/2027		2,400,000		2,107,008
Huntington National Bank 4.552% (4.552% fixed rate until 5/17/2027; SOFR + 1.65% thereafter)     due 5/17/2028(2)		1,400,000		1,309,210
5.65% due 1/10/2030		500,000		480,220
JPMorgan Chase & Co. 4.203% (4.203% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.52% thereafter)     due 7/23/2029(2)		3,700,000		3,517,109
Mitsubishi UFJ Financial Group, Inc. 5.406% (5.406% fixed rate until 4/19/2033; 1 yr. CMT + 1.97% thereafter)     due 4/19/2034(2)		1,000,000		991,720
Morgan Stanley 5.123% (5.123% fixed rate until 2/1/2028; SOFR + 1.73% thereafter)     due 2/1/2029(2)		2,000,000		1,973,680
5.25% (5.250% fixed rate until 4/21/2033; SOFR + 1.87% thereafter)     due 4/21/2034(2)		1,400,000		1,381,744
NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT + 1.95% thereafter)     due 9/13/2029(2)		2,500,000		2,467,050
Truist Financial Corp. 5.867% (5.867% fixed rate until 6/8/2033; SOFR + 2.36% thereafter)     due 6/8/2034(2)		1,200,000		1,202,280
				30,321,096
Commercial Services – 0.1%
S&P Global, Inc. 2.90% due 3/1/2032		700,000		607,271
				607,271

June 30, 2023 (unaudited)	Principal Amount		Value
Computers – 0.3%
Apple, Inc. 2.65% due 2/8/2051	$	500,000	$	345,260
3.25% due 8/8/2029		100,000		93,604
3.35% due 8/8/2032		1,000,000		931,850
				1,370,714
Cosmetics & Personal Care – 0.9%
Haleon U.S. Capital LLC 3.625% due 3/24/2032		2,300,000		2,062,663
Kenvue, Inc. 4.90% due 3/22/2033(1)		1,700,000		1,718,972
5.05% due 3/22/2053(1)		100,000		101,941
				3,883,576
Diversified Financial Services – 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.00% due 10/29/2028		2,450,000		2,124,934
Air Lease Corp. 5.30% due 2/1/2028		1,000,000		982,710
Charles Schwab Corp. 4.625% due 3/22/2030		1,800,000		1,764,594
Mastercard, Inc. 4.85% due 3/9/2033		700,000		712,817
				5,585,055
Electric – 1.8%
Alabama Power Co. 3.94% due 9/1/2032		1,000,000		923,910
Consumers Energy Co. 4.20% due 9/1/2052		600,000		514,638
Duke Energy Carolinas LLC 4.95% due 1/15/2033		1,000,000		993,600
Duke Energy Corp. 3.50% due 6/15/2051		950,000		688,902
5.00% due 8/15/2052		400,000		366,084
Exelon Corp. 5.60% due 3/15/2053		500,000		504,385
PPL Electric Utilities Corp. 5.00% due 5/15/2033		500,000		501,320
5.25% due 5/15/2053		1,300,000		1,324,856
Wisconsin Public Service Corp. 2.85% due 12/1/2051		400,000		264,720
Xcel Energy, Inc. 4.60% due 6/1/2032		2,000,000		1,892,760
				7,975,175
Food – 0.3%
Kroger Co. 1.70% due 1/15/2031		1,800,000		1,412,388
				1,412,388
Gas – 0.1%
CenterPoint Energy Resources Corp. 5.40% due 3/1/2033		600,000		610,788
				610,788

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Healthcare-Services – 0.7%
Elevance Health, Inc. 4.75% due 2/15/2033	$	800,000	$	777,824
5.125% due 2/15/2053		200,000		193,552
UnitedHealth Group, Inc. 2.30% due 5/15/2031		1,700,000		1,437,282
5.875% due 2/15/2053		400,000		443,728
				2,852,386
Insurance – 1.2%
Aon Corp. / Aon Global Holdings PLC 5.35% due 2/28/2033		1,200,000		1,209,876
Athene Holding Ltd. 3.50% due 1/15/2031		900,000		741,312
Corebridge Financial, Inc. 3.90% due 4/5/2032		1,100,000		957,957
Hartford Financial Services Group, Inc. 2.80% due 8/19/2029		700,000		604,534
3.60% due 8/19/2049		400,000		301,968
MetLife, Inc. 4.55% due 3/23/2030		400,000		391,532
5.25% due 1/15/2054		600,000		584,124
Prudential Financial, Inc.
3.70% due 3/13/2051		200,000		153,506
5.75% due 7/15/2033		200,000		209,580
				5,154,389
Media – 0.9%
Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% due 1/15/2029		500,000		416,415
4.40% due 4/1/2033		300,000		263,394
5.25% due 4/1/2053		700,000		564,984
Comcast Corp. 1.95% due 1/15/2031		1,600,000		1,308,144
2.887% due 11/1/2051		600,000		402,432
5.35% due 5/15/2053		700,000		711,732
				3,667,101
Oil & Gas – 1.2%
BP Capital Markets America, Inc. 4.812% due 2/13/2033		2,600,000		2,564,432
Cenovus Energy, Inc. 2.65% due 1/15/2032		500,000		403,695
3.75% due 2/15/2052		300,000		212,979
Occidental Petroleum Corp. 7.50% due 5/1/2031		700,000		764,246
Valero Energy Corp. 2.80% due 12/1/2031		1,300,000		1,070,316
				5,015,668
Oil & Gas Services – 0.3%
Schlumberger Investment SA 4.85% due 5/15/2033		1,400,000		1,380,050
				1,380,050

June 30, 2023 (unaudited)	Principal Amount		Value
Pharmaceuticals – 1.3%
CVS Health Corp. 5.30% due 6/1/2033	$	2,000,000	$	1,996,520
5.875% due 6/1/2053		900,000		924,579
Pfizer Investment Enterprises Pte Ltd. 4.75% due 5/19/2033		2,600,000		2,591,290
				5,512,389
Pipelines – 0.8%
Cheniere Energy Partners LP 5.95% due 6/30/2033(1)		700,000		703,850
Energy Transfer LP 3.75% due 5/15/2030		700,000		632,814
5.00% due 5/15/2050		500,000		422,490
ONEOK, Inc. 6.10% due 11/15/2032		700,000		712,068
Western Midstream Operating LP 6.15% due 4/1/2033		1,100,000		1,107,359
				3,578,581
Real Estate Investment Trusts (REITs) – 0.9%
American Tower Corp. 5.65% due 3/15/2033		1,000,000		1,017,300
Extra Space Storage LP 5.50% due 7/1/2030		1,300,000		1,292,356
Realty Income Corp. 4.85% due 3/15/2030		1,800,000		1,744,182
				4,053,838
Semiconductors – 0.8%
Broadcom, Inc. 4.15% due 4/15/2032(1)		2,000,000		1,811,020
Intel Corp. 5.20% due 2/10/2033		1,200,000		1,211,184
NXP BV / NXP Funding LLC / NXP USA, Inc. 2.65% due 2/15/2032		400,000		323,408
				3,345,612
Software – 0.5%
Microsoft Corp. 2.921% due 3/17/2052		600,000		445,908
Oracle Corp. 5.55% due 2/6/2053		300,000		290,664
6.25% due 11/9/2032		1,000,000		1,060,950
6.90% due 11/9/2052		300,000		336,171
				2,133,693
Telecommunications – 0.4%
T-Mobile USA, Inc. 2.70% due 3/15/2032		1,700,000		1,408,552
3.40% due 10/15/2052		500,000		356,845
Verizon Communications, Inc. 2.355% due 3/15/2032		200,000		160,874
				1,926,271

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Transportation – 0.4%
Union Pacific Corp. 3.95% due 9/10/2028	$	300,000	$	290,685
4.50% due 1/20/2033		500,000		492,130
4.95% due 5/15/2053		900,000		896,364
				1,679,179
Total Corporate Bonds & Notes (Cost $99,423,978)				98,439,959
Non–Agency Mortgage–Backed Securities – 6.8%
Benchmark Mortgage Trust 2018-B3 AS 4.195% due 4/10/2051(2)(4)		2,550,000		2,305,788
Citigroup Commercial Mortgage Trust 2014-GC23 AS 3.863% due 7/10/2047		2,750,000		2,640,096
Commercial Mortgage Trust 2017-COR2 A3 3.51% due 9/10/2050		2,920,000		2,679,173
2019-GC44 AM 3.263% due 8/15/2057		2,415,000		2,021,526
DBGS Mortgage Trust 2018-C1 AM 4.756% due 10/15/2051(2)(4)		2,400,000		2,161,789
DBUBS Mortgage Trust 2017-BRBK A 3.452% due 10/10/2034(1)		1,760,000		1,597,662
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 6.867% due 11/25/2041(1)(2)(4)		2,200,000		2,118,892
2021-HQA4 M1 6.017% due 12/25/2041(1)(2)(4)		1,393,116		1,351,080
2022-DNA1 M1A 6.067% due 1/25/2042(1)(2)(4)		1,199,563		1,179,955
2022-HQA3 M1A 7.367% due 8/25/2042(1)(2)(4)		2,509,143		2,524,232
Hilton USA Trust 2016-HHV A 3.719% due 11/5/2038(1)		1,875,000		1,734,445
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 AS 3.456% due 5/15/2046		429,370		397,122
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A4 3.718% due 12/15/2048		3,120,000		2,948,996
2018-C43 A4 4.012% due 3/15/2051(2)(4)		3,000,000		2,786,001
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		975,000		953,982
Total Non–Agency Mortgage–Backed Securities (Cost $30,910,917)				29,400,739

June 30, 2023 (unaudited)	Principal Amount		Value
U.S. Government Securities – 35.8%
U.S. Treasury Bond 3.625% due 5/15/2053	$	20,500,000	$	19,712,031
3.875% due 5/15/2043		44,500,000		43,429,219
U.S. Treasury Note 3.75% due 5/31/2030		11,000,000		10,848,750
4.00% due 6/30/2028		50,000,000		49,726,565
4.625% due 6/30/2025		31,400,000		31,256,493
Total U.S. Government Securities (Cost $155,161,801)				154,973,058
	Shares		Value
Exchange–Traded Funds – 2.3%
iShares MBS ETF		53,500		4,989,677
Vanguard Mortgage-Backed Securities ETF		104,800		4,819,752
Total Exchange–Traded Funds (Cost $9,918,211)				9,809,429
	Principal Amount		Value
Repurchase Agreements – 1.6%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $6,698,289, due 7/3/2023(5)	$	6,697,441		6,697,441
Total Repurchase Agreements (Cost $6,697,441)				6,697,441
Total Investments – 99.0% (Cost $434,954,170)				428,519,607
Assets in excess of other liabilities – 1.0%				4,498,999
Total Net Assets – 100.0%			$	433,018,606

⁽¹⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $84,971,588, representing 19.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2023.

⁽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 Note		4.625%		3/15/2026	$	6,732,000	$	6,831,471

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

Open futures contracts at June 30, 2023:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note		September 2023		531		Long	$	109,145,994	$	107,975,531	$	(1,170,463	)
U.S. 5-Year Treasury Note		September 2023		96		Long		10,433,579		10,281,000		(152,579	)
U.S. Ultra 10-Year Treasury Note		September 2023		10		Long		1,185,189		1,184,375		(814	)
Total							$	120,764,762	$	119,440,906	$	(1,323,856	)

Centrally cleared credit default swap agreements — buy protection⁽⁶⁾:

Reference Entity	Implied Credit Spread at 6/30/23(7)		Notional Amount(8)			Maturity		(Pay)/Receive Fixed Rate			Periodic Payment Frequency		Upfront Payments			Value			Unrealized Depreciation
CDX.NA.IG.S40		0.66%		USD	45,000,000		6/20/2028		(1.00	)%		Quarterly	$	(526,294	)	$	(673,232	)	$	(146,938	)

⁽⁶⁾  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.

⁽⁷⁾  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.

⁽⁸⁾  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 Investment Grade Index.

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2			Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	43,924,650		$	—	$	43,924,650
Asset–Backed Securities		—			85,274,331			—		85,274,331
Corporate Bonds & Notes		—			98,439,959			—		98,439,959
Non–Agency Mortgage–Backed Securities		—			29,400,739			—		29,400,739
U.S. Government Securities		—			154,973,058			—		154,973,058
Exchange–Traded Funds		9,809,429			—			—		9,809,429
Repurchase Agreements		—			6,697,441			—		6,697,441
Total	$	9,809,429		$	418,710,178		$	—	$	428,519,607
Other Financial Instruments
Futures Contracts
Liabilities	$	(1,323,856	)	$	—		$	—	$	(1,323,856	)
Swap Contracts
Liabilities		—			(146,938	)		—		(146,938	)
Total	$	(1,323,856	)	$	(146,938	)	$	—	$	(1,470,794	)

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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	428,519,607
Receivable for investments sold		83,239,871
Interest receivable		2,445,887
Receivable for variation margin on futures contracts		1,556,198
Receivable for variation margin on swap contracts		1,116,819
Cash deposits with brokers for futures contracts		776,050
Receivable for fund shares subscribed		69,268
Reimbursement receivable from adviser		10,117
Prepaid expenses		5,061
Total Assets		517,738,878
Liabilities
Payable for investments purchased		83,796,970
Due to broker for swap contracts		583,276
Investment advisory fees payable		156,051
Payable for fund shares redeemed		91,971
Accrued custodian and accounting fees		19,020
Accrued audit fees		15,632
Accrued trustees’ and officers’ fees		8,880
Accrued expenses and other liabilities		48,472
Total Liabilities		84,720,272
Total Net Assets	$	433,018,606
Net Assets Consist of:
Paid-in capital	$	443,446,651
Distributable loss		(10,428,045	)
Total Net Assets	$	433,018,606
Investments, at Cost	$	434,954,170
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		44,187,913
Net Asset Value Per Share		$9.80

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Interest	$	9,387,861
Dividends		126,507
Total Investment Income		9,514,368
Expenses
Investment advisory fees		970,057
Professional fees		58,880
Trustees’ and officers’ fees		56,726
Administrative fees		30,035
Custodian and accounting fees		27,290
Transfer agent fees		10,569
Shareholder reports		6,768
Other expenses		12,395
Total Expenses		1,172,720
Less: Fees waived		(53,125	)
Total Expenses, Net		1,119,595
Net Investment Income/(Loss)		8,394,773
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(19,062,817	)
Net realized gain/(loss) from futures contracts		(226,726	)
Net realized gain/(loss) from swap contracts		172,280
Net change in unrealized appreciation/(depreciation) on investments		21,082,098
Net change in unrealized appreciation/(depreciation) on futures contracts		(1,379,405	)
Net change in unrealized appreciation/(depreciation) on swap contracts		(146,938	)
Net Gain on Investments and Derivative Contracts		438,492
Net Increase in Net Assets Resulting From Operations	$	8,833,265

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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	8,394,773		$	10,906,076
Net realized gain/(loss) from investments and derivative contracts		(19,117,263	)		(2,706,274	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		19,555,755			(27,461,112	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		8,833,265			(19,261,310	)
Capital Share Transactions
Proceeds from sales of shares		15,347,230			524,761,918
Cost of shares redeemed		(40,966,774	)		(55,695,723	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(25,619,544	)		469,066,195
Net Increase/(Decrease) in Net Assets		(16,786,279	)		449,804,885
Net Assets
Beginning of period		449,804,885			—
End of period	$	433,018,606		$	449,804,885
Other Information:
Shares
Sold		1,558,280			52,488,133
Redeemed		(4,160,524	)		(5,697,976	)
Net Increase/(Decrease)		(2,602,244	)		46,790,157

¹  Commenced operations on May 2, 2022.

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

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13

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

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

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2),(3)
Six Months Ended 6/30/23	$	9.61	$	0.18	$	0.01	$	0.19	$	9.80		1.98%
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)
$	433,019		0.50%		0.52%		3.75%		3.73%		166%
	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. For the period ended December 31, 2022, 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

June 30, 2023 (unaudited)

1. Organization

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

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

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

2. Significant Accounting Policies

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

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

security specific events, market events, and pricing vendor and broker-dealer 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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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. During the six months ended June 30, 2023, 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 June 30, 2023.

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

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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, 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 0.50% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $53,125.

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

4. Federal Income Taxes

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

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

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2023, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	187,611,313	$	542,977,991
Sales		196,259,930		555,386,221

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.

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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 June 30, 2023, 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 six months ended June 30, 2023 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 June 30, 2023, 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
Liability Derivatives
Futures Contracts1	$	(1,323,856	)	$	—
Swap Contracts2		—			(146,938	)

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 six months ended June 30, 2023 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(226,726	)	$	—
Swap Contracts2		—			172,280
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	(1,379,405	)	$	—
Swap Contracts4		—			(146,938	)
Average Number of Notional Amounts
Futures Contracts5		908			—
Swap Contracts – Buy/Sell Protection	$	—		$	25,714,286

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 six months ended June 30, 2023.

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME 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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management Agreement

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-Adviser to a

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SUPPLEMENTAL INFORMATION (UNAUDITED)

series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and

assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-Advisers under

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SUPPLEMENTAL INFORMATION (UNAUDITED)

the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

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

27

SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

28

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

29

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB11740

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
Statement of Assets and Liabilities	15
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	20
Supplemental Information
Liquidity Risk Management Program	27
Approval of Investment Management and Sub-advisory Agreements	28
Portfolio Holdings and Proxy Voting Procedures	35

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $238,979,307

Bond Sector Allocation¹

As of June 30, 2023

Bond Quality Allocation²

As of June 30, 2023

1

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Bond		3.875%		5/15/2043		2.58%
Government National Mortgage Association		5.000%		8/21/2053		2.37%
Government National Mortgage Association		5.500%		8/21/2053		2.33%
Federal National Mortgage Association		2.500%		8/1/2050		1.92%
Government National Mortgage Association		6.000%		8/21/2053		1.89%
Government National Mortgage Association		6.500%		8/21/2053		1.42%
Government National Mortgage Association		4.500%		8/21/2053		1.34%
U.S. Treasury Bond		3.625%		5/15/2053		1.22%
Province of Quebec		3.625%		4/13/2028		1.21%
Uniform Mortgage-Backed Security		5.500%		8/14/2053		1.13%
Total						17.41%

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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,021.10	$	4.06		0.81%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.78	$	4.06		0.81%

* Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 27.0%
Federal Home Loan Mortgage Corp. 2.50% due 11/1/2050	$	697,498	$	597,588
2.50% due 7/1/2051		870,239		744,623
3.50% due 2/1/2046		495,325		461,176
4.50% due 8/1/2052		1,264,696		1,228,457
5.00% due 7/1/2052		556,435		551,339
5.00% due 8/1/2052		2,112,710		2,085,982
Federal National Mortgage Association
2.00% due 6/1/2051		521,450		426,169
2.00% due 11/1/2051		634,824		520,144
2.50% due 8/1/2050		5,327,899		4,586,655
2.50% due 9/1/2050		2,716,672		2,336,274
2.50% due 1/1/2051		1,191,657		1,023,971
2.50% due 6/1/2051		819,400		701,520
2.50% due 8/1/2051		292,770		251,331
2.50% due 9/1/2051		419,092		359,126
2.50% due 12/1/2051		2,560,913		2,190,163
2.50% due 5/1/2052		549,974		467,346
3.00% due 12/1/2048		1,971,911		1,764,824
3.00% due 1/1/2051		547,213		488,165
3.50% due 7/1/2045		568,957		527,731
3.50% due 9/1/2051		243,013		224,924
3.50% due 4/1/2052		1,021,685		940,687
4.00% due 5/1/2052		1,041,528		993,570
4.00% due 6/1/2052		1,092,190		1,032,388
5.00% due 7/1/2052		757,819		751,702
5.00% due 8/1/2052		1,149,315		1,133,249
Freddie Mac Multifamily Structured Pass-Through Certificates
K145 A2 2.58% due 5/25/2032		1,000,000		859,456
KG07 A2 3.123% due 8/25/2032(1)(2)		1,146,000		1,028,212
Government National Mortgage Association 3.00% due 7/1/2053(3)		1,089,000		972,574
3.00% due 8/1/2053(3)		1,912,000		1,709,397
3.50% due 8/21/2053(3)		775,000		715,453
4.00% due 8/1/2053(3)		2,594,000		2,453,927
4.50% due 8/21/2053(3)		3,306,000		3,191,979
5.00% due 8/21/2053(3)		5,752,000		5,650,690
5.50% due 8/21/2053(3)		5,605,000		5,577,429
6.00% due 8/21/2053(3)		4,504,000		4,527,556
6.50% due 8/21/2053(3)		3,333,000		3,385,795
Uniform Mortgage-Backed Security 5.00% due 8/17/2038(3)		815,000		809,433
5.50% due 8/17/2038(3)		1,837,000		1,844,072
5.50% due 8/14/2053(3)		2,719,000		2,705,832
6.00% due 8/14/2053(3)		1,468,000		1,480,258
6.50% due 7/13/2053(3)		272,000		277,687
6.50% due 8/14/2053(3)		882,000		900,072
Total Agency Mortgage–Backed Securities (Cost $66,086,739)				64,478,926
Asset–Backed Securities – 16.6%
Affirm Asset Securitization Trust 2023-A 1A 6.61% due 1/18/2028(4)		725,000		716,789

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Ares XL CLO Ltd. 2016-40A A1RR 6.13% (3 mo. USD LIBOR + 0.87%)     due 1/15/2029(1)(4)(5)	$	286,287	$	283,739
Avant Loans Funding Trust 2022-REV1 A 6.54% due 9/15/2031(4)		1,310,000		1,307,483
Avid Automobile Receivables Trust 2019-1 D 4.03% due 7/15/2026(4)		2,290,000		2,287,949
2021-1 E 3.39% due 4/17/2028(4)		830,000		766,577
Avis Budget Rental Car Funding AESOP LLC 2019-3A A 2.36% due 3/20/2026(4)		1,545,000		1,458,277
2020-2A A 2.02% due 2/20/2027(4)		1,750,000		1,589,304
Bain Capital Credit CLO 2019-2A AR 6.36% (3 mo. USD LIBOR + 1.10%)     due 10/17/2032(1)(4)(5)		880,000		866,800
Ballyrock CLO 23 Ltd. 2023-23A A1 6.971% (3 mo. USD Term SOFR + 1.98%)     due 4/25/2036(1)(4)		250,000		250,284
Ballyrock CLO Ltd. 2018-1A A2 6.85% (3 mo. USD LIBOR + 1.60%)     due 4/20/2031(1)(4)(5)		256,000		250,650
Barings CLO Ltd. 2019-3A A1R 6.32% (3 mo. USD LIBOR + 1.07%)     due 4/20/2031(1)(4)(5)		500,000		492,750
Carlyle Global Market Strategies CLO Ltd. 2012-3A A1A2 6.431% (3 mo. USD LIBOR + 1.18%)     due 1/14/2032(1)(4)(5)		308,210		304,789
Carlyle U.S. CLO Ltd. 2021-1A A1 6.40% (3 mo. USD LIBOR + 1.14%)     due 4/15/2034(1)(4)(5)		1,400,000		1,377,600
CarMax Auto Owner Trust 2023-1 B 4.98% due 1/16/2029		850,000		830,798
CIFC Funding Ltd. 2021-4A A 6.31% (3 mo. USD LIBOR + 1.05%)     due 7/15/2033(1)(4)(5)		1,000,000		986,500
Drive Auto Receivables Trust 2020-2 C 2.28% due 8/17/2026		326,137		325,053

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Exeter Automobile Receivables Trust 2020-2A E 7.19% due 9/15/2027(4)	$	1,100,000	$	1,104,558
2022-2A B 3.65% due 10/15/2026		1,020,000		1,004,032
First Investors Auto Owner Trust 2021-1A E 3.35% due 4/15/2027(4)		600,000		559,104
Flagship Credit Auto Trust 2018-3 E 5.28% due 12/15/2025(4)		725,000		708,626
2022-3 A3 4.55% due 4/15/2027(4)		950,000		931,615
Ford Credit Auto Lease Trust 2023-A A3 4.94% due 3/15/2026		1,150,000		1,137,600
GM Financial Automobile Leasing Trust 2022-2 A2 2.93% due 10/21/2024		634,339		630,129
Lending Funding Trust 2020-2A A 2.32% due 4/21/2031(4)		936,000		828,692
Lendmark Funding Trust 2021-1A A 1.90% due 11/20/2031(4)		750,000		639,740
LoanCore Issuer Ltd. 2022-CRE7 A 6.616% (30 day SOFR + 1.55%)     due 1/17/2037(1)(4)		680,000		666,545
Logan CLO I Ltd. 2021-1A A 6.41% (3 mo. USD LIBOR + 1.16%)     due 7/20/2034(1)(4)(5)		530,000		520,725
Marble Point CLO XVII Ltd. 2020-1A A 6.55% (3 mo. USD LIBOR + 1.30%)     due 4/20/2033(1)(4)(5)		613,030		601,444
Marlette Funding Trust 2020-2A D 4.65% due 9/16/2030(4)		668,934		660,016
ME Funding LLC 2019-1 A2 6.448% due 7/30/2049(4)		962,105		935,025
Mountain View CLO LLC 2017-1A AR 6.35% (3 mo. USD LIBOR + 1.09%)     due 10/16/2029(1)(4)(5)		379,793		376,792
Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1 6.605% (3 mo. USD LIBOR + 1.34%)     due 1/19/2033(1)(4)(5)		270,000		267,354

June 30, 2023 (unaudited)	Principal Amount			Value
Asset–Backed Securities (continued)
OCP CLO Ltd. 2014-5A A1R 6.348% (3 mo. USD LIBOR + 1.08%)     due 4/26/2031(1)(4)(5)	$	630,000		$	624,456
2014-7A A1RR 6.37% (3 mo. USD LIBOR + 1.12%)     due 7/20/2029(1)(4)(5)		458,543			454,462
Santander Consumer Auto Receivables Trust 2020-BA D 2.14% due 12/15/2026(4)		1,475,000			1,407,689
Santander Drive Auto Receivables Trust 2021-1 C 0.75% due 2/17/2026		538,590			534,304
2022-5 C 4.74% due 10/16/2028		498,000			482,225
2022-6 C 4.96% due 11/15/2028		1,080,000			1,049,403
2022-7 C 6.69% due 3/17/2031		1,060,000			1,076,270
SCF Equipment Leasing LLC 2019-2A B 2.76% due 8/20/2026(4)		797,000			773,835
2021-1A C 1.54% due 10/21/2030(4)		1,000,000			884,940
2021-1A D 1.93% due 9/20/2030(4)		750,000			657,966
SEB Funding LLC 2021-1A A2 4.969% due 1/30/2052(4)		812,963			713,258
Signal Peak CLO 8 Ltd. 2020-8A A 6.52% (3 mo. USD LIBOR + 1.27%)     due 4/20/2033(1)(4)(5)		1,003,948			991,399
Sunrun Demeter Issuer LLC 2021-2A A 2.27% due 1/30/2057(4)		463,174			374,621
TCW CLO Ltd. 2022-1A A1 6.411% (3 mo. USD Term SOFR + 1.34%)     due 4/22/2033(1)(4)		750,000	��		738,675
Towd Point Asset Trust 2018-SL1 A 5.75% (1 mo. USD LIBOR + 0.60%)     due 1/25/2046(1)(4)(5)		74,863			74,658
Voya CLO Ltd. 2018-2A A1 6.26% (3 mo. USD LIBOR + 1.00%)     due 7/15/2031(1)(4)(5)		490,000			485,002
Westlake Automobile Receivables Trust 2020-3A E 3.34% due 6/15/2026(4)		750,000			714,675
2023-1A C 5.74% due 8/15/2028(4)		1,015,000			997,155

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
World Omni Select Auto Trust 2023-A C 6.00% due 1/16/2029	$	985,000	$	981,398
Total Asset–Backed Securities (Cost $41,202,368)				39,683,730
Corporate Bonds & Notes – 49.8%
Aerospace & Defense – 0.3%
Bombardier, Inc. 6.00% due 2/15/2028(4)		514,000		485,833
TransDigm, Inc. 4.625% due 1/15/2029		288,000		256,121
				741,954
Agriculture – 1.1%
BAT Capital Corp. 3.222% due 8/15/2024		1,436,000		1,393,279
Cargill, Inc. 4.00% due 6/22/2032(4)		185,000		171,199
Philip Morris International, Inc. 5.625% due 11/17/2029		592,000		603,201
Viterra Finance BV 4.90% due 4/21/2027(4)		398,000		383,365
				2,551,044
Airlines – 0.8%
American Airlines, Inc. 7.25% due 2/15/2028(4)		263,000		261,582
11.75% due 7/15/2025(4)		236,000		258,925
British Airways Pass-Through Trust 2020-1 A 4.25% due 11/15/2032(4)(6)		544,644		498,180
Delta Air Lines, Inc. 7.00% due 5/1/2025(4)		717,000		732,602
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 7.875% due 5/1/2027(4)		267,000		239,940
				1,991,229
Auto Manufacturers – 0.3%
Ford Motor Co. 3.25% due 2/12/2032		848,000		665,951
				665,951
Beverages – 0.4%
Bacardi Ltd. / Bacardi-Martini BV 5.40% due 6/15/2033(4)		860,000		855,425
				855,425
Biotechnology – 0.1%
Baxalta, Inc. 4.00% due 6/23/2025		175,000		169,801
				169,801
Building Materials – 0.4%
Griffon Corp. 5.75% due 3/1/2028		264,000		246,893
Smyrna Ready Mix Concrete LLC 6.00% due 11/1/2028(4)		397,000		375,542
Standard Industries, Inc. 4.375% due 7/15/2030(4)		308,000		266,916
				889,351

June 30, 2023 (unaudited)	Principal Amount		Value
Chemicals – 0.6%
CVR Partners LP / CVR Nitrogen Finance Corp. 6.125% due 6/15/2028(4)	$	265,000	$	230,855
International Flavors & Fragrances, Inc. 1.23% due 10/1/2025(4)		1,008,000		899,035
Rain CII Carbon LLC / CII Carbon Corp. 7.25% due 4/1/2025(4)		253,000		245,106
				1,374,996
Commercial Banks – 16.1%
ABN AMRO Bank NV 3.324% (3.324% fixed rate until 12/13/2031; 5 yr. CMT + 1.90% thereafter)     due 3/13/2037(1)(4)		400,000		303,620
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		1,523,954
2.087% (2.087% fixed rate until 6/14/2028; SOFR + 1.06% thereafter)     due 6/14/2029(1)		1,256,000		1,073,139
2.687% (2.687% fixed rate until 4/22/2031; SOFR + 1.32% thereafter)     due 4/22/2032(1)		509,000		421,701
3.458% (3.458% fixed rate until 3/15/2024; 3 mo. USD Term SOFR + 1.23% thereafter)     due 3/15/2025(1)		618,000		605,751
3.593% (3.593% fixed rate until 7/21/2027; 3 mo. USD Term SOFR + 1.63% thereafter)     due 7/21/2028(1)		1,500,000		1,397,385
Bank of New York Mellon Corp. 4.289% (4.289% fixed rate until 6/13/2032; SOFR + 1.42% thereafter)     due 6/13/2033(1)		554,000		524,134
Series J 4.967% (4.967% fixed rate until 4/26/2033; SOFR + 1.61% thereafter)     due 4/26/2034(1)		443,000		432,501
BankUnited, Inc. 5.125% due 6/11/2030		613,000		467,866
BNP Paribas SA 2.219% (2.219% fixed rate until 6/9/2025; SOFR + 2.07% thereafter)     due 6/9/2026(1)(4)		769,000		712,309
4.375% (4.375% fixed rate until 3/1/2028; 5 yr. USD Swap + 1.48% thereafter)     due 3/1/2033(1)(4)		599,000		540,717

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
Citigroup, Inc. 2.666% (2.666% fixed rate until 1/29/2030; SOFR + 1.15% thereafter)     due 1/29/2031(1)	$	400,000	$	338,364
3.887% (3.887% fixed rate until 1/10/2027; 3 mo. USD Term SOFR + 1.82% thereafter)     due 1/10/2028(1)		712,000		674,378
3.98% (3.98% fixed rate until 3/20/2029; 3 mo. USD Term SOFR + 1.60% thereafter)     due 3/20/2030(1)		2,518,000		2,332,146
4.14% (4.14% fixed rate until 5/24/2024; SOFR + 1.37% thereafter)     due 5/24/2025(1)		287,000		281,955
Citizens Bank NA 4.119% (4.119% fixed rate until 5/23/2024; SOFR + 1.40% thereafter)     due 5/23/2025(1)		626,000		592,891
Danske Bank A/S 3.773% (3.773% fixed rate until 3/28/2024; 1 yr. CMT + 1.45% thereafter)     due 3/28/2025(1)(4)		1,345,000		1,314,401
4.375% due 6/12/2028(4)		200,000		184,492
First-Citizens Bank & Trust Co. 2.969% (2.969% fixed rate until 9/27/2024; 3 mo. USD Term SOFR + 1.72% thereafter)     due 9/27/2025(1)		518,000		487,614
Goldman Sachs Group, Inc. 2.383% (2.383% fixed rate until 7/21/2031; SOFR + 1.25% thereafter)     due 7/21/2032(1)		500,000		399,925
HSBC Holdings PLC 3.803% (3.803% fixed rate until 3/11/2024; 3 mo. USD Term SOFR + 1.47% thereafter)     due 3/11/2025(1)		517,000		506,975
Intesa Sanpaolo SpA 6.625% due 6/20/2033(4)		840,000		837,673
JPMorgan Chase & Co. 2.739% (2.739% fixed rate until 10/15/2029; 3 mo. USD Term SOFR + 1.51% thereafter)     due 10/15/2030(1)		880,000		758,419
3.54% (3.54% fixed rate until 5/1/2027; 3 mo. USD Term SOFR + 1.64% thereafter)     due 5/1/2028(1)		1,002,000		937,131
3.782% (3.782% fixed rate until 2/1/2027; 3 mo. USD Term SOFR + 1.60% thereafter)     due 2/1/2028(1)		1,065,000		1,015,009

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
Lloyds Banking Group PLC 3.90% due 3/12/2024	$	648,000	$	637,652
M&T Bank Corp. 5.053% (5.053% fixed rate until 1/27/2033; SOFR + 1.85% thereafter)     due 1/27/2034(1)		752,000		686,117
Macquarie Bank Ltd. 3.624% due 6/3/2030(4)		203,000		170,731
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		765,620
4.654% (4.654% fixed rate until 3/27/2028; 3 mo. USD LIBOR + 1.73% thereafter)     due 3/27/2029(1)(4)(5)		963,000		915,582
Mitsubishi UFJ Financial Group, Inc. 5.541% (5.541% fixed rate until 4/17/2025; 1 yr. CMT + 1.50% thereafter)     due 4/17/2026(1)		320,000		318,275
Morgan Stanley 2.239% (2.239% fixed rate until 7/21/2031; SOFR + 1.18% thereafter)     due 7/21/2032(1)		799,000		635,093
2.484% (2.484% fixed rate until 9/16/2031; SOFR + 1.36% thereafter)     due 9/16/2036(1)		542,000		410,240
4.21% (4.21% fixed rate until 4/20/2027; SOFR + 1.61% thereafter)     due 4/20/2028(1)		391,000		375,689
4.431% (4.431% fixed rate until 1/23/2029; 3 mo. USD Term SOFR + 1.89% thereafter)     due 1/23/2030(1)		2,494,000		2,375,161
NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT + 1.95% thereafter)     due 9/13/2029(1)		327,000		322,690
7.472% (7.472% fixed rate until 11/10/2025; 1 yr. CMT + 2.85% thereafter)     due 11/10/2026(1)		486,000		497,387
Royal Bank of Canada 5.00% due 2/1/2033		995,000		975,259
6.00% due 11/1/2027		667,000		684,289
State Street Corp. 4.164% (4.164% fixed rate until 8/4/2032; SOFR + 1.73% thereafter)     due 8/4/2033(1)		469,000		435,152

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
Toronto-Dominion Bank 4.456% due 6/8/2032	$	300,000	$	285,000
U.S. Bancorp 4.839% (4.839% fixed rate until 2/1/2033; SOFR + 1.60% thereafter)     due 2/1/2034(1)		693,000		648,932
4.967% (4.967% fixed rate until 7/22/2032; SOFR + 2.11% thereafter)     due 7/22/2033(1)		1,057,000		958,403
UBS AG 5.125% due 5/15/2024		872,000		857,054
UBS Group AG 1.364% (1.364% fixed rate until 1/30/2026; 1 yr. CMT + 1.08% thereafter)     due 1/30/2027(1)(4)		473,000		414,164
1.494% (1.494% fixed rate until 8/10/2026; 1 yr. CMT + 0.85% thereafter)     due 8/10/2027(1)(4)		553,000		475,221
4.703% (4.703% fixed rate until 8/5/2026; 1 yr. CMT + 2.05% thereafter)     due 8/5/2027(1)(4)		365,000		348,980
5.711% (5.711% fixed rate until 1/12/2026; 1 yr. CMT + 1.55% thereafter)     due 1/12/2027(1)(4)		603,000		596,952
6.442% (6.442% fixed rate until 8/11/2027; SOFR + 3.70% thereafter)     due 8/11/2028(1)(4)		509,000		510,873
Wells Fargo & Co. 2.188% (2.188% fixed rate until 4/30/2025; SOFR + 2.00% thereafter)     due 4/30/2026(1)		652,000		611,094
2.393% (2.393% fixed rate until 6/2/2027; SOFR + 2.10% thereafter)     due 6/2/2028(1)		2,093,000		1,866,537
3.35% (3.35% fixed rate until 3/2/2032; SOFR + 1.50% thereafter)     due 3/2/2033(1)		900,000		770,283
3.584% (3.584% fixed rate until 5/22/2027; 3 mo. USD Term SOFR + 1.57% thereafter)     due 5/22/2028(1)		976,000		909,447
5.389% (5.389% fixed rate until 4/24/2033; SOFR + 2.02% thereafter)     due 4/24/2034(1)		447,000		444,264
				38,566,591
Commercial Services – 0.5%
Adani Ports & Special Economic Zone Ltd. 4.00% due 7/30/2027		680,000		578,387

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Services (continued)
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl 4.625% due 6/1/2028(4)	$	300,000	$	252,489
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 4.75% due 4/1/2028(4)		276,000		253,851
Garda World Security Corp. 7.75% due 2/15/2028(4)		243,000		242,563
				1,327,290
Computers – 0.1%
Leidos, Inc. 5.75% due 3/15/2033		355,000		353,260
				353,260
Cosmetics & Personal Care – 0.1%
Haleon U.S. Capital LLC 3.625% due 3/24/2032		295,000		264,559
				264,559
Diversified Financial Services – 2.4%
Aircastle Ltd. 2.85% due 1/26/2028(4)		600,000		510,252
American Express Co. 4.42% (4.420% fixed rate until 8/3/2032; SOFR + 1.76% thereafter)     due 8/3/2033(1)		400,000		377,144
Aviation Capital Group LLC 1.95% due 1/30/2026(4)		408,000		363,189
5.50% due 12/15/2024(4)		982,000		960,730
6.375% due 7/15/2030(4)		594,000		590,145
Avolon Holdings Funding Ltd. 2.125% due 2/21/2026(4)		1,255,000		1,115,268
4.25% due 4/15/2026(4)		643,000		598,839
LPL Holdings, Inc. 4.00% due 3/15/2029(4)		522,000		458,901
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 4.50% due 3/15/2027(4)		329,000		310,132
4.875% due 4/15/2045(4)		198,000		161,790
OneMain Finance Corp. 5.375% due 11/15/2029		304,000		259,576
				5,705,966
Electric – 5.0%
AEP Texas, Inc. 5.40% due 6/1/2033		298,000		296,602
AES Corp. 3.95% due 7/15/2030(4)		578,000		519,021
Alfa Desarrollo SpA 4.55% due 9/27/2051(4)		293,546		215,512
American Transmission Systems, Inc. 2.65% due 1/15/2032(4)		238,000		196,990
Ausgrid Finance Pty. Ltd. 4.35% due 8/1/2028(4)		580,000		547,584

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Electric (continued)
Calpine Corp. 5.125% due 3/15/2028(4)	$	536,000	$	480,277
Constellation Energy Generation LLC 6.25% due 10/1/2039		600,000		622,140
Duke Energy Corp. 4.50% due 8/15/2032		1,499,000		1,415,401
Duke Energy Indiana LLC 5.40% due 4/1/2053		304,000		307,086
Electricite de France SA 6.25% due 5/23/2033(4)		762,000		773,316
Eskom Holdings SOC Ltd. 6.35% due 8/10/2028		268,000		250,261
Indiana Michigan Power Co. 5.625% due 4/1/2053		306,000		315,137
Indianapolis Power & Light Co. 5.65% due 12/1/2032(4)		1,000,000		1,022,000
Minejesa Capital BV 4.625% due 8/10/2030(4)		730,000		655,102
National Grid PLC 5.809% due 6/12/2033		752,000		766,168
NRG Energy, Inc. 4.45% due 6/15/2029(4)		280,000		247,775
Oklahoma Gas and Electric Co. 5.40% due 1/15/2033		340,000		345,080
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.00% due 6/30/2030(4)		504,000		432,618
PG&E Corp. 5.00% due 7/1/2028		258,000		236,834
Southern Co. 4.475% due 8/1/2024(1)		1,156,000		1,135,099
Vistra Operations Co. LLC 3.55% due 7/15/2024(4)		841,000		812,255
4.375% due 5/1/2029(4)		293,000		256,460
				11,848,718
Engineering & Construction – 0.2%
Weekley Homes LLC / Weekley Finance Corp. 4.875% due 9/15/2028(4)		558,000		504,633
				504,633
Entertainment – 0.6%
Cinemark USA, Inc. 5.875% due 3/15/2026(4)		256,000		242,926
Jacobs Entertainment, Inc. 6.75% due 2/15/2029(4)		438,000		390,140
Warnermedia Holdings, Inc. 3.428% due 3/15/2024		914,000		895,692
				1,528,758
Food – 0.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 3.50% due 3/15/2029(4)		336,000		292,223
				292,223

June 30, 2023 (unaudited)	Principal Amount		Value
Gas – 1.0%
CenterPoint Energy Resources Corp. 1.75% due 10/1/2030	$	301,000	$	241,435
4.40% due 7/1/2032		1,319,000		1,262,402
National Fuel Gas Co. 5.50% due 1/15/2026		554,000		545,480
Southwest Gas Corp. 4.05% due 3/15/2032		413,000		371,712
				2,421,029
Hand & Machine Tools – 0.2%
Regal Rexnord Corp. 6.05% due 2/15/2026(4)		541,000		542,028
				542,028
Healthcare-Products – 0.8%
GE HealthCare Technologies, Inc. 5.65% due 11/15/2027		985,000		996,426
Medline Borrower LP 3.875% due 4/1/2029(4)		330,000		287,024
Revvity, Inc. 0.85% due 9/15/2024		750,000		705,780
				1,989,230
Healthcare-Services – 2.2%
Catalent Pharma Solutions, Inc. 5.00% due 7/15/2027(4)		267,000		245,784
Centene Corp. 2.45% due 7/15/2028		1,000,000		857,170
3.375% due 2/15/2030		966,000		830,625
4.25% due 12/15/2027		419,000		392,067
Elevance Health, Inc. 2.25% due 5/15/2030		212,000		177,643
5.50% due 10/15/2032		606,000		622,465
Humana, Inc. 1.35% due 2/3/2027		737,000		641,448
5.875% due 3/1/2033		770,000		798,960
Tenet Healthcare Corp. 6.125% due 10/1/2028		400,000		385,000
6.75% due 5/15/2031(4)		245,000		246,389
				5,197,551
Insurance – 1.0%
Assurant, Inc. 2.65% due 1/15/2032		313,000		233,933
GA Global Funding Trust 3.85% due 4/11/2025(4)		898,000		856,387
Metropolitan Life Global Funding I 4.05% due 8/25/2025(4)		452,000		435,457
5.15% due 3/28/2033(4)		389,000		383,748
New York Life Global Funding 4.55% due 1/28/2033(4)		518,000		498,751
				2,408,276
Internet – 0.8%
Amazon.com, Inc. 4.70% due 12/1/2032		500,000		503,730
Netflix, Inc. 6.375% due 5/15/2029		652,000		689,581

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Internet (continued)
Prosus NV 3.257% due 1/19/2027(4)	$	700,000	$	633,381
				1,826,692
Iron & Steel – 0.1%
United States Steel Corp. 6.875% due 3/1/2029		240,000		237,403
				237,403
Leisure Time – 0.5%
Life Time, Inc. 5.75% due 1/15/2026(4)		260,000		253,685
NCL Corp. Ltd. 5.875% due 2/15/2027(4)		543,000		527,975
Royal Caribbean Cruises Ltd. 5.375% due 7/15/2027(4)		297,000		278,461
8.25% due 1/15/2029(4)		134,000		140,687
				1,200,808
Lodging – 0.1%
Genting New York LLC / GENNY Capital, Inc. 3.30% due 2/15/2026(4)		273,000		245,651
				245,651
Machinery – Diversified – 0.4%
nVent Finance Sarl 4.55% due 4/15/2028		1,112,000		1,042,578
				1,042,578
Media – 0.5%
CCO Holdings LLC / CCO Holdings Capital Corp. 4.50% due 5/1/2032		477,000		379,401
DISH Network Corp. 11.75% due 11/15/2027(4)		267,000		261,102
FactSet Research Systems, Inc. 3.45% due 3/1/2032		600,000		512,580
				1,153,083
Mining – 0.7%
Corp. Nacional del Cobre de Chile 5.125% due 2/2/2033(4)		515,000		507,821
FMG Resources August 2006 Pty. Ltd. 4.375% due 4/1/2031(4)		437,000		372,971
Freeport Indonesia PT 5.315% due 4/14/2032		316,000		299,391
Glencore Funding LLC 4.875% due 3/12/2029(4)		511,000		492,972
				1,673,155
Oil & Gas – 3.7%
Callon Petroleum Co. 8.00% due 8/1/2028(4)		533,000		527,259
Civitas Resources, Inc. 8.375% due 7/1/2028(4)		300,000		303,873
Comstock Resources, Inc. 6.75% due 3/1/2029(4)		331,000		303,070

June 30, 2023 (unaudited)	Principal Amount		Value
Oil & Gas (continued)
Continental Resources, Inc. 5.75% due 1/15/2031(4)	$	1,500,000	$	1,429,410
Diamondback Energy, Inc. 3.125% due 3/24/2031		1,304,000		1,116,485
Earthstone Energy Holdings LLC 8.00% due 4/15/2027(4)		534,000		514,514
Ecopetrol SA 8.625% due 1/19/2029		245,000		245,823
EQT Corp. 7.00% due 2/1/2030		1,311,000		1,372,722
Occidental Petroleum Corp. 6.625% due 9/1/2030		778,000		808,319
OQ SAOC 5.125% due 5/6/2028(4)		250,000		237,200
Ovintiv, Inc. 6.50% due 2/1/2038		498,000		489,614
PBF Holding Co. LLC / PBF Finance Corp. 6.00% due 2/15/2028		535,000		501,509
Petroleos Mexicanos 6.70% due 2/16/2032		860,000		655,157
Vital Energy, Inc. 9.50% due 1/15/2025		288,000		287,044
				8,791,999
Packaging & Containers – 0.2%
Mauser Packaging Solutions Holding Co. 7.875% due 8/15/2026(4)		244,000		242,024
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc. 4.375% due 10/15/2028(4)		299,000		260,937
				502,961
Pharmaceuticals – 1.7%
Cigna Group 2.40% due 3/15/2030		1,298,000		1,102,768
CVS Health Corp. 3.25% due 8/15/2029		1,000,000		897,490
5.05% due 3/25/2048		400,000		368,888
Option Care Health, Inc. 4.375% due 10/31/2029(4)		325,000		286,761
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% due 4/30/2028(4)		321,000		285,032
Pfizer Investment Enterprises Pte Ltd. 4.75% due 5/19/2033		1,059,000		1,055,452
				3,996,391
Pipelines – 1.7%
Cheniere Energy Partners LP 3.25% due 1/31/2032		344,000		283,817
CNX Midstream Partners LP 4.75% due 4/15/2030(4)		457,000		386,595

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Pipelines (continued)
Eastern Gas Transmission & Storage, Inc. 3.00% due 11/15/2029	$	428,000	$	373,173
EIG Pearl Holdings Sarl 3.545% due 8/31/2036(4)		706,000		601,540
Galaxy Pipeline Assets Bidco Ltd. 3.25% due 9/30/2040(4)		766,000		594,156
Kinder Morgan Energy Partners LP 4.25% due 9/1/2024		643,000		630,275
NGPL PipeCo LLC 3.25% due 7/15/2031(4)		314,000		259,075
Sabine Pass Liquefaction LLC 5.625% due 3/1/2025		696,000		693,675
Venture Global LNG, Inc. 8.375% due 6/1/2031(4)		242,000		244,350
				4,066,656
Real Estate Investment Trusts (REITs) – 1.7%
American Tower Corp. 2.40% due 3/15/2025		448,000		422,352
2.95% due 1/15/2025		235,000		224,770
3.80% due 8/15/2029		800,000		731,328
5.55% due 7/15/2033		299,000		301,153
Crown Castle, Inc. 2.10% due 4/1/2031		600,000		480,084
3.30% due 7/1/2030		800,000		708,368
EPR Properties 4.95% due 4/15/2028		414,000		370,249
Trust Fibra Uno 4.869% due 1/15/2030(4)		290,000		255,110
VICI Properties LP / VICI Note Co., Inc. 5.625% due 5/1/2024(4)		474,000		471,279
				3,964,693
Retail – 0.5%
Bayer Corp. 6.65% due 2/15/2028(4)		343,000		359,495
Evergreen Acqco 1 LP / TVI, Inc. 9.75% due 4/26/2028(4)		244,000		254,129
Macy’s Retail Holdings LLC 5.875% due 4/1/2029(4)		278,000		253,786
SRS Distribution, Inc. 4.625% due 7/1/2028(4)		278,000		249,149
				1,116,559
Semiconductors – 0.3%
Broadcom, Inc. 4.15% due 4/15/2032(4)		427,000		386,653
Entegris, Inc. 3.625% due 5/1/2029(4)		307,000		264,566
				651,219
Software – 0.9%
Cloud Software Group, Inc. 6.50% due 3/31/2029(4)		302,000		268,448

June 30, 2023 (unaudited)	Principal Amount		Value
Software (continued)
Oracle Corp. 2.875% due 3/25/2031	$	915,000	$	779,818
6.25% due 11/9/2032		500,000		530,475
Workday, Inc. 3.80% due 4/1/2032		593,000		533,623
				2,112,364
Telecommunications – 1.5%
AT&T, Inc. 4.30% due 2/15/2030		461,000		437,724
Frontier Communications Holdings LLC 5.00% due 5/1/2028(4)		575,000		496,087
Sprint Capital Corp. 6.875% due 11/15/2028		689,000		730,581
8.75% due 3/15/2032		212,000		256,236
T-Mobile USA, Inc. 3.50% due 4/15/2025		391,000		376,216
3.875% due 4/15/2030		1,500,000		1,382,715
				3,679,559
Trucking & Leasing – 0.2%
Fortress Transportation and Infrastructure Investors LLC 5.50% due 5/1/2028(4)		541,000		496,275
				496,275
Total Corporate Bonds & Notes (Cost $125,365,671)				118,947,909
Municipals – 0.1%
New York City Transitional Finance Authority Future Tax Secured Revenue B-3 1.95% due 8/1/2034		330,000		246,174
Total Municipals (Cost $331,435)				246,174
Non–Agency Mortgage–Backed Securities–8.1%
Angel Oak Mortgage Trust 2020-1 A1 2.466% due 12/25/2059(1)(2)(4)		33,204		30,721
BAMLL Commercial Mortgage Securities Trust 2013-WBRK A 3.652% due 3/10/2037(1)(2)(4)		1,400,000		1,256,853
BANK 2021-BNK35 A5 2.285% due 6/15/2064		259,000		207,879
2022-BNK44 A5 5.937% due 11/15/2055(1)(2)		220,000		227,763
BBCMS Mortgage Trust 2019-BWAY A 6.218% due 11/15/2034(1)(2)(4)		365,000		303,633
2019-BWAY B 6.572% due 11/15/2034(1)(2)(4)		160,000		128,696
BMO Mortgage Trust 2023-C5 A4 5.494% due 6/15/2056		460,000		464,600

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
BRAVO Residential Funding Trust 2021-NQM2 A1 0.97% due 3/25/2060(1)(2)(4)	$	709,689	$	654,609
BX Commercial Mortgage Trust 2021-XL2 A 5.882% due 10/15/2038(1)(2)(4)		212,218		205,772
CIM Trust 2021-J3 A1 2.50% due 6/25/2051(1)(2)(4)		901,887		725,167
Commercial Mortgage Trust 2014-CR17 AM 4.174% due 5/10/2047		620,000		599,541
2015-LC21 AM 4.043% due 7/10/2048(1)(2)		522,000		491,219
2015-PC1 C 4.433% due 7/10/2050(1)(2)		375,000		326,881
Connecticut Avenue Securities Trust 2021-R01 1M2 6.617% due 10/25/2041(1)(2)(4)		430,000		421,061
2023-R02 1M1 7.367% due 1/25/2043(1)(2)(4)		502,158		503,577
2023-R05 1M2 8.167% due 6/25/2043(1)(2)(4)		300,000		300,898
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1 1.616% due 4/25/2065(1)(2)(4)		34,758		33,868
Deephaven Residential Mortgage Trust 2021-3 A1 1.194% due 8/25/2066(1)(2)(4)		167,339		138,073
EQUS Mortgage Trust 2021-EQAZ A 5.948% due 10/15/2038(1)(2)(4)		237,995		231,166
Fannie Mae Connecticut Avenue Securities 2021-R02 2M2 7.067% due 11/25/2041(1)(2)(4)		420,000		408,912
Flagstar Mortgage Trust 2021-3INV A2 2.50% due 6/25/2051(1)(2)(4)		616,450		495,709
2021-7 A1 2.50% due 8/25/2051(1)(2)(4)		579,117		465,459
Freddie Mac STACR REMIC Trust 2021-DNA3 M2 7.167% due 10/25/2033(1)(2)(4)		655,000		641,105
2021-DNA6 M2 6.567% due 10/25/2041(1)(2)(4)		739,000		719,874
2021-DNA7 M2 6.867% due 11/25/2041(1)(2)(4)		540,000		520,092
2021-HQA4 M1 6.017% due 12/25/2041(1)(2)(4)		573,117		555,824
2022-HQA3 M1A 7.367% due 8/25/2042(1)(2)(4)		224,031		225,378
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A 7.167% due 4/25/2043(1)(2)(4)		574,127		575,801

June 30, 2023 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
GCAT Trust 20203-NQM1 A1 4.25% due 10/25/2057(1)(2)(4)	$	1,005,103	$	924,144
GS Mortgage Securities Corp. Trust 2018-RIVR A 6.143% due 7/15/2035(1)(2)(4)		437,247		341,919
2021-ROSS G 9.844% due 5/15/2026(1)(2)(4)		660,000		451,913
2022-ECI A 7.342% due 8/15/2039(1)(2)(4)		370,000		370,294
GS Mortgage-Backed Securities Trust 2021-PJ2 A2 2.50% due 7/25/2051(1)(2)(4)		480,178		387,609
2021-PJ8 A2 2.50% due 1/25/2052(1)(2)(4)		650,263		522,440
2023-PJ1 A4 3.50% due 2/25/2053(1)(2)(4)		519,637		455,738
JP Morgan Chase Commercial Mortgage Securities Trust 2018-MINN A 6.463% due 11/15/2035(1)(2)(4)		339,000		333,844
2020-MKST E 7.693% due 12/15/2036(1)(2)(4)		570,000		330,907
JP Morgan Mortgage Trust 2013-13 A3 2.50% due 4/25/2052(1)(2)(4)		505,799		406,411
2021-INV8 A2 3.00% due 5/25/2052(1)(2)(4)		475,362		398,729
JPMBB Commercial Mortgage Securities Trust 2015-C30 C 4.368% due 7/15/2048(1)(2)		340,000		289,650
Ready Capital Mortgage Financing LLC 2022-FL8 A 6.717% due 1/25/2037(1)(2)(4)		1,011,901		996,777
Starwood Mortgage Residential Trust 2020-3 A1 1.486% due 4/25/2065(1)(2)(4)		184,615		169,195
Verus Securitization Trust 2020-1 A1 2.417% due 1/25/2060(1)(2)(4)		61,729		57,768
2020-5 A1 1.218% due 5/25/2065(1)(2)(4)		244,888		222,966
Vista Point Securitization Trust 2020-2 A1 1.475% due 4/25/2065(1)(2)(4)		128,609		116,005
Wells Fargo Mortgage Backed Securities Trust 2021-INV2 A2 2.50% due 9/25/2051(1)(2)(4)		425,917		342,617
WFLD Mortgage Trust 2014-MONT A 3.88% due 8/10/2031(1)(2)(4)		300,000		251,579
Total Non–Agency Mortgage–Backed Securities (Cost $20,609,782)				19,230,636

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Foreign Government – 3.9%
Bahrain Government International Bond 6.75% due 9/20/2029(4)	USD	240,000	$	237,926
Costa Rica Government International Bond 6.55% due 4/3/2034(4)	USD	510,000		511,969
Kommunalbanken A/S 1.125% due 10/26/2026	USD	1,374,000		1,225,168
Mexico Government International Bond 4.875% due 5/19/2033	USD	670,000		640,312
Panama Government International Bond 2.252% due 9/29/2032	USD	833,000		636,395
Province of Quebec Canada 3.625% due 4/13/2028		USD 3,002,000		2,895,009
Republic of South Africa Government International Bond 5.875% due 4/20/2032	USD	275,000		243,796
Senegal Government International Bond 6.25% due 5/23/2033(4)	USD	290,000		242,901
Svensk Exportkredit AB 4.125% due 6/14/2028	USD	2,447,000		2,416,315
Turkey Government International Bond 4.25% due 4/14/2026	USD	270,000		241,086
Total Foreign Government (Cost $9,461,125)				9,290,877
U.S. Government Securities – 7.5%
U.S. Treasury Bond
1.625% due 11/15/2050	$	1,740,000		1,081,247
2.25% due 5/15/2041		962,000		741,041
3.625% due 5/15/2053		3,036,000		2,919,304
3.875% due 5/15/2043		6,312,000		6,160,117

June 30, 2023 (unaudited)	Principal Amount		Value
U.S. Treasury Inflation-Indexed Bond 1.50% due 2/15/2053		2,670,334		2,602,051
U.S. Treasury Note
3.375% due 5/15/2033		894,000		862,291
3.875% due 4/30/2025		1,355,000		1,328,694
4.00% due 6/30/2028		2,290,000		2,277,476
Total U.S. Government Securities (Cost $18,062,060)				17,972,221
Repurchase Agreements – 1.1%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $2,734,152, due 7/3/2023(7)	$	2,733,806	$	2,733,806
Total Repurchase Agreements (Cost $2,733,806)				2,733,806
Total Investments – 114.1% (Cost $283,852,986)				272,584,279
Liabilities in excess of other assets – (14.1)%				(33,604,972	)
Total Net Assets – 100.0%			$	238,979,307

⁽¹⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2023.

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

⁽³⁾  TBA — To be announced.

⁽⁴⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $94,092,285, representing 39.4% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁵⁾  The 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	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
British Airways Pass-Through Trust 2020-1 A		544,644	$	573,680	$	498,180		11/17/20 – 1/26/22		0.21%

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	2,747,900	$	2,788,502

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Open futures contracts at June 30, 2023:

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		September 2023		147		Long	$	30,129,529		$	29,891,531		$	(237,998	)
U.S. 10-Year Treasury Note		September 2023		70		Long		7,989,616			7,858,594			(131,022	)
U.S. Long Bond		September 2023		137		Long		17,422,418			17,386,156			(36,262	)
U.S. Ultra Bond		September 2023		89		Long		12,003,785			12,123,469			119,684
Total							$	67,545,348		$	67,259,750		$	(285,598	)
Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. 5-Year Treasury Note		September 2023		196		Short	$	(21,190,578	)	$	(20,990,375	)	$	200,203
U.S. Ultra 10-Year Treasury Note		September 2023		199		Short		(23,803,441	)		(23,569,062	)		234,379
Total							$	(44,994,019	)	$	(44,559,437	)	$	434,582

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

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 June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	64,478,926	$	—	$	64,478,926
Asset–Backed Securities		—			39,683,730		—		39,683,730
Corporate Bonds & Notes		—			118,947,909		—		118,947,909
Municipals		—			246,174		—		246,174
Non–Agency Mortgage–Backed Securities		—			19,230,636		—		19,230,636
Foreign Government		—			9,290,877		—		9,290,877
U.S. Government Securities		—			17,972,221		—		17,972,221
Repurchase Agreements		—			2,733,806		—		2,733,806
Total	$	—		$	272,584,279	$	—	$	272,584,279
Other Financial Instruments
Futures Contracts
Assets	$	554,266		$	—	$	—	$	554,266
Liabilities		(405,282	)		—		—		(405,282	)
Total	$	148,984		$	—	$	—	$	148,984

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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	272,584,279
Cash		89,920
Receivable for investments sold		53,448,156
Interest receivable		2,042,813
Cash deposits with brokers for futures contracts		890,562
Receivable for variation margin on futures contracts		167,492
Reimbursement receivable from adviser		5,496
Prepaid expenses		2,845
Total Assets		329,231,563
Liabilities
Payable for investments purchased		89,980,507
Investment advisory fees payable		89,314
Distribution fees payable		49,619
Payable for fund shares redeemed		46,188
Accrued custodian and accounting fees		29,026
Accrued audit fees		17,132
Accrued trustees’ and officers’ fees		5,105
Accrued expenses and other liabilities		35,365
Total Liabilities		90,252,256
Total Net Assets	$	238,979,307
Net Assets Consist of:
Paid-in capital	$	227,644,496
Distributable earnings		11,334,811
Total Net Assets	$	238,979,307
Investments, at Cost	$	283,852,986
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		23,579,117
Net Asset Value Per Share		$10.14

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Interest	$	5,741,728
Total Investment Income		5,741,728
Expenses
Investment advisory fees		562,186
Distribution fees		312,326
Custodian and accounting fees		49,445
Professional fees		40,675
Trustees’ and officers’ fees		32,010
Administrative fees		21,619
Transfer agent fees		7,173
Shareholder reports		6,521
Other expenses		6,999
Total Expenses		1,038,954
Less: Fees waived		(27,019	)
Total Expenses, Net		1,011,935
Net Investment Income/(Loss)		4,729,793
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(4,036,973	)
Net realized gain/(loss) from futures contracts		(724,829	)
Net change in unrealized appreciation/(depreciation) on investments		4,478,778
Net change in unrealized appreciation/(depreciation) on futures contracts		729,022
Net Gain on Investments and Derivative Contracts		445,998
Net Increase in Net Assets Resulting From Operations	$	5,175,791

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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	4,729,793		$	7,032,281
Net realized gain/(loss) from investments and derivative contracts		(4,761,802	)		(35,072,103	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		5,207,800			(18,037,992	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		5,175,791			(46,077,814	)
Capital Share Transactions
Proceeds from sales of shares		7,575,403			4,039,995
Cost of shares redeemed		(26,904,881	)		(50,161,423	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(19,329,478	)		(46,121,428	)
Net Decrease in Net Assets		(14,153,687	)		(92,199,242	)
Net Assets
Beginning of period		253,132,994			345,332,236
End of period	$	238,979,307		$	253,132,994
Other Information:
Shares
Sold		739,217			407,441
Redeemed		(2,645,977	)		(4,754,295	)
Net Decrease		(1,906,760	)		(4,346,854	)

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

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17

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

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

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	9.93	$	0.19	$	0.02		$	0.21		$	10.14		2.11%	(4)
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)%

18 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
$	238,979		0.81%	(4)		0.83%	(4)		3.79%	(4)		3.77%	(4)		75%	(4)
	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.

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

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

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

June 30, 2023 (unaudited)

1. Organization

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

The 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.

20

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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

21

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

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

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 June 30, 2023.

e. Options Transactions The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2023.

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

22

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

value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

3. Transactions with Affiliates

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

Park Avenue has contractually agreed through April 30, 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 0.81% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $27,019.

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $312,326 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 six months ended June 30, 2023, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	95,975,243	$	85,036,583
Sales		92,097,533		89,723,568

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

23

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

of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

e. Restricted and Illiquid Securities A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. As of June 30, 2023, the Fund held one illiquid security.

f. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-

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

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

24

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

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 six months ended June 30, 2023 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 June 30, 2023, 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	$	554,266
Liability Derivatives
Futures Contracts1	$	(405,282	)

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

Transactions in derivative investments for the six months ended June 30, 2023 were as follows:

	Interest Rate Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(724,829	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts2	$	729,022
Average Number of Notional Amounts
Futures Contracts3		576

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

25

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME 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 six months ended June 30, 2023.

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

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

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

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index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

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Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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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.

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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

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $149,708,649

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Microsoft Corp.		7.29%
Apple, Inc.		5.09%
Alphabet, Inc., Class A		3.81%
Amazon.com, Inc.		3.43%
Oracle Corp.		2.75%
NVIDIA Corp.		2.66%
Meta Platforms, Inc., Class A		2.44%
Exxon Mobil Corp.		2.04%
Mastercard, Inc., Class A		2.00%
Home Depot, Inc.		1.77%
Total		33.28%

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

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

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,179.00	$	5.19		0.96%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.03	$	4.81		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 98.7%
Aerospace & Defense – 1.7%
Howmet Aerospace, Inc.		7,677	$	380,472
Northrop Grumman Corp.		2,208		1,006,407
Raytheon Technologies Corp.		11,396		1,116,352
				2,503,231
Air Freight & Logistics – 0.5%
FedEx Corp.		2,987		740,477
				740,477
Automobiles – 1.8%
General Motors Co.		6,118		235,910
Tesla, Inc.(1)		9,348		2,447,026
				2,682,936
Banks – 1.9%
Bank of America Corp.		36,583		1,049,566
Citigroup, Inc.		39,678		1,826,775
				2,876,341
Beverages – 2.6%
Coca-Cola Co.		25,078		1,510,197
Constellation Brands, Inc., Class A		666		163,923
PepsiCo, Inc.		11,917		2,207,267
				3,881,387
Biotechnology – 1.7%
AbbVie, Inc.		5,234		705,177
Alkermes PLC(1)		12,927		404,615
Ascendis Pharma A/S, ADR(1)		7,462		665,983
Biogen, Inc.(1)		1,528		435,251
Regeneron Pharmaceuticals, Inc.(1)		526		377,952
				2,588,978
Broadline Retail – 3.4%
Amazon.com, Inc.(1)		39,445		5,142,050
				5,142,050
Building Products – 0.8%
Johnson Controls International PLC		17,053		1,161,991
				1,161,991
Capital Markets – 3.4%
Charles Schwab Corp.		19,748		1,119,317
Goldman Sachs Group, Inc.		5,145		1,659,468
KKR & Co., Inc.		19,641		1,099,896
Quilter PLC (United Kingdom)(2)		254,478		256,232
S&P Global, Inc.		2,414		967,748
				5,102,661
Chemicals – 2.2%
Corteva, Inc.		10,939		626,805
DuPont de Nemours, Inc.		13,085		934,792
Eastman Chemical Co.		4,549		380,842
Linde PLC		421		160,435
PPG Industries, Inc.		3,351		496,953
Sherwin-Williams Co.		2,752		730,711
				3,330,538

June 30, 2023 (unaudited)	Shares		Value
Construction Materials – 0.4%
CRH PLC, ADR		9,553	$	532,389
				532,389
Consumer Finance – 0.2%
Capital One Financial Corp.		2,940		321,548
				321,548
Consumer Staples Distribution & Retail – 2.2%
BJ’s Wholesale Club Holdings, Inc.(1)		2,431		153,177
Costco Wholesale Corp.		1,646		886,174
Target Corp.		5,279		696,300
Walmart, Inc.		10,191		1,601,821
				3,337,472
Containers & Packaging – 0.4%
Avery Dennison Corp.		1,907		327,623
Berry Global Group, Inc.		4,433		285,219
				612,842
Electric Utilities – 2.7%
Exelon Corp.		20,456		833,377
NextEra Energy, Inc.		10,364		769,009
NRG Energy, Inc.		52,405		1,959,423
PG&E Corp.(1)		26,552		458,819
				4,020,628
Electrical Equipment – 0.1%
Emerson Electric Co.		2,134		192,892
				192,892
Electronic Equipment, Instruments & Components – 1.0%
CDW Corp.		4,167		764,645
Vontier Corp.		22,126		712,678
				1,477,323
Energy Equipment & Services – 0.4%
Diamond Offshore Drilling, Inc.(1)		46,001		655,054
				655,054
Entertainment – 0.9%
Netflix, Inc.(1)		2,738		1,206,062
Sea Ltd., ADR(1)		3,462		200,934
				1,406,996
Financial Services – 4.0%
Apollo Global Management, Inc.		19,458		1,494,569
Mastercard, Inc., Class A		7,608		2,992,227
Visa, Inc., Class A		6,017		1,428,917
				5,915,713
Food Products – 0.3%
General Mills, Inc.		6,531		500,928
				500,928
Ground Transportation – 1.7%
CSX Corp.		12,603		429,763
Hertz Global Holdings, Inc.(1)		22,562		414,915
Union Pacific Corp.		8,323		1,703,052
				2,547,730
Health Care Equipment & Supplies – 2.7%
Abbott Laboratories		3,812		415,584

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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Health Care Equipment & Supplies (continued)
Becton Dickinson and Co.		2,422	$	639,432
Boston Scientific Corp.(1)		15,082		815,785
Dexcom, Inc.(1)		3,721		478,186
IDEXX Laboratories, Inc.(1)		507		254,631
Intuitive Surgical, Inc.(1)		2,488		850,747
Medtronic PLC		1,908		168,095
Stryker Corp.		1,254		382,583
				4,005,043
Health Care Providers & Services – 4.0%
Cigna Group		5,278		1,481,007
Elevance Health, Inc.		472		209,705
Humana, Inc.		1,016		454,284
McKesson Corp.		2,942		1,257,146
UnitedHealth Group, Inc.		5,382		2,586,804
				5,988,946
Hotels, Restaurants & Leisure – 2.2%
Aramark		8,018		345,175
Booking Holdings, Inc.(1)		487		1,315,061
Chipotle Mexican Grill, Inc.(1)		374		799,986
Hilton Worldwide Holdings, Inc.		4,801		698,785
Penn Entertainment, Inc.(1)		7,601		182,652
				3,341,659
Household Durables – 0.9%
PulteGroup, Inc.		17,184		1,334,853
				1,334,853
Household Products – 1.7%
Procter & Gamble Co.		17,141		2,600,975
				2,600,975
Independent Power and Renewable Electricity Producers – 0.1%
Vistra Corp.		5,581		146,501
				146,501
Industrial Conglomerates – 0.9%
General Electric Co.		2,689		295,387
Honeywell International, Inc.		5,365		1,113,237
				1,408,624
Insurance – 2.6%
AIA Group Ltd. (Hong Kong)		61,200		624,435
Assured Guaranty Ltd.		27,897		1,556,652
AXA SA (France)		23,282		687,833
Prudential PLC (United Kingdom)		69,940		986,318
				3,855,238
Interactive Media & Services – 6.3%
Alphabet, Inc., Class A(1)		47,663		5,705,261
Meta Platforms, Inc., Class A(1)		12,756		3,660,717
				9,365,978
Life Sciences Tools & Services – 1.5%
Bio-Rad Laboratories, Inc., Class A(1)		933		353,719
Danaher Corp.		2,819		676,560
ICON PLC(1)		205		51,291
Thermo Fisher Scientific, Inc.		2,171		1,132,719
				2,214,289

June 30, 2023 (unaudited)	Shares		Value
Machinery – 1.6%
Deere & Co.		918	$	371,964
Ingersoll Rand, Inc.		10,180		665,365
Otis Worldwide Corp.		14,773		1,314,945
				2,352,274
Media – 0.2%
Charter Communications, Inc., Class A(1)		811		297,937
				297,937
Metals & Mining – 0.4%
Agnico Eagle Mines Ltd. (Canada)		6,173		308,242
Glencore PLC (Australia)		59,358		336,711
				644,953
Multi-Utilities – 0.3%
Ameren Corp.		5,078		414,720
				414,720
Office REITs – 0.2%
Vornado Realty Trust		15,496		281,098
				281,098
Oil, Gas & Consumable Fuels – 4.6%
BP PLC (United Kingdom)		107,123		627,617
Cenovus Energy, Inc. (Canada)		83,364		1,415,882
ConocoPhillips		8,500		880,685
Exxon Mobil Corp.		28,439		3,050,083
Shell PLC (Netherlands)		28,296		842,473
				6,816,740
Passenger Airlines – 0.4%
Southwest Airlines Co.		14,516		525,624
				525,624
Personal Care Products – 0.1%
Kenvue, Inc.(1)		7,768		205,231
				205,231
Pharmaceuticals – 3.7%
4Front Ventures Corp.(1)		567,677		88,501
Eli Lilly and Co.		3,659		1,715,998
Innoviva, Inc.(1)		47,114		599,761
Johnson & Johnson		8,364		1,384,409
Merck & Co., Inc.		12,769		1,473,415
TerrAscend Corp.(1)		36,139		65,411
Zoetis, Inc.		1,646		283,458
				5,610,953
Semiconductors & Semiconductor Equipment – 6.3%
Advanced Micro Devices, Inc.(1)		14,600		1,663,086
Broadcom, Inc.		2,597		2,252,716
NVIDIA Corp.		9,406		3,978,926
QUALCOMM, Inc.		12,659		1,506,927
				9,401,655
Software – 12.4%
Intuit, Inc.		3,135		1,436,426
Microsoft Corp.		32,036		10,909,539

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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Software (continued)
Oracle Corp.		34,574	$	4,117,418
Salesforce, Inc.(1)		9,722		2,053,870
				18,517,253
Specialized REITs – 1.0%
American Tower Corp.		3,514		681,505
Gaming and Leisure Properties, Inc.		17,166		831,865
				1,513,370
Specialty Retail – 2.7%
CarMax, Inc.(1)		4,929		412,557
Home Depot, Inc.		8,556		2,657,836
O’Reilly Automotive, Inc.(1)		658		628,588
TJX Cos., Inc.		3,651		309,568
Warby Parker, Inc., Class A(1)		3,235		37,817
				4,046,366
Technology Hardware, Storage & Peripherals – 5.1%
Apple, Inc.		39,259		7,615,068
				7,615,068
Textiles, Apparel & Luxury Goods – 0.7%
Levi Strauss & Co., Class A		9,347		134,877
Lululemon Athletica, Inc.(1)		655		247,918
NIKE, Inc., Class B		5,903		651,514
				1,034,309
Tobacco – 0.1%
Altria Group, Inc.		3,061		138,663
				138,663
Trading Companies & Distributors – 0.6%
United Rentals, Inc.		1,938		863,127
				863,127
Wireless Telecommunication Services – 1.1%
T-Mobile US, Inc.(1)		11,762		1,633,742
				1,633,742
Total Common Stocks (Cost $104,095,985)				147,707,294

June 30, 2023 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.4%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $2,150,950, due 7/3/2023(3)	$	2,150,678	$	2,150,678
Total Repurchase Agreements (Cost $2,150,678)				2,150,678
Total Investments – 100.1% (Cost $106,246,663)				149,857,972
Liabilities in excess of other assets – (0.1)%				(149,323	)
Total Net Assets – 100.0%			$	149,708,649

⁽¹⁾  Non–income–producing security.

⁽²⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $256,232, 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⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	2,161,800	$	2,193,742

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	143,345,675	$	4,361,619	*	$	—	$	147,707,294
Repurchase Agreements		—		2,150,678			—		2,150,678
Total	$	143,345,675	$	6,512,297		$	—	$	149,857,972

* 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. 5

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	149,857,972
Foreign currency, at value		7,467
Dividends/interest receivable		65,292
Receivable for investments sold		44,183
Foreign tax reclaims receivable		15,896
Reimbursement receivable from adviser		3,632
Prepaid expenses		1,648
Total Assets		149,996,090
Liabilities
Payable for investments purchased		92,688
Investment advisory fees payable		72,614
Payable for fund shares redeemed		30,989
Distribution fees payable		30,256
Accrued custodian and accounting fees		21,503
Accrued audit fees		13,978
Accrued trustees’ and officers’ fees		2,536
Accrued expenses and other liabilities		22,877
Total Liabilities		287,441
Total Net Assets	$	149,708,649
Net Assets Consist of:
Paid-in capital	$	35,678,982
Distributable earnings		114,029,667
Total Net Assets	$	149,708,649
Investments, at Cost	$	106,246,663
Foreign Currency, at Cost	$	7,471
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		6,533,074
Net Asset Value Per Share		$22.92

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,104,499
Interest		8,596
Withholding taxes on foreign dividends		(10,050	)
Total Investment Income		1,103,045
Expenses
Investment advisory fees		431,130
Distribution fees		179,638
Custodian and accounting fees		27,061
Professional fees		27,045
Trustees’ and officers’ fees		17,754
Administrative fees		14,162
Transfer agent fees		7,254
Shareholder reports		4,527
Other expenses		4,052
Total Expenses		712,623
Less: Fees waived		(22,815	)
Total Expenses, Net		689,808
Net Investment Income/(Loss)		413,237
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		1,846,981
Net realized gain/(loss) from foreign currency transactions		741
Net change in unrealized appreciation/(depreciation) on investments		21,571,633
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		351
Net Gain on Investments and Foreign Currency Transactions		23,419,706
Net Increase in Net Assets Resulting From Operations	$	23,832,943

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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	413,237		$	835,776
Net realized gain/(loss) from investments and foreign currency transactions		1,847,722			7,406,487
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		21,571,984			(41,223,699	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		23,832,943			(32,981,436	)
Capital Share Transactions
Proceeds from sales of shares		663,342			7,356,435
Cost of shares redeemed		(15,830,022	)		(25,374,417	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(15,166,680	)		(18,017,982	)
Net Increase/(Decrease) in Net Assets		8,666,263			(50,999,418	)
Net Assets
Beginning of period		141,042,386			192,041,804
End of period	$	149,708,649		$	141,042,386
Other Information:
Shares
Sold		32,465			359,038
Redeemed		(753,422	)		(1,232,800	)
Net Decrease		(720,957	)		(873,762	)

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

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	19.44	$	0.06	$	3.42	$	3.48	$	22.92		17.90%	(4)
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)%

8 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
$	149,709		0.96%	(4)		0.99%	(4)		0.58%	(4)		0.55%	(4)		17%	(4)
	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.

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

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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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

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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, 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 0.96% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $22,815.

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.

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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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $179,638 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 $24,099,199 and $39,623,040, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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 June 30, 2023, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not

meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without

significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

18

SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to

review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB8168

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN GLOBAL UTILITIES VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $58,688,694

Geographic Region Allocation¹

As of June 30, 2023

Top Ten Holdings1 As of June 30, 2023
Holding	Country	% of Total Net Assets
Engie SA	France		5.56%
Duke Energy Corp.	United States		5.39%
NextEra Energy, Inc.	United States		5.19%
Iberdrola SA	Spain		5.14%
Atmos Energy Corp.	United States		4.89%
Edison International	United States		4.65%
AES Corp.	United States		4.62%
Southern Co.	United States		4.52%
EDP – Energias de Portugal SA	Portugal		4.34%
Sempra Energy	United States		4.32%
Total			48.62%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23		Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return		$1,000.00		$   998.40		$5.10		1.03%
Based on Hypothetical Return (5% Return Before Expenses)		$1,000.00		$1,019.69		$5.16		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 99.0%
Bermuda – 3.0%
CK Infrastructure Holdings Ltd.		332,000	$	1,757,395
				1,757,395
Brazil – 2.3%
Cia de Saneamento Basico do Estado de Sao Paulo		116,300		1,374,022
				1,374,022
China – 5.1%
China Longyuan Power Group Corp. Ltd., Class H		2,075,800		2,145,099
ENN Energy Holdings Ltd.		65,400		817,286
				2,962,385
France – 5.6%
Engie SA		196,197		3,263,371
				3,263,371
Germany – 3.4%
RWE AG		45,609		1,985,233
				1,985,233
Italy – 4.2%
Enel SpA		361,198		2,433,135
				2,433,135
Japan – 3.6%
Kansai Electric Power Co., Inc.		107,900		1,355,637
Tokyo Gas Co. Ltd.		35,300		771,221
				2,126,858
Portugal – 4.3%
EDP–Energias de Portugal SA		520,400		2,547,275
				2,547,275
Spain – 5.1%
Iberdrola SA		231,133		3,019,032
				3,019,032
United Kingdom – 4.0%
National Grid PLC		175,577		2,320,095
				2,320,095
United States – 58.4%
AES Corp.		130,762		2,710,696
American Electric Power Co., Inc.		28,872		2,431,022
Atmos Energy Corp.		24,664		2,869,410
CenterPoint Energy, Inc.		80,182		2,337,305
Dominion Energy, Inc.		26,072		1,350,269
Duke Energy Corp.		35,292		3,167,104
Edison International		39,267		2,727,093
Exelon Corp.		57,610		2,347,031
NextEra Energy, Inc.		41,045		3,045,539
PG&E Corp.(1)		111,826		1,932,353
Public Service Enterprise Group, Inc.		29,121		1,823,266
Sempra Energy		17,415		2,535,450

June 30, 2023 (unaudited)	Shares		Value
United States (continued)
Southern Co.		37,744	$	2,651,516
Vistra Corp.		90,002		2,362,553
				34,290,607
Total Common Stocks (Cost $51,355,275)				58,079,408
	Principal Amount		Value
Repurchase Agreements – 0.6%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $369,484, due 7/3/2023(2)	$	369,437		369,437
Total Repurchase Agreements (Cost $369,437)				369,437
Total Investments – 99.6% (Cost $51,724,712)				58,448,845
Assets in excess of other liabilities – 0.4%				239,849
Total Net Assets – 100.0%			$	58,688,694

⁽¹⁾  Non–income–producing security.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026		$371,400		$376,888

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

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Bermuda	$	—	$	1,757,395	*	$	—	$	1,757,395
Brazil		1,374,022		—			—		1,374,022
China		—		2,962,385	*		—		2,962,385
France		—		3,263,371	*		—		3,263,371
Germany		—		1,985,233	*		—		1,985,233
Italy		—		2,433,135	*		—		2,433,135
Japan		—		2,126,858	*		—		2,126,858
Portugal		—		2,547,275	*		—		2,547,275
Spain		—		3,019,032	*		—		3,019,032
United Kingdom		—		2,320,095	*		—		2,320,095
United States		34,290,607		—			—		34,290,607
Repurchase Agreements		—		369,437			—		369,437
Total	$	35,664,629	$	22,784,216		$	—	$	58,448,845

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

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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	58,448,845
Foreign currency, at value		71
Receivable for investments sold		624,166
Dividends/interest receivable		231,828
Foreign tax reclaims receivable		85,025
Reimbursement receivable from adviser		10,748
Prepaid expenses		734
Total Assets		59,401,417
Liabilities
Payable for investments purchased		578,546
Investment advisory fees payable		35,220
Payable for fund shares redeemed		31,385
Accrued custodian and accounting fees		21,347
Accrued audit fees		15,050
Distribution fees payable		12,062
Accrued trustees’ and officers’ fees		1,431
Accrued expenses and other liabilities		17,682
Total Liabilities		712,723
Total Net Assets	$	58,688,694
Net Assets Consist of:
Paid-in capital	$	40,654,707
Distributable earnings		18,033,987
Total Net Assets	$	58,688,694
Investments, at Cost	$	51,724,712
Foreign Currency, at Cost	$	71
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		4,768,930
Net Asset Value Per Share		$12.31

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,486,350
Interest		3,305
Withholding taxes on foreign dividends		(98,428	)
Total Investment Income		1,391,227
Expenses
Investment advisory fees		227,299
Distribution fees		77,842
Custodian and accounting fees		25,975
Professional fees		21,038
Administrative fees		10,998
Trustees’ and officers’ fees		8,134
Transfer agent fees		6,639
Shareholder reports		4,074
Other expenses		2,377
Total Expenses		384,376
Less: Fees waived		(63,667	)
Total Expenses, Net		320,709
Net Investment Income/(Loss)		1,070,518
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		1,994,744
Net realized gain/(loss) from foreign currency transactions		(16,963	)
Net change in unrealized appreciation/(depreciation) on investments		(3,090,463	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		1,534
Net Loss on Investments and Foreign Currency Transactions		(1,111,148	)
Net Decrease in Net Assets Resulting From Operations	$	(40,630	)

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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	1,070,518		$	1,638,493
Net realized gain/(loss) from investments and foreign currency transactions		1,977,781			1,126,724
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(3,088,929	)		(4,027,837	)
Net Decrease in Net Assets Resulting from Operations		(40,630	)		(1,262,620	)
Capital Share Transactions
Proceeds from sales of shares		2,269,940			112,102
Cost of shares redeemed		(7,871,587	)		(22,639,081	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,601,647	)		(22,526,979	)
Net Decrease in Net Assets		(5,642,277	)		(23,789,599	)
Net Assets
Beginning of period		64,330,971			88,120,570
End of period	$	58,688,694		$	64,330,971
Other Information:
Shares
Sold		185,618			9,266
Redeemed		(635,042	)		(1,871,485	)
Net Decrease		(449,424	)		(1,862,219	)

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

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7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	12.33	$	0.21	$	(0.23)	$	(0.02)	$	12.31		(0.16)%	(4)
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(5)		10.00		0.03		0.24		0.27		10.27		2.70%	(4)

8 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
$	58,689		1.03%	(4)		1.23%	(4)		3.44%	(4)		3.24%	(4)		17%	(4)
	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%	(4)		1.37%	(4)		1.56%	(4)		1.08%	(4)		50%	(4)

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

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

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

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Commenced operations on October 21, 2019.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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, 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 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

12

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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $63,667.

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $77,842 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 $10,244,892 and $14,980,735, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

13

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 June 30, 2023, 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 six months ended June 30, 2023.

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.

14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the

“Agreements”) between the Manager and investment advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the

16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Agreements. The Trustees received written responses from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent

with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees

17

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

18

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The

Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

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

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB10537

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN GROWTH & INCOME VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $143,447,934

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Philip Morris International, Inc.		3.82%
Berkshire Hathaway, Inc., Class B		3.70%
Alphabet, Inc., Class C		3.69%
JPMorgan Chase & Co.		3.54%
Elevance Health, Inc.		3.35%
Mastercard, Inc., Class A		3.30%
Roche Holding AG, ADR		3.17%
Amgen, Inc.		2.77%
Comcast Corp., Class A		2.47%
Gilead Sciences, Inc.		2.44%
Total		32.25%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,031.40	$	4.84		0.96%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.03	$	4.81		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 96.7%
Aerospace & Defense – 4.1%
Curtiss-Wright Corp.		6,379	$	1,171,567
Raytheon Technologies Corp.		25,506		2,498,568
Textron, Inc.		33,623		2,273,923
				5,944,058
Air Freight & Logistics – 0.8%
Expeditors International of Washington, Inc.		8,955		1,084,719
				1,084,719
Automobile Components – 1.5%
BorgWarner, Inc.		44,597		2,181,239
				2,181,239
Banks – 6.6%
Bank OZK		26,635		1,069,662
JPMorgan Chase & Co.		34,898		5,075,565
Wells Fargo & Co.		76,480		3,264,166
				9,409,393
Biotechnology – 7.6%
Amgen, Inc.		17,908		3,975,934
Gilead Sciences, Inc.		45,330		3,493,583
Regeneron Pharmaceuticals, Inc.(1)		4,818		3,461,926
				10,931,443
Building Products – 1.2%
Builders FirstSource, Inc.(1)		12,201		1,659,336
				1,659,336
Capital Markets – 1.9%
Goldman Sachs Group, Inc.		3,087		995,681
Houlihan Lokey, Inc.		12,091		1,188,666
Raymond James Financial, Inc.		4,684		486,059
				2,670,406
Chemicals – 0.5%
LyondellBasell Industries NV, Class A		7,819		718,019
				718,019
Communications Equipment – 2.4%
Cisco Systems, Inc.		66,008		3,415,254
				3,415,254
Construction & Engineering – 1.4%
EMCOR Group, Inc.		10,746		1,985,646
				1,985,646
Consumer Staples Distribution & Retail – 1.3%
BJ’s Wholesale Club Holdings, Inc.(1)		14,603		920,135
Kroger Co.		20,099		944,653
				1,864,788
Distributors – 1.3%
LKQ Corp.		32,312		1,882,820
				1,882,820
Electric Utilities – 0.5%
IDACORP, Inc.		7,592		778,939
				778,939

June 30, 2023 (unaudited)	Shares		Value
Electrical Equipment – 3.1%
Acuity Brands, Inc.		3,684	$	600,787
Emerson Electric Co.		14,877		1,344,732
nVent Electric PLC		31,685		1,637,164
Sensata Technologies Holding PLC		19,737		887,967
				4,470,650
Electronic Equipment, Instruments & Components – 1.7%
IPG Photonics Corp.(1)		6,351		862,593
Keysight Technologies, Inc.(1)		9,716		1,626,944
				2,489,537
Energy Equipment & Services – 0.9%
Helmerich & Payne, Inc.		35,103		1,244,401
				1,244,401
Financial Services – 9.1%
Berkshire Hathaway, Inc., Class B(1)		15,564		5,307,324
Fiserv, Inc.(1)		4,688		591,391
FleetCor Technologies, Inc.(1)		3,038		762,781
Mastercard, Inc., Class A		12,045		4,737,299
PayPal Holdings, Inc.(1)		24,330		1,623,541
				13,022,336
Food Products – 0.8%
Kraft Heinz Co.		33,126		1,175,973
				1,175,973
Ground Transportation – 0.7%
Knight-Swift Transportation Holdings, Inc.		18,764		1,042,528
				1,042,528
Health Care Providers & Services – 7.0%
AmerisourceBergen Corp.		3,037		584,410
Cigna Group		9,467		2,656,440
Elevance Health, Inc.		10,830		4,811,661
Quest Diagnostics, Inc.		14,646		2,058,642
				10,111,153
Hotels, Restaurants & Leisure – 1.4%
Booking Holdings, Inc.(1)		192		518,463
Choice Hotels International, Inc.		12,424		1,460,069
				1,978,532
Household Durables – 0.8%
D.R. Horton, Inc.		9,804		1,193,049
				1,193,049
Insurance – 2.6%
American International Group, Inc.		27,388		1,575,906
Axis Capital Holdings Ltd.		24,756		1,332,615
MetLife, Inc.		15,594		881,529
				3,790,050
Interactive Media & Services – 3.7%
Alphabet, Inc., Class C(1)		43,816		5,300,422
				5,300,422
IT Services – 2.0%
Accenture PLC, Class A		6,587		2,032,617
Cognizant Technology Solutions Corp., Class A		11,955		780,422
				2,813,039

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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Machinery – 3.5%
Dover Corp.		2,956	$	436,453
Middleby Corp.(1)		6,255		924,677
PACCAR, Inc.		26,595		2,224,672
Westinghouse Air Brake Technologies Corp.		13,372		1,466,507
				5,052,309
Media – 2.5%
Comcast Corp., Class A		85,140		3,537,567
				3,537,567
Metals & Mining – 0.8%
BHP Group Ltd., ADR		19,916		1,188,388
				1,188,388
Oil, Gas & Consumable Fuels – 5.4%
Chevron Corp.		14,253		2,242,709
ConocoPhillips		18,798		1,947,661
EOG Resources, Inc.		14,127		1,616,694
Phillips 66		20,307		1,936,882
				7,743,946
Passenger Airlines – 0.9%
Alaska Air Group, Inc.(1)		24,075		1,280,308
				1,280,308
Pharmaceuticals – 3.2%
Roche Holding AG, ADR		118,925		4,542,935
				4,542,935
Professional Services – 3.4%
Leidos Holdings, Inc.		13,283		1,175,280
Maximus, Inc.		20,231		1,709,722
Robert Half International, Inc.		26,389		1,984,980
				4,869,982
Semiconductors & Semiconductor Equipment – 3.5%
NXP Semiconductors NV		6,947		1,421,912
QUALCOMM, Inc.		19,074		2,270,569
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		12,768		1,288,546
				4,981,027
Specialized REITs – 1.8%
Weyerhaeuser Co.		75,684		2,536,171
				2,536,171

June 30, 2023 (unaudited)	Shares		Value
Specialty Retail – 2.1%
Lowe’s Cos., Inc.		9,949	$	2,245,489
Ulta Beauty, Inc.(1)		1,758		827,306
				3,072,795
Tobacco – 3.8%
Philip Morris International, Inc.		56,148		5,481,168
				5,481,168
Trading Companies & Distributors – 0.9%
Ferguson PLC		2,907		457,300
MSC Industrial Direct Co., Inc., Class A		8,457		805,783
				1,263,083
Total Common Stocks (Cost $112,502,196)				138,707,409
	Principal Amount		Value
Repurchase Agreements – 3.5%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $4,981,090, due 7/3/2023(2)	$	4,980,459		4,980,459
Total Repurchase Agreements (Cost $4,980,459)				4,980,459
Total Investments – 100.2% (Cost $117,482,655)				143,687,868
Liabilities in excess of other assets – (0.2)%				(239,934	)
Total Net Assets – 100.0%			$	143,447,934

⁽¹⁾  Non–income–producing security.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	5,006,100	$	5,080,069

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities  (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	138,707,409	$	—	$	—	$	138,707,409
Repurchase Agreements		—		4,980,459		—		4,980,459
Total	$	138,707,409	$	4,980,459	$	—	$	143,687,868

4 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 June 30, 2023 (unaudited)
Assets
Investments, at value	$	143,687,868
Receivable for investments sold		146,161
Dividends/interest receivable		110,913
Foreign tax reclaims receivable		110,902
Reimbursement receivable from adviser		6,406
Prepaid expenses		1,739
Total Assets		144,063,989
Liabilities
Payable for investments purchased		437,464
Investment advisory fees payable		73,935
Distribution fees payable		29,094
Payable for fund shares redeemed		28,870
Accrued audit fees		13,978
Accrued custodian and accounting fees		6,682
Accrued trustees’ and officers’ fees		2,850
Accrued expenses and other liabilities		23,182
Total Liabilities		616,055
Total Net Assets	$	143,447,934
Net Assets Consist of:
Paid-in capital	$	60,385,605
Distributable earnings		83,062,329
Total Net Assets	$	143,447,934
Investments, at Cost	$	117,482,655
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		7,654,146
Net Asset Value Per Share		$18.74

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,570,656
Interest		42,172
Withholding taxes on foreign dividends		(23,948	)
Total Investment Income		1,588,880
Expenses
Investment advisory fees		447,841
Distribution fees		176,269
Professional fees		27,255
Trustees’ and officers’ fees		18,039
Custodian and accounting fees		15,048
Administrative fees		14,279
Transfer agent fees		7,274
Shareholder reports		4,778
Other expenses		4,053
Total Expenses		714,836
Less: Fees waived		(37,962	)
Total Expenses, Net		676,874
Net Investment Income/(Loss)		912,006
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		2,625,285
Net change in unrealized appreciation/(depreciation) on investments		864,312
Net Gain on Investments		3,489,597
Net Increase in Net Assets Resulting From Operations	$	4,401,603

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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	912,006		$	2,000,754
Net realized gain/(loss) from investments		2,625,285			14,486,941
Net change in unrealized appreciation/(depreciation) on investments		864,312			(26,639,030	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		4,401,603			(10,151,335	)
Capital Share Transactions
Proceeds from sales of shares		7,430,666			4,514,934
Cost of shares redeemed		(11,423,815	)		(44,921,721	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(3,993,149	)		(40,406,787	)
Net Increase/(Decrease) in Net Assets		408,454			(50,558,122	)
Net Assets
Beginning of period		143,039,480			193,597,602
End of period	$	143,447,934		$	143,039,480
Other Information:
Shares
Sold		404,704			252,969
Redeemed		(621,629	)		(2,479,604	)
Net Decrease		(216,925	)		(2,226,635	)

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

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7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	18.17	$	0.12	$	0.45	$	0.57	$	18.74		3.14%	(4)
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)%

8 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
$	143,448		0.96%	(4)		1.01%	(4)		1.29%	(4)		1.24%	(4)		23%	(4)
	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.

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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, 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 0.96% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $37,962.

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.

12

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $176,269 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 $31,431,026 and $33,065,857, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME 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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the

“Agreements”) between the Manager and investment advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Agreements. The Trustees received written responses from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent

with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the

Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the

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1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB8169

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
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
Supplemental Information
Liquidity Risk Management Program	17
Approval of Investment Management and Sub-advisory Agreements	18
Portfolio Holdings and Proxy Voting Procedures	25

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $171,356,567

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Apple, Inc.		7.29 %
Microsoft Corp.		7.09 %
Alphabet, Inc., Class A		4.06 %
Amazon.com, Inc.		3.31 %
Exxon Mobil Corp.		1.96 %
Visa, Inc., Class A		1.74 %
JPMorgan Chase & Co.		1.55 %
Broadcom, Inc.		1.42 %
Johnson & Johnson		1.30 %
Eli Lilly and Co.		1.24%
Total		30.96%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23 - 6/30/23		Expense Ratio During Period 1/1/23 - 6/30/23
Based on Actual Return	$1,000.00		$1,140.70		$4.14		0.78%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.93		$3.91		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 99.6%
Aerospace & Defense – 1.3%
Boeing Co.(1)		3,652	$	771,156
General Dynamics Corp.		2,346		504,742
Howmet Aerospace, Inc.		8,089		400,891
Raytheon Technologies Corp.		6,103		597,850
				2,274,639
Automobile Components – 0.3%
Aptiv PLC(1)		4,646		474,310
				474,310
Banks – 3.1%
First Interstate BancSystem, Inc., Class A		7,231		172,387
JPMorgan Chase & Co.		18,310		2,663,007
M&T Bank Corp.		4,512		558,405
PNC Financial Services Group, Inc.		4,958		624,460
Regions Financial Corp.		26,465		471,606
United Community Banks, Inc.		6,788		169,632
Wells Fargo & Co.		15,789		673,875
				5,333,372
Beverages – 1.6%
Coca-Cola Co.		4,565		274,904
Coca-Cola Europacific Partners PLC		6,150		396,245
Constellation Brands, Inc., Class A		1,539		378,794
PepsiCo, Inc.		8,983		1,663,831
				2,713,774
Biotechnology – 1.0%
Vertex Pharmaceuticals, Inc.(1)		5,006		1,761,661
				1,761,661
Broadline Retail – 3.3%
Amazon.com, Inc.(1)		43,437		5,662,447
				5,662,447
Building Products – 1.0%
AZEK Co., Inc.(1)		11,203		339,339
Johnson Controls International PLC		12,467		849,501
Masco Corp.		8,036		461,106
				1,649,946
Capital Markets – 3.1%
Cboe Global Markets, Inc.		1,167		161,058
Charles Schwab Corp.		10,843		614,581
CME Group, Inc.		3,273		606,454
Invesco Ltd.		36,607		615,364
KKR & Co., Inc.		12,016		672,896
Moody’s Corp.		2,141		744,468
Morgan Stanley		11,712		1,000,205
Morningstar, Inc.		1,295		253,911
Northern Trust Corp.		3,530		261,714
Raymond James Financial, Inc.		3,279		340,262
				5,270,913
Chemicals – 2.6%
Air Products and Chemicals, Inc.		2,162		647,584
Chemours Co.		11,369		419,402

June 30, 2023 (unaudited)	Shares		Value
Chemicals (continued)
Corteva, Inc.		4,809	$	275,556
DuPont de Nemours, Inc.		7,893		563,876
Eastman Chemical Co.		5,023		420,525
Element Solutions, Inc.		9,363		179,770
International Flavors & Fragrances, Inc.		3,083		245,376
Linde PLC		2,026		772,068
Sherwin-Williams Co.		2,196		583,082
Tronox Holdings PLC		21,702		275,832
				4,383,071
Commercial Services & Supplies – 0.6%
GFL Environmental, Inc.		26,155		1,014,814
				1,014,814
Communications Equipment – 0.3%
Motorola Solutions, Inc.		1,797		527,024
				527,024
Construction & Engineering – 0.2%
API Group Corp.(1)		15,031		409,745
				409,745
Construction Materials – 0.4%
Summit Materials, Inc., Class A(1)		10,062		380,847
Vulcan Materials Co.		1,636		368,820
				749,667
Consumer Finance – 0.6%
American Express Co.		3,793		660,741
SLM Corp.		21,435		349,819
				1,010,560
Consumer Staples Distribution & Retail – 1.2%
Dollar General Corp.		4,062		689,646
Dollar Tree, Inc.(1)		4,104		588,924
Target Corp.		6,503		857,746
				2,136,316
Containers & Packaging – 0.2%
Crown Holdings, Inc.		3,401		295,445
				295,445
Distributors – 0.3%
LKQ Corp.		7,647		445,591
				445,591
Diversified Consumer Services – 0.4%
Bright Horizons Family Solutions, Inc.(1)		4,521		417,967
Grand Canyon Education, Inc.(1)		2,010		207,452
				625,419
Diversified REITs – 0.4%
Broadstone Net Lease, Inc.		21,339		329,474
Empire State Realty Trust, Inc., Class A		39,277		294,185
				623,659
Electric Utilities – 2.1%
Constellation Energy Corp.		2,787		255,150
Duke Energy Corp.		4,727		424,201
Evergy, Inc.		2,506		146,400
Exelon Corp.		8,364		340,749

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Electric Utilities (continued)
FirstEnergy Corp.		4,091	$	159,058
NextEra Energy, Inc.		12,005		890,771
PG&E Corp.(1)		45,510		786,413
PPL Corp.		6,169		163,232
Xcel Energy, Inc.		8,116		504,572
				3,670,546
Electrical Equipment – 1.9%
AMETEK, Inc.		5,575		902,481
Eaton Corp. PLC		6,393		1,285,632
nVent Electric PLC		5,695		294,261
Regal Rexnord Corp.		2,413		371,361
Sensata Technologies Holding PLC		8,801		395,957
				3,249,692
Electronic Equipment, Instruments & Components – 0.6%
Amphenol Corp., Class A		5,272		447,856
TE Connectivity Ltd.		1,047		146,748
Zebra Technologies Corp., Class A(1)		1,274		376,887
				971,491
Energy Equipment & Services – 0.4%
Schlumberger NV		9,292		456,423
TechnipFMC PLC(1)		17,298		287,493
				743,916
Entertainment – 1.5%
Electronic Arts, Inc.		5,753		746,164
Spotify Technology SA(1)		727		116,720
Take-Two Interactive Software, Inc.(1)		2,392		352,006
Vivid Seats, Inc., Class A(1)		19,375		153,450
Walt Disney Co.(1)		9,710		866,909
Warner Bros Discovery, Inc.(1)		23,672		296,847
				2,532,096
Financial Services – 2.7%
Block, Inc.(1)		5,237		348,627
Fidelity National Information Services, Inc.		3,277		179,252
Fiserv, Inc.(1)		3,388		427,396
Flywire Corp.(1)		6,177		191,734
Visa, Inc., Class A		12,561		2,982,986
Voya Financial, Inc.		6,252		448,331
				4,578,326
Food Products – 1.2%
Archer-Daniels-Midland Co.		5,728		432,808
J.M. Smucker Co.		1,876		277,029
Mondelez International, Inc., Class A		16,099		1,174,261
Oatly Group AB, ADR(1)		65,530		134,336
				2,018,434
Gas Utilities – 0.5%
Southwest Gas Holdings, Inc.		13,340		849,091
				849,091
Ground Transportation – 1.4%
Canadian Pacific Kansas City Ltd.		12,115		978,529

June 30, 2023 (unaudited)	Shares		Value
Ground Transportation (continued)
Saia, Inc.(1)		1,486	$	508,821
Union Pacific Corp.		4,575		936,136
				2,423,486
Health Care Equipment & Supplies – 4.3%
Becton Dickinson and Co.		6,181		1,631,846
Boston Scientific Corp.(1)		32,911		1,780,156
Envista Holdings Corp.(1)		8,438		285,542
Medtronic PLC		20,953		1,845,959
QuidelOrtho Corp.(1)		5,703		472,550
Shockwave Medical, Inc.(1)		475		135,570
STERIS PLC		5,342		1,201,843
				7,353,466
Health Care Providers & Services – 2.2%
Cigna Group		7,236		2,030,422
Encompass Health Corp.		8,021		543,102
McKesson Corp.		2,949		1,260,137
				3,833,661
Health Care Technology – 0.1%
Veeva Systems, Inc., Class A(1)		1,289		254,874
				254,874
Hotels, Restaurants & Leisure – 2.2%
Booking Holdings, Inc.(1)		239		645,379
International Game Technology PLC		11,742		374,452
Las Vegas Sands Corp.(1)		2,308		133,864
Marriott International, Inc., Class A		2,902		533,068
Starbucks Corp.		15,493		1,534,737
Wendy’s Co.		29,038		631,577
				3,853,077
Household Products – 1.1%
Colgate-Palmolive Co.		8,641		665,703
Kimberly-Clark Corp.		2,977		411,004
Procter & Gamble Co.		5,203		789,503
				1,866,210
Industrial Conglomerates – 0.6%
Honeywell International, Inc.		5,311		1,102,032
				1,102,032
Industrial REITs – 0.1%
Prologis, Inc.		1,468		180,021
				180,021
Insurance – 3.3%
Aon PLC, Class A		4,990		1,722,548
Arthur J Gallagher & Co.		4,679		1,027,368
Assurant, Inc.		1,904		239,371
Chubb Ltd.		4,986		960,104
Hartford Financial Services Group, Inc.		6,760		486,855
MetLife, Inc.		6,952		392,997
Reinsurance Group of America, Inc.		2,119		293,884
Willis Towers Watson PLC		2,535		596,992
				5,720,119

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Interactive Media & Services – 4.1%
Alphabet, Inc., Class A(1)		58,132	$	6,958,400
				6,958,400
IT Services – 1.1%
Accenture PLC, Class A		4,803		1,482,110
Gartner, Inc.(1)		952		333,495
Thoughtworks Holding, Inc.(1)		18,111		136,738
				1,952,343
Leisure Products – 0.1%
Funko, Inc., Class A(1)		18,728		202,637
				202,637
Life Sciences Tools & Services – 1.3%
Adaptive Biotechnologies Corp.(1)		9,910		66,496
Agilent Technologies, Inc.		3,932		472,823
ICON PLC(1)		4,209		1,053,092
Maravai LifeSciences Holdings, Inc., Class A(1)		45,184		561,637
				2,154,048
Machinery – 1.3%
Dover Corp.		3,106		458,601
Flowserve Corp.		4,615		171,447
Ingersoll Rand, Inc.		6,582		430,200
PACCAR, Inc.		5,542		463,588
Westinghouse Air Brake Technologies Corp.		6,035		661,858
				2,185,694
Media – 1.2%
Altice USA, Inc., Class A(1)		46,714		141,076
Cable One, Inc.		1,255		824,636
Liberty Broadband Corp., Class C(1)		9,549		764,970
Omnicom Group, Inc.		3,587		341,303
				2,071,985
Multi-Utilities – 0.1%
Dominion Energy, Inc.		3,069		158,944
				158,944
Oil, Gas & Consumable Fuels – 3.8%
Cheniere Energy, Inc.		2,411		367,340
ConocoPhillips		9,551		989,579
Diamondback Energy, Inc.		5,033		661,135
Exxon Mobil Corp.		31,341		3,361,322
Hess Corp.		3,491		474,602
Phillips 66		3,472		331,159
Valero Energy Corp.		2,729		320,112
				6,505,249
Personal Care Products – 0.2%
Kenvue, Inc.(1)		14,737		389,352
				389,352
Pharmaceuticals – 5.6%
Eli Lilly and Co.		4,544		2,131,045
Johnson & Johnson		13,400		2,217,968
Merck & Co., Inc.		16,742		1,931,860

June 30, 2023 (unaudited)	Shares		Value
Pharmaceuticals (continued)
Organon & Co.		18,735	$	389,875
Pfizer, Inc.		39,076		1,433,308
Zoetis, Inc.		8,239		1,418,838
				9,522,894
Professional Services – 2.0%
Dun & Bradstreet Holdings, Inc.		104,334		1,207,144
Jacobs Solutions, Inc.		4,502		535,243
Leidos Holdings, Inc.		7,874		696,692
TriNet Group, Inc.(1)		3,191		303,049
WNS Holdings Ltd., ADR ()(1)		8,169		602,219
				3,344,347
Real Estate Management & Development – 0.1%
Jones Lang LaSalle, Inc.(1)		1,336		208,149
				208,149
Residential REITs – 0.4%
AvalonBay Communities, Inc.		2,124		402,009
Sun Communities, Inc.		2,745		358,113
				760,122
Retail REITs – 0.2%
Spirit Realty Capital, Inc.		10,442		411,206
				411,206
Semiconductors & Semiconductor Equipment – 6.2%
Advanced Micro Devices, Inc.(1)		7,107		809,558
Analog Devices, Inc.		5,806		1,131,067
Applied Materials, Inc.		9,572		1,383,537
Broadcom, Inc.		2,811		2,438,346
Enphase Energy, Inc.(1)		1,446		242,176
Lam Research Corp.		1,878		1,207,291
Marvell Technology, Inc.		18,564		1,109,756
Monolithic Power Systems, Inc.		952		514,299
NVIDIA Corp.		1,850		782,587
NXP Semiconductors NV		4,526		926,382
				10,544,999
Software – 11.7%
Adobe, Inc.(1)		2,705		1,322,718
Autodesk, Inc.(1)		2,887		590,709
Black Knight, Inc.(1)		6,029		360,112
Cadence Design Systems, Inc.(1)		5,360		1,257,027
Check Point Software Technologies Ltd.(1)		1,831		230,010
Five9, Inc.(1)		2,244		185,018
Microsoft Corp.		35,660		12,143,656
Nice Ltd., ADR(1)		2,549		526,368
Rapid7, Inc.(1)		4,699		212,771
Salesforce, Inc.(1)		6,356		1,342,769
ServiceNow, Inc.(1)		2,643		1,485,287
Tyler Technologies, Inc.(1)		1,051		437,710
				20,094,155
Specialized REITs – 1.5%
Equinix, Inc.		775		607,554

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Specialized REITs (continued)
Extra Space Storage, Inc.		2,625	$	390,731
Rayonier, Inc.		28,790		904,006
SBA Communications Corp.		2,695		624,593
				2,526,884
Specialty Retail – 1.8%
Home Depot, Inc.		6,494		2,017,296
Ross Stores, Inc.		9,773		1,095,847
				3,113,143
Technology Hardware, Storage & Peripherals – 7.3%
Apple, Inc.		64,367		12,485,267
				12,485,267
Textiles, Apparel & Luxury Goods – 0.6%
Deckers Outdoor Corp.(1)		1,174		619,473
VF Corp.		19,423		370,785
				990,258
Tobacco – 0.5%
Philip Morris International, Inc.		8,429		822,839
				822,839
Wireless Telecommunication Services – 0.4%
T-Mobile US, Inc.(1)		5,029		698,528
				698,528
Total Common Stocks (Cost $156,325,269)				170,664,354

June 30, 2023 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.4%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $754,966, due 7/3/2023(2)	$	754,871		754,871
Total Repurchase Agreements (Cost $754,871)				754,871
Total Investments – 100.0% (Cost $157,080,140)				171,419,225
Liabilities in excess of other assets – (0.0)%				(62,658	)
Total Net Assets – 100.0%			$	171,356,567

⁽¹⁾  Non–income–producing security.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	758,800	$	770,012

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	170,664,354	$	—	$	—	$	170,664,354
Repurchase Agreements		—		754,871		—		754,871
Total	$	170,664,354	$	754,871	$	—	$	171,419,225

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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	171,419,225
Dividends/interest receivable		137,621
Reimbursement receivable from adviser		5,911
Receivable for fund shares subscribed		435
Prepaid expenses		1,881
Total Assets		171,565,073
Liabilities
Investment advisory fees payable		60,623
Payable for fund shares redeemed		49,193
Distribution fees payable		34,445
Accrued custodian and accounting fees		22,300
Accrued audit fees		13,978
Accrued administrative fees		12,873
Accrued trustees’ and officers’ fees		2,845
Accrued expenses and other liabilities		12,249
Total Liabilities		208,506
Total Net Assets	$	171,356,567
Net Assets Consist of:
Paid-in capital	$	161,558,703
Distributable earnings		9,797,864
Total Net Assets	$	171,356,567
Investments, at Cost	$	157,080,140
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		17,765,524
Net Asset Value Per Share		$9.65

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,214,931
Interest		8,718
Withholding taxes on foreign dividends		(2,020	)
Total Investment Income		1,221,629
Expenses
Investment advisory fees		358,285
Distribution fees		203,571
Professional fees		28,687
Custodian and accounting fees		28,209
Trustees’ and officers’ fees		19,984
Administrative fees		15,007
Transfer agent fees		8,943
Shareholder reports		4,791
Other expenses		4,456
Total Expenses		671,933
Less: Fees waived		(36,791	)
Total Expenses, Net		635,142
Net Investment Income/(Loss)		586,487
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(1,662,221	)
Net realized gain/(loss) from foreign currency transactions		50
Net change in unrealized appreciation/(depreciation) on investments		22,638,450
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(1	)
Net Gain on Investments and Foreign Currency Transactions		20,976,278
Net Increase in Net Assets Resulting From Operations	$	21,562,765

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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	586,487		$	936,998
Net realized gain/(loss) from investments and foreign currency transactions		(1,662,171	)		(4,450,088	)
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		22,638,449			(9,057,093	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		21,562,765			(12,570,183	)
Capital Share Transactions
Proceeds from sales of shares		765,638			152,852,067
Cost of shares redeemed		(10,156,989	)		(12,466,797	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(9,391,351	)		140,385,270
Net Increase in Net Assets		12,171,414			127,815,087
Net Assets
Beginning of period		159,185,153			31,370,066
End of period	$	171,356,567		$	159,185,153
Other Information:
Shares
Sold		83,558			17,198,613
Redeemed		(1,129,673	)		(1,444,390	)
Net Increase/(Decrease)		(1,046,115	)		15,754,223

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

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	8.46	$	0.03	$	1.16		$	1.19		$	9.65		14.07%	(4)
Year Ended 12/31/22		10.26		0.07		(1.87	)		(1.80	)		8.46		(17.54)%
Period Ended 12/31/21(5)		10.00		0.01		0.25			0.26			10.26		2.60%	(4)

10 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
$	171,357		0.78%	(4)		0.83%	(4)		0.72%	(4)		0.67%	(4)		16%	(4)
	159,185		0.78%			0.85%			0.78%			0.71%			37%
	31,370		0.38%	(4)		1.14%	(4)		1.06%	(4)		0.30%	(4)		7%	(4)

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

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

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

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Commenced operations on October 25, 2021.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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 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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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 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, 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 0.78% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $36,791.

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.

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

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $203,571 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 $25,413,521 and $33,494,348, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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 six months ended June 30, 2023.

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

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably

coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the

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

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The

Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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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.

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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

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	14
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	18
Supplemental Information
Liquidity Risk Management Program	25
Approval of Investment Management and Sub-advisory Agreements	26
Portfolio Holdings and Proxy Voting Procedures	33

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN BALANCED ALLOCATION VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $222,394,252

Portfolio Composition¹

As of June 30, 2023

1

GUARDIAN BALANCED ALLOCATION VIP FUND

Sector Allocation¹

As of June 30, 2023

Equity Sector^2,3

Bond Sector³

2

GUARDIAN BALANCED ALLOCATION VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	% of Total Net Assets
Microsoft Corp.		5.01%
Alphabet, Inc., Class A		3.49%
Amazon.com, Inc.		3.43%
Meta Platforms, Inc., Class A		2.42%
Apple, Inc.		2.10%
JPMorgan Chase & Co.		1.11%
Eli Lilly & Co.		1.09%
TJX Cos., Inc.		1.00%
U.S. Treasury Note, 3.625% due 5/15/2026		1.00%
Performance Food Group Co.		1.00%
Total		21.65%

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.

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,102.50	$	4.54		0.87%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.48	$	4.36		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 181/365 (to reflect the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 65.7%
Aerospace & Defense – 1.4%
Boeing Co.(1)		2,865	$	604,973
General Dynamics Corp.		3,776		812,406
Lockheed Martin Corp.		1,641		755,484
Raytheon Technologies Corp.		10,163		995,568
				3,168,431
Air Freight & Logistics – 0.2%
CH Robinson Worldwide, Inc.		5,330		502,885
				502,885
Automobiles – 0.3%
Ford Motor Co.		11,887		179,850
Tesla, Inc.(1)		2,022		529,299
				709,149
Banks – 1.1%
JPMorgan Chase & Co.		16,957		2,466,226
				2,466,226
Beverages – 1.2%
Constellation Brands, Inc., Class A		4,016		988,458
Monster Beverage Corp.(1)		29,415		1,689,598
				2,678,056
Biotechnology – 1.1%
Alnylam Pharmaceuticals, Inc.(1)		502		95,350
Apellis Pharmaceuticals, Inc.(1)		452		41,177
Ascendis Pharma A/S, ADR(1)		867		77,380
Biogen, Inc.(1)		934		266,050
Celldex Therapeutics, Inc.(1)		1,476		50,081
Cytokinetics, Inc.(1)		3,895		127,055
Genmab A/S, ADR(1)		2,377		90,350
Gilead Sciences, Inc.		2,008		154,756
Immunocore Holdings PLC, ADR(1)		900		53,964
ImmunoGen, Inc.(1)		2,853		53,836
Karuna Therapeutics, Inc.(1)		657		142,470
Moderna, Inc.(1)		718		87,237
Prothena Corp. PLC(1)		596		40,695
PTC Therapeutics, Inc.(1)		1,011		41,117
Regeneron Pharmaceuticals, Inc.(1)		368		264,423
REVOLUTION Medicines, Inc.(1)		1,830		48,952
Roivant Sciences Ltd.(1)		4,400		44,352
Sage Therapeutics, Inc.(1)		2,831		133,114
Sarepta Therapeutics, Inc.(1)		502		57,489
Syndax Pharmaceuticals, Inc.(1)		1,562		32,693
United Therapeutics Corp.(1)		315		69,536
Vaxcyte, Inc.(1)		917		45,795
Vertex Pharmaceuticals, Inc.(1)		1,424		501,120
				2,518,992
Broadline Retail – 3.7%
Amazon.com, Inc.(1)		58,545		7,631,926
Etsy, Inc.(1)		7,492		633,898
				8,265,824

June 30, 2023 (unaudited)	Shares		Value
Building Products – 0.6%
AZEK Co., Inc.(1)		7,843	$	237,565
Builders FirstSource, Inc.(1)		2,925		397,800
Fortune Brands Innovations, Inc.		3,212		231,103
Johnson Controls International PLC		3,609		245,917
Masterbrand, Inc.(1)		2,288		26,610
Trane Technologies PLC		400		76,504
Zurn Elkay Water Solutions Corp.		4,846		130,309
				1,345,808
Capital Markets – 2.1%
Ares Management Corp., Class A		19,195		1,849,438
Morgan Stanley		7,672		655,189
S&P Global, Inc.		3,807		1,526,188
Tradeweb Markets, Inc., Class A		9,755		668,023
				4,698,838
Chemicals – 1.8%
Cabot Corp.		8,517		569,702
Celanese Corp.		3,481		403,100
FMC Corp.		5,854		610,806
Ingevity Corp.(1)		3,794		220,659
Linde PLC		3,309		1,260,994
Livent Corp.(1)		7,140		195,850
PPG Industries, Inc.		4,816		714,213
				3,975,324
Commercial Services & Supplies – 0.4%
Aurora Innovation, Inc.(1)		31,031		91,231
Clean Harbors, Inc.(1)		2,386		392,330
Waste Connections, Inc.		3,349		478,673
				962,234
Construction & Engineering – 0.3%
Fluor Corp.(1)		13,557		401,287
MasTec, Inc.(1)		1,375		162,209
				563,496
Consumer Finance – 0.6%
American Express Co.		7,936		1,382,451
				1,382,451
Consumer Staples Distribution & Retail – 1.0%
Performance Food Group Co.(1)		36,809		2,217,374
				2,217,374
Containers & Packaging – 0.1%
Ball Corp.		3,347		194,829
				194,829
Electric Utilities – 1.8%
Edison International		9,595		666,373
Exelon Corp.		17,437		710,383
NextEra Energy, Inc.		9,890		733,838
PG&E Corp.(1)		59,075		1,020,816
Southern Co.		10,535		740,084
				3,871,494

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Electrical Equipment – 0.2%
AMETEK, Inc.		1,963	$	317,770
Emerson Electric Co.		2,005		181,232
				499,002
Energy Equipment & Services – 0.3%
Schlumberger NV		13,738		674,811
				674,811
Entertainment – 1.2%
Activision Blizzard, Inc.(1)		7,233		609,742
Spotify Technology SA(1)		4,507		723,599
Walt Disney Co.(1)		13,914		1,242,242
				2,575,583
Financial Services – 1.9%
Block, Inc.(1)		13,790		918,000
Equitable Holdings, Inc.		10,378		281,867
FleetCor Technologies, Inc.(1)		1,839		461,736
Global Payments, Inc.		6,159		606,785
PayPal Holdings, Inc.(1)		6,115		408,054
Visa, Inc., Class A		3,919		930,684
WEX, Inc.(1)		3,819		695,325
				4,302,451
Food Products – 0.9%
Hershey Co.		4,148		1,035,755
Lamb Weston Holdings, Inc.		7,806		897,300
				1,933,055
Gas Utilities – 0.3%
Atmos Energy Corp.		5,128		596,592
				596,592
Ground Transportation – 0.1%
Knight-Swift Transportation Holdings, Inc.		5,546		308,136
				308,136
Health Care Equipment & Supplies – 1.8%
Abbott Laboratories		7,988		870,852
Boston Scientific Corp.(1)		15,786		853,865
Dexcom, Inc.(1)		4,392		564,416
Edwards Lifesciences Corp.(1)		7,044		664,460
Insulet Corp.(1)		1,794		517,282
Stryker Corp.		1,859		567,162
				4,038,037
Health Care Providers & Services – 2.6%
agilon health, Inc.(1)		20,380		353,389
AmerisourceBergen Corp.		4,205		809,168
Centene Corp.(1)		12,571		847,914
Elevance Health, Inc.		1,640		728,635
HCA Healthcare, Inc.		2,625		796,635
Humana, Inc.		1,620		724,351
Molina Healthcare, Inc.(1)		2,391		720,265
UnitedHealth Group, Inc.		1,847		887,742
				5,868,099

June 30, 2023 (unaudited)	Shares		Value
Health Care REITs – 0.3%
Welltower, Inc.		8,055	$	651,569
				651,569
Hotel & Resort REITs – 0.3%
Ryman Hospitality Properties, Inc.		6,761		628,232
				628,232
Hotels, Restaurants & Leisure – 1.3%
Airbnb, Inc., Class A(1)		10,424		1,335,940
Chipotle Mexican Grill, Inc.(1)		212		453,468
DraftKings, Inc., Class A(1)		8,536		226,801
Hyatt Hotels Corp., Class A		7,367		844,111
				2,860,320
Household Durables – 0.4%
D.R. Horton, Inc.		1,682		204,682
Lennar Corp., Class A		2,603		326,182
Skyline Champion Corp.(1)		4,548		297,667
				828,531
Industrial Conglomerates – 0.2%
Honeywell International, Inc.		2,343		486,172
				486,172
Industrial REITs – 0.2%
Rexford Industrial Realty, Inc.		9,778		510,607
				510,607
Insurance – 2.0%
Arch Capital Group Ltd.(1)		8,172		611,674
Assured Guaranty Ltd.		6,294		351,205
Chubb Ltd.		3,774		726,721
Everest Re Group Ltd.		761		260,156
Marsh & McLennan Cos., Inc.		6,353		1,194,872
MetLife, Inc.		7,810		441,499
Progressive Corp.		4,289		567,735
Trupanion, Inc.(1)		12,648		248,913
				4,402,775
Interactive Media & Services – 6.3%
Alphabet, Inc., Class A(1)		64,811		7,757,877
Bumble, Inc., Class A(1)		27,775		466,064
Cargurus, Inc.(1)		21,676		490,528
Meta Platforms, Inc., Class A(1)		18,765		5,385,180
				14,099,649
IT Services – 1.1%
GoDaddy, Inc., Class A(1)		12,059		905,993
Okta, Inc.(1)		1,179		81,764
Snowflake, Inc., Class A(1)		986		173,516
VeriSign, Inc.(1)		5,847		1,321,246
				2,482,519
Life Sciences Tools & Services – 1.4%
Agilent Technologies, Inc.		5,477		658,609
Danaher Corp.		5,271		1,265,040
ICON PLC(1)		2,834		709,067
Illumina, Inc.(1)		2,502		469,100
				3,101,816

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Machinery – 0.9%
Caterpillar, Inc.		1,229	$	302,395
Flowserve Corp.		9,019		335,056
Fortive Corp.		5,279		394,711
Ingersoll Rand, Inc.		2,964		193,727
Middleby Corp.(1)		2,360		348,879
Westinghouse Air Brake Technologies Corp.		3,928		430,784
				2,005,552
Media – 0.6%
New York Times Co., Class A		12,762		502,567
Omnicom Group, Inc.		7,984		759,678
				1,262,245
Oil, Gas & Consumable Fuels – 2.8%
BP PLC, ADR		51,665		1,823,258
ConocoPhillips		12,195		1,263,524
Diamondback Energy, Inc.		1,530		200,981
EOG Resources, Inc.		3,413		390,584
Marathon Petroleum Corp.		5,766		672,315
Shell PLC, ADR		28,935		1,747,095
				6,097,757
Passenger Airlines – 0.2%
Delta Air Lines, Inc.(1)		10,018		476,256
				476,256
Personal Care Products – 0.2%
Estee Lauder Cos., Inc., Class A		2,607		511,963
				511,963
Pharmaceuticals – 3.4%
Aclaris Therapeutics, Inc.(1)		3,138		32,541
AstraZeneca PLC, ADR		12,516		895,770
Elanco Animal Health, Inc.(1)		11,656		117,259
Eli Lilly and Co.		5,178		2,428,379
GSK PLC, ADR		8,231		293,353
Merck & Co., Inc.		15,137		1,746,658
Novartis AG, ADR		4,123		416,052
Pfizer, Inc.		33,713		1,236,593
Zoetis, Inc.		2,608		449,124
				7,615,729
Professional Services – 0.7%
Ceridian HCM Holding, Inc.(1)		9,407		629,987
CoStar Group, Inc.(1)		1,956		174,084
Genpact Ltd.		7,809		293,384
Science Applications International Corp.		3,490		392,555
TriNet Group, Inc.(1)		1,342		127,450
				1,617,460
Semiconductors & Semiconductor Equipment – 4.2%
Advanced Micro Devices, Inc.(1)		18,213		2,074,643
KLA Corp.		2,097		1,017,087
Marvell Technology, Inc.		5,288		316,117
Micron Technology, Inc.		12,074		761,990
NVIDIA Corp.		3,775		1,596,900

June 30, 2023 (unaudited)	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
ON Semiconductor Corp.(1)		8,732	$	825,873
Teradyne, Inc.		7,418		825,846
Texas Instruments, Inc.		10,364		1,865,727
				9,284,183
Software – 6.6%
Bentley Systems, Inc., Class B		1,506		81,670
Guidewire Software, Inc.(1)		2,011		152,997
HashiCorp, Inc., Class A(1)		5,804		151,949
HubSpot, Inc.(1)		477		253,807
Microsoft Corp.		32,740		11,149,279
Palo Alto Networks, Inc.(1)		1,418		362,313
Salesforce, Inc.(1)		5,110		1,079,539
SentinelOne, Inc., Class A(1)		4,686		70,759
ServiceNow, Inc.(1)		1,500		842,955
Workday, Inc., Class A(1)		1,884		425,577
				14,570,845
Specialized REITs – 0.2%
Public Storage		1,466		427,896
				427,896
Specialty Retail – 1.3%
AutoZone, Inc.(1)		247		615,860
TJX Cos., Inc.		26,182		2,219,972
				2,835,832
Technology Hardware, Storage & Peripherals – 2.1%
Apple, Inc.		24,129		4,680,302
				4,680,302
Textiles, Apparel & Luxury Goods – 0.4%
Deckers Outdoor Corp.(1)		441		232,698
NIKE, Inc., Class B		4,984		550,084
				782,782
Tobacco – 1.0%
Philip Morris International, Inc.		21,935		2,141,295
				2,141,295
Trading Companies & Distributors – 0.1%
Herc Holdings, Inc.		310		42,423
WESCO International, Inc.		914		163,661
				206,084
Wireless Telecommunication Services – 0.5%
T-Mobile US, Inc.(1)		8,609		1,195,790
				1,195,790
Total Common Stocks (Cost $130,081,336)				146,081,338
	Principal Amount		Value
Agency Mortgage–Backed Securities – 8.9%
Federal Home Loan Mortgage Corp.
2.00% due 5/1/2051	$	1,392,063		1,142,431
2.00% due 4/1/2052		1,315,657		1,080,881

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities (continued)
2.50% due 7/1/2041	$	389,633	$	340,666
2.50% due 2/1/2042		572,501		502,794
2.50% due 7/1/2051		1,276,010		1,091,823
2.50% due 10/1/2051		444,354		377,092
2.50% due 11/1/2051		417,231		355,559
3.00% due 10/1/2049		326,826		290,242
3.00% due 10/1/2051		307,660		272,992
4.00% due 4/1/2052		360,425		339,123
4.50% due 9/1/2037		196,863		192,914
4.50% due 1/1/2038		127,892		125,326
4.50% due 5/1/2038		26,707		26,173
4.50% due 7/1/2052		718,521		690,577
5.00% due 10/1/2052		252,220		247,077
5.00% due 1/1/2053		131,162		128,488
5.00% due 2/1/2053		181,750		178,044
5.00% due 4/1/2053		122,964		120,441
5.50% due 9/1/2052		270,027		269,213
5.50% due 2/1/2053		26,495		26,367
Federal National Mortgage Association
2.00% due 12/1/2050		1,247,929		1,021,861
2.00% due 2/1/2051		124,068		102,605
2.50% due 2/1/2041		68,187		59,936
2.50% due 5/1/2051		1,238,593		1,057,019
3.00% due 6/1/2051		258,117		230,571
3.00% due 10/1/2051		788,450		694,945
3.50% due 6/1/2037		74,409		70,742
3.50% due 4/1/2050		97,759		89,883
3.50% due 7/1/2051		546,225		502,048
3.50% due 4/1/2052		390,449		356,956
4.00% due 1/1/2038		594,008		573,443
4.00% due 8/1/2052		137,215		128,718
4.00% due 9/1/2052		219,395		206,123
4.00% due 10/1/2052		137,708		129,248
4.50% due 1/1/2038		134,048		131,363
4.50% due 4/1/2038		493,370		483,541
4.50% due 8/1/2052		1,872		1,809
4.50% due 1/1/2053		147,670		142,328
5.00% due 8/1/2052		697,724		683,501
5.00% due 5/1/2053		291,860		285,874
5.50% due 1/1/2053		162,271		161,490
Freddie Mac Multifamily Structured Pass-Through Certificates
K150 A2 3.71% due 9/25/2032(2)(3)		78,000		73,285
K1522 A2 2.361% due 10/25/2036		500,000		383,354
K156 A2 2.43% due 4/25/2060(2)(3)		165,000		164,136
Government National Mortgage Association
2.00% due 1/20/2051		120,840		101,831
2.00% due 2/20/2051		106,417		89,700
2.00% due 7/20/2051		139,974		117,812
2.00% due 11/20/2051		317,090		266,572
2.50% due 5/20/2051		554,127		480,812
2.50% due 8/20/2051		555,421		481,472
3.00% due 1/20/2051		525,965		472,980

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities (continued)
3.00% due 5/20/2051	$	528,605	$	474,591
3.50% due 1/20/2052		473,622		438,057
3.50% due 2/20/2052		468,266		433,102
4.00% due 4/20/2052		89,405		84,473
4.00% due 5/20/2052		254,207		240,184
4.00% due 8/20/2052		372,736		352,173
4.50% due 8/20/2048		189,296		185,115
Total Agency Mortgage–Backed Securities (Cost $20,329,339)				19,751,876
Asset–Backed Securities – 0.6%
GM Financial Consumer Automobile Receivables Trust 2023-1 A2A 5.19% due 3/16/2026		85,000		84,670
2023-2 A3 4.47% due 2/16/2028		105,000		103,101
Navient Private Education Refi Loan Trust 2023-A A 5.51% due 10/15/2071(4)		208,235		204,574
New Economy Assets Phase 1 Sponsor LLC 2021-1 A1 1.91% due 10/20/2061(4)		235,000		201,161
SFS Auto Receivables Securitization Trust 2023-1A A2A 5.89% due 3/22/2027(4)		80,000		79,903
Vantage Data Centers Issuer LLC 2021-1A A2 2.165% due 10/15/2046(4)		200,000		174,375
Wheels Fleet Lease Funding 1 LLC 2023-1A A 5.80% due 4/18/2038(4)		375,000		372,718
Total Asset–Backed Securities (Cost $1,257,369)				1,220,502
Corporate Bonds & Notes – 9.3%
Agriculture – 0.2%
Philip Morris International, Inc. 5.125% due 11/17/2027		105,000		105,340
5.125% due 2/15/2030		175,000		173,084
5.625% due 11/17/2029		65,000		66,230
5.75% due 11/17/2032		130,000		133,226
				477,880
Airlines – 0.0%
United Airlines Pass-Through Trust 2016-1 AA 3.10% due 1/7/2030		42,587		38,396
				38,396
Auto Manufacturers – 0.1%
Daimler Truck Finance North America LLC 5.15% due 1/16/2026(4)		150,000		149,290
				149,290

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Beverages – 0.2%
Anheuser-Busch InBev Worldwide, Inc. 4.60% due 4/15/2048	$	171,000	$	158,773
Bacardi Ltd. / Bacardi-Martini BV 5.25% due 1/15/2029(4)		100,000		99,344
5.90% due 6/15/2043(4)		100,000		101,056
Diageo Capital PLC 2.375% due 10/24/2029		200,000		173,604
				532,777
Building Materials – 0.0%
Trane Technologies Financing Ltd. 5.25% due 3/3/2033		85,000		86,008
				86,008
Commercial Banks – 1.8%
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		228,431
2.299% (2.299% fixed rate until 7/21/2031; SOFR + 1.22% thereafter)     due 7/21/2032(2)		185,000		147,893
Bank of New York Mellon Corp. Series J 4.967% (4.967% fixed rate until 4/26/2033; SOFR + 1.61% thereafter)     due 4/26/2034(2)		214,000		208,928
Credit Agricole SA 5.514% due 7/5/2033(4)		250,000		251,842
Credit Suisse AG 7.50% due 2/15/2028		500,000		531,260
Danske Bank A/S 1.621% (1.621% fixed rate until 9/11/2025; 1 yr. CMT + 1.35% thereafter)     due 9/11/2026(2)(4)		256,000		229,530
Deutsche Bank AG 6.72% (6.720% fixed rate until 1/18/2028; SOFR + 3.18% thereafter)     due 1/18/2029(2)		150,000		150,535
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		260,195
3.50% due 1/23/2025		500,000		482,790
HSBC Holdings PLC 2.099% (2.099% fixed rate until 6/4/2025; SOFR + 1.93% thereafter)     due 6/4/2026(2)		445,000		412,097

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
JPMorgan Chase & Co. 4.912% (4.912% fixed rate until 7/25/2032; SOFR + 2.08% thereafter)     due 7/25/2033(2)	$	107,000	$	104,613
5.35% (5.350% fixed rate until 6/1/2033; SOFR + 1.85% thereafter)     due 6/1/2034(2)		227,000		229,191
Morgan Stanley 1.928% (1.928% fixed rate until 4/28/2031; SOFR + 1.02% thereafter)     due 4/28/2032(2)		123,000		95,974
4.35% due 9/8/2026		268,000		258,848
UBS Group AG 1.494% (1.494% fixed rate until 8/10/2026; 1 yr. CMT + 0.85% thereafter)     due 8/10/2027(2)(4)		226,000		194,213
Wells Fargo & Co. 3.00% due 2/19/2025		88,000		84,520
4.897% (4.897% fixed rate until 7/25/2032; SOFR + 2.10% thereafter)     due 7/25/2033(2)		229,000		219,515
				4,090,375
Commercial Services – 0.3%
Ashtead Capital, Inc. 2.45% due 8/12/2031(4)		400,000		314,440
ERAC USA Finance LLC 4.90% due 5/1/2033(4)		236,000		230,655
5.40% due 5/1/2053(4)		87,000		86,879
				631,974
Cosmetics & Personal Care – 0.1%
Estee Lauder Cos., Inc. 5.15% due 5/15/2053		157,000		159,655
				159,655
Distribution/Wholesale – 0.0%
LKQ Corp. 5.75% due 6/15/2028(4)		65,000		64,754
				64,754
Diversified Financial Services – 0.9%
American Express Co. 5.043% (5.043% fixed rate until 5/1/2033; SOFR + 1.84% thereafter)     due 5/1/2034(2)		488,000		477,327
Aviation Capital Group LLC 1.95% due 9/20/2026(4)		241,000		209,043
Capital One Financial Corp. 6.312% (6.312% fixed rate until 6/8/2028; SOFR + 2.64% thereafter)     due 6/8/2029(2)		125,000		124,283

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Diversified Financial Services (continued)
6.377% (6.377% fixed rate until 6/8/2033; SOFR + 2.86% thereafter)     due 6/8/2034(2)	$	241,000	$	239,622
Intercontinental Exchange, Inc. 4.00% due 9/15/2027		109,000		106,205
4.35% due 6/15/2029		685,000		671,129
Nasdaq, Inc. 5.55% due 2/15/2034		80,000		80,413
5.95% due 8/15/2053		25,000		25,644
6.10% due 6/28/2063		20,000		20,515
				1,954,181
Electric – 1.1%
Alabama Power Co. 1.45% due 9/15/2030		18,000		14,245
Appalachian Power Co. 3.40% due 6/1/2025		118,000		112,977
Dominion Energy, Inc. 3.375% due 4/1/2030		39,000		34,909
4.85% due 8/15/2052		75,000		66,901
5.375% due 11/15/2032		443,000		445,135
Duke Energy Corp. 2.65% due 9/1/2026		41,000		37,920
3.75% due 4/15/2024		132,000		129,994
Edison International 5.25% due 11/15/2028		154,000		150,048
Florida Power & Light Co. 5.05% due 4/1/2028		30,000		30,242
Georgia Power Co. 4.70% due 5/15/2032		299,000		289,223
4.75% due 9/1/2040		38,000		34,732
5.125% due 5/15/2052		204,000		198,710
Metropolitan Edison Co. 5.20% due 4/1/2028(4)		10,000		9,910
NextEra Energy Capital Holdings, Inc. 6.051% due 3/1/2025		25,000		25,146
Pacific Gas and Electric Co. 4.50% due 7/1/2040		434,100		337,556
Pennsylvania Electric Co. 3.60% due 6/1/2029(4)		34,000		30,832
5.15% due 3/30/2026(4)		5,000		4,925
Southern California Edison Co. 3.70% due 8/1/2025		26,000		25,035
4.00% due 4/1/2047		29,000		23,112
4.65% due 10/1/2043		12,000		10,503
5.875% due 12/1/2053		115,000		117,449
Southern Co. 2.95% due 7/1/2023		171,000		171,000
Texas Electric Market Stabilization Funding LLC 4.265% due 8/1/2036(4)		209,694		199,627
				2,500,131
Electronics – 0.1%
Honeywell International, Inc. 4.25% due 1/15/2029		70,000		68,145

June 30, 2023 (unaudited)	Principal Amount		Value
Electronics (continued)
4.50% due 1/15/2034	$	253,000	$	247,439
				315,584
Entertainment – 0.3%
Warnermedia Holdings, Inc. 4.054% due 3/15/2029		625,000		571,175
				571,175
Gas – 0.2%
Boston Gas Co. 3.15% due 8/1/2027(4)		35,000		31,855
CenterPoint Energy Resources Corp. 5.25% due 3/1/2028		257,000		257,154
KeySpan Gas East Corp. 2.742% due 8/15/2026(4)		162,000		147,284
				436,293
Healthcare-Products – 0.1%
Alcon Finance Corp. 5.375% due 12/6/2032(4)		200,000		202,678
				202,678
Healthcare-Services – 0.1%
Bon Secours Mercy Health, Inc. 2.095% due 6/1/2031		200,000		159,314
Sutter Health 2.294% due 8/15/2030		50,000		41,344
				200,658
Insurance – 0.3%
Allstate Corp. 5.25% due 3/30/2033		65,000		64,791
American International Group, Inc. 3.40% due 6/30/2030		72,000		63,813
Athene Global Funding 2.50% due 3/24/2028(4)		382,000		321,801
Equitable Financial Life Global Funding 1.40% due 8/27/2027(4)		162,000		136,370
				586,775
Internet – 0.1%
Meta Platforms, Inc. 5.60% due 5/15/2053		139,000		142,732
				142,732
Media – 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% due 1/15/2029		125,000		104,104
Comcast Corp. 3.95% due 10/15/2025		620,000		604,159
Discovery Communications LLC 4.00% due 9/15/2055		16,000		10,604
				718,867
Oil & Gas – 0.7%
BP Capital Markets America, Inc. 4.812% due 2/13/2033		450,000		443,844

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Oil & Gas (continued)
Equinor ASA 3.00% due 4/6/2027	$	359,000	$	336,028
3.125% due 4/6/2030		24,000		22,001
Hess Corp. 7.30% due 8/15/2031		271,000		297,366
Occidental Petroleum Corp. 6.20% due 3/15/2040		245,000		242,587
Var Energi ASA 8.00% due 11/15/2032(4)		225,000		238,918
				1,580,744
Pharmaceuticals – 0.1%
Pfizer Investment Enterprises Pte Ltd. 5.11% due 5/19/2043		245,000		245,081
				245,081
Pipelines – 0.8%
Cheniere Energy Partners LP 4.00% due 3/1/2031		428,000		376,957
5.95% due 6/30/2033(4)		80,000		80,440
Eastern Gas Transmission & Storage, Inc. 3.60% due 12/15/2024		24,000		23,088
EIG Pearl Holdings Sarl 3.545% due 8/31/2036(4)		200,000		170,408
Energy Transfer LP 4.95% due 6/15/2028		12,000		11,668
Enterprise Products Operating LLC 5.35% due 1/31/2033		301,000		306,159
Galaxy Pipeline Assets Bidco Ltd. 2.625% due 3/31/2036(4)		245,000		198,901
Gray Oak Pipeline LLC 2.60% due 10/15/2025(4)		85,000		78,039
3.45% due 10/15/2027(4)		15,000		13,428
Greensaif Pipelines Bidco Sarl 6.129% due 2/23/2038(4)		200,000		204,318
6.51% due 2/23/2042(4)		200,000		207,264
				1,670,670
Real Estate – 0.1%
CBRE Services, Inc. 5.95% due 8/15/2034		285,000		282,549
				282,549
Real Estate Investment Trusts (REITs) – 0.5%
American Tower Trust I 5.49% due 3/15/2028(4)		315,000		314,310
Extra Space Storage LP 5.50% due 7/1/2030		60,000		59,647
5.70% due 4/1/2028		228,000		227,852
Realty Income Corp. 4.90% due 7/15/2033		613,000		587,033
				1,188,842
Software – 0.2%
Activision Blizzard, Inc. 2.50% due 9/15/2050		101,000		64,867
4.50% due 6/15/2047		141,000		129,857

June 30, 2023 (unaudited)	Principal Amount		Value
Software (continued)
Oracle Corp. 3.65% due 3/25/2041	$	352,000	$	271,128
				465,852
Telecommunications – 0.3%
AT&T, Inc. 3.65% due 6/1/2051		95,000		69,703
3.85% due 6/1/2060		19,000		13,782
4.30% due 12/15/2042		26,000		22,077
5.40% due 2/15/2034		490,000		491,220
				596,782
Trucking & Leasing – 0.4%
DAE Funding LLC 1.55% due 8/1/2024(4)		294,000		278,918
Penske Truck Leasing Co. LP / PTL Finance Corp. 3.95% due 3/10/2025(4)		203,000		195,213
5.55% due 5/1/2028(4)		130,000		128,219
5.70% due 2/1/2028(4)		240,000		237,173
				839,523
Total Corporate Bonds & Notes (Cost $20,983,807)				20,730,226
Municipals – 0.6%
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue Series A 6.899% due 12/1/2040		50,000		56,467
Dallas Fort Worth International Airport Series A 4.087% due 11/1/2051		100,000		88,406
Metropolitan Transportation Authority Series C2 5.175% due 11/15/2049		105,000		96,044	��
Municipal Electric Authority of Georgia 6.637% due 4/1/2057		148,000		169,038
Regents of the University of California Medical Center Pooled Revenue 3.006% due 5/15/2050		125,000		87,765
State of Illinois 5.10% due 6/1/2033		740,000		725,497
Texas Natural Gas Securitization Finance Corp. 5.102% due 4/1/2035		120,000		120,447
5.169% due 4/1/2041		90,000		91,897
Total Municipals (Cost $1,505,019)				1,435,561
Non–Agency Mortgage–Backed Securities – 1.0%
BX Commercial Mortgage Trust 2021-VOLT A 5.893% due 9/15/2036(2)(3)(4)		425,000		411,338

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
BX Trust 2021-LGCY A 5.699% due 10/15/2036(2)(3)(4)	$	400,000	$	385,399
BXHPP Trust 2021-FILM A 5.843% due 8/15/2036(2)(3)(4)		225,000		212,045
Fannie Mae REMICS 2013-36 Z 3.00% due 4/25/2043		247,124		221,571
2013-83 NZ 3.50% due 8/25/2043		251,104		232,133
2020-27 HC 1.50% due 10/25/2049		410,233		322,382
Freddie Mac REMICS 3967 ZP 4.00% due 9/15/2041		269,184		257,011
5170 DP 2.00% due 7/25/2050		256,020		215,751
Total Non–Agency Mortgage–Backed Securities (Cost $2,384,704)				2,257,630
U.S. Government Securities – 12.8%
U.S. Treasury Bond 2.25% due 2/15/2052		1,491,000		1,077,946
2.375% due 2/15/2042		1,960,000		1,526,350
2.875% due 5/15/2052		35,100		29,100
3.25% due 5/15/2042		25,000		22,313
3.375% due 8/15/2042		129,600		117,653
3.625% due 2/15/2053		1,007,800		967,960
3.625% due 5/15/2053		389,000		374,048
3.875% due 2/15/2043		1,659,000		1,618,043
3.875% due 5/15/2043		534,000		521,151
4.00% due 11/15/2042		976,900		971,252
4.00% due 11/15/2052		1,333,300		1,370,382
U.S. Treasury Note 2.50% due 4/30/2024		1,266,300		1,235,978
2.625% due 4/15/2025		1,935,000		1,855,862
2.625% due 5/31/2027		210,000		197,334
2.75% due 4/30/2027		2,092,500		1,976,759
2.75% due 7/31/2027		195,000		183,848
2.875% due 4/30/2029		20,000		18,758
3.125% due 8/15/2025		260,000		251,083
3.125% due 8/31/2027		269,000		257,294
3.25% due 6/30/2029		100,000		95,680
3.375% due 5/15/2033		93,800		90,473
3.50% due 9/15/2025		300,000		291,867
3.50% due 1/31/2028		80,300		77,985
3.50% due 4/30/2028		1,470,000		1,428,312
3.50% due 4/30/2030		70,000		67,988
3.625% due 5/15/2026		2,275,000		2,219,725
3.625% due 3/31/2028		113,000		110,387
3.625% due 5/31/2028		1,550,000		1,516,215
3.75% due 4/15/2026		575,000		562,826
3.75% due 5/31/2030		78,000		76,928
3.875% due 3/31/2025		831,000		814,705
3.875% due 4/30/2025		1,520,000		1,490,491
3.875% due 11/30/2027		889,000		876,498
3.875% due 12/31/2027		219,600		216,563

June 30, 2023 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)
3.875% due 11/30/2029	$	169,000	$	167,508
3.875% due 12/31/2029		237,100		235,099
4.00% due 12/15/2025		482,000		474,469
4.00% due 2/29/2028		557,400		553,394
4.00% due 6/30/2028		200,000		198,906
4.00% due 10/31/2029		257,000		256,398
4.125% due 9/30/2027		423,400		421,051
4.125% due 10/31/2027		519,000		516,283
4.25% due 5/31/2025		600,000		592,453
4.625% due 2/28/2025		389,400		386,388
4.625% due 3/15/2026		40,000		40,047
Total U.S. Government Securities (Cost $29,179,713)				28,351,753
	Shares		Value
Exchange–Traded Funds – 0.4%
SPDR S&P 500 ETF Trust		2,078		921,136
Total Exchange–Traded Funds (Cost $904,901)				921,136
	Principal Amount		Value
Repurchase Agreements – 0.7%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $1,547,956, due 7/3/2023(5)	$	1,547,760		1,547,760
Total Repurchase Agreements (Cost $1,547,760)				1,547,760
Total Investments – 100.0% (Cost $208,173,948)				222,297,782
Assets in excess of other liabilities – 0.0%				96,470
Total Net Assets – 100.0%			$	222,394,252

⁽¹⁾  Non–income–producing security.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2023.

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

⁽⁴⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $7,403,390, representing 3.3% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	1,555,800	$	1,578,788

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

Open futures contracts at June 30, 2023:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note		September 2023		2		Long	$	406,754	$	406,688	$	(66)
U.S. 5-Year Treasury Note		September 2023		34		Long		3,684,289		3,641,187		(43,102	)
Total							$	4,091,043	$	4,047,875	$	(43,168	)

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		September 2023		8		Short	$	(958,852	)	$	(947,500	)	$	11,352

Legend:

ADR — American Depositary Receipt

CMT — Constant Maturity Treasury

SOFR — Secured Overnight Financing Rate

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Common Stocks	$	146,081,338		$	—	$	—	$	146,081,338
Agency Mortgage–Backed Securities		—			19,751,876		—		19,751,876
Asset–Backed Securities		—			1,220,502		—		1,220,502
Corporate Bonds & Notes		—			20,730,226		—		20,730,226
Municipals		—			1,435,561		—		1,435,561
Non–Agency Mortgage–Backed Securities		—			2,257,630		—		2,257,630
U.S. Government Securities		—			28,351,753		—		28,351,753
Exchange–Traded Funds		921,136			—		—		921,136
Repurchase Agreements		—			1,547,760		—		1,547,760
Total	$	147,002,474		$	75,295,308	$	—	$	222,297,782
Other Financial Instruments
Futures Contracts
Assets	$	11,352		$	—	$	—	$	11,352
Liabilities		(43,168)			—		—		(43,168	)
Total	$	(31,816	)	$	—	$	—	$	(31,816	)

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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	222,297,782
Receivable for investments sold		4,856,827
Dividends/interest receivable		601,189
Cash deposits with brokers for futures contracts		37,158
Receivable for fund shares subscribed		315
Prepaid expenses		2,480
Total Assets		227,795,751
Liabilities
Payable for investments purchased		5,011,911
Payable for fund shares redeemed		137,179
Investment advisory fees payable		86,864
Distribution fees payable		45,241
Payable for variation margin on futures contracts		40,977
Accrued custodian and accounting fees		30,311
Accrued audit fees		13,282
Accrued trustees’ and officers’ fees		3,981
Accrued expenses and other liabilities		31,753
Total Liabilities		5,401,499
Total Net Assets	$	222,394,252
Net Assets Consist of:
Paid-in capital	$	213,813,406
Distributable earnings		8,580,846
Total Net Assets	$	222,394,252
Investments, at Cost	$	208,173,948
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		21,323,196
Net Asset Value Per Share		$10.43

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Interest	$	1,553,337
Dividends		947,255
Withholding taxes on foreign dividends		(3,171	)
Total Investment Income		2,497,421
Expenses
Investment advisory fees		521,309
Distribution fees		271,515
Custodian and accounting fees		47,370
Professional fees		34,609
Trustees’ and officers’ fees		26,938
Administrative fees		19,774
Transfer agent fees		9,253
Shareholder reports		5,292
Other expenses		5,942
Total Expenses		942,002
Net Investment Income/(Loss)		1,555,419
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions
Net realized gain/(loss) from investments		(2,432,743	)
Net realized gain/(loss) from futures contracts		40,118
Net realized gain/(loss) from foreign currency transactions		1
Net change in unrealized appreciation/(depreciation) on investments		22,191,241
Net change in unrealized appreciation/(depreciation) on futures contracts		(25,877	)
Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		19,772,740
Net Increase in Net Assets Resulting From Operations		$    21,328,159

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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	1,555,419		$	1,749,057
Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(2,392,624	)		(6,423,024	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		22,165,364			(8,073,346	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		21,328,159			(12,747,313	)
Capital Share Transactions
Proceeds from sales of shares		952,630			243,244,258
Cost of shares redeemed		(14,083,783	)		(16,299,699	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(13,131,153	)		226,944,559
Net Increase in Net Assets		8,197,006			214,197,246
Net Assets
Beginning of period		214,197,246			—
End of period	$	222,394,252		$	214,197,246
Other Information:
Shares
Sold		94,388			24,337,152
Redeemed		(1,412,459	)		(1,695,885	)
Net Increase/(Decrease)		(1,318,071	)		22,641,267

¹  Commenced operations on May 2, 2022.

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

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return(2),(3)
Six Months Ended 6/30/23	$	9.46	$	0.07	$	0.90		$	0.97		$	10.43		10.25%
Period Ended 12/31/22(5)		10.00		0.07		(0.61	)		(0.54	)		9.46		(5.40)%

16 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)
$	222,394		0.87%		0.87%		1.43%		1.43%		53%
	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. For the period ended December 31, 2022, 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. 17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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 Board of Trustees. In addition, the values of the Fund’s

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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

19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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 June 30, 2023.

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

20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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, 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 0.89% 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 six months ended June 30, 2023, 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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $271,515 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.

21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2023, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	68,293,559	$	45,514,897
Sales		75,166,894		37,171,323

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 June 30, 2023, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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

h. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in

22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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 six months ended June 30, 2023 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 June 30, 2023, 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	$	11,352
Liability Derivatives
Futures Contracts1	$	(43,168	)

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

23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

Transactions in derivative investments for the six months ended June 30, 2023 were as follows:

	Interest Rate Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	40,118
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts2	$	(25,877	)
Average Number of Notional Amounts
Futures Contracts3		40

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 six months ended June 30, 2023.

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

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not

meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without

significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the

period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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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.

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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

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN EQUITY INCOME VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $141,368,502

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Pfizer, Inc.		3.46%
Merck & Co., Inc.		2.74%
ConocoPhillips		2.51%
Johnson & Johnson		2.50%
JPMorgan Chase & Co.		2.38%
Cisco Systems, Inc.		2.10%
EOG Resources, Inc.		2.09%
Ares Management Corp., Class A		1.98%
Philip Morris International, Inc.		1.96%
Unilever PLC, ADR		1.73%
Total		23.45%

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

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

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,020.50	$	2.76		0.55%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,022.07	$	2.76		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 98.8%
Aerospace & Defense – 3.3%
General Dynamics Corp.		9,752	$	2,098,143
L3Harris Technologies, Inc.		6,123		1,198,700
Raytheon Technologies Corp.		13,494		1,321,872
				4,618,715
Banks – 7.2%
JPMorgan Chase & Co.		23,176		3,370,717
M&T Bank Corp.		16,335		2,021,620
New York Community Bancorp, Inc.		137,833		1,549,243
Regions Financial Corp.		88,746		1,581,454
Royal Bank of Canada (Canada)		17,635		1,684,227
				10,207,261
Beverages – 2.3%
Keurig Dr Pepper, Inc.		45,685		1,428,570
Pernod Ricard SA (France)		8,094		1,788,283
				3,216,853
Biotechnology – 1.5%
Gilead Sciences, Inc.		27,252		2,100,312
				2,100,312
Building Products – 1.3%
Johnson Controls International PLC		26,576		1,810,889
				1,810,889
Capital Markets – 7.0%
Ares Management Corp., Class A		29,018		2,795,885
Blackstone, Inc.		15,199		1,413,051
Goldman Sachs Group, Inc.		4,145		1,336,928
Morgan Stanley		24,660		2,105,964
Raymond James Financial, Inc.		21,195		2,199,405
				9,851,233
Chemicals – 2.8%
Celanese Corp.		8,220		951,876
LyondellBasell Industries NV, Class A		16,836		1,546,050
PPG Industries, Inc.		9,604		1,424,273
				3,922,199
Communications Equipment – 2.1%
Cisco Systems, Inc.		57,283		2,963,822
				2,963,822
Distributors – 1.1%
LKQ Corp.		26,210		1,527,257
				1,527,257
Electric Utilities – 4.1%
American Electric Power Co., Inc.		21,816		1,836,907
Exelon Corp.		56,962		2,320,632
NextEra Energy, Inc.		21,951		1,628,764
				5,786,303
Electrical Equipment – 2.5%
Eaton Corp. PLC		7,760		1,560,536
Emerson Electric Co.		21,547		1,947,633
				3,508,169

June 30, 2023 (unaudited)	Shares		Value
Electronic Equipment, Instruments & Components – 2.5%
Corning, Inc.		50,020	$	1,752,701
TE Connectivity Ltd.		12,646		1,772,463
				3,525,164
Financial Services – 1.9%
Equitable Holdings, Inc.		60,290		1,637,476
Fidelity National Information Services, Inc.		20,583		1,125,890
				2,763,366
Food Products – 3.1%
Archer-Daniels-Midland Co.		19,793		1,495,559
Kellogg Co.		23,830		1,606,142
Mondelez International, Inc., Class A		16,745		1,221,380
				4,323,081
Gas Utilities – 1.3%
Atmos Energy Corp.		16,208		1,885,639
				1,885,639
Ground Transportation – 1.0%
Canadian National Railway Co. (Canada)		11,375		1,377,450
				1,377,450
Health Care Equipment & Supplies – 1.5%
Becton Dickinson and Co.		8,302		2,191,811
				2,191,811
Health Care Providers & Services – 2.9%
Elevance Health, Inc.		3,938		1,749,614
UnitedHealth Group, Inc.		4,920		2,364,749
				4,114,363
Health Care REITs – 1.2%
Welltower, Inc.		21,325		1,724,979
				1,724,979
Hotel & Resort REITs – 1.0%
Host Hotels & Resorts, Inc.		84,378		1,420,082
				1,420,082
Household Durables – 1.0%
Lennar Corp., Class A		11,779		1,476,026
				1,476,026
Household Products – 0.7%
Kimberly-Clark Corp.		6,845		945,021
				945,021
Industrial Conglomerates – 2.0%
Honeywell International, Inc.		6,163		1,278,822
Siemens AG, ADR		8,911		743,267
Siemens AG (Reg S) (Germany)		5,327		886,671
				2,908,760
Insurance – 3.9%
American International Group, Inc.		26,643		1,533,038
Chubb Ltd.		8,870		1,708,007
MetLife, Inc.		41,068		2,321,574
				5,562,619

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

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND

June 30, 2023 (unaudited)	Shares		Value
IT Services – 1.0%
Amdocs Ltd.		14,094	$	1,393,192
				1,393,192
Media – 1.5%
Comcast Corp., Class A		50,252		2,087,971
				2,087,971
Metals & Mining – 1.7%
Barrick Gold Corp.		48,889		827,691
Rio Tinto PLC, ADR		23,913		1,526,606
				2,354,297
Multi-Utilities – 1.4%
Sempra Energy		13,252		1,929,359
				1,929,359
Oil, Gas & Consumable Fuels – 7.9%
ConocoPhillips		34,325		3,556,413
Coterra Energy, Inc.		75,271		1,904,356
EOG Resources, Inc.		25,790		2,951,408
Phillips 66		14,174		1,351,916
TC Energy Corp. (Canada)		33,655		1,360,173
				11,124,266
Personal Care Products – 1.7%
Unilever PLC, ADR		47,025		2,451,413
				2,451,413
Pharmaceuticals – 12.2%
AstraZeneca PLC, ADR		27,627		1,977,264
Eli Lilly and Co.		2,997		1,405,533
Johnson & Johnson		21,347		3,533,355
Merck & Co., Inc.		33,545		3,870,758
Pfizer, Inc.		133,270		4,888,344
Roche Holding AG (Switzerland)		5,384		1,645,326
				17,320,580
Semiconductors & Semiconductor Equipment – 4.4%
Analog Devices, Inc.		7,006		1,364,839
Broadcom, Inc.		1,789		1,551,832
NXP Semiconductors NV		9,094		1,861,360
QUALCOMM, Inc.		12,562		1,495,381
				6,273,412

June 30, 2023 (unaudited)	Shares		Value
Specialized REITs – 3.0%
Crown Castle, Inc.		19,045	$	2,169,988
Gaming and Leisure Properties, Inc.		43,057		2,086,542
				4,256,530
Specialty Retail – 2.9%
Home Depot, Inc.		7,142		2,218,591
TJX Cos., Inc.		21,756		1,844,691
				4,063,282
Tobacco – 1.9%
Philip Morris International, Inc.		28,328		2,765,379
				2,765,379
Total Common Stocks (Cost $136,911,663)				139,751,055
	Principal Amount		Value
Repurchase Agreements – 1.0%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $1,367,136, due 7/3/2023(1)	$	1,366,963		1,366,963
Total Repurchase Agreements (Cost $1,366,963)				1,366,963
Total Investments – 99.8% (Cost $138,278,626)				141,118,018
Assets in excess of other liabilities – 0.2%				250,484
Total Net Assets – 100.0%			$	141,368,502

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	1,374,000	$	1,394,302

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	135,430,775	$	4,320,280	*	$	—	$	139,751,055
Repurchase Agreements		—		1,366,963			—		1,366,963
Total	$	135,430,775	$	5,687,243		$	—	$	141,118,018

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

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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)	��
Assets
Investments, at value	$	141,118,018
Foreign currency, at value		5,852
Receivable for investments sold		805,631
Dividends/interest receivable		195,867
Foreign tax reclaims receivable		14,466
Reimbursement receivable from adviser		10,565
Prepaid expenses		1,674
Total Assets		142,152,073
Liabilities
Payable for investments purchased		541,530
Payable for fund shares redeemed		126,294
Investment advisory fees payable		57,163
Accrued custodian and accounting fees		16,945
Accrued audit fees		14,782
Accrued trustees��� and officers’ fees		3,012
Accrued expenses and other liabilities		23,845
Total Liabilities		783,571
Total Net Assets	$	141,368,502
Net Assets Consist of:
Paid-in capital	$	134,865,246
Distributable earnings		6,503,256
Total Net Assets	$	141,368,502
Investments, at Cost	$	138,278,626
Foreign Currency, at Cost	$	5,852
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		13,497,553
Net Asset Value Per Share		$10.47

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	2,237,734
Interest		13,028
Withholding taxes on foreign dividends		(38,184	)
Total Investment Income		2,212,578
Expenses
Investment advisory fees		348,184
Professional fees		28,133
Custodian and accounting fees		21,380
Trustees’ and officers’ fees		18,140
Administrative fees		14,170
Transfer agent fees		7,595
Shareholder reports		4,492
Other expenses		3,958
Total Expenses		446,052
Less: Fees waived		(63,050	)
Total Expenses, Net		383,002
Net Investment Income/(Loss)		1,829,576
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		363,507
Net realized gain/(loss) from foreign currency transactions		224
Net change in unrealized appreciation/(depreciation) on investments		584,895
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		490
Net Gain on Investments and Foreign Currency Transactions		949,116
Net Increase in Net Assets Resulting From Operations	$	2,778,692

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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	1,829,576		$	2,629,736
Net realized gain/(loss) from investments and foreign currency transactions		363,731			(1,159,677	)
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		585,385			2,254,505
Net Increase in Net Assets Resulting from Operations		2,778,692			3,724,564
Capital Share Transactions
Proceeds from sales of shares		4,436,725			155,355,075
Cost of shares redeemed		(8,955,435	)		(15,971,119	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(4,518,710	)		139,383,956
Net Increase/(Decrease) in Net Assets		(1,740,018	)		143,108,520
Net Assets
Beginning of period		143,108,520			—
End of period	$	141,368,502		$	143,108,520
Other Information:
Shares
Sold		430,809			15,535,623
Redeemed		(877,731	)		(1,591,148	)
Net Increase/(Decrease)		(446,922	)		13,944,475

¹  Commenced operations on May 2, 2022.

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

This Page Intentionally Left Blank

7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain		Total Operations		Net Asset Value, End of Period		Total Return(2),(3)
Six Months Ended 6/30/23	$	10.26	$	0.13	$	0.08	$	0.21	$	10.47		2.05%
Period Ended 12/31/22(5)		10.00		0.18		0.08		0.26		10.26		2.60%

8 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)
$	141,369		0.55%		0.64%		2.63%		2.54%		17%
	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. For the period ended December 31, 2022, 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. 9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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, 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 0.55% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $63,050.

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.

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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 $23,182,631 and $25,728,794, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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 six months ended June 30, 2023.

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

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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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not

meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without

significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB11739

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
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
Supplemental Information
Liquidity Risk Management Program	17
Approval of Investment Management and Sub-advisory Agreements	18
Portfolio Holdings and Proxy Voting Procedures	25

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $227,051,043

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Bancorp, Inc.		1.57%
WESCO International, Inc.		1.40%
Regal Rexnord Corp.		1.35%
Landstar System, Inc.		1.32%
Five Below, Inc.		1.30%
CACI International, Inc., Class A		1.29%
WillScot Mobile Mini Holdings Corp.		1.29%
KBR, Inc.		1.27%
Aramark		1.23%
Flowserve Corp.		1.20%
Total		13.22%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,090.20	$	4.51		0.87%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.48	$	4.36		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 97.7%
Aerospace & Defense – 2.4%
HEICO Corp., Class A		18,736	$	2,634,281
Howmet Aerospace, Inc.		27,450		1,360,422
Spirit AeroSystems Holdings, Inc., Class A		48,940		1,428,559
				5,423,262
Automobile Components – 1.4%
Adient PLC(1)		27,275		1,045,178
Lear Corp.		13,130		1,884,811
Novem Group SA (Luxembourg)		20,072		225,052
				3,155,041
Automobiles – 0.5%
Harley-Davidson, Inc.		29,825		1,050,138
				1,050,138
Banks – 5.1%
Associated Banc-Corp		55,701		904,027
Axos Financial, Inc.(1)		7,135		281,404
Bancorp, Inc.(1)		109,219		3,566,000
Cadence Bank		34,432		676,245
East West Bancorp, Inc.		14,780		780,236
First Interstate BancSystem, Inc., Class A		10,587		252,394
Pathward Financial, Inc.		18,624		863,409
Piraeus Financial Holdings SA (Greece)(1)		114,146		374,864
Popular, Inc.		25,621		1,550,583
Synovus Financial Corp.		10,321		312,210
Wintrust Financial Corp.		8,609		625,186
Zions Bancorporation NA		49,317		1,324,655
				11,511,213
Beverages – 0.5%
Boston Beer Co., Inc., Class A(1)		1,585		488,877
Celsius Holdings, Inc.(1)		4,778		712,830
				1,201,707
Biotechnology – 0.6%
United Therapeutics Corp.(1)		6,100		1,346,575
				1,346,575
Building Products – 1.2%
Carlisle Cos., Inc.		10,376		2,661,755
				2,661,755
Capital Markets – 0.8%
Interactive Brokers Group, Inc., Class A		18,553		1,541,198
Patria Investments Ltd., Class A		20,443		292,335
				1,833,533
Chemicals – 2.1%
Ashland, Inc.		14,986		1,302,433
RPM International, Inc.		22,472		2,016,413
Westlake Corp.		11,227		1,341,290
				4,660,136

June 30, 2023 (unaudited)	Shares		Value
Commercial Services & Supplies – 0.8%
Brink’s Co.		27,676	$	1,877,263
				1,877,263
Construction & Engineering – 1.4%
MDU Resources Group, Inc.		15,324		320,884
WillScot Mobile Mini Holdings Corp.(1)		61,115		2,920,686
				3,241,570
Construction Materials – 1.0%
Eagle Materials, Inc.		11,070		2,063,669
Knife River Corp.(1)		3,831		166,649
				2,230,318
Consumer Finance – 1.1%
FirstCash Holdings, Inc.		4,916		458,810
NerdWallet, Inc., Class A(1)		20,772		195,465
OneMain Holdings, Inc.		40,939		1,788,625
				2,442,900
Consumer Staples Distribution & Retail – 2.5%
Albertsons Cos., Inc., Class A		4,424		96,532
BJ’s Wholesale Club Holdings, Inc.(1)		21,167		1,333,733
Casey’s General Stores, Inc.		2,846		694,082
Performance Food Group Co.(1)		30,121		1,814,489
Sprouts Farmers Market, Inc.(1)		16,081		590,655
US Foods Holding Corp.(1)		26,109		1,148,796
				5,678,287
Diversified Consumer Services – 0.8%
H&R Block, Inc.		28,393		904,885
Service Corp. International		13,634		880,620
				1,785,505
Diversified Telecommunication Services – 0.4%
Frontier Communications Parent, Inc.(1)		7,628		142,186
Iridium Communications, Inc.		12,630		784,576
				926,762
Electric Utilities – 0.6%
ALLETE, Inc.		8,933		517,846
OGE Energy Corp.		8,791		315,685
PNM Resources, Inc.		14,148		638,075
				1,471,606
Electrical Equipment – 1.3%
Regal Rexnord Corp.		19,822		3,050,606
				3,050,606
Electronic Equipment, Instruments & Components – 1.9%
Avnet, Inc.		22,811		1,150,815
Cognex Corp.		25,449		1,425,653
Jabil, Inc.		6,600		712,338
Trimble, Inc.(1)		10,783		570,852
TTM Technologies, Inc.(1)		33,845		470,445
				4,330,103
Energy Equipment & Services – 1.1%
ChampionX Corp.		51,465		1,597,474
Liberty Energy, Inc.		66,203		885,134
				2,482,608

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Entertainment – 0.3%
Endeavor Group Holdings, Inc., Class A(1)		10,319	$	246,831
Liberty Media Corp-Liberty Formula One, Class C(1)		3,846		289,527
Warner Music Group Corp., Class A		7,946		207,311
				743,669
Financial Services – 3.2%
AvidXchange Holdings, Inc.(1)		55,719		578,363
Cairo Mezz PLC (Cyprus)(1)		729,530		95,498
Cannae Holdings, Inc.(1)		21,118		426,795
Essent Group Ltd.		35,409		1,657,141
MGIC Investment Corp.		45,062		711,529
Nuvei Corp. (Canada)(1)(2)		12,503		369,215
Repay Holdings Corp.(1)		44,719		350,150
Shift4 Payments, Inc., Class A(1)		5,124		347,971
UWM Holdings Corp.		116,580		652,848
Voya Financial, Inc.		15,360		1,101,466
WEX, Inc.(1)		5,949		1,083,134
				7,374,110
Food Products – 1.2%
Bunge Ltd.		983		92,746
Darling Ingredients, Inc.(1)		17,821		1,136,802
Freshpet, Inc.(1)		2,789		183,544
Ingredion, Inc.		8,082		856,288
Nomad Foods Ltd.(1)		8,356		146,397
Post Holdings, Inc.(1)		2,541		220,178
Sovos Brands, Inc.(1)		8,551		167,257
				2,803,212
Gas Utilities – 0.9%
Atmos Energy Corp.		1,397		162,527
National Fuel Gas Co.		8,737		448,732
ONE Gas, Inc.		4,682		359,625
Southwest Gas Holdings, Inc.		11,982		762,654
UGI Corp.		11,304		304,869
				2,038,407
Ground Transportation – 2.5%
Landstar System, Inc.		15,598		3,003,239
RXO, Inc.(1)		32,931		746,546
XPO, Inc.(1)		32,801		1,935,259
				5,685,044
Health Care Equipment & Supplies – 2.9%
ICU Medical, Inc.(1)		6,300		1,122,597
Masimo Corp.(1)		13,300		2,188,515
Nevro Corp.(1)		17,500		444,850
Penumbra, Inc.(1)		6,850		2,356,811
Tandem Diabetes Care, Inc.(1)		22,000		539,880
				6,652,653
Health Care Providers & Services – 3.2%
Acadia Healthcare Co., Inc.(1)		22,000		1,752,080
agilon health, Inc.(1)		54,000		936,360
Alignment Healthcare, Inc.(1)		80,000		460,000

June 30, 2023 (unaudited)	Shares		Value
Health Care Providers & Services (continued)
Chemed Corp.		1,550	$	839,588
Molina Healthcare, Inc.(1)		3,100		933,844
Privia Health Group, Inc.(1)		40,000		1,044,400
Surgery Partners, Inc.(1)		30,000		1,349,700
				7,315,972
Health Care REITs – 1.2%
Omega Healthcare Investors, Inc.		36,050		1,106,375
Ventas, Inc.		34,763		1,643,247
				2,749,622
Health Care Technology – 0.4%
Evolent Health, Inc., Class A(1)		30,000		909,000
				909,000
Hotel & Resort REITs – 0.3%
Ryman Hospitality Properties, Inc.		6,720		624,422
				624,422
Hotels, Restaurants & Leisure – 5.3%
Aramark		64,886		2,793,342
Brinker International, Inc.(1)		13,746		503,104
Caesars Entertainment, Inc.(1)		25,525		1,301,009
Churchill Downs, Inc.		19,416		2,702,125
Domino’s Pizza, Inc.		3,900		1,314,261
Planet Fitness, Inc., Class A(1)		9,958		671,568
Red Rock Resorts, Inc., Class A		4,690		219,398
Vail Resorts, Inc.		3,011		758,049
Wyndham Hotels & Resorts, Inc.		27,283		1,870,795
				12,133,651
Household Durables – 2.0%
Leggett & Platt, Inc.		23,787		704,571
Mohawk Industries, Inc.(1)		8,837		911,625
NVR, Inc.(1)		175		1,111,359
Taylor Morrison Home Corp.(1)		36,203		1,765,620
				4,493,175
Household Products – 0.3%
Energizer Holdings, Inc.		13,032		437,615
Reynolds Consumer Products, Inc.		6,116		172,777
				610,392
Independent Power and Renewable Electricity Producers – 0.3%
NextEra Energy Partners LP		3,388		198,672
Ormat Technologies, Inc.		5,292		425,795
				624,467
Industrial REITs – 1.3%
EastGroup Properties, Inc.		11,990		2,081,464
Terreno Realty Corp.		15,010		902,101
				2,983,565
Insurance – 3.3%
American Financial Group, Inc.		10,495		1,246,281
BRP Group, Inc., Class A(1)		39,633		982,106
Fairfax Financial Holdings Ltd. (Canada)		1,040		779,001
Globe Life, Inc.		4,156		455,581
Primerica, Inc.		8,213		1,624,203

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Insurance (continued)
Reinsurance Group of America, Inc.		918	$	127,317
Talanx AG (Germany)		7,800		447,167
Unum Group		36,354		1,734,086
				7,395,742
Interactive Media & Services – 0.2%
IAC, Inc.(1)		1,143		71,780
TripAdvisor, Inc.(1)		6,080		100,259
Ziff Davis, Inc.(1)		5,344		374,401
				546,440
IT Services – 2.6%
Akamai Technologies, Inc.(1)		10,289		924,673
EPAM Systems, Inc.(1)		5,200		1,168,700
GoDaddy, Inc., Class A(1)		12,732		956,555
MongoDB, Inc.(1)		2,700		1,109,673
Twilio, Inc., Class A(1)		19,400		1,234,228
Wix.com Ltd.(1)		6,475		506,604
				5,900,433
Life Sciences Tools & Services – 1.6%
10X Genomics, Inc., Class A(1)		15,000		837,600
Bruker Corp.		21,800		1,611,456
Repligen Corp.(1)		8,600		1,216,556
				3,665,612
Machinery – 7.6%
AGCO Corp.		17,040		2,239,397
Allison Transmission Holdings, Inc.		13,856		782,310
Chart Industries, Inc.(1)		7,660		1,223,991
Crane Co.		15,500		1,381,360
Crane NXT Co.		15,190		857,324
Dover Corp.		7,690		1,135,428
Esab Corp.		35,730		2,377,474
Flowserve Corp.		73,505		2,730,711
IDEX Corp.		11,029		2,374,102
ITT, Inc.		22,441		2,091,726
				17,193,823
Marine Transportation – 0.8%
Kirby Corp.(1)		23,692		1,823,099
				1,823,099
Media – 0.9%
Cable One, Inc.		774		508,580
Interpublic Group of Cos., Inc.		8,054		310,723
New York Times Co., Class A		15,879		625,315
Nexstar Media Group, Inc.		3,694		615,236
TEGNA, Inc.		5,725		92,974
				2,152,828
Metals & Mining – 2.7%
Alcoa Corp.		31,253		1,060,414
Cleveland-Cliffs, Inc.(1)		65,331		1,094,948
Lundin Mining Corp. (Chile)		104,965		822,447
Reliance Steel & Aluminum Co.		9,456		2,568,155
Royal Gold, Inc.		5,174		593,872
				6,139,836

June 30, 2023 (unaudited)	Shares		Value
Multi-Utilities – 0.8%
Black Hills Corp.		13,978	$	842,314
NorthWestern Corp.		15,948		905,209
				1,747,523
Office REITs – 0.5%
Postal Realty Trust, Inc., Class A		84,328		1,240,465
				1,240,465
Oil, Gas & Consumable Fuels – 2.7%
Chord Energy Corp.		7,190		1,105,822
Denbury, Inc.(1)		10,251		884,251
EQT Corp.		25,045		1,030,101
HF Sinclair Corp.		30,582		1,364,263
Northern Oil and Gas, Inc.		29,551		1,014,190
Targa Resources Corp.		9,576		728,734
				6,127,361
Paper & Forest Products – 0.9%
Louisiana-Pacific Corp.		25,727		1,929,010
				1,929,010
Passenger Airlines – 0.2%
JetBlue Airways Corp.(1)		62,230		551,358
				551,358
Personal Care Products – 0.5%
Beauty Health Co.(1)		56,000		468,720
BellRing Brands, Inc.(1)		16,146		590,944
				1,059,664
Professional Services – 3.1%
CACI International, Inc., Class A(1)		8,590		2,927,815
Ceridian HCM Holding, Inc.(1)		11,846		793,327
FTI Consulting, Inc.(1)		2,350		446,970
KBR, Inc.		44,200		2,875,652
				7,043,764
Real Estate Management & Development – 0.5%
Doma Holdings, Inc.(1)		5,518		27,258
Jones Lang LaSalle, Inc.(1)		7,670		1,194,986
WeWork, Inc., Class A(1)		51,400		13,128
				1,235,372
Residential REITs – 0.7%
Equity LifeStyle Properties, Inc.		6,997		468,029
Essex Property Trust, Inc.		4,540		1,063,722
				1,531,751
Retail REITs – 1.1%
SITE Centers Corp.		82,174		1,086,340
Spirit Realty Capital, Inc.		29,490		1,161,316
Tanger Factory Outlet Centers, Inc.		9,810		216,507
				2,464,163
Semiconductors & Semiconductor Equipment – 0.3%
SolarEdge Technologies, Inc.(1)		2,620		704,911
				704,911
Software – 4.8%
Aspen Technology, Inc.(1)		2,843		476,515
BILL Holdings, Inc.(1)		8,000		934,800

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Software (continued)
Blackbaud, Inc.(1)		17,837	$	1,269,638
Blend Labs, Inc., Class A(1)		166,601		157,804
Elastic NV(1)		16,628		1,066,187
Five9, Inc.(1)		19,400		1,599,530
Gen Digital, Inc.		52,503		973,931
Guidewire Software, Inc.(1)		8,028		610,770
HubSpot, Inc.(1)		1,800		957,762
PTC, Inc.(1)		5,326		757,890
Tenable Holdings, Inc.(1)		26,573		1,157,254
Workiva, Inc.(1)		9,021		917,075
				10,879,156
Specialized REITs – 1.8%
CubeSmart		55,569		2,481,712
Lamar Advertising Co., Class A		15,310		1,519,517
				4,001,229
Specialty Retail – 2.3%
Burlington Stores, Inc.(1)		3,035		477,679
Five Below, Inc.(1)		15,033		2,954,586
Foot Locker, Inc.		22,466		609,053
Valvoline, Inc.		28,928		1,085,089
				5,126,407
Technology Hardware, Storage & Peripherals – 0.2%
Western Digital Corp.(1)		13,738		521,082
				521,082
Textiles, Apparel & Luxury Goods – 2.1%
Capri Holdings Ltd.(1)		22,533		808,709
Levi Strauss & Co., Class A		11,726		169,206
PRADA SpA (Italy)		106,884		716,233
PVH Corp.		17,221		1,463,268
Tapestry, Inc.		36,701		1,570,803
				4,728,219
Trading Companies & Distributors – 2.1%
Air Lease Corp.		39,840		1,667,304
WESCO International, Inc.		17,789		3,185,298
				4,852,602
Water Utilities – 0.6%
Essential Utilities, Inc.		31,609		1,261,515
				1,261,515
Total Common Stocks (Cost $219,152,044)				221,925,614

	Principal Amount		Value
Corporate Bonds & Notes – 0.1%
Commercial Services – 0.1%
Affirm Holdings, Inc., Convertible 0.000% due 11/15/2026(3)	$	265,000	$	195,835
Total Corporate Bonds & Notes (Cost $177,922)				195,835
U.S. Treasury Bills – 0.1%
U.S. Treasury Bill 5.177% due 9/7/2023(4)		70,000		69,335
5.218% due 9/21/2023(4)		70,000		69,195
Total U.S. Treasury Bills (Cost $138,506)				138,530
Repurchase Agreements – 1.1%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $2,599,735, due 7/3/2023(5)		2,599,406		2,599,406
Total Repurchase Agreements (Cost $2,599,406)				2,599,406
Total Investments – 99.0% (Cost $222,067,878)				224,859,385
Assets in excess of other liabilities – 1.0%				2,191,658
Total Net Assets – 100.0%			$	227,051,043

⁽¹⁾  Non–income–producing security.

⁽²⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $369,215, 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 Note		4.625%		3/15/2026	$	2,612,800	$	2,651,406

Legend:

REITs — Real Estate Investment Trusts

6 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 June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	220,066,800	$	1,858,814	*	$	—	$	221,925,614
Corporate Bonds & Notes		—		195,835			—		195,835
U.S. Treasury Bills		—		138,530			—		138,530
Repurchase Agreements		—		2,599,406			—		2,599,406
Total	$	220,066,800	$	4,792,585		$	—	$	224,859,385

* 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 SELECT MID CAP CORE VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	224,859,385
Receivable for investments sold		2,634,783
Dividends/interest receivable		261,889
Reimbursement receivable from adviser		7,269
Foreign tax reclaims receivable		5,634
Cash deposits with brokers for futures contracts		4,866
Prepaid expenses		2,572
Total Assets		227,776,398
Liabilities
Payable for investments purchased		441,631
Investment advisory fees payable		97,173
Payable for fund shares redeemed		67,543
Distribution fees payable		45,836
Accrued custodian and accounting fees		28,774
Accrued audit fees		13,978
Accrued trustees’ and officers’ fees		4,047
Accrued expenses and other liabilities		26,373
Total Liabilities		725,355
Total Net Assets	$	227,051,043
Net Assets Consist of:
Paid-in capital	$	242,665,183
Distributable loss		(15,614,140	)
Total Net Assets	$	227,051,043
Investments, at Cost	$	222,067,878
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		24,075,114
Net Asset Value Per Share		$9.43

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,718,700
Interest		38,441
Withholding taxes on foreign dividends		(10,590	)
Total Investment Income		1,746,551
Expenses
Investment advisory fees		577,618
Distribution fees		272,461
Custodian and accounting fees		44,641
Professional fees		34,170
Trustees’ and officers’ fees		27,435
Administrative fees		17,418
Transfer agent fees		7,743
Shareholder reports		5,379
Other expenses		6,049
Total Expenses		992,914
Less: Fees waived		(44,749	)
Total Expenses, Net		948,165
Net Investment Income/(Loss)		798,386
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions
Net realized gain/(loss) from investments		(12,215,388	)
Net realized gain/(loss) from futures contracts		(75,441	)
Net realized gain/(loss) from foreign currency transactions		296
Net change in unrealized appreciation/(depreciation) on investments		31,433,023
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		1
Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		19,143,205
Net Increase in Net Assets Resulting From Operations	$	19,941,591

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

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	798,386		$	1,615,935
Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(12,290,533	)		(9,157,592	)
Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		31,433,738			(30,049,076	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		19,941,591			(37,590,733	)
Capital Share Transactions
Proceeds from sales of shares		13,427,413			41,570,400
Cost of shares redeemed		(24,416,568	)		(47,730,311	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,989,155	)		(6,159,911	)
Net Increase/(Decrease) in Net Assets		8,952,436			(43,750,644	)
Net Assets
Beginning of period		218,098,607			261,849,251
End of period	$	227,051,043		$	218,098,607
Other Information:
Shares
Sold		1,511,150			4,545,332
Redeemed		(2,643,965	)		(5,326,228	)
Net Decrease		(1,132,815	)		(780,896	)

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

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	8.65	$	0.03	$	0.75	$	0.78	$	9.43		9.02	%(4)
Year Ended 12/31/22		10.08		0.06		(1.49)		(1.43)		8.65		(14.19)	%
Period Ended 12/31/21(5)		10.00		0.02		0.06		0.08		10.08		0.80	%(4)

10 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
$	227,051		0.87%(4)		0.91%(4)		0.73%(4)		0.69%(4)		29%	(4)
	218,099		0.87%		0.90%		0.69%		0.66%		74%
	261,849		0.82%(4)		0.90%(4)		0.96%(4)		0.88%(4)		93%	(4)

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

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

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

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Commenced operations on October 25, 2021.

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

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

June 30, 2023 (unaudited)

1. Organization

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

The 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

12

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

events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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

13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID 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 0.53% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 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 0.87% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $44,749.

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

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID 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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $272,461 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 $62,670,923 and $75,456,062, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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 six months ended June 30, 2023 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

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

a risk that a Fund will not achieve the anticipated benefits of the futures contract or may realize a loss.

Transactions in derivative investments for the six months ended June 30, 2023 were as follows:

	Equity Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(75,441	)
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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Liquidity Rule limits the Fund’s investments in

illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably

coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

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

23

SUPPLEMENTAL INFORMATION (UNAUDITED)

the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an

investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB11408

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $293,173,624

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Atkore, Inc.	3.20%
Carlisle Cos., Inc.	2.64%
Masonite International Corp.	2.45%
AZEK Co., Inc.	2.03%
Marvell Technology, Inc.	2.00%
MTU Aero Engines AG	1.94%
United Rentals, Inc.	1.91%
Sun Communities, Inc. REIT	1.89%
ON Semiconductor Corp.	1.80%
HealthEquity, Inc.	1.77%
Total	21.63%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23		Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23 - 6/30/23		Expense Ratio During Period 1/1/23 - 6/30/23
Based on Actual Return	$	1,000.00	$	1,085.20	$	4.81		0.93%
Based on Hypothetical Return (5% Return Before Expenses)	$	1,000.00	$	1,020.18	$	4.66		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 97.7%
Aerospace & Defense – 3.2%
Melrose Industries PLC (United Kingdom)		550,046	$	3,540,775
MTU Aero Engines AG (Germany)		21,992		5,698,228
				9,239,003
Banks – 1.7%
Pinnacle Financial Partners, Inc.		37,117		2,102,678
Webster Financial Corp.		79,755		3,010,751
				5,113,429
Biotechnology – 0.2%
Sage Therapeutics, Inc.(1)		13,918		654,424
				654,424
Building Products – 7.1%
AZEK Co., Inc.(1)		196,737		5,959,164
Carlisle Cos., Inc.		30,189		7,744,384
Masonite International Corp.(1)		70,094		7,180,429
				20,883,977
Capital Markets – 2.2%
Cboe Global Markets, Inc.		27,105		3,740,761
Raymond James Financial, Inc.		24,774		2,570,798
				6,311,559
Chemicals – 3.3%
Ashland, Inc.		57,175		4,969,079
Westlake Corp.		39,253		4,689,556
				9,658,635
Commercial Services & Supplies – 2.1%
Republic Services, Inc.		18,070		2,767,782
Stericycle, Inc.(1)		75,986		3,528,790
				6,296,572
Construction & Engineering – 1.2%
API Group Corp.(1)		123,901		3,377,541
				3,377,541
Containers & Packaging – 1.5%
Crown Holdings, Inc.		51,474		4,471,546
				4,471,546
Diversified Consumer Services – 1.3%
Service Corp. International		59,570		3,847,626
				3,847,626
Electrical Equipment – 4.0%
Atkore, Inc.(1)		60,096		9,371,370
Regal Rexnord Corp.		15,626		2,404,842
				11,776,212
Electronic Equipment, Instruments & Components – 1.7%
Teledyne Technologies, Inc.(1)		12,231		5,028,286
				5,028,286
Entertainment – 1.2%
Warner Music Group Corp., Class A		130,110		3,394,570
				3,394,570
Financial Services – 1.3%
Essent Group Ltd.		81,522		3,815,230
				3,815,230

June 30, 2023 (unaudited)	Shares		Value
Food Products – 1.3%
Nomad Foods Ltd.(1)		222,037	$	3,890,088
				3,890,088
Health Care Equipment & Supplies – 4.4%
Haemonetics Corp.(1)		40,988		3,489,718
Integer Holdings Corp.(1)		56,828		5,035,529
LivaNova PLC(1)		86,948		4,471,736
				12,996,983
Health Care Providers & Services – 2.6%
HealthEquity, Inc.(1)		82,045		5,180,321
Humana, Inc.		5,629		2,516,895
				7,697,216
Health Care Technology – 0.8%
Schrodinger, Inc.(1)		45,206		2,256,684
				2,256,684
Hotels, Restaurants & Leisure – 1.4%
Planet Fitness, Inc., Class A(1)		59,580		4,018,075
				4,018,075
Household Durables – 1.1%
Mohawk Industries, Inc.(1)		32,593		3,362,294
				3,362,294
Household Products – 1.3%
Church & Dwight Co., Inc.		37,376		3,746,196
				3,746,196
Industrial REITs – 1.6%
Terreno Realty Corp.		78,800		4,735,880
				4,735,880
Insurance – 5.9%
Arch Capital Group Ltd.(1)		66,852		5,003,872
Axis Capital Holdings Ltd.		81,157		4,368,682
First American Financial Corp.		62,295		3,552,061
Reinsurance Group of America, Inc.		32,483		4,505,067
				17,429,682
Interactive Media & Services – 0.9%
Bumble, Inc., Class A(1)		149,452		2,507,805
				2,507,805
IT Services – 1.3%
Okta, Inc.(1)		56,874		3,944,212
				3,944,212
Life Sciences Tools & Services – 3.8%
Azenta, Inc.(1)		80,653		3,764,882
Bio-Rad Laboratories, Inc., Class A(1)		11,954		4,532,001
Codexis, Inc.(1)		115,353		322,988
Sotera Health Co.(1)		126,321		2,379,888
				10,999,759
Machinery – 1.3%
Ingersoll Rand, Inc.		57,779		3,776,435
				3,776,435
Metals & Mining – 1.8%
Reliance Steel & Aluminum Co.		8,127		2,207,212
Steel Dynamics, Inc.		26,863		2,926,186
				5,133,398

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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Personal Care Products – 0.1%
Honest Co., Inc.(1)		239,944	$	403,106
				403,106
Professional Services – 5.2%
CACI International, Inc., Class A(1)		11,476		3,911,480
Dun & Bradstreet Holdings, Inc.		262,255		3,034,290
Genpact Ltd.		95,798		3,599,131
TransUnion		59,096		4,628,990
				15,173,891
Residential REITs – 5.0%
American Homes 4 Rent, Class A		137,889		4,888,165
Apartment Income REIT Corp.		113,747		4,105,129
Sun Communities, Inc.		42,574		5,554,204
				14,547,498
Semiconductors & Semiconductor Equipment – 3.8%
Marvell Technology, Inc.		97,995		5,858,141
ON Semiconductor Corp.(1)		55,903		5,287,306
				11,145,447
Software – 8.8%
8x8, Inc.(1)		175,865		743,909
Black Knight, Inc.(1)		66,631		3,979,870
Instructure Holdings, Inc.(1)		138,311		3,479,905
New Relic, Inc.(1)		48,941		3,202,699
PagerDuty, Inc.(1)		188,582		4,239,323
Q2 Holdings, Inc.(1)		107,647		3,326,292
Riskified Ltd., Class A(1)		184,512		896,728
SPS Commerce, Inc.(1)		17,664		3,392,548
WalkMe Ltd.(1)		254,580		2,443,968
				25,705,242
Specialized REITs – 3.7%
Life Storage, Inc.		13,185		1,753,078
SBA Communications Corp.		18,577		4,305,405
VICI Properties, Inc.		153,325		4,819,005
				10,877,488
Specialty Retail – 5.3%
Burlington Stores, Inc.(1)		30,085		4,735,078
Leslie’s, Inc.(1)		382,184		3,588,708
National Vision Holdings, Inc.(1)		113,991		2,768,842
Revolve Group, Inc.(1)		165,725		2,717,890
Tractor Supply Co.		8,353		1,846,848
				15,657,366

June 30, 2023 (unaudited)	Shares		Value
Textiles, Apparel & Luxury Goods – 1.1%
Deckers Outdoor Corp.(1)		5,956	$	3,142,743
				3,142,743
Trading Companies & Distributors – 3.2%
Air Lease Corp.		89,212		3,733,522
United Rentals, Inc.		12,550		5,589,394
				9,322,916
Total Common Stocks (Cost $303,262,894)				286,339,014
Exchange–Traded Funds – 1.3%
SPDR S&P Biotech ETF		45,865		3,815,968
Total Exchange–Traded Funds (Cost $4,748,414)				3,815,968

	Principal Amount		Value
Repurchase Agreements – 1.5%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $4,541,076, due 7/3/2023(2)	$	4,540,501		4,540,501
Total Repurchase Agreements (Cost $4,540,501)				4,540,501
Total Investments – 100.5% (Cost $312,551,809)				294,695,483
Liabilities in excess of other assets – (0.5)%				(1,521,859	)
Total Net Assets – 100.0%			$	293,173,624

⁽¹⁾  Non–income–producing security.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	4,563,900	$	4,631,335

Legend:

REITs — Real Estate Investment Trusts

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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	277,100,011	$	9,239,003	*	$	—	$	286,339,014
Exchange–Traded Funds		3,815,968		—			—		3,815,968
Repurchase Agreements		—		4,540,501			—		4,540,501
Total	$	280,915,979	$	13,779,504		$	—	$	294,695,483

* 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. 5

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	294,695,483
Receivable for investments sold		526,524
Dividends/interest receivable		222,509
Foreign tax reclaims receivable		16,811
Reimbursement receivable from adviser		12,239
Prepaid expenses		3,275
Total Assets		295,476,841
Liabilities
Payable for investments purchased		1,896,033
Investment advisory fees payable		149,617
Payable for fund shares redeemed		135,911
Distribution fees payable		58,916
Accrued audit fees		13,978
Accrued custodian and accounting fees		10,693
Accrued trustees’ and officers’ fees		5,759
Accrued expenses and other liabilities		32,310
Total Liabilities		2,303,217
Total Net Assets	$	293,173,624
Net Assets Consist of:
Paid-in capital	$	330,420,933
Distributable loss		(37,247,309	)
Total Net Assets	$	293,173,624
Investments, at Cost	$	312,551,809
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		32,441,161
Net Asset Value Per Share		$9.04

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,396,795
Interest		23,900
Withholding taxes on foreign dividends		(14,432	)
Total Investment Income		1,406,263
Expenses
Investment advisory fees		897,906
Distribution fees		353,466
Professional fees		40,829
Trustees’ and officers’ fees		36,484
Administrative fees		20,120
Custodian and accounting fees		18,272
Transfer agent fees		7,930
Shareholder reports		5,834
Other expenses		7,791
Total Expenses		1,388,632
Less: Fees waived		(73,740	)
Total Expenses, Net		1,314,892
Net Investment Income/(Loss)		91,371
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(6,506,627	)
Net realized gain/(loss) from foreign currency transactions		(3,019	)
Net change in unrealized appreciation/(depreciation) on investments		32,653,460
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		82
Net Gain on Investments and Foreign Currency Transactions		26,143,896
Net Increase in Net Assets Resulting From Operations	$	26,235,267

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

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	91,371		$	(488,065	)
Net realized gain/(loss) from investments and foreign currency transactions		(6,509,646	)		(15,599,409	)
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		32,653,542			(51,004,995	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		26,235,267			(67,092,469	)
Capital Share Transactions
Proceeds from sales of shares		22,967,127			18,722,176
Cost of shares redeemed		(46,606,948	)		(46,179,165	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(23,639,821	)		(27,456,989	)
Net Increase/(Decrease) in Net Assets		2,595,446			(94,549,458	)
Net Assets
Beginning of period		290,578,178			385,127,636
End of period	$	293,173,624		$	290,578,178
Other Information:
Shares
Sold		2,669,939			2,101,513
Redeemed		(5,118,958	)		(5,375,253	)
Net Decrease		(2,449,019	)		(3,273,740	)

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

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	8.33	$	0.00(4)	$	0.71	$	0.71	$	9.04		8.52	%(5)
Year Ended 12/31/22		10.09		(0.01)		(1.75)		(1.76)		8.33		(17.44)	%
Period Ended 12/31/21(6)		10.00		(0.00)(7)		0.09		0.09		10.09		0.90	%(5)

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

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income/ (Loss) to Average Net Assets(3)			Gross Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
$	293,174		0.93%	(5)		0.98%	(5)		0.06%	(5)		0.01%	(5)		24%	(5)
	290,578		0.93%			0.97%			(0.15)%			(0.19)%			39%
	385,128		0.90%	(5)		0.98%	(5)		(0.12)%	(5)		(0.20)%	(5)		59%	(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 (Loss) to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾  Rounds to $0.00 per share.

⁽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.

⁽⁶⁾  Commenced operations on October 25, 2021.

⁽⁷⁾  Rounds to $(0.00) per share.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

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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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

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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, 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 0.93% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $73,740.

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.

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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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $353,466 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 $68,956,925 and $93,053,264, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE 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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the

period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

18

SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a

sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB11409

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $275,186,113

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Microsoft Corp.		8.57%
Alphabet, Inc., Class C		4.82%
Apple, Inc.		4.34%
Broadcom, Inc.		2.93%
Merck & Co., Inc.		2.82%
AbbVie, Inc.		2.49%
UnitedHealth Group, Inc.		2.45%
AutoZone, Inc.		2.31%
Oracle Corp.		2.22%
Visa, Inc., Class A		2.16%
Total		35.11%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,118.50	$	4.41		0.84%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.63	$	4.21		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 96.7%
Aerospace & Defense – 1.6%
Lockheed Martin Corp.		9,767	$	4,496,531
				4,496,531
Banks – 2.0%
JPMorgan Chase & Co.		36,833		5,356,992
				5,356,992
Beverages – 1.4%
Coca-Cola Co.		65,124		3,921,767
				3,921,767
Biotechnology – 4.4%
AbbVie, Inc.		50,907		6,858,700
Gilead Sciences, Inc.		38,102		2,936,521
Vertex Pharmaceuticals, Inc.(1)		6,543		2,302,547
				12,097,768
Broadline Retail – 0.7%
Amazon.com, Inc.(1)		14,609		1,904,429
				1,904,429
Capital Markets – 3.4%
Cboe Global Markets, Inc.		11,775		1,625,068
Houlihan Lokey, Inc.		24,492		2,407,809
Nasdaq, Inc.		38,344		1,911,448
S&P Global, Inc.		8,825		3,537,854
				9,482,179
Chemicals – 0.6%
LyondellBasell Industries NV, Class A		19,007		1,745,413
				1,745,413
Construction & Engineering – 0.7%
AECOM		23,289		1,972,345
				1,972,345
Consumer Staples Distribution & Retail – 2.3%
Koninklijke Ahold Delhaize NV, ADR		96,554		3,286,698
Walmart, Inc.		19,473		3,060,766
				6,347,464
Diversified Telecommunication Services – 0.9%
Verizon Communications, Inc.		63,236		2,351,747
				2,351,747
Electric Utilities – 2.2%
American Electric Power Co., Inc.		27,115		2,283,083
NextEra Energy, Inc.		19,700		1,461,740
Xcel Energy, Inc.		37,203		2,312,911
				6,057,734
Electronic Equipment, Instruments & Components – 0.5%
CDW Corp.		8,099		1,486,167
				1,486,167
Entertainment – 1.6%
Electronic Arts, Inc.		33,428		4,335,612
				4,335,612

June 30, 2023 (unaudited)	Shares		Value
Financial Services – 3.6%
Fidelity National Information Services, Inc.		20,642	$	1,129,118
Mastercard, Inc., Class A		7,001		2,753,493
Visa, Inc., Class A		25,052		5,949,349
				9,831,960
Food Products – 0.8%
General Mills, Inc.		27,779		2,130,649
				2,130,649
Ground Transportation – 0.5%
Knight-Swift Transportation Holdings, Inc.		23,355		1,297,604
				1,297,604
Health Care Providers & Services – 5.5%
AmerisourceBergen Corp.		7,712		1,484,020
Centene Corp.(1)		44,420		2,996,129
McKesson Corp.		8,839		3,776,993
UnitedHealth Group, Inc.		14,021		6,739,054
				14,996,196
Hotels, Restaurants & Leisure – 1.5%
Booking Holdings, Inc.(1)		745		2,011,746
Compass Group PLC, ADR		76,776		2,189,651
				4,201,397
Household Products – 0.5%
Procter & Gamble Co.		9,135		1,386,145
				1,386,145
Insurance – 5.4%
Everest Re Group Ltd.		8,577		2,932,133
Marsh & McLennan Cos., Inc.		24,785		4,661,563
Progressive Corp.		14,787		1,957,355
Selective Insurance Group, Inc.		15,751		1,511,309
Willis Towers Watson PLC		15,652		3,686,046
				14,748,406
Interactive Media & Services – 6.0%
Alphabet, Inc., Class C(1)		109,590		13,257,102
Meta Platforms, Inc., Class A(1)		11,272		3,234,839
				16,491,941
IT Services – 2.8%
Amdocs Ltd.		31,775		3,140,959
VeriSign, Inc.(1)		20,508		4,634,193
				7,775,152
Life Sciences Tools & Services – 0.4%
Thermo Fisher Scientific, Inc.		2,039		1,063,848
				1,063,848
Media – 1.4%
Comcast Corp., Class A		92,358		3,837,475
				3,837,475
Multi-Utilities – 0.9%
CenterPoint Energy, Inc.		89,298		2,603,037
				2,603,037

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

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

June 30, 2023 (unaudited)		Shares		Value
Oil, Gas & Consumable Fuels – 2.0%
Shell PLC, ADR			91,246	$	5,509,433
					5,509,433
Pharmaceuticals – 4.9%	��
Bristol-Myers Squibb Co.			27,448		1,755,300
Eli Lilly and Co.			8,536		4,003,213
Merck & Co., Inc.			67,247		7,759,631
					13,518,144
Professional Services – 5.9%
Automatic Data Processing, Inc.			12,394		2,724,077
Booz Allen Hamilton Holding Corp.			11,554		1,289,426
Experian PLC, ADR			68,714		2,627,623
Genpact Ltd.			117,776		4,424,844
Paychex, Inc.			32,435		3,628,504
RELX PLC, ADR			45,334		1,515,516
					16,209,990
Semiconductors & Semiconductor Equipment – 3.8%
Broadcom, Inc.			9,282		8,051,485
KLA Corp.			2,944		1,427,899
Texas Instruments, Inc.			5,743		1,033,855
					10,513,239
Software – 19.0%
Adobe, Inc.(1)			11,770		5,755,412
Fortinet, Inc.(1)			33,009		2,495,150
Gen Digital, Inc.			186,016		3,450,597
Intuit, Inc.			6,294		2,883,848
Microsoft Corp.			69,274		23,590,568
Nice Ltd., ADR(1)			5,731		1,183,451
Oracle Corp.			51,186		6,095,741
ServiceNow, Inc.(1)			8,228		4,623,889
VMware, Inc., Class A(1)			16,004		2,299,615
					52,378,271
Specialty Retail – 3.8%
AutoZone, Inc.(1)			2,555		6,370,535
O’Reilly Automotive, Inc.(1)			4,171		3,984,556
					10,355,091
Technology Hardware, Storage & Peripherals – 4.3%
Apple, Inc.			61,524		11,933,810
					11,933,810

June 30, 2023 (unaudited)	Shares		Value
Tobacco – 1.4%
Philip Morris International, Inc.		38,636	$	3,771,646
				3,771,646
Total Common Stocks (Cost $239,883,773)				266,109,582
	Principal Amount		Value
Repurchase Agreements – 3.8%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $10,385,447, due 7/3/2023(2)	$	10,384,132		10,384,132
Total Repurchase Agreements (Cost $10,384,132)				10,384,132
Total Investments – 100.5% (Cost $250,267,905)				276,493,714
Liabilities in excess of other assets – (0.5)%				(1,307,601	)
Total Net Assets – 100.0%			$	275,186,113

⁽¹⁾  Non–income–producing security.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	10,437,600	$	10,591,824

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	266,109,582	$	—	$	—	$	266,109,582
Repurchase Agreements		—		10,384,132		—		10,384,132
Total	$	266,109,582	$	10,384,132	$	—	$	276,493,714

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

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	276,493,714
Receivable for investments sold		2,057,363
Dividends/interest receivable		238,379
Reimbursement receivable from adviser		9,867
Prepaid expenses		3,215
Total Assets		278,802,538
Liabilities
Payable for investments purchased		3,175,390
Payable for fund shares redeemed		204,997
Investment advisory fees payable		120,373
Distribution fees payable		56,077
Accrued audit fees		13,978
Accrued custodian and accounting fees		8,002
Accrued trustees’ and officers’ fees		5,326
Accrued expenses and other liabilities		32,282
Total Liabilities		3,616,425
Total Net Assets	$	275,186,113
Net Assets Consist of:
Paid-in capital	$	270,018,833
Distributable earnings		5,167,280
Total Net Assets	$	275,186,113
Investments, at Cost	$	250,267,905
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		26,514,235
Net Asset Value Per Share		$10.38

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	2,238,799
Interest		79,749
Withholding taxes on foreign dividends		(35,465	)
Total Investment Income		2,283,083
Expenses
Investment advisory fees		727,755
Distribution fees		339,083
Professional fees		39,109
Trustees’ and officers’ fees		34,146
Administrative fees		19,686
Custodian and accounting fees		16,451
Transfer agent fees		8,451
Shareholder reports		5,759
Other expenses		7,550
Total Expenses		1,197,990
Less: Fees waived		(58,671	)
Total Expenses, Net		1,139,319
Net Investment Income/(Loss)		1,143,764
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(4,931,721	)
Net change in unrealized appreciation/(depreciation) on investments		34,316,512
Net Gain on Investments		29,384,791
Net Increase in Net Assets Resulting From Operations	$	30,528,555

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

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	1,143,764		$	2,436,441
Net realized gain/(loss) from investments		(4,931,721	)		(18,899,562	)
Net change in unrealized appreciation/(depreciation) on investments		34,316,512			(20,561,767	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		30,528,555			(37,024,888	)
Capital Share Transactions
Proceeds from sales of shares		8,247,147			3,263,707
Cost of shares redeemed		(34,050,121	)		(67,779,297	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(25,802,974	)		(64,515,590	)
Net Increase/(Decrease) in Net Assets		4,725,581			(101,540,478	)
Net Assets
Beginning of period		270,460,532			372,001,010
End of period	$	275,186,113		$	270,460,532
Other Information:
Shares
Sold		862,578			352,090
Redeemed		(3,508,095	)		(7,236,045	)
Net Decrease		(2,645,517	)		(6,883,955	)

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

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7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	9.28	$	0.04	$	1.06	$	1.10	$	10.38		11.85%	(4)
Year Ended 12/31/22		10.32		0.08		(1.12)		(1.04)		9.28		(10.08)%
Period Ended 12/31/21(5)		10.00		0.01		0.31		0.32		10.32		3.20%	(4)

8 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
$	275,186		0.84%	(4)		0.88%	(4)		0.84%	(4)		0.80%	(4)		21%	(4)
	270,461		0.84%			0.87%			0.80%			0.77%			45%
	372,001		0.81%	(4)		0.89%	(4)		0.82%	(4)		0.74%	(4)		80%	(4)

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

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

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

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Commenced operations on October 25, 2021.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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, 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. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $58,671.

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.

12

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $339,083 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 $54,202,247 and $77,212,518, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

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 six months ended June 30, 2023.

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.

14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the

“Agreements”) between the Manager and investment advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information

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SUPPLEMENTAL INFORMATION (UNAUDITED)

designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent

with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the

Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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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.

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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

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN INTEGRATED RESEARCH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $371,804,351

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Microsoft Corp.		7.50%
Apple, Inc.		6.34%
Amazon.com, Inc.		4.46%
Alphabet, Inc., Class A		3.82%
UnitedHealth Group, Inc.		2.49%
NVIDIA Corp.		2.48%
JPMorgan Chase & Co.		2.26%
Meta Platforms, Inc., Class A		2.16%
Procter & Gamble Co.		2.15%
Mastercard, Inc., Class A		1.95%
Total		35.61%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,149.10	$	4.48		0.84%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.63	$	4.21		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 98.6%
Aerospace & Defense – 1.5%
Raytheon Technologies Corp.		56,427	$	5,527,589
				5,527,589
Automobiles – 0.6%
Tesla, Inc.(1)		9,026		2,362,736
				2,362,736
Banks – 3.6%
Bank of America Corp.		170,855		4,901,830
JPMorgan Chase & Co.		57,650		8,384,616
				13,286,446
Beverages – 2.6%
Constellation Brands, Inc., Class A		19,996		4,921,615
Monster Beverage Corp.(1)		82,693		4,749,886
				9,671,501
Biotechnology – 2.3%
Regeneron Pharmaceuticals, Inc.(1)		4,209		3,024,335
Vertex Pharmaceuticals, Inc.(1)		15,534		5,466,570
				8,490,905
Broadline Retail – 4.5%
Amazon.com, Inc.(1)		127,214		16,583,617
				16,583,617
Building Products – 1.0%
Johnson Controls International PLC		54,494		3,713,221
				3,713,221
Capital Markets – 1.5%
Morgan Stanley		65,851		5,623,675
				5,623,675
Chemicals – 2.7%
PPG Industries, Inc.		31,632		4,691,026
Sherwin-Williams Co.		20,212		5,366,690
				10,057,716
Consumer Finance – 1.1%
American Express Co.		23,956		4,173,135
				4,173,135
Electric Utilities – 2.4%
American Electric Power Co., Inc.		32,793		2,761,171
Duke Energy Corp.		43,318		3,887,357
Eversource Energy		34,372		2,437,662
				9,086,190
Electrical Equipment – 1.4%
AMETEK, Inc.		31,902		5,164,296
				5,164,296
Electronic Equipment, Instruments & Components – 0.9%
CDW Corp.		17,947		3,293,275
				3,293,275
Energy Equipment & Services – 0.6%
Schlumberger NV		45,812		2,250,285
				2,250,285

June 30, 2023 (unaudited)	Shares		Value
Entertainment – 1.2%
Walt Disney Co.(1)		48,502	$	4,330,259
				4,330,259
Financial Services – 1.9%
Mastercard, Inc., Class A		18,413		7,241,833
				7,241,833
Health Care Equipment & Supplies – 3.5%
Abbott Laboratories		47,471		5,175,288
Becton Dickinson and Co.		16,298		4,302,835
Hologic, Inc.(1)		44,903		3,635,796
				13,113,919
Health Care Providers & Services – 2.5%
UnitedHealth Group, Inc.		19,246		9,250,397
				9,250,397
Hotels, Restaurants & Leisure – 3.0%
Airbnb, Inc., Class A(1)		14,824		1,899,844
Marriott International, Inc., Class A		20,687		3,799,995
McDonald’s Corp.		18,121		5,407,487
				11,107,326
Household Products – 3.4%
Colgate-Palmolive Co.		60,545		4,664,387
Procter & Gamble Co.		52,584		7,979,096
				12,643,483
Industrial REITs – 1.2%
Prologis, Inc.		36,050		4,420,812
				4,420,812
Insurance – 3.2%
Arch Capital Group Ltd.(1)		44,010		3,294,149
Chubb Ltd.		21,618		4,162,762
Progressive Corp.		34,804		4,607,005
				12,063,916
Interactive Media & Services – 7.8%
Alphabet, Inc., Class A(1)		118,636		14,200,729
Alphabet, Inc., Class C(1)		40,097		4,850,534
Meta Platforms, Inc., Class A(1)		28,037		8,046,059
ZoomInfo Technologies, Inc.(1)		77,713		1,973,133
				29,070,455
IT Services – 0.8%
GoDaddy, Inc., Class A(1)		41,995		3,155,084
				3,155,084
Life Sciences Tools & Services – 2.3%
Danaher Corp.		16,978		4,074,720
Thermo Fisher Scientific, Inc.		8,546		4,458,876
				8,533,596
Machinery – 3.7%
Deere & Co.		13,616		5,517,067
Illinois Tool Works, Inc.		17,082		4,273,233
Nordson Corp.		16,396		4,069,159
				13,859,459

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Oil, Gas & Consumable Fuels – 2.8%
ConocoPhillips		25,078	$	2,598,332
EOG Resources, Inc.		34,375		3,933,875
Pioneer Natural Resources Co.		18,251		3,781,242
				10,313,449
Personal Care Products – 1.0%
Estee Lauder Cos., Inc., Class A		18,976		3,726,507
				3,726,507
Pharmaceuticals – 4.5%
Eli Lilly and Co.		14,423		6,764,099
Merck & Co., Inc.		45,163		5,211,359
Pfizer, Inc.		131,480		4,822,686
				16,798,144
Residential REITs – 0.8%
AvalonBay Communities, Inc.		15,120		2,861,762
				2,861,762
Semiconductors & Semiconductor Equipment – 8.7%
Advanced Micro Devices, Inc.(1)		41,367		4,712,115
Broadcom, Inc.		5,936		5,149,064
KLA Corp.		9,697		4,703,239
NVIDIA Corp.		21,837		9,237,488
QUALCOMM, Inc.		31,183		3,712,024
Texas Instruments, Inc.		26,231		4,722,105
				32,236,035
Software – 10.4%
Microsoft Corp.		81,881		27,883,756
Palo Alto Networks, Inc.(1)		12,960		3,311,410
Salesforce, Inc.(1)		19,190		4,054,079
Workday, Inc., Class A(1)		14,837		3,351,530
				38,600,775
Specialty Retail – 1.5%
TJX Cos., Inc.		63,690		5,400,275
				5,400,275

June 30, 2023 (unaudited)	Shares		Value
Technology Hardware, Storage & Peripherals – 6.3%
Apple, Inc.		121,611	$	23,588,886
				23,588,886
Textiles, Apparel & Luxury Goods – 1.4%
NIKE, Inc., Class B		45,505		5,022,387
				5,022,387
Total Common Stocks (Cost $350,879,718)				366,623,346
	Principal Amount		Value
Repurchase Agreements – 1.1%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $4,183,255, due 7/3/2023(2)	$	4,182,725		4,182,725
Total Repurchase Agreements (Cost $4,182,725)				4,182,725
Total Investments – 99.7% (Cost $355,062,443)				370,806,071
Assets in excess of other liabilities – 0.3%				998,280
Total Net Assets – 100.0%			$	371,804,351

⁽¹⁾  Non–income–producing security.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	4,204,300	$	4,266,422

Legend:

REITs — Real Estate Investment Trusts

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	366,623,346	$	—	$	—	$	366,623,346
Repurchase Agreements		—		4,182,725		—		4,182,725
Total	$	366,623,346	$	4,182,725	$	—	$	370,806,071

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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	370,806,071
Receivable for investments sold		1,373,800
Dividends/interest receivable		187,723
Prepaid expenses		4,202
Total Assets		372,371,796
Liabilities
Payable for fund shares redeemed		269,862
Investment advisory fees payable		152,235
Distribution fees payable		75,543
Accrued audit fees		13,978
Accrued custodian and accounting fees		11,044
Accrued trustees’ and officers’ fees		6,437
Accrued expenses and other liabilities		38,346
Total Liabilities		567,445
Total Net Assets	$	371,804,351
Net Assets Consist of:
Paid-in capital	$	370,693,364
Distributable earnings		1,110,987
Total Net Assets	$	371,804,351
Investments, at Cost	$	355,062,443
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		18,769,819
Net Asset Value Per Share		$19.81

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	2,859,183
Interest		30,661
Total Investment Income		2,889,844
Expenses
Investment advisory fees		835,072
Distribution fees		450,636
Professional fees		46,745
Trustees’ and officers’ fees		44,524
Administrative fees		23,536
Custodian and accounting fees		16,645
Transfer agent fees		8,252
Shareholder reports		6,780
Other expenses		9,933
Total Expenses		1,442,123
Expenses recouped by adviser		72,015
Total Expenses		1,514,138
Net Investment Income/(Loss)		1,375,706
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(8,305,533	)
Net change in unrealized appreciation/(depreciation) on investments		57,079,208
Net Gain on Investments		48,773,675
Net Increase in Net Assets Resulting From Operations	$	50,149,381

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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	1,375,706		$	2,372,171
Net realized gain/(loss) from investments		(8,305,533	)		(22,022,024	)
Net change in unrealized appreciation/(depreciation) on investments		57,079,208			(55,661,313	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		50,149,381			(75,311,166	)
Capital Share Transactions
Proceeds from sales of shares		5,828,830			166,384,832
Cost of shares redeemed		(38,075,109	)		(58,390,301	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(32,246,279	)		107,994,531
Net Increase in Net Assets		17,903,102			32,683,365
Net Assets
Beginning of period		353,901,249			321,217,884
End of period	$	371,804,351		$	353,901,249
Other Information:
Shares
Sold		316,231			8,974,058
Redeemed		(2,069,618	)		(3,147,509	)
Net Increase/(Decrease)		(1,753,387	)		5,826,549

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

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7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	17.24	$	0.07		$	2.50	$	2.57	$	19.81		14.91	%(4)
Year Ended 12/31/22		21.86		0.12			(4.74)		(4.62)		17.24		(21.13)	%
Year Ended 12/31/21		17.06		0.11			4.69		4.80		21.86		28.14	%
Year Ended 12/31/20		14.31		0.20	(6)		2.55		2.75		17.06		19.22	%
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)	%

8 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
$	371,804		0.84%	(4)		0.84%	(4)		0.76%	(4)		0.76%	(4)		15%	(4)
	353,901		0.84%			0.84%			0.68%			0.68%			24%
	321,218		0.86%			0.91%			0.53%			0.48%			274%	(5)
	12,432		0.96%			2.08%			1.36%	(6)		0.24%	(6)		61%
	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⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾  The Fund’s portfolio turnover rate during the year reflects higher purchase and sale activities due to a significant inflow of assets into the fund.

⁽⁶⁾  Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.11, the Net Ratio of Net Investment Income to Average Net Assets would have been 0.76%, and the Gross Ratio of Net Investment Income/(Loss) to Average Net Assets would have been (0.36)%.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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 six months ended June 30, 2023, 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 six months ended June 30, 2023, Park Avenue recouped previously

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

waived or reimbursed expenses in the amount of $72,015. The amount available for potential future recoupment by Park Avenue from the Fund under the Expense Limitation Agreement and the expiration schedule at June 30, 2023 are as follows:

	Potential Recoupment Amounts		Expiration Date
	$	54,626		2023
	$	35,993		2024
Total Potential Recoupment Amounts	$	90,619

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $450,636 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 $53,156,123 and $84,736,020, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

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

6. Temporary Borrowings

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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future

annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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

PUB8170

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
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
Supplemental Information
Liquidity Risk Management Program	17
Approval of Investment Management and Sub-advisory Agreements	18
Portfolio Holdings and Proxy Voting Procedures	25

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN INTERNATIONAL EQUITY VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $302,155,567

Geographic Region Allocation¹

As of June 30, 2023

Sector Allocation²

As of June 30, 2023

1

GUARDIAN INTERNATIONAL EQUITY VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	Country	% of Total Net Assets
Shell PLC	United Kingdom		2.70%
Roche Holding AG	Switzerland		2.47%
Novo Nordisk A/S, Class B	Denmark		2.34%
Mitsubishi UFJ Financial Group, Inc.	Japan		2.27%
Nestle SA (Reg S)	Switzerland		2.14%
SAP SE	Germany		2.12%
AstraZeneca PLC	United Kingdom		2.10%
Sanofi	France		2.01%
Unilever PLC	United Kingdom		1.97%
ASML Holding NV	Netherlands		1.87%
Total			21.99%

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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00		$1,122.00		$5.68		1.08%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,019.44		$5.41		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 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 98.3%
Australia – 1.2%
Rio Tinto Ltd.		46,899	$	3,609,276
				3,609,276
Austria – 1.1%
Erste Group Bank AG		89,785		3,152,688
				3,152,688
Belgium – 0.8%
UCB SA		27,695		2,454,535
				2,454,535
Brazil – 0.4%
B3 SA - Brasil Bolsa Balcao		398,565		1,216,122
				1,216,122
Canada – 0.6%
Toronto-Dominion Bank		30,988		1,920,683
				1,920,683
Cayman Islands – 0.9%
Alibaba Group Holding Ltd.(1)		129,300		1,344,728
Tencent Holdings Ltd.		30,400		1,293,901
				2,638,629
China – 0.3%
Contemporary Amperex Technology Co. Ltd., Class A		30,600		966,301
				966,301
Denmark – 3.6%
Novo Nordisk A/S, Class B		43,859		7,083,832
Vestas Wind Systems A/S(1)		141,778		3,766,904
				10,850,736
France – 8.2%
Carrefour SA		120,243		2,278,745
EssilorLuxottica SA		23,059		4,363,866
Legrand SA		22,684		2,250,291
Sanofi		56,791		6,088,167
Schneider Electric SE		29,964		5,461,453
TotalEnergies SE		77,894		4,464,298
				24,906,820
Germany – 6.6%
Bayer AG (Reg S)		25,228		1,394,755
Bayerische Motoren Werke AG		31,449		3,862,452
Infineon Technologies AG		70,233		2,896,446
SAP SE		46,801		6,390,393
Siemens AG (Reg S)		32,527		5,414,071
				19,958,117
Hong Kong – 2.9%
AIA Group Ltd.		459,800		4,691,424
BOC Hong Kong Holdings Ltd.		884,500		2,707,230
Techtronic Industries Co. Ltd.		123,000		1,345,884
				8,744,538

June 30, 2023 (unaudited)	Shares		Value
India – 1.0%
HDFC Bank Ltd., ADR		43,116	$	3,005,185
				3,005,185
Indonesia – 0.7%
Bank Central Asia Tbk PT		3,404,400		2,098,725
				2,098,725
Ireland – 0.7%
Linde PLC		5,779		2,202,261
				2,202,261
Israel – 0.5%
Nice Ltd., ADR(1)		7,355		1,518,808
				1,518,808
Italy – 0.9%
FinecoBank Banca Fineco SpA		198,922		2,683,242
				2,683,242
Japan – 20.6%
Bridgestone Corp.		105,700		4,343,250
Daikin Industries Ltd.		21,100		4,307,030
FANUC Corp.		67,100		2,359,262
FUJIFILM Holdings Corp.		46,400		2,755,737
Hitachi Ltd.		56,000		3,465,930
KDDI Corp.		127,200		3,931,223
Keyence Corp.		6,300		2,979,385
Kubota Corp.		172,900		2,518,694
Makita Corp.		49,700		1,395,070
MISUMI Group, Inc.		74,800		1,497,082
Mitsubishi UFJ Financial Group, Inc.		927,800		6,848,428
Murata Manufacturing Co. Ltd.		37,600		2,157,483
Nitori Holdings Co. Ltd.		16,800		1,879,735
Recruit Holdings Co. Ltd.		70,600		2,253,095
Sekisui Chemical Co. Ltd.		151,200		2,187,143
SMC Corp.		6,000		3,334,802
Sony Group Corp.		53,200		4,771,914
Terumo Corp.		109,800		3,492,093
Tokio Marine Holdings, Inc.		116,500		2,689,891
Toyota Motor Corp.		182,600		2,918,137
				62,085,384
Luxembourg – 0.5%
Spotify Technology SA(1)		10,088		1,619,628
				1,619,628
Netherlands – 4.4%
Aalberts NV		33,588		1,413,943
Adyen NV(1)(2)		1,050		1,819,245
Akzo Nobel NV		36,194		2,957,431
ASML Holding NV		7,819		5,659,947
Universal Music Group NV		64,822		1,440,188
				13,290,754

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Norway – 1.4%
DNB Bank ASA		155,716	$	2,911,228
Norsk Hydro ASA		232,505		1,381,958
				4,293,186
Republic of Korea – 2.1%
Samsung Electronics Co. Ltd.		79,568		4,385,505
Samsung SDI Co. Ltd.		3,709		1,897,609
				6,283,114
Spain – 3.8%
Banco Bilbao Vizcaya Argentaria SA		582,230		4,489,412
CaixaBank SA		607,915		2,521,541
Iberdrola SA		347,694		4,541,538
				11,552,491
Sweden – 2.1%
Nibe Industrier AB, Class B		72,624		690,275
Sandvik AB		163,565		3,193,869
Svenska Handelsbanken AB, Class A		308,397		2,586,747
				6,470,891
Switzerland – 10.1%
Alcon, Inc.		41,976		3,487,602
Chocoladefabriken Lindt & Spruengli AG		172		2,160,602
Cie Financiere Richemont SA (Reg S), Class A		18,576		3,151,858
Lonza Group AG (Reg S)		6,131		3,661,375
Nestle SA (Reg S)		53,767		6,469,498
On Holding AG, Class A(1)		75,245		2,483,085
Roche Holding AG		24,375		7,448,890
Sika AG (Reg S)		5,292		1,513,632
				30,376,542
Taiwan – 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		143,000		2,664,852
				2,664,852
United Kingdom – 19.4%
Antofagasta PLC		85,989		1,602,484
AstraZeneca PLC		44,283		6,343,017
Bunzl PLC		67,642		2,575,349
Burberry Group PLC		111,426		2,998,865
Diageo PLC		75,541		3,240,402
GSK PLC		182,895		3,230,782
HSBC Holdings PLC		491,617		3,888,397
Kingfisher PLC		407,369		1,198,467
National Grid PLC		172,670		2,281,682
Prudential PLC		228,795		3,226,545
Reckitt Benckiser Group PLC		52,035		3,907,844
RELX PLC		114,282		3,809,980
Shell PLC		270,874		8,153,297
SSE PLC		179,126		4,196,419

June 30, 2023 (unaudited)	Shares		Value
United Kingdom (continued)
Unilever PLC		114,117	$	5,950,346
Whitbread PLC		49,812		2,143,573
				58,747,449
United States – 2.6%
Booking Holdings, Inc.(1)		1,045		2,821,845
Liberty Media Corp-Liberty Formula One, Class C(1)		21,383		1,609,712
Lululemon Athletica, Inc.(1)		5,957		2,254,725
MercadoLibre, Inc.(1)		882		1,044,817
				7,731,099
Total Common Stocks (Cost $293,372,020)				297,042,056
Preferred Stocks – 0.7%
Germany – 0.7%
Dr. Ing. h.c. F. Porsche AG(2)		16,233		2,014,762
Total Preferred Stocks (Cost $1,311,148)				2,014,762
	Principal Amount		Value
Repurchase Agreements – 0.6%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $1,760,416, due 7/3/2023(3)	$	1,760,193		1,760,193
Total Repurchase Agreements (Cost $1,760,193)				1,760,193
Total Investments – 99.6% (Cost $296,443,361)				300,817,011
Assets in excess of other liabilities – 0.4%				1,338,556
Total Net Assets – 100.0%			$	302,155,567

⁽¹⁾  Non–income–producing security.

⁽²⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $3,834,007, representing 1.3% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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

Security	Coupon		Maturity Date		��	Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026		$	1,769,300	$	1,795,443

Legend:

ADR — American Depositary Receipt

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	3,609,276	*	$	—	$	3,609,276
Austria		—		3,152,688	*		—		3,152,688
Belgium		—		2,454,535	*		—		2,454,535
Brazil		1,216,122		—			—		1,216,122
Canada		1,920,683		—			—		1,920,683
Cayman Islands		—		2,638,629	*		—		2,638,629
China		—		966,301	*		—		966,301
Denmark		—		10,850,736	*		—		10,850,736
France		—		24,906,820	*		—		24,906,820
Germany		—		19,958,117	*		—		19,958,117
Hong Kong		—		8,744,538	*		—		8,744,538
India		3,005,185		—			—		3,005,185
Indonesia		—		2,098,725	*		—		2,098,725
Ireland		2,202,261		—			—		2,202,261
Israel		1,518,808		—			—		1,518,808
Italy		—		2,683,242	*		—		2,683,242
Japan		—		62,085,384	*		—		62,085,384
Luxembourg		1,619,628		—			—		1,619,628
Netherlands		—		13,290,754	*		—		13,290,754
Norway		—		4,293,186	*		—		4,293,186
Republic of Korea		—		6,283,114	*		—		6,283,114
Spain		—		11,552,491	*		—		11,552,491
Sweden		—		6,470,891	*		—		6,470,891
Switzerland		2,483,085		27,893,457	*		—		30,376,542
Taiwan		—		2,664,852	*		—		2,664,852
United Kingdom		—		58,747,449	*		—		58,747,449
United States		7,731,099		—			—		7,731,099
Preferred Stocks
Germany		—		2,014,762	*		—		2,014,762
Repurchase Agreements		—		1,760,193			—		1,760,193
Total	$	21,696,871	$	279,120,140		$	—	$	300,817,011

* 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 INTERNATIONAL EQUITY VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	300,817,011
Foreign currency, at value		410,653
Foreign tax reclaims receivable		890,552
Dividends/interest receivable		511,633
Receivable for investments sold		22,053
Reimbursement receivable from adviser		15,707
Receivable for fund shares subscribed		570
Prepaid expenses		3,470
Total Assets		302,671,649
Liabilities
Investment advisory fees payable		191,266
Payable for fund shares redeemed		160,890
Distribution fees payable		62,385
Accrued custodian and accounting fees		43,161
Accrued audit fees		15,050
Accrued trustees’ and officers’ fees		6,549
Accrued expenses and other liabilities		36,781
Total Liabilities		516,082
Total Net Assets	$	302,155,567
Net Assets Consist of:
Paid-in capital	$	300,164,526
Distributable earnings		1,991,041
Total Net Assets	$	302,155,567
Investments, at Cost	$	296,443,361
Foreign Currency, at Cost	$	415,456
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		23,639,024
Net Asset Value Per Share		$12.78

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	6,097,960
Interest		9,956
Withholding taxes on foreign dividends		(691,788	)
Total Investment Income		5,416,128
Expenses
Investment advisory fees		1,209,848
Distribution fees		395,018
Custodian and accounting fees		57,663
Professional fees		45,208
Trustees’ and officers’ fees		40,976
Administrative fees		20,877
Transfer agent fees		7,153
Shareholder reports		6,749
Other expenses		10,922
Total Expenses		1,794,414
Less: Fees waived		(87,938	)
Total Expenses, Net		1,706,476
Net Investment Income/(Loss)		3,709,652
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(10,211,944	)
Net realized gain/(loss) from foreign currency transactions		37,934
Net change in unrealized appreciation/(depreciation) on investments		44,570,544
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		17,063
Net Gain on Investments and Foreign Currency Transactions		34,413,597
Net Increase in Net Assets Resulting From Operations	$	38,123,249

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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	3,709,652		$	4,451,101
Net realized gain/(loss) from investments and foreign currency transactions		(10,174,010	)		(12,361,227	)
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		44,587,607			(66,148,218	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		38,123,249			(74,058,344	)
Capital Share Transactions
Proceeds from sales of shares		73,893			34,530,478
Cost of shares redeemed		(61,053,697	)		(47,367,070	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(60,979,804	)		(12,836,592	)
Net Decrease in Net Assets		(22,856,555	)		(86,894,936	)
Net Assets
Beginning of period		325,012,122			411,907,058
End of period	$	302,155,567		$	325,012,122
Other Information:
Shares
Sold		5,856			2,969,799
Redeemed		(4,904,220	)		(4,125,624	)
Net Decrease		(4,898,364	)		(1,155,825	)

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

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9

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	11.39	$	0.14	$	1.25	$	1.39	$	12.78		12.20%	(4)
Year Ended 12/31/22		13.87		0.15		(2.63)		(2.48)		11.39		(17.88)%
Year Ended 12/31/21		13.16		0.30(5)		0.41		0.71		13.87		5.40%
Year Ended 12/31/20		12.15		0.12		0.89		1.01		13.16		8.31%
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)%

10 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
$	302,156		1.08%	(4)		1.14%	(4)		2.35%	(4)		2.29%	(4)		15%	(4)
	325,012		1.08%			1.12%			1.30%			1.26%			136%
	411,907		1.06%			1.13%			2.20%	(5)		2.13%	(5)		40%
	234,233		1.00%			1.18%			1.03%			0.85%			38%
	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⁾ Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾ Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.19, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.37%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.30%.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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 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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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 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, 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 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

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $87,938.

Park Avenue has entered into a Sub-Advisory Agreement with Schroder Investment Management North America, Inc. (“Schroder Inc.”). Schroder Inc. is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund. Schroder Inc. also entered into a Sub-subadvisory Agreement with its affiliate, Schroder Investment Management North America Limited (“Schroder Limited”). The sub-subadvisory fees under the Sub-subadvisory Agreement are paid by Schroder Inc. to Schroder Limited and do not represent a separate or additional expense to the Fund.

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $395,018 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 $45,866,911 and $103,931,749, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

15

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 June 30, 2023, 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 six months ended June 30, 2023.

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

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the

meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

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

Guardian International Equity VIP Fund

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

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

Guardian Global Utilities VIP Fund

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

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

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

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

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian Multi-Sector Bond VIP Fund

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

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

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian U.S. Government Securities VIP Fund

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

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

Conclusion

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

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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

PUB8172

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
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
Supplemental Information
Liquidity Risk Management Program	17
Approval of Investment Management and Sub-advisory Agreements	18
Portfolio Holdings and Proxy Voting Procedures	25

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN INTERNATIONAL GROWTH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $106,341,604

Geographic Region Allocation¹

As of June 30, 2023

Sector Allocation²

As of June 30, 2023

1

GUARDIAN INTERNATIONAL GROWTH VIP FUND

Top Ten Holdings2 As of June 30, 2023
Holding	Country	% of Total Net Assets
ASML Holding NV	Netherlands		5.61%
Nestle SA (Reg S)	Switzerland		4.99%
LVMH Moet Hennessy Louis Vuitton SE	France		4.88%
Novo Nordisk A/S, Class B	Denmark		3.92%
AstraZeneca PLC	United Kingdom		3.55%
Sony Group Corp.	Japan		2.94%
Keyence Corp.	Japan		2.71%
AIA Group Ltd.	Hong Kong		2.49%
Safran SA	France		2.30%
Diageo PLC	United Kingdom		2.26%
Total			35.65%

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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00		$1,142.20		$6.27		1.18%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,018.94		$5.91		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 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 99.1%
Australia – 1.3%
IDP Education Ltd.		23,926	$	353,792
Woodside Energy Group Ltd.		46,125		1,068,190
				1,421,982
Cayman Islands – 1.0%
Tencent Holdings Ltd.		24,000		1,021,501
				1,021,501
Denmark – 4.9%
Genmab A/S(1)		2,841		1,078,290
Novo Nordisk A/S, Class B		25,817		4,169,801
				5,248,091
France – 15.4%
Air Liquide SA		11,257		2,018,178
Capgemini SE		2,288		433,442
L’Oreal SA		4,388		2,047,781
LVMH Moet Hennessy Louis Vuitton SE		5,497		5,187,661
Safran SA		15,595		2,450,157
Schneider Electric SE		12,111		2,207,437
Vinci SA		17,478		2,031,422
				16,376,078
Germany – 6.1%
adidas AG		1,035		200,743
Beiersdorf AG		3,190		422,060
Delivery Hero SE(1)(2)		12,106		533,675
Deutsche Boerse AG		10,800		1,994,591
Deutsche Telekom AG (Reg S)		51,438		1,121,191
Infineon Technologies AG		41,461		1,709,874
Zalando SE(1)(2)		18,413		529,766
				6,511,900
Hong Kong – 2.5%
AIA Group Ltd.		259,400		2,646,706
				2,646,706
India – 1.4%
HDFC Bank Ltd., ADR		20,954		1,460,494
				1,460,494
Ireland – 1.8%
Linde PLC		4,853		1,849,637
				1,849,637
Japan – 19.3%
Ajinomoto Co., Inc.		29,700		1,182,524
Daikin Industries Ltd.		11,700		2,388,259
Hoya Corp.		18,500		2,206,854
Keyence Corp.		6,100		2,884,801
Otsuka Corp.		8,300		322,990
Recruit Holdings Co. Ltd.		63,500		2,026,508
Seven & i Holdings Co. Ltd.		22,100		955,558
Shimano, Inc.		7,500		1,255,401
Shin-Etsu Chemical Co. Ltd.		70,300		2,336,546
Sony Group Corp.		34,900		3,130,448
Terumo Corp.		16,600		527,948
Tokio Marine Holdings, Inc.		57,300		1,323,011
				20,540,848

June 30, 2023 (unaudited)	Shares		Value
Netherlands – 9.4%
Adyen NV(1)(2)		586	$	1,015,312
Argenx SE(1)		2,614		1,017,017
ASML Holding NV		8,235		5,961,077
Ferrari NV		3,033		992,959
Wolters Kluwer NV		7,963		1,011,101
				9,997,466
Singapore – 1.4%
DBS Group Holdings Ltd.		64,600		1,510,499
				1,510,499
Spain – 2.7%
Iberdrola SA		101,232		1,322,280
Industria de Diseno Textil SA		39,538		1,536,141
				2,858,421
Sweden – 3.9%
Atlas Copco AB, Class A		144,394		2,082,491
Epiroc AB, Class A		54,231		1,027,226
Evolution AB(2)		8,360		1,059,377
				4,169,094
Switzerland – 10.7%
Cie Financiere Richemont SA (Reg S), Class A		8,800		1,493,128
Lonza Group AG (Reg S)		2,376		1,418,925
Nestle SA (Reg S)		44,133		5,310,290
Roche Holding AG		7,431		2,270,880
Straumann Holding AG (Reg S)		5,691		924,163
				11,417,386
Taiwan – 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		11,280		1,138,377
				1,138,377
United Kingdom – 15.5%
3i Group PLC		58,919		1,463,208
Allfunds Group PLC		68,431		418,389
Anglo American PLC		40,515		1,148,373
AstraZeneca PLC		26,323		3,770,459
Diageo PLC		56,014		2,402,773
Ferguson PLC		5,689		898,139
InterContinental Hotels Group PLC		21,431		1,479,945
London Stock Exchange Group PLC		19,414		2,057,237
Oxford Nanopore Technologies PLC(1)		76,179		206,351
RELX PLC		61,117		2,037,862
Spirax-Sarco Engineering PLC		4,733		623,429
				16,506,165
United States – 0.7%
MercadoLibre, Inc.(1)		647		766,436
				766,436
Total Common Stocks (Cost $78,961,704)				105,441,081

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.7%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $705,753, due 7/3/2023(3)	$	705,664	$	705,664
Total Repurchase Agreements (Cost $705,664)				705,664
Total Investments – 99.8% (Cost $79,667,368)				106,146,745
Assets in excess of other liabilities – 0.2%				194,859
Total Net Assets – 100.0%			$	106,341,604

⁽¹⁾  Non–income–producing security.

⁽²⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $3,138,130, representing 3.0% 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 Note		4.625%		3/15/2026	$	709,300	$	719,780

Legend:

ADR — American Depositary Receipt

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	1,421,982	*	$	—	$	1,421,982
Cayman Islands		—		1,021,501	*		—		1,021,501
Denmark		—		5,248,091	*		—		5,248,091
France		—		16,376,078	*		—		16,376,078
Germany		—		6,511,900	*		—		6,511,900
Hong Kong		—		2,646,706	*		—		2,646,706
India		1,460,494		—			—		1,460,494
Ireland		—		1,849,637	*		—		1,849,637
Japan		—		20,540,848	*		—		20,540,848
Netherlands		—		9,997,466	*		—		9,997,466
Singapore		—		1,510,499	*		—		1,510,499
Spain		—		2,858,421	*		—		2,858,421
Sweden		—		4,169,094	*		—		4,169,094
Switzerland		—		11,417,386	*		—		11,417,386
Taiwan		1,138,377		—			—		1,138,377
United Kingdom		—		16,506,165	*		—		16,506,165
United States		766,436		—			—		766,436
Repurchase Agreements		—		705,664			—		705,664
Total	$	3,365,307	$	102,781,438		$	—	$	106,146,745

* 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 INTERNATIONAL GROWTH VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	106,146,745
Foreign currency, at value		22,426
Foreign tax reclaims receivable		502,428
Receivable for investments sold		165,423
Dividends/interest receivable		37,212
Reimbursement receivable from adviser		5,246
Receivable for fund shares subscribed		265
Prepaid expenses		1,192
Total Assets		106,880,937
Liabilities
Payable for investments purchased		321,599
Investment advisory fees payable		70,048
Payable for fund shares redeemed		64,497
Accrued custodian and accounting fees		23,998
Distribution fees payable		21,979
Accrued audit fees		15,050
Accrued trustees’ and officers’ fees		2,230
Accrued expenses and other liabilities		19,932
Total Liabilities		539,333
Total Net Assets	$	106,341,604
Net Assets Consist of:
Paid-in capital	$	67,772,423
Distributable earnings		38,569,181
Total Net Assets	$	106,341,604
Investments, at Cost	$	79,667,368
Foreign Currency, at Cost	$	22,188
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		6,756,614
Net Asset Value Per Share		$15.74

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,489,831
Interest		7,368
Withholding taxes on foreign dividends		(133,512	)
Total Investment Income		1,363,687
Expenses
Investment advisory fees		443,675
Distribution fees		139,627
Custodian and accounting fees		34,944
Professional fees		25,691
Trustees’ and officers’ fees		14,460
Administrative fees		12,677
Transfer agent fees		6,896
Shareholder reports		4,263
Other expenses		3,061
Total Expenses		685,294
Less: Fees waived		(26,255	)
Total Expenses, Net		659,039
Net Investment Income/(Loss)		704,648
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		1,098,269
Net realized gain/(loss) from foreign currency transactions		(34,803	)
Net change in unrealized appreciation/(depreciation) on investments		13,762,444
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		12,716
Net Gain on Investments and Foreign Currency Transactions		14,838,626
Net Increase in Net Assets Resulting From Operations	$	15,543,274

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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	704,648		$	420,805
Net realized gain/(loss) from investments and foreign currency transactions		1,063,466			(4,597,473	)
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		13,775,160			(38,921,225	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		15,543,274			(43,097,893	)
Capital Share Transactions
Proceeds from sales of shares		188,911			30,232,445
Cost of shares redeemed		(24,052,896	)		(21,298,973	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(23,863,985	)		8,933,472
Net Decrease in Net Assets		(8,320,711	)		(34,164,421	)
Net Assets
Beginning of period		114,662,315			148,826,736
End of period	$	106,341,604		$	114,662,315
Other Information:
Shares
Sold		12,543			2,045,765
Redeemed		(1,574,263	)		(1,474,540	)
Net Increase/(Decrease)		(1,561,720	)		571,225

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

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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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)(1)			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	13.78	$	0.09		$	1.87	$	1.96	$	15.74		14.22%	(4)
Year Ended 12/31/22		19.21		0.05			(5.48)		(5.43)		13.78		(28.27)%
Year Ended 12/31/21		17.34		(0.01	)		1.88		1.87		19.21		10.78%
Year Ended 12/31/20		13.53		(0.00	)(5)		3.81		3.81		17.34		28.16%
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)%

10 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
$	106,342		1.18%	(4)		1.23%	(4)		1.26%	(4)		1.21%	(4)		21%	(4)
	114,662		1.18%			1.21%			0.35%			0.32%			40%
	148,827		1.17%			1.17%			(0.05)%			(0.05)%			31%
	146,998		1.18%			1.24%			(0.00)%	(6)		(0.06)%			25%
	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⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾  Rounds to $(0.00) per share.

⁽⁶⁾  Rounds to (0.00)%.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

June 30, 2023 (unaudited)

1. Organization

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

The 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.

12

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

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

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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 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, 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 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.

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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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $26,255.

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $139,627 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 $22,887,828 and $45,151,837, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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.

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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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not

meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the

period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the

“Agreements”) between the Manager and investment advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

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

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the

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Agreements. The Trustees received written responses from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

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

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably

coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

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

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

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

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

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

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

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

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

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

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

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

Guardian Integrated Research VIP Fund

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

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

Guardian Diversified Research VIP Fund

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

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SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

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

Guardian Growth & Income VIP Fund

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

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

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

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

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Mid Cap Traditional Growth VIP Fund

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

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

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

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

22

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

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

Guardian Small Cap Core VIP Fund

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

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

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

23

SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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

PUB8171

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $493,144,152

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Apple, Inc.		10.80%
Microsoft Corp.		10.07%
Amazon.com, Inc.		4.99%
NVIDIA Corp.		4.58%
Alphabet, Inc., Class A		4.49%
Meta Platforms, Inc., Class A		3.48%
Mastercard, Inc., Class A		3.19%
Eli Lilly and Co.		2.65%
UnitedHealth Group, Inc.		2.63%
Tesla, Inc.		1.90%
Total		48.78%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,295.70	$	4.95		0.87%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.48	$	4.36		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 99.5%
Aerospace & Defense – 1.0%
Raytheon Technologies Corp.		49,410	$	4,840,204
				4,840,204
Automobiles – 1.9%
Tesla, Inc.(1)		35,839		9,381,575
				9,381,575
Beverages – 3.1%
Brown-Forman Corp., Class B		52,726		3,521,042
Constellation Brands, Inc., Class A		22,110		5,441,934
Monster Beverage Corp.(1)		108,529		6,233,906
				15,196,882
Biotechnology – 1.6%
United Therapeutics Corp.(1)		8,004		1,766,883
Vertex Pharmaceuticals, Inc.(1)		18,065		6,357,254
				8,124,137
Broadline Retail – 5.0%
Amazon.com, Inc.(1)		188,726		24,602,321
				24,602,321
Building Products – 0.7%
Builders FirstSource, Inc.(1)		23,937		3,255,432
				3,255,432
Capital Markets – 2.2%
Ares Management Corp., Class A		37,238		3,587,881
Morgan Stanley		33,000		2,818,200
S&P Global, Inc.		11,246		4,508,409
				10,914,490
Chemicals – 1.6%
Albemarle Corp.		11,106		2,477,637
Sherwin-Williams Co.		20,782		5,518,037
				7,995,674
Consumer Finance – 0.8%
American Express Co.		22,786		3,969,321
				3,969,321
Electronic Equipment, Instruments & Components – 3.5%
Amphenol Corp., Class A		67,374		5,723,421
CDW Corp.		28,976		5,317,096
Jabil, Inc.		56,528		6,101,067
				17,141,584
Entertainment – 0.8%
Walt Disney Co.(1)		42,102		3,758,867
				3,758,867
Financial Services – 4.4%
Block, Inc.(1)		36,816		2,450,841
FleetCor Technologies, Inc.(1)		14,239		3,575,128
Mastercard, Inc., Class A		40,026		15,742,226
				21,768,195
Ground Transportation – 0.8%
Uber Technologies, Inc.(1)		93,075		4,018,048
				4,018,048

June 30, 2023 (unaudited)	Shares		Value
Health Care Equipment & Supplies – 2.2%
Boston Scientific Corp.(1)		46,083	$	2,492,630
Dexcom, Inc.(1)		31,249		4,015,809
Edwards Lifesciences Corp.(1)		44,049		4,155,142
				10,663,581
Health Care Providers & Services – 2.6%
UnitedHealth Group, Inc.		27,018		12,985,931
				12,985,931
Health Care Technology – 0.8%
Veeva Systems, Inc., Class A(1)		20,296		4,013,128
				4,013,128
Hotels, Restaurants & Leisure – 2.2%
Airbnb, Inc., Class A(1)		31,870		4,084,459
Chipotle Mexican Grill, Inc.(1)		3,248		6,947,472
				11,031,931
Industrial REITs – 0.8%
Prologis, Inc.		32,347		3,966,713
				3,966,713
Insurance – 0.8%
Arch Capital Group Ltd.(1)		53,674		4,017,499
				4,017,499
Interactive Media & Services – 8.8%
Alphabet, Inc., Class A(1)		184,947		22,138,156
Meta Platforms, Inc., Class A(1)		59,825		17,168,579
ZoomInfo Technologies, Inc.(1)		152,742		3,878,119
				43,184,854
IT Services – 0.6%
GoDaddy, Inc., Class A(1)		39,585		2,974,021
				2,974,021
Life Sciences Tools & Services – 0.9%
Thermo Fisher Scientific, Inc.		8,749		4,564,791
				4,564,791
Machinery – 3.6%
Deere & Co.		17,705		7,173,889
Ingersoll Rand, Inc.		71,492		4,672,717
Nordson Corp.		23,349		5,794,755
				17,641,361
Oil, Gas & Consumable Fuels – 0.7%
Pioneer Natural Resources Co.		17,442		3,613,634
				3,613,634
Personal Care Products – 1.3%
Estee Lauder Cos., Inc., Class A		33,229		6,525,511
				6,525,511
Pharmaceuticals – 3.5%
Eli Lilly and Co.		27,837		13,054,996
Merck & Co., Inc.		38,109		4,397,398
				17,452,394
Professional Services – 0.8%
Paycom Software, Inc.		11,555		3,711,928
				3,711,928

The accompanying notes are an integral part of these financial statements. 3

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Semiconductors & Semiconductor Equipment – 10.3%
Advanced Micro Devices, Inc.(1)		61,630	$	7,020,273
Broadcom, Inc.		10,049		8,716,804
KLA Corp.		13,095		6,351,337
NVIDIA Corp.		53,421		22,598,152
Texas Instruments, Inc.		32,820		5,908,256
				50,594,822
Software – 17.1%
Cadence Design Systems, Inc.(1)		19,504		4,574,078
HubSpot, Inc.(1)		5,204		2,768,996
Microsoft Corp.		145,812		49,654,819
Palo Alto Networks, Inc.(1)		27,631		7,059,997
Salesforce, Inc.(1)		21,115		4,460,755
ServiceNow, Inc.(1)		15,964		8,971,289
Workday, Inc., Class A(1)		30,319		6,848,759
				84,338,693
Specialty Retail – 1.3%
TJX Cos., Inc.		78,062		6,618,877
				6,618,877
Technology Hardware, Storage & Peripherals – 10.8%
Apple, Inc.		274,428		53,230,799
				53,230,799
Textiles, Apparel & Luxury Goods – 3.0%
Lululemon Athletica, Inc.(1)		17,441		6,601,418
NIKE, Inc., Class B		71,967		7,942,998
				14,544,416
Total Common Stocks (Cost $339,306,064)				490,641,614

June 30, 2023 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.1%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $568,481, due 7/3/2023(2)	$	568,409	$	568,409
Total Repurchase Agreements (Cost $568,409)				568,409
Total Investments – 99.6% (Cost $339,874,473)				491,210,023
Assets in excess of other liabilities – 0.4%				1,934,129
Total Net Assets – 100.0%			$	493,144,152

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	571,400	$	579,843

Legend:

REITs — Real Estate Investment Trusts

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	490,641,614	$	—	$	—	$	490,641,614
Repurchase Agreements		—		568,409		—		568,409
Total	$	490,641,614	$	568,409	$	—	$	491,210,023

4 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	491,210,023
Receivable for investments sold		2,426,075
Dividends/interest receivable		120,062
Reimbursement receivable from adviser		7,014
Prepaid expenses		5,090
Total Assets		493,768,264
Liabilities
Payable for fund shares redeemed		228,413
Investment advisory fees payable		223,612
Distribution fees payable		99,603
Accrued audit fees		13,978
Accrued custodian and accounting fees		10,429
Accrued trustees’ and officers’ fees		6,902
Accrued expenses and other liabilities		41,175
Total Liabilities		624,112
Total Net Assets	$	493,144,152
Net Assets Consist of:
Paid-in capital	$	154,743,032
Distributable earnings		338,401,120
Total Net Assets	$	493,144,152
Investments, at Cost	$	339,874,473
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		19,365,737
Net Asset Value Per Share		$25.46

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,855,779
Interest		12,527
Total Investment Income		1,868,306
Expenses
Investment advisory fees		1,302,324
Distribution fees		578,436
Trustees’ and officers’ fees		55,002
Professional fees		54,459
Administrative fees		27,066
Custodian and accounting fees		18,225
Transfer agent fees		8,748
Shareholder reports		6,896
Other expenses		12,119
Total Expenses		2,063,275
Less: Fees waived		(50,320	)
Total Expenses, Net		2,012,955
Net Investment Income/(Loss)		(144,649	)
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		16,751,387
Net change in unrealized appreciation/(depreciation) on investments		104,684,879
Net Gain on Investments		121,436,266
Net Increase in Net Assets Resulting From Operations	$	121,291,617

The accompanying notes are an integral part of these financial statements. 5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	(144,649	)	$	(750,093	)
Net realized gain/(loss) from investments		16,751,387			(10,126,990	)
Net change in unrealized appreciation/(depreciation) on investments		104,684,879			(185,987,750	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		121,291,617			(196,864,833	)
Capital Share Transactions
Proceeds from sales of shares		1,494,261			91,090,129
Cost of shares redeemed		(69,182,934	)		(77,446,731	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(67,688,673	)		13,643,398
Net Increase/(Decrease) in Net Assets		53,602,944			(183,221,435	)
Net Assets
Beginning of period		439,541,208			622,762,643
End of period	$	493,144,152		$	439,541,208
Other Information:
Shares
Sold		65,095			4,085,055
Redeemed		(3,063,653	)		(3,426,409	)
Net Increase/(Decrease)		(2,998,558	)		658,646

6 The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank

7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Loss(1)			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	19.65	$	(0.01)		$	5.82	$	5.81	$	25.46		29.57%	(4)
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)	(5)		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)%

8 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
$	493,144		0.87%	(4)		0.89%	(4)		(0.06)%	(4)		(0.08)%	(4)		21%	(4)
	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⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾  Rounds to $(0.00) per share.

The accompanying notes are an integral part of these financial statements. 9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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, 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 0.87% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $50,320.

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.

12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED 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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $578,436 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 $96,133,026 and $164,189,417, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED 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 six months ended June 30, 2023.

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.

14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

16

SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

17

SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the

18

SUPPLEMENTAL INFORMATION (UNAUDITED)

management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future

annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an

investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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

PUB8173

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $157,130,060

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
JPMorgan Chase & Co.		3.76%
Berkshire Hathaway, Inc., Class B		3.64%
Alphabet, Inc., Class A		3.18%
Bristol-Myers Squibb Co.		2.87%
Johnson & Johnson		2.81%
Cisco Systems, Inc.		2.56%
Wells Fargo & Co.		2.22%
Activision Blizzard, Inc.		2.00%
AutoZone, Inc.		1.98%
Walmart, Inc.		1.77%
Total		26.79%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23		Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$	1,000.00	$	1,037.90	$	4.90		0.97%
Based on Hypothetical Return (5% Return Before Expenses)	$	1,000.00	$	1,019.98	$	4.86		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 98.7%
Aerospace & Defense – 2.7%
General Dynamics Corp.		9,695	$	2,085,879
Howmet Aerospace, Inc.		43,933		2,177,320
				4,263,199
Automobile Components – 0.4%
BorgWarner, Inc.		14,083		688,800
				688,800
Banks – 6.0%
JPMorgan Chase & Co.		40,645		5,911,409
Wells Fargo & Co.		81,799		3,491,181
				9,402,590
Beverages – 2.4%
Coca-Cola Europacific Partners PLC		20,237		1,303,870
Keurig Dr Pepper, Inc.		80,603		2,520,456
				3,824,326
Biotechnology – 1.0%
Amgen, Inc.		7,210		1,600,764
				1,600,764
Building Products – 1.4%
Allegion PLC		9,502		1,140,430
Masco Corp.		17,487		1,003,404
				2,143,834
Capital Markets – 2.5%
Ares Management Corp., Class A		7,364		709,521
Goldman Sachs Group, Inc.		5,955		1,920,726
Intercontinental Exchange, Inc.		11,968		1,353,342
				3,983,589
Chemicals – 2.2%
Corteva, Inc.		15,806		905,683
DuPont de Nemours, Inc.		25,386		1,813,576
Olin Corp.		13,315		684,258
				3,403,517
Communications Equipment – 2.6%
Cisco Systems, Inc.		77,713		4,020,871
				4,020,871
Construction Materials – 1.0%
CRH PLC, ADR		26,725		1,489,384
				1,489,384
Consumer Finance – 0.6%
Discover Financial Services		7,911		924,400
				924,400
Consumer Staples Distribution & Retail – 3.8%
Dollar General Corp.		2,886		489,985
Kroger Co.		17,003		799,141
US Foods Holding Corp.(1)		43,761		1,925,484
Walmart, Inc.		17,682		2,779,257
				5,993,867
Distributors – 1.0%
LKQ Corp.		26,846		1,564,316
				1,564,316

June 30, 2023 (unaudited)	Shares		Value
Electric Utilities – 1.0%
FirstEnergy Corp.		39,319	$	1,528,723
				1,528,723
Electrical Equipment – 1.1%
Eaton Corp. PLC		8,797		1,769,077
				1,769,077
Energy Equipment & Services – 2.8%
Halliburton Co.		61,646		2,033,702
Schlumberger NV		48,642		2,389,295
				4,422,997
Entertainment – 2.7%
Activision Blizzard, Inc.(1)		37,362		3,149,617
Take-Two Interactive Software, Inc.(1)		3,272		481,507
Warner Bros Discovery, Inc.(1)		54,340		681,424
				4,312,548
Financial Services – 5.6%
Berkshire Hathaway, Inc., Class B(1)		16,771		5,718,911
FleetCor Technologies, Inc.(1)		7,298		1,832,382
Global Payments, Inc.		12,173		1,199,284
				8,750,577
Health Care Providers & Services – 8.3%
AmerisourceBergen Corp.		11,692		2,249,892
Centene Corp.(1)		27,367		1,845,904
Cigna Group		9,628		2,701,617
CVS Health Corp.		30,732		2,124,503
McKesson Corp.		3,366		1,438,325
UnitedHealth Group, Inc.		5,541		2,663,226
				13,023,467
Hotels, Restaurants & Leisure – 0.9%
Booking Holdings, Inc.(1)		534		1,441,976
				1,441,976
Household Durables – 1.5%
Mohawk Industries, Inc.(1)		9,580		988,273
Sony Group Corp., ADR		15,042		1,354,381
				2,342,654
Insurance – 3.3%
Allstate Corp.		5,115		557,740
Aon PLC, Class A		2,748		948,609
Arthur J Gallagher & Co.		6,396		1,404,370
Chubb Ltd.		7,772		1,496,576
Progressive Corp.		5,772		764,040
				5,171,335
Interactive Media & Services – 3.2%
Alphabet, Inc., Class A(1)		41,677		4,988,737
				4,988,737
IT Services – 0.8%
Cognizant Technology Solutions Corp., Class A		19,388		1,265,649
				1,265,649
Life Sciences Tools & Services – 2.2%
Avantor, Inc.(1)		68,910		1,415,411

The accompanying notes are an integral part of these financial statements. 3

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Life Sciences Tools & Services (continued)
ICON PLC(1)		8,128	$	2,033,626
				3,449,037
Machinery – 4.8%
Caterpillar, Inc.		3,637		894,884
Deere & Co.		4,444		1,800,664
Dover Corp.		5,556		820,343
Fortive Corp.		22,496		1,682,026
Otis Worldwide Corp.		11,575		1,030,291
Westinghouse Air Brake Technologies Corp.		12,130		1,330,297
				7,558,505
Media – 0.9%
Omnicom Group, Inc.		14,256		1,356,458
				1,356,458
Metals & Mining – 0.4%
Teck Resources Ltd., Class B		16,322		687,156
				687,156
Multi-Utilities – 0.6%
CenterPoint Energy, Inc.		31,967		931,838
				931,838
Oil, Gas & Consumable Fuels – 7.8%
Canadian Natural Resources Ltd.		38,494		2,165,672
Cenovus Energy, Inc.		124,264		2,110,003
ConocoPhillips		19,436		2,013,764
Exxon Mobil Corp.		15,343		1,645,537
Marathon Petroleum Corp.		21,041		2,453,381
Peabody Energy Corp.		32,522		704,426
Pioneer Natural Resources Co.		5,789		1,199,365
				12,292,148
Personal Care Products – 0.1%
Kenvue, Inc.(1)		5,735		151,519
				151,519
Pharmaceuticals – 7.1%
Bristol-Myers Squibb Co.		70,606		4,515,254
Johnson & Johnson		26,666		4,413,756
Sanofi, ADR		42,145		2,271,615
				11,200,625
Professional Services – 1.6%
Leidos Holdings, Inc.		14,475		1,280,748
SS&C Technologies Holdings, Inc.		21,231		1,286,599
				2,567,347
Semiconductors & Semiconductor Equipment – 6.8%
Advanced Micro Devices, Inc.(1)		17,270		1,967,226
Applied Materials, Inc.		14,809		2,140,493
Lam Research Corp.		1,776		1,141,719
Microchip Technology, Inc.		22,474		2,013,446
Micron Technology, Inc.		27,526		1,737,166
NXP Semiconductors NV		1,724		352,868
QUALCOMM, Inc.		11,628		1,384,197
				10,737,115

June 30, 2023 (unaudited)	Shares		Value
Specialty Retail – 2.3%
AutoZone, Inc.(1)		1,248	$	3,111,713
Ulta Beauty, Inc.(1)		1,045		491,772
				3,603,485
Technology Hardware, Storage & Peripherals – 1.0%
Dell Technologies, Inc., Class C		27,723		1,500,092
				1,500,092
Tobacco – 1.2%
Philip Morris International, Inc.		19,642		1,917,452
				1,917,452
Trading Companies & Distributors – 2.0%
United Rentals, Inc.		4,953		2,205,918
WESCO International, Inc.		5,171		925,919
				3,131,837
Wireless Telecommunication Services – 1.1%
T-Mobile US, Inc.(1)		12,005		1,667,494
				1,667,494
Total Common Stocks (Cost $122,179,006)				155,073,305
	Principal Amount		Value
Repurchase Agreements – 1.4%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $2,169,005, due 7/3/2023(2)	$	2,168,730		2,168,730
Total Repurchase Agreements (Cost $2,168,730)				2,168,730
Total Investments – 100.1% (Cost $124,347,736)				157,242,035
Liabilities in excess of other assets – (0.1)%				(111,975	)
Total Net Assets – 100.0%			$	157,130,060

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	2,179,900	$	2,212,110

Legend:

ADR — American Depositary Receipt

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	155,073,305	$	—	$	—	$	155,073,305
Repurchase Agreements		—		2,168,730		—		2,168,730
Total	$	155,073,305	$	2,168,730	$	—	$	157,242,035

The accompanying notes are an integral part of these financial statements. 5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	157,242,035
Cash		16,308
Dividends/interest receivable		95,393
Foreign tax reclaims receivable		84,400
Reimbursement receivable from adviser		4,799
Prepaid expenses		1,929
Total Assets		157,444,864
Liabilities
Payable for fund shares redeemed		152,386
Investment advisory fees payable		80,561
Distribution fees payable		31,855
Accrued audit fees		13,978
Accrued custodian and accounting fees		9,823
Accrued trustees’ and officers’ fees		3,000
Accrued expenses and other liabilities		23,201
Total Liabilities		314,804
Total Net Assets	$	157,130,060
Net Assets Consist of:
Paid-in capital	$	64,124,887
Distributable earnings		93,005,173
Total Net Assets	$	157,130,060
Investments, at Cost	$	124,347,736
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		8,572,273
Net Asset Value Per Share		$18.33

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,471,826
Interest		23,047
Total Investment Income		1,494,873
Expenses
Investment advisory fees		485,536
Distribution fees		191,976
Professional fees		28,232
Trustees’ and officers’ fees		19,367
Custodian and accounting fees		18,156
Administrative fees		15,005
Transfer agent fees		6,290
Shareholder reports		4,527
Other expenses		4,491
Total Expenses		773,580
Less: Fees waived		(28,713	)
Total Expenses, Net		744,867
Net Investment Income/(Loss)		750,006
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		4,790,454
Net realized gain/(loss) from foreign currency transactions		560
Net change in unrealized appreciation/(depreciation) on investments		130,522
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(177	)
Net Gain on Investments and Foreign Currency Transactions		4,921,359
Net Increase in Net Assets Resulting From Operations	$	5,671,365

6 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	750,006		$	1,801,232
Net realized gain/(loss) from investments and foreign currency transactions		4,791,014			17,292,282
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		130,345			(28,742,703	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		5,671,365			(9,649,189	)
Capital Share Transactions
Proceeds from sales of shares		14,985,964			9,188,915
Cost of shares redeemed		(16,720,572	)		(65,454,790	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(1,734,608	)		(56,265,875	)
Net Increase/(Decrease) in Net Assets		3,936,757			(65,915,064	)
Net Assets
Beginning of period		153,193,303			219,108,367
End of period	$	157,130,060		$	153,193,303
Other Information:
Shares
Sold		839,986			527,283
Redeemed		(942,848	)		(3,648,672	)
Net Decrease		(102,862	)		(3,121,389	)

The accompanying notes are an integral part of these financial statements. 7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	17.66	$	0.09		$	0.58		$	0.67		$	18.33		3.79%	(4)
Year Ended 12/31/22		18.57		0.18			(1.09	)		(0.91	)		17.66		(4.90)%
Year Ended 12/31/21		14.30		0.12			4.15			4.27			18.57		29.86%
Year Ended 12/31/20		14.13		0.19	(5)		(0.02	)		0.17			14.30		1.20%
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)%

8 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
$	157,130		0.97%	(4)		1.01%	(4)		0.98%	(4)		0.94%	(4)		31%	(4)
	153,193		0.97%			0.98%			1.01%			1.00%			33%
	219,108		0.97%			0.97%			0.71%			0.71%			45%
	223,410		0.97%			1.02%			1.53%	(5)		1.48%	(5)		73%
	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⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾  Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.14, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.15%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.10%.

The accompanying notes are an integral part of these financial statements. 9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Value VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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, 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 0.97% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $28,713.

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.

12

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $191,976 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 $47,386,505 and $46,988,193, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE 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 six months ended June 30, 2023.

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.

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Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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Approval of Investment Management and Sub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the

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Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

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Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the

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2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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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

PUB8174

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	25

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $273,455,589

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Microsoft Corp.		12.47%
NVIDIA Corp.		7.44%
Alphabet, Inc., Class A		5.01%
Apple, Inc.		4.33%
Uber Technologies, Inc.		3.55%
Amazon.com, Inc.		3.31%
Vertex Pharmaceuticals, Inc.		2.29%
UnitedHealth Group, Inc.		2.29%
Eli Lilly and Co.		2.06%
Netflix, Inc.		1.88%
Total		44.63%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,306.70	$	5.32		0.93%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.18	$	4.66		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 99.0%
Aerospace & Defense – 0.5%
Boeing Co.(1)		275	$	58,069
Spirit AeroSystems Holdings, Inc., Class A		41,032		1,197,724
				1,255,793
Automobile Components – 0.0%
Mobileye Global, Inc., Class A(1)		1,800		69,156
				69,156
Automobiles – 1.2%
BYD Co. Ltd., Class H (China)		37,000		1,183,366
Ferrari NV		6,300		2,048,823
				3,232,189
Banks – 0.1%
HDFC Bank Ltd., ADR (India)		2,100		146,370
				146,370
Beverages – 1.2%
Boston Beer Co., Inc., Class A(1)		2,400		740,256
Monster Beverage Corp.(1)		46,100		2,647,984
				3,388,240
Biotechnology – 6.0%
2seventy bio, Inc.(1)		2,600		26,312
Affimed NV(1)		14,400		8,614
Alnylam Pharmaceuticals, Inc.(1)		8,000		1,519,520
Arcellx, Inc.(1)		1,700		53,754
Beam Therapeutics, Inc.(1)		2,100		67,053
Biogen, Inc.(1)		5,300		1,509,705
Cytokinetics, Inc.(1)		5,300		172,886
Evelo Biosciences, Inc.(1)		620		2,015
Galapagos NV, ADR(1)		15,600		634,296
Genmab A/S (Denmark)(1)		1,200		455,455
Hookipa Pharma, Inc.(1)		22,700		19,976
Immunocore Holdings PLC, ADR(1)		5,400		323,784
Insmed, Inc.(1)		25,600		540,160
Regeneron Pharmaceuticals, Inc.(1)		3,000		2,155,620
Seagen, Inc.(1)		12,200		2,348,012
Vertex Pharmaceuticals, Inc.(1)		17,800		6,263,998
Vor BioPharma, Inc.(1)		16,800		51,912
XOMA Corp.(1)		9,400		177,566
				16,330,638
Broadline Retail – 4.2%
Amazon.com, Inc.(1)		69,500		9,060,020
Dollarama, Inc. (Canada)		2,100		142,224
MercadoLibre, Inc.(1)		2,016		2,388,154
				11,590,398
Capital Markets – 1.9%
CME Group, Inc.		27,300		5,058,417
				5,058,417
Chemicals – 0.1%
Aspen Aerogels, Inc.(1)		19,100		150,699
				150,699

June 30, 2023 (unaudited)	Shares		Value
Diversified Consumer Services – 0.1%
Laureate Education, Inc.		20,900	$	252,681
				252,681
Electrical Equipment – 1.4%
Bloom Energy Corp., Class A(1)		4,200		68,670
Eaton Corp. PLC		15,500		3,117,050
Hubbell, Inc.		2,100		696,276
				3,881,996
Electronic Equipment, Instruments & Components – 1.4%
Flex Ltd.(1)		87,497		2,418,417
Jabil, Inc.		13,797		1,489,110
				3,907,527
Energy Equipment & Services – 0.5%
Baker Hughes Co.		42,290		1,336,787
				1,336,787
Entertainment – 4.6%
Netflix, Inc.(1)		11,700		5,153,733
Universal Music Group NV (Netherlands)		209,727		4,659,627
Warner Music Group Corp., Class A		102,800		2,682,052
				12,495,412
Financial Services – 2.4%
Block, Inc.(1)		24,065		1,602,007
Mastercard, Inc., Class A		12,922		5,082,223
				6,684,230
Ground Transportation – 3.6%
Uber Technologies, Inc.(1)		224,956		9,711,351
				9,711,351
Health Care Equipment & Supplies – 1.6%
Boston Scientific Corp.(1)		67,426		3,647,072
Insulet Corp.(1)		200		57,668
Penumbra, Inc.(1)		1,900		653,714
				4,358,454
Health Care Providers & Services – 3.2%
HealthEquity, Inc.(1)		40,042		2,528,252
Option Care Health, Inc.(1)		2,100		68,229
UnitedHealth Group, Inc.		13,000		6,248,320
				8,844,801
Health Care Technology – 0.1%
Simulations Plus, Inc.		3,700		160,321
				160,321
Hotels, Restaurants & Leisure – 2.4%
Airbnb, Inc., Class A(1)		16,000		2,050,560
Booking Holdings, Inc.(1)		576		1,555,390
Flutter Entertainment PLC (Australia)(1)		13,200		2,651,296
Kura Sushi USA, Inc., Class A(1)		4,400		408,980
				6,666,226
Industrial Conglomerates – 1.5%
General Electric Co.		37,246		4,091,473
				4,091,473

The accompanying notes are an integral part of these financial statements. 3

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Insurance – 1.4%
Arthur J Gallagher & Co.		10,400	$	2,283,528
BRP Group, Inc., Class A(1)		15,800		391,524
Marsh & McLennan Cos., Inc.		6,500		1,222,520
				3,897,572
Interactive Media & Services – 5.0%
Alphabet, Inc., Class A(1)		114,500		13,705,650
				13,705,650
IT Services – 2.0%
Gartner, Inc.(1)		2,400		840,744
MongoDB, Inc.(1)		8,174		3,359,432
Shopify, Inc., Class A(1)		17,704		1,143,679
				5,343,855
Life Sciences Tools & Services – 2.5%
Bio-Techne Corp.		7,888		643,898
Bruker Corp.		18,491		1,366,855
Charles River Laboratories International, Inc.(1)		4,453		936,243
Codexis, Inc.(1)		16,600		46,480
Danaher Corp.		5,449		1,307,760
Repligen Corp.(1)		4,700		664,862
Sartorius Stedim Biotech (France)		2,900		724,700
Thermo Fisher Scientific, Inc.		2,429		1,267,331
				6,958,129
Machinery – 2.0%
Energy Recovery, Inc.(1)		7,700		215,215
Ingersoll Rand, Inc.		43,065		2,814,728
Parker-Hannifin Corp.		4,500		1,755,180
Westinghouse Air Brake Technologies Corp.		6,800		745,756
				5,530,879
Media – 0.0%
Innovid Corp.(1)		11,100		12,099
				12,099
Oil, Gas & Consumable Fuels – 3.6%
Cheniere Energy, Inc.		26,100		3,976,596
Denbury, Inc.(1)		4,400		379,544
New Fortress Energy, Inc.		18,400		492,752
Range Resources Corp.		48,100		1,414,140
Reliance Industries Ltd., GDR(2)		56,603		3,526,367
				9,789,399
Passenger Airlines – 0.6%
Ryanair Holdings PLC, ADR(1)		13,600		1,504,160
				1,504,160
Personal Care Products – 0.3%
Estee Lauder Cos., Inc., Class A		4,100		805,158
				805,158
Pharmaceuticals – 2.9%
Aclaris Therapeutics, Inc.(1)		7,200		74,664
AstraZeneca PLC, ADR		22,900		1,638,953
Eli Lilly and Co.		12,034		5,643,705

June 30, 2023 (unaudited)	Shares		Value
Pharmaceuticals (continued)
Revance Therapeutics, Inc.(1)		20,900	$	528,979
				7,886,301
Professional Services – 2.2%
Equifax, Inc.		6,700		1,576,510
KBR, Inc.		50,700		3,298,542
TransUnion		14,900		1,167,117
				6,042,169
Semiconductors & Semiconductor Equipment – 13.3%
AIXTRON SE (Germany)		27,400		929,467
Allegro MicroSystems, Inc.(1)		10,247		462,550
ASML Holding NV		2,136		1,548,066
BE Semiconductor Industries NV (Netherlands)		12,800		1,387,608
KLA Corp.		2,633		1,277,058
Monolithic Power Systems, Inc.		1,700		918,391
NVIDIA Corp.		48,092		20,343,878
NXP Semiconductors NV		11,400		2,333,352
SiTime Corp.(1)		11,144		1,314,658
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		43,356		4,375,487
Universal Display Corp.		9,954		1,434,670
				36,325,185
Software – 17.0%
Confluent, Inc., Class A(1)		47,367		1,672,529
HashiCorp, Inc., Class A(1)		19,900		520,982
HubSpot, Inc.(1)		3,900		2,075,151
Manhattan Associates, Inc.(1)		9,648		1,928,442
Microsoft Corp.		100,104		34,089,416
Nice Ltd., ADR(1)		4,000		826,000
Oracle Corp.		38,400		4,573,056
ServiceNow, Inc.(1)		1,600		899,152
Volue ASA (Norway)(1)		19,170		32,240
				46,616,968
Specialty Retail – 1.8%
Five Below, Inc.(1)		10,759		2,114,574
TJX Cos., Inc.		34,469		2,922,626
				5,037,200
Technology Hardware, Storage & Peripherals – 4.3%
Apple, Inc.		61,002		11,832,558
				11,832,558
Textiles, Apparel & Luxury Goods – 1.2%
Cie Financiere Richemont SA (Reg S), Class A (Switzerland)		500		84,837
LVMH Moet Hennessy Louis Vuitton SE (France)		2,000		1,887,451
Samsonite International SA(1)(2)		478,200		1,359,500
				3,331,788
Trading Companies & Distributors – 0.9%
Ferguson PLC (United Kingdom)		15,500		2,447,031
				2,447,031
Total Common Stocks (Cost $203,023,396)				270,679,260

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Limited Partnerships – 0.0%
Brookfield Renewable Partners LP		3,600	$	106,164
Total Limited Partnerships (Cost $111,423)				106,164
Total Investments – 99.0% (Cost $203,134,819)				270,785,424
Assets in excess of other liabilities – 1.0%				2,670,165
Total Net Assets – 100.0%			$	273,455,589

⁽¹⁾  Non–income–producing security.

⁽²⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $4,885,867, representing 1.8% 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.

Legend:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	252,876,682	$	17,802,578	*	$	—	$	270,679,260
Limited Partnerships		106,164		—			—		106,164
Total	$	252,982,846	$	17,802,578		$	—	$	270,785,424

* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes to Schedule of Investments). These investments in securities were classified as Level 2 rather than Level 1.

The accompanying notes are an integral part of these financial statements. 5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	270,785,424
Foreign currency, at value		16
Receivable for investments sold		3,401,190
Dividends/interest receivable		53,000
Foreign tax reclaims receivable		37,668
Prepaid expenses		2,821
Total Assets		274,280,119
Liabilities
Due to custodian		280,555
Payable for fund shares redeemed		198,000
Investment advisory fees payable		130,599
Payable for investments purchased		101,168
Distribution fees payable		55,478
Accrued audit fees		13,978
Accrued custodian and accounting fees		11,419
Accrued trustees’ and officers’ fees		4,098
Accrued expenses and other liabilities		29,235
Total Liabilities		824,530
Total Net Assets	$	273,455,589
Net Assets Consist of:
Paid-in capital	$	80,460,253
Distributable earnings		192,995,336
Total Net Assets	$	273,455,589
Investments, at Cost	$	203,134,819
Foreign Currency, at Cost	$	16
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		11,862,259
Net Asset Value Per Share		$23.05

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	870,313
Non-cash dividends		54,989
Interest		21,370
Withholding taxes on foreign dividends		(28,669	)
Total Investment Income		918,003
Expenses
Investment advisory fees		770,714
Distribution fees		327,158
Professional fees		37,317
Trustees’ and officers’ fees		31,711
Administrative fees		18,598
Custodian and accounting fees		16,665
Transfer agent fees		7,390
Shareholder reports		5,959
Other expenses		6,754
Total Expenses		1,222,266
Net Investment Income/(Loss)		(304,263	)
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		32,686,358
Net realized gain/(loss) from foreign currency transactions		(62,650	)
Net change in unrealized appreciation/(depreciation) on investments		38,745,997
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		12
Net Gain on Investments and Foreign Currency Transactions		71,369,717
Net Increase in Net Assets Resulting From Operations	$	71,065,454

6 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	(304,263	)	$	(708,433	)
Net realized gain/(loss) from investments and foreign currency transactions		32,623,708			3,529,314
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		38,746,009			(118,066,982	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		71,065,454			(115,246,101	)
Capital Share Transactions
Proceeds from sales of shares		659,587			70,196,441
Cost of shares redeemed		(51,872,694	)		(49,649,218	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(51,213,107	)		20,547,223
Net Increase/(Decrease) in Net Assets		19,852,347			(94,698,878	)
Net Assets
Beginning of period		253,603,242			348,302,120
End of period	$	273,455,589		$	253,603,242
Other Information:
Shares
Sold		32,593			3,583,941
Redeemed		(2,547,220	)		(2,487,413	)
Net Increase/(Decrease)		(2,514,627	)		1,096,528

The accompanying notes are an integral part of these financial statements. 7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	17.64	$	(0.02)	$	5.43	$	5.41	$	23.05		30.67%	(4)
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(5)		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)%

8 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
$	273,456		0.93%	(4)		0.93%	(4)		(0.23)%	(4)		(0.23)%	(4)		80%	(4)
	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⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾  Rounds to $0.00 per share.

The accompanying notes are an integral part of these financial statements. 9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a 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.

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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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

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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, 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 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 six months ended June 30, 2023, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC (“FIAM”), effective May 1, 2023. Prior to this date, ClearBridge Investments LLC was sub-advisor to the Fund. FIAM is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $327,158 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 $207,468,177 and $256,256,979, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

18

SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than

the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

22

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Large Cap Fundamental Growth VIP Fund Approval of Sub-Advisory Agreement

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “March Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to approve the proposed sub-advisory agreement (the “Sub-Advisory Agreement”) between Park Avenue Institutional Advisers LLC (the “Manager”) and FIAM LLC (the “Sub-Adviser”) to serve as sub-adviser to Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) for an initial term of two years.

The Board is responsible for overseeing the management of the Fund. In determining whether to approve the Sub-Advisory Agreement, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March Meeting, the Trustees received materials and information designed to assist their consideration of the Sub-Advisory Agreement. At an Investment Committee meeting held on February 13, 2023 (the “February Meeting”), the Board received a presentation from the Sub-Adviser regarding the services to be rendered to the Fund. The Manager also discussed proposed changes to the Fund’s principal investment strategies. The Trustees received written responses from the Sub-Adviser to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to

their consideration of the Sub-Advisory Agreement and the process and criteria used by the Manager to identify and select the Sub-Adviser.

During the course of their deliberations at the February and March Meetings, the Independent Trustees met to discuss and evaluate the Sub-Advisory Agreement in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or the Sub-Adviser.

In reaching its decisions to approve the Sub-Advisory Agreement, the Board took into account the materials and information described above as well as other materials and information provided to the Board and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Sub-Advisory Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Sub-Advisory Agreement. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to approve the Sub-Advisory Agreement rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Fund by the Sub-Adviser; (ii) the investment performance of a fund managed by the Sub-Adviser with strategies similar to the Fund; (iii) the fees to be charged; (iv) the extent to which economies of scale may in the future exist for the Fund, and the extent to which the Fund may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-Adviser (or its affiliates) from its relationships with the Fund.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Fund by the Sub-Adviser. The Trustees also considered, among other things, the terms of the Sub-advisory Agreement and the range of investment advisory services to be provided by the Sub-Adviser under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, the Sub-Adviser’s investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding a fund managed by the Sub-Adviser with similar strategies as the Fund, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience

23

SUPPLEMENTAL INFORMATION (UNAUDITED)

of the investment professionals that would serve as portfolio managers for the Fund and the capabilities, resources and reputation of the Sub-Adviser.

Based upon these considerations, the Board concluded, within the context of their full deliberations, that the nature, extent and quality of services to be provided to the Fund by the Sub-Adviser were appropriate.

Investment Performance

Because the Sub-Adviser is new to the Fund, the Board was not able to evaluate an investment performance record for the Fund with respect to the Sub-Adviser. The Board did consider the Sub-Adviser’s performance history with respect to a similarly-managed fund. While there was no historical Sub-Adviser performance information with respect to the Fund for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Sub-Advisory Agreement.

Costs and Profitability

The Trustees considered the proposed sub-advisory fees to be paid under the Sub-Advisory Agreement and evaluated the reasonableness of the fees, which were lower than the fees charged by the current Sub-Adviser for the Fund. The Trustees considered that the fees to be paid to the Sub-Adviser would be paid by the Manager and not the Fund and that the Manager had negotiated the fees with the Sub-Adviser at arm’s-length.

The Trustees did not request or consider any projected profitability information from the Sub-Adviser because the Manager would be responsible for payment of the

sub-advisory fees and had negotiated the fees with the Sub-Adviser at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Fund by the Sub-Adviser.

Economies of Scale

The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Sub-Advisory Agreement or earlier if warranted.

Ancillary Benefits

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-Adviser and its affiliates may receive because of their relationships with the Fund, including the ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that the benefits that may accrue to the Sub-Adviser and its affiliates are consistent with those expected for a Sub-Adviser to a mutual fund such as the Fund.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Sub-Advisory Agreement.

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

PUB8175

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $171,758,185

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Vulcan Materials Co.		3.60%
Republic Services, Inc.		3.55%
AerCap Holdings NV		3.42%
LKQ Corp.		3.26%
Amdocs Ltd.		3.20%
Carlisle Cos., Inc.		3.18%
Jacobs Solutions, Inc.		3.05%
MasTec, Inc.		3.02%
CBRE Group, Inc., Class A		2.84%
Arch Capital Group Ltd.		2.84%
Total		31.96%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,060.40	$	5.47		1.07%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,019.49	$	5.36		1.07%

* Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 97.8%
Aerospace & Defense – 2.0%
L3Harris Technologies, Inc.		17,421	$	3,410,509
				3,410,509
Automobile Components – 0.9%
Aptiv PLC(1)		15,445		1,576,780
				1,576,780
Banks – 2.7%
Citizens Financial Group, Inc.		16,437		428,677
Fifth Third Bancorp		104,148		2,729,719
Regions Financial Corp.		87,650		1,561,923
				4,720,319
Beverages – 2.5%
Keurig Dr Pepper, Inc.		136,930		4,281,801
				4,281,801
Building Products – 3.2%
Carlisle Cos., Inc.		21,328		5,471,272
				5,471,272
Chemicals – 1.2%
Ashland, Inc.		109		9,473
Huntsman Corp.		76,769		2,074,299
				2,083,772
Commercial Services & Supplies – 3.5%
Republic Services, Inc.		39,854		6,104,437
				6,104,437
Construction & Engineering – 4.1%
API Group Corp.(1)		67,107		1,829,337
MasTec, Inc.(1)		43,922		5,181,478
				7,010,815
Construction Materials – 3.6%
Vulcan Materials Co.		27,446		6,187,426
				6,187,426
Consumer Finance – 0.7%
Discover Financial Services		10,291		1,202,503
				1,202,503
Containers & Packaging – 0.8%
AptarGroup, Inc.		11,497		1,332,042
				1,332,042
Distributors – 3.3%
LKQ Corp.		95,994		5,593,570
				5,593,570
Electric Utilities – 4.5%
American Electric Power Co., Inc.		46,320		3,900,144
FirstEnergy Corp.		97,279		3,782,208
				7,682,352
Energy Equipment & Services – 1.5%
Baker Hughes Co.		56,891		1,798,325
NOV, Inc.		46,125		739,845
				2,538,170

June 30, 2023 (unaudited)	Shares		Value
Financial Services – 2.4%
Euronet Worldwide, Inc.(1)		35,156	$	4,126,260
Pershing Square Tontine Holdings Ltd.(1)(2)(3)		125,172		0
				4,126,260
Ground Transportation – 1.0%
Knight-Swift Transportation Holdings, Inc.		29,709		1,650,632
				1,650,632
Health Care Equipment & Supplies – 5.6%
Alcon, Inc.		56,165		4,611,708
Teleflex, Inc.		6,873		1,663,472
Zimmer Biomet Holdings, Inc.		22,665		3,300,024
				9,575,204
Hotels, Restaurants & Leisure – 2.0%
Wendy’s Co.		55,382		1,204,559
Yum China Holdings, Inc.		40,190		2,270,735
				3,475,294
Household Durables – 1.0%
D.R. Horton, Inc.		13,619		1,657,296
				1,657,296
Household Products – 5.1%
Church & Dwight Co., Inc.		44,489		4,459,132
Reynolds Consumer Products, Inc.		151,262		4,273,152
				8,732,284
Insurance – 9.5%
Allstate Corp.		35,862		3,910,392
Arch Capital Group Ltd.(1)		65,085		4,871,612
Axis Capital Holdings Ltd.		12,415		668,299
Brown & Brown, Inc.		67,271		4,630,936
Loews Corp.		38,999		2,315,761
				16,397,000
Interactive Media & Services – 0.8%
Match Group, Inc.(1)		31,364		1,312,583
				1,312,583
IT Services – 3.2%
Amdocs Ltd.		55,671		5,503,078
				5,503,078
Life Sciences Tools & Services – 1.7%
Charles River Laboratories International, Inc.(1)		14,091		2,962,633
				2,962,633
Machinery – 2.2%
Donaldson Co., Inc.		35,950		2,247,234
Gates Industrial Corp. PLC(1)		116,300		1,567,724
				3,814,958
Metals & Mining – 1.5%
Freeport-McMoRan, Inc.		62,897		2,515,880
				2,515,880

The accompanying notes are an integral part of these financial statements. 3

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Mortgage REITs – 2.2%
Annaly Capital Management, Inc.		190,886	$	3,819,629
				3,819,629
Office REITs – 1.6%
Boston Properties, Inc.		47,280		2,722,855
				2,722,855
Oil, Gas & Consumable Fuels – 4.2%
Devon Energy Corp.		36,048		1,742,560
EOG Resources, Inc.		22,833		2,613,009
Targa Resources Corp.		6,851		521,361
Valero Energy Corp.		20,654		2,422,714
				7,299,644
Professional Services – 3.9%
Dun & Bradstreet Holdings, Inc.		126,518		1,463,813
Jacobs Solutions, Inc.		44,041		5,236,035
				6,699,848
Real Estate Management & Development – 2.8%
CBRE Group, Inc., Class A(1)		60,446		4,878,597
				4,878,597
Semiconductors & Semiconductor Equipment – 0.9%
ON Semiconductor Corp.(1)		12,186		1,152,552
Teradyne, Inc.		3,928		437,304
				1,589,856
Software – 0.9%
Synopsys, Inc.(1)		3,720		1,619,725
				1,619,725
Specialized REITs – 3.4%
CubeSmart		29,594		1,321,668
Gaming and Leisure Properties, Inc.		58,683		2,843,778
Weyerhaeuser Co.		51,332		1,720,136
				5,885,582
Specialty Retail – 1.4%
Foot Locker, Inc.		30,929		838,485
RH(1)		4,609		1,519,081
				2,357,566
Trading Companies & Distributors – 4.2%
AerCap Holdings NV(1)		92,425		5,870,836
Ferguson PLC		8,184		1,287,425
				7,158,261
Water Utilities – 1.8%
American Water Works Co., Inc.		21,394		3,053,994
				3,053,994
Total Common Stocks (Cost $126,957,577)				168,004,427
Warrants – 0.0%
Pershing Square Tontine Holdings Ltd.(1)(2)		14,344		0
Total Warrants (Cost $0)				0

June 30, 2023 (unaudited)	Principal Amount		Value
Repurchase Agreements – 2.1%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $3,523,755, due 7/3/2023(4)	$	3,523,309	$	3,523,309
Total Repurchase Agreements (Cost $3,523,309)				3,523,309
Total Investments – 99.9% (Cost $130,480,886)				171,527,736
Assets in excess of other liabilities – 0.1%				230,449
Total Net Assets – 100.0%			$	171,758,185

⁽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 Note		4.625%		3/15/2026	$	3,541,500	$	3,593,829

Legend:

REITs — Real Estate Investment Trusts

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	168,004,427	$	—	$	—	$	168,004,427
Warrants		—		0		—		0
Repurchase Agreements		—		3,523,309		—		3,523,309
Total	$	168,004,427	$	3,523,309	$	—	$	171,527,736

The accompanying notes are an integral part of these financial statements. 5

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	171,527,736
Receivable for investments sold		785,683
Dividends/interest receivable		355,850
Foreign tax reclaims receivable		4,341
Prepaid expenses		2,061
Total Assets		172,675,671
Liabilities
Payable for investments purchased		608,326
Payable for fund shares redeemed		124,293
Investment advisory fees payable		96,445
Distribution fees payable		34,453
Accrued audit fees		13,978
Accrued custodian and accounting fees		11,005
Accrued trustees’ and officers’ fees		3,804
Accrued expenses and other liabilities		25,182
Total Liabilities		917,486
Total Net Assets	$	171,758,185
Net Assets Consist of:
Paid-in capital	$	51,459,505
Distributable earnings		120,298,680
Total Net Assets	$	171,758,185
Investments, at Cost	$	130,480,886
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		9,226,595
Net Asset Value Per Share		$18.62

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,681,565
Interest		37,251
Withholding taxes on foreign dividends		(4,485	)
Total Investment Income		1,714,331
Expenses
Investment advisory fees		587,640
Distribution fees		210,017
Professional fees		30,224
Trustees’ and officers’ fees		22,073
Custodian and accounting fees		16,986
Administrative fees		15,607
Transfer agent fees		7,075
Shareholder reports		5,043
Other expenses		4,862
Total Expenses		899,527
Net Investment Income/(Loss)		814,804
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		5,256,447
Net change in unrealized appreciation/(depreciation) on investments		4,119,658
Net Gain on Investments		9,376,105
Net Increase in Net Assets Resulting From Operations	$	10,190,909

6 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	814,804		$	1,619,436
Net realized gain/(loss) from investments		5,256,447			21,337,187
Net change in unrealized appreciation/(depreciation) on investments		4,119,658			(35,212,513	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		10,190,909			(12,255,890	)
Capital Share Transactions
Proceeds from sales of shares		7,162,202			3,793,845
Cost of shares redeemed		(19,453,941	)		(54,742,262	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,291,739	)		(50,948,417	)
Net Decrease in Net Assets		(2,100,830	)		(63,204,307	)
Net Assets
Beginning of period		173,859,015			237,063,322
End of period	$	171,758,185		$	173,859,015
Other Information:
Shares
Sold		405,369			220,840
Redeemed		(1,079,843	)		(3,167,374	)
Net Decrease		(674,474	)		(2,946,534	)

The accompanying notes are an integral part of these financial statements. 7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	17.56	$	0.09	$	0.97	$	1.06	$	18.62		6.04%	(4)
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)%

8 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
$	171,758		1.07%(4)		1.07%(4)		0.97%(4)		0.97%(4)		14%	(4)
	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.

⁽⁴⁾ Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

The accompanying notes are an integral part of these financial statements. 9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Relative Value VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

11

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, 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 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 six months ended June 30, 2023, 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.

12

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $210,017 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 $23,190,401 and $33,874,027, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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 June 30, 2023, the Fund held two illiquid securities.

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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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

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Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

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Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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

PUB8176

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	15
Approval of Investment Management and Sub-advisory Agreements	16
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $88,595,489

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
ON Semiconductor Corp.		4.02%
Constellation Software, Inc.		3.84%
Boston Scientific Corp.		3.15%
WEX, Inc.		3.05%
SS&C Technologies Holdings, Inc.		2.82%
Intact Financial Corp.		2.71%
Amdocs Ltd.		2.62%
Flex Ltd.		2.49%
Sensata Technologies Holding PLC		2.44%
Teleflex, Inc.		2.41%
Total		29.55%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,122.80	$	5.74		1.09%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,019.39	$	5.46		1.09%

* Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 99.1%
Aerospace & Defense – 1.4%
L3Harris Technologies, Inc.		6,391	$	1,251,166
				1,251,166
Automobile Components – 0.5%
Visteon Corp.(1)		2,819		404,837
				404,837
Biotechnology – 2.7%
Abcam PLC, ADR(1)		14,175		346,862
Argenx SE, ADR(1)		1,697		661,372
Ascendis Pharma A/S, ADR(1)		4,873		434,915
BioMarin Pharmaceutical, Inc.(1)		6,451		559,173
Sarepta Therapeutics, Inc.(1)		3,622		414,791
				2,417,113
Capital Markets – 3.8%
Cboe Global Markets, Inc.		4,050		558,940
Charles Schwab Corp.		11,875		673,075
LPL Financial Holdings, Inc.		8,157		1,773,577
MSCI, Inc.		761		357,130
				3,362,722
Chemicals – 0.9%
Corteva, Inc.		14,670		840,591
				840,591
Commercial Services & Supplies – 3.7%
Cimpress PLC(1)		10,905		648,630
Clean Harbors, Inc.(1)		2,903		477,340
RB Global, Inc.		13,526		811,560
Rentokil Initial PLC (United Kingdom)		22,462		175,445
Rentokil Initial PLC, ADR		29,531		1,152,004
				3,264,979
Consumer Staples Distribution & Retail – 0.7%
Dollar Tree, Inc.(1)		4,673		670,575
				670,575
Containers & Packaging – 0.6%
Sealed Air Corp.		13,614		544,560
				544,560
Diversified Consumer Services – 0.6%
Frontdoor, Inc.(1)		16,645		530,975
				530,975
Electric Utilities – 1.0%
Alliant Energy Corp.		16,646		873,582
				873,582
Electrical Equipment – 3.0%
Regal Rexnord Corp.		3,379		520,028
Sensata Technologies Holding PLC		48,036		2,161,140
				2,681,168
Electronic Equipment, Instruments & Components – 6.9%
Flex Ltd.(1)		79,852		2,207,109
National Instruments Corp.		17,343		995,488
TE Connectivity Ltd.		7,701		1,079,372
Teledyne Technologies, Inc.(1)		4,442		1,826,151
				6,108,120

June 30, 2023 (unaudited)	Shares		Value
Entertainment – 2.3%
Liberty Media Corp-Liberty Formula One, Class A(1)		708	$	47,875
Liberty Media Corp-Liberty Formula One, Class C(1)		26,095		1,964,432
				2,012,307
Financial Services – 4.4%
Fidelity National Information Services, Inc.		10,524		575,663
Global Payments, Inc.		6,003		591,415
WEX, Inc.(1)		14,840		2,701,919
				3,868,997
Ground Transportation – 3.2%
JB Hunt Transport Services, Inc.		10,514		1,903,349
TFI International, Inc.		8,114		924,672
				2,828,021
Health Care Equipment & Supplies – 8.7%
Boston Scientific Corp.(1)		51,661		2,794,344
Cooper Cos., Inc.		2,309		885,340
Dentsply Sirona, Inc.		20,210		808,804
ICU Medical, Inc.(1)		6,109		1,088,563
Teleflex, Inc.		8,814		2,133,252
				7,710,303
Hotels, Restaurants & Leisure – 2.6%
Aramark		32,913		1,416,905
Entain PLC (United Kingdom)		56,236		913,285
				2,330,190
Insurance – 5.2%
Intact Financial Corp. (Canada)		15,549		2,400,749
Ryan Specialty Holdings, Inc.(1)		12,806		574,862
W R Berkley Corp.		26,847		1,599,007
				4,574,618
Interactive Media & Services – 0.5%
Ziff Davis, Inc.(1)		6,049		423,793
				423,793
IT Services – 5.0%
Amdocs Ltd.		23,448		2,317,835
GoDaddy, Inc., Class A(1)		27,615		2,074,715
				4,392,550
Life Sciences Tools & Services – 4.8%
Avantor, Inc.(1)		50,136		1,029,793
Illumina, Inc.(1)		4,216		790,458
Revvity, Inc.		15,468		1,837,444
Waters Corp.(1)		2,310		615,707
				4,273,402
Machinery – 4.0%
Fortive Corp.		3,252		243,152
Ingersoll Rand, Inc.		28,944		1,891,780
Westinghouse Air Brake Technologies Corp.		13,289		1,457,405
				3,592,337

The accompanying notes are an integral part of these financial statements. 3

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Passenger Airlines – 1.4%
Ryanair Holdings PLC, ADR(1)		10,874	$	1,202,664
				1,202,664
Pharmaceuticals – 0.9%
Catalent, Inc.(1)		18,070		783,515
				783,515
Professional Services – 6.7%
Broadridge Financial Solutions, Inc.		8,300		1,374,729
Ceridian HCM Holding, Inc.(1)		16,539		1,107,617
SS&C Technologies Holdings, Inc.		41,191		2,496,174
TransUnion		11,900		932,127
				5,910,647
Semiconductors & Semiconductor Equipment – 10.0%
KLA Corp.		1,873		908,442
Lam Research Corp.		1,322		849,861
Microchip Technology, Inc.		18,942		1,697,014
NXP Semiconductors NV		8,893		1,820,219
ON Semiconductor Corp.(1)		37,705		3,566,139
				8,841,675
Software – 6.7%
Atlassian Corp., Class A(1)		1,971		330,754
Constellation Software, Inc. (Canada)		1,640		3,397,929
Dynatrace, Inc.(1)		13,009		669,573
Nice Ltd., ADR(1)		5,848		1,207,612
Topicus.com, Inc. (Canada)(1)		4,490		368,249
				5,974,117
Specialized REITs – 1.6%
Lamar Advertising Co., Class A		14,161		1,405,479
				1,405,479
Specialty Retail – 2.1%
Burlington Stores, Inc.(1)		2,206		347,202
CarMax, Inc.(1)		17,020		1,424,574
Wayfair, Inc., Class A(1)		1,253		81,458
				1,853,234

June 30, 2023 (unaudited)	Shares		Value
Textiles, Apparel & Luxury Goods – 1.4%
Gildan Activewear, Inc.		38,658	$	1,246,334
				1,246,334
Trading Companies & Distributors – 1.8%
Ferguson PLC		10,142		1,595,438
				1,595,438
Total Common Stocks (Cost $65,883,360)				87,770,009
	Principal Amount		Value
Repurchase Agreements – 0.3%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $277,186, due 7/3/2023(2)	$	277,151		277,151
Total Repurchase Agreements (Cost $277,151)				277,151
Total Investments – 99.4% (Cost $66,160,511)				88,047,160
Assets in excess of other liabilities – 0.6%				548,329
Total Net Assets – 100.0%			$	88,595,489

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	278,600	$	282,717

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	86,681,279	$	1,088,730	*	$	—	$	87,770,009
Repurchase Agreements		—		277,151			—		277,151
Total	$	86,681,279	$	1,365,881		$	—	$	88,047,160

* Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Note 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.

4 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	88,047,160
Foreign currency, at value		11,066
Receivable for investments sold		851,739
Dividends/interest receivable		41,996
Reimbursement receivable from adviser		10,327
Foreign tax reclaims receivable		1,748
Prepaid expenses		1,030
Total Assets		88,965,066
Liabilities
Payable for investments purchased		136,252
Payable for fund shares redeemed		106,464
Investment advisory fees payable		57,187
Distribution fees payable		17,871
Accrued custodian and accounting fees		17,440
Accrued audit fees		13,978
Accrued trustees’ and officers’ fees		1,721
Accrued expenses and other liabilities		18,664
Total Liabilities		369,577
Total Net Assets	$	88,595,489
Net Assets Consist of:
Paid-in capital	$	20,015,618
Distributable earnings		68,579,871
Total Net Assets	$	88,595,489
Investments, at Cost	$	66,160,511
Foreign Currency, at Cost	$	11,065
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		4,088,203
Net Asset Value Per Share		$21.67

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	404,098
Non-cash dividends		52,036
Interest		11,598
Withholding taxes on foreign dividends		(22,440	)
Total Investment Income		445,292
Expenses
Investment advisory fees		346,278
Distribution fees		108,212
Professional fees		22,160
Custodian and accounting fees		21,600
Administrative fees		11,950
Trustees’ and officers’ fees		11,117
Transfer agent fees		5,924
Shareholder reports		4,092
Other expenses		2,466
Total Expenses		533,799
Less: Fees waived		(61,995	)
Total Expenses, Net		471,804
Net Investment Income/(Loss)		(26,512	)
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		1,280,789
Net realized gain/(loss) from foreign currency transactions		92
Net change in unrealized appreciation/(depreciation) on investments		9,428,119
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		26
Net Gain on Investments and Foreign Currency Transactions		10,709,026
Net Increase in Net Assets Resulting From Operations	$	10,682,514

The accompanying notes are an integral part of these financial statements. 5

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	(26,512	)	$	(289,459	)
Net realized gain/(loss) from investments and foreign currency transactions		1,280,881			8,345,888
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		9,428,145			(28,734,162	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		10,682,514			(20,677,733	)
Capital Share Transactions
Proceeds from sales of shares		4,689,502			6,059,704
Cost of shares redeemed		(15,196,153	)		(20,064,443	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,506,651	)		(14,004,739	)
Net Increase/(Decrease) in Net Assets		175,863			(34,682,472	)
Net Assets
Beginning of period		88,419,626			123,102,098
End of period	$	88,595,489		$	88,419,626
Other Information:
Shares
Sold		231,226			302,605
Redeemed		(723,812	)		(999,928	)
Net Decrease		(492,586	)		(697,323	)

6 The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank

7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Loss(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	19.30	$	(0.01)(4)	$	2.38	$	2.37	$	21.67		12.28%	(5)
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)%

8 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
$	88,595		1.09%(5)		1.23%(5)		(0.06)%(4),(5)		(0.20)% (4),(5)		9%	(5)
	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.

⁽⁴⁾  Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Loss per share would have been $(0.02), the Net Ratio of Net Investment Loss to Average Net Assets would have been (0.18)%, and the Gross Ratio of Net Investment Loss to Average Net Assets would have been (0.32)%.

⁽⁵⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

The accompanying notes are an integral part of these financial statements. 9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Traditional Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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.

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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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 six months ended June 30, 2023, 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.

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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, 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 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $61,995.

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.

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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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $108,212 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 $7,519,594 and $15,768,824, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL 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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and

Sub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the

meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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

PUB8177

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
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
Supplemental Information
Liquidity Risk Management Program	21
Approval of Investment Management Agreement	22
Portfolio Holdings and Proxy Voting Procedures	29

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $223,516,366

Bond Sector Allocation¹

As of June 30, 2023

Bond Quality Allocation²

As of June 30, 2023

1

GUARDIAN MULTI-SECTOR BOND VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		4.625%		6/30/2025		11.58%
U.S. Treasury Bond		3.875%		5/15/2043		9.39%
U.S. Treasury Note		4.000%		6/30/2028		7.12%
U.S. Treasury Bond		3.625%		5/15/2053		4.52%
U.S. Treasury Note		3.750%		5/31/2030		2.96%
Federal National Mortgage Association		3.500%		6/1/2052		2.01%
Federal Home Loan Mortgage Corp.		4.000%		6/1/2052		1.77%
Benchmark Mortgage Trust		3.419%		8/15/2052		1.72%
Federal National Mortgage Association		3.000%		3/1/2052		1.57%
Federal Home Loan Mortgage Corp.		2.500%		9/1/2052		1.38%
Total						44.02%

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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,014.40	$	4.45		0.89%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.38	$	4.46		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 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 12.9%
Federal Home Loan Mortgage Corp. 2.50% due 9/1/2052	$	3,652,104	$	3,094,886
3.50% due 6/1/2052		3,020,089		2,752,235
4.00% due 10/1/2037		435,714		420,640
4.00% due 6/1/2052		4,225,520		3,963,746
4.50% due 9/1/2052		480,763		462,066
5.00% due 12/1/2052		1,058,713		1,037,126
Federal National Mortgage Association 2.50% due 5/1/2052		1,226,244		1,039,271
3.00% due 7/1/2051		1,793,491		1,581,402
3.00% due 3/1/2052		3,991,549		3,516,964
3.00% due 5/1/2052		2,176,035		1,914,948
3.50% due 6/1/2052		4,919,277		4,483,033
3.50% due 10/1/2052		1,942,215		1,769,075
3.50% due 11/1/2052		1,847,444		1,682,672
4.00% due 12/1/2052		1,271,283		1,192,552
Total Agency Mortgage–Backed Securities (Cost $29,465,331)				28,910,616
Asset–Backed Securities – 17.3%
AIMCO CLO 2017-AA DR 8.40% (3 mo. USD LIBOR + 3.15%)     due 4/20/2034(1)(2)(3)		1,800,000		1,649,700
Allegro CLO VI Ltd. 2017-2A B 6.76% (3 mo. USD LIBOR + 1.50%)     due 1/17/2031(1)(2)(3)		1,000,000		975,200
Ares XXXIV CLO Ltd. 2015-2A BR2 6.86% (3 mo. USD LIBOR + 1.60%)     due 4/17/2033(1)(2)(3)		300,000		290,640
Avis Budget Rental Car Funding AESOP LLC 2019-3A A 2.36% due 3/20/2026(1)		1,180,000		1,113,765
Barings CLO Ltd. 2020-1A AR 6.41% (3 mo. USD LIBOR + 1.15%)     due 10/15/2036(1)(2)(3)		1,350,000		1,317,892
Battery Park CLO II Ltd. 2022-1A A1 7.259% (3 mo. USD Term SOFR + 2.21%)     due 10/20/2035(1)(2)		1,800,000		1,800,000
BlueMountain CLO Ltd. 2014-2A BR2 7.00% (3 mo. USD LIBOR + 1.75%)     due 10/20/2030(1)(2)(3)		600,000		587,280
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026		1,250,000		1,166,257
Cathedral Lake VI Ltd. 2021-6A AN 6.505% (3 mo. USD LIBOR + 1.25%)     due 4/25/2034(1)(2)(3)		1,400,000		1,376,196

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
CIFC Funding Ltd. 2013-4A BRR 6.892% (3 mo. USD LIBOR + 1.60%)     due 4/27/2031(1)(2)(3)	$	1,200,000	$	1,173,360
DB Master Finance LLC 2021-1A A2II 2.493% due 11/20/2051(1)		935,750		777,859
Dryden 80 CLO Ltd. 2019-80A AR 6.236% (3 mo. USD Term SOFR + 1.25%)     due 1/17/2033(1)(2)		1,700,000		1,664,980
Elmwood CLO IX Ltd. 2021-2A C 7.15% (3 mo. USD LIBOR + 1.90%)     due 7/20/2034(1)(2)(3)		1,000,000		947,500
Ford Credit Auto Owner Trust 2020-1 A 2.04% due 8/15/2031(1)		1,600,000		1,505,436
GM Financial Automobile Leasing Trust 2023-1 A3 5.16% due 4/20/2026		1,050,000		1,042,125
Golden Credit Card Trust 2018-4A A 3.44% due 8/15/2025(1)		1,410,000		1,406,309
Greywolf CLO II Ltd. 2013-1A C2RR 9.46% (3 mo. USD LIBOR + 4.20%)     due 4/15/2034(1)(2)(3)		2,400,000		2,268,938
Gulf Stream Meridian 6 Ltd. 2021-6A A1 6.45% (3 mo. USD LIBOR + 1.19%)     due 1/15/2037(1)(2)(3)		1,300,000		1,276,730
Hyundai Auto Receivables Trust 2021-A A3 0.38% due 9/15/2025		1,187,925		1,156,934
ICG U.S. CLO Ltd. 2018-2A B 7.023% (3 mo. USD LIBOR + 1.75%)     due 7/22/2031(1)(2)(3)		1,000,000		970,425
KKR CLO 38 Ltd. 38A A1 6.306% (3 mo. USD Term SOFR + 1.32%)     due 4/15/2033(1)(2)		1,500,000		1,474,938
Madison Park Funding XXIII Ltd. 2017-23A BR 6.842% (3 mo. USD LIBOR + 1.55%)     due 7/27/2031(1)(2)(3)		1,150,000		1,127,460
Master Credit Card Trust 2021-1A A 0.53% due 11/21/2025(1)		1,410,000		1,343,589
Neuberger Berman CLO XVII Ltd. 2014-17A BR2 6.773% (3 mo. USD LIBOR + 1.50%)     due 4/22/2029(1)(2)(3)		1,400,000		1,371,720

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A A 6.32% (3 mo. USD LIBOR + 1.06%)     due 4/16/2033(1)(2)(3)	$	1,400,000	$	1,382,080
Nissan Auto Lease Trust 2023-A A4 4.80% due 7/15/2027		900,000		886,994
Octagon Investment Partners 50 Ltd. 2020-4A DR 8.41% (3 mo. USD LIBOR + 3.15%)     due 1/15/2035(1)(2)(3)		400,000		349,640
OHA Credit Funding 2 Ltd. 2019-2A CR 7.461% (3 mo. USD LIBOR + 2.20%)     due 4/21/2034(1)(2)(3)		1,800,000		1,740,420
Oscar U.S. Funding XIV LLC 2022-1A A2 1.60% due 3/10/2025(1)		467,488		462,399
TIAA CLO IV Ltd. 2018-1A A2 6.95% (3 mo. USD LIBOR + 1.70%)     due 1/20/2032(1)(2)(3)		1,520,000		1,480,176
Voya CLO Ltd. 2016-3A A3R 7.012% (3 mo. USD LIBOR + 1.75%)     due 10/18/2031(1)(2)(3)		835,000		811,620
Westlake Automobile Receivables Trust 2022-3A A2 5.24% due 7/15/2025(1)		776,985		775,268
World Omni Auto Receivables Trust 2022-C A2 3.73% due 3/16/2026		1,062,699		1,052,574
Total Asset–Backed Securities (Cost $39,655,942)				38,726,404
Corporate Bonds & Notes – 21.4%
Aerospace & Defense – 0.5%
Lockheed Martin Corp. 4.75% due 2/15/2034		600,000		598,362
5.20% due 2/15/2055		300,000		309,693
Northrop Grumman Corp. 4.95% due 3/15/2053		300,000		292,602
				1,200,657
Agriculture – 0.5%
Philip Morris International, Inc. 5.75% due 11/17/2032		1,000,000		1,024,820
				1,024,820
Biotechnology – 0.2%
Amgen, Inc. 5.25% due 3/2/2033		400,000		400,404
				400,404

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks – 6.6%
Bank of America Corp. 4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter)     due 7/23/2029(2)	$	1,100,000	$	1,043,262
5.288% (5.288% fixed rate until 4/25/2033; SOFR + 1.91% thereafter)     due 4/25/2034(2)		700,000		693,581
Barclays PLC 2.645% (2.645% fixed rate until 6/24/2030; 1 yr. CMT + 1.90% thereafter)     due 6/24/2031(2)		900,000		721,863
7.119% (7.119% fixed rate until 6/27/2033; SOFR + 3.57% thereafter)     due 6/27/2034(2)		200,000		200,114
BNP Paribas SA 5.125% (5.125% fixed rate until 1/13/2028; 1 yr. CMT + 1.45% thereafter)     due 1/13/2029(1)(2)		600,000		587,520
5.335% (5.335% fixed rate until 6/12/2028; 1 yr. CMT + 1.50% thereafter)     due 6/12/2029(1)(2)		600,000		592,536
Credit Agricole SA 5.514% due 7/5/2033(1)		400,000		402,948
Deutsche Bank AG 2.311% (2.311% fixed rate until 11/16/2026; SOFR + 1.22% thereafter)     due 11/16/2027(2)		1,600,000		1,376,320
Discover Bank 4.682% (4.682% fixed rate until 8/9/2023; 5 yr. USD Swap + 1.73% thereafter)     due 8/9/2028(2)		1,300,000		1,180,894
Fifth Third Bank NA 2.25% due 2/1/2027		1,300,000		1,141,296
Huntington National Bank 4.552% (4.552% fixed rate until 5/17/2027; SOFR + 1.65% thereafter)     due 5/17/2028(2)		700,000		654,605
5.65% due 1/10/2030		300,000		288,132
JPMorgan Chase & Co. 4.203% (4.203% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.52% thereafter)     due 7/23/2029(2)		2,000,000		1,901,140
Mitsubishi UFJ Financial Group, Inc. 5.406% (5.406% fixed rate until 4/19/2033; 1 yr. CMT + 1.97% thereafter)     due 4/19/2034(2)		500,000		495,860

The accompanying notes are an integral part of these financial statements. 5

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
Morgan Stanley 5.123% (5.123% fixed rate until 2/1/2028; SOFR + 1.73% thereafter)     due 2/1/2029(2)	$	1,100,000	$	1,085,524
5.25% (5.25% fixed rate until 4/21/2033; SOFR + 1.87% thereafter)     due 4/21/2034(2)		600,000		592,176
NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT + 1.95% thereafter)     due 9/13/2029(2)		1,300,000		1,282,866
Truist Financial Corp. 5.867% (5.867% fixed rate until 6/8/2033; SOFR + 2.36% thereafter)     due 6/8/2034(2)		600,000		601,140
				14,841,777
Computers – 0.2%
Apple, Inc. 2.65% due 2/8/2051		200,000		138,104
3.35% due 8/8/2032		400,000		372,740
				510,844
Cosmetics & Personal Care – 0.8%
Haleon U.S. Capital LLC 3.625% due 3/24/2032		1,200,000		1,076,172
Kenvue, Inc. 4.90% due 3/22/2033(1)		700,000		707,812
5.05% due 3/22/2053(1)		100,000		101,941
				1,885,925
Diversified Financial Services – 1.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.00% due 10/29/2028		1,400,000		1,214,248
Air Lease Corp. 5.30% due 2/1/2028		500,000		491,355
Charles Schwab Corp. 4.625% due 3/22/2030		600,000		588,198
Mastercard, Inc. 4.85% due 3/9/2033		300,000		305,493
				2,599,294
Electric – 1.6%
Consumers Energy Co. 4.20% due 9/1/2052		200,000		171,546
Duke Energy Carolinas LLC 4.95% due 1/15/2033		300,000		298,080
Duke Energy Corp. 3.50% due 6/15/2051		450,000		326,322
5.00% due 8/15/2052		200,000		183,042
Exelon Corp. 5.60% due 3/15/2053		400,000		403,508
PPL Electric Utilities Corp. 5.00% due 5/15/2033		300,000		300,792
5.25% due 5/15/2053		600,000		611,472

June 30, 2023 (unaudited)	Principal Amount		Value
Electric (continued)
Wisconsin Public Service Corp. 2.85% due 12/1/2051	$	100,000	$	66,180
Xcel Energy, Inc. 4.60% due 6/1/2032		1,300,000		1,230,294
				3,591,236
Food – 0.1%
Kroger Co. 1.70% due 1/15/2031		200,000		156,932
				156,932
Gas – 0.3%
CenterPoint Energy Resources Corp. 5.40% due 3/1/2033		600,000		610,788
				610,788
Healthcare-Services – 0.6%
Elevance Health, Inc. 4.75% due 2/15/2033		400,000		388,912
5.125% due 2/15/2053		100,000		96,776
UnitedHealth Group, Inc. 4.20% due 5/15/2032		600,000		572,556
5.875% due 2/15/2053		200,000		221,864
				1,280,108
Insurance – 1.2%
Aon Corp. / Aon Global Holdings PLC 5.35% due 2/28/2033		600,000		604,938
Athene Holding Ltd. 3.50% due 1/15/2031		500,000		411,840
Corebridge Financial, Inc. 3.90% due 4/5/2032		600,000		522,522
Hartford Financial Services Group, Inc. 3.60% due 8/19/2049		400,000		301,968
MetLife, Inc. 4.55% due 3/23/2030		500,000		489,415
5.25% due 1/15/2054		200,000		194,708
Prudential Financial, Inc. 3.70% due 3/13/2051		100,000		76,753
5.75% due 7/15/2033		100,000		104,790
				2,706,934
Media – 0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.40% due 4/1/2033		300,000		263,394
5.25% due 4/1/2053		400,000		322,848
Comcast Corp. 1.95% due 1/15/2031		740,000		605,017
2.887% due 11/1/2051		300,000		201,216
5.35% due 5/15/2053		300,000		305,028
				1,697,503
Oil & Gas – 1.3%
BP Capital Markets America, Inc. 4.812% due 2/13/2033		1,500,000		1,479,480

6 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Oil & Gas (continued)
Cenovus Energy, Inc. 2.65% due 1/15/2032	$	400,000	$	322,956
3.75% due 2/15/2052		200,000		141,986
Occidental Petroleum Corp. 7.50% due 5/1/2031		400,000		436,712
Valero Energy Corp. 2.80% due 12/1/2031		700,000		576,324
				2,957,458
Oil & Gas Services – 0.3%
Schlumberger Investment SA 4.85% due 5/15/2033		600,000		591,450
				591,450
Pharmaceuticals – 1.1%
CVS Health Corp. 5.30% due 6/1/2033		900,000		898,434
5.875% due 6/1/2053		300,000		308,193
Pfizer Investment Enterprises Pte Ltd. 4.75% due 5/19/2033		1,200,000		1,195,980
				2,402,607
Pipelines – 0.9%
Cheniere Energy Partners LP 5.95% due 6/30/2033(1)		400,000		402,200
Energy Transfer LP 3.75% due 5/15/2030		500,000		452,010
5.00% due 5/15/2050		200,000		168,996
ONEOK, Inc. 6.10% due 11/15/2032		400,000		406,896
Western Midstream Operating LP 6.15% due 4/1/2033		600,000		604,014
				2,034,116
Real Estate Investment Trusts (REITs) – 1.1%
American Tower Corp. 5.50% due 3/15/2028		400,000		398,120
5.65% due 3/15/2033		500,000		508,650
Extra Space Storage LP 5.50% due 7/1/2030		600,000		596,472
Realty Income Corp. 4.85% due 3/15/2030		900,000		872,091
				2,375,333
Semiconductors – 0.9%
Broadcom, Inc. 4.15% due 4/15/2032(1)		1,100,000		996,061
Intel Corp. 5.20% due 2/10/2033		600,000		605,592
NXP BV / NXP Funding LLC / NXP USA, Inc. 2.65% due 2/15/2032		500,000		404,260
				2,005,913
Software – 0.4%
Microsoft Corp. 2.921% due 3/17/2052		200,000		148,636
Oracle Corp. 5.55% due 2/6/2053		200,000		193,776
6.25% due 11/9/2032		400,000		424,380
6.90% due 11/9/2052		200,000		224,114
				990,906

June 30, 2023 (unaudited)	Principal Amount		Value
Telecommunications – 0.4%
T-Mobile USA, Inc. 2.70% due 3/15/2032	$	950,000	$	787,132
3.40% due 10/15/2052		200,000		142,738
				929,870
Transportation – 0.4%
Union Pacific Corp. 3.95% due 9/10/2028		300,000		290,685
4.50% due 1/20/2033		200,000		196,852
4.95% due 5/15/2053		500,000		497,980
				985,517
Total Corporate Bonds & Notes (Cost $48,581,096)				47,780,392
Non–Agency Mortgage–Backed Securities – 8.4%
BANK 2019-BNK24 AS 3.283% due 11/15/2062(2)(4)		1,412,000		1,190,412
2022-BNK43 B 5.327% due 8/15/2055(2)(4)		500,000		431,242
BB-UBS Trust 2012-SHOW A 3.43% due 11/5/2036(1)		1,200,000		1,139,889
Benchmark Mortgage Trust 2019-B12 AS 3.419% due 8/15/2052		4,500,000		3,843,501
Citigroup Commercial Mortgage Trust 2016-C3 AS 3.366% due 11/15/2049(2)(4)		1,000,000		896,696
Commercial Mortgage Trust 2014-CR18 AM 4.103% due 7/15/2047		1,455,000		1,399,039
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 6.867% due 11/25/2041(1)(2)(4)		1,100,000		1,059,446
2021-HQA4 M1 6.017% due 12/25/2041(1)(2)(4)		696,558		675,540
2022-DNA1 M1A 6.067% due 1/25/2042(1)(2)(4)		627,959		617,695
2022-HQA3 M1A 7.367% due 8/25/2042(1)(2)(4)		1,299,378		1,307,192
Jackson Park Trust 2019-LIC B 2.914% due 10/14/2039(1)		640,000		523,749
Morgan Stanley Capital I Trust 2018-H4 A4 4.31% due 12/15/2051		800,000		744,440
2020-L4 AS 2.88% due 2/15/2053		1,000,000		804,751
NYC Commercial Mortgage Trust 2021-909 C 3.312% due 4/10/2043(1)(2)(4)		385,000		257,299
ONE Park Mortgage Trust 2021-PARK B 6.212% due 3/15/2036(1)(2)(4)		500,000		460,653
SLG Office Trust 2021-OVA A 2.585% due 7/15/2041(1)		1,600,000		1,282,465

The accompanying notes are an integral part of these financial statements. 7

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
Stack Infrastructure Issuer LLC 2021-1A A2 1.877% due 3/26/2046(1)	$	750,000	$	656,532
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,500,000		1,467,664
Total Non–Agency Mortgage–Backed Securities (Cost $21,252,591)				18,758,205
U.S. Government Securities – 35.6%
U.S. Treasury Bond 3.625% due 5/15/2053		10,500,000		10,096,406
3.875% due 5/15/2043		21,500,000		20,982,656
U.S. Treasury Note 3.75% due 5/31/2030		6,700,000		6,607,875
4.00% due 6/30/2028		16,000,000		15,912,501
4.625% due 6/30/2025		26,000,000		25,881,172
Total U.S. Government Securities (Cost $79,574,291)				79,480,610

	Shares		Value
Common Stocks – 0.0%
Media – 0.0%
Altice USA, Inc., Class A(5)		10,940		33,039
Total Common Stocks (Cost $125,181)				33,039
Exchange–Traded Funds – 1.8%
iShares MBS ETF		17,100		1,594,832
Vanguard Mortgage-Backed Securities ETF		53,100		2,442,069
Total Exchange–Traded Funds (Cost $4,082,793)				4,036,901

June 30, 2023 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.0%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $2,120,383, due 7/3/2023(6)	$	2,120,115	$	2,120,115
Total Repurchase Agreements (Cost $2,120,115)				2,120,115
Total Investments – 98.4% (Cost $224,857,340)				219,846,282
Assets in excess of other liabilities – 1.6%				3,670,084
Total Net Assets – 100.0%			$	223,516,366

⁽¹⁾ Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $45,192,998, representing 20.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾ Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2023.

⁽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⁾ The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	2,131,100	$	2,162,589

Open futures contracts at June 30, 2023:

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S. 2-Year Treasury Note		September 2023		236		Long	$	48,624,168		$	47,989,125		$	(635,043	)
U.S. 5-Year Treasury Note		September 2023		136		Long		14,859,344			14,564,750			(294,594	)
Total							$	63,483,512		$	62,553,875		$	(929,637	)
Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		September 2023		19		Short	$	(2,257,375	)	$	(2,250,313	)	$	7,062

Centrally cleared credit default swap agreements — buy protection⁽⁷⁾:

Reference Entity	Implied Credit Spread at 6/30/23(8)		Notional Amount(9)			Maturity		(Pay)/Receive Fixed Rate		Periodic Payment Frequency		Upfront Payments			Value			Unrealized Depreciation
CDX.NA.HY.S40		4.29%		USD	21,325,000		6/20/2028		(5.00)%		Quarterly	$	(252,562	)	$	(595,614	)	$	(343,052	)

⁽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

8 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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

CMT — Constant Maturity Treasury

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 June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2			Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	28,910,616		$	—	$	28,910,616
Asset–Backed Securities		—			38,726,404			—		38,726,404
Corporate Bonds & Notes		—			47,780,392			—		47,780,392
Non–Agency Mortgage–Backed Securities		—			18,758,205			—		18,758,205
U.S. Government Securities		—			79,480,610			—		79,480,610
Common Stocks		33,039			—			—		33,039
Exchange–Traded Funds		4,036,901			—			—		4,036,901
Repurchase Agreements		—			2,120,115			—		2,120,115
Total	$	4,069,940		$	215,776,342		$	—	$	219,846,282
Other Financial Instruments
Futures Contracts
Assets	$	7,062		$	—		$	—	$	7,062
Liabilities		(929,637	)		—			—		(929,637	)
Swap Contracts
Liabilities		—			(343,052	)		—		(343,052	)
Total	$	(922,575	)	$	(343,052	)	$	—	$	(1,265,627	)

The accompanying notes are an integral part of these financial statements. 9

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	219,846,282
Receivable for investments sold		43,039,111
Receivable for variation margin on swap contracts		2,228,435
Receivable for variation margin on futures contracts		1,342,472
Interest receivable		1,303,256
Cash deposits with brokers for futures contracts		465,867
Receivable for fund shares subscribed		8,508
Prepaid expenses		2,621
Total Assets		268,236,552
Liabilities
Payable for investments purchased		43,199,321
Due to broker for swap contracts		1,185,559
Payable for fund shares redeemed		119,186
Investment advisory fees payable		96,692
Distribution fees payable		46,487
Accrued audit fees		18,739
Accrued custodian and accounting fees		17,595
Accrued trustees’ and officers’ fees		4,490
Accrued expenses and other liabilities		32,117
Total Liabilities		44,720,186
Total Net Assets	$	223,516,366
Net Assets Consist of:
Paid-in capital	$	247,912,882
Distributable loss		(24,396,516	)
Total Net Assets	$	223,516,366
Investments, at Cost	$	224,857,340
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		24,480,667
Net Asset Value Per Share		$9.13

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Interest	$	4,970,288
Dividends		65,817
Total Investment Income		5,036,105
Expenses
Investment advisory fees		606,536
Distribution fees		291,604
Professional fees		40,341
Trustees’ and officers’ fees		29,353
Custodian and accounting fees		27,803
Administrative fees		20,807
Transfer agent fees		6,793
Shareholder reports		5,921
Other expenses		6,470
Total Expenses		1,035,628
Net Investment Income/(Loss)		4,000,477
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(7,111,973	)
Net realized gain/(loss) from futures contracts		1,490,600
Net realized gain/(loss) from swap contracts		(2,858,929	)
Net change in unrealized appreciation/(depreciation) on investments		7,023,413
Net change in unrealized appreciation/(depreciation) on futures contracts		(787,029	)
Net change in unrealized appreciation/(depreciation) on swap contracts		1,595,744
Net Loss on Investments and Derivative Contracts		(648,174	)
Net Increase in Net Assets Resulting From Operations	$	3,352,303

10 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	4,000,477		$	7,020,206
Net realized gain/(loss) from investments and derivative contracts		(8,480,302	)		(41,871,851	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		7,832,128			(13,649,317	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		3,352,303			(48,500,962	)
Capital Share Transactions
Proceeds from sales of shares		10,425,604			5,250,070
Cost of shares redeemed		(22,854,276	)		(39,661,497	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,428,672	)		(34,411,427	)
Net Decrease in Net Assets		(9,076,369	)		(82,912,389	)
Net Assets
Beginning of period		232,592,735			315,505,124
End of period	$	223,516,366		$	232,592,735
Other Information:
Shares
Sold		1,129,774			555,585
Redeemed		(2,483,860	)		(4,085,788	)
Net Decrease		(1,354,086	)		(3,530,203	)

The accompanying notes are an integral part of these financial statements. 11

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)			Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	9.00	$	0.16	$	(0.03	)	$	0.13	$	9.13		1.44%	(4)
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(5)		10.00		0.03		0.00	(6)		0.03		10.03		0.30%	(4)

12 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
$	223,516		0.89%	(4)		0.89%	(4)		3.43%	(4)		3.43%	(4)		186%	(4)
	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%	(4)		0.93%	(4)		1.33%	(4)		1.33%	(4)		27%	(4)

⁽¹⁾  Calculated based on the average shares outstanding during the period.

⁽²⁾  Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾  Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Commenced operations on October 21, 2019.

⁽⁶⁾  Rounds to $0.00 per share.

The accompanying notes are an integral part of these financial statements. 13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Multi-Sector Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The 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.

14

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 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 six months ended June 30, 2023, 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 June 30, 2023.

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,

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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, 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 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 six months ended June 30, 2023, 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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $291,604 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 six months ended June 30, 2023, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	100,131,852	$	321,382,106
Sales		102,686,209		314,862,744

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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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 June 30, 2023, 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 six months ended June 30,

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

2023 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 June 30, 2023, 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	$	7,062		$	—
Liability Derivatives
Futures Contracts1	$	(929,637	)	$	—
Swap Contracts2		—			(343,052	)

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.

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 six months ended June 30, 2023 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	1,490,600		$	—
Swap Contracts2		—			(2,858,929	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	(787,029	)	$	—
Swap Contracts4		—			1,595,744
Average Number of Notional Amounts
Futures Contracts5		498			—
Swap Contracts — Buy/Sell Protection	$	—		$	26,435,714

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

19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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 six months ended June 30, 2023.

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

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund���), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not

meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management Agreement

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the

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SUPPLEMENTAL INFORMATION (UNAUDITED)

management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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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

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
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
Supplemental Information
Liquidity Risk Management Program	21
Approval of Investment Management Agreement	22
Portfolio Holdings and Proxy Voting Procedures	29

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $182,338,798

Bond Sector Allocation¹

As of June 30, 2023

Bond Quality Allocation²

As of June 30, 2023

1

GUARDIAN SHORT DURATION BOND VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Bill		5.391%		11/30/2023		16.79%
U.S. Treasury Note		4.625%		6/30/2025		14.47%
Vanguard Short-Term Inflation-Protected Securities ETF		—		—		4.85%
U.S. Treasury Note		3.500%		4/30/2030		3.68%
Federal Farm Credit Banks Funding Corp.		2.640%		4/8/2026		2.08%
Federal National Mortgage Association		3.500%		4/1/2052		1.41%
Federal National Mortgage Association		3.000%		5/1/2037		1.33%
American Express Credit Account Master Trust		3.750%		8/15/2027		1.06%
Federal National Mortgage Association		4.000%		6/1/2052		0.99%
Toyota Auto Loan Extended Note Trust		1.070%		2/27/2034		0.85%
Total						47.51%

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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,004.10	$	2.48		0.50%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,022.32	$	2.51		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 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 6.8%
Federal Home Loan Mortgage Corp. 3.50% due 6/1/2052	$	1,132,533	$	1,032,088
4.00% due 6/1/2052		1,314,606		1,233,166
Federal National Mortgage Association 3.00% due 5/1/2037		2,608,711		2,433,975
3.00% due 7/1/2051		1,524,467		1,344,192
3.00% due 5/1/2052		473,869		417,450
3.50% due 4/1/2052		2,820,907		2,571,643
3.50% due 10/1/2052		1,650,883		1,503,714
4.00% due 6/1/2052		1,924,486		1,805,303
Total Agency Mortgage–Backed Securities (Cost $12,998,095)				12,341,531
Asset–Backed Securities – 23.4%
Aligned Data Centers Issuer LLC 2021-1A A2 1.937% due 8/15/2046(1)		900,000		786,646
Allegro CLO VI Ltd. 2017-2A B 6.76% (3 mo. USD LIBOR + 1.50%)     due 1/17/2031(1)(2)(3)		1,000,000		975,200
American Express Credit Account Master Trust 2022-3 A 3.75% due 8/15/2027		2,000,000		1,937,868
AmeriCredit Automobile Receivables Trust 2020-3 C 1.06% due 8/18/2026		1,125,000		1,056,651
Anchorage Capital CLO 21 Ltd. 2021-21A B 7.00% (3 mo. USD LIBOR + 1.75%)     due 10/20/2034(1)(2)(3)		1,000,000		978,300
Anchorage Capital CLO 7 Ltd. 2015-7A BR2 7.023% (3 mo. USD LIBOR + 1.75%)     due 1/28/2031(1)(2)(3)		1,000,000		984,200
Apidos CLO XXII 2015-22A A2R 6.75% (3 mo. USD LIBOR + 1.50%)     due 4/20/2031(1)(2)(3)		1,000,000		980,719
Ares XXVII CLO Ltd. 2013-2A BR2 6.923% (3 mo. USD LIBOR + 1.65%)     due 10/28/2034(1)(2)(3)		1,000,000		979,821
Ares XXVIIIR CLO Ltd. 2018-28RA A2 6.66% (3 mo. USD LIBOR + 1.40%)     due 10/17/2030(1)(2)(3)		1,100,000		1,081,138

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Avis Budget Rental Car Funding AESOP LLC 2021-2A A 1.66% due 2/20/2028(1)	$	1,100,000	$	952,633
Barings CLO Ltd. 2020-1A AR 6.41% (3 mo. USD LIBOR + 1.15%)     due 10/15/2036(1)(2)(3)		1,200,000		1,171,459
Benefit Street Partners CLO XVI Ltd. 2018-16A BR 6.81% (3 mo. USD LIBOR + 1.55%)     due 1/17/2032(1)(2)(3)		1,200,000		1,170,360
Canyon Capital CLO Ltd. 2022-1A B 6.832% (3 mo. USD Term SOFR + 1.85%)     due 4/15/2035(1)(2)		1,200,000		1,167,550
Carlyle U.S. CLO Ltd. 2018-2A A2 6.86% (3 mo. USD LIBOR + 1.60%)     due 10/15/2031(1)(2)(3)		1,000,000		981,654
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026		850,000		793,055
Cathedral Lake VI Ltd. 2021-6A AN 6.505% (3 mo. USD LIBOR + 1.25%)     due 4/25/2034(1)(2)(3)		1,200,000		1,179,596
CIFC Funding Ltd. 2013-4A BRR 6.892% (3 mo. USD LIBOR + 1.60%)     due 4/27/2031(1)(2)(3)		1,000,000		977,800
Domino’s Pizza Master Issuer LLC 2017-1A A23 4.118% due 7/25/2047(1)		710,625		653,195
Dryden 53 CLO Ltd. 2017-53A B 6.66% (3 mo. USD LIBOR + 1.40%)     due 1/15/2031(1)(2)(3)		1,100,000		1,073,930
Dryden Senior Loan Fund 2017-47A CR 7.31% (3 mo. USD LIBOR + 2.05%)     due 4/15/2028(1)(2)(3)		1,000,000		988,500
Exeter Automobile Receivables Trust 2022-2A A3 2.80% due 11/17/2025		511,152		509,212
Ford Credit Floorplan Master Owner Trust A 2020-2 A 1.06% due 9/15/2027		1,100,000		997,528

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Gulf Stream Meridian 6 Ltd. 2021-6A A1 6.45% (3 mo. USD LIBOR + 1.19%)     due 1/15/2037(1)(2)(3)	$	1,000,000	$	982,100
Hertz Vehicle Financing III LLC 2022-3A A 3.37% due 3/25/2025(1)		960,000		946,633
Jamestown CLO XI Ltd. 2018-11A A2 6.951% (3 mo. USD LIBOR + 1.70%)     due 7/14/2031(1)(2)(3)		1,200,000		1,172,880
KKR CLO 38 Ltd. 38A A1 6.306% (3 mo. USD Term SOFR + 1.32%)     due 4/15/2033(1)(2)		1,225,000		1,204,533
Madison Park Funding XXIII Ltd. 2017-23A BR 6.842% (3 mo. USD LIBOR + 1.55%)     due 7/27/2031(1)(2)(3)		1,050,000		1,029,420
Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A BR 6.662% (3 mo. USD LIBOR + 1.40%)     due 10/18/2030(1)(2)(3)		1,000,000		978,076
Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A A 6.32% (3 mo. USD LIBOR + 1.06%)     due 4/16/2033(1)(2)(3)		1,200,000		1,184,640
Nissan Auto Lease Trust 2023-A A4 4.80% due 7/15/2027		700,000		689,885
Octagon Investment Partners 36 Ltd. 2018-1A B 6.65% (3 mo. USD LIBOR + 1.39%)     due 4/15/2031(1)(2)(3)		1,209,375		1,175,633
OHA Credit Partners XIV Ltd. 2017-14A B 6.761% (3 mo. USD LIBOR + 1.50%)     due 1/21/2030(1)(2)(3)		1,000,000		976,900
PPM CLO 2 Ltd. 2019-2A BR 7.015% (3 mo. USD LIBOR + 1.75%)     due 4/16/2032(1)(2)(3)		1,000,000		967,400
Santander Drive Auto Receivables Trust 2022-3 A3 3.40% due 12/15/2026		1,139,030		1,123,673

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Santander Retail Auto Lease Trust 2021-C A3 0.50% due 3/20/2025(1)	$	779,312	$	772,312
TIAA CLO IV Ltd. 2018-1A A2 6.95% (3 mo. USD LIBOR + 1.70%)     due 1/20/2032(1)(2)(3)		1,170,000		1,139,346
Toyota Auto Loan Extended Note Trust 2021-1A A 1.07% due 2/27/2034(1)		1,735,000		1,548,716
Verizon Owner Trust 2020-C A 0.41% due 4/21/2025		290,698		287,667
Voya CLO Ltd. 2015-3A A3R 7.01% (3 mo. USD Term SOFR + 1.96%)     due 10/20/2031(1)(2)		1,000,000		983,532
Westlake Automobile Receivables Trust 2022-3A A2 5.24% due 7/15/2025(1)		633,613		632,213
World Omni Auto Receivables Trust 2021-B A4 0.69% due 6/15/2027		1,200,000		1,098,235
World Omni Automobile Lease Securitization Trust 2021-A A4 0.50% due 11/16/2026		1,390,000		1,354,409
Total Asset–Backed Securities (Cost $43,280,145)				42,625,218
Corporate Bonds & Notes – 19.9%
Aerospace & Defense – 0.6%
Boeing Co. 2.196% due 2/4/2026		200,000		183,658
4.875% due 5/1/2025		1,000,000		985,670
				1,169,328
Agriculture – 0.2%
Reynolds American, Inc. 4.45% due 6/12/2025		400,000		388,860
				388,860
Chemicals – 0.3%
LYB International Finance III LLC 1.25% due 10/1/2025		600,000		542,832
				542,832
Commercial Banks – 8.1%
Banco Santander SA 2.746% due 5/28/2025		1,000,000		939,310
Bank of America Corp. 3.093% (3.093% fixed rate until 10/1/2024; 3 mo. USD Term SOFR + 1.35% thereafter)     due 10/1/2025(2)		1,000,000		962,440

The accompanying notes are an integral part of these financial statements. 5

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
3.384% (3.384% fixed rate until 4/2/2025; SOFR + 1.33% thereafter)     due 4/2/2026(2)	$	1,000,000	$	959,290
5.08% (5.08% fixed rate until 1/20/2026; SOFR + 1.29% thereafter)     due 1/20/2027(2)		500,000		494,170
Barclays PLC 2.852% (2.852% fixed rate until 5/7/2025; SOFR + 2.71% thereafter)     due 5/7/2026(2)		1,000,000		937,440
7.325% (7.325% fixed rate until 11/2/2025; 1 yr. CMT + 3.05% thereafter)     due 11/2/2026(2)		200,000		204,698
Danske Bank A/S 1.621% (1.621% fixed rate until 9/11/2025; 1 yr. CMT + 1.35% thereafter)     due 9/11/2026(1)(2)		200,000		179,320
Deutsche Bank AG 2.129% (2.129% fixed rate until 11/24/2025; SOFR + 1.87% thereafter)     due 11/24/2026(2)		150,000		133,176
Fifth Third Bancorp 2.375% due 1/28/2025		1,000,000		938,440
Fifth Third Bank NA 5.852% (5.852% fixed rate until 10/27/2024; SOFR + 1.23% thereafter)     due 10/27/2025(2)		250,000		244,017
Huntington Bancshares, Inc. 2.625% due 8/6/2024		1,000,000		956,800
Huntington National Bank 5.699% (5.699% fixed rate until 11/18/2024; SOFR + 1.22% thereafter)     due 11/18/2025(2)		250,000		242,833
JPMorgan Chase & Co. 2.005% (2.005% fixed rate until 3/13/2025; 3 mo. USD Term SOFR + 1.59% thereafter)     due 3/13/2026(2)		200,000		187,864
3.845% (3.845% fixed rate until 6/14/2024; SOFR + 0.98% thereafter)     due 6/14/2025(2)		1,000,000		978,320
Mitsubishi UFJ Financial Group, Inc. 1.412% due 7/17/2025		1,100,000		1,008,150
5.719% (5.719% fixed rate until 2/20/2025; 1 yr. CMT + 1.08% thereafter)     due 2/20/2026(2)		500,000		497,500
Morgan Stanley 2.72% (2.72% fixed rate until 7/22/2024; SOFR + 1.15% thereafter)     due 7/22/2025(2)		1,000,000		964,310

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
5.05% (5.05% fixed rate until 1/28/2026; SOFR + 1.30% thereafter)     due 1/28/2027(2)	$	300,000	$	297,474
NatWest Group PLC 5.847% (5.847% fixed rate until 3/2/2026; 1 yr. CMT + 1.35% thereafter)     due 3/2/2027(2)		250,000		247,297
7.472% (7.472% fixed rate until 11/10/2025; 1 yr. CMT + 2.85% thereafter)     due 11/10/2026(2)		300,000		307,029
Truist Bank 3.625% due 9/16/2025		250,000		233,473
Truist Financial Corp. 2.50% due 8/1/2024		1,000,000		964,430
4.00% due 5/1/2025		1,000,000		967,570
UBS Group AG 3.75% due 3/26/2025		900,000		861,669
				14,707,020
Commercial Services – 0.6%
Global Payments, Inc. 2.65% due 2/15/2025		1,100,000		1,043,768
				1,043,768
Cosmetics & Personal Care – 0.5%
Procter & Gamble Co. 1.00% due 4/23/2026		1,100,000		995,797
				995,797
Diversified Financial Services – 2.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.65% due 10/29/2024		1,200,000		1,127,268
4.875% due 1/16/2024		550,000		546,012
6.50% due 7/15/2025		800,000		804,648
Air Lease Corp. 2.875% due 1/15/2026		200,000		185,186
Charles Schwab Corp. 1.15% due 5/13/2026		200,000		177,012
Synchrony Financial 4.25% due 8/15/2024		800,000		770,384
				3,610,510
Electric – 1.0%
DTE Energy Co. Series F 1.05% due 6/1/2025		1,100,000		1,007,776
Pacific Gas and Electric Co. 3.45% due 7/1/2025		300,000		283,851
Public Service Enterprise Group, Inc. 2.875% due 6/15/2024		500,000		485,490
				1,777,117

6 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Healthcare – Services – 0.9%
Elevance Health, Inc. 4.90% due 2/8/2026	$	200,000	$	196,672
UnitedHealth Group, Inc. 1.15% due 5/15/2026		1,100,000		995,126
3.10% due 3/15/2026		400,000		382,588
				1,574,386
Insurance – 0.2%
Prudential Financial, Inc. 5.375% (5.375% fixed rate until 5/15/2025; 3 mo. USD LIBOR + 3.03% thereafter)     due 5/15/2045(2)(3)		400,000		390,672
				390,672
Lodging – 0.1%
Marriott International, Inc. 3.125% due 6/15/2026		200,000		187,870
				187,870
Media – 0.6%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.908% due 7/23/2025		1,000,000		980,660
Discovery Communications LLC 4.90% due 3/11/2026		200,000		196,176
				1,176,836
Oil & Gas – 1.0%
Canadian Natural Resources Ltd. 3.90% due 2/1/2025		500,000		483,735
Diamondback Energy, Inc. 3.25% due 12/1/2026		200,000		188,074
Occidental Petroleum Corp. 5.875% due 9/1/2025		200,000		199,262
Shell International Finance BV 2.875% due 5/10/2026		1,000,000		952,900
				1,823,971
Pharmaceuticals – 0.3%
Astrazeneca Finance LLC 1.20% due 5/28/2026		500,000		451,145
CVS Health Corp. 3.875% due 7/20/2025		200,000		194,472
				645,617
Pipelines – 1.2%
Energy Transfer LP 2.90% due 5/15/2025		1,100,000		1,044,208
TransCanada PipeLines Ltd. 6.203% due 3/9/2026		500,000		500,385
Western Midstream Operating LP 3.35% due 2/1/2025		600,000		573,984
				2,118,577
Real Estate Investment Trusts (REITs) – 1.5%
American Tower Corp. 2.40% due 3/15/2025		1,200,000		1,131,300

June 30, 2023 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts (REITs) (continued)
Essex Portfolio LP 3.50% due 4/1/2025	$	500,000	$	480,900
NNN REIT, Inc. 3.90% due 6/15/2024		1,000,000		979,260
Simon Property Group LP 3.375% due 10/1/2024		250,000		242,653
				2,834,113
Semiconductors – 0.1%
Broadcom, Inc. 3.459% due 9/15/2026		200,000		189,148
				189,148
Software – 0.3%
Fiserv, Inc. 3.85% due 6/1/2025		200,000		194,020
Oracle Corp. 2.50% due 4/1/2025		300,000		284,745
				478,765
Telecommunications – 0.4%
AT&T, Inc. 1.70% due 3/25/2026		200,000		182,212
T-Mobile USA, Inc. 3.50% due 4/15/2025		200,000		192,438
Verizon Communications, Inc. 3.376% due 2/15/2025		350,000		338,219
				712,869
Total Corporate Bonds & Notes (Cost $36,535,383)				36,368,056
Non–Agency Mortgage–Backed Securities – 6.2%
Benchmark Mortgage Trust 2018-B3 AS 4.195% due 4/10/2051(2)(4)		1,150,000		1,039,865
Commercial Mortgage Trust 2017-COR2 A3 3.51% due 9/10/2050		1,200,000		1,101,030
2019-GC44 AM 3.263% due 8/15/2057		1,085,000		908,222
DBGS Mortgage Trust 2018-C1 AM 4.756% due 10/15/2051(2)(4)		1,100,000		990,820
DBUBS Mortgage Trust 2017-BRBK A 3.452% due 10/10/2034(1)		793,000		719,856
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 6.867% due 11/25/2041(1)(2)(4)		900,000		866,819
2021-HQA4 M1 6.017% due 12/25/2041(1)(2)(4)		568,709		551,549
2022-DNA1 M1A 6.067% due 1/25/2042(1)(2)(4)		483,046		475,150
2022-HQA3 M1A 7.367% due 8/25/2042(1)(2)(4)		1,030,541		1,036,738
Hilton USA Trust 2016-HHV A 3.719% due 11/5/2038(1)		845,000		781,657

The accompanying notes are an integral part of these financial statements. 7

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 AS 3.456% due 5/15/2046	$	190,178	$	175,894
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A4 3.718% due 12/15/2048		1,380,000		1,304,363
2016-LC24 A4 2.942% due 10/15/2049		1,000,000		914,071
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		440,000		430,515
Total Non–Agency Mortgage–Backed Securities (Cost $11,857,604)				11,296,549
U.S. Government Agencies – 2.1%
Federal Farm Credit Banks Funding Corp. 2.64% due 4/8/2026		4,000,000		3,793,480
Total U.S. Government Agencies (Cost $3,959,990)				3,793,480
U.S. Government Securities – 18.1%
U.S. Treasury Note 3.50% due 4/30/2030		6,900,000		6,701,625
4.625% due 6/30/2025		26,500,000		26,378,887
Total U.S. Government Securities (Cost $33,136,584)				33,080,512
U.S. Treasury Bills – 16.8%
U.S. Treasury Bill 5.391% due 11/30/2023(5)		31,300,000		30,618,573
Total U.S. Treasury Bills (Cost $30,621,345)				30,618,573
	Shares		Value
Exchange–Traded Funds – 4.8%
Vanguard Short-Term Inflation-Protected Securities ETF		186,300		8,834,346
Total Exchange–Traded Funds (Cost $9,417,345)				8,834,346

June 30, 2023 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.5%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $2,707,808, due 7/3/2023(6)	$	2,707,465	$	2,707,465
Total Repurchase Agreements (Cost $2,707,465)				2,707,465
Total Investments – 99.6% (Cost $184,513,956)				181,665,730
Assets in excess of other liabilities – 0.4%				673,068
Total Net Assets – 100.0%			$	182,338,798

⁽¹⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $37,388,124, representing 20.5% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2023.

⁽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 Note		4.625%		3/15/2026	$	2,721,500	$	2,761,712

Open futures contracts at June 30, 2023:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note		September 2023		438		Long	$	90,124,253	$	89,064,563	$	(1,059,690	)
Total							$	90,124,253	$	89,064,563	$	(1,059,690	)

8 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation/ (Depreciation)
U.S. 10-Year Treasury Note		September 2023		99		Short	$	(11,318,376	)	$	(11,114,297	)	$	204,079
U.S. Long Bond		September 2023		22		Short		(2,794,722	)		(2,791,938	)		2,784
U.S. Ultra 10-Year Treasury Note		September 2023		64		Short		(7,599,413	)		(7,580,000	)		19,413
U.S. Ultra Bond		September 2023		3		Short		(404,895	)		(408,656	)		(3,761	)
Total							$	(22,117,406	)	$	(21,894,891	)	$	222,515

Centrally cleared credit default swap agreements — buy protection⁽⁷⁾:

Reference Entity	Implied Credit Spread at 6/30/23(8)		Notional Amount(9)		Maturity		(Pay)/Receive Fixed Rate		Periodic Payment Frequency		Upfront Payments			Value			Unrealized Depreciation
CDX.NA.HY.S40		4.29%		USD    19,750,000		6/20/2028		(5.00)%		Quarterly	$	(233,908	)	$	(551,624	)	$	(317,716	)

⁽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

CMT — Constant Maturity Treasury

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 June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2			Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	12,341,531		$	—	$	12,341,531
Asset–Backed Securities		—			42,625,218			—		42,625,218
Corporate Bonds & Notes		—			36,368,056			—		36,368,056
Non–Agency Mortgage–Backed Securities		—			11,296,549			—		11,296,549
U.S. Government Agencies		—			3,793,480			—		3,793,480
U.S. Government Securities		—			33,080,512			—		33,080,512
U.S. Treasury Bills		—			30,618,573			—		30,618,573
Exchange–Traded Funds		8,834,346			—			—		8,834,346
Repurchase Agreements		—			2,707,465			—		2,707,465
Total	$	8,834,346		$	172,831,384		$	—	$	181,665,730
Other Financial Instruments
Futures Contracts
Assets	$	226,276		$	—		$	—	$	226,276
Liabilities		(1,063,451	)		—			—		(1,063,451	)
Swap Contracts
Liabilities		—			(317,716	)		—		(317,716	)
Total	$	(837,175	)	$	(317,716	)	$	—	$	(1,154,891	)

The accompanying notes are an integral part of these financial statements. 9

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	181,665,730
Receivable for investments sold		52,426,019
Receivable for variation margin on swap contracts		2,063,850
Interest receivable		859,888
Cash deposits with brokers for futures contracts		551,640
Reimbursement receivable from adviser		12,405
Receivable for fund shares subscribed		7,305
Prepaid expenses		2,240
Total Assets		237,589,077
Liabilities
Payable for investments purchased		53,923,723
Due to broker for swap contracts		1,097,997
Payable for fund shares redeemed		79,654
Investment advisory fees payable		68,315
Accrued custodian and accounting fees		17,781
Payable for variation margin on futures contracts		15,768
Accrued audit fees		12,452
Accrued trustees’ and officers’ fees		3,635
Accrued expenses and other liabilities		30,954
Total Liabilities		55,250,279
Total Net Assets	$	182,338,798
Net Assets Consist of:
Paid-in capital	$	186,428,187
Distributable loss		(4,089,389	)
Total Net Assets	$	182,338,798
Investments, at Cost	$	184,513,956
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		18,580,824
Net Asset Value Per Share		$9.81

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	5,347
Interest		3,763,619
Total Investment Income		3,768,966
Expenses
Investment advisory fees		426,260
Professional fees		34,518
Custodian and accounting fees		23,722
Trustees’ and officers’ fees		23,542
Administrative fees		19,196
Transfer agent fees		8,750
Shareholder reports		5,164
Other expenses		5,461
Total Expenses		546,613
Less: Fees waived		(72,991	)
Total Expenses, Net		473,622
Net Investment Income/(Loss)		3,295,344
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(2,961,399	)
Net realized gain/(loss) from futures contracts		(703,258	)
Net realized gain/(loss) from swap contracts		(2,045,822	)
Net change in unrealized appreciation/(depreciation) on investments		3,287,639
Net change in unrealized appreciation/(depreciation) on futures contracts		(924,665	)
Net change in unrealized appreciation/(depreciation) on swap contracts		967,720
Net Loss on Investments and Derivative Contracts		(2,379,785	)
Net Increase in Net Assets Resulting From Operations	$	915,559

10 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	3,295,344		$	4,096,143
Net realized gain/(loss) from investments and derivative contracts		(5,710,479	)		(1,767,280	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		3,330,694			(7,333,811	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		915,559			(5,004,948	)
Capital Share Transactions
Proceeds from sales of shares		15,185,074			234,189,617
Cost of shares redeemed		(20,359,516	)		(42,586,988	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(5,174,442	)		191,602,629
Net Increase/(Decrease) in Net Assets		(4,258,883	)		186,597,681
Net Assets
Beginning of period		186,597,681			—
End of period	$	182,338,798		$	186,597,681
Other Information:
Shares
Sold		1,547,673			23,424,754
Redeemed		(2,063,663	)		(4,327,940	)
Net Increase/(Decrease)		(515,990	)		19,096,814

¹  Commenced operations on May 2, 2022.

The accompanying notes are an integral part of these financial statements. 11

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Loss		Total Operations		Net Asset Value, End of Period		Total Return(2),(3)
Six Months Ended 6/30/23	$	9.77	$	0.17	$	(0.13)	$	0.04	$	9.81		0.41	%
Period Ended 12/31/22(5)		10.00		0.20		(0.43)		(0.23)		9.77		(2.30)	%

12 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)
$	182,339		0.50%		0.58%		3.48%		3.40%		155%
	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. For the period ended December 31, 2022, 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. 13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Short Duration Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on May 2, 2022. The financial statements for other series of the Trust are presented in separate reports.

The 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.

14

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 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 six months ended June 30, 2023, 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 June 30, 2023.

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

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION 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 0.45% 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, 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 0.50% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $72,991.

b. Compensation of Trustees and Officers Trustees and officers who are interested persons of the Trust, as defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses,

deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2023, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	54,329,413	$	196,836,116
Sales		29,625,915		253,946,505

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.

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND 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 June 30, 2023, 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 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

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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 six months ended June 30, 2023 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 June 30, 2023, 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	$	226,276		$	—
Liability Derivatives
Futures Contracts1	$	(1,063,451	)	$	—
Swap Contracts2		—			(317,716	)

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.

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

Transactions in derivative investments for the six months ended June 30, 2023 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(703,258	)	$	—
Swap Contracts2		—			(2,045,822	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	(924,665	)	$	—
Swap Contracts4		—			967,720
Average Number of Notional Amounts
Futures Contracts5		588			—
Swap Contracts — Buy/Sell Protection	$	—		$	20,785,714

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 six months ended June 30, 2023.

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.

9. Subsequent Event

The Bloomberg US Government/Credit 1-3 Year Total Return Index (the “Index”) replaced the Bloomberg US Government Bond 1-3 Year Index as the Fund’s primary benchmark effective July 1, 2023. The Index was selected to align more closely with the Fund’s investment strategy and portfolio holdings.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not

meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without

significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management Agreement

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark

25

SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

26

SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that

27

SUPPLEMENTAL INFORMATION (UNAUDITED)

the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an

investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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

PUB11741

Guardian Variable

Products Trust

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	2
Financial Information
Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Supplemental Information
Liquidity Risk Management Program	16
Approval of Investment Management and Sub-advisory Agreements	17
Portfolio Holdings and Proxy Voting Procedures	24

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $274,392,964

Sector Allocation¹

As of June 30, 2023

Top Ten Holdings2 As of June 30, 2023
Holding	% of Total Net Assets
Murphy USA, Inc.		2.14%
Textainer Group Holdings Ltd.		1.98%
Eagle Materials, Inc.		1.89%
Bloomin’ Brands, Inc.		1.80%
SMART Global Holdings, Inc.		1.79%
Century Communities, Inc.		1.79%
Kite Realty Group Trust REIT		1.78%
Euronet Worldwide, Inc.		1.77%
Terex Corp.		1.76%
Itron, Inc.		1.54%
Total		18.24%

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.

1

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,127.10	$	5.49		1.04%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,019.64	$	5.21		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 181/365 (to reflect the one-half year period).

2

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Common Stocks – 99.1%
Automobile Components – 0.9%
Visteon Corp.(1)		16,540	$	2,375,309
				2,375,309
Banks – 6.5%
Bank OZK		83,993		3,373,159
Cadence Bank		138,369		2,717,567
Prosperity Bancshares, Inc.		47,500		2,682,800
Washington Federal, Inc.		101,705		2,697,216
WesBanco, Inc.		95,626		2,448,982
Wintrust Financial Corp.		53,306		3,871,082
				17,790,806
Biotechnology – 0.6%
Ultragenyx Pharmaceutical, Inc.(1)		34,922		1,610,952
				1,610,952
Chemicals – 2.3%
Avient Corp.		60,728		2,483,775
Olin Corp.		72,123		3,706,401
				6,190,176
Communications Equipment – 0.8%
Extreme Networks, Inc.(1)		88,100		2,295,005
				2,295,005
Construction & Engineering – 1.4%
Primoris Services Corp.		129,672		3,951,106
				3,951,106
Construction Materials – 1.9%
Eagle Materials, Inc.		27,800		5,182,476
				5,182,476
Consumer Finance – 3.7%
Encore Capital Group, Inc.(1)		65,566		3,187,819
OneMain Holdings, Inc.		85,100		3,718,019
PROG Holdings, Inc.(1)		100,351		3,223,274
				10,129,112
Diversified Consumer Services – 0.7%
Stride, Inc.(1)		52,876		1,968,573
				1,968,573
Diversified Telecommunication Services – 0.7%
Anterix, Inc.(1)		60,439		1,915,312
				1,915,312
Electric Utilities – 1.4%
Portland General Electric Co.		81,604		3,821,515
				3,821,515
Electrical Equipment – 1.3%
EnerSys		32,835		3,563,254
				3,563,254
Electronic Equipment, Instruments & Components – 3.5%
Advanced Energy Industries, Inc.		24,692		2,751,924
Itron, Inc.(1)		58,442		4,213,668
nLight, Inc.(1)		165,122		2,546,181
				9,511,773

June 30, 2023 (unaudited)	Shares		Value
Energy Equipment & Services – 2.7%
Atlas Energy Solutions, Inc., Class A		135,900	$	2,359,224
Helmerich & Payne, Inc.		57,194		2,027,527
Valaris Ltd.(1)		50,200		3,159,086
				7,545,837
Entertainment – 0.7%
PLAYSTUDIOS, Inc.(1)(2)		325,000		1,595,750
PLAYSTUDIOS, Inc.(1)		44,181		216,929
				1,812,679
Financial Services – 3.1%
Euronet Worldwide, Inc.(1)		41,400		4,859,118
NMI Holdings, Inc., Class A(1)		144,294		3,725,671
				8,584,789
Food Products – 1.9%
Sovos Brands, Inc.(1)		120,793		2,362,711
Utz Brands, Inc.		170,104		2,782,902
				5,145,613
Ground Transportation – 1.2%
Marten Transport Ltd.		155,789		3,349,464
				3,349,464
Health Care Equipment & Supplies – 1.9%
Lantheus Holdings, Inc.(1)		27,044		2,269,532
Novocure Ltd.(1)		16,767		695,831
Omnicell, Inc.(1)		32,359		2,383,888
				5,349,251
Health Care Providers & Services – 4.5%
Acadia Healthcare Co., Inc.(1)		43,205		3,440,846
CareMax, Inc.(1)		90,158		280,391
CareMax, Inc.(1)(2)		213,620		664,358
HealthEquity, Inc.(1)		63,682		4,020,882
R1 RCM, Inc.(1)		214,447		3,956,547
				12,363,024
Hotel & Resort REITs – 0.9%
RLJ Lodging Trust		247,783		2,544,731
				2,544,731
Hotels, Restaurants & Leisure – 3.0%
Bloomin’ Brands, Inc.		183,700		4,939,693
Everi Holdings, Inc.(1)		224,855		3,251,403
				8,191,096
Household Durables – 1.8%
Century Communities, Inc.		64,038		4,906,592
				4,906,592
Independent Power and Renewable Electricity Producers – 0.9%
Sunnova Energy International, Inc.(1)		140,909		2,580,044
				2,580,044
Industrial REITs – 0.9%
LXP Industrial Trust		253,178		2,468,486
				2,468,486

The accompanying notes are an integral part of these financial statements. 3

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND

June 30, 2023 (unaudited)	Shares		Value
Insurance – 1.0%
Assured Guaranty Ltd.		50,505	$	2,818,179
				2,818,179
IT Services – 1.6%
BigCommerce Holdings, Inc.(1)		283,700		2,822,815
Thoughtworks Holding, Inc.(1)		220,621		1,665,689
				4,488,504
Leisure Products – 1.4%
Vista Outdoor, Inc.(1)		138,683		3,837,359
				3,837,359
Life Sciences Tools & Services – 0.8%
Maravai LifeSciences Holdings, Inc., Class A(1)		170,600		2,120,558
				2,120,558
Machinery – 4.8%
Crane Co.		25,400		2,263,648
Crane NXT Co.		42,200		2,381,768
Hillman Solutions Corp.(1)		419,175		3,776,767
Terex Corp.		80,800		4,834,264
				13,256,447
Media – 2.5%
Gambling.com Group Ltd.(1)		130,800		1,339,392
Gray Television, Inc.		252,716		1,991,402
Integral Ad Science Holding Corp.(1)		199,235		3,582,245
				6,913,039
Metals & Mining – 2.7%
Commercial Metals Co.		41,766		2,199,397
Constellium SE(1)		165,144		2,840,477
MP Materials Corp.(1)		100,076		2,289,739
				7,329,613
Mortgage REITs – 0.8%
Redwood Trust, Inc.		345,158		2,198,656
				2,198,656
Multi-Utilities – 0.6%
Black Hills Corp.		28,359		1,708,913
				1,708,913
Office REITs – 1.4%
Corporate Office Properties Trust		156,134		3,708,182
				3,708,182
Oil, Gas & Consumable Fuels – 4.9%
CNX Resources Corp.(1)		140,014		2,481,048
HF Sinclair Corp.		85,148		3,798,452
Magnolia Oil & Gas Corp., Class A		184,045		3,846,541
Matador Resources Co.		62,000		3,243,840
				13,369,881
Pharmaceuticals – 2.3%
Cara Therapeutics, Inc.(1)		187,700		531,191
Intra-Cellular Therapies, Inc.(1)		37,571		2,378,996
Prestige Consumer Healthcare, Inc.(1)		55,600		3,304,308
				6,214,495

June 30, 2023 (unaudited)	Shares		Value
Professional Services – 3.0%
ICF International, Inc.		29,994	$	3,730,954
Korn Ferry		51,561		2,554,332
Sterling Check Corp.(1)		159,023		1,949,622
				8,234,908
Retail REITs – 1.8%
Kite Realty Group Trust		219,248		4,898,000
				4,898,000
Semiconductors & Semiconductor Equipment – 4.1%
indie Semiconductor, Inc., Class A(1)		239,700		2,253,180
Photronics, Inc.(1)		153,800		3,966,502
SMART Global Holdings, Inc.(1)		169,175		4,907,767
				11,127,449
Software – 4.4%
CommVault Systems, Inc.(1)		46,225		3,356,859
NCR Corp.(1)		159,182		4,011,386
Rapid7, Inc.(1)		59,634		2,700,228
WalkMe Ltd.(1)		199,390		1,914,144
				11,982,617
Specialized REITs – 1.3%
PotlatchDeltic Corp.		67,800		3,583,230
				3,583,230
Specialty Retail – 4.9%
Group 1 Automotive, Inc.		14,129		3,646,695
Murphy USA, Inc.		18,879		5,873,446
Petco Health & Wellness Co., Inc.(1)		182,156		1,621,188
Urban Outfitters, Inc.(1)		70,882		2,348,321
				13,489,650
Trading Companies & Distributors – 5.6%
Custom Truck One Source, Inc.(1)		368,617		2,484,478
GATX Corp.		28,401		3,656,345
Rush Enterprises, Inc., Class A		63,060		3,830,264
Textainer Group Holdings Ltd.		137,940		5,432,077
				15,403,164
Total Common Stocks (Cost $240,496,524)				271,829,819

	Principal Amount		Value
Repurchase Agreements – 0.3%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $952,223, due 7/3/2023(3)		$952,103		952,103
Total Repurchase Agreements (Cost $952,103)				952,103
Total Investments – 99.4% (Cost $241,448,627)				272,781,922
Assets in excess of other liabilities – 0.6%				1,611,042
Total Net Assets – 100.0%				$274,392,964

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND

⁽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 June 30, 2023, the aggregate market value of these securities amounted to $2,260,108, representing 0.8% of net assets.

⁽³⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.625%		3/15/2026	$	957,100	$	971,242

Legend:

REITs — Real Estate Investment Trusts

The following is a summary of the inputs used as of June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	271,829,819	$	—	$	—	$	271,829,819
Repurchase Agreements		—		952,103		—		952,103
Total	$	271,829,819	$	952,103	$	—	$	272,781,922

The accompanying notes are an integral part of these financial statements. 5

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	272,781,922
Receivable for investments sold		1,793,221
Dividends/interest receivable		277,219
Prepaid expenses		3,035
Total Assets		274,855,397
Liabilities
Payable for fund shares redeemed		189,947
Investment advisory fees payable		153,273
Distribution fees payable		55,534
Accrued custodian and accounting fees		15,690
Accrued audit fees		13,978
Accrued trustees’ and officers’ fees		4,321
Accrued expenses and other liabilities		29,690
Total Liabilities		462,433
Total Net Assets	$	274,392,964
Net Assets Consist of:
Paid-in capital	$	199,603,148
Distributable earnings		74,789,816
Total Net Assets	$	274,392,964
Investments, at Cost	$	241,448,627
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		22,922,805
Net Asset Value Per Share		$11.97

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Dividends	$	1,840,202
Interest		21,431
Total Investment Income		1,861,633
Expenses
Investment advisory fees		869,126
Distribution fees		314,901
Professional fees		36,743
Trustees’ and officers’ fees		30,933
Administrative fees		18,987
Custodian and accounting fees		18,902
Transfer agent fees		7,774
Shareholder reports		5,506
Other expenses		7,057
Total Expenses		1,309,929
Net Investment Income/(Loss)		551,704
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(3,523,636	)
Net change in unrealized appreciation/(depreciation) on investments		34,993,894
Net Gain on Investments		31,470,258
Net Increase in Net Assets Resulting From Operations	$	32,021,962

6 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	551,704		$	636,886
Net realized gain/(loss) from investments		(3,523,636	)		(1,545,322	)
Net change in unrealized appreciation/(depreciation) on investments		34,993,894			(62,682,085	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		32,021,962			(63,590,521	)
Capital Share Transactions
Proceeds from sales of shares		22,596,648			69,252,183
Cost of shares redeemed		(26,751,064	)		(43,280,112	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(4,154,416	)		25,972,071
Net Increase/(Decrease) in Net Assets		27,867,546			(37,618,450	)
Net Assets
Beginning of period		246,525,418			284,143,868
End of period	$	274,392,964		$	246,525,418
Other Information:
Shares
Sold		2,079,793			5,747,650
Redeemed		(2,360,556	)		(3,722,078	)
Net Increase/(Decrease)		(280,763	)		2,025,572

The accompanying notes are an integral part of these financial statements. 7

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	10.62	$	0.02		$	1.33	$	1.35	$	11.97		12.71	%(4)
Year Ended 12/31/22		13.42		0.03			(2.83)		(2.80)		10.62		(20.86)	%
Year Ended 12/31/21		11.40		0.00	(5)		2.02		2.02		13.42		17.72	%
Year Ended 12/31/20		11.13		0.05			0.22		0.27		11.40		2.43	%
Period Ended 12/31/19(6)		10.00		0.01			1.12		1.13		11.13		11.30	%(4)

8 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
$	274,393		1.04%	(4)		1.04%	(4)		0.44%	(4)		0.44%	(4)		20%	(4)
	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%	(4)		1.09%	(4)		0.57%	(4)		0.49%	(4)		98%	(4)

⁽¹⁾  Calculated based on the average shares outstanding during the period.

⁽²⁾  Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾  Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Rounds to $0.00 per share.

⁽⁶⁾  Commenced operations on October 21, 2019.

The accompanying notes are an integral part of these financial statements. 9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small Cap 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.

10

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 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 June 30, 2023, 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 six months ended June 30, 2023, the Fund did not hold any derivatives.

b. Securities Transactions Securities transactions are accounted for on the date securities are purchased or

11

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, 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 1.05% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2023, 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

12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE 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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $314,901 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 $51,519,922 and $54,176,904, respectively, for the six months ended June 30, 2023. During the six months ended June 30, 2023, 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 June 30, 2023, the Fund held two restricted securities, and did not hold any illiquid securities.

13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

f. Private Investment in Public Equity A Fund may invest in securities that are purchased in private investment in public equity (“PIPE”) transactions. PIPEs are an accredited investor’s purchase of stock in a public company at a discount to the current market value per share for the purpose of raising capital and may also issue warrants enabling a Fund to purchase additional shares at a price equal to or at a premium to current market prices. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. Because the shares issued in a PIPE transaction are “restricted securities” under the federal securities laws, a Fund cannot freely trade the securities until the issuer files a registration statement to provide for the public resale of the shares, which typically occurs after the completion of the PIPE transaction and the public registration process with the SEC is completed, a period which can last many months. While issuers in PIPE transactions typically agree that they will register the securities for resale by a Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered, or that the registration will be maintained. In addition, a PIPE issuer may require a Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund’s ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by a Fund may be deemed illiquid.

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 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

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the six months ended June 30, 2023.

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.

15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management and Sub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark

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SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an

investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also

noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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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 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

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
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
Supplemental Information
Liquidity Risk Management Program	21
Approval of Investment Management Agreement	22
Portfolio Holdings and Proxy Voting Procedures	29

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $256,622,441

Bond Sector Allocation¹

As of June 30, 2023

Bond Quality Allocation²

As of June 30, 2023

1

GUARDIAN TOTAL RETURN BOND VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Bond		3.875%		5/15/2043		9.32%
U.S. Treasury Note		4.000%		6/30/2028		9.11%
U.S. Treasury Note		4.625%		6/30/2025		7.29%
U.S. Treasury Bond		3.625%		5/15/2053		4.69%
U.S. Treasury Note		3.750%		5/31/2030		2.92%
Federal National Mortgage Association		3.000%		5/1/2052		1.62%
Federal National Mortgage Association		3.500%		6/1/2052		1.55%
Federal Home Loan Mortgage Corp.		3.500%		6/1/2052		1.34%
Federal National Mortgage Association		2.500%		1/1/2052		1.28%
Octagon Loan Funding Ltd.		7.545%		11/18/2031		1.19%
Total						40.31%

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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23		Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$	1,000.00	$	1,016.70	$	3.95		0.79%
Based on Hypothetical Return (5% Return Before Expenses)	$	1,000.00	$	1,020.88	$	3.96		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 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 12.5%
Federal Home Loan Mortgage Corp. 3.00% due 3/1/2052	$	2,102,057	$	1,851,950
3.50% due 6/1/2052		3,775,111		3,440,293
4.00% due 10/1/2037		435,714		420,640
4.00% due 6/1/2052		704,253		660,624
4.50% due 9/1/2052		480,763		462,066
5.00% due 12/1/2052		1,251,206		1,225,695
Federal National Mortgage Association 2.50% due 1/1/2052		3,882,719		3,292,378
2.50% due 5/1/2052		2,662,938		2,256,904
3.00% due 7/1/2051		2,241,863		1,976,752
3.00% due 3/1/2052		3,407,419		3,002,286
3.00% due 5/1/2052		4,730,511		4,162,931
3.50% due 6/1/2052		4,351,668		3,965,760
3.50% due 10/1/2052		2,330,658		2,122,890
3.50% due 11/1/2052		2,236,380		2,036,918
4.00% due 12/1/2052		1,271,283		1,192,553
Total Agency Mortgage–Backed Securities (Cost $32,734,576)				32,070,640
Asset–Backed Securities – 20.2%
Allegro CLO VI Ltd. 2017-2A B 6.76% (3 mo. USD LIBOR + 1.50%)     due 1/17/2031(1)(2)(3)		1,000,000		975,200
Anchorage Capital CLO 7 Ltd. 2015-7A BR2 7.023% (3 mo. USD LIBOR + 1.75%)     due 1/28/2031(1)(2)(3)		500,000		492,100
Ares XXXIIR CLO Ltd. 2014-32RA B 7.121% (3 mo. USD LIBOR + 1.80%)     due 5/15/2030(1)(2)(3)		1,200,000		1,135,440
Ares XXXIV CLO Ltd. 2015-2A BR2 6.86% (3 mo. USD LIBOR + 1.60%)     due 4/17/2033(1)(2)(3)		450,000		435,960
Avis Budget Rental Car Funding AESOP LLC 2019-3A A 2.36% due 3/20/2026(1)		1,380,000		1,302,539
Barings CLO Ltd. 2020-1A AR 6.41% (3 mo. USD LIBOR + 1.15%)     due 10/15/2036(1)(2)(3)		1,550,000		1,513,135
Battalion CLO XX Ltd. 2021-20A D 8.36% (3 mo. USD LIBOR + 3.10%)     due 7/15/2034(1)(2)(3)		2,000,000		1,712,360
BlueMountain CLO Ltd. 2014-2A BR2 7.00% (3 mo. USD LIBOR + 1.75%)     due 10/20/2030(1)(2)(3)		800,000		783,040
BMW Vehicle Lease Trust 2023-1 A3 5.16% due 11/25/2025		1,000,000		993,552

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
Carlyle U.S. CLO Ltd. 2017-3A BR 7.25% (3 mo. USD LIBOR + 2.00%)     due 7/20/2029(1)(2)(3)	$	3,000,000	$	2,846,700
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026		1,400,000		1,306,208
Cathedral Lake VI Ltd. 2021-6A AN 6.505% (3 mo. USD LIBOR + 1.25%)     due 4/25/2034(1)(2)(3)		1,200,000		1,179,596
CIFC Funding Ltd. 2013-4A BRR 6.892% (3 mo. USD LIBOR + 1.60%)     due 4/27/2031(1)(2)(3)		800,000		782,240
DB Master Finance LLC 2021-1A A2II 2.493% due 11/20/2051(1)		1,034,250		859,738
Elmwood CLO IX Ltd. 2021-2A C 7.15% (3 mo. USD LIBOR + 1.90%)     due 7/20/2034(1)(2)(3)		3,000,000		2,842,500
Ford Credit Auto Owner Trust 2020-1 A 2.04% due 8/15/2031(1)		1,100,000		1,034,987
Ford Credit Floorplan Master Owner Trust A 2020-2 A 1.06% due 9/15/2027		1,500,000		1,360,266
GM Financial Automobile Leasing Trust 2023-1 A3 5.16% due 4/20/2026		1,140,000		1,131,450
GM Financial Consumer Automobile Receivables Trust 2020-A A3 0.38% due 8/18/2025		546,833		535,760
Golden Credit Card Trust 2018-4A A 3.44% due 8/15/2025(1)		1,590,000		1,585,837
Gulf Stream Meridian 6 Ltd. 2021-6A A1 6.45% (3 mo. USD LIBOR + 1.19%)     due 1/15/2037(1)(2)(3)		1,150,000		1,129,415
ICG U.S. CLO Ltd. 2018-2A B 7.023% (3 mo. USD LIBOR + 1.75%)     due 7/22/2031(1)(2)(3)		1,300,000		1,261,553
KKR CLO 38 Ltd. 38A A1 6.306% (3 mo. USD Term SOFR + 1.32%)     due 4/15/2033(1)(2)		1,725,000		1,696,179
Madison Park Funding XXIII Ltd. 2017-23A BR 6.842% (3 mo. USD LIBOR + 1.55%)     due 7/27/2031(1)(2)(3)		1,300,000		1,274,520

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount			Value
Asset–Backed Securities (continued)
Master Credit Card Trust 2021-1A A 0.53% due 11/21/2025(1)	$	1,590,000		$	1,515,111
Neuberger Berman CLO XVI-S Ltd. 2017-16SA BR 6.66% (3 mo. USD LIBOR + 1.40%)     due 4/15/2034(1)(2)(3)		1,000,000			955,300
Neuberger Berman CLO XVII Ltd. 2014-17A BR2 6.773% (3 mo. USD LIBOR + 1.50%)     due 4/22/2029(1)(2)(3)		1,100,000	��		1,077,780
Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A A 6.32% (3 mo. USD LIBOR + 1.06%)     due 4/16/2033(1)(2)(3)		1,500,000			1,480,800
Nissan Auto Lease Trust 2023-A A4 4.80% due 7/15/2027		550,000			542,052
Octagon Investment Partners 50 Ltd. 2020-4A DR 8.41% (3 mo. USD LIBOR + 3.15%)     due 1/15/2035(1)(2)(3)		1,100,000			961,510
Octagon Loan Funding Ltd. 2014-1A CRR 7.545% (3 mo. USD LIBOR + 2.20%)     due 11/18/2031(1)(2)(3)		3,200,000			3,060,160
OHA Credit Funding 3 Ltd. 2019-3A CR 7.20% (3 mo. USD LIBOR + 1.95%)     due 7/2/2035(1)(2)(3)		3,000,000			2,856,300
Oscar U.S. Funding XIV LLC 2022-1A A2 1.60% due 3/10/2025(1)		504,887			499,391
Riserva CLO Ltd. 2016-3A CRR 7.062% (3 mo. USD LIBOR + 1.80%)     due 1/18/2034(1)(2)(3)		3,000,000			2,818,200
Synchrony Card Funding LLC 2022-A1 A 3.37% due 4/15/2028		1,190,000			1,145,033
TIAA CLO IV Ltd. 2018-1A A2 6.95% (3 mo. USD LIBOR + 1.70%)     due 1/20/2032(1)(2)(3)		1,720,000			1,674,936
Voya CLO Ltd. 2016-3A A3R 7.012% (3 mo. USD LIBOR + 1.75%)     due 10/18/2031(1)(2)(3)		955,000			928,260
Westlake Automobile Receivables Trust 2022-3A A2 5.24% due 7/15/2025(1)		878,733			876,792

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
World Omni Auto Receivables Trust 2022-C A2 3.73% due 3/16/2026	$	1,214,513	$	1,202,942
Total Asset–Backed Securities (Cost $53,741,279)				51,764,842
Corporate Bonds & Notes – 20.3%
Aerospace & Defense – 0.4%
Lockheed Martin Corp. 4.75% due 2/15/2034		600,000		598,362
5.20% due 2/15/2055		300,000		309,693
Northrop Grumman Corp. 4.95% due 3/15/2053		200,000		195,068
				1,103,123
Agriculture – 0.5%
Philip Morris International, Inc. 5.75% due 11/17/2032		1,200,000		1,229,784
				1,229,784
Commercial Banks – 6.2%
Bank of America Corp. 4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter)     due 7/23/2029(2)		1,200,000		1,138,104
5.288% (5.288% fixed rate until 4/25/2033; SOFR + 1.91% thereafter)     due 4/25/2034(2)		900,000		891,747
Barclays PLC 2.645% (2.645% fixed rate until 6/24/2030; 1 yr. CMT + 1.90% thereafter)     due 6/24/2031(2)		900,000		721,863
7.119% (7.119% fixed rate until 6/27/2033; SOFR + 3.57% thereafter)     due 6/27/2034(2)		300,000		300,171
BNP Paribas SA 5.125% (5.125% fixed rate until 1/13/2028; 1 yr. CMT + 1.45% thereafter)     due 1/13/2029(1)(2)		500,000		489,600
5.335% (5.335% fixed rate until 6/12/2028; 1 yr. CMT + 1.50% thereafter)     due 6/12/2029(1)(2)		800,000		790,048
Credit Agricole SA 5.514% due 7/5/2033(1)		500,000		503,685
Deutsche Bank AG 2.311% (2.311% fixed rate until 11/16/2026; SOFR + 1.22% thereafter)     due 11/16/2027(2)		1,700,000		1,462,340
Discover Bank 4.682% (4.682% fixed rate until 8/9/2023; 5 yr. USD Swap + 1.73% thereafter)     due 8/9/2028(2)		1,300,000		1,180,894
Fifth Third Bank NA 2.25% due 2/1/2027		1,300,000		1,141,296

The accompanying notes are an integral part of these financial statements. 5

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
Huntington National Bank
4.552% (4.552% fixed rate until 5/17/2027; SOFR + 1.65% thereafter)     due 5/17/2028(2)	$	700,000	$	654,605
5.65% due 1/10/2030		300,000		288,132
JPMorgan Chase & Co. 4.203% (4.203% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.52% thereafter)     due 7/23/2029(2)		2,000,000		1,901,140
Mitsubishi UFJ Financial Group, Inc. 5.406% (5.406% fixed rate until 4/19/2033; 1 yr. CMT + 1.97% thereafter)     due 4/19/2034(2)		500,000		495,860
Morgan Stanley 5.123% (5.123% fixed rate until 2/1/2028; SOFR + 1.73% thereafter)     due 2/1/2029(2)		1,100,000		1,085,524
5.25% (5.25% fixed rate until 4/21/2033; SOFR + 1.87% thereafter)     due 4/21/2034(2)		800,000		789,568
NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT + 1.95% thereafter)     due 9/13/2029(2)		1,400,000		1,381,548
Truist Financial Corp. 5.867% (5.867% fixed rate until 6/8/2033; SOFR + 2.36% thereafter)     due 6/8/2034(2)		600,000		601,140
				15,817,265
Computers – 0.5%
Apple, Inc. 2.65% due 2/8/2051		100,000		69,052
3.25% due 8/8/2029		1,000,000		936,040
3.35% due 8/8/2032		400,000		372,740
				1,377,832
Cosmetics & Personal Care – 0.6%
Haleon U.S. Capital LLC 3.625% due 3/24/2032		900,000		807,129
Kenvue, Inc. 4.90% due 3/22/2033(1)		700,000		707,812
5.05% due 3/22/2053(1)		100,000		101,941
				1,616,882
Diversified Financial Services – 1.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.00% due 10/29/2028		1,500,000		1,300,980
Air Lease Corp. 5.30% due 2/1/2028		600,000		589,626
Charles Schwab Corp. 4.625% due 3/22/2030		800,000		784,264
Mastercard, Inc. 4.85% due 3/9/2033		400,000		407,324
				3,082,194

June 30, 2023 (unaudited)	Principal Amount		Value
Electric – 1.7%
Alabama Power Co. 3.94% due 9/1/2032	$	550,000	$	508,151
Consumers Energy Co. 4.20% due 9/1/2052		200,000		171,546
Duke Energy Carolinas LLC 4.95% due 1/15/2033		500,000		496,800
Duke Energy Corp. 3.50% due 6/15/2051		450,000		326,322
5.00% due 8/15/2052		200,000		183,042
Exelon Corp. 5.60% due 3/15/2053		400,000		403,508
PPL Electric Utilities Corp. 5.00% due 5/15/2033		300,000		300,792
5.25% due 5/15/2053		600,000		611,472
Wisconsin Public Service Corp. 2.85% due 12/1/2051		150,000		99,270
Xcel Energy, Inc. 4.60% due 6/1/2032		1,300,000		1,230,294
				4,331,197
Food – 0.2%
Kroger Co. 1.70% due 1/15/2031		650,000		510,029
				510,029
Gas – 0.4%
CenterPoint Energy Resources Corp. 5.40% due 3/1/2033		900,000		916,182
				916,182
Healthcare–Services – 0.5%
Elevance Health, Inc. 4.75% due 2/15/2033		400,000		388,912
5.125% due 2/15/2053		100,000		96,776
UnitedHealth Group, Inc. 4.20% due 5/15/2032		600,000		572,556
5.875% due 2/15/2053		200,000		221,864
				1,280,108
Insurance – 1.2%
Aon Corp. / Aon Global Holdings PLC 5.35% due 2/28/2033		700,000		705,761
Athene Holding Ltd. 3.50% due 1/15/2031		450,000		370,656
Corebridge Financial, Inc. 3.90% due 4/5/2032		600,000		522,522
Hartford Financial Services Group, Inc. 2.80% due 8/19/2029		510,000		440,446
3.60% due 8/19/2049		200,000		150,984
MetLife, Inc. 4.55% due 3/23/2030		500,000		489,415
5.25% due 1/15/2054		300,000		292,062
Prudential Financial, Inc. 3.70% due 3/13/2051		100,000		76,753
5.75% due 7/15/2033		100,000		104,790
				3,153,389

6 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Media – 0.7%
Charter Communications Operating LLC / Charter Communications Operating Capital 3.90% due 6/1/2052	$	20,000	$	13,031
4.40% due 4/1/2033		300,000		263,394
5.25% due 4/1/2053		400,000		322,848
Comcast Corp. 1.95% due 1/15/2031		970,000		793,062
2.887% due 11/1/2051		300,000		201,216
5.35% due 5/15/2053		300,000		305,028
				1,898,579
Oil & Gas – 1.0%
BP Capital Markets America, Inc. 3.06% due 6/17/2041		450,000		341,721
4.812% due 2/13/2033		700,000		690,424
Cenovus Energy, Inc. 2.65% due 1/15/2032		300,000		242,217
3.75% due 2/15/2052		200,000		141,986
Occidental Petroleum Corp. 7.50% due 5/1/2031		400,000		436,712
Valero Energy Corp. 2.80% due 12/1/2031		800,000		658,656
				2,511,716
Oil & Gas Services – 0.2%
Schlumberger Investment SA 4.85% due 5/15/2033		600,000		591,450
				591,450
Pharmaceuticals – 1.1%
CVS Health Corp. 5.30% due 6/1/2033		1,000,000		998,260
5.875% due 6/1/2053		500,000		513,655
Pfizer Investment Enterprises Pte Ltd. 4.75% due 5/19/2033		1,400,000		1,395,310
				2,907,225
Pipelines – 0.8%
Cheniere Energy Partners LP 5.95% due 6/30/2033(1)		500,000		502,750
Energy Transfer LP 3.75% due 5/15/2030		500,000		452,010
5.00% due 5/15/2050		200,000		168,996
ONEOK, Inc. 6.10% due 11/15/2032		400,000		406,896
Western Midstream Operating LP 6.15% due 4/1/2033		600,000		604,014
				2,134,666
Real Estate Investment Trusts (REITs) – 1.1%
American Tower Corp. 5.50% due 3/15/2028		700,000		696,710
5.65% due 3/15/2033		500,000		508,650
Extra Space Storage LP 5.50% due 7/1/2030		800,000		795,296
Realty Income Corp. 4.85% due 3/15/2030		900,000		872,091
				2,872,747

June 30, 2023 (unaudited)	Principal Amount		Value
Semiconductors – 0.7%
Broadcom, Inc. 4.15% due 4/15/2032(1)	$	1,100,000	$	996,061
Intel Corp. 5.20% due 2/10/2033		600,000		605,592
NXP BV / NXP Funding LLC / NXP USA, Inc. 2.65% due 2/15/2032		250,000		202,130
				1,803,783
Software – 0.5%
Microsoft Corp. 2.921% due 3/17/2052		300,000		222,954
Oracle Corp. 5.55% due 2/6/2053		200,000		193,776
6.25% due 11/9/2032		500,000		530,475
6.90% due 11/9/2052		200,000		224,114
				1,171,319
Telecommunications – 0.4%
T-Mobile USA, Inc. 2.70% due 3/15/2032		750,000		621,420
3.40% due 10/15/2052		400,000		285,476
				906,896
Transportation – 0.4%
Union Pacific Corp. 3.95% due 9/10/2028		300,000		290,685
4.50% due 1/20/2033		200,000		196,852
4.95% due 5/15/2053		500,000		497,980
				985,517
Total Corporate Bonds & Notes (Cost $53,297,134)				52,201,883
Non–Agency Mortgage–Backed Securities – 9.5%
BANK 2019-BNK24 AS 3.283% due 11/15/2062(2)(4)		1,413,000		1,191,255
2022-BNK43 B 5.327% due 8/15/2055(2)(4)		500,000		431,242
BB-UBS Trust 2012-SHOW A 3.43% due 11/5/2036(1)		2,500,000		2,374,769
Citigroup Commercial Mortgage Trust 2014-GC21 A5 3.855% due 5/10/2047		1,330,000		1,301,248
2016-C3 AS 3.366% due 11/15/2049(2)(4)		1,125,000		1,008,783
Commercial Mortgage Trust 2014-CR18 AM 4.103% due 7/15/2047		1,550,000		1,490,385
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 6.867% due 11/25/2041(1)(2)(4)		1,300,000		1,252,072
2021-HQA4 M1 6.017% due 12/25/2041(1)(2)(4)		793,547		769,603
2022-DNA1 M1A 6.067% due 1/25/2042(1)(2)(4)		708,467		696,886
2022-HQA3 M1A 7.367% due 8/25/2042(1)(2)(4)		1,433,796		1,442,418

The accompanying notes are an integral part of these financial statements. 7

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
Grace Trust 2020-GRCE C 2.769% due 12/10/2040(1)(2)(4)	$	1,100,000	$	821,779
GS Mortgage Securities Trust 2013-GC16 A4 4.271% due 11/10/2046		423,827		422,478
Jackson Park Trust 2019-LIC B 2.914% due 10/14/2039(1)		680,000		556,484
Life Mortgage Trust 2021-BMR C 6.362% due 3/15/2038(1)(2)(4)		1,474,455		1,419,546
Morgan Stanley Capital I Trust 2018-H4 A4 4.31% due 12/15/2051		900,000		837,495
2020-L4 AS 2.88% due 2/15/2053		750,000		603,564
NYC Commercial Mortgage Trust 2021-909 C 3.312% due 4/10/2043(1)(2)(4)		580,000		387,620
ONE Park Mortgage Trust 2021-PARK B 6.212% due 3/15/2036(1)(2)(4)		500,000		460,653
SLG Office Trust 2021-OVA A 2.585% due 7/15/2041(1)		1,800,000		1,442,773
Stack Infrastructure Issuer LLC 2021-1A A2 1.877% due 3/26/2046(1)		1,250,000		1,094,220
Wells Fargo Commercial Mortgage Trust 2018-AUS A 4.194% due 8/17/2036(1)(2)(4)		2,000,000		1,805,599
2021-SAVE A 6.343% due 2/15/2040(1)(2)(4)		1,181,728		1,111,419
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,500,000		1,467,664
Total Non–Agency Mortgage–Backed Securities (Cost $27,032,708)				24,389,955
U.S. Government Securities – 33.3%
U.S. Treasury Bond 3.625% due 5/15/2053		12,500,000		12,019,531
3.875% due 5/15/2043		24,500,000		23,910,469
U.S. Treasury Note 3.75% due 5/31/2030		7,600,000		7,495,500
4.00% due 6/30/2028		23,500,000		23,371,486
4.625% due 6/30/2025		18,800,000		18,714,078
Total U.S. Government Securities (Cost $85,617,096)				85,511,064

June 30, 2023 (unaudited)	Shares		Value
Exchange–Traded Funds – 1.8%
iShares MBS ETF		20,500	$	1,911,932
Vanguard Mortgage-Backed Securities ETF		60,000		2,759,400
Total Exchange–Traded Funds (Cost $4,724,266)				4,671,332
	Principal Amount		Value
Repurchase Agreements – 0.9%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $2,250,842, due 7/3/2023(5)	$	2,250,557		2,250,557
Total Repurchase Agreements (Cost $2,250,557)				2,250,557
Total Investments – 98.5% (Cost $259,397,616)			$	252,860,273
Assets in excess of other liabilities – 1.5%				3,762,168
Total Net Assets – 100.0%			$	256,622,441

⁽¹⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $63,275,317, representing 24.7% 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 June 30, 2023.

⁽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 Note		4.625%		3/15/2026	$	2,262,200	$	2,295,626

8 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Open futures contracts at June 30, 2023:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note		September 2023		328		Long	$	67,584,461	$	66,696,750	$	(887,711	)
U.S. 5-Year Treasury Note		September 2023		130		Long		14,183,983		13,922,188		(261,795	)
Total							$	81,768,444	$	80,618,938	$	(1,149,506	)

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		September 2023		4		Short	$	(476,862	)	$	(473,750	)	$	3,112

Centrally cleared credit default swap agreements — buy protection⁽⁶⁾:

Reference Entity	Implied Credit Spread at 6/30/23(7)		Notional Amount(8)		Maturity		(Pay)/Receive Fixed Rate			Periodic Payment Frequency		Upfront Payments			Value			Unrealized Depreciation
CDX.NA.HY.S40		4.29%		USD 20,200,000		6/20/2028		(5.00	)%		Quarterly	$	(239,238	)	$	(564,193	)	$	(324,955	)

⁽⁶⁾  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.

⁽⁷⁾  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.

⁽⁸⁾  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

CMT — Constant Maturity Treasury

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 June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2			Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	32,070,640		$	—	$	32,070,640
Asset–Backed Securities		—			51,764,842			—		51,764,842
Corporate Bonds & Notes		—			52,201,883			—		52,201,883
Non–Agency Mortgage–Backed Securities		—			24,389,955			—		24,389,955
U.S. Government Securities		—			85,511,064			—		85,511,064
Exchange–Traded Funds		4,671,332			—			—		4,671,332
Repurchase Agreements		—			2,250,557			—		2,250,557
Total	$	4,671,332		$	248,188,941		$	—	$	252,860,273
Other Financial Instruments
Futures Contracts
Assets	$	3,112		$	—		$	—	$	3,112
Liabilities		(1,149,506	)		—			—		(1,149,506	)
Swap Contracts
Liabilities		—			(324,955	)		—		(324,955	)
Total	$	(1,146,394	)	$	(324,955	)	$	—	$	(1,471,349	)

The accompanying notes are an integral part of these financial statements. 9

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND

Statement of Assets and Liabilities As of June 30, 2023 (unaudited)
Assets
Investments, at value	$	252,860,273
Receivable for investments sold		43,250,943
Receivable for variation margin on swap contracts		2,110,874
Interest receivable		1,514,938
Receivable for variation margin on futures contracts		1,329,052
Cash deposits with brokers for futures contracts		606,254
Reimbursement receivable from adviser		5,535
Receivable for fund shares subscribed		3,199
Prepaid expenses		2,977
Total Assets		301,684,045
Liabilities
Payable for investments purchased		43,593,040
Due to broker for swap contracts		1,123,015
Payable for fund shares redeemed		119,152
Investment advisory fees payable		95,964
Distribution fees payable		53,313
Accrued custodian and accounting fees		18,888
Accrued audit fees		18,739
Accrued trustees’ and officers’ fees		5,135
Accrued expenses and other liabilities		34,358
Total Liabilities		45,061,604
Total Net Assets	$	256,622,441
Net Assets Consist of:
Paid-in capital	$	285,229,708
Distributable loss		(28,607,267	)
Total Net Assets	$	256,622,441
Investments, at Cost	$	259,397,616
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		28,118,005
Net Asset Value Per Share		$9.13

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Interest	$	5,696,864
Dividends		75,006
Total Investment Income		5,771,870
Expenses
Investment advisory fees		601,130
Distribution fees		333,961
Professional fees		43,480
Trustees’ and officers’ fees		33,618
Custodian and accounting fees		28,862
Administrative fees		22,160
Transfer agent fees		7,048
Shareholder reports		6,188
Other expenses		7,342
Total Expenses		1,083,789
Less: Fees waived		(28,471	)
Total Expenses, Net		1,055,318
Net Investment Income/(Loss)		4,716,552
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(10,971,751	)
Net realized gain/(loss) from futures contracts		1,150,669
Net realized gain/(loss) from swap contracts		(2,980,867	)
Net change in unrealized appreciation/(depreciation) on investments		11,691,158
Net change in unrealized appreciation/(depreciation) on futures contracts		(969,246	)
Net change in unrealized appreciation/(depreciation) on swap contracts		1,711,905
Net Loss on Investments and Derivative Contracts		(368,132	)
Net Increase in Net Assets Resulting From Operations	$	4,348,420

10 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	4,716,552		$	7,566,776
Net realized gain/(loss) from investments and derivative contracts		(12,801,949	)		(40,150,372	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		12,433,817			(18,967,525	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		4,348,420			(51,551,121	)
Capital Share Transactions
Proceeds from sales of shares		10,816,723			6,810,826
Cost of shares redeemed		(24,912,277	)		(44,092,704	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(14,095,554	)		(37,281,878	)
Net Decrease in Net Assets		(9,747,134	)		(88,832,999	)
Net Assets
Beginning of period		266,369,575			355,202,574
End of period	$	256,622,441		$	266,369,575
Other Information:
Shares
Sold		1,173,456			737,252
Redeemed		(2,709,255	)		(4,569,733	)
Net Decrease		(1,535,799	)		(3,832,481	)

The accompanying notes are an integral part of these financial statements. 11

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	8.98	$	0.16	$	(0.01)	$	0.15	$	9.13		1.67%(4)
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(5)		10.00		0.03		0.00(6)		0.03		10.03		0.30%(4)

12 The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets(3)		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	256,622		0.79%(4)		0.81%(4)		3.53%(4)		3.51%(4)		181%(4)
	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%(4)		0.85%(4)		1.56%(4)		1.46%(4)		18%(4)

⁽¹⁾  Calculated based on the average shares outstanding during the period.

⁽²⁾  Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾  Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Commenced operations on October 21, 2019.

⁽⁶⁾  Rounds to $0.00 per share.

The accompanying notes are an integral part of these financial statements. 13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Total Return Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The 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.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

• Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate, that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument’s assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, 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 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 six months ended June 30, 2023, 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 June 30, 2023.

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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN 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 0.45% 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, 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 0.79% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $28,471.

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $333,961 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 six months ended June 30, 2023, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	105,239,413	$	365,304,237
Sales		108,153,179		355,043,044

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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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 June 30, 2023, 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.

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

i. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2023 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 June 30, 2023, 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	$	3,112		$	—
Liability Derivatives
Futures Contracts1	$	(1,149,506	)	$	—
Swap Contracts2		—			(324,955	)

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 six months ended June 30, 2023 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	1,150,669		$	—
Swap Contracts2		—			(2,980,867	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	(969,246	)	$	—
Swap Contracts4		—			1,711,905
Average Number of Notional Amounts
Futures Contracts5		585			—
Swap Contracts — Buy/Sell Protection	$	—		$	26,342,857

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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”) Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management Agreement

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark

25

SUPPLEMENTAL INFORMATION (UNAUDITED)

index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

26

SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

27

SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an

investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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

2023

Semiannual Report

All Data as of June 30, 2023

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 Characteristics	1
Understanding Your Fund’s Expenses	3
Financial Information
Schedule of Investments	4
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
Supplemental Information
Liquidity Risk Management Program	19
Approval of Investment Management Agreement	20
Portfolio Holdings and Proxy Voting Procedures	27

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2023. 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 Characteristics (unaudited)

Total Net Assets: $193,142,392

Bond Sector Allocation¹

As of June 30, 2023

Bond Quality Allocation²

As of June 30, 2023

1

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Top Ten Holdings1 As of June 30, 2023
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		4.625%		6/30/2025		17.52%
U.S. Treasury Note		4.000%		6/30/2028		16.99%
Vanguard Mortgage-Backed Securities ETF		—		—		4.84%
Fannie Mae ACES		3.610%		2/25/2031		3.64%
Federal National Mortgage Association		2.500%		7/1/2052		3.36%
U.S. Treasury Note		3.750%		5/31/2030		3.07%
Federal Home Loan Bank Discount Notes		2.539%		7/6/2023		2.07%
Federal National Mortgage Association		3.000%		11/1/2052		2.01%
Federal Home Loan Mortgage Corp.		5.000%		12/1/2052		1.95%
iShares MBS ETF		—		—		1.93%
Total						57.38%

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.

2

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 January 1, 2023 to June 30, 2023. 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 1/1/23	Ending Account Value 6/30/23		Expenses Paid During Period* 1/1/23-6/30/23		Expense Ratio During Period 1/1/23-6/30/23
Based on Actual Return	$1,000.00	$	1,011.70	$	3.74		0.75%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,021.08	$	3.76		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 181/365 (to reflect the one-half year period).

3

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 36.4%
Fannie Mae ACES 2019-M4 A2 3.61% due 2/25/2031	$	7,467,755	$	7,019,687
2021-M4 A2 1.513% due 2/25/2031(1)(2)		1,000,000		802,639
Federal Home Loan Mortgage Corp. 2.50% due 9/1/2037		1,791,420		1,630,297
3.00% due 4/1/2052		2,912,238		2,565,734
3.50% due 11/1/2052		3,204,053		2,918,252
4.00% due 10/1/2052		2,807,750		2,633,808
4.50% due 2/1/2053		1,605,488		1,543,050
5.00% due 12/1/2052		3,849,864		3,771,369
Federal National Mortgage Association 2.00% due 6/1/2037		2,003,215		1,774,628
2.00% due 9/1/2037		1,916,903		1,698,164
2.50% due 10/1/2037		23,164		21,082
2.50% due 11/1/2037		935,272		851,192
2.50% due 1/1/2052		2,058,404		1,745,437
2.50% due 3/1/2052		1,971,192		1,670,633
2.50% due 4/1/2052		1,937,853		1,644,256
2.50% due 5/1/2052		1,939,448		1,645,609
2.50% due 7/1/2052		7,656,932		6,489,435
3.00% due 11/1/2037		1,146,129		1,069,360
3.00% due 7/1/2051		1,614,141		1,423,262
3.00% due 3/1/2052		769,960		678,378
3.00% due 4/1/2052		969,365		853,952
3.00% due 11/1/2052		4,412,252		3,884,364
3.50% due 10/1/2052		1,747,994		1,592,167
3.50% due 11/1/2052		3,403,186		3,099,658
4.50% due 9/1/2052		1,084,537		1,042,398
4.50% due 2/1/2053		1,605,588		1,543,157
Freddie Mac Multifamily Structured Pass-Through Certificates K048 A2 3.284% due 6/25/2025(1)(2)		2,045,000		1,972,819
K078 A2 3.854% due 6/25/2028		600,000		580,861
K082 A2 3.92% due 9/25/2028(1)(2)		3,385,000		3,283,312
K102 A2 2.537% due 10/25/2029		2,000,000		1,779,891
K124 A2 1.658% due 12/25/2030		4,200,000		3,432,783
K730 A2 3.59% due 1/25/2025(1)(2)		3,714,695		3,610,901
Total Agency Mortgage–Backed Securities (Cost $73,312,439)				70,272,535
Asset–Backed Securities – 8.1%
AmeriCredit Automobile Receivables Trust 2019-2 C 2.74% due 4/18/2025		457,673		455,739
Barings CLO Ltd. 2020-1A AR 6.41% (3 mo. USD LIBOR + 1.15%)     due 10/15/2036(1)(3)(4)		1,100,000		1,073,838

June 30, 2023 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)
BlueMountain CLO Ltd. 2014-2A BR2 7.00% (3 mo. USD LIBOR + 1.75%)     due 10/20/2030(1)(3)(4)	$	600,000	$	587,280
BMW Vehicle Lease Trust 2023-1 A3 5.16% due 11/25/2025		1,000,000		993,552
Cathedral Lake VI Ltd. 2021-6A AN 6.505% (3 mo. USD LIBOR + 1.25%)     due 4/25/2034(1)(3)(4)		1,200,000		1,179,596
Ford Credit Auto Lease Trust 2021-B A3 0.37% due 10/15/2024		758,041		753,560
GM Financial Automobile Leasing Trust 2023-1 A3 5.16% due 4/20/2026		810,000		803,925
Gulf Stream Meridian 6 Ltd. 2021-6A A1 6.45% (3 mo. USD LIBOR + 1.19%)     due 1/15/2037(1)(3)(4)		1,000,000		982,100
Honda Auto Receivables Owner Trust 2021-2 A3 0.33% due 8/15/2025		1,155,265		1,123,250
KKR CLO 38 Ltd. 38A A1 6.306% (3 mo. USD Term SOFR + 1.32%)     due 4/15/2033(1)(3)		1,250,000		1,229,115
NextGear Floorplan Master Owner Trust 2022-1A A2 2.80% due 3/15/2027(3)		1,750,000		1,660,843
Santander Retail Auto Lease Trust 2021-C A3 0.50% due 3/20/2025(3)		675,404		669,337
Toyota Lease Owner Trust 2021-A A4 0.50% due 8/20/2025(3)		1,000,000		989,827
Verizon Owner Trust 2020-A B 1.98% due 7/22/2024		76,302		76,179
Voya CLO Ltd. 2016-3A A3R 7.012% (3 mo. USD LIBOR + 1.75%)     due 10/18/2031(1)(3)(4)		925,000		899,100
Westlake Automobile Receivables Trust 2022-3A A2 5.24% due 7/15/2025(3)		684,487		682,975
World Omni Auto Receivables Trust 2023-A A2A 5.18% due 7/15/2026		1,500,000		1,492,791
Total Asset–Backed Securities (Cost $15,829,022)				15,653,007

4 The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

June 30, 2023 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities – 5.8%
BB-UBS Trust 2012-SHOW A 3.43% due 11/5/2036(3)	$	1,000,000	$	949,908
Citigroup Commercial Mortgage Trust 2014-GC21 A5 3.855% due 5/10/2047		1,700,000		1,663,248
2019-PRM B 3.644% due 5/10/2036(3)		1,309,824		1,293,026
Commercial Mortgage Trust 2014-UBS3 A4 3.819% due 6/10/2047		1,550,000		1,510,668
2015-CR23 A4 3.497% due 5/10/2048		2,500,000		2,379,711
GS Mortgage Securities Trust 2013-GC16 A4 4.271% due 11/10/2046		796,794		794,259
Hudson Yards Mortgage Trust 2016-10HY A 2.835% due 8/10/2038(3)		600,000		538,943
ONE Park Mortgage Trust 2021-PARK A 5.962% due 3/15/2036(1)(2)(3)		500,000		472,646
Wells Fargo Commercial Mortgage Trust 2021-SAVE A 6.343% due 2/15/2040(1)(2)(3)		636,315		598,456
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,000,000		978,443
Total Non–Agency Mortgage–Backed Securities (Cost $11,933,146)				11,179,308
U.S. Government Agencies – 2.1%
Federal Home Loan Bank Discount Notes 2.539% due 7/6/2023(5)		4,000,000		3,998,352
Total U.S. Government Agencies (Cost $3,997,333)				3,998,352
U.S. Government Securities – 39.2%
U.S. Treasury Inflation-Indexed Note 0.125% due 4/15/2027		547,873		507,208
U.S. Treasury Note 3.375% due 5/15/2033		2,800,000		2,700,687
3.75% due 5/31/2030		6,000,000		5,917,500
4.00% due 6/30/2028		33,000,000		32,819,533
4.625% due 6/30/2025		34,000,000		33,844,610
Total U.S. Government Securities (Cost $75,888,310)				75,789,538

June 30, 2023 (unaudited)	Shares		Value
Exchange–Traded Funds – 6.8%
iShares MBS ETF		40,000	$	3,730,600
Vanguard Mortgage-Backed Securities ETF		203,100		9,340,569
Total Exchange–Traded Funds (Cost $13,004,999)				13,071,169
	Principal Amount		Value
Repurchase Agreements – 0.6%
Fixed Income Clearing Corp., 1.52%, dated 6/30/2023, proceeds at maturity value of $1,232,600, due 7/3/2023(6)	$	1,232,444		1,232,444
Total Repurchase Agreements (Cost $1,232,444)				1,232,444
Total Investments – 99.0% (Cost $195,197,693)				191,196,353
Assets in excess of other liabilities – 1.0%				1,946,039
Total Net Assets – 100.0%			$	193,142,392

⁽¹⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2023.

⁽²⁾  Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽³⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2023, the aggregate market value of these securities amounted to $13,806,990, representing 7.1% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁴⁾  The 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 Note		4.625%		3/15/2026	$	1,238,800	$	1,257,104

The accompanying notes are an integral part of these financial statements. 5

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Open futures contracts at June 30, 2023:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note		September 2023		173		Long	$	35,604,062	$	35,178,469	$	(425,593	)
U.S. Long Bond		September 2023		39		Long		4,958,488		4,949,344		(9,144	)
Total							$	40,562,550	$	40,127,813	$	(434,737	)

Centrally cleared credit default swap agreements — buy protection⁽⁷⁾:

Reference Entity	Implied Credit Spread at 6/30/23(8)		Notional Amount(9)			Maturity		(Pay)/Receive Fixed Rate			Periodic Payment Frequency		Upfront Payments		Value		Unrealized Depreciation
CDX.NA.IG.S40		0.66%		USD	20,400,000		6/20/2028		(1.00	)%		Quarterly	$	(238,587)	$	(305,199)	$	(66,612)

⁽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 Investment Grade Index.

Legend:

CLO — Collateralized Loan Obligation

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 June 30, 2023 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.

	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2			Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	70,272,535		$	—	$	70,272,535
Asset–Backed Securities		—			15,653,007			—		15,653,007
Non–Agency Mortgage–Backed Securities		—			11,179,308			—		11,179,308
U.S. Government Agencies		—			3,998,352			—		3,998,352
U.S. Government Securities		—			75,789,538			—		75,789,538
Exchange–Traded Funds		13,071,169			—			—		13,071,169
Repurchase Agreements		—			1,232,444			—		1,232,444
Total	$	13,071,169		$	178,125,184		$	—	$	191,196,353
Other Financial Instruments
Futures Contracts
Liabilities	$	(434,737	)	$	—		$	—	$	(434,737	)
Swap Contracts
Liabilities		—			(66,612	)		—		(66,612	)
Total	$	(434,737	)	$	(66,612	)	$	—	$	(501,349	)

6 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 June 30, 2023 (unaudited)
Assets
Investments, at value	$	191,196,353
Receivable for investments sold		67,073,983
Receivable for variation margin on futures contracts		821,092
Receivable for variation margin on swap contracts		506,292
Cash deposits with brokers for futures contracts		399,025
Interest receivable		370,597
Reimbursement receivable from adviser		14,869
Receivable for fund shares subscribed		8,467
Prepaid expenses		2,342
Total Assets		260,393,020
Liabilities
Payable for investments purchased		66,707,213
Due to broker for swap contracts		264,418
Payable for fund shares redeemed		102,157
Investment advisory fees payable		75,663
Distribution fees payable		40,246
Accrued audit fees		17,132
Accrued custodian and accounting fees		10,012
Accrued trustees’ and officers’ fees		3,938
Accrued expenses and other liabilities		29,849
Total Liabilities		67,250,628
Total Net Assets	$	193,142,392
Net Assets Consist of:
Paid-in capital	$	205,060,303
Distributable loss		(11,917,911	)
Total Net Assets	$	193,142,392
Investments, at Cost	$	195,197,693
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		20,259,997
Net Asset Value Per Share		$9.53

Statement of Operations For the Six Months Ended June 30, 2023 (unaudited)
Investment Income
Interest	$	3,182,079
Dividends		187,496
Total Investment Income		3,369,575
Expenses
Investment advisory fees		474,818
Distribution fees		252,563
Professional fees		35,840
Trustees’ and officers’ fees		25,419
Administrative fees		19,614
Custodian and accounting fees		18,761
Transfer agent fees		7,553
Shareholder reports		5,591
Other expenses		5,738
Total Expenses		845,897
Less: Fees waived		(88,208	)
Total Expenses, Net		757,689
Net Investment Income/(Loss)		2,611,886
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(8,696,076)
Net realized gain/(loss) from futures contracts		17,827
Net realized gain/(loss) from swap contracts		75,901
Net change in unrealized appreciation/(depreciation) on investments		8,832,349
Net change in unrealized appreciation/(depreciation) on futures contracts		(300,796	)
Net change in unrealized appreciation/(depreciation) on swap contracts		(66,612	)
Net Loss on Investments and Derivative Contracts		(137,407	)
Net Increase in Net Assets Resulting From Operations	$	2,474,479

The accompanying notes are an integral part of these financial statements. 7

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Statements of Changes in Net Assets Six Months Ended Numbers are unaudited
	For the Six Months Ended 6/30/23			For the Year Ended 12/31/22
Operations
Net investment income/(loss)	$	2,611,886		$	2,717,472
Net realized gain/(loss) from investments and derivative contracts		(8,602,348	)		(12,681,535	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		8,464,941			(11,542,754	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		2,474,479			(21,506,817	)
Capital Share Transactions
Proceeds from sales of shares		10,917,606			2,100,820
Cost of shares redeemed		(21,572,410	)		(53,178,924	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,654,804	)		(51,078,104	)
Net Decrease in Net Assets		(8,180,325	)		(72,584,921	)
Net Assets
Beginning of period		201,322,717			273,907,638
End of period	$	193,142,392		$	201,322,717
Other Information:
Shares
Sold		1,136,233			218,217
Redeemed		(2,244,280	)		(5,509,979	)
Net Decrease		(1,108,047	)		(5,291,762	)

8 The accompanying notes are an integral part of these financial statements.

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9

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 six reporting periods (or, if shorter, the period since inception). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.

Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Six Months Ended 6/30/23	$	9.42	$	0.12	$	(0.01)	$	0.11	$	9.53		1.17%	(4)
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(5)		10.00		0.02		(0.02)		0.00		10.00		0.00%	(4)

10 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
$	193,142		0.75%	(4)		0.84%	(4)		2.59%	(4)		2.50%	(4)		193%	(4)
	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%	(4)		0.89%	(4)		1.29%	(4)		1.10%	(4)		31%	(4)

⁽¹⁾  Calculated based on the average shares outstanding during the period.

⁽²⁾  Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾  Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2019, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾  Commenced operations on October 21, 2019.

The accompanying notes are an integral part of these financial statements. 11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

June 30, 2023 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian U.S. Government 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.

12

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 six months ended June 30, 2023, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2023 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2023, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

b. Securities Transactions Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the

13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN 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. During the six months ended June 30, 2023, 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 June 30, 2023.

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

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

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 0.47% 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, 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 0.75% 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 six months ended June 30, 2023, Park Avenue waived fees and/or paid Fund expenses in the amount of $88,208.

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 six months ended June 30, 2023, the Fund paid distribution fees in the amount of $252,563 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 six months ended June 30, 2023, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	19,586,004	$	361,803,047
Sales		23,126,568		362,379,257

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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP 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 June 30, 2023, 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 six months ended June 30, 2023 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

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NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

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 June 30, 2023, 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
Liability Derivatives
Futures Contracts1	$	(434,737	)	$	—
Swap Contracts2		—			(66,612	)

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 six months ended June 30, 2023 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	17,827		$	—
Swap Contracts2		—			75,901
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	(300,796	)	$	—
Swap Contracts4		—			(66,612	)
Average Number of Notional Amounts
Futures Contracts5		156			—
Swap Contracts — Buy/Sell Protection	$	—		$	11,600,000

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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

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 six months ended June 30, 2023.

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.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Guardian Variable Products Trust (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Fund’s “liquidity risk” is the risk that the Fund could not

meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund.

The Board of Trustees of the Trust (the “Board”)

Previously approved the designation of Park Avenue Institutional Advisers LLC (the “Administrator” or “PAIA”) as Program administrator. The Administrator established a Liquidity Risk Management Committee, which is comprised of certain officers of the Trust and PAIA, that assists the Administrator in the implementation and day-to-day administration of the Program and otherwise support carrying out the Administrator’s liquidity risk management responsibilities under the Program.

In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified, no less than monthly, into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without

significantly changing the investment’s market value.

The Liquidity Rule limits the Fund’s investments in illiquid investments by prohibiting the Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with this investment limitation. In addition, the Program includes provisions reasonably designed to comply with the Liquidity Rule’s requirements relating to highly liquid investment minimums, which is a minimum amount of Fund net assets that must be invested in highly liquid investments that are assets, as applicable. The Fund was not required to adopt a highly liquid investment minimum during the

period.

At a meeting of the Board held on March 29-30, 2023, the Board received a report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). The Report noted that the Administrator believes the Program operated effectively during the Reporting Period and continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk. The Report also noted that the Administrator believes the Program has been adequately and effectively implemented and the investment strategies for each Fund continue to be appropriate since its inception. In addition, the Report summarized the operation of the Program and the information and factors considered by the Administrator in its assessment of the Program’s implementation, such as the liquidity risk assessment framework and liquidity classification methodologies.

There can be no assurance that the Program will achieve its objectives under all circumstances. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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SUPPLEMENTAL INFORMATION (UNAUDITED)

Approval of Investment Management Agreement

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 29-30, 2023 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment

advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-Advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund; (iii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iv) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (v) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (vi) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vii) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (viii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (ix) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (x) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (xi) FIAM LLC with respect to Guardian Select Mid Cap Core VIP Fund; and (xii) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses

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SUPPLEMENTAL INFORMATION (UNAUDITED)

from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various

regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the COVID-19 pandemic, including the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ liquidity risk management program, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-Advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment

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SUPPLEMENTAL INFORMATION (UNAUDITED)

advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in

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SUPPLEMENTAL INFORMATION (UNAUDITED)

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 4^th quintile for its performance universe for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 5-year periods and in the 4^th quintile for 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 2^nd quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board note that the Fund’s performance was lower than the benchmark index for the 3-year and 5-year periods.

23

SUPPLEMENTAL INFORMATION (UNAUDITED)

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile for the 5-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 5-year period.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Growth & Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Equity Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile for the 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

• The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

24

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Small-Mid Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year period.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Small Cap Core VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

• The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 2^nd quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that the actual total expenses were in the 3^rd quintile.

Guardian International Equity VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

• The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Global Utilities VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

• The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 3-year periods and in the 4^th quintile of its performance universe for the 5-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year period.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

25

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the actual total expenses were in the 1^st quintile.

Guardian Multi-Sector Bond VIP Fund

• The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

• The Board noted that the Fund had less than one-year of operational history and was not able to evaluate an investment performance record for the Fund. The

Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager.

• The Board noted that the contractual management fee and actual total expenses were in the 3^rd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

• The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

• The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.

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

PUB10527

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

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.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures, the registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that 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 – Not applicable to this semi-annual report.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) are attached hereto.

(b) Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) and 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Guardian Variable Products Trust
By (Signature and Title)*	/s/ Dominique Baede
	Dominique Baede, President
	(Principal Executive Officer)
Date: September 5, 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: September 5, 2023
By (Signature and Title)*	/s/ John H Walter
	John H Walter, Treasurer
	(Principal Financial and Accounting Officer)
Date: September 5, 2023