Guardian Variable Products Trust

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2016. The views expressed in the Fund Commentary are those of the Fund’s portfolio manager(s) as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC or a sub-adviser. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

The Statement of Additional Information provides further information about the investment team, including information regarding their compensation, other accounts they manage, and their ownership interests in the Fund. For information on how to receive a copy of the Statement of Additional Information, please see the back cover of the Prospectus or visit our website at http://prospectuses.guardianlife.com/VPT.

FUND COMMENTARY OF CLEARBRIDGE INVESTMENTS LLC, SUB-ADVISER

Highlights

•

Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) returned 1.90%, outperforming its benchmark, the Russell 1000^® Growth Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s outperformance relative to the Index was primarily due to stock selection in the health care sector.

•

The Index delivered a 1.38% return for the period. This performance was largely due to strength in the energy and industrials sectors.

Market Overview

A decidedly positive reaction to the presidential election of Donald Trump lifted U.S. markets to gains for the reporting period as the Index advanced 1.38%.

We believe that equity markets are betting that Trump’s pro-growth policies will be successful in jump-starting a U.S. economy that has been mired in a tepid expansion since the financial crisis of 2008. This optimism was based on the then President-elect’s promises for tax cuts and reforms, increased fiscal spending and the likelihood of looser government regulation of corporations and corporate activity such as mergers and acquisitions. The U.S. Federal Reserve affirmed this more optimistic outlook for the economy by raising interest rates in December 2016 and upping its planned pace of tightening over the next year.

Financial, managed care and industrial companies are expected to be the biggest near-term beneficiaries under the Trump administration. Lower costs related to regulation and higher interest rates propelled financial companies to robust post-election gains. The potential repeal or reform of the Affordable Care Act boosted managed care providers. Energy was the top performing sector in the Index, boosted by the decision of the Organization of the Petroleum Exporting Countries (OPEC) to pare back production.

Portfolio Review

The Fund’s relative performance was primarily driven by stock selection in the health care sector, with

particular strength in managed care. Stock selection in the financials and consumer discretionary sectors and a lack of exposure to the real estate sector also contributed to relative performance. On the negative side, stock selection in the consumer staples sector, and an underweight to industrials detracted from the Fund’s relative performance.

Outlook

Beyond the election, OPEC’s decision to pare back production caused oil prices to rise 14% for the period, benefiting the energy sector. We are optimistic that the oil market will likely continue to recover as global supply and demand come into balance. In the technology sector, many companies are experiencing a slowdown in spending by corporate clients, with some of the largest cuts coming in the information security area. After a flurry of reactionary spending to high profile data breaches over the last 18 months, it appears that many companies are now rethinking their approach to security. This pause could last several more quarters, but we believe the long-term demand for security solutions remains strong.

Higher interest rates continued to prop up the U.S. dollar, which climbed to its highest levels against global currencies since 2002. A stronger dollar has been a headwind for the last several years and that could continue in the near term. The trajectory of dollar appreciation in 2017 could be influenced by tax policy, specifically border adjustments for imports.

We have positioned the Fund for a low growth environment and will need to gain more confidence in the prospects for improved growth before significantly changing this positioning. The substance of Trump’s promises is still largely unknown and the President’s success in getting his full agenda through Congress is far from assured. The first half of 2017 should engender further uncertainty as those proposals enter the policymaking stage. We will be closely evaluating this process and determining where it makes sense to reposition the Fund’s exposures to capture growth opportunities that we consider attractive.

Funds in the Guardian Variable Products Trust are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at http://prospectuses.guardianlife.com/VPT or to obtain a printed copy, call 800-221-3253.

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

Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund’s fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current and month-end performance information, which may be lower or higher than that cited, is available by calling 800-221-3253 and is periodically updated on our website: http://guardianlife.com.

By investing in the Fund, you incur two types of costs: (1) transaction costs, including, as applicable, sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including, as applicable, investment advisory 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 September 1, 2016 (commencement of operations), to December 31, 2016. 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.


December 31, 2016	Shares		Value
Common Stocks – 96.2%
Aerospace & Defense – 1.9%
Rockwell Collins, Inc.		2,030	$	188,303

				188,303
Air Freight & Logistics – 2.1%
United Parcel Service, Inc., Class B		1,760		201,766

				201,766
Beverages – 4.0%
Anheuser-Busch InBev S.A., ADR		1,710		180,302
The Coca-Cola Co.		5,060		209,788

				390,090
Biotechnology – 8.2%
Alexion Pharmaceuticals, Inc.⁽¹⁾		1,480		181,078
Biogen, Inc.⁽¹⁾		750		212,685
Celgene Corp.⁽¹⁾		2,420		280,115
Regeneron Pharmaceuticals, Inc.⁽¹⁾		340		124,811

				798,689
Capital Markets – 5.6%
BlackRock, Inc.		600		228,324
Nasdaq, Inc.		2,050		137,596
The Charles Schwab Corp.		4,630		182,746

				548,666
Chemicals – 4.1%
Ecolab, Inc.		1,660		194,585
Monsanto Co.		1,940		204,108

				398,693
Communications Equipment – 1.4%
Palo Alto Networks, Inc.⁽¹⁾		1,070		133,803

				133,803
Consumer Finance – 1.6%
American Express Co.		2,130		157,790

				157,790
Energy Equipment & Services – 2.9%
Schlumberger Ltd.		3,420		287,109

				287,109
Food & Staples Retailing – 2.5%
CVS Health Corp.		3,050		240,675

				240,675
Health Care Equipment & Supplies – 1.3%
DENTSPLY SIRONA, Inc.		2,282		131,740

				131,740
Health Care Providers & Services – 4.7%
Aetna, Inc.		1,380		171,134
UnitedHealth Group, Inc.		1,780		284,871

				456,005
Hotels, Restaurants & Leisure – 2.5%
Chipotle Mexican Grill, Inc.⁽¹⁾		260		98,103
Yum China Holdings, Inc.⁽¹⁾		5,520		144,183

				242,286


December 31, 2016	Shares		Value
Industrial Conglomerates – 1.7%
General Electric Co.		5,400	$	170,640

				170,640
Internet & Direct Marketing Retail – 4.6%
Amazon.com, Inc.⁽¹⁾		600		449,922

				449,922
Internet Software & Services – 11.0%
Akamai Technologies, Inc.⁽¹⁾		4,070		271,388
Alphabet, Inc., Class A⁽¹⁾		260		206,037
Alphabet, Inc., Class C⁽¹⁾		390		301,010
eBay, Inc.⁽¹⁾		2,960		87,882
Facebook, Inc., Class A⁽¹⁾		1,860		213,993

				1,080,310
IT Services – 4.5%
PayPal Holdings, Inc.⁽¹⁾		4,060		160,248
Visa, Inc., Class A		3,570		278,532

				438,780
Life Sciences Tools & Services – 1.8%
Thermo Fisher Scientific, Inc.		1,250		176,375

				176,375
Media – 7.0%
Comcast Corp., Class A		4,030		278,272
The Walt Disney Co.		2,500		260,550
Twenty-First Century Fox, Inc., Class A		5,380		150,855

				689,677
Pharmaceuticals – 4.5%
Johnson & Johnson		1,670		192,401
Zoetis, Inc.		4,670		249,985

				442,386
Semiconductors & Semiconductor Equipment – 3.2%
Texas Instruments, Inc.		2,160		157,615
Xilinx, Inc.		2,560		154,547

				312,162
Software – 9.3%
Adobe Systems, Inc.⁽¹⁾		1,800		185,310
Fortinet, Inc.⁽¹⁾		2,900		87,348
Microsoft Corp.		5,420		336,799
Red Hat, Inc.⁽¹⁾		2,340		163,098
VMware, Inc., Class A⁽¹⁾		1,700		133,841

				906,396
Specialty Retail – 2.6%
The Home Depot, Inc.		1,920		257,434

				257,434
Technology Hardware, Storage & Peripherals – 1.7%
Apple, Inc.		1,400		162,148

				162,148

The following is a summary of the inputs used as of December 31, 2016, in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	10,192,807
Cash		907
Receivable for fund shares subscribed		51,169
Reimbursement receivable from adviser		12,057
Dividends/interest receivable		6,197
Foreign tax reclaims receivable		247
Prepaid expenses		5,409

Total Assets		10,268,793


Liabilities
Payable for investments purchased		448,342
Accrued audit fees		20,000
Investment advisory fees payable		4,615
Accrued trustees’ fees		3,068
Distribution fees payable		1,861
Accrued expenses and other liabilities		12,644

Total Liabilities		490,530

Total Net Assets	$	9,778,263


Net Assets Consist of:
Paid-in capital	$	9,652,826
Accumulated net investment income/(loss)		5,863
Accumulated net realized gain/(loss) from investments		(2,227	)
Net unrealized appreciation/(depreciation) on investments		121,801

Total Net Assets	$	9,778,263

Investments, at Cost	$	10,071,006


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		959,939
Net Asset Value Per Share		$10.19


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	28,284
Interest		342
Withholding taxes on foreign dividends		(430	)

Total Investment Income		28,196


Expenses
Investment advisory fees		13,847
Professional fees		27,709
Trustees’ fees		19,311
Transfer agent fees		8,823
Distribution fees		5,583
Custodian and accounting fees		3,434
Shareholder reports		500
Administrative fees		223
Other expenses		2,782

Total Expenses		82,212

Less: Fees waived		(59,879	)

Total Expenses, Net		22,333

Net Investment Income/(Loss)		5,863


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(2,227	)
Net change in unrealized appreciation/(depreciation) on investments		121,801

Net Gain on Investments		119,574

Net Increase in Net Assets Resulting From Operations	$	125,437

¹	Commenced operations on September 1, 2016.

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

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

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

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

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

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

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

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

Under the policies and procedures approved by the Board of Trustees, Park Avenue Institutional Advisers LLC (“Park Avenue”), the Fund’s investment adviser, has established a Fair Valuation Committee to assist the Board of Trustees with the oversight and monitoring of the valuation of the Fund’s investments. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events and pricing vendor and broker-dealer due diligence. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the Board of Trustees.

Securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market may be fair valued in accordance with guidelines and procedures adopted by the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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.

The Fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 at the end of the reporting period. For the period ended December 31, 2016, there were no transfers among any levels.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of December 31, 2016 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2016, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the period ended December 31, 2016, the Fund did not hold any derivatives.

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

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. 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 Change in net realized and unrealized gain or 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) on 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. 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 class-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

g. Distributions to Shareholders During the period ended December 31, 2016, the Fund elected to be treated as a disregarded entity (“DRE”) for U.S. federal income tax purposes. 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 in accordance with the current dividend and distribution policy (see Note 4).

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% up to $300 million, 0.52% up to $500 million, and 0.50% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2018 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.00% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated

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

only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the period ended December 31, 2016, Park Avenue waived fees and/or paid Fund expenses in the amount of $59,879.

Park Avenue is entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. The amount available for potential future recapture by Park Avenue from the Fund under the Expense Limitation Agreement for the period ended December 31, 2016 is $59,879.

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 oversight of the Board of Trustees and Park Avenue. 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 for acting as such. Trustees of the Trust who are not interested persons of the Trust receive compensation and reimbursement of expenses from the Trust.

c. Distribution Fees Park Avenue Securities LLC (“PAS”), a wholly owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust (“12b-1 plan”), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund’s average daily net assets. For the period ended December 31, 2016, the Fund paid distribution fees in the amount of $5,583 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 During the period ended December 31, 2016, the Fund elected to be treated as a DRE for U.S. federal income tax purposes. 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 Federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $9,588,540 and $295,307, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

b. 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. Risk and Concentrations

Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited

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

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.

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 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.

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

Effective December 13, 2016, the Fund, with other funds managed by Park Avenue, is party to a $10 million committed revolving credit facility from State Street Bank and Trust Company for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is calculated based on the higher of the daily one-month LIBOR rate and the Federal Funds rate plus 1.25% at the time of borrowing. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.35% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 12, 2017. The Fund did not utilize the credit facility during the period ended December 31, 2016.

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on August 8-9, 2016, the Board considered and approved the proposed investment management agreement (the “Management Agreement”) between the Trust, on behalf of each series (the “Funds”), and Park Avenue Institutional Advisers LLC (the “Manager”). The Board also considered and approved the proposed subadvisory agreements (the “Subadvisory Agreements,” collectively with the Management Agreement, the “Agreements”) between the Manager and investment advisory firms engaged to serve as subadvisers to the various Funds, namely ClearBridge Investments LLC, Wellington Management Company LLP, Massachusetts Financial Services Company, Putnam Investment Management, LLC, Boston Partners Global Investors, Inc., AllianceBernstein L.P., Janus Capital Management LLC, Wells Capital Management Incorporated, J.P. Morgan Investment Management Inc., Lazard Asset Management LLC, and Lord, Abbett & Co. LLC. (the “Subadvisers”). The Trustees who are not parties to the Agreements or “interested persons” (as defined in the 1940 Act) of a party to the Agreements (the “Independent Trustees”) unanimously approved the Agreements for an initial term of two years.

The Board is responsible for overseeing the management of each Fund. In determining whether to approve the Agreements initially, 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 held on August 8-9, 2016, the Trustees received

materials and information designed to assist their consideration of the Agreements, including written responses from the Manager and each Subadviser to a series of questions and formal requests for information encompassing a wide variety of topics. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Subadvisers, including the engagement by the Manager of an independent third-party service provider to support the Manager’s due diligence process.

At the meeting held on August 8-9, 2016, representatives of the Manager and each Subadviser, along with other service providers, made presentations to the Board and responded to questions about their organizations, the services to be rendered, the fees to be charged and other aspects of the Agreements. During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Subadviser.

In reaching its decisions to approve the Agreements, the Board took into account the materials and information described above as well as other materials and information provided to the Board and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Manager and the Subadvisers; (ii) the investment performance of accounts managed by each Subadviser with strategies similar to the applicable Fund; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for a Fund, and the extent to which a Fund may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services to be 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 to be provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services to be provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials and assisting the Board with certain valuation matters.

The Trustees considered the Funds’ proposed operation in a “manager-of-managers” structure and reviewed the responsibilities that the Manager would have under this structure, including monitoring and evaluating the performance of the Subadvisers, monitoring the Subadvisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Subadvisers with respect to the services that the Subadvisers would provide under the Subadvisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend subadvisers, and its ability to monitor and oversee subadvisers and recommend replacement subadvisers, when necessary, and provide other services under the Management Agreement. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use similar resources and capabilities of its affiliates in providing services to the Funds.

In addition, the Trustees considered information regarding the nature, extent and quality of services to be provided to the Funds by the Subadvisers. The Trustees also considered, among other things, the terms of the Subadvisory Agreements and the range of investment advisory services to be provided by the Subadvisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Subadvisers’ investment philosophies, styles and/or processes and approach to managing risk. The

Trustees also considered information regarding funds or accounts managed by the Subadvisers with similar strategies as the applicable Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputations of the Subadvisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations and in light of the Funds’ anticipated operations, that the nature, extent and quality of services to be provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

The Funds had not commenced operations prior to the meeting held on August 8-9, 2016. Accordingly, the Funds did not yet have an investment performance record. The Board considered historical performance information with respect to funds or accounts managed by the Subadvisers with similar investment strategies as the Funds, as well as each Subadviser’s historical performance records compared to relevant benchmarks and peer groups, when available. The Trustees concluded that the historical performance records available, viewed together with the other relevant factors and information considered by the Trustees, supported a decision to approve each Subadvisory Agreement. The Trustees also concluded that it was appropriate to revisit the Funds’ investment performance in connection with future reviews of the Subadvisory Agreements.

Costs and Profitability

The Trustees considered the proposed management fees to be paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the proposed management fees, including the portion of the management fees proposed to be paid to each Subadviser as compared to the portion proposed to be retained by the Manager and the management fees paid by other funds offered as investment options underlying variable contracts within the applicable peer group based on data obtained from Morningstar, Inc., an independent provider of industry data, which showed that the Funds’ proposed management fees fell within the following quartiles: the second quartile

for Guardian Diversified Research VIP Fund, Guardian Integrated Research VIP Fund, Guardian International Growth VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Large Cap Fundamental Growth VIP Fund, Guardian Mid Cap Relative Value VIP Fund, and Guardian Core Plus Fixed Income VIP Fund and the third quartile for Guardian Growth & Income VIP Fund, Guardian International Value VIP Fund, Guardian Large Cap Disciplined Value VIP Fund, and Guardian Mid Cap Traditional Growth VIP Fund.

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

The Trustees also considered the proposed breakpoint schedules relating to the management and subadvisory fees, if applicable, and the rationale for any variations in the asset levels at which breakpoints would be reached with respect to management and subadvisory fees for a Fund.

In addition, the Trustees received comparative information relating to each Fund’s anticipated operating expense ratios and the actual operating expense ratios of a peer group of funds. In this regard, the Trustees considered estimates of the Funds’ projected asset levels and the Manager’s commitment to initially limit each Fund’s operating expenses through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the proposed management fees and anticipated operating expenses of the Funds and those of identified peer funds are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the proposed management fees and evaluation of the anticipated operating expenses.

The Trustees reviewed information regarding the Manager’s projected costs of sponsoring the Funds and projected profitability of the Funds to the Manager based on the anticipated assets and expenses of the Funds. The Trustees noted that the information, including with respect to revenues and expenses, contained estimates because the Funds had not yet commenced operations at the time of the Board meeting. Although the Trustees did not receive

specific projected cost and profitability information from certain Subadvisers, the Trustees primarily considered the projected cost and profitability of the Funds with respect to the Manager because the Manager would be responsible for payment of the subadvisory fees and had negotiated the fees with the Subadvisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed management and subadvisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Manager and the Subadvisers. The Trustees also concluded that the projected profitability of the Funds to the Manager was acceptable and the Trustees determined it was appropriate to revisit this information in connection with future reviews of the Agreements.

Economies of Scale

The Funds had not commenced operations prior to the Board meeting. As a result, no specific information was available concerning the possible effect that asset growth and economies of scale have on a Fund’s expenses. Accordingly, the Trustees considered the extent to which economies of scale may be shared as assets grow based on proposed management and subadvisory fee breakpoints, as applicable, that are designed to appropriately reduce fee rates as assets increase. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on anticipated asset levels.

Ancillary Benefits

The Trustees considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees acknowledged 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 also considered that the Manager did not expect to receive any other direct or indirect benefits. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable 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 Agreements.

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 800-221-3253.

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.

FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER

Highlights

•

Guardian Large Cap Disciplined Growth VIP Fund (the “Fund”) returned -1.50%, underperforming its benchmark, the Russell 1000^® Growth Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s underperformance relative to the Index was primarily due to security selection, especially in the information technology sector.

•

The Index returned 1.38% during the period. The energy, utilities, industrials, and financials sectors posted the best returns within the Index.

Market Overview

U.S. equities climbed during the period, ending the year in positive territory as measured by the Standard & Poor’s 500^® Index. Despite a common perception that markets preferred Hillary Clinton, stocks soared following Trump’s victory on hopes of increased fiscal stimulus, reduced regulatory restrictions, and lower corporate taxes. Following the November U.S. election, the reflation trading theme dominated the narrative, leading to big equity inflows and the largest exodus from bonds since the “taper tantrum” in 2013. We believe a Republican majority in Congress is likely to reduce gridlock in Washington, and there may be momentum behind tax reform and repatriation of overseas profits. The U.S. Federal Reserve (the “Fed”) took center stage in December 2016 after giving the U.S. economy a vote of confidence by deciding to increase the federal funds rate for the first time since December 2015. While market participants had largely priced in a Fed rate hike, the statement and press conference following the meeting were more hawkish than expected, particularly the shift in view toward three interest rate hikes in 2017 versus two, as previously expected.

Portfolio Review

Security selection, particularly within the information technology, industrials, and consumer discretionary sectors, detracted from the Fund’s relative performance. Stronger stock selection within the energy and health care sectors helped to partially offset these results. Sector allocation, a residual of our bottom-up stock selection process, had a slightly positive impact on relative performance during the period, particularly due to the Fund’s underweight exposure to the real estate and health care sectors.

Outlook

As we enter 2017, we believe the global reflation theme remains intact as we expect stronger global growth and higher inflation in 2017. Under a Donald Trump administration, we believe there is a reasonable likelihood of corporate and individual tax reform, both of which, in our view, would promote reinvestment and consumption. We believe that Trump’s policies may be inflationary and may induce a stronger U.S. dollar. We expect that tax cuts will be a centerpiece of the new administration. In our view, corporate tax cuts, including the repatriation of foreign earnings at a lower tax, should be a boost for corporate earnings. Several questions remain on implementation and cost. Another boost to the U.S. economy may come from deregulation in areas such as health care, financial services, and energy drilling, which we believe would increase business confidence, lower the cost of doing business, and increase incentives to hire more workers.

However, we believe that a Trump presidency may create trade tensions, which may be a hindrance for the U.S. economy, as well as the global economy. There is also the risk of increased geopolitical uncertainty. The reaction of the rest of the world to Trump’s policies regarding trade and other relationships remains a wild card until we see his policies unfold.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 94.6%
Aerospace & Defense – 0.6%
General Dynamics Corp.		299	$	51,625

				51,625
Banks – 0.7%
M&T Bank Corp.		354		55,376

				55,376
Beverages – 2.0%
Molson Coors Brewing Co., Class B		726		70,647
Monster Beverage Corp.⁽¹⁾		2,188		97,016

				167,663
Biotechnology – 2.6%
Alkermes PLC⁽¹⁾		678		37,683
Biogen, Inc.⁽¹⁾		215		60,970
Incyte Corp.⁽¹⁾		512		51,338
Regeneron Pharmaceuticals, Inc.⁽¹⁾		173		63,507

				213,498
Building Products – 0.9%
Fortune Brands Home & Security, Inc.		1,361		72,759

				72,759
Capital Markets – 2.4%
BlackRock, Inc.		303		115,304
Intercontinental Exchange, Inc.		1,382		77,972

				193,276
Chemicals – 1.9%
PPG Industries, Inc.		928		87,938
The Sherwin-Williams Co.		249		66,916

				154,854
Consumer Finance – 1.0%
Capital One Financial Corp.		936		81,657

				81,657
Containers & Packaging – 1.1%
Crown Holdings, Inc.⁽¹⁾		1,671		87,844

				87,844
Electrical Equipment – 1.3%
AMETEK, Inc.		1,118		54,335
Eaton Corp. PLC		803		53,873

				108,208
Energy Equipment & Services – 0.7%
Baker Hughes, Inc.		834		54,185

				54,185
Food & Staples Retailing – 2.9%
Costco Wholesale Corp.		971		155,467
Walgreens Boots Alliance, Inc.		1,010		83,587

				239,054
Food Products – 1.3%
Mondelez International, Inc., Class A		2,462		109,140

				109,140
Health Care Equipment & Supplies – 1.6%
Hologic, Inc.⁽¹⁾		1,738		69,729


December 31, 2016	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		874	$	62,255

				131,984
Health Care Providers & Services – 3.2%
HCA Holdings, Inc.⁽¹⁾		1,128		83,495
UnitedHealth Group, Inc.		1,110		177,644

				261,139
Hotels, Restaurants & Leisure – 3.2%
Hilton Worldwide Holdings, Inc.		3,888		105,754
Starbucks Corp.		2,799		155,400

				261,154
Household Durables – 1.1%
Mohawk Industries, Inc.⁽¹⁾		449		89,656

				89,656
Household Products – 1.5%
Colgate-Palmolive Co.		1,833		119,952

				119,952
Industrial Conglomerates – 1.8%
Honeywell International, Inc.		1,242		143,886

				143,886
Insurance – 1.0%
The Allstate Corp.		1,115		82,644

				82,644
Internet & Direct Marketing Retail – 4.7%
Amazon.com, Inc.⁽¹⁾		373		279,701
Netflix, Inc.⁽¹⁾		850		105,230

				384,931
Internet Software & Services – 9.6%
Alphabet, Inc., Class A⁽¹⁾		354		280,527
Alphabet, Inc., Class C⁽¹⁾		221		170,572
eBay, Inc.⁽¹⁾		2,009		59,647
Facebook, Inc., Class A⁽¹⁾		1,809		208,126
GoDaddy, Inc., Class A⁽¹⁾		1,910		66,755

				785,627
IT Services – 5.0%
Accenture PLC, Class A		735		86,091
Global Payments, Inc.		1,032		71,631
MasterCard, Inc., Class A		1,740		179,655
PayPal Holdings, Inc.⁽¹⁾		1,815		71,638

				409,015
Life Sciences Tools & Services – 1.3%
Thermo Fisher Scientific, Inc.		755		106,530

				106,530
Machinery – 3.1%
Illinois Tool Works, Inc.		617		75,558
Snap-on, Inc.		523		89,574
The Middleby Corp.⁽¹⁾		692		89,137

				254,269
Media – 2.6%
Comcast Corp., Class A		3,069		211,914

				211,914


December 31, 2016	Shares		Value
Multiline Retail – 1.1%
Dollar Tree, Inc.⁽¹⁾		1,131	$	87,291

				87,291
Personal Products – 1.3%
The Estee Lauder Cos., Inc., Class A		1,416		108,310

				108,310
Pharmaceuticals – 4.4%
Allergan PLC⁽¹⁾		653		137,136
Bristol-Myers Squibb Co.		2,611		152,587
Eli Lilly & Co.		916		67,372

				357,095
Professional Services – 1.6%
Equifax, Inc.		522		61,716
Verisk Analytics, Inc.⁽¹⁾		847		68,751

				130,467
Road & Rail – 0.9%
JB Hunt Transport Services, Inc.		766		74,356

				74,356
Semiconductors & Semiconductor Equipment – 2.9%
Analog Devices, Inc.		987		71,676
Broadcom Ltd.		563		99,522
QUALCOMM, Inc.		1,031		67,221

				238,419
Software – 7.0%
Adobe Systems, Inc.⁽¹⁾		867		89,258
Electronic Arts, Inc.⁽¹⁾		994		78,287
Microsoft Corp.		3,929		244,148
salesforce.com, Inc.⁽¹⁾		951		65,106
ServiceNow, Inc.⁽¹⁾		612		45,496
Workday, Inc., Class A⁽¹⁾		816		53,929

				576,224
Specialty Retail – 4.7%
Advance Auto Parts, Inc.		587		99,273
Lowe’s Cos., Inc.		1,625		115,570
The Michaels Cos., Inc.⁽¹⁾		1,788		36,565
The TJX Cos., Inc.		1,741		130,801

				382,209
Technology Hardware, Storage & Peripherals – 6.6%
Apple, Inc.		4,296		497,563
Western Digital Corp.		601		40,838

				538,401


December 31, 2016	Shares		Value
Textiles, Apparel & Luxury Goods – 2.8%
NIKE, Inc., Class B		2,975	$	151,219
VF Corp.		1,403		74,850

				226,069
Tobacco – 2.2%
Altria Group, Inc.		2,605		176,150

				176,150
Total Common Stocks (Cost $7,751,877)				7,726,831
Exchange–Traded Funds – 3.7%

iShares Russell 1000 Growth ETF		2,843		298,231
Total Exchange–Traded Funds (Cost $295,823)				298,231

	Principal Amount		Value
Short–Term Investment – 4.0%
Repurchase Agreements – 4.0%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds maturity value of $327,001, due 1/3/2017⁽²⁾	$	327,000		327,000
Total Repurchase Agreements (Cost $327,000)				327,000
Total Investments – 102.3% (Cost $8,374,700)				8,352,062
Liabilities in excess of other assets – (2.3)%				(186,821	)
Total Net Assets – 100.0%			$	8,165,241

⁽¹⁾	Non-income-producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	310,000	$	333,942


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	8,352,062
Cash		627
Receivable for fund shares subscribed		36,550
Receivable for investments sold		24,119
Reimbursement receivable from adviser		11,112
Dividends/interest receivable		4,981
Prepaid expenses		5,410

Total Assets		8,434,861


Liabilities
Payable for investments purchased		230,414
Accrued audit fees		20,000
Investment advisory fees payable		3,938
Distribution fees payable		1,588
Accrued trustees’ fees		1,070
Accrued expenses and other liabilities		12,610

Total Liabilities		269,620

Total Net Assets	$	8,165,241


Net Assets Consist of:
Paid-in capital	$	8,241,924
Accumulated net investment income/(loss)		7,892
Accumulated net realized gain/(loss) from investments		(61,937	)
Net unrealized appreciation/(depreciation) on investments		(22,638	)

Total Net Assets	$	8,165,241

Investments, at Cost	$	8,374,700


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		829,073
Net Asset Value Per Share		$9.85


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	27,857
Interest		297

Total Investment Income		28,154


Expenses
Investment advisory fees		12,562
Professional fees		27,047
Trustees’ fees		17,054
Transfer agent fees		8,816
Distribution fees		5,065
Custodian and accounting fees		3,421
Shareholder reports		500
Administrative fees		203
Other expenses		2,764

Total Expenses		77,432

Less: Fees waived		(57,170	)

Total Expenses, Net		20,262

Net Investment Income/(Loss)		7,892


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(61,937	)
Net change in unrealized appreciation/(depreciation) on investments		(22,638	)

Net Loss on Investments		(84,575	)

Net Decrease in Net Assets Resulting From Operations	$	(76,683	)

¹	Commenced operations on September 1, 2016.

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

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks to maximize long-term growth.

2. Significant Accounting Policies

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)

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

Investments Investments whose values are based on quoted market prices in active markets, and are

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

3. Transactions with Affiliates

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

action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the period ended December 31, 2016, Park Avenue waived fees and/or paid Fund expenses in the amount of $57,170.

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 oversight of the Board of Trustees and Park Avenue. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $10,750,352 and $2,640,715, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

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

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

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

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

time of borrowing. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.35% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 12, 2017. The Fund did not utilize the credit facility during the period ended December 31, 2016.

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Large Cap Disciplined Growth VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability

Economies of Scale

Ancillary Benefits

Conclusion

FUND COMMENTARY OF MASSACHUSETTS FINANCIAL SERVICES COMPANY, SUB-ADVISER

Highlights

•

Guardian Integrated Research VIP Fund (the “Fund”) returned 2.40%, underperforming its benchmark, the Standard & Poor’s 500^® Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s underperformance relative to the Index was primarily due to security selection, especially within the retailing and special products and services sectors.

•

The Index returned 3.84% for the period. The performance of the Index was largely driven by the financials sector, followed by the energy and industrials sectors.

Market Overview

Sluggish global growth weighed on both developed and emerging market (“EM”) economies during much of the reporting period, though signs of improved growth became evident in late 2016. The U.S. Federal Reserve increased interest rates by 0.25% at the end of the period, the second interest rate hike of the cycle which began in December 2015. Globally, however, central bank policy remained highly accommodative, which forced many government bond, and even some corporate bond, yields into negative territory during the period.

Late in the period, the U.S. presidential election outcome prompted a significant rally in equities and a rise in bond yields in anticipation of a reflationary policy mix from the incoming Trump administration. A sharp rise in the U.S. dollar was a headwind for multinational companies late in the period, weighing on earnings. U.S. consumer spending held up well amid a modest increase in real wages and relatively low gasoline prices. Demand for autos reached near-record territory, while the housing market continued its recovery. Slow global trade continued to mirror slow global growth, particularly for many emerging markets countries.

During the reporting period new challenges emerged for emerging markets debt (“EMD”) as a result of the U.S. presidential election, which raised concerns about the potential for a protectionist turn in U.S. trade policy which could negatively impact emerging markets economies. As of the end of the period, the markets seemed to be in “wait-and-see” mode, looking for evidence to either confirm or refute the repricing of risk that occurred since election day.

Portfolio Review

Poor stock selection and an overweight position in the retailing sector was a primary detractor from the Fund’s performance relative to the Index. Stock selection within the special products and services sector further weighed on the Fund’s relative performance. The Fund’s positions in certain medical devices, natural gas exploration and development, food production, and pharmaceutical companies weakened its performance relative to the benchmark. In addition, the Fund’s positions in integrated energy stocks further dampened the Fund’s relative performance.

Strong stock selection in both the financial services and transportation sectors was a primary contributor to the Fund’s performance relative to the benchmark. Within the financial services sector, the Fund’s holdings in certain financial services firms, insurance companies, and direct banking and payment services stocks aided its relative performance. Within the transportation sector, the Fund’s positions in certain airline stocks strengthened its relative performance. The Fund’s holdings in certain independent oil refinery and energy exploration and production stocks further contributed to the Fund’s relative performance.

Outlook

The second half of 2016 was characterized by a rotation in the equity markets from more defensive sectors like utilities, real estate investment trusts

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

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 98.8%
Aerospace & Defense – 3.3%
Northrop Grumman Corp.		939	$	218,393
Textron, Inc.		1,495		72,597
United Technologies Corp.		1,849		202,687

				493,677
Airlines – 1.2%
Delta Air Lines, Inc.		1,617		79,540
United Continental Holdings, Inc.⁽¹⁾		1,462		106,551

				186,091
Automobiles – 0.6%
General Motors Co.		2,558		89,121

				89,121
Banks – 7.4%
Bank of America Corp.		17,875		395,037
Citigroup, Inc.		5,056		300,478
JPMorgan Chase & Co.		2,747		237,039
Wells Fargo & Co.		3,118		171,833

				1,104,387
Biotechnology – 3.1%
Celgene Corp.⁽¹⁾		2,399		277,684
Gilead Sciences, Inc.		2,563		183,537

				461,221
Building Products – 1.1%
Owens Corning		3,092		159,424

				159,424
Chemicals – 2.5%
Air Products & Chemicals, Inc.		964		138,643
Monsanto Co.		1,106		116,362
The Sherwin-Williams Co.		415		111,527

				366,532
Communications Equipment – 2.2%
Cisco Systems, Inc.		11,080		334,838

				334,838
Consumer Finance – 1.7%
Discover Financial Services		3,553		256,136

				256,136
Diversified Financial Services – 0.5%
Berkshire Hathaway, Inc., Class B⁽¹⁾		487		79,371

				79,371
Diversified Telecommunication Services – 2.8%
AT&T, Inc.		1,237		52,609
Verizon Communications, Inc.		6,723		358,874

				411,483
Electric Utilities – 3.1%
American Electric Power Co., Inc.		594		37,398
Exelon Corp.		6,743		239,309
FirstEnergy Corp.		4,458		138,064
PPL Corp.		1,611		54,855

				469,626


December 31, 2016	Shares		Value
Equity Real Estate – 2.0%
Mid-America Apartment Communities, Inc.		799	$	78,238
Public Storage		639		142,817
STORE Capital Corp.		3,257		80,480

				301,535
Food & Staples Retailing – 2.0%
CVS Health Corp.		2,657		209,664
Wal-Mart Stores, Inc.		1,236		85,432

				295,096
Food Products – 4.3%
Archer-Daniels-Midland Co.		4,527		206,658
Mondelez International, Inc., Class A		5,374		238,229
The JM Smucker Co.		468		59,932
Tyson Foods, Inc., Class A		2,135		131,687

				636,506
Health Care Equipment & Supplies – 2.7%
Abbott Laboratories		4,125		158,441
Medtronic PLC		3,333		237,410

				395,851
Health Care Providers & Services – 1.8%
HCA Holdings, Inc.⁽¹⁾		2,625		194,302
McKesson Corp.		296		41,573
UnitedHealth Group, Inc.		220		35,209

				271,084
Hotels, Restaurants & Leisure – 2.5%
Domino’s Pizza, Inc.		1,292		205,738
Starbucks Corp.		1,976		109,708
Yum! Brands, Inc.		867		54,907

				370,353
Household Products – 2.1%
The Procter & Gamble Co.		3,655		307,312

				307,312
Independent Power and Renewable Electricity Producers – 0.5%
AES Corp.		5,945		69,081

				69,081
Industrial Conglomerates – 0.5%
General Electric Co.		2,550		80,580

				80,580
Insurance – 5.4%
Chubb Ltd.		400		52,848
MetLife, Inc.		4,227		227,793
Prudential Financial, Inc.		2,298		239,130
The Allstate Corp.		846		62,705
The Travelers Cos., Inc.		260		31,829
Validus Holdings Ltd.		1,953		107,435
XL Group Ltd.		2,138		79,662

				801,402


December 31, 2016	Shares		Value
Internet & Direct Marketing Retail – 3.2%
Amazon.com, Inc.⁽¹⁾		598	$	448,422
The Priceline Group, Inc.⁽¹⁾		21		30,787

				479,209
Internet Software & Services – 3.9%
Alphabet, Inc., Class A⁽¹⁾		236		187,018
Alphabet, Inc., Class C⁽¹⁾		161		124,263
Facebook, Inc., Class A⁽¹⁾		2,386		274,509

				585,790
IT Services – 4.0%
Accenture PLC, Class A		707		82,811
Cognizant Technology Solutions Corp., Class A⁽¹⁾		2,505		140,355
FleetCor Technologies, Inc.⁽¹⁾		1,205		170,532
Global Payments, Inc.		2,834		196,708

				590,406
Machinery – 1.0%
Illinois Tool Works, Inc.		864		105,806
Ingersoll-Rand PLC		509		38,195

				144,001
Media – 2.8%
Charter Communications, Inc., Class A⁽¹⁾		739		212,773
Comcast Corp., Class A		3,009		207,771

				420,544
Oil, Gas & Consumable Fuels – 5.6%
Anadarko Petroleum Corp.		449		31,309
Chevron Corp.		135		15,889
EOG Resources, Inc.		2,389		241,528
Exxon Mobil Corp.		1,549		139,813
Noble Energy, Inc.		908		34,558
Occidental Petroleum Corp.		803		57,198
Rice Energy, Inc.⁽¹⁾		6,456		137,835
Valero Energy Corp.		2,577		176,061

				834,191
Personal Products – 0.5%
The Estee Lauder Cos., Inc., Class A		941		71,977

				71,977
Pharmaceuticals – 5.7%
Eli Lilly & Co.		3,493		256,910
Johnson & Johnson		2,136		246,089
Merck & Co., Inc.		5,562		327,435
Pfizer, Inc.		574		18,643

				849,077
Road & Rail – 0.9%
Union Pacific Corp.		1,305		135,302

				135,302
Semiconductors & Semiconductor Equipment – 2.3%
Broadcom Ltd.		919		162,452
Intel Corp.		5,045		182,982

				345,434


December 31, 2016	Shares		Value
Software – 4.4%
Electronic Arts, Inc.⁽¹⁾		2,724	$	214,542
Intuit, Inc.		1,888		216,384
Microsoft Corp.		3,676		228,427

				659,353
Specialty Retail – 3.4%
AutoZone, Inc.⁽¹⁾		308		243,255
Best Buy Co., Inc.		1,760		75,099
Ross Stores Inc.		1,964		128,839
The Gap, Inc.		2,866		64,313

				511,506
Technology Hardware, Storage & Peripherals – 4.1%
Apple, Inc.		3,000		347,460
Hewlett Packard Enterprise Co.		9,050		209,417
NCR Corp.⁽¹⁾		1,346		54,594

				611,471
Textiles, Apparel & Luxury Goods – 1.0%
PVH Corp.		1,741		157,108

				157,108
Tobacco – 2.2%
Altria Group, Inc.		964		65,186
Philip Morris International, Inc.		2,811		257,178

				322,364
Trading Companies & Distributors – 0.5%
United Rentals, Inc.⁽¹⁾		688		72,639

				72,639
Total Common Stocks (Cost $14,461,483)				14,731,079

	Principal Amount		Value
Short–Term Investment – 2.4%
Repurchase Agreements – 2.4%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $366,001, due 1/3/2017⁽²⁾	$	366,000		366,000
Total Repurchase Agreements (Cost $366,000)				366,000
Total Investments – 101.2% (Cost $14,827,483)				15,097,079
Liabilities in excess of other assets – (1.2)%				(181,842	)
Total Net Assets – 100.0%			$	14,915,237

⁽¹⁾	Non-income-producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	350,000	$	377,032


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	15,097,079
Cash		845
Receivable for fund shares subscribed		51,168
Reimbursement receivable from adviser		20,456
Dividends/interest receivable		15,527
Prepaid expenses		10,819

Total Assets		15,195,894


Liabilities
Payable for investments purchased		237,341
Accrued audit fees		20,000
Investment advisory fees payable		6,505
Distribution fees payable		2,957
Accrued trustees’ fees		357
Accrued expenses and other liabilities		13,497

Total Liabilities		280,657

Total Net Assets	$	14,915,237


Net Assets Consist of:
Paid-in capital	$	14,610,681
Accumulated net investment income/(loss)		35,737
Accumulated net realized gain/(loss) from investments		(777	)
Net unrealized appreciation/(depreciation) on investments		269,596

Total Net Assets	$	14,915,237

Investments, at Cost	$	14,827,483


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		1,456,493
Net Asset Value Per Share		$10.24


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	72,593
Interest		596

Total Investment Income		73,189


Expenses
Investment advisory fees		21,457
Professional fees		33,628
Trustees’ fees		32,213
Distribution fees		9,753
Transfer agent fees		9,257
Custodian and accounting fees		3,509
Shareholder reports		1,000
Administrative fees		390
Other expenses		5,515

Total Expenses		116,722

Less: Fees waived		(79,270	)

Total Expenses, Net		37,452

Net Investment Income/(Loss)		35,737


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(777	)
Net change in unrealized appreciation/(depreciation) on investments		269,596

Net Gain on Investments		268,819

Net Increase in Net Assets Resulting From Operations	$	304,556

¹	Commenced operations on September 1, 2016.

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

Investments Investments whose values are based on quoted market prices in active markets, and are

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.55% up to $100 million, 0.50% up to $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2018 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

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 oversight of the Board of Trustees and Park Avenue. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

c. Distribution Fees Park Avenue Securities LLC (“PAS”), a wholly owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust (“12b-1” plan), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund’s average daily net assets. For the period ended December 31, 2016, the Fund paid distribution fees in the amount of $9,753 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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $16,319,111 and $1,831,526, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

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.

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Integrated Research VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

or accounts managed by the Subadvisers with similar strategies as the applicable Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputations of the Subadvisers.

Investment Performance

Costs and Profitability

Integrated Research VIP Fund, Guardian International Growth VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Large Cap Fundamental Growth VIP Fund, Guardian Mid Cap Relative Value VIP Fund, and Guardian Core Plus Fixed Income VIP Fund and the third quartile for Guardian Growth & Income VIP Fund, Guardian International Value VIP Fund, Guardian Large Cap Disciplined Value VIP Fund, and Guardian Mid Cap Traditional Growth VIP Fund.

from certain Subadvisers, the Trustees primarily considered the projected cost and profitability of the Funds with respect to the Manager because the Manager would be responsible for payment of the subadvisory fees and had negotiated the fees with the Subadvisers at arm’s-length.

Economies of Scale

Ancillary Benefits

Trustees also considered that the Manager did not expect to receive any other direct or indirect benefits. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Conclusion

FUND COMMENTARY OF PUTNAM INVESTMENT MANAGEMENT, LLC, SUB-ADVISER

Highlights

•

Guardian Diversified Research VIP Fund (the “Fund”) returned 3.70%, underperforming its benchmark, the Standard & Poor’s 500^® Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s underperformance relative to the Index was due to unfavorable stock selection in the consumer discretionary, consumer staples and industrials sectors, which detracted from the Fund’s relative performance.

•

The Index returned 3.84% for the period. The performance of the Index was driven by the financials services and transportation sector, followed by the energy and industrials sectors.

Market Overview

U.S. stocks delivered strong performance over the period, lifted by a rally that strengthened after the U.S. presidential election. Also, despite a difficult final trading week, major U.S. equity indexes logged solid gains for the year.

Uncertainty around the election and a potential interest-rate hike by the U.S. Federal Reserve (the “Fed”) overshadowed equity performance at the start of the period. Markets seemed to ignore a better-than-expected third-quarter gross domestic product (GDP) report and data showing continued strength in the labor market. Consumer spending, which accounts for more than two thirds of U.S. economic activity, moved up 0.4% in October. U.S. stocks slipped slightly for the month, and stocks continued to struggle leading up to the November 8, 2016 election.

Following the U.S. presidential election, stocks advanced with the so-called “Trump rally,” and U.S. indexes set multiple records. Market sentiment rose, lifted in part by the expectation of positive growth from Trump’s pro-business policy proposals, including tax cuts, increased federal spending and deregulation.

By mid-December, the Fed raised the target range for the federal funds rate by 0.25% — its first hike in 2016 — and signaled that three more interest rate increases are likely for 2017. Stocks plummeted in response, but recovered quickly.

A number of economic reports highlighted the health of the economy. The Bureau of Economic Analysis reported that corporate profits increased 5.8% in the third quarter, after decreasing 0.6% in the second quarter. Consumer spending and sentiment rose, new home sales jumped, and the Dow Jones Industrial Average approached the psychological milestone of 20,000 several times near the end of the quarter. Oil, which traded at times above $50 a barrel earlier in the fall, rallied by the end of the quarter in anticipation of a supply reduction to go into effect in January 2017.

In this environment, U.S. stocks, as measured by the Index, returned 3.84% during the period, with the following sectors posting gains: financials (17.95%), energy (10.59%), industrials (7.2%), telecommunication services (3.81%), information technology (3.69%), materials (3.61%), consumer discretionary (2.01%) and utilities (0.54%). Sectors that declined for the period included consumer staples (-3.45%), health care (-4.50%) and real estate (5.65%).

Portfolio Review

The Fund’s performance was mainly driven by stock selection in the financials, energy and telecommunications sectors; however, sector allocation, a residual of the stock selection process in the consumer discretionary, consumer staples and industrials sectors, detracted slightly from the Fund’s relative performance.

Outlook

Closing a year that began painfully for U.S. equity investors, the final quarter of 2016 delivered some pleasant surprises. The market advance that started in

the third quarter continued through the end of the year, interrupted briefly by downturns in the weeks before the U.S. presidential election. In the election’s aftermath, equity performance surged in anticipation of a new administration and the potential for corporate tax cuts, increased infrastructure spending and a looser regulatory environment for many businesses. While most market observers expected post-election turmoil, many major U.S. equity indexes hit record highs throughout the fourth quarter and delivered solid positive returns for the year.

The surges in both share prices and sentiment were a welcome conclusion to a year of uncertainties. However, we enter 2017 on a cautionary note, with an eye on sectors where valuations may have been stretched by the fourth-quarter rally. At the same time, we are pleased to be seeing more differentiation in the market. In our view, equity correlations have declined, stocks are performing more independently, and there is clearer distinction between winners and losers. This expands our stock-selection opportunities, particularly in sectors that we believe were left behind in the post-election excitement. Examples include health care and consumer staples, which weakened

with the fourth-quarter shift to more cyclical and industrial areas of the market.

For U.S. corporations, the earnings growth picture brightened in the latter half of 2016, and we believe profit growth is likely to continue in 2017. In many cases, we believe that it will be easy to improve on the prior year’s weakness, but other factors also contribute to our positive outlook, including a push toward infrastructure spending and deregulation, which should encourage capital expenditure and boost earnings growth in financials and a number of cyclical industries. However, we believe the detrimental effect of a strong dollar remains an important potential headwind to earnings growth in the quarters ahead.

The late-2016 rallies — in equity prices, investor enthusiasm, and consumer and business confidence — could prove beneficial for U.S. equity performance in the months ahead. But certain market uncertainties could interrupt, or even derail, the market’s momentum, particularly the effectiveness of the new administration to quickly effect policy changes.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 97.8%
Aerospace & Defense – 2.7%
Airbus Group SE (Netherlands)		877	$	57,881
Northrop Grumman Corp.		336		78,147
Raytheon Co.		547		77,674
United Technologies Corp.		541		59,304

				273,006
Air Freight & Logistics – 0.4%
United Parcel Service, Inc., Class B		333		38,175

				38,175
Airlines – 0.6%
American Airlines Group, Inc.		606		28,294
United Continental Holdings, Inc.⁽¹⁾		391		28,496

				56,790
Banks – 6.8%
Bank of America Corp.		9,142		202,038
JPMorgan Chase & Co.		2,471		213,223
KeyCorp		4,094		74,797
Wells Fargo & Co.		3,532		194,649

				684,707
Beverages – 3.6%
Dr Pepper Snapple Group, Inc.		907		82,238
Molson Coors Brewing Co., Class B		694		67,533
Monster Beverage Corp.⁽¹⁾		287		12,726
PepsiCo, Inc.		1,961		205,179

				367,676
Biotechnology – 3.6%
Amgen, Inc.		605		88,457
Biogen, Inc.⁽¹⁾		242		68,626
Celgene Corp.⁽¹⁾		964		111,583
Gilead Sciences, Inc.		1,319		94,454

				363,120
Building Products – 1.0%
Caesarstone Ltd.⁽¹⁾		196		5,615
Johnson Controls International PLC		2,292		94,408

				100,023
Capital Markets – 3.2%
AllianceBernstein Holding LP		1,353		31,728
Ameriprise Financial, Inc.		294		32,616
Intercontinental Exchange, Inc.		73		4,119
Invesco Ltd.		830		25,182
KKR & Co. LP		3,616		55,650
The Charles Schwab Corp.		1,891		74,638
The Goldman Sachs Group, Inc.		425		101,766

				325,699
Chemicals – 2.7%
Air Products & Chemicals, Inc.		128		18,409
Albemarle Corp.		304		26,168
Axalta Coating Systems Ltd.⁽¹⁾		442		12,023
CF Industries Holdings, Inc.		915		28,804
LANXESS AG (Germany)		193		12,646


December 31, 2016	Shares		Value
Chemicals (continued)
Sociedad Quimica y Minera de Chile S.A., ADR		171	$	4,899
Syngenta AG (Switzerland)		77		30,429
The Dow Chemical Co.		769		44,002
The Sherwin-Williams Co.		271		72,829
WR Grace & Co.		261		17,654
Yara International ASA (Norway)		88		3,465

				271,328
Commercial Services & Supplies – 1.0%
Rollins, Inc.		1,236		41,752
Stericycle, Inc.⁽¹⁾		203		15,639
Waste Connections, Inc.		504		39,610

				97,001
Communications Equipment – 0.4%
Cisco Systems, Inc.		1,305		39,437

				39,437
Construction Materials – 0.3%
Martin Marietta Materials, Inc.		66		14,621
Vulcan Materials Co.		125		15,644

				30,265
Consumer Finance – 1.0%
Synchrony Financial		2,895		105,002

				105,002
Containers & Packaging – 0.4%
Ball Corp.		201		15,089
RPC Group PLC (United Kingdom)		695		9,092
Sealed Air Corp.		434		19,678

				43,859
Distributors – 0.1%
LKQ Corp.⁽¹⁾		308		9,440

				9,440
Diversified Consumer Services – 0.5%
Bright Horizons Family Solutions, Inc.⁽¹⁾		295		20,656
Service Corp. International		1,230		34,932

				55,588
Diversified Financial Services – 0.1%
Berkshire Hathaway, Inc., Class B⁽¹⁾		32		5,216
Conyers Park Acquisition Corp.⁽¹⁾		825		8,951

				14,167
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		3,557		151,279
Zayo Group Holdings, Inc.⁽¹⁾		1,117		36,705

				187,984
Electric Utilities – 1.8%
American Electric Power Co., Inc.		325		20,462
Edison International		425		30,596
Exelon Corp.		1,580		56,074
NextEra Energy, Inc.		248		29,626


December 31, 2016	Shares		Value
Electric Utilities (continued)
PG&E Corp.		763	$	46,367

				183,125
Energy Equipment & Services – 1.4%
Baker Hughes, Inc.		243		15,788
Halliburton Co.		1,259		68,099
Schlumberger Ltd.		747		62,711

				146,598
Equity Real Estate – 2.9%
American Tower Corp.		386		40,792
AvalonBay Communities, Inc.		150		26,572
Boston Properties, Inc.		211		26,540
Douglas Emmett, Inc.		221		8,080
Equinix, Inc.		75		26,806
Equity LifeStyle Properties, Inc.		208		14,997
Essex Property Trust, Inc.		51		11,858
Federal Realty Investment Trust		97		13,785
Gaming and Leisure Properties, Inc.		592		18,127
General Growth Properties, Inc.		660		16,487
Kimco Realty Corp.		199		5,007
Pebblebrook Hotel Trust		225		6,694
Public Storage		109		24,361
Simon Property Group, Inc.		150		26,650
Ventas, Inc.		370		23,132

				289,888
Food & Staples Retailing – 2.7%
Costco Wholesale Corp.		454		72,690
CVS Health Corp.		546		43,085
The Kroger Co.		1,109		38,272
Wal-Mart Stores, Inc.		463		32,002
Walgreens Boots Alliance, Inc.		1,108		91,698

				277,747
Food Products – 1.6%
Mead Johnson Nutrition Co.		240		16,982
Nomad Foods Ltd.⁽¹⁾		757		7,245
Pinnacle Foods, Inc.		147		7,857
The JM Smucker Co.		452		57,883
The Kraft Heinz Co.		783		68,372

				158,339
Health Care Equipment & Supplies – 2.5%
Abbott Laboratories		577		22,163
Becton Dickinson and Co.		260		43,043
Boston Scientific Corp.⁽¹⁾		1,526		33,007
CR Bard, Inc.		160		35,946
Danaher Corp.		744		57,913
Edwards Lifesciences Corp.⁽¹⁾		55		5,153
Intuitive Surgical, Inc.⁽¹⁾		50		31,708
Medtronic PLC		286		20,372

				249,305
Health Care Providers & Services – 0.9%
Aetna, Inc.		70		8,681


December 31, 2016	Shares		Value
Health Care Providers & Services (continued)
Cardinal Health, Inc.		55	$	3,958
Cigna Corp.		54		7,203
Express Scripts Holding Co.⁽¹⁾		250		17,197
Henry Schein, Inc.⁽¹⁾		91		13,806
Humana, Inc.		152		31,013
UnitedHealth Group, Inc.		79		12,643

				94,501
Health Care Technology – 0.1%
Castlight Health, Inc., Class B⁽¹⁾		1,070		5,297
HTG Molecular Diagnostics, Inc.⁽¹⁾		738		1,653

				6,950
Hotels, Restaurants & Leisure – 1.2%
Hilton Worldwide Holdings, Inc.		1,434		39,005
Penn National Gaming, Inc.⁽¹⁾		2,046		28,214
Restaurant Brands International, Inc.		312		14,870
Wynn Resorts Ltd.		273		23,617
Yum China Holdings, Inc.⁽¹⁾		482		12,590

				118,296
Household Products – 0.6%
Colgate-Palmolive Co.		856		56,017

				56,017
Independent Power and Renewable Electricity Producers – 0.6%
Calpine Corp.⁽¹⁾		2,398		27,409
NRG Energy, Inc.		2,897		35,517

				62,926
Industrial Conglomerates – 0.8%
Siemens AG (Reg S) (Germany)		628		77,195

				77,195
Insurance – 3.5%
American International Group, Inc.		1,473		96,202
Assured Guaranty Ltd.		1,617		61,074
Chubb Ltd.		519		68,570
MetLife, Inc.		734		39,555
Prudential PLC (United Kingdom)		2,418		48,230
The Hartford Financial Services Group, Inc.		836		39,835

				353,466
Internet & Direct Marketing Retail – 3.0%
Amazon.com, Inc.⁽¹⁾		268		200,965
Ctrip.com International Ltd., ADR⁽¹⁾		733		29,320
Expedia, Inc.		158		17,898
The Priceline Group, Inc.⁽¹⁾		38		55,711

				303,894
Internet Software & Services – 5.2%
Alibaba Group Holding Ltd., ADR⁽¹⁾		404		35,475
Alphabet, Inc., Class A⁽¹⁾		346		274,188
Criteo S.A., ADR⁽¹⁾		290		11,913
Facebook, Inc., Class A⁽¹⁾		1,404		161,530
GoDaddy, Inc., Class A⁽¹⁾		480		16,776


December 31, 2016	Shares		Value
Internet Software & Services (continued)
Tencent Holdings Ltd., ADR		709	$	17,172
Wix.com Ltd.⁽¹⁾		304		13,543

				530,597
IT Services – 2.4%
Cognizant Technology Solutions Corp., Class A⁽¹⁾		167		9,357
Computer Sciences Corp.		612		36,365
Fidelity National Information Services, Inc.		571		43,190
MasterCard, Inc., Class A		529		54,619
Visa, Inc., Class A		1,332		103,923

				247,454
Leisure Products – 0.1%
Brunswick Corp.		283		15,435

				15,435
Life Sciences Tools & Services – 0.4%
Agilent Technologies, Inc.		725		33,031
Illumina, Inc.⁽¹⁾		88		11,267

				44,298
Machinery – 1.8%
Dover Corp.		513		38,439
Fortive Corp.		1,069		57,331
KION Group AG (Germany)		526		29,233
Komatsu Ltd. (Japan)		2,600		58,685

				183,688
Media – 3.8%
Charter Communications, Inc., Class A⁽¹⁾		295		84,936
Comcast Corp., Class A		1,635		112,897
DISH Network Corp., Class A⁽¹⁾		417		24,157
Live Nation Entertainment, Inc.⁽¹⁾		1,166		31,015
The Walt Disney Co.		1,094		114,017
Time Warner, Inc.		206		19,885

				386,907
Metals & Mining – 0.4%
ArcelorMittal⁽¹⁾		521		3,803
Barrick Gold Corp.		209		3,340
Freeport-McMoRan, Inc.⁽¹⁾		323		4,261
Newmont Mining Corp.		339		11,550
Nucor Corp.		139		8,273
Steel Dynamics, Inc.		90		3,202
United States Steel Corp.		121		3,994

				38,423
Multi-Utilities – 0.3%
Ameren Corp.		367		19,253
Sempra Energy		144		14,492

				33,745
Oil, Gas & Consumable Fuels – 6.5%
Anadarko Petroleum Corp.		1,246		86,884
Arch Coal, Inc., Class A⁽¹⁾		34		2,654


December 31, 2016	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cenovus Energy, Inc. (Canada)		2,043	$	30,889
Cheniere Energy, Inc.⁽¹⁾		917		37,991
Chevron Corp.		272		32,014
Cimarex Energy Co.		68		9,241
ConocoPhillips		1,847		92,608
Devon Energy Corp.		158		7,216
Encana Corp. (Canada)		1,305		15,318
EOG Resources, Inc.		536		54,190
Exxon Mobil Corp.		350		31,591
Hess Corp.		120		7,475
Kinder Morgan, Inc.		634		13,130
Marathon Oil Corp.		873		15,112
Noble Energy, Inc.		779		29,649
ONEOK, Inc.		104		5,971
Pioneer Natural Resources Co.		169		30,432
Plains All American Pipeline LP		662		21,376
Royal Dutch Shell PLC, Class A (United Kingdom)		2,319		63,899
Seven Generations Energy Ltd., Class A⁽¹⁾ (Canada)		702		16,370
Suncor Energy, Inc. (Canada)		1,462		47,802
The Williams Cos., Inc.		258		8,034

				659,846
Paper & Forest Products – 0.0%
KapStone Paper and Packaging Corp.		157		3,462

				3,462
Personal Products – 0.4%
Coty, Inc., Class A		1,452		26,586
Edgewell Personal Care Co.⁽¹⁾		180		13,138

				39,724
Pharmaceuticals – 4.4%
Allergan PLC⁽¹⁾		497		104,375
Bristol-Myers Squibb Co.		855		49,966
Eli Lilly & Co.		741		54,501
Jazz Pharmaceuticals PLC⁽¹⁾		79		8,613
Johnson & Johnson		377		43,434
Merck & Co., Inc.		1,260		74,176
Mylan N.V.⁽¹⁾		750		28,613
Pfizer, Inc.		2,441		79,284

				442,962
Real Estate Management & Development – 0.3%
CBRE Group, Inc., Class A⁽¹⁾		272		8,565
RE/MAX Holdings, Inc., Class A		428		23,968

				32,533
Road & Rail – 0.7%
Norfolk Southern Corp.		361		39,013
Union Pacific Corp.		279		28,927

				67,940
Semiconductors & Semiconductor Equipment – 4.5%
Analog Devices, Inc.		182		13,217
Applied Materials, Inc.		1,952		62,991


December 31, 2016	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom Ltd.		372	$	65,758
Micron Technology, Inc.⁽¹⁾		1,056		23,148
NVIDIA Corp.		155		16,545
NXP Semiconductors N.V.⁽¹⁾		264		25,875
Qorvo, Inc.⁽¹⁾		1,290		68,022
QUALCOMM, Inc.		441		28,753
Skyworks Solutions, Inc.		349		26,056
Sumco Corp. (Japan)		700		8,993
Texas Instruments, Inc.		1,033		75,378
Xilinx, Inc.		651		39,301

				454,037
Software – 4.6%
Activision Blizzard, Inc.		88		3,178
Adobe Systems, Inc.⁽¹⁾		490		50,446
Electronic Arts, Inc.⁽¹⁾		645		50,800
Everbridge, Inc.⁽¹⁾		323		5,959
Microsoft Corp.		4,932		306,474
salesforce.com, Inc.⁽¹⁾		579		39,638
ServiceNow, Inc.⁽¹⁾		173		12,861

				469,356
Specialty Retail – 2.2%
Five Below, Inc.⁽¹⁾		380		15,185
O’Reilly Automotive, Inc.⁽¹⁾		165		45,938
The Home Depot, Inc.		764		102,437
The TJX Cos., Inc.		779		58,526

				222,086
Technology Hardware, Storage & Peripherals – 3.4%
Apple, Inc.		2,804		324,759
HP, Inc.		947		14,054
Western Digital Corp.		163		11,076

				349,889
Textiles, Apparel & Luxury Goods – 0.4%
Hanesbrands, Inc.		1,832		39,516

				39,516
Tobacco – 1.0%
Altria Group, Inc.		1,029		69,581
Philip Morris International, Inc.		316		28,911

				98,492


December 31, 2016	Shares		Value
Trading Companies & Distributors – 0.3%
United Rentals, Inc.⁽¹⁾		273		28,823

				28,823
Water Utilities – 0.3%
American Water Works Co., Inc.		456		32,996

				32,996
Wireless Telecommunication Services – 0.5%
T-Mobile U.S., Inc.⁽¹⁾		878		50,494

				50,494
Total Common Stocks (Cost $9,644,226)				9,914,217
Exchange–Traded Funds – 0.3%
SPDR S&P500 ETF Trust		137		30,623

Total Exchange–Traded Funds (Cost $29,265)				30,623

	Principal Amount		Value
Short–Term Investment – 4.9%
Repurchase Agreements – 4.9%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $496,002, due 1/3/2017⁽²⁾	$	496,000		496,000
Total Repurchase Agreements (Cost $496,000)				496,000
Total Investments – 103.0% (Cost $10,169,491)				10,440,840
Liabilities in excess of other assets – (3.0)%				(301,950	)
Total Net Assets – 100.0%			$	10,138,890

⁽¹⁾	Non-income-producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	470,000	$	506,300

Legend:

ADR — American Depositary Receipt


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	10,440,840
Cash		416
Foreign currency, at value		109
Receivable for investments sold		255,231
Receivable for fund shares subscribed		51,163
Reimbursement receivable from adviser		12,319
Dividends/interest receivable		10,165
Foreign tax reclaims receivable		2
Prepaid expenses		5,410

Total Assets		10,775,655


Liabilities
Payable for investments purchased		593,766
Accrued audit fees		20,000
Investment advisory fees payable		4,622
Accrued trustees’ fees		3,798
Distribution fees payable		1,926
Accrued expenses and other liabilities		12,653

Total Liabilities		636,765

Total Net Assets	$	10,138,890


Net Assets Consist of:
Paid-in capital	$	9,845,907
Accumulated net investment income/(loss)		25,436
Accumulated net realized gain/(loss) from investments and foreign currency transactions		(3,809	)
Net unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		271,356

Total Net Assets	$	10,138,890

Investments, at Cost	$	10,169,491

Foreign Currency, at Cost	$	108


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		977,623
Net Asset Value Per Share		$10.37


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	47,232
Interest		318
Withholding taxes on foreign dividends		(349	)

Total Investment Income		47,201


Expenses
Investment advisory fees		13,603
Professional fees		27,809
Trustees’ fees		20,010
Transfer agent fees		8,821
Distribution fees		5,668
Custodian and accounting fees		3,439
Shareholder reports		500
Administrative fees		227
Other expenses		2,788

Total Expenses		82,865

Less: Fees waived		(61,100	)

Total Expenses, Net		21,765

Net Investment Income/(Loss)		25,436


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(3,688	)
Net realized gain/(loss) from foreign currency transactions		(121	)
Net change in unrealized appreciation/(depreciation) on investments		271,349
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		7

Net Gain on Investments and Foreign Currency Transactions		267,547

Net Increase in Net Assets Resulting From Operations	$	292,983

¹	Commenced operations on September 1, 2016.

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies

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

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

Investments Investments whose values are based on quoted market prices in active markets, and are

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, 2018 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.96% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is

subject to Park Avenue’s recoupment rights. For the period ended December 31, 2016, Park Avenue waived fees and/or paid Fund expenses in the amount of $61,100.

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 oversight of the Board of Trustees and Park Avenue. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

4. Federal Income Taxes

a. Distributions to Shareholders During the period ended December 31, 2016, the Fund elected to be

treated as a DRE for U.S. federal income tax purposes. 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 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 $14,128,492 and $4,456,806, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Diversified Research VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability

Economies of Scale

Ancillary Benefits

Conclusion

FUND COMMENTARY BY BOSTON PARTNERS GLOBAL INVESTORS, INC., SUB-ADVISER

Highlights

•

Guardian Large Cap Disciplined Value VIP Fund (the “Fund”) returned 7.80%, outperforming its benchmark, the Russell 1000^® Value Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s outperformance relative to the Index was largely due to security selection, especially in the technology and financials sectors.

•

The Index returned 6.45% for the period. The financials and energy sectors were the largest contributors to performance for the Index during the period.

Market Overview

While the stock market (as measured by the Standard & Poor’s 500^® Index (“S&P 500^® Index”)) returned 1.98% during December 2016, the price action did not resemble the typical “Santa Claus Rally” to which investors have grown accustomed. That type of rally usually results in a “flattish” return for the first half of the month, followed by a more pronounced advancement in prices during the final two weeks of the year.

This year brought the inverse of that price pattern, where the market peaked on December 13, 2016 (up 3.39%, as measured by the S&P 500^® Index) but trailed-off by year-end. We believe the most likely cause of this decline was action taken by the U.S. Federal Reserve (the “Fed”), which on December 14, 2016, raised the federal funds target rate by 0.25% to a range of 0.50% to 0.75%, the only interest rate increase of 2016 and just the second increase in interest rates this decade. Also noteworthy from the announcement was the increase in the Fed’s “dot plot” of future anticipated rates, as this was the first time that the Fed had increased its projections since 2014. Imbedded in those projections was the possibility of three interest rate hikes in 2017, one more than the market had priced in up to that point. As one would expect, bonds did not take the news well, with the Bloomberg Barclays U.S. Aggregate

Bond Index struggling to reach a 0.14% total return during December. The 10-year Treasury lost 37 basis points for the month of December.

The “reflation trade” sparked by the election of Donald Trump was reinforced with a flurry of positive economic reports emanating from both the United States and many international markets. U.S. third quarter gross domestic product (GDP) was revised upwards twice during the period, settling at 3.5%, the strongest growth rate in two years. Global purchasing manager’s indices rebounded, displaying strength not only in manufacturing but in the non-manufacturing services side of economies as well. Investor sentiment also improved, with third quarter S&P 500^® Index earnings growing 3.1% on a year-over-year basis, the first such occurrence in five quarters.

In general, stock markets responded favorably during the period, with the MSCI^® World^® Index gaining 1.97% in the fourth quarter. In the U.S., while the S&P 500^® Index gained a very respectable 3.82% for the fourth quarter, value stocks had a resurgence relative to growth stocks, and value stocks beat growth stocks by over 700 basis points on average across all capitalizations. Value was led by small-cap stocks, where the Russell 2000^® Value Index returned 14.07%, versus 3.57% for the Russell 2000^® Growth Index. Cyclical stocks did well, led by the energy, industrials and materials sectors, which responded to the then U.S. president-elect’s campaign promises of an infrastructure build-out.

International stocks did well, but only in local currencies, as the strength of the dollar eroded returns for U.S.-based investors. An example of this is the MSCI^® EAFE^® Index, which returned 7.1% in local currencies but -0.7% in U.S. dollar terms. The Japanese NIKKEI Index had one of the biggest disparities in returns, gaining 15% in yen terms but losing 10 basis points in U.S. dollar terms as the yen dropped by 15.4% versus the dollar. We believe the yen’s decline is a reflection of the Bank of Japan’s decision to peg interest rates (the 10-year bond yield at 0.0%) in an effort to stimulate growth and

inflation. Emerging market stocks continued to suffer, dropping by 1.4% in local currency and -4.1% in U.S. dollar terms, plagued by the combination of higher rates, a stronger dollar and subdued export trade.

Portfolio Review

Strong stock selection in the technology and finance sectors led the Fund’s relative performance for the period. Healthcare was the largest detractor for the period, weakened by the Fund’s biotech holdings and supplier names. Weakness in the healthcare and transportation sectors was offset by strength in the financials and technology sectors. During the period, we sold several stocks that performed well for the Fund and found new opportunities in solid companies at discounted valuations.

Outlook

Looking ahead to 2017, we expect earnings and interest rates to be the key drivers of stock prices over time. Although the stock market as measured by the S&P 500^® Index has largely depended on lower interest rates and accommodative fiscal policy during the last few years, we expect earnings to be the key

near term driver of stock performance. While we are encouraged by numerous factors, we do see a number of risks that could also be impactful. Namely, we see a possible surge in U.S. dollar strength, the potential for the Fed to raise interest rates faster than markets expect, and possible dislocations in China as the greatest risks at present.

The five primary areas of risk that we will be monitoring in 2017 include: (i) the strength of the U.S. dollar; (ii) potential action by the Fed to raise the federal funds target rate in 2017; (iii) economic conditions in China; (iv) oil prices; and (v) geopolitical events, including the market’s response to the outcome of several pending elections in France, Germany and Denmark.

We believe there are many attractive opportunities and are diligently working to find them while staying connected to those companies that we already own. In pursuing these opportunities, we will continue to invest on a stock-by-stock basis within our discipline of seeking stocks that we believe offer attractive valuation, sound fundamentals, and a catalyst for improvement.

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

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 97.0%
Aerospace & Defense – 4.4%
General Dynamics Corp.		1,273	$	219,796
Raytheon Co.		1,504		213,568
Textron, Inc.		1,585		76,968
United Technologies Corp.		2,143		234,916

				745,248
Air Freight & Logistics – 0.7%
United Parcel Service, Inc., Class B		1,005		115,213

				115,213
Airlines – 1.9%
Delta Air Lines, Inc.		3,993		196,416
United Continental Holdings, Inc.⁽¹⁾		1,847		134,609

				331,025
Auto Components – 0.9%
BorgWarner, Inc.		4,096		161,546

				161,546
Banks – 12.2%
Bank of America Corp.		31,315		692,061
Citigroup, Inc.		7,453		442,932
Fifth Third Bancorp		4,803		129,537
JPMorgan Chase & Co.		9,561		825,019

				2,089,549
Beverages – 0.6%
Coca-Cola European Partners PLC		3,181		99,883

				99,883
Biotechnology – 1.8%
Gilead Sciences, Inc.		3,910		279,995
Shire PLC, ADR		154		26,239

				306,234
Capital Markets – 1.8%
The Goldman Sachs Group, Inc.		1,287		308,172

				308,172
Chemicals – 2.9%
LyondellBasell Industries N.V., Class A		611		52,412
Methanex Corp.		1,545		67,671
PPG Industries, Inc.		724		68,606
The Dow Chemical Co.		5,217		298,517

				487,206
Communications Equipment – 1.3%
Brocade Communications Systems, Inc.		4,905		61,263
Harris Corp.		1,587		162,620

				223,883
Construction Materials – 0.7%
CRH PLC, ADR		3,689		126,828

				126,828
Consumer Finance – 6.0%
Ally Financial, Inc.		8,101		154,081
Capital One Financial Corp.		2,547		222,200
Discover Financial Services		5,658		407,885
Navient Corp.		7,172		117,836


December 31, 2016	Shares		Value
Consumer Finance (continued)
Synchrony Financial		3,480	$	126,220

				1,028,222
Containers & Packaging – 1.4%
Sealed Air Corp.		1,851		83,924
WestRock Co.		3,013		152,970

				236,894
Diversified Financial Services – 3.7%
Berkshire Hathaway, Inc., Class B⁽¹⁾		3,835		625,028

				625,028
Electronic Equipment, Instruments & Components – 2.6%
Flex Ltd.⁽¹⁾		11,879		170,701
TE Connectivity Ltd.		3,857		267,213

				437,914
Food & Staples Retailing – 1.0%
CVS Health Corp.		1,198		94,534
Walgreens Boots Alliance, Inc.		947		78,374

				172,908
Health Care Providers & Services – 4.3%
Anthem, Inc.		641		92,157
Cigna Corp.		1,301		173,540
DaVita, Inc.⁽¹⁾		1,549		99,446
Express Scripts Holding Co.⁽¹⁾		1,903		130,907
Laboratory Corp. of America Holdings⁽¹⁾		613		78,697
UnitedHealth Group, Inc.		1,043		166,922

				741,669
Household Durables – 0.8%
DR Horton, Inc.		1,586		43,346
PulteGroup, Inc.		5,277		96,991

				140,337
Independent Power and Renewable Electricity Producers – 0.8%
AES Corp.		11,699		135,942

				135,942
Industrial Conglomerates – 1.5%
Honeywell International, Inc.		728		84,339
Koninklijke Philips N.V.		5,445		166,454

				250,793
Insurance – 3.6%
Chubb Ltd.		1,878		248,121
MetLife, Inc.		3,668		197,669
The Allstate Corp.		2,214		164,102

				609,892
Internet Software & Services – 2.9%
Alphabet, Inc., Class A⁽¹⁾		347		274,980
eBay, Inc.⁽¹⁾		7,362		218,578

				493,558
IT Services – 2.3%
Cognizant Technology Solutions Corp., Class A⁽¹⁾		1,513		84,774


December 31, 2016	Shares		Value
IT Services (continued)
Computer Sciences Corp.		4,148	$	246,474
Leidos Holdings, Inc.		1,224		62,595

				393,843
Machinery – 0.3%
WABCO Holdings, Inc.⁽¹⁾		460		48,829

				48,829
Media – 4.5%
CBS Corp., Class B, NVDR		1,524		96,957
Comcast Corp., Class A		1,800		124,290
Liberty Global PLC, Series C⁽¹⁾		1,714		50,906
Liberty Global PLC LiLAC, Class C⁽¹⁾		2,535		53,666
The Interpublic Group of Cos., Inc.		5,395		126,297
Time Warner, Inc.		3,282		316,811

				768,927
Metals & Mining – 1.9%
Barrick Gold Corp.		6,654		106,331
Nucor Corp.		1,947		115,885
Steel Dynamics, Inc.		3,050		108,519

				330,735
Oil, Gas & Consumable Fuels – 13.2%
Canadian Natural Resources Ltd.		5,354		170,685
Chevron Corp.		4,026		473,860
ConocoPhillips		4,180		209,585
Diamondback Energy, Inc.⁽¹⁾		2,166		218,896
Energen Corp.⁽¹⁾		1,478		85,236
EOG Resources, Inc.		1,218		123,140
EQT Corp.		1,931		126,287
Gulfport Energy Corp.⁽¹⁾		3,073		66,500
Marathon Oil Corp.		9,302		161,018
Marathon Petroleum Corp.		4,122		207,543
Newfield Exploration Co.⁽¹⁾		1,851		74,965
Phillips 66		2,938		253,873
Tesoro Corp.		924		80,804

				2,252,392
Pharmaceuticals – 9.0%
Johnson & Johnson		6,067		698,979
Merck & Co., Inc.		6,724		395,842
Pfizer, Inc.		9,113		295,990
Sanofi, ADR		3,817		154,360

				1,545,171


December 31, 2016	Shares		Value
Semiconductors & Semiconductor Equipment – 1.8%
KLA-Tencor Corp.		1,094	$	86,076
Texas Instruments, Inc.		2,984		217,742

				303,818
Software – 2.6%
Microsoft Corp.		3,582		222,586
Oracle Corp.		5,745		220,895

				443,481
Specialty Retail – 0.3%
Best Buy Co., Inc.		1,054		44,974

				44,974
Technology Hardware, Storage & Peripherals – 3.3%
Apple, Inc.		2,887		334,372
Hewlett Packard Enterprise Co.		9,941		230,035

				564,407
Total Common Stocks (Cost $15,472,102)				16,564,521

	Principal Amount		Value
Short–Term Investment – 5.6%
Repurchase Agreements – 5.6%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $964,003, due 1/3/2017⁽²⁾	$	964,000		964,000
Total Repurchase Agreements (Cost $964,000)				964,000
Total Investments – 102.6% (Cost $16,436,102)				17,528,521
Liabilities in excess of other assets – (2.6)%				(447,554	)
Total Net Assets – 100.0%			$	17,080,967

⁽¹⁾	Non-income-producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	915,000	$	985,668

Legend:

ADR — American Depositary Receipt

NVDR — Non-Voting Depositary Receipt


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	17,528,521
Cash		201
Receivable for fund shares subscribed		65,787
Reimbursement receivable from adviser		22,431
Receivable for investments sold		19,870
Dividends/interest receivable		14,923
Prepaid expenses		10,819

Total Assets		17,662,552


Liabilities
Payable for investments purchased		533,675
Accrued audit fees		20,000
Investment advisory fees payable		8,715
Distribution fees payable		3,352
Accrued trustees’ fees		2,305
Accrued expenses and other liabilities		13,538

Total Liabilities		581,585

Total Net Assets	$	17,080,967


Net Assets Consist of:
Paid-in capital	$	16,073,189
Accumulated net investment income/(loss)		36,541
Accumulated net realized gain/(loss) from investments and foreign currency transactions		(121,173	)
Net unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		1,092,410

Total Net Assets	$	17,080,967

Investments, at Cost	$	16,436,102


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		1,584,056
Net Asset Value Per Share		$10.78


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	77,035
Interest		618
Withholding taxes on foreign dividends		(347	)

Total Investment Income		77,306


Expenses
Investment advisory fees		27,039
Professional fees		34,439
Trustees’ fees		34,229
Distribution fees		10,400
Transfer agent fees		9,258
Custodian and accounting fees		3,521
Shareholder reports		1,000
Administrative fees		416
Other expenses		5,539

Total Expenses		125,841

Less: Fees waived		(85,076	)

Total Expenses, Net		40,765

Net Investment Income/(Loss)		36,541


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(121,175	)
Net realized gain/(loss) from foreign currency transactions		2
Net change in unrealized appreciation/(depreciation) on investments		1,092,419
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(9	)

Net Gain on Investments and Foreign Currency Transactions		971,237

Net Increase in Net Assets Resulting From Operations	$	1,007,778

¹	Commenced operations on September 1, 2016.

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

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective.

2. Significant Accounting Policies

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.

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

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

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

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

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.

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

3. Transactions with Affiliates

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

Park Avenue has contractually agreed through April 30, 2018 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 0.98% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without

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

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 oversight of the Board of Trustees and Park Avenue. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $18,012,752 and $2,419,475, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

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

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.

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Large Cap Disciplined Value VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability

Economies of Scale

Ancillary Benefits

Conclusion

FUND COMMENTARY BY ALLIANCEBERNSTEIN L.P., SUB-ADVISER

Highlights

•

The Guardian Growth & Income VIP Fund (the “Fund”) returned 7.00%, outperforming the Russell 1000^® Value Index¹ (the “Index”), which is the Fund’s benchmark, for the four-month period ended December 31, 2016. Stock selection in the healthcare, industrials and technology sectors contributed to the Fund’s outperformance, while weaker stock selection in financials, consumer discretionary and consumer staples holdings mitigated some of the Fund’s gains. The Fund’s overweight compared to the Index in the healthcare and technology sectors detracted from the Fund’s relative performance, while underweight positions in real estate, utilities and consumer staples contributed to relative performance as those sectors underperformed the Index.

•

The Index returned 6.45% for the period. Value stocks outperformed their growth counterparts during the period and small-cap stocks outperformed large-cap stocks.

Market Overview

Global equities advanced in the fourth quarter despite heightened political and economic uncertainty following the election of Donald Trump as U.S. president. Rising U.S. interest rates prompted an accelerated move away from traditionally safer parts of the market, such as U.S. Treasurys, toward riskier stocks and sectors.

U.S. stocks were among the strongest performers in 2016, with small-caps surging on expectations that they would benefit significantly from President Trump’s policy agenda. Defensive stocks underperformed during the year. Resources stocks were the strongest performers of 2016, driven by rising oil prices. Financials performed well after a strong fourth quarter, driven by positive sentiment from the

U.S. election. The shift away from safety unfolded around the world, with stocks seen as bond proxies (equities that generally offer predicable returns and potential for higher yields than bonds) in sectors such as utilities, real estate and consumer staples underperforming the broad market by wide margins.

Equity factor returns reflected these changing dynamics. Lower-beta stocks sold off sharply in the second half of the year after a strong first half. Stocks with high momentum also performed poorly during the last six months of the year. Riskier stocks, such as the most attractively valued global stocks, powered ahead in the second half after underperforming in the first half.

Currency markets were also turbulent. The British pound, euro and Japanese yen weakened against the U.S. dollar, which strengthened significantly after the election.

Portfolio Review

Stock selection contributed positively to the Fund’s performance owing to strong holdings in the healthcare, industrials and technology sectors. The Fund’s underperformance among financials, consumer discretionary and consumer staples holdings mitigated some of the gains. The Fund’s overweights in the healthcare and technology sectors were also a detractor from the Fund’s relative performance, while underweight positions in the real estate, utilities and consumer staples sectors offset some of the losses.

There was a modest reversal in sector performance late in the period. Defensive and/or interest-rate-sensitive sectors, such as utilities, telecom and consumer-staples, in which the Fund was underweight versus the benchmark as of the end of the period, outperformed during the month of December, which detracted from the Fund’s relative performance.

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

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 93.5%
Aerospace & Defense – 6.0%
General Dynamics Corp.		725	$	125,179
Raytheon Co.		1,666		236,572
The Boeing Co.		1,333		207,521

				569,272
Airlines – 1.0%
Delta Air Lines, Inc.		1,989		97,839

				97,839
Auto Components – 1.2%
BorgWarner, Inc.		2,856		112,641

				112,641
Banks – 7.5%
Citigroup, Inc.		4,588		272,665
JPMorgan Chase & Co.		3,517		303,482
Wells Fargo & Co.		2,486		137,003

				713,150
Beverages – 2.3%
PepsiCo, Inc.		2,107		220,455

				220,455
Biotechnology – 3.7%
Biogen, Inc.⁽¹⁾		791		224,312
Gilead Sciences, Inc.		1,704		122,023

				346,335
Building Products – 0.7%
Johnson Controls International PLC		1,604		66,069

				66,069
Capital Markets – 6.2%
BlackRock, Inc.		401		152,596
Northern Trust Corp.		1,237		110,155
State Street Corp.		1,060		82,383
TD Ameritrade Holding Corp.		1,488		64,877
The Goldman Sachs Group, Inc.		720		172,404

				582,415
Communications Equipment – 2.1%
Cisco Systems, Inc.		4,637		140,130
F5 Networks, Inc.⁽¹⁾		370		53,547

				193,677
Construction & Engineering – 0.6%
Jacobs Engineering Group, Inc.⁽¹⁾		939		53,523

				53,523
Consumer Finance – 0.7%
Capital One Financial Corp.		791		69,007

				69,007
Diversified Financial Services – 1.9%
Berkshire Hathaway, Inc., Class B⁽¹⁾		1,075		175,203

				175,203
Diversified Telecommunication Services – 1.9%
Verizon Communications, Inc.		3,354		179,037

				179,037


December 31, 2016	Shares		Value
Electric Utilities – 1.4%
Exelon Corp.		3,672	$	130,319

				130,319
Electrical Equipment – 2.0%
EnerSys		1,238		96,688
Hubbell, Inc.		763		89,042

				185,730
Electronic Equipment, Instruments & Components – 1.1%
Flex Ltd.⁽¹⁾		3,075		44,188
TE Connectivity Ltd.		878		60,828

				105,016
Energy Equipment & Services – 3.5%
Dril-Quip, Inc.⁽¹⁾		596		35,790
Helmerich & Payne, Inc.		1,508		116,719
National Oilwell Varco, Inc.		2,088		78,175
Oil States International, Inc.⁽¹⁾		2,629		102,531

				333,215
Food & Staples Retailing – 3.2%
CVS Health Corp.		617		48,688
Wal-Mart Stores, Inc.		3,728		257,679

				306,367
Health Care Equipment & Supplies – 1.2%
Hologic, Inc.⁽¹⁾		2,769		111,092

				111,092
Health Care Providers & Services – 5.8%
Aetna, Inc.		1,970		244,299
Cigna Corp.		943		125,787
Express Scripts Holding Co.⁽¹⁾		834		57,371
UnitedHealth Group, Inc.		743		118,910

				546,367
Household Durables – 0.7%
DR Horton, Inc.		2,385		65,182

				65,182
Industrial Conglomerates – 1.0%
Carlisle Cos., Inc.		882		97,276

				97,276
Insurance – 6.2%
Axis Capital Holdings Ltd.		1,635		106,716
Chubb Ltd.		1,189		157,091
FNF Group		2,599		88,262
The Allstate Corp.		2,509		185,967
Validus Holdings Ltd.		862		47,419

				585,455
Internet & Direct Marketing Retail – 0.7%
Liberty Interactive Corp. QVC Group, Class A⁽¹⁾		2,527		50,489
Liberty TripAdvisor Holdings, Inc., Class A⁽¹⁾		1,214		18,271

				68,760


December 31, 2016	Shares		Value
IT Services – 3.0%
International Business Machines Corp.		1,079	$	179,103
MasterCard, Inc., Class A		1,046		108,000

				287,103
Leisure Products – 0.8%
Vista Outdoor, Inc.⁽¹⁾		1,916		70,700

				70,700
Life Sciences Tools & Services – 0.8%
Bruker Corp.		3,611		76,481

				76,481
Machinery – 1.9%
Fortive Corp.		1,631		87,471
Parker-Hannifin Corp.		689		96,460

				183,931
Media – 5.4%
Comcast Corp., Class A		1,410		97,361
Discovery Communications, Inc., Class A⁽¹⁾		4,696		128,717
The Interpublic Group of Cos., Inc.		1,822		42,653
Time Warner, Inc.		2,532		244,414

				513,145
Metals & Mining – 0.4%
Reliance Steel & Aluminum Co.		431		34,282

				34,282
Oil, Gas & Consumable Fuels – 3.9%
Exxon Mobil Corp.		2,636		237,925
Noble Energy, Inc.		3,375		128,453

				366,378
Pharmaceuticals – 3.0%
Pfizer, Inc.		8,730		283,550

				283,550
Semiconductors & Semiconductor Equipment – 4.3%
Intel Corp.		7,059		256,030
Synaptics, Inc.⁽¹⁾		723		38,738
Xilinx, Inc.		1,849		111,624

				406,392


December 31, 2016	Shares		Value
Software – 3.6%
Activision Blizzard, Inc.		1,778	$	64,204
Citrix Systems, Inc.⁽¹⁾		890		79,486
Microsoft Corp.		1,511		93,893
VMware, Inc., Class A⁽¹⁾		1,356		106,758

				344,341
Technology Hardware, Storage & Peripherals – 2.8%
Apple, Inc.		1,617		187,281
Seagate Technology PLC		2,032		77,561

				264,842
Textiles, Apparel & Luxury Goods – 1.0%
Ralph Lauren Corp.		566		51,121
VF Corp.		855		45,614

				96,735
Total Common Stocks (Cost $8,372,259)				8,841,282

	Principal Amount		Value
Short–Term Investment – 8.8%
Repurchase Agreements – 8.8%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $837,003, due 1/3/2017⁽²⁾	$	837,000		837,000
Total Repurchase Agreements (Cost $837,000)				837,000
Total Investments – 102.3% (Cost $9,209,259)				9,678,282
Liabilities in excess of other assets – (2.3)%				(221,433	)
Total Net Assets – 100.0%			$	9,456,849

⁽¹⁾	Non-income-producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	795,000	$	856,400


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	9,678,282
Cash		608
Receivable for fund shares subscribed		43,859
Reimbursement receivable from adviser		12,081
Dividends/interest receivable		8,974
Prepaid expenses		5,410

Total Assets		9,749,214


Liabilities
Payable for investments purchased		251,012
Accrued audit fees		20,000
Investment advisory fees payable		4,735
Accrued trustees’ fees		2,163
Distribution fees payable		1,821
Accrued expenses and other liabilities		12,634

Total Liabilities		292,365

Total Net Assets	$	9,456,849


Net Assets Consist of:
Paid-in capital	$	8,961,690
Accumulated net investment income/(loss)		26,135
Accumulated net realized gain/(loss) from investments		1
Net unrealized appreciation/(depreciation) on investments		469,023

Total Net Assets	$	9,456,849

Investments, at Cost	$	9,209,259


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		883,851
Net Asset Value Per Share		$10.70


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	47,180
Interest		338

Total Investment Income		47,518


Expenses
Investment advisory fees		14,182
Professional fees		27,537
Trustees’ fees		18,219
Transfer agent fees		8,817
Distribution fees		5,455
Custodian and accounting fees		3,428
Shareholder reports		500
Administrative fees		218
Other expenses		2,781

Total Expenses		81,137

Less: Fees waived		(59,754	)

Total Expenses, Net		21,383

Net Investment Income/(Loss)		26,135


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		1
Net change in unrealized appreciation/(depreciation) on investments		469,023

Net Gain on Investments		469,024

Net Increase in Net Assets Resulting From Operations	$	495,159

¹	Commenced operations on September 1, 2016.

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

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

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

classified within Level 2. During the period ended December 31, 2016, the Fund did not hold any derivatives.

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.

3. Transactions with Affiliates

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

net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the period ended December 31, 2016, Park Avenue waived fees and/or paid Fund expenses in the amount of $59,754.

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 oversight of the Board of Trustees and Park Avenue. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $9,133,631 and $761,169, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

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.

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

based on the higher of the daily one-month LIBOR rate and the Federal Funds rate plus 1.25% at the time of borrowing. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.35% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 12, 2017. The Fund did not utilize the credit facility during the period ended December 31, 2016.

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Growth & Income VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability

Economies of Scale

Ancillary Benefits

Conclusion

FUND COMMENTARY OF JANUS CAPITAL MANAGEMENT LLC, SUB-ADVISER

Highlights

•

Guardian Mid Cap Traditional Growth VIP Fund (the “Fund”) returned -0.10% underperforming its benchmark, the Russell Midcap^® Growth Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s holdings in the materials and technology sectors detracted from relative results. The Fund’s underweight to the consumer staples sector relative to the Index and stock selection in the real estate sector contributed positively to relative performance.

•

The Index delivered a return of 0.41% for the period. The energy, materials and financial sectors were the strongest performing sectors in the Index. The real estate and health care sectors delivered negative returns.

Market Overview

Stocks registered gains in 2016, but experienced brief bouts of volatility. Equities started the year lower due to concerns about the health of the Chinese economy and fear about how falling oil prices could affect the energy sector. The UK’s decision to leave the European Union in June’s “Brexit” referendum jolted markets, but investors soon regained their composure and sent shares higher. Stocks climbed after the November U.S. presidential election, on the expectation that the new administration would champion pro-growth initiatives.

A recovery in crude oil and other commodity prices after the early-year plunge propelled energy and materials stocks, resulting in those sectors being among the year’s best performers. Other cyclical sectors also registered gains.

Portfolio Review

The portfolio underperformed the Index during the period. The Fund’s holdings in the materials and

technology sectors detracted from relative results. The Fund’s underweight to the consumer staples sector relative to the Index and stock selection in the real estate sector contributed to relative performance.

Outlook

As we enter 2017, our thoughts on both the markets and U.S. economy can be summed up rather quickly. In a word: change. We believe several substantial shifts are underway, changing the market backdrop in the most meaningful way since the financial crisis. The U.S. economy appears primed for faster growth. In our view, the building blocks for economic growth were in place even before the election, but if the new administration indeed ushers in tax and regulatory reform, the economy could grow more rapidly than expected even a few months ago. That economic growth could lead to a more normalized interest rate environment, and rising rates typically have broad implications for both stock valuations in general and individual companies that benefit from, or are penalized by, the rising rates. Finally, no one can be certain what policies the new administration will implement, but we believe that regulations for some industries are poised for a shakeup.

The market has already anticipated some of these changes. Since the November election, valuations of cyclical companies have improved significantly relative to defensive areas of the market, such as consumer staples and utility companies. So too, have valuations for the financials sector, as the market forecasts what rising interest rates and potential deregulation could mean for banks and other companies levered to interest rate changes.

After stocks for select sectors and industries moved broadly upward in anticipation of a stronger economy, rising interest rates or a new regulatory regime, investors need to discern exactly how these forces will affect individual companies, and whether all of the changes are reflected in the stock price. Investors must also prepare for how potentially rising

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

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 93.6%
Aerospace & Defense – 1.1%
Teledyne Technologies, Inc.⁽¹⁾		1,237	$	152,151

				152,151
Air Freight & Logistics – 0.7%
Expeditors International of Washington, Inc.		1,867		98,876

				98,876
Airlines – 1.6%
Ryanair Holdings PLC, ADR⁽¹⁾		2,529		210,564

				210,564
Banks – 0.6%
SVB Financial Group⁽¹⁾		442		75,874

				75,874
Biotechnology – 2.4%
AbbVie, Inc.		1,242		77,774
Celgene Corp.⁽¹⁾		1,343		155,452
DBV Technologies S.A., ADR⁽¹⁾		865		30,387
TESARO, Inc.⁽¹⁾		389		52,313

				315,926
Building Products – 1.5%
Allegion PLC		1,044		66,816
AO Smith Corp.		2,863		135,563

				202,379
Capital Markets – 5.5%
FactSet Research Systems, Inc.		407		66,516
LPL Financial Holdings, Inc.		4,110		144,713
MSCI, Inc.		2,046		161,184
TD Ameritrade Holding Corp.		8,133		354,599

				727,012
Chemicals – 0.3%
Potash Corp. of Saskatchewan, Inc.		2,454		44,393

				44,393
Commercial Services & Supplies – 2.0%
Edenred (France)		3,457		68,510
Ritchie Bros Auctioneers, Inc.		5,716		194,344

				262,854
Containers & Packaging – 2.0%
Sealed Air Corp.		5,944		269,501

				269,501
Diversified Consumer Services – 1.7%
ServiceMaster Global Holdings, Inc.⁽¹⁾		6,139		231,256

				231,256
Electrical Equipment – 3.2%
AMETEK, Inc.		1,509		73,337
Sensata Technologies Holding N.V.⁽¹⁾		8,971		349,421

				422,758


December 31, 2016	Shares		Value
Electronic Equipment, Instruments & Components – 6.8%
Amphenol Corp., Class A		1,545	$	103,824
Belden, Inc.		1,695		126,735
Flex Ltd.⁽¹⁾		13,097		188,204
National Instruments Corp.		6,236		192,194
TE Connectivity Ltd.		4,223		292,569

				903,526
Equity Real Estate – 4.7%
Crown Castle International Corp.		3,013		261,438
Lamar Advertising Co., Class A		5,345		359,398

				620,836
Health Care Equipment & Supplies – 8.5%
Boston Scientific Corp.⁽¹⁾		11,255		243,446
DexCom, Inc.⁽¹⁾		1,275		76,117
Masimo Corp.⁽¹⁾		1,039		70,029
STERIS PLC		3,569		240,515
Teleflex, Inc.		977		157,444
The Cooper Cos., Inc.		521		91,138
Varian Medical Systems, Inc.⁽¹⁾		2,708		243,124

				1,121,813
Health Care Providers & Services – 1.0%
Henry Schein, Inc.⁽¹⁾		870		131,988

				131,988
Health Care Technology – 1.9%
athenahealth, Inc.⁽¹⁾		2,392		251,567

				251,567
Hotels, Restaurants & Leisure – 2.2%
Dunkin’ Brands Group, Inc.		3,887		203,834
Norwegian Cruise Line Holdings Ltd.⁽¹⁾		1,948		82,849

				286,683
Industrial Conglomerates – 0.6%
Roper Technologies, Inc.		433		79,274

				79,274
Insurance – 1.7%
Aon PLC		1,989		221,833

				221,833
Internet Software & Services – 3.1%
Cimpress N.V.⁽¹⁾		2,347		215,009
CoStar Group, Inc.⁽¹⁾		1,062		200,176

				415,185
IT Services – 8.4%
Amdocs Ltd.		4,411		256,941
Broadridge Financial Solutions, Inc.		2,523		167,275
Fidelity National Information Services, Inc.		1,249		94,474
Gartner, Inc.⁽¹⁾		881		89,043
Global Payments, Inc.		1,667		115,706
Jack Henry & Associates, Inc.		1,555		138,053
WEX, Inc.⁽¹⁾		2,268		253,109

				1,114,601


December 31, 2016	Shares		Value
Leisure Products – 0.5%
Polaris Industries, Inc.		749	$	61,710

				61,710
Life Sciences Tools & Services – 4.9%
PerkinElmer, Inc.		4,770		248,755
Quintiles IMS Holdings, Inc.⁽¹⁾		3,138		238,645
Waters Corp.⁽¹⁾		1,241		166,778

				654,178
Machinery – 1.1%
The Middleby Corp.⁽¹⁾		709		91,326
Wabtec Corp.		688		57,118

				148,444
Media – 1.0%
Omnicom Group, Inc.		1,565		133,197

				133,197
Multiline Retail – 1.3%
Dollar General Corp.		1,536		113,772
Dollar Tree, Inc.⁽¹⁾		717		55,338

				169,110
Oil, Gas & Consumable Fuels – 0.8%
World Fuel Services Corp.		2,451		112,525

				112,525
Professional Services – 2.7%
IHS Markit Ltd.⁽¹⁾		3,055		108,178
Verisk Analytics, Inc.⁽¹⁾		3,149		255,604

				363,782
Road & Rail – 1.7%
Canadian Pacific Railway Ltd.		681		97,226
Old Dominion Freight Line, Inc.⁽¹⁾		1,463		125,511

				222,737
Semiconductors & Semiconductor Equipment – 6.4%
KLA-Tencor Corp.		2,574		202,522
Lam Research Corp.		1,297		137,132
Microchip Technology, Inc.		2,114		135,613
ON Semiconductor Corp.⁽¹⁾		10,301		131,441
Xilinx, Inc.		3,965		239,367

				846,075
Software – 7.9%
Atlassian Corp. PLC, Class A⁽¹⁾		6,123		147,442
Cadence Design Systems, Inc.⁽¹⁾		7,178		181,029
Constellation Software, Inc. (Canada)		459		208,577
Intuit, Inc.		1,258		144,179
Nice Ltd., ADR		2,507		172,381
SS&C Technologies Holdings, Inc.		6,752		193,107

				1,046,715
Specialty Retail – 1.1%
Tractor Supply Co.		715		54,204
Williams-Sonoma, Inc.		1,788		86,521

				140,725

December 31, 2016

Shares

Value

Textiles, Apparel & Luxury Goods – 2.7%

Carter’s, Inc.

1,042

90,018

Gildan Activewear, Inc.

8,313

210,901

Wolverine World Wide, Inc.

2,729

59,902

360,821

Total Common Stocks
(Cost $12,410,773)

12,420,869

Principal
Amount

Value

Short–Term Investment – 8.8%

Repurchase Agreements – 8.8%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $1,168,004, due 1/3/2017⁽²⁾

1,168,000

Total Repurchase Agreements
(Cost $1,168,000)

1,168,000

Total Investments – 102.4%
(Cost $13,578,773)

13,588,869

Liabilities in excess of other assets – (2.4)%

(317,140

)

Total Net Assets – 100.0%

13,271,729

⁽¹⁾	Non-income-producing security.

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

Security

Coupon

Maturity
Date

Principal
Amount

Value

U.S. Treasury Note

3.625%

2/15/2020

$1,110,000

$1,195,729

Legend:

ADR — American Depositary Receipt


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	13,588,869
Cash		419
Receivable for fund shares subscribed		36,551
Reimbursement receivable from adviser		20,877
Receivable for investments sold		6,517
Dividends/interest receivable		4,516
Prepaid expenses		10,817

Total Assets		13,668,566


Liabilities
Payable for investments purchased		353,666
Accrued audit fees		20,000
Investment advisory fees payable		8,576
Distribution fees payable		2,680
Accrued expenses and other liabilities		11,915

Total Liabilities		396,837

Total Net Assets	$	13,271,729


Net Assets Consist of:
Paid-in capital	$	13,260,913
Accumulated net investment income/(loss)		5,140
Accumulated net realized gain/(loss) from investments and foreign currency transactions		(4,418	)
Net unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		10,094

Total Net Assets	$	13,271,729

Investments, at Cost	$	13,578,773

Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		1,328,251
Net Asset Value Per Share		$9.99


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	45,229
Interest		663
Withholding taxes on foreign dividends		(490	)

Total Investment Income		45,402


Expenses
Investment advisory fees		29,551
Professional fees		32,969
Trustees’ fees		30,069
Transfer agent fees		9,249
Distribution fees		9,235
Custodian and accounting fees		3,497
Shareholder reports		1,000
Administrative fees		369
Other expenses		5,495

Total Expenses		121,434

Less: Fees waived		(81,172	)

Total Expenses, Net		40,262

Net Investment Income/(Loss)		5,140


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(4,506	)
Net realized gain/(loss) from foreign currency transactions		88
Net change in unrealized appreciation/(depreciation) on investments		10,096
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(2	)

Net Gain on Investments and Foreign Currency Transactions		5,676

Net Increase in Net Assets Resulting From Operations	$	10,816

¹	Commenced operations on September 1, 2016.

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

Investments Investments whose values are based on quoted market prices in active markets, and are

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% up to $100 million, 0.75% up to $300 million, and 0.73% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2018 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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

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

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

4. Federal Income Taxes

a. Distributions to Shareholders During the period ended December 31, 2016, the Fund elected to be

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $12,928,624 and $513,345, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

commitment fee of 0.35% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 12, 2017. The Fund did not utilize the credit facility during the period ended December 31, 2016.

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Mid Cap Traditional Growth VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

held on August 8-9, 2016, the Trustees received materials and information designed to assist their consideration of the Agreements, including written responses from the Manager and each Subadviser to a series of questions and formal requests for information encompassing a wide variety of topics. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Subadvisers, including the engagement by the Manager of an independent third-party service provider to support the Manager’s due diligence process.

Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

Trustees considered, among other things, the Subadvisers’ investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Subadvisers with similar strategies as the applicable Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputations of the Subadvisers.

Investment Performance

Costs and Profitability

Inc., an independent provider of industry data, which showed that the Funds’ proposed management fees fell within the following quartiles: the second quartile for Guardian Diversified Research VIP Fund, Guardian Integrated Research VIP Fund, Guardian International Growth VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Large Cap Fundamental Growth VIP Fund, Guardian Mid Cap Relative Value VIP Fund, and Guardian Core Plus Fixed Income VIP Fund and the third quartile for Guardian Growth & Income VIP Fund, Guardian International Value VIP Fund, Guardian Large Cap Disciplined Value VIP Fund, and Guardian Mid Cap Traditional Growth VIP Fund.

contained estimates because the Funds had not yet commenced operations at the time of the Board meeting. Although the Trustees did not receive specific projected cost and profitability information from certain Subadvisers, the Trustees primarily considered the projected cost and profitability of the Funds with respect to the Manager because the Manager would be responsible for payment of the subadvisory fees and had negotiated the fees with the Subadvisers at arm’s-length.

Economies of Scale

Ancillary Benefits

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 also considered that the Manager did not expect to receive any other direct or indirect benefits. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Conclusion

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 800-221-3253.

FUND COMMENTARY BY WELLS CAPITAL MANAGEMENT INCORPORATED, SUB-ADVISER

Highlights

•

Guardian Mid Cap Relative Value VIP Fund (the “Fund”) returned 8.10%, outperforming its benchmark, the Russell Midcap^® Value Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s outperformance relative to the Index was primarily due to security selection in the energy and consumer discretionary sectors, as well as an underweight to the real estate sector. The Fund’s lack of exposure to banks was the largest detractor to relative performance.

•

The Index delivered a return of 5.96% for period. This advance was largely led by the financials, energy and information technology sectors.

Market Overview

During the months of September and October 2016 the equity market and mid-cap value stocks pulled back from the sharp second quarter rally due to perceived concerns over tepid earnings growth, potential interest rate increases and uncertainty surrounding the November U.S. elections. However, stocks were propelled sharply higher in November as investors assessed improving economic data and the results of the U.S. national elections, which brought hope for a more pro-growth administration and economic reflation. Specifically, investors expressed their expectation for the new administration and Congress to deliver on promises of decreased regulation, lower corporate tax rates, higher interest rates and a large economic stimulus.

The Index achieved another all-time high in early December and ultimately ended the four-month period up 5.96%. The Index was primarily led by companies that investors seem to believe will benefit from potentially higher interest rates, an improving U.S. economy, lower corporate taxes, less regulation and infrastructure stimulus. The financials sector led

the Index as several of these expectations have a meaningful and direct impact throughout the banking and insurance industries.

Portfolio Review

The Fund’s relative performance benefited from a large underweight relative to the Index to the real estate and utilities sectors. We did not believe that the reward-to-risk ratios were favorable in those sectors given the risk of higher rates impacting valuations and the timing of the real estate cycle. Our reward-to-risk valuation process indicated that most utilities and REITs were fully valued, and we found what we considered to be better opportunities for the level of risk being taken in other areas of the market. We seek companies that we believe have clear competitive advantages, strong and sustainable free cash flows, and flexible balance sheets that can be used to grow shareholder value.

Stock selection in the financials, energy and consumer discretionary sectors contributed to outperformance during the period. The Fund’s lack of exposure to banks was the largest detractor to relative performance.

Outlook

In 2017, we believe the U.S. equity market and mid-cap value stocks may experience some increased volatility, due to the pace of interest rate increases versus expectations, and the Trump administration’s ability to deliver on investor expectations with respect to corporate tax reform, deregulation and an impactful economic stimulus. Although we monitor how these policy events may impact potential holdings, and our financial models seek to capture the sensitivity of each company’s future free cash flows to many of these factors, our process is not designed to bet on these macro events or assumptions. Rather, we focus on finding companies that we believe can use their financial flexibility to create long-term shareholder value and deliver sustainable free cash flow.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 92.4%
Aerospace & Defense – 3.0%
Raytheon Co.		1,987	$	282,154
Rockwell Collins, Inc.		1,787		165,762

				447,916
Banks – 4.2%
PacWest Bancorp		4,816		262,183
Regions Financial Corp.		16,708		239,927
Zions Bancorporation		2,833		121,932

				624,042
Beverages – 2.4%
Molson Coors Brewing Co., Class B		3,642		354,403

				354,403
Capital Markets – 1.9%
Northern Trust Corp.		3,149		280,419

				280,419
Chemicals – 2.1%
CF Industries Holdings, Inc.		3,087		97,179
International Flavors & Fragrances, Inc.		1,835		216,218

				313,397
Commercial Services & Supplies – 5.0%
Pitney Bowes, Inc.		10,583		160,756
Republic Services, Inc.		7,281		415,381
Stericycle, Inc.⁽¹⁾		2,234		172,107

				748,244
Communications Equipment – 4.9%
ARRIS International PLC⁽¹⁾		10,178		306,663
Harris Corp.		4,153		425,558

				732,221
Construction & Engineering – 0.4%
Jacobs Engineering Group, Inc.⁽¹⁾		1,054		60,078

				60,078
Construction Materials – 2.0%
Eagle Materials, Inc.		3,017		297,265

				297,265
Consumer Finance – 1.6%
Ally Financial, Inc.		12,362		235,125

				235,125
Containers & Packaging – 3.1%
International Paper Co.		3,409		180,882
Packaging Corp. of America		3,427		290,678

				471,560
Electric Utilities – 2.1%
American Electric Power Co., Inc.		4,947		311,463

				311,463
Energy Equipment & Services – 4.9%
Baker Hughes, Inc.		3,819		248,120
National Oilwell Varco, Inc.		5,707		213,670
Patterson-UTI Energy, Inc.		9,793		263,628

				725,418


December 31, 2016	Shares		Value
Equity Real Estate – 1.7%
American Campus Communities, Inc.		5,265	$	262,039

				262,039
Food Products – 4.8%
Pinnacle Foods, Inc.		3,168		169,330
The Hain Celestial Group, Inc.⁽¹⁾		3,444		134,419
TreeHouse Foods, Inc.⁽¹⁾		5,713		412,421

				716,170
Health Care Equipment & Supplies – 1.2%
STERIS PLC		2,642		178,044

				178,044
Health Care Providers & Services – 4.3%
Humana, Inc.		1,376		280,745
Molina Healthcare, Inc.⁽¹⁾		2,394		129,899
Patterson Cos., Inc.		5,561		228,168

				638,812
Hotels, Restaurants & Leisure – 1.3%
The Wendy’s Co.		14,141		191,186

				191,186
Household Durables – 1.2%
Harman International Industries, Inc.		1,615		179,523

				179,523
Insurance – 12.0%
Arch Capital Group Ltd.⁽¹⁾		1,779		153,510
Brown & Brown, Inc.		7,768		348,473
FNF Group		6,763		229,672
Loews Corp.		7,376		345,418
ProAssurance Corp.		1,155		64,911
The Allstate Corp.		3,935		291,662
Validus Holdings Ltd.		1,947		107,104
Willis Towers Watson PLC		2,076		253,853

				1,794,603
IT Services – 7.4%
Amdocs Ltd.		4,438		258,513
DST Systems, Inc.		1,906		204,228
Fidelity National Information Services, Inc.		5,187		392,345
Leidos Holdings, Inc.		4,928		252,018

				1,107,104
Machinery – 1.4%
Deere & Co.		653		67,285
Flowserve Corp.		3,035		145,832

				213,117
Marine – 0.9%
Kirby Corp.⁽¹⁾		2,122		141,113

				141,113
Multi-Utilities – 2.2%
Ameren Corp.		6,340		332,597

				332,597


December 31, 2016	Shares		Value
Multiline Retail – 2.2%
Kohl’s Corp.		6,547	$	323,291

				323,291
Oil, Gas & Consumable Fuels – 4.5%
Anadarko Petroleum Corp.		3,074		214,350
Cimarex Energy Co.		1,398		189,988
Hess Corp.		4,212		262,366

				666,704
Real Estate Management & Development – 1.9%
CBRE Group, Inc., Class A⁽¹⁾		8,916		280,765

				280,765
Road & Rail – 2.6%
Kansas City Southern		2,996		254,211
Ryder System, Inc.		1,899		141,361

				395,572
Specialty Retail – 1.7%
Foot Locker, Inc.		1,420		100,664
Signet Jewelers Ltd.		1,598		150,627

				251,291
Technology Hardware, Storage & Peripherals – 1.1%
Western Digital Corp.		2,345		159,343

				159,343
Transportation Infrastructure – 0.5%
Macquarie Infrastructure Corp.		866		70,752

				70,752
Water Utilities – 1.9%
American Water Works Co., Inc.		4,003		289,657

				289,657
Total Common Stocks (Cost $12,950,178)				13,793,234


December 31, 2016	Principal Amount		Value
Short–Term Investment – 7.5%
Repurchase Agreements – 7.5%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $1,118,004, due 1/3/2017⁽²⁾	$	1,118,000	$	1,118,000
Total Repurchase Agreements (Cost $1,118,000)				1,118,000
Total Investments – 99.9% (Cost $14,068,178)				14,911,234
Assets in excess of other liabilities – 0.1%				9,932
Total Net Assets – 100.0%			$	14,921,166

⁽¹⁾	Non-income-producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	1,060,000	$	1,141,867


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	14,911,234
Cash		32
Receivable for investments sold		196,946
Receivable for fund shares subscribed		43,859
Dividends/interest receivable		21,747
Reimbursement receivable from adviser		20,857
Prepaid expenses		10,819

Total Assets		15,205,494


Liabilities
Payable for investments purchased		239,611
Accrued audit fees		20,000
Investment advisory fees payable		8,582
Distribution fees payable		2,980
Accrued expenses and other liabilities		13,155

Total Liabilities		284,328

Total Net Assets	$	14,921,166


Net Assets Consist of:
Paid-in capital	$	13,954,743
Accumulated net investment income/(loss)		36,443
Accumulated net realized gain/(loss) from investments		86,924
Net unrealized appreciation/(depreciation) on investments		843,056

Total Net Assets	$	14,921,166

Investments, at Cost	$	14,068,178


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		1,380,247
Net Asset Value Per Share		$10.81


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	78,380
Interest		645

Total Investment Income		79,025


Expenses
Investment advisory fees		28,128
Professional fees		33,648
Trustees’ fees		31,389
Distribution fees		9,767
Transfer agent fees		9,254
Custodian and accounting fees		3,504
Shareholder reports		1,000
Administrative fees		391
Other expenses		5,515

Total Expenses		122,596

Less: Fees waived		(80,014	)

Total Expenses, Net		42,582

Net Investment Income/(Loss)		36,443


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		86,924
Net change in unrealized appreciation/(depreciation) on investments		843,056

Net Gain on Investments		929,980

Net Increase in Net Assets Resulting From Operations	$	966,423

¹	Commenced operations on September 1, 2016.

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

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

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

Investments Investments whose values are based on quoted market prices in active markets, and are

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.72% up to $100 million, 0.67% up to $300 million, 0.62% up to $500 million, and 0.60% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2018 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

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

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

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $14,497,058 and $1,633,805, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

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.

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Mid Cap Relative Value VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability

considered the projected cost and profitability of the Funds with respect to the Manager because the Manager would be responsible for payment of the subadvisory fees and had negotiated the fees with the Subadvisers at arm’s-length.

Economies of Scale

Ancillary Benefits

expect to receive any other direct or indirect benefits. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Conclusion

FUND COMMENTARY BY J.P. MORGAN INVESTMENT MANAGEMENT, INC., SUB-ADVISER

Highlights

•

Guardian International Growth VIP Fund (the “Fund”) returned -3.80%, outperforming its benchmark, the MSCI^® EAFE^® Growth Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s outperformance relative to the Index was primarily due to security selection, especially in the consumer discretionary, information technology and health-care sectors. Stock selection in telecommunication services sector was the largest detractor from the Fund’s relative performance.

•

The Index delivered a return of -4.12% for the period. This decline was largely due to a sell-off in consumer staples, health care and telecommunication services.

Market Overview

Markets faltered during the early part of the period as increasing bond yields came to the forefront of investors’ minds, despite taking place slowly. Concerns grew over the impact of rising borrowing costs and implications for the level of multiples investors would be willing to pay for companies. Regulatory and financial problems at Deutsche Bank, and the possible contagion effects on the rest of the European banking sector, also contributed to market anxieties, especially after the German government indicated it would not provide state aid for Deutsche Bank. Global data releases, however, were largely positive and the rotation into cyclical regions and sectors continued.

Developed market equities were broadly higher in the fourth quarter, fueled by generally favorable economic and corporate earnings data from the U.S.

and Europe, a recovery in commodity prices, robust corporate deal activity, the election of Donald Trump, higher bond yields, and indications that the European Central Bank and the Bank of Japan would maintain accommodative monetary policies. In contrast, emerging markets did not fare as well overall. A stronger U.S. dollar and uncertainties over how U.S. President Trump’s policies might affect trade, combined with country-specific developments, weighed on the emerging markets asset class.

Reflecting improved investor sentiment, cyclical stocks outperformed more defensive names. The energy sector was strong as oil prices jumped in the wake of an agreement among oil producers to curtail supplies. Financials also did well as banks and insurers responded positively to higher bond yields and the possibility that a Trump administration might ease regulations.

For U.S.-based investors, however, gains were eroded by currency movements, as the prospect of higher interest rates and stronger growth in the U.S. caused the U.S. dollar to appreciate relative to most major foreign currencies.

Portfolio Review

In a challenging period for international equities, the Fund’s relative outperformance was driven primarily by stock selection. The Fund’s lack of exposure to more defensive areas of the market like consumer staples also helped the Fund’s relative performance.

Throughout the period, we maintained a preference for more cyclical sectors, such as information technology and consumer discretionary, where we found individual stocks with attractive valuations and strong earnings growth on a forward-looking basis. In the fourth quarter, we modestly increased the Fund’s positions in health-care stocks.

Outlook

The political surprises this year in the U.S. and Europe have given governments a clear mandate to reflate their economies and address inequality. Investors are now expecting significant fiscal stimulus and a continued move away from reliance on monetary policy to reinvigorate economic growth and inflation. We believe that renewed fiscal stimulus should benefit equity markets globally, with a direct effect on some cyclical sectors, and a more general effect through higher economic growth and improved business and consumer confidence. In our opinion, expectations for the number of interest rate hikes by the U.S. Federal Reserve in 2017 have increased. However, we believe that this need not be a headwind for equity markets if they are accompanied by continued economic growth and a strong labor market. This comes at a time when global economic

growth is running at stronger rates than at any time since 2010, and analysts’ expectations for company earnings are improving.

The current backdrop has provided a powerful catalyst for investors to refocus on the historically high levels of dispersion in company valuations across sectors and regions globally. We believe this is very positive for active management and we continue to focus on identifying attractively valued companies with the right business model and management quality, with the potential to outperform their peers. This positive backdrop is not without its risks, however. Political uncertainty is expected to continue in 2017, with a number of important elections in Europe, the start of negotiations related to Brexit (the U.K.’s decision to leave the European Union) and uncertainty over the impact of Trump’s policies on U.S. economic and foreign policy.

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

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 96.9%
Belgium – 2.8%
Anheuser-Busch InBev S.A.		2,922	$	308,584

				308,584
Cayman Islands – 2.5%
Baidu, Inc., ADR⁽¹⁾		877		144,187
Sands China Ltd.		29,200		125,583

				269,770
Denmark – 2.5%
Novo Nordisk A/S, Class B		7,633		274,174

				274,174
Finland – 1.4%
Wartsila OYJ Abp		3,426		153,888

				153,888
France – 2.8%
Accor S.A.		3,102		115,646
Safran S.A.		2,675		192,593

				308,239
Germany – 12.3%
Bayer AG (Reg S)		2,858		298,164
Continental AG		963		187,462
Fresenius SE & Co. KGaA		2,688		209,971
Henkel AG & Co. KGaA		1,608		191,764
SAP SE		3,445		301,076
Zalando SE⁽¹⁾⁽²⁾		4,301		164,294

				1,352,731
Hong Kong – 2.4%
AIA Group Ltd.		47,000		263,024

				263,024
Ireland – 1.2%
Ryanair Holdings PLC, ADR⁽¹⁾		1,580		131,551

				131,551
Israel – 1.3%
Teva Pharmaceutical Industries Ltd., ADR		4,025		145,906

				145,906
Japan – 17.8%
FANUC Corp.		900		152,191
KDDI Corp.		6,600		166,636
Keyence Corp.		300		205,554
Komatsu Ltd.		5,400		121,884
Kubota Corp.		10,700		152,322
Makita Corp.		1,900		127,100
Nitori Holdings Co. Ltd.		1,200		137,129
Nitto Denko Corp.		2,100		160,795
ORIX Corp.		9,300		144,081
Shimano, Inc.		1,100		172,175
Shiseido Co. Ltd.		6,300		159,153
Sugi Holdings Co. Ltd.		2,700		127,941
Tokyo Electron Ltd.		1,400		131,990

				1,958,951


December 31, 2016	Shares		Value
Netherlands – 7.1%
Akzo Nobel N.V.		2,791	$	174,302
Altice N.V., Class A⁽¹⁾		9,738		192,619
ASML Holding N.V.		1,839		206,048
RELX N.V.		12,595		211,715

				784,684
Norway – 1.2%
Telenor ASA		8,687		129,520

				129,520
Republic of Korea – 1.2%
Samsung Electronics Co. Ltd., GDR		178		132,966

				132,966
South Africa – 1.2%
Naspers Ltd., Class N		906		132,009

				132,009
Spain – 1.3%
Grifols S.A., ADR		8,997		144,582

				144,582
Sweden – 1.8%
Atlas Copco AB, Class A		6,495		197,432

				197,432
Switzerland – 10.4%
Actelion Ltd. (Reg S)⁽¹⁾		767		165,785
Cie Financiere Richemont S.A. (Reg S)		3,249		215,122
LafargeHolcim Ltd. (Reg S)⁽¹⁾		3,560		187,009
Roche Holding AG		1,798		409,680
UBS Group AG (Reg S)		10,289		161,074

				1,138,670
Taiwan – 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,836		110,285

				110,285
United Kingdom – 24.7%
Booker Group PLC		58,666		126,567
British American Tobacco PLC		6,046		343,285
Burberry Group PLC		8,933		164,659
Intertek Group PLC		4,109		175,309
Meggitt PLC		22,998		129,873
Persimmon PLC		5,737		125,187
Prudential PLC		13,117		261,634
Reckitt Benckiser Group PLC		2,773		234,414
Shire PLC		3,847		217,995
Unilever PLC		8,873		358,914
Vodafone Group PLC		97,078		238,761
Worldpay Group PLC⁽²⁾		46,921		155,608
WPP PLC		7,788		174,106

				2,706,312
Total Common Stocks (Cost $11,032,180)				10,643,278


December 31, 2016	Principal Amount		Value
Short–Term Investment – 4.8%
Repurchase Agreements – 4.8%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $529,002, due 1/3/2017⁽³⁾	$	529,000	$	529,000
Total Repurchase Agreements (Cost $529,000)				529,000
Total Investments – 101.7% (Cost $11,561,180)				11,172,278
Liabilities in excess of other assets – (1.7)%				(191,949	)
Total Net Assets – 100.0%			$	10,980,329

⁽¹⁾	Non-income-producing security.

⁽²⁾

Securities that may be resold in transactions, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2016, the aggregate market value of these securities amounted to $319,902, representing 2.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	505,000	$	544,003

Legend:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	11,172,278
Cash		178
Reimbursement receivable from adviser		21,154
Receivable for fund shares subscribed		14,618
Dividends/interest receivable		5,542
Foreign tax reclaims receivable		2,168
Prepaid expenses		10,819

Total Assets		11,226,757


Liabilities
Payable for investments purchased		196,535
Accrued audit fees		25,000
Accrued transfer agent fees		8,640
Investment advisory fees payable		7,161
Distribution fees payable		2,238
Accrued expenses and other liabilities		6,854

Total Liabilities		246,428

Total Net Assets	$	10,980,329


Net Assets Consist of:
Paid-in capital	$	11,364,408
Accumulated net investment income/(loss)		(1,940	)
Accumulated net realized gain/(loss) from investments and foreign currency transactions		7,321
Net unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(389,460	)

Total Net Assets	$	10,980,329

Investments, at Cost	$	11,561,180


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		1,141,661
Net Asset Value Per Share		$9.62


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	44,556
Interest		207
Withholding taxes on foreign dividends		(5,145	)

Total Investment Income		39,618


Expenses
Investment advisory fees		27,251
Professional fees		37,068
Trustees’ fees		27,844
Transfer agent fees		9,256
Custodian and accounting fees		9,097
Distribution fees		8,516
Shareholder reports		1,000
Administrative fees		341
Other expenses		5,468

Total Expenses		125,841


Less: Fees waived		(84,283	)

Total Expenses, Net		41,558

Net Investment Income/(Loss)		(1,940	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		11,199
Net realized gain/(loss) from foreign currency transactions		(3,878	)
Net change in unrealized appreciation/(depreciation) on investments		(388,902	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(558	)

Net Loss on Investments and Foreign Currency Transactions		(382,139	)

Net Decrease in Net Assets Resulting From Operations	$	(384,079)

¹	Commenced operations on September 1, 2016.

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

The Fund seeks total return consisting of long-term capital growth and current income.

2. Significant Accounting Policies

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.

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

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

classified within Level 2. During the period ended December 31, 2016, the Fund did not hold any derivatives.

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.

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.

fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the period ended December 31, 2016, Park Avenue waived fees and/or paid Fund expenses in the amount of $84,283.

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 oversight of the Board of Trustees and Park Avenue. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $11,828,664 and $807,682, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

Effective December 13, 2016, the Fund, with other funds managed by Park Avenue, is party to a $10 million committed revolving credit facility from State Street Bank and Trust Company for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is calculated based on the higher of the daily one-month LIBOR rate or the Federal Funds rate plus 1.25% at the time of borrowing. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.35% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 12, 2017. The Fund did not utilize the credit facility during the period ended December 31, 2016.

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian International Growth VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability

Economies of Scale

Ancillary Benefits

Conclusion

FUND COMMENTARY OF LAZARD ASSET MANAGEMENT LLC, SUB-ADVISER

Highlights

•

Guardian International Value VIP Fund (the “Fund”) returned -3.70%, underperforming its benchmark, the MSCI^® EAFE^® Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s underperformance relative to the Index was primarily due to security selection, especially in the financials sector.

•

The Index delivered a return of 0.51% for the period.

Market Overview

The four-month period ended December 31, 2016 was a continuation of the lower quality, risk-on trend (investors move to higher yielding investments due to perceived low financial risk) that began earlier in the third quarter. Market leadership was driven by stocks with lower financial productivity (as measured by return on equity), outperforming stocks with higher financial productivity. This dynamic was most pronounced in continental Europe and Japan. In this environment, international equities rose strongly in local currencies, although in U.S. dollar terms this was offset by the strength of the currency.

Market sentiment received another boost in November with the election of Donald Trump as U.S. President. Investors seemed to focus on the potentially stimulative impact of his policies on growth, including lower taxes, less regulation, and higher infrastructure spending while downplaying (or even ignoring) Trump’s previous statements on trade, immigration, and foreign policy. This outcome accelerated the market rotation into stocks perceived to benefit from rising inflation, rising interest rates, and possibly rising growth.

In this environment financial and commodity stocks rallied strongly. Elsewhere, more defensive sectors such as consumer staples, health care, telecom, and

utilities fell in absolute terms. The strengthening dollar put pressure on emerging market stocks.

Portfolio Review

During the period, in an environment that extended the strong rotation into cyclicals and the low-quality rally that began earlier in the third quarter, the Fund lagged the Index. Much of the underperformance was due to the rally in stocks with negative to low financial productivity that occurred while stocks with higher financial productivity lagged. As we focused on companies with sustainably high, or improving, financial productivity, we were not exposed to some of the best performing stocks within the Index. Furthermore, some of our holdings, despite consistent fundamentals, were negatively impacted by the strong sector rotation.

The most significant source of underperformance was the Fund’s positioning in the financials sector. The Fund was negatively impacted by the opportunity cost of not owning less financially productive stocks in the financials sector. These stocks rallied on the anticipation of earnings improvement, the probability of which we believe is less likely in Europe given the challenging regulatory, tax, and interest rate environment. Nevertheless, we remain underweight in the financials sector compared to the Index, given the numerous risks that we believe are still pervasive in the market.

Additionally, the Fund was negatively impacted by its positioning in the industrials sector, where the Fund remained overweight compared to the Index. The sector was generally led by stocks with lower financial productivity, and additionally, some of the Fund’s holdings in this sector underperformed due to the aforementioned rotation into less financially productive stocks, despite consistent fundamentals.

The Fund was also negatively impacted by its holdings of companies located in emerging markets. This was partly due to the negative impact stemming from U.S. dollar strength following the results of the U.S. election.

In contrast, the Fund benefitted from stock selection in the real estate sector.

Outlook

We believe that the tightening labor markets in the U.S., and commodity price increases, spurred in large part by China’s return to debt-fueled investment growth, has driven rising inflation. These factors pressure profit margins and interest rates, both of which we believe are negative for profits and valuations. However, the broader market is now assuming that inflation and fiscal loosening will lead to a generalized pick-up in growth — good inflation — hence the rise in cyclical stocks. We believe that in the short term, rising interest rates could quickly drag down economic activity, as well as the ability of governments to loosen fiscally, given the very high and still rising levels of debt around the world. In emerging markets, much of the debt is in U.S. dollars, has been exacerbating the risk.

The response of the Fund’s management team to a period of weaker relative performance is to continue to focus on fundamental stock analysis. While risk control is important, we believe that stock selection is the key driver of potential returns. Given that the level of macroeconomic and political uncertainty is very high, we are working especially hard to identify investment ideas that we believe have a strong internal or structural dynamic not correlated to, or dependent upon, a certain external environment. At the same time, some of the higher-return companies in which we seek to invest have fallen sharply through the rotation period and we are starting to see signs of relative value again.

Overall, we plan to continue to focus on stock selection and seek stocks that we believe have sustainably high or improving returns while trading at what we believe to be attractive valuations.

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

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Shares		Value
Common Stocks – 93.7%
Australia – 1.5%
Caltex Australia Ltd.		9,454	$	207,560

				207,560
Belgium – 3.4%
Anheuser-Busch InBev S.A.		3,624		382,720
KBC Group N.V.		1,539		95,261

				477,981
Bermuda – 1.3%
Signet Jewelers Ltd.		1,985		187,106

				187,106
Brazil – 1.1%
BB Seguridade Participacoes S.A.		17,408		150,690

				150,690
Canada – 5.7%
Canadian National Railway Co.		2,615		175,989
MacDonald Dettwiler & Associates Ltd.		1,925		95,902
National Bank of Canada		6,295		255,663
Suncor Energy, Inc.		8,540		279,229

				806,783
Denmark – 1.1%
Carlsberg A/S, Class B		1,777		153,357

				153,357
Finland – 2.3%
Sampo OYJ, Class A		7,313		327,017

				327,017
France – 9.5%
Air Liquide S.A.		2,154		239,122
Capgemini S.A.		3,172		267,519
Cie Generale des Etablissements Michelin		1,814		201,769
Valeo S.A.		6,011		345,389
Vinci S.A.		4,109		279,491

				1,333,290
Germany – 2.4%
SAP SE		3,822		334,024

				334,024
Ireland – 2.2%
James Hardie Industries PLC		9,696		153,527
Ryanair Holdings PLC, ADR⁽¹⁾		1,863		155,114

				308,641
Israel – 1.8%
Teva Pharmaceutical Industries Ltd., ADR		6,974		252,807

				252,807
Italy – 0.8%
Azimut Holding S.p.A.		6,413		106,813

				106,813
Japan – 17.6%
ABC-Mart, Inc.		2,500		141,421
Daiwa House Industry Co. Ltd.		12,720		346,996


December 31, 2016	Shares		Value
Japan (continued)
Don Quijote Holdings Co. Ltd.		8,600	$	317,704
Hoshizaki Corp.		200		15,810
Isuzu Motors Ltd.		18,000		227,236
Japan Tobacco, Inc.		5,600		183,979
KDDI Corp.		7,400		186,835
Makita Corp.		3,000		200,685
Seven & i Holdings Co. Ltd.		5,900		224,531
Sony Corp.		10,900		302,923
Sumitomo Mitsui Financial Group, Inc.		6,500		246,415
United Arrows Ltd.		3,100		85,347

				2,479,882
Luxembourg – 0.6%
RTL Group		1,255		91,986

				91,986
Netherlands – 3.3%
Airbus Group SE		1,537		101,440
Koninklijke KPN N.V.		38,485		113,962
Wolters Kluwer N.V.		6,858		248,011

				463,413
Norway – 2.6%
Statoil ASA		9,651		175,854
Telenor ASA		12,444		185,535

				361,389
Philippines – 0.3%
Alliance Global Group, Inc.		164,100		42,188

				42,188
Spain – 0.9%
Red Electrica Corp. S.A.		6,957		131,184

				131,184
Sweden – 3.5%
Assa Abloy AB, Class B		14,436		267,788
Swedbank AB, Class A		9,370		226,466

				494,254
Switzerland – 3.7%
Novartis AG (Reg S)		7,274		529,101

				529,101
Taiwan – 2.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		10,802		310,557

				310,557
Turkey – 0.6%
Turkiye Garanti Bankasi A/S		39,774		85,986

				85,986
United Kingdom – 25.3%
Aon PLC		2,544		283,732
BHP Billiton PLC		19,957		315,541
British American Tobacco PLC		6,866		389,844
Diageo PLC		6,014		155,589
Direct Line Insurance Group PLC		21,705		98,438


December 31, 2016	Shares		Value
United Kingdom (continued)
Howden Joinery Group PLC		20,375	$	95,873
Informa PLC		17,772		148,835
Provident Financial PLC		3,804		133,738
Prudential PLC		22,563		450,045
RELX PLC		14,449		256,962
Royal Dutch Shell PLC, Class A		14,069		387,667
Shire PLC		6,478		367,084
Unilever PLC		4,449		179,963
Wolseley PLC		5,084		310,603

				3,573,914
Total Common Stocks (Cost $13,537,115)				13,209,923


December 31, 2016	Principal Amount		Value
Short–Term Investment – 8.2%
Repurchase Agreements – 8.2%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $1,156,004, due 1/3/2017⁽²⁾	$	1,156,000	$	1,156,000
Total Repurchase Agreements (Cost $1,156,000)				1,156,000
Total Investments – 101.9% (Cost $14,693,115)				14,365,923
Liabilities in excess of other assets – (1.9)%				(266,182	)
Total Net Assets – 100.0%			$	14,099,741

⁽¹⁾	Non-income-producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.625%		2/15/2020	$	1,095,000	$	1,179,570

Legend:

ADR — American Depositary Receipt


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	14,365,923
Cash		599
Foreign currency, at value		52,922
Receivable for fund shares subscribed		51,173
Reimbursement receivable from adviser		23,155
Due from custodian		16,800
Receivable for investments sold		10,389
Dividends/interest receivable		5,663
Foreign tax reclaims receivable		2,615
Prepaid expenses		10,819

Total Assets		14,540,058


Liabilities
Payable for investments purchased		388,074
Accrued audit fees		22,000
Investment advisory fees payable		8,807
Distribution fees payable		2,752
Accrued expenses and other liabilities		18,684

Total Liabilities		440,317

Total Net Assets	$	14,099,741


Net Assets Consist of:
Paid-in capital	$	14,475,794
Accumulated net investment income/(loss)		15,908
Accumulated net realized gain/(loss) from investments and foreign currency transactions		(64,364	)
Net unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(327,597	)

Total Net Assets	$	14,099,741

Investments, at Cost	$	14,693,115

Foreign Currency, at Cost	$	53,054


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		1,463,940
Net Asset Value Per Share		$9.63


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Dividends	$	65,596
Interest		155
Withholding taxes on foreign dividends		(8,048	)

Total Investment Income		57,703


Expenses
Investment advisory fees		30,122
Professional fees		35,193
Trustees’ fees		31,424
Distribution fees		9,413
Custodian and accounting fees		9,333
Transfer agent fees		9,265
Shareholder reports		1,000
Administrative fees		377
Other expenses		5,501

Total Expenses		131,628

Less: Fees waived		(89,833	)

Total Expenses, Net		41,795

Net Investment Income/(Loss)		15,908


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(64,705	)
Net realized gain/(loss) from foreign currency transactions		341
Net change in unrealized appreciation/(depreciation) on investments		(327,192	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(405	)

Net Loss on Investments and Foreign Currency Transactions		(391,961	)

Net Decrease in Net Assets Resulting From Operations	$	(376,053	)

¹	Commenced operations on September 1, 2016.

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 offers eleven funds. Guardian International Value VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for the other remaining series of the Trust are presented in separate reports.

The Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

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

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

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.

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, 2018 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.11% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated

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

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

4. Federal Income Taxes

a. Distributions to Shareholders During the period ended December 31, 2016, the Fund elected to be

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $14,463,080 and $861,260, respectively, for the period ended December 31, 2016. During the period ended December 31, 2016, there were no purchases or sales of U.S. government securities.

6. Risk and Concentrations

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

on any borrowings by the Fund, each fund pays a commitment fee of 0.35% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 12, 2017. The Fund did not utilize the credit facility during the period ended December 31, 2016.

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian International Value VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability

Economies of Scale

Ancillary Benefits

Conclusion

FUND COMMENTARY OF LORD, ABBETT & CO. LLC, SUB-ADVISER

Highlights

•

Guardian Core Plus Fixed Income VIP Fund (the “Fund”) returned -2.70%, outperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹ (the “Index”), for the four-month period ended December 31, 2016. The Fund’s outperformance relative to the Index was primarily due to security selection and an overweight to high yield corporate bonds and security selection within investment grade corporates.

•

The Index returned -3.03% for the period. This decline was largely due to a sell-off in interest rate sensitive products.

Market Overview

In 2016, the fixed income market saw record lows for the 10-year and 30-year Treasuries and higher levels of volatility. In addition, the year was shaped by three major events: Brexit (the U.K.’s decision to leave the European Union), the election of Donald Trump, and the Federal Open Market Committee’s (FOMC) decision to raise short-term interest rates by 0.25% to a range of 0.50-0.75% on December 14, 2016. From the record lows triggered by Brexit on July 8, 2016, to the presidential election on November 8, 2016, we witnessed interest rates move steadily higher; however, following the election, the Treasury market experienced a sharp sell-off. This sharp move in interest rates caused interest rate sensitive products to sell-off during the fourth quarter. Nonetheless, most areas of the U.S. fixed income market ended the year with positive performance, with credit-sensitive sectors performing best.

Portfolio Review

Security selection within the investment grade corporate sector compared to the Index was the largest contributor to relative performance during the period. More specifically, performance was driven by an overweight to ‘BBB’ rated² securities. Within the investment grade credit spectrum, ‘BBB’ rated securities generated the highest returns. In addition, security selection and an overweight to high yield corporates compared to the Index also contributed to performance during the period. High yield corporates benefited from a continued search for yield and stabilizing energy prices.

Security selection within mortgage-backed securities (MBS) and an overweight to asset-backed securities (ABS) detracted from relative performance. We believe that the ABS sector, however, continues to offer an attractive risk/reward profile, liquidity, diversification, and lower interest rate sensitivity.

Outlook

We remain generally optimistic that the U.S. economy will continue to grow at a moderate pace given expectations for tax cuts, increased infrastructure spending, and deregulation. In our view, these market elements along with a tighter labor market should create the potential for inflationary pressures to build. We view credit-sensitive sectors of the market as representing attractive relative value, although we believe there is the potential for episodes of credit spread widening. Therefore, we believe it is prudent to maintain a higher credit quality bias in order to be well positioned for periods of potential volatility.

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. Bond funds are subject to interest rate risk, credit risk, and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at or near historically low levels. Please keep in mind that in this kind of environment, the risk that bond prices may fall when interest rates rise is potentially greater. Derivative transactions can create leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested and the Fund may not be able to close out a derivative transaction at a favorable time or price. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. These risks are even greater when investing in emerging markets. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes


December 31, 2016	Principal Amount		Value
Agency Mortgage-Backed Securities – 22.4%
FHLMC
0.75% due 4/9/2018	$	542,000	$	540,000
0.875% due 3/7/2018		300,000		299,611
FNMA
3.00% due 1/1/2032⁽¹⁾		650,000		667,012
3.00% due 1/1/2047⁽¹⁾		1,215,000		1,206,998
3.50% due 1/1/2047⁽¹⁾		1,700,000		1,742,367
4.00% due 1/1/2047⁽¹⁾		1,060,000		1,114,387

Total Agency Mortgage-Backed Securities (Cost $5,570,195)				5,570,375
Asset-Backed Securities – 19.1%
Ally Master Owner Trust
2014-4 A2 1.43% due 6/17/2019		62,000		62,037
2014-5 A2 1.60% due 10/15/2019		22,000		22,034
2015-3 A 1.63% due 5/15/2020		41,000		40,950
American Express Credit Account Master Trust 2014-3 A 1.49% due 4/15/2020		100,000		100,227
AmeriCredit Automobile Receivables Trust
2014-1 B 1.68% due 7/8/2019		87,000		87,115
2014-1 C 2.15% due 3/9/2020		40,000		40,226
2016-4 A2A 1.34% due 4/8/2020		20,000		19,990
Ares XXXIII CLO Ltd. 2015-1A A1R 2.313% due 12/5/2025⁽²⁾⁽³⁾		250,000		249,875
Ascentium Equipment Receivables Trust
2016-2A A2 1.46% due 4/10/2019⁽²⁾		13,000		12,968
2016-2A A3 1.65% due 5/10/2022⁽²⁾		14,000		13,949
2016-2A B 2.50% due 9/12/2022⁽²⁾		9,000		8,954
Avis Budget Rental Car Funding AESOP LLC
2013-2A A 2.97% due 2/20/2020⁽²⁾		100,000		101,035
2014-1A A 2.46% due 7/20/2020⁽²⁾		100,000		99,759
BlueMountain CLO Ltd. 2014-4A A1R 2.232% due 11/30/2026⁽²⁾⁽³⁾		250,000		249,875
California Republic Auto Receivables Trust
2015-2 B 2.53% due 6/15/2021		87,000		86,219
2015-3 A4 2.13% due 5/17/2021		34,000		34,166
2015-4 A4 2.58% due 6/15/2021⁽²⁾		97,000		97,873


December 31, 2016	Principal Amount		Value
Asset-Backed Securities (continued)
2016-1 A2 1.50% due 12/17/2018	$	105,917	$	106,003
2016-1 A4 2.24% due 10/15/2021		57,000		57,304
2016-2 A4 1.83% due 12/15/2021		84,000		83,475
Capital One Multi-Asset Execution Trust 2016-A1 A1 1.154% due 2/15/2022⁽³⁾		83,000		83,337
CarMax Auto Owner Trust
2013-4 A3 0.80% due 7/16/2018		3,214		3,213
2015-2 A4 1.80% due 3/15/2021		40,000		39,992
2016-3 A4 1.60% due 1/18/2022		50,000		49,312
2016-4 A2 1.21% due 11/15/2019		17,000		16,966
2016-4 A3 1.40% due 8/15/2021		8,000		7,914
2016-4 A4 1.60% due 6/15/2022		10,000		9,820
Chrysler Capital Auto Receivables Trust
2014-BA D 3.44% due 8/16/2021⁽²⁾		17,000		17,213
2016-AA C 3.25% due 6/15/2022⁽²⁾		6,000		5,983
CNH Equipment Trust
2015-A A4 1.85% due 4/15/2021		65,000		65,218
2015-B A4 1.89% due 4/15/2022		45,000		45,075
2016-A A4 1.79% due 9/15/2021		115,000		114,125
Discover Card Execution Note Trust
2014-A5 A 1.39% due 4/15/2020		200,000		200,297
2016-A4 A4 1.39% due 3/15/2022		100,000		98,859
Drive Auto Receivables Trust
2015-AA B 2.28% due 6/17/2019⁽²⁾		61,044		61,130
2015-BA B 2.12% due 6/17/2019⁽²⁾		43,754		43,801
2015-BA C 2.76% due 7/15/2021⁽²⁾		117,000		117,745
2016-BA A3 1.67% due 7/15/2019⁽²⁾		47,000		47,039
2016-CA B 2.37% due 11/16/2020⁽²⁾		14,000		13,794
2016-CA C 3.02% due 11/15/2021⁽²⁾		37,000		36,671
2016-CA D 4.18% due 3/15/2024⁽²⁾		9,000		8,999
First Investors Auto Owner Trust 2016-2A A1 1.53% due 11/16/2020⁽²⁾		23,780		23,704


December 31, 2016	Principal Amount		Value
Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust
2014-C A3 1.06% due 5/15/2019	$	89,886	$	89,833
2016-C A2A 1.04% due 9/15/2019		35,000		34,925
2016-C B 1.73% due 3/15/2022		17,000		16,779
2016-C C 1.93% due 4/15/2023		10,000		9,828
Ford Credit Floorplan Master Owner Trust A 2016-1 A1 1.76% due 2/15/2021		99,000		98,743
Honda Auto Receivables Owner Trust
2014-4 A3 0.99% due 9/17/2018		24,323		24,305
2015-1 A3 1.05% due 10/15/2018		96,835		96,779
2016-4 A2 1.04% due 4/18/2019		34,000		33,919
Huntington Auto Trust 2016-1 A3 1.59% due 11/16/2020		44,000		43,938
Hyundai Auto Receivables Trust 2016-B C 2.19% due 11/15/2022		41,000		40,878
LCM XXII Ltd. 22A A1 2.336% due 10/20/2028⁽²⁾⁽³⁾		250,000		250,429
Leaf Receivables Funding 11 LLC 2016-1 A1 1.00% due 6/15/2017⁽²⁾		79,787		79,730
Mercedes-Benz Auto Receivables Trust
2015-1 A3 1.34% due 12/16/2019		135,000		134,957
2016-1 A2A 1.11% due 3/15/2019		65,000		64,983
NextGear Floorplan Master Owner Trust 2015-1A A 1.80% due 7/15/2019⁽²⁾		195,000		195,025
OSCAR U.S. Funding Trust V 2016-2A A2A 2.31% due 11/15/2019⁽²⁾		50,000		50,061
Santander Drive Auto Receivables Trust
2014-2 C 2.33% due 11/15/2019		87,000		87,435
2015-4 C 2.97% due 3/15/2021		29,000		29,278
2016-3 A2 1.34% due 11/15/2019		22,000		22,005
2016-3 B 1.89% due 6/15/2021		12,000		11,934
SunTrust Auto Receivables Trust 2015-1A A3 1.42% due 9/16/2019⁽²⁾		96,000		95,988


December 31, 2016	Principal Amount		Value
Asset-Backed Securities (continued)
Synchrony Credit Card Master Note Trust
2014-1 A 1.61% due 11/15/2020	$	100,000	$	100,188
2016-2 B 2.55% due 5/15/2024		101,000		102,799
TCF Auto Receivables Owner Trust
2016-1A A2 1.39% due 11/15/2019⁽²⁾		41,000		40,948
2016-1A B 2.32% due 6/15/2022⁽²⁾		69,000		67,692
2016-PT1A B 2.92% due 10/17/2022⁽²⁾		23,000		22,915
Wells Fargo Dealer Floorplan Master Note Trust
2012-2 A 1.489% due 4/22/2019⁽³⁾		105,000		105,121
2014-1 A 1.119% due 7/20/2019⁽³⁾		70,000		70,007
Westlake Automobile Receivables Trust 2016-3A B 2.07% due 12/15/2021⁽²⁾		10,000		9,930
World Financial Network Credit Card Master Trust 2015-C A 1.26% due 3/15/2021		42,000		42,025

Total Asset-Backed Securities (Cost $4,773,062)				4,757,618
Corporate Bonds & Notes – 24.9%
Aerospace & Defense – 0.1%
Embraer S.A. 5.15% due 6/15/2022		15,000		15,573

				15,573
Agriculture – 0.1%
Reynolds American, Inc. 5.70% due 8/15/2035		15,000		17,230

				17,230
Airlines – 0.0%
Air Canada 7.75% due 4/15/2021⁽²⁾		10,000		11,175

				11,175
Auto Manufacturers – 0.7%
Ford Motor Co. 7.45% due 7/16/2031		60,000		75,303
General Motors Co. 6.60% due 4/1/2036		80,000		91,440

				166,743
Auto Parts & Equipment – 0.1%
MPG Holdco I, Inc. 7.375% due 10/15/2022		15,000		15,675

				15,675


December 31, 2016	Principal Amount		Value
Beverages – 0.6%
Anheuser-Busch InBev Finance, Inc. 4.70% due 2/1/2036	$	135,000	$	142,002

				142,002
Biotechnology – 0.4%
Amgen, Inc. 4.95% due 10/1/2041		85,000		88,196

				88,196
Building Materials – 0.3%
Standard Industries, Inc. 6.00% due 10/15/2025⁽²⁾		75,000		78,938

				78,938
Chemicals – 0.4%
Blue Cube Spinco, Inc. 10.00% due 10/15/2025		50,000		60,375
GCP Applied Technologies, Inc. 9.50% due 2/1/2023⁽²⁾		10,000		11,475
The Chemours Co. 7.00% due 5/15/2025		12,000		11,820
Valvoline, Inc. 5.50% due 7/15/2024⁽²⁾		25,000		25,875

				109,545
Commercial Banks – 4.3%
Bank of America Corp. 4.25% due 10/22/2026		110,000		111,332
Citigroup, Inc.
4.45% due 9/29/2027		49,000		49,777
5.50% due 9/13/2025		55,000		60,446
JPMorgan Chase & Co.
2.112% due 10/24/2023⁽³⁾		53,000		54,058
4.25% due 10/1/2027		100,000		102,743
Morgan Stanley
3.125% due 7/27/2026		43,000		41,081
3.875% due 1/27/2026		17,000		17,172
4.00% due 7/23/2025		65,000		66,626
Popular, Inc. 7.00% due 7/1/2019		25,000		25,781
Santander U.K. PLC 7.95% due 10/26/2029		72,000		83,909
The Goldman Sachs Group, Inc. 6.25% due 2/1/2041		120,000		148,748
The Toronto-Dominion Bank 3.625% due 9/15/2031⁽³⁾		48,000		46,888
Wells Fargo & Co.
3.00% due 10/23/2026		58,000		55,239
4.10% due 6/3/2026		150,000		151,978
Westpac Banking Corp. 4.322% due 11/23/2031⁽³⁾		51,000		51,162

				1,066,940
Computers – 0.3%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 6.02% due 6/15/2026⁽²⁾		75,000		81,247

				81,247


December 31, 2016	Principal Amount		Value
Cosmetics & Personal Care – 0.0%
Revlon Consumer Products Corp. 6.25% due 8/1/2024	$	8,000	$	8,200

				8,200
Diversified Financial Services – 1.1%
Affiliated Managers Group, Inc. 4.25% due 2/15/2024		25,000		25,131
CME Group, Inc. 5.30% due 9/15/2043		75,000		87,862
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.50% due 7/1/2021		20,000		20,250
Navient Corp. 6.625% due 7/26/2021		30,000		31,725
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.875% due 3/15/2022⁽²⁾		30,000		31,012
OM Asset Management PLC 4.80% due 7/27/2026		25,000		23,687
Scottrade Financial Services, Inc. 6.125% due 7/11/2021⁽²⁾		40,000		45,225

				264,892
Electric – 1.5%
Appalachian Power Co. 7.00% due 4/1/2038		45,000		59,343
Berkshire Hathaway Energy Co. 6.50% due 9/15/2037		37,000		48,162
Dominion Resources, Inc. 7.00% due 6/15/2038		55,000		70,243
Exelon Generation Co. LLC 5.60% due 6/15/2042		70,000		64,810
Georgia Power Co. 4.75% due 9/1/2040		80,000		83,980
ITC Holdings Corp. 3.25% due 6/30/2026		35,000		34,001
Massachusetts Electric Co. 4.004% due 8/15/2046⁽²⁾		25,000		24,003

				384,542
Entertainment – 0.2%
AMC Entertainment Holdings, Inc. 5.75% due 6/15/2025		22,000		22,495
Eldorado Resorts, Inc. 7.00% due 8/1/2023		15,000		15,900
Mohegan Tribal Gaming Authority 7.875% due 10/15/2024⁽²⁾		18,000		18,360

				56,755
Food – 0.3%
Arcor SAIC 6.00% due 7/6/2023⁽²⁾		13,000		13,552
Kraft Heinz Foods Co. 6.875% due 1/26/2039		45,000		56,536

				70,088


December 31, 2016	Principal Amount		Value
Healthcare-Services – 0.3%
Acadia Healthcare Co., Inc. 5.625% due 2/15/2023	$	35,000	$	35,000
HCA, Inc. 7.50% due 11/6/2033		10,000		10,600
MPH Acquisition Holdings LLC 7.125% due 6/1/2024⁽²⁾		20,000		21,052
Surgical Care Affiliates, Inc. 6.00% due 4/1/2023⁽²⁾		10,000		10,325

				76,977
Household Products & Wares – 0.5%
Central Garden & Pet Co. 6.125% due 11/15/2023		25,000		26,375
Kimberly-Clark de Mexico S.A.B. de C.V. 3.80% due 4/8/2024⁽²⁾		100,000		98,726

				125,101
Insurance – 0.3%
Lincoln National Corp. 6.30% due 10/9/2037		5,000		5,889
Teachers Insurance & Annuity Association of America 4.90% due 9/15/2044⁽²⁾		53,000		57,333

				63,222
Internet – 0.6%
Amazon.com, Inc. 4.80% due 12/5/2034		99,000		108,965
Netflix, Inc. 4.375% due 11/15/2026⁽²⁾		30,000		29,100

				138,065
Leisure Time – 0.3%
Carnival PLC 7.875% due 6/1/2027		30,000		37,983
Royal Caribbean Cruises Ltd. 7.50% due 10/15/2027		30,000		35,400

				73,383
Machinery-Diversified – 0.0%
SPX FLOW, Inc. 5.625% due 8/15/2024⁽²⁾		12,000		12,090

				12,090
Media – 1.8%
21st Century Fox America, Inc. 6.90% due 8/15/2039		60,000		75,345
CCO Holdings LLC / CCO Holdings Capital Corp. 5.75% due 2/15/2026⁽²⁾		20,000		20,700
Comcast Corp. 6.95% due 8/15/2037		60,000		81,835
Cox Communications, Inc. 8.375% due 3/1/2039⁽²⁾		30,000		37,413
Discovery Communications LLC 6.35% due 6/1/2040		40,000		42,476
DISH DBS Corp. 7.75% due 7/1/2026		29,000		32,697


December 31, 2016	Principal Amount		Value
Media (continued)
Grupo Televisa S.A.B. 6.625% due 1/15/2040	$	16,000	$	16,766
Time Warner Cable LLC 7.30% due 7/1/2038		44,000		54,126
Time Warner Entertainment Co. LP 8.375% due 7/15/2033		18,000		23,584
Univision Communications, Inc. 5.125% due 2/15/2025⁽²⁾		25,000		23,906
Viacom, Inc. 4.85% due 12/15/2034		30,000		26,744

				435,592
Metal Fabricate & Hardware – 0.0%
Grinding Media, Inc. / MC Grinding Media Canada, Inc. 7.375% due 12/15/2023⁽²⁾		9,000		9,455

				9,455
Mining – 1.0%
Aleris International, Inc. 9.50% due 4/1/2021⁽²⁾		9,000		9,653
Barrick PD Australia Finance Pty. Ltd. 5.95% due 10/15/2039		15,000		15,864
Coeur Mining, Inc. 7.875% due 2/1/2021		6,000		6,225
Freeport-McMoRan, Inc. 3.875% due 3/15/2023		34,000		31,195
Glencore Finance Canada Ltd. 6.00% due 11/15/2041⁽²⁾		50,000		49,500
Goldcorp, Inc. 5.45% due 6/9/2044		20,000		19,618
HudBay Minerals, Inc.
7.25% due 1/15/2023⁽²⁾		3,000		3,105
7.625% due 1/15/2025⁽²⁾		5,000		5,197
New Gold, Inc. 6.25% due 11/15/2022⁽²⁾		41,000		42,025
Teck Resources Ltd. 4.50% due 1/15/2021		55,000		55,275

				237,657
Miscellaneous Manufacturing – 0.6%
Gates Global LLC / Gates Global Co. 6.00% due 7/15/2022⁽²⁾		25,000		24,450
General Electric Co. 6.75% due 3/15/2032		75,000		99,835
Trinity Industries, Inc. 4.55% due 10/1/2024		25,000		24,037

				148,322
Oil & Gas – 1.4%
Carrizo Oil & Gas, Inc. 6.25% due 4/15/2023		10,000		10,250
EP Energy LLC / Everest Acquisition Finance, Inc. 8.00% due 11/29/2024⁽²⁾		38,000		40,838


December 31, 2016	Principal Amount		Value
Oil & Gas (continued)
Helmerich & Payne International Drilling Co. 4.65% due 3/15/2025	$	15,000	$	15,499
Kerr-McGee Corp. 7.875% due 9/15/2031		40,000		51,221
Murphy Oil Corp. 6.875% due 8/15/2024		14,000		14,910
Noble Holding International Ltd. 7.75% due 1/15/2024		36,000		33,862
Petrobras Global Finance B.V. 4.375% due 5/20/2023		18,000		15,727
Petroleos Mexicanos 4.50% due 1/23/2026		32,000		29,152
Precision Drilling Corp. 7.75% due 12/15/2023⁽²⁾		8,000		8,440
Shell International Finance B.V. 6.375% due 12/15/2038		55,000		70,927
Valero Energy Corp. 10.50% due 3/15/2039		25,000		38,234
YPF S.A. 8.50% due 7/28/2025⁽²⁾		28,000		28,392

				357,452
Oil & Gas Services – 1.2%
FTS International, Inc. 8.463% due 6/15/2020⁽²⁾⁽³⁾		25,000		25,000
Halliburton Co. 6.70% due 9/15/2038		45,000		56,075
National Oilwell Varco, Inc. 2.60% due 12/1/2022		50,000		46,337
Oceaneering International, Inc. 4.65% due 11/15/2024		50,000		49,318
Schlumberger Investment S.A. 3.65% due 12/1/2023		35,000		36,662
Transocean Proteus Ltd. 6.25% due 12/1/2024⁽²⁾		20,000		20,187
Trinidad Drilling Ltd. 7.875% due 1/15/2019⁽²⁾		25,000		24,937
Weatherford International Ltd. 9.875% due 3/1/2039		35,000		34,650

				293,166
Pharmaceuticals – 0.2%
Mylan N.V. 3.95% due 6/15/2026⁽²⁾		55,000		51,472

				51,472
Pipelines – 1.7%
Enbridge Energy Partners LP 9.875% due 3/1/2019		40,000		45,462
Energy Transfer Partners LP 6.625% due 10/15/2036		75,000		81,268
Gulfstream Natural Gas System LLC 4.60% due 9/15/2025⁽²⁾		50,000		51,803
Kinder Morgan, Inc. 7.75% due 1/15/2032		85,000		104,164


December 31, 2016	Principal Amount		Value
Pipelines (continued)
Ruby Pipeline LLC 6.00% due 4/1/2022⁽²⁾	$	35,000	$	35,925
Tesoro Logistics LP / Tesoro Logistics Finance Corp. 5.25% due 1/15/2025		8,000		8,170
The Williams Companies, Inc. 8.75% due 3/15/2032		45,000		54,337
TransCanada PipeLines Ltd. 7.625% due 1/15/2039		25,000		35,791

				416,920
Real Estate – 0.0%
CBRE Services, Inc. 4.875% due 3/1/2026		10,000		9,964

				9,964
Real Estate Investment Trusts – 2.5%
AvalonBay Communities, Inc. 3.45% due 6/1/2025		100,000		100,115
Boston Properties LP 3.85% due 2/1/2023		110,000		112,867
Communications Sales & Leasing, Inc. / CSL Capital LLC 8.25% due 10/15/2023		30,000		31,800
EPR Properties
4.75% due 12/15/2026		55,000		54,463
5.25% due 7/15/2023		50,000		51,967
Equinix, Inc. 5.875% due 1/15/2026		50,000		52,625
ERP Operating LP 3.375% due 6/1/2025		85,000		84,390
Kilroy Realty LP 6.625% due 6/1/2020		10,000		11,182
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625% due 5/1/2024⁽²⁾		15,000		15,713
VEREIT Operating Partnership LP 3.00% due 2/6/2019		110,000		109,725

				624,847
Retail – 0.2%
New Albertsons, Inc. 7.45% due 8/1/2029		15,000		14,175
PetSmart, Inc. 7.125% due 3/15/2023⁽²⁾		15,000		15,300
Tops Holding LLC / Tops Markets II Corp. 8.00% due 6/15/2022⁽²⁾		25,000		21,500

				50,975
Semiconductors – 0.3%
QUALCOMM, Inc. 4.65% due 5/20/2035		77,000		81,398

				81,398


December 31, 2016	Principal Amount		Value
Telecommunications – 1.4%
AT&T, Inc.
6.00% due 8/15/2040	$	120,000	$	131,893
6.50% due 9/1/2037		15,000		17,641
Sprint Corp. 7.125% due 6/15/2024		42,000		43,260
T-Mobile U.S.A., Inc. 6.50% due 1/15/2026		50,000		54,062
Verizon Communications, Inc. 4.272% due 1/15/2036		95,000		90,927

				337,783
Transportation – 0.1%
Florida East Coast Holdings Corp. 6.75% due 5/1/2019⁽²⁾		25,000		25,875
XPO Logistics, Inc. 6.125% due 9/1/2023⁽²⁾		8,000		8,360

				34,235
Water – 0.1%
Aquarion Co. 4.00% due 8/15/2024⁽²⁾		35,000		34,956

				34,956
Total Corporate Bonds & Notes (Cost $6,403,116)				6,190,773
Non-Agency Mortgage-Backed Securities – 2.8%
Citigroup Commercial Mortgage Trust 2016-GC36 D 2.85% due 2/10/2049⁽²⁾		135,000		92,060
Commercial Mortgage Pass-Through Certificates 2012-CR3 B 3.922% due 10/15/2045⁽²⁾		100,000		103,542
Commercial Mortgage Trust
2015-LC23 C 4.646% due 10/10/2053⁽³⁾		58,000		56,908
2015-PC1 B 4.591% due 7/10/2050⁽³⁾		100,000		98,571
2016-SAVA A 2.424% due 10/15/2034⁽²⁾⁽³⁾		100,000		100,471
GS Mortgage Securities Trust 2014-GC26 D 4.511% due 11/10/2047⁽²⁾⁽³⁾		65,000		52,415
JPMBB Commercial Mortgage Securities Trust 2014-C26 D 3.926% due 1/15/2048⁽²⁾⁽³⁾		65,000		51,830
Morgan Stanley Capital Barclays Bank Trust
2016-MART C 2.817% due 9/13/2031⁽²⁾		100,000		97,632
2016-MART XCP 0.316% due 9/13/2031^(2)(3)(4)		5,633,000		32,271


December 31, 2016	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust 2016-C35 C 4.176% due 7/15/2048⁽³⁾		$ 11,000	$	10,385

Total Non-Agency Mortgage-Backed Securities (Cost $716,370)				696,085
Foreign Government – 0.8%
Hungary Government International Bond 5.375% due 3/25/2024	USD	18,000		19,620
Mexico Government International Bond 4.00% due 10/2/2023	USD	90,000		90,216
Panama Government International Bond 6.70% due 1/26/2036	USD	28,000		33,978
Peruvian Government International Bond 4.125% due 8/25/2027	USD	27,000		28,046
Romanian Government International Bond 6.125% due 1/22/2044⁽²⁾	USD	8,000		9,338
Uruguay Government International Bond
4.50% due 8/14/2024	USD	18,000		18,765
7.875% due 1/15/2033⁽⁵⁾	USD	3,000		3,777

Total Foreign Government (Cost $222,315)				203,740
U.S. Government Securities – 45.2%
U.S. Treasury Bond 2.25% due 8/15/2046		855,000		718,901
U.S. Treasury Inflation Indexed Note (TIPS) 0.625% due 1/15/2026		107,833		108,780
U.S. Treasury Notes
0.875% due 10/15/2017		3,120,000		3,120,487
1.25% due 11/15/2018		862,000		863,313
1.25% due 10/31/2021		426,000		413,087
1.75% due 10/31/2020		129,000		129,257
1.75% due 11/30/2021		1,631,000		1,618,831
2.00% due 12/31/2021⁽⁶⁾		100,000		100,367
2.00% due 11/15/2026		366,000		352,146
2.125% due 8/15/2021		555,000		560,268
2.625% due 11/15/2020		3,150,000		3,255,821

Total U.S. Government Securities (Cost $11,356,061)				11,241,258


Statement of Assets and Liabilities As of December 31, 2016
Assets
Investments, at value	$	29,764,849
Cash		983
Dividends/interest receivable		135,227
Receivable for fund shares subscribed		51,154
Reimbursement receivable from adviser		43,984
Prepaid expenses		21,638

Total Assets		30,017,835


Liabilities
Payable for investments purchased		5,064,005
Accrued audit fees		30,500
Investment advisory fees payable		8,979
Distribution fees payable		4,988
Accrued expenses and other liabilities		21,780

Total Liabilities		5,130,252

Total Net Assets	$	24,887,583


Net Assets Consist of:
Paid-in capital	$	25,462,657
Accumulated net investment income/(loss)		84,720
Accumulated net realized gain/(loss) from investments		(278,524	)
Net unrealized appreciation/(depreciation) on investments		(381,270	)

Total Net Assets	$	24,887,583

Investments, at Cost	$	30,146,119


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		2,557,674
Net Asset Value Per Share		$9.73


Statement of Operations For the Period Ended December 31, 2016¹
Investment Income
Interest	$	143,075

Total Investment Income		143,075


Expenses
Investment advisory fees		32,419
Trustees’ fees		60,489
Professional fees		55,900
Distribution fees		18,011
Custodian and accounting fees		12,940
Insurance expense		10,333
Transfer agent fees		10,130
Shareholder reports		2,000
Administrative fees		720
Other expenses		634

Total Expenses		203,576

Less: Fees waived		(145,221	)

Total Expenses, Net		58,355

Net Investment Income/(Loss)		84,720


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(278,524	)
Net change in unrealized appreciation/(depreciation) on investments		(381,270	)

Net Loss on Investments		(659,794	)

Net Decrease in Net Assets Resulting From Operations	$	(575,074	)

¹	Commenced operations on September 1, 2016.

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 offers eleven funds. 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 the other remaining series of the Trust are presented in separate reports.

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

2. Significant Accounting Policies

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

provided by such broker-dealer. Securities for which market quotations are not readily available or for which market quotations may be considered unreliable or for which a Service or independent broker-dealer does not provide a valuation are valued at their fair values as determined in accordance with guidelines and procedures adopted by the Board of Trustees.

Equity securities traded on an exchange other than NASDAQ Stock Market, LLC (“NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5b). 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”).

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

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

December 31, 2016, the Fund did not hold any derivatives.

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. There were no futures contracts held as of December 31, 2016.

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

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or

bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

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

The Fund enters into credit default swaps primarily for asset allocation and risk exposure management. There were no credit default swaps held as of December 31, 2016.

e. Options Transactions The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of

a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2016.

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

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

h. Distributions to Shareholders During the period ended December 31, 2016, the Fund elected to be treated as a disregarded entity (“DRE”) for U.S. federal income tax purposes. 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 in accordance with the current dividend and distribution policy (see Note 4).

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 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 oversight of the Board of Trustees and Park Avenue. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the period ended December 31, 2016, were as follows:


	Other Investments		U.S. Government and Agency Obligations
Purchases	$	14,281,227	$	27,711,742
Sales		1,741,554		18,253,973

with which the Fund enters into repurchase agreements.

c. 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.

d. 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 guidelines and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. At December 31, 2016, the Fund did not hold any restricted or illiquid securities.

e. 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.

f. 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.

g. 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.

6. Risk and Concentrations

As of December 31, 2016, GIAC owns shares representing 100% of the Fund’s net assets.

7. Temporary Borrowings

8. Review for Subsequent Events

Management has evaluated subsequent events through the issuance of the Fund’s financial statements and determined that no material events have occurred that require disclosure.

9. Indemnifications

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2016, and the related statements of operations and of changes in net assets and the financial highlights, for the period September 1, 2016 (commencement of operations) through December 31, 2016, present fairly, in all material respects, the financial position of the Guardian Core Plus Fixed Income VIP Fund (the “Fund”) as of December 31, 2016, and the results of its operations, the changes in its net assets, and the financial highlights for the period September 1, 2016 (commencement of operations) through December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

Approval of Investment Advisory and Sub-advisory Agreements

Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

Subadvisers’ investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Subadvisers with similar strategies as the applicable Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputations of the Subadvisers.

Investment Performance

Costs and Profitability

showed that the Funds’ proposed management fees fell within the following quartiles: the second quartile for Guardian Diversified Research VIP Fund, Guardian Integrated Research VIP Fund, Guardian International Growth VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Large Cap Fundamental Growth VIP Fund, Guardian Mid Cap Relative Value VIP Fund, and Guardian Core Plus Fixed Income VIP Fund and the third quartile for Guardian Growth & Income VIP Fund, Guardian International Value VIP Fund, Guardian Large Cap Disciplined Value VIP Fund, and Guardian Mid Cap Traditional Growth VIP Fund.

commenced operations at the time of the Board meeting. Although the Trustees did not receive specific projected cost and profitability information from certain Subadvisers, the Trustees primarily considered the projected cost and profitability of the Funds with respect to the Manager because the Manager would be responsible for payment of the subadvisory fees and had negotiated the fees with the Subadvisers at arm’s-length.

Economies of Scale

Ancillary Benefits

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 also considered that the Manager did not expect to receive any other direct or indirect benefits. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Conclusion

The registrant, as of the end of the period covered by this report, has adopted a code of ethics, as defined in this Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments or waivers granted with respect to the Code of Ethics during the fiscal year ended December 31, 2016.

The registrant’s board of trustees has determined that Lisa Polsky is an audit committee financial expert serving on its audit committee. This individual is “independent,” as defined by this Item 3.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c) (2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A) or this Item.

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.

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.


	Beginning Account Value 7/1/16	Ending Account Value 12/31/16		Expenses Paid During Period 7/1/16-12/31/16		Expense Ratio During Period 7/1/16-12/31/16
Based on Actual Return*	$1,000.00		$1,019.00		$3.37		1.00%
Based on Hypothetical Return (5% Return Before Expenses)**	$1,000.00		$1,020.11		$5.08		1.00%


December 31, 2016	Shares		Value
Trading Companies & Distributors – 1.5%
WW Grainger, Inc.		650	$	150,962

				150,962
Total Common Stocks (Cost $9,291,006)				9,412,807

	Principal Amount		Value
Short–Term Investment – 8.0%
Repurchase Agreements – 8.0%

Fixed Income Clearing Corp., 0.03%, dated 12/30/2016, proceeds at maturity value of $780,003, due 1/3/2017⁽²⁾	$	780,000		780,000
Total Repurchase Agreements (Cost $780,000)				780,000
Total Investments – 104.2% (Cost $10,071,006)				10,192,807
Liabilities in excess of other assets – (4.2)%				(414,544	)
Total Net Assets – 100.0%			$	9,778,263


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,412,807	$	—	$	—	$	9,412,807
Repurchase Agreements		—		780,000		—		780,000
Total	$	9,412,807	$	780,000	$	—	$	10,192,807


Statement of Changes in Net Assets

	For the Period Ended 12/31/16¹

Operations
Net investment income/(loss)	$	5,863
Net realized gain/(loss) from investments		(2,227	)
Net change in unrealized appreciation/(depreciation) on investments		121,801

Net Increase in Net Assets Resulting from Operations		125,437


Capital Share Transactions
Proceeds from sales of shares		9,652,826

Net Increase in Net Assets Resulting from Capital Share Transactions		9,652,826

Net Increase in Net Assets		9,778,263


Net Assets
Beginning of period		—

End of period	$	9,778,263

Accumulated Net Investment Income Included in Net Assets	$	5,863


Other Information:
Shares
Sold		959,939

Net Increase		959,939


Financial Highlights
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income²		Net Realized and Unrealized Gain		Total Operations		Net Asset Value, End of Period		Total Return^3,4
Period Ended 12/31/16¹	$	10.00	$	0.01	$	0.18	$	0.19	$	10.19		1.90%


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


Guardian Large Cap Fundamental Growth VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			18

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24



Top Ten Holdings² As of December 31, 2016

Holding	% of Total Net Assets
Amazon.com, Inc.		4.60%
Microsoft Corp.		3.44%
Alphabet, Inc., Class C		3.08%
Schlumberger Ltd.		2.94%
UnitedHealth Group, Inc.		2.91%
Celgene Corp.		2.86%
Visa, Inc., Class A		2.85%
Comcast Corp., Class A		2.85%
Akamai Technologies, Inc.		2.78%
The Walt Disney Co.		2.66%
Total		30.97%



Average Annual Total Returns As of December 31, 2016

	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Large Cap Fundamental Growth VIP Fund		9/1/2016		—		—		—		1.90%
Russell 1000^® Growth Index				—		—		—		1.38%


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




Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets^3,5		Gross Ratio of Expenses to Average Net Assets³		Net Ratio of Net Investment Income to Average Net Assets^3,5		Gross Ratio of Net Investment Loss to Average Net Assets³		Portfolio Turnover Rate³
$	9,778		1.00%		3.08%		0.26%		(1.82)%		4%


Name and Year of Birth	Term of Office, Position(s) Held and Length of Service*	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees****	Other Directorships Held by Trustee
Independent Trustees
Bruce W. Ferris^† (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuity Distributors (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	11	None
Theda R. Haber^† (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (since 2015); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (since 2012); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011).	11	None
Marshall Lux^† (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014)	11	None
Lisa K. Polsky^† (born 1956)	Trustee	Senior Risk Advisor, AQR (investment management) (since 2016); Senior Risk Advisor, Ultra Capital (venture capital) (since 2016); Board Member and Chair of Risk Committee, DeutscheBank IHC (financial services) (since May 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	11	None
John Walters^†** (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	11	None


Name and Year of Birth	Position(s) Held and Length of Service*	Principal Occupation(s) During Past Five Years
Douglas Dubitsky (born 1967)	President and Principal Executive Officer	Vice President, Product Management, Retirement Solutions, The Guardian Life Insurance Company of America.
John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Chief Financial Officer, Equity Profit Center, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. (2013–2014); Managing Director, Senior Counsel, Corporate Secretary, BlackRock, Inc. prior thereto.
Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.
Michael Bessel (born 1962)	Chief Compliance Officer	Managing Director, Chief Compliance Officer, Investments, The Guardian Life Insurance Company of America (since 2011); Chief Compliance Officer, Credit Suisse Asset Management prior thereto.
Charles Barresi, Jr. (born 1967)	Anti-Money Laundering Officer	Anti-Money Laundering Officer, Park Avenue Securities LLC.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Senior Counsel, The Guardian Life Insurance Company of America (since 2012); Counsel, The Guardian Life Insurance Company of America prior thereto.
Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) (2013–2015); Vice President, Bank of New York Mellon prior thereto.
Kristina Fink (born 1976)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America (since 2014); Associate, Clifford Chance LLP prior thereto.
Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America (since 2014); Vice President, Secretary and Assistant General Counsel, Carver Federal Savings Bank prior thereto.


Guardian Large Cap Disciplined Growth VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			18

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24


Name and Year of Birth	Term of Office, Position(s) Held and Length of Service*	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees****	Other Directorships Held by Trustee
Independent Trustees
Bruce W. Ferris^† (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuity Distributors (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	11	None
Theda R. Haber^† (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (since 2015); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (since 2012); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011).	11	None
Marshall Lux^† (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014)	11	None
Lisa K. Polsky^† (born 1956)	Trustee	Senior Risk Advisor, AQR (investment management) (since 2016); Senior Risk Advisor, Ultra Capital (venture capital) (since 2016); Board Member and Chair of Risk Committee, DeutscheBank IHC (financial services) (since May 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	11	None
John Walters^†** (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	11	None


Total Net Assets: $9,778,263


Name and Year of Birth	Position(s) Held and Length of Service*	Principal Occupation(s) During Past Five Years
Douglas Dubitsky (born 1967)	President and Principal Executive Officer	Vice President, Product Management, Retirement Solutions, The Guardian Life Insurance Company of America.
John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Chief Financial Officer, Equity Profit Center, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. (2013–2014); Managing Director, Senior Counsel, Corporate Secretary, BlackRock, Inc. prior thereto.
Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.
Michael Bessel (born 1962)	Chief Compliance Officer	Managing Director, Chief Compliance Officer, Investments, The Guardian Life Insurance Company of America (since 2011); Chief Compliance Officer, Credit Suisse Asset Management prior thereto.
Charles Barresi, Jr. (born 1967)	Anti-Money Laundering Officer	Anti-Money Laundering Officer, Park Avenue Securities LLC.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Senior Counsel, The Guardian Life Insurance Company of America (since 2012); Counsel, The Guardian Life Insurance Company of America prior thereto.
Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) (2013–2015); Vice President, Bank of New York Mellon prior thereto.
Kristina Fink (born 1976)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America (since 2014); Associate, Clifford Chance LLP prior thereto.
Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America (since 2014); Vice President, Secretary and Assistant General Counsel, Carver Federal Savings Bank prior thereto.


Guardian Integrated Research VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			9

Statement of Operations			9

Statement of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			19

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			20

Trustees and Officers Information Table			24

Portfolio Holdings and Proxy Voting Procedures			26


Guardian Diversified Research VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			10

Statement of Operations			10

Statement of Changes in Net Assets			11

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			19

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			20

Trustees and Officers Information Table			24

Portfolio Holdings and Proxy Voting Procedures			26


Guardian Large Cap Disciplined Value VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			18

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24



Top Ten Holdings² As of December 31, 2016

Holding	% of Total Net Assets
JPMorgan Chase & Co.		4.83%
Johnson & Johnson		4.09%
Bank of America Corp.		4.05%
Berkshire Hathaway, Inc., Class B		3.66%
Chevron Corp.		2.77%
Citigroup, Inc.		2.59%
Discover Financial Services		2.39%
Merck & Co., Inc.		2.32%
Apple, Inc.		1.96%
Time Warner, Inc.		1.86%
Total		30.52%


	Beginning Account Value 7/1/16	Ending Account Value 12/31/16		Expenses Paid During Period 7/1/16-12/31/16		Expense Ratio During Period 7/1/16-12/31/16
Based on Actual Return*	$1,000.00		$1,078.00		$3.39		0.98%
Based on Hypothetical Return (5% Return Before Expenses)**	$1,000.00		$1,020.21		$4.98		0.98%


Guardian Growth & Income VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory and Sub-Advisory Agreements			18

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24



Guardian Mid Cap Traditional Growth VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			9

Statement of Operations			9

Statement of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			19

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			20

Trustees and Officers Information Table			24

Portfolio Holdings and Proxy Voting Procedures			26


Guardian Mid Cap Relative Value VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			18

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24



Sector Allocation¹ As of December 31, 2016



Top Ten Holdings² As of December 31, 2016

Holding	% of Total Net Assets
Harris Corp.		2.85%
Republic Services, Inc.		2.78%
TreeHouse Foods, Inc.		2.76%
Fidelity National Information Services, Inc.		2.63%
Molson Coors Brewing Co., Class B		2.38%
Brown & Brown, Inc.		2.34%
Loews Corp.		2.31%
Ameren Corp.		2.23%
Kohl’s Corp.		2.17%
American Electric Power Co., Inc.		2.09%
Total		24.54%


Guardian International Growth VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			9

Statement of Operations			9

Statement of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			19

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			20

Trustees and Officers Information Table			24

Portfolio Holdings and Proxy Voting Procedures			26



Top Ten Holdings² As of December 31, 2016

Holding	Country	% of Total Net Assets
Roche Holding AG	Switzerland		3.73%
Unilever PLC	United Kingdom		3.27%
British American Tobacco PLC	United Kingdom		3.13%
Anheuser-Busch InBev S.A.	Belgium		2.81%
SAP SE	Germany		2.74%
Bayer AG (Reg S)	Germany		2.71%
Novo Nordisk A/S, Class B	Denmark		2.50%
AIA Group Ltd.	Hong Kong		2.40%
Prudential PLC	United Kingdom		2.38%
Vodafone Group PLC	United Kingdom		2.17%
Total			27.84%


Guardian International Value VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			18

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24



Geographic Region Allocation² As of December 31, 2016



Sector Allocation¹ As of December 31, 2016


Guardian Core Plus Fixed Income VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			13

Statement of Operations			13

Statement of Changes in Net Assets			14

Financial Highlights			16

Notes to Financial Statements			18

Report of Independent Registered Public Accounting Firm			24

Supplemental Information

Approval of Investment Advisory and Sub-advisory Agreements			25

Trustees and Officers Information Table			29

Portfolio Holdings and Proxy Voting Procedures			31



Top Ten Holdings² As of December 31, 2016

Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Notes		2.625%		11/15/2020		13.08%
U.S. Treasury Notes		0.875%		10/15/2017		12.54%
FNMA		3.500%		1/1/2047		7.00%
U.S. Treasury Notes		1.750%		11/30/2021		6.50%
FNMA		3.000%		1/1/2047		4.85%
FNMA		4.000%		1/1/2047		4.48%
U.S. Treasury Notes		1.250%		11/15/2018		3.47%
U.S. Treasury Bond		2.250%		8/15/2046		2.89%
FNMA		3.000%		1/1/2032		2.68%
U.S. Treasury Notes		2.125%		8/15/2021		2.25%
Total						59.74%



Average Annual Total Returns As of December 31, 2016

	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Core Plus Fixed Income VIP Fund		9/1/2016		—		—		—		-2.70%
Bloomberg Barclays U.S. Aggregate Bond Index				—		—		—		-3.03%


Fiscal Year Ended			Audit-
Fiscal Year Ended	Audit Fees		Related Fees		Tax Fees		All Other Fees
December 31, 2016*	$	237,500	$	—	$	—	$	—
December 31, 2015	$	—	$	—	$	—	$	—


(Registrant)		Guardian Variable Products Trust

By (Signature and Title)*		/s/ Douglas Dubitsky
		Douglas Dubitsky, President (Principal Executive Officer)



By (Signature and Title)*		/s/ John H Walter
		John H Walter, Treasurer (Principal Financial and Accounting Officer)