FORM N-CSR

N-CSRS 1 e10194nvcsrs.htm THE PARK AVENUE PORTFOLIO FORM N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-05641

The Park Avenue Portfolio

(Exact name of registrant as specified in charter)

7 Hanover Square New York, N.Y. 10004

(Address of principal executive offices) (Zip code)


Frank L. Pepe		Thomas G. Sorell
The Park Avenue Portfolio		The Park Avenue Portfolio
7 Hanover Square		7 Hanover Square
New York, N.Y. 10004		New York, N.Y. 10004

(Name and address of agents for service)

Registrant’s telephone number, including area code: (800) 221-3253

Date of fiscal year end: December 31

Date of reporting period: June 30, 2005

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semiannual Report to Shareholders follows.

Dear Shareholder:

Thomas G. Sorell, CFA
Chief Investment Officer

QUICK FACTS


•	Despite rising oil prices and higher short-term interest rates, the U.S. economy continued to expand at a brisk pace.

•	Even though stock prices rose in the second quarter, the overall equity market was flat during the six month period.

•	While the Federal Reserve continued to raise the Fed Funds rate, the bond market bucked conventional wisdom and generated positive returns during the first six months of 2005.

•	We continue to believe the economy will expand as the year progresses and that the stock and bond markets may generate modest gains in 2005.

A Resilient U.S. Economy

While there were concerns that the U.S. economy might experience a “soft patch” due to higher oil prices and interest rates, the U.S. economy remained on solid footing during the six month reporting period. First quarter Gross Domestic Product (GDP) was 3.8%, which was the same growth rate experienced during the fourth quarter of 2004. (Gross Domestic Product measures the value of goods and services produced in an economy.) The economic expansion continued to be supported by strong consumer spending that was fueled by solid employment and income gains, as well as an extremely supportive housing market.

To date, concerns that rising oil prices and the Federal Reserve Board’s (the Fed) move to increase interest rates would slow economic growth appear to be unfounded. This might be explained in part by the fact that in spite of the Fed’s moves to raise short-term interest rates, longer-term rates have actually declined. Low interest rates have continued to support an ever-ebullient housing market. The Fed has continued to remove policy accommodation at a “measured pace,” raising the Federal Funds target rate four more times during the six month period. These hikes were instituted with the intention of eliminating excess monetary stimuli that might result in too rapid a rate of economic growth and increased inflationary pressures. All told, the Fed has now raised short-term rates nine times since June 2004, bringing the Federal Funds rate from 1.00% to 3.25%.

Stocks Largely Tread Water

After falling 2.15% in the first quarter of 2005, stocks generated positive returns in the second quarter, with the S&P 500 Index returning 1.37%. For the six month period ended June 30, 2005, the S&P 500 Index posted a -0.81% return. (The S&P 500 Index is an index of 500 primarily large-cap U.S. stocks that is generally considered to be representative of U.S. stock market activity. It is unmanaged and not available for direct investment.) Past performance is not an indication of future results.

The stock market’s weakness in the first quarter was triggered by mixed economic data, soaring oil prices, and inflationary concerns. The second quarter also started off on the wrong foot, as stocks fell due to fears that the economic expansion was running out of steam. The S&P 500 Index then gained 3.18% in May, on the back of better-than-expected retail sales data and a benign inflation report. Stock prices were then flat in June, as investors’ awaited word from the Fed regarding the magnitude and duration of future interest rate hikes.

For the reporting period as a whole, mid-cap stocks posted the strongest returns, with the Russell Midcap, Russell 1000, and Russell 2000 Indexes returning 3.92%, 0.11%, and -1.25%, respectively (the Russell Midcap is generally considered to be representative of mid-cap U.S. stocks, the Russell 1000 is generally considered to be representative of large-cap U.S. stocks, and the Russell 2000 Index is generally considered to be representative of small capitalization issues in the U.S. stock market. All of these indices are unmanaged and are not available for direct investment). From a market style perspective, value-oriented stocks outperformed their growth counterparts, as the Russell 3000 Value Index rose 1.69%, while the Russell 3000 Growth Index declined 1.88% (the Russell 3000 Value Index is generally considered to be representative of the U.S. equity value market, and the Russell 3000 Growth Index is generally considered to be representative of the broad U.S. equity growth markets. These indices are unmanaged and are not available for direct investment).

Bonds Have a Pleasant Surprise for Investors

Certainly one of the biggest surprises over the last six months was the performance of the bond market. When the year began, there were few people who thought that bonds would generate positive returns, let alone outperform stocks. But the bond market surpassed these low expectations and the overall market, as measured by the Lehman Brothers Aggregate Bond Index, returned 2.51% during the six-month period (the Lehman Brothers Aggregate Bond Index is an unmanaged index that is generally considered to be representative of the U.S. bond market activity. It is not available for direct investment).

As previously mentioned, longer-term interest rates, which are used to establish mortgage and other borrowing rates, have fallen despite the Fed’s tightening monetary policy. When the Fed first started increasing rates in June 2004, 10-year Treasury yields were 4.69% and one year later at quarter end they stood at 3.92%. While Fed Chairman Greenspan stated it was a “conundrum” that shorter term interest rates were rising while longer term rates were falling, these conditions continued to support consumer spending, as well as a potential “bubble” in the housing market. Even Chairman Greenspan admitted that housing showed “signs of froth in some local markets, where home prices seem to have risen to unsustainable levels.”

One sector of the market that experienced a fair share of publicity, as well as increased volatility, was high yield bonds. After a strong start, high yield bond prices declined in March and April 2005 due to concerns over the bond downgrades of General Motors and Ford Motor Company. However, following these downgrades, high yield bonds rebounded in May and June. All told, over the six-month period, the Lehman High Yield Bond Index returned 1.11% (The Lehman High Yield Bond Index is an index that is generally considered to be representative of corporate high yield bond market activity. It is unmanaged and not available for direct investment).

Economic Outlook: Moderating Economic Growth

Over the last six months, our outlook for the U.S. economy has remained fairly consistent. Given the current environment, we continue to believe that economic growth will decline somewhat. The Fed has made clear its intention to raise rates at a measured pace. In addition, high oil prices, if sustained, should eventually temper spending and slow economic growth. We believe the Blue Chip Economic Indicators consensus estimate for second half 2005 GDP growth of 3.5% is reasonable and that GDP could move closer to its historical average of 3.0% next year. Looking more closely at the Fed, we expect it to raise short-term rates from 3.25% to 3.75% during its next two meetings. However, after these moves, we wouldn’t be surprised if the Fed paused to monitor and analyze the economic impact of its monetary policy, which will have been in effect for more than a year. Historically, Fed-tightening cycles last about twelve months with 2.50% of interest rate hikes. We have just reached the twelfth month of this cycle and rates have risen 2.25%.While rates were extremely low from a historical perspective when the Fed began raising the Fed Funds rate, we believe we are approaching the end of this tightening cycle.

Equity Outlook: Hopes for a Late Rally

As with the economy, our outlook for the equity market hasn’t changed. We continue to expect a decelerating corporate profit environment, with Thomson First Call projecting that earnings growth will be approximately 8% in 2005 and 5% in 2006. This compares to 21% earnings growth in 2004. We currently believe the stock market is fairly valued at 16 times forward earnings and 17 times trailing earnings. This is a level not seen since 1996. Given the relatively flat market thus far in 2005, many investors are hoping for a repeat of 2004, when stock prices surged in the fourth quarter and the S&P 500 Index gained 10.88% for the year as a whole. Last year’s rally occurred once the uncertainty of the presidential election lifted and oil prices fell. A catalyst for a late rally in 2005 could possibly be driven by a meaningful decline in oil prices and/or a pause in the Fed’s tightening cycle. We believe equity returns in the mid- to upper-single digit range could be possible should this scenario play out.

In the international equity markets, European stocks performed well during the first half in local currency terms. However, due to the weakening of the euro during the first half of the year, all of the gains were lost in currency translation for U.S. investors. Reasonable valuations, decent corporate profitability and profit margins have made the region’s equity markets appear attractive relative to the prevailing low bond yields. Looking ahead, European equities could benefit if the European Central Bank lowers interest rates to stimulate economic growth. Japan’s stock market has been nearly flat in local currency terms (and negative in dollar terms) thus far in 2005, as mixed economic signals, high oil prices, falling exports, and political uncertainties have weighted on the Japanese market. Until some of these issues are resolved there could be continued weakness.

Finally, emerging market equities have performed well in 2005 (both in local currency terms and dollar terms) and could continue to do so given high commodity prices and their ability, thus far, to withstand a rising Fed Funds rate. This has mirrored the strong performance of emerging market bonds so far in the year, which has been attributed to their improving credit quality.

Bond Outlook: Mixed Signals Abound

After the first six months of 2005, it may be unwise to again underestimate the bond market. At the same time, many of the issues that concerned investors heading into the year remain. The Fed has telegraphed its intention to raise interest rates. Longer-term rates have bucked their historical trend and fallen in the face of rising short-term rates. And inflation could eventually be impacted if oil prices don’t retreat from their current high levels.

The bond market tends to telegraph the future and it’s currently acting as if economic weakness were on the horizon. This is exemplified by the flattening yield curve as long-and-short term yields compress, and continued low long-term rates. On the other hand, if the bond market is wrong and the economy continues to expand at a rapid pace, we believe the Fed may move to continue raising short-term rates for the foreseeable future. Should this occur, longer-term rates will most likely rise as well.

Given this environment, where investors are poorly compensated for extending duration with a flat yield curve, a prudent approach may be to become more defensive with one’s fixed income holdings, both in terms of duration and credit quality. By holding shorter duration bonds or funds, we believe principal losses are less likely in a rising rate environment. That’s because interest rates and bond prices move in opposite directions and rising rates generally have a negative impact on bond prices.

Take a Long-term View

Perhaps nowhere is the saying “hindsight is 20/20” more pertinent that when looking at the financial markets. Because no one knows where the markets are headed over the short-term, attempting to outguess, or time, the market can be hazardous to your longer-term financial goals. We continue to believe in the three tenets of sound investing: maintaining a diversified portfolio, employing a sound asset allocation strategy, and taking a long-term view of the markets. Your investment professional can provide the guidance needed to keep you on track with your financial goals. He or she can also help you have realistic expectations for your investment returns in the current environment.

In conclusion, we thank you for your business, confidence and trust to manage your investments and look forward to serving your financial needs in the future.

Thomas G. Sorell, CFA
President, The Park Avenue Portfolio
Chief Investment Officer,
Guardian Investor Services LLC

Please note that the opinions and outlooks about the markets in general and any specific securities expressed above reflect the viewpoints of Tom Sorell as of June 30, 2005. Keep in mind that market conditions are constantly evolving and that past performance is not a guarantee of future results. This shareholder letter is not part of the funds’ financial report and is submitted for the general information of Park Avenue Portfolio shareholders. This letter is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. Please consider the funds’ investment objective, risks, fees and charges carefully before investing.

The Park Avenue Portfolio® family of mutual funds is sold by prospectus only. The prospectus contains important information, including fees and expenses and should be read carefully before investing or sending money. You should consider the funds’ investment objectives, risks, fees and charges carefully before investing. A prospectus contains this and other important information and can be obtained from your investment professional or by calling 800-221-3253.

Shares of The Park Avenue Portfolio family of mutual funds are not deposits or obligations of, or guaranteed or endorsed by, any bank or depository institution, nor are they insured by the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Association (NCUA), the Federal Reserve Board, or any other agency. Investment in the funds involves risks, including possible loss of the principal amount invested. Fund shares are subject to market fluctuations and, when redeemed, may be worth more or less than their original cost.

Guardian Investor Services LLC (GIS) is the distributor of The Park Avenue Portfolio family of mutual funds. GIS is an indirect wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian Life), New York, NY. GIS is located at 7 Hanover Square, New York, NY 10004. 800-221-3253.
GIS is a member: NASD, SIPC.

About Your Semiannual Report

Information About Indexes:

Index returns are provided for comparative purposes and are quoted throughout the following fund information. Please note that the indices are not available for direct investment and the returns do not reflect the fees and expenses that have been deducted from the Fund. In addition, the return figures for the index do not reflect sales charges that an investor may pay when purchasing or redeeming shares of the Fund.


	•	The S&P 500 Index is an unmanaged index of 500 primarily large cap U.S. stocks that is generally considered to be representative of U.S. stock market activity.

	•	The Russell 1000 Value Index offers investors access to the large-cap value segment of the U.S. equity universe. The Russell 1000 Value is constructed to seek to provide a comprehensive and unbiased barometer of the large-cap value market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate large-cap value manager’s opportunity set.

	•	The Russell 2000 Index is an unmanaged index that is generally considered to be representative of small capitalization issues in the U.S. stock market.

	•	The Russell 2000 Value Index offers investors access to the small-cap value segment of the U.S. equity universe. The Russell 2000 Value is constructed to seek to provide a comprehensive and unbiased barometer of the small-cap value market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine value probability approximates the aggregate small-cap value manager’s opportunity set.

	•	The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Growth Index is an unmanaged index that is generally considered to be representative of the international growth stock market activity.

	•	The Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) Index is an unmanaged index that is generally considered to be representative of the stock market activity of emerging markets. The MSCI EMF Index is a market capitalization weighted index composed of companies representative of the market structure of 22 emerging market countries of Europe, Latin America and the Pacific Basin. The MSCI EMF Index excludes closed markets and those shares in otherwise free markets that may not be purchased by foreigners.

	•	The Lehman Aggregate Bond Index is an unmanaged index that is generally considered to be representative of U.S. bond market activity.

	•	The Lehman U.S. Government 1-3 Year Bond Index is an unmanaged index that is generally considered to be representative of U.S. short duration bond market activity.

	•	The Lehman Corporate High Yield Bond Index is an unmanaged index that is generally considered to be representative of U.S. corporate high yield bond market activity.

	•	The Lehman Municipal Bond Index is an unmanaged index that is generally considered to be representative of U.S. municipal bond activity.

	•	The Lehman 3-Month Treasury Bill Index is generally considered representative of the average yield of three-month Treasury Bills.

THE PARK AVENUE PORTFOLIO

Table of Contents


		Schedule
	Fund	of
	Highlights	Investments





The Guardian Park Avenue Fund	2	29





The Guardian UBS Large Cap Value Fund	5	31





The Guardian Park Avenue Small Cap Fund	7	33





The Guardian UBS Small Cap Value Fund	9	35





The Guardian Asset Allocation Fund	11	37





The Guardian S&P 500 Index Fund	13	40





The Guardian Baillie Gifford International Growth Fund	15	46





The Guardian Baillie Gifford Emerging Markets Fund	17	49





The Guardian Investment Quality Bond Fund	19	52





The Guardian Low Duration Bond Fund	21	57





The Guardian High Yield Bond Fund	23	60





The Guardian Tax-Exempt Fund	25	65





The Guardian Cash Management Fund	27	68





Financial Statements		72





Notes to Financial Statements		81





Financial Highlights		96

n The Guardian Park Avenue Fund Semiannual Report
To Shareholders

Manind V. Govil, CFA
Portfolio Manager

Objective:


Long-term growth of capital

Portfolio:


At least 80% common stocks and securities convertible into common stocks

Inception Date:


June 1, 1972

Net Assets at
June 30, 2005:


$941,721,411

A Portfolio Management Update

Manind V. Govil, CFA, was named portfolio manager of The Guardian Park Avenue Fund and head of Guardian’s Common Stock Department starting August 1, 2005. Manind joins Guardian after having spent the past 12 years at Mercantile Capital Advisors where he served as Co-Head of Equities, Head of Equity Research, and as the Lead Portfolio Manager of the large cap core Mercantile Growth & Income Fund managing $2.2 billion in assets. Prior to joining Mercantile, he was with Covansys Corporation in Michigan and began his career with KPMG Peat Marwick in India. He is a Chartered Financial Analyst, and is a member of the CFA Institute as well as the American Association of Individual Investors. He received a Bachelor of Commerce degree in Accounting from the University of Bombay, India, and was awarded a Master of Business Administration degree in Finance and Information Systems from the University of Cincinnati in Ohio.

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10			Since
		Date		YTD			Yr			Yrs			Yrs			Yrs			Inception

Class A shares	(w/o sales charge)		6/1/72		-2.64	%		2.12	%		3.88	%		-9.59	%		6.43	%		12.73	%
	(w/ sales charge)		6/1/72		-7.02	%		-2.48	%		2.30	%		-10.42	%		5.94	%		12.57	%
Class B shares	(w/o sales charge)		5/1/96		-3.13	%		1.11	%		2.86	%		-10.46	%		—			4.01	%
	(w/ sales charge)		5/1/96		-6.04	%		-1.89	%		2.23	%		-10.64	%		—			4.01	%
Class C shares	(w/o sales charge)		8/7/00		-3.21	%		0.92	%		2.62	%		—			—			-10.96	%
	(w/ sales charge)		8/7/00		-4.18	%		-0.08	%		2.62	%		—			—			-10.96	%
Class K shares	(w/o sales charge)		5/15/01		-2.82	%		1.75	%		3.55	%		—			—			-3.87	%
	(w/ sales charge)		5/15/01		-3.79	%		0.75	%		3.55	%		—			—			-3.87	%
S&P 500 Index					-0.81	%		6.32	%		8.28	%		-2.37	%		9.93	%		10.99	%
																			Since Class A shares inception

Sector Weightings vs. Index (As of 6/30/2005)

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested.

	•	Please see the “About Your Annual Report” page for a description of the S&P 500 Index.

	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted. Prior to August 25, 1988, Class A shares of the Fund were offered at a higher sales charge, so that actual returns would have been somewhat lower.

n The Guardian Park Avenue Fund Semiannual Report
To Shareholders

Top Ten Holdings (As of 6/30/2005)


	Percentage of
Company	Total Net Assets

General Electric Co.		3.14	%
Bank of America Corp.		2.99	%
Microsoft Corp.		2.87	%
Citigroup, Inc.		2.73	%
Procter & Gamble Co.		2.50	%
Exxon Mobil Corp.		2.43	%
Johnson & Johnson		2.07	%
Intel Corp.		2.05	%
Pfizer, Inc.		1.84	%
Cisco Systems, Inc.		1.68	%

Fund Expenses

By investing in the Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments, reinvested dividends, or other distributions; redemption fees and exchange fees; and (2) ongoing costs, including, as applicable, management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example 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 on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

The first line provides information about actual account values and actual expenses. You may use the information on this line, 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 applicable line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line 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 and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please 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 table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs would have been higher.

n The Guardian Park Avenue Fund Semiannual Report
To Shareholders


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	973.60	$	4.36		0.89	%




Hypothetical (5% return before expenses)	$	1,000	$	1,020.38	$	4.46		0.89	%




Class B




Actual	$	1,000	$	968.70	$	9.27		1.90	%




Hypothetical (5% return before expenses)	$	1,000	$	1,015.37	$	9.49		1.90	%




Class C




Actual	$	1,000	$	967.90	$	10.10		2.07	%




Hypothetical (5% return before expenses)	$	1,000	$	1,014.53	$	10.34		2.07	%




Class K




Actual	$	1,000	$	971.80	$	5.96		1.22	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.74	$	6.11		1.22	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian UBS Large Cap Value Fund Semiannual Report
To Shareholders


	The Guardian UBS Large Cap Value Fund is managed by a team of investment professionals from the Fund’s sub-advisor, UBS Global Asset Management (Americas) Inc., with many years of experience in large cap value investment management.

Objective:


Seeks to maximize total return, consisting of capital appreciation and current income

Portfolio:


At least 80% in equity securities issued by companies with a large market capitalization at the time of purchase

Inception Date:


February 3, 2003

Net Assets at
June 30, 2005:


$86,402,807

Top Ten Holdings (As of 6/30/2005)


	Percentage of
Company	Total Net Assets

Citigroup, Inc.		5.40	%
Exxon Mobil Corp.		4.90	%
Wells Fargo & Co.		4.03	%
J.P. Morgan Chase & Co.		3.96	%
Morgan Stanley		3.75	%
Nextel Comm., Inc.		3.40	%
Marathon Oil Corp.		3.03	%
UnitedHealth Group		2.86	%
Federal Home Loan Mortgage Corp.		2.83	%
S&P Depositary Receipts Trust Series 1		2.36	%

Sector Weightings vs. Index (As of 6/30/2005)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			5		10		Since
		Date		YTD			Yr			Yrs		Yrs		Inception

Class A shares	(w/o sales charge)		2/3/03		1.82	%		12.15	%		—		—		18.94	%
	(w/ sales charge)		2/3/03		-2.76	%		7.10	%		—		—		16.68	%
Class B shares	(w/o sales charge)		2/3/03		1.52	%		11.40	%		—		—		18.09	%
	(w/ sales charge)		2/3/03		-1.48	%		8.40	%		—		—		17.43	%
Class C shares	(w/o sales charge)		2/3/03		1.52	%		11.40	%		—		—		18.09	%
	(w/ sales charge)		2/3/03		0.52	%		10.40	%		—		—		18.09	%
Class K shares	(w/o sales charge)		2/3/03		1.69	%		11.84	%		—		—		18.62	%
	(w/ sales charge)		2/3/03		0.69	%		10.84	%		—		—		18.62	%
Russell 1000 Value Index					1.76	%		14.06	%		—		—		20.63	%
														Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested.

	•	Please see the “About Your Annual Report” page for a description of the Russell 1000 Value Index.

	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted.

n The Guardian UBS Large Cap Value Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	1,018.20	$	7.16		1.43	%




Hypothetical (5% return before expenses)	$	1,000	$	1,017.70	$	7.15		1.43	%




Class B




Actual	$	1,000	$	1,015.20	$	10.89		2.18	%




Hypothetical (5% return before expenses)	$	1,000	$	1,013.98	$	10.89		2.18	%




Class C




Actual	$	1,000	$	1,015.20	$	10.89		2.18	%




Hypothetical (5% return before expenses)	$	1,000	$	1,013.98	$	10.89		2.18	%




Class K




Actual	$	1,000	$	1,016.90	$	8.45		1.69	%




Hypothetical (5% return before expenses)	$	1,000	$	1,016.41	$	8.45		1.69	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Park Avenue Small Cap Fund Semiannual Report
To Shareholders

Matthew Ziehl, CFA
Portfolio Manager

Objective:


Long-term growth of capital

Portfolio:


At least 85% in a diversified portfolio of common stocks issued by companies with a small market capitalization at the time of initial purchase

Inception Date:


May 1, 1997

Net Assets at
June 30, 2005:


$178,376,808

Top Ten Holdings (As of 6/30/2005)


	Percentage of
Company	Total Net Assets

Affiliated Managers Group, Inc.		2.42	%
Benchmark Electronics, Inc.		2.11	%
Salix Pharmaceuticals Ltd.		2.11	%
Insight Enterprises, Inc.		1.80	%
Varian Semiconductor Equipment Assoc., Inc.		1.73	%
FactSet Research Systems, Inc.		1.65	%
Tanger Factory Outlet Centers, Inc.		1.63	%
CACI Int’l., Inc.		1.61	%
Fairmont Hotels & Resorts, Inc.		1.60	%
Informatica Corp.		1.51	%

Sector Weightings vs. Index (As of 6/30/2005)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10		Since
		Date		YTD			Yr			Yrs			Yrs			Yrs		Inception

Class A shares	(w/o sales charge)		5/1/97		-4.04	%		5.98	%		10.75	%		1.64	%		—		9.51	%
	(w/ sales charge)		5/1/97		-8.36	%		1.21	%		9.06	%		0.71	%		—		8.89	%
Class B shares	(w/o sales charge)		5/6/97		-4.54	%		4.96	%		9.70	%		0.71	%		—		8.11	%
	(w/ sales charge)		5/6/97		-7.40	%		1.96	%		9.14	%		0.51	%		—		8.11	%
Class C shares	(w/o sales charge)		8/7/00		-4.52	%		4.94	%		9.58	%		—			—		0.14	%
	(w/ sales charge)		8/7/00		-5.47	%		3.94	%		9.58	%		—			—		0.14	%
Class K shares	(w/o sales charge)		5/15/01		-4.22	%		5.64	%		10.43	%		—			—		6.41	%
	(w/ sales charge)		5/15/01		-5.18	%		4.64	%		10.43	%		—			—		6.41	%
Russell 2000 Index					-1.25	%		9.45	%		12.81	%		5.71	%		—		9.31	%
																		Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. Small-cap investing entails special risks, as small-cap stocks have tended to be more volatile and to drop more in down markets than large-cap stocks. This may happen because small companies may be limited in terms of product lines, financial resources and management.
	•	Please see the “About Your Annual Report” page for a description of the Russell 2000 Index.
	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted.

n The Guardian Park Avenue Small Cap Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	959.60	$	5.93		1.22	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.74	$	6.11		1.22	%




Class B




Actual	$	1,000	$	954.60	$	10.42		2.15	%




Hypothetical (5% return before expenses)	$	1,000	$	1,014.13	$	10.74		2.15	%




Class C




Actual	$	1,000	$	954.80	$	10.71		2.21	%




Hypothetical (5% return before expenses)	$	1,000	$	1,013.84	$	11.03		2.21	%




Class K




Actual	$	1,000	$	957.80	$	7.48		1.54	%




Hypothetical (5% return before expenses)	$	1,000	$	1,017.16	$	7.70		1.54	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian UBS Small Cap Value Fund Semiannual Report
To Shareholders


	The Guardian UBS Small Cap Value Fund is managed by a team of investment professionals from the Fund’s sub-advisor, UBS Global Asset Management (Americas) Inc., with many years of experience in small cap value investment management.

Objective:


Seeks to maximize total return, consisting of capital appreciation and current income

Portfolio:


At least 80% in equity securities issued by companies with a small market capitalization at the time of initial purchase

Inception Date:


February 3, 2003

Net Assets at
June 30, 2005:


$43,054,058

Top Ten Holdings (As of 6/30/2005)


	Percentage of
Company	Total Net Assets

Regal-Beloit Corp.		2.42	%
Equitable Resources, Inc.		2.27	%
National Financial Partners Corp.		2.26	%
The Sports Authority, Inc.		2.22	%
Apollo Investment Corp.		2.14	%
Esterline Technologies Corp.		2.12	%
Ryland Group, Inc.		2.06	%
McGrath Rentcorp		1.87	%
AmerUs Group Co.		1.85	%
Jackson Hewitt Tax Svc., Inc.		1.79	%

Sector Weightings vs. Index (As of 6/30/2005)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			5		10		Since
		Date		YTD			Yr			Yrs		Yrs		Inception

Class A shares	(w/o sales charge)		2/3/03		-1.05	%		10.92	%		—		—		21.15	%
	(w/ sales charge)		2/3/03		-5.50	%		5.93	%		—		—		18.85	%
Class B shares	(w/o sales charge)		2/3/03		-1.45	%		9.98	%		—		—		20.18	%
	(w/ sales charge)		2/3/03		-4.41	%		6.98	%		—		—		19.54	%
Class C shares	(w/o sales charge)		2/3/03		-1.45	%		9.98	%		—		—		20.18	%
	(w/ sales charge)		2/3/03		-2.44	%		8.98	%		—		—		20.18	%
Class K shares	(w/o sales charge)		2/3/03		-1.13	%		10.70	%		—		—		20.94	%
	(w/ sales charge)		2/3/03		-2.12	%		9.70	%		—		—		20.94	%
Russell 2000 Value Index					0.90	%		14.39	%		—		—		29.41	%
														Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. Small-cap investing entails special risks, as small-cap stocks have tended to be more volatile and to drop more in down markets than large-cap stocks. This may happen because small companies may be limited in terms of product lines, financial resources and management.

	•	Please see the “About Your Annual Report” page for a description of the Russell 2000 Value Index.

	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted.

n The Guardian UBS Small Cap Value Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	988.80	$	9.32		1.89	%




Hypothetical (5% return before expenses)	$	1,000	$	1,015.42	$	9.44		1.89	%




Class B




Actual	$	1,000	$	985.50	$	13.10		2.66	%




Hypothetical (5% return before expenses)	$	1,000	$	1,011.60	$	13.27		2.66	%




Class C




Actual	$	1,000	$	985.50	$	13.14		2.67	%




Hypothetical (5% return before expenses)	$	1,000	$	1,011.55	$	13.32		2.67	%




Class K




Actual	$	1,000	$	988.00	$	10.01		2.03	%




Hypothetical (5% return before expenses)	$	1,000	$	1,014.73	$	10.14		2.03	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Asset Allocation Fund Semiannual Report
To Shareholders

Jonathan C. Jankus, CFA
Co-Portfolio Manager

Stewart Johnson,
Co-Portfolio Manager

Objective:


Long-term total investment return consistent with moderate investment risk

Portfolio:


Generally purchases shares of The Guardian S&P 500 Index, The Guardian Park Avenue, The Guardian Investment Quality Bond and/or The Guardian Cash Management Funds. Also invests in individual securities and uses futures to manage allocations among the equity, debt and money market asset classes.

Inception Date:


February 16, 1993

Net Assets at
June 30, 2005:


$144,006,574

Portfolio Composition by Asset Class (As of 6/30/2005)


The Guardian Asset Allocation Fund, June 30, 2005		The Guardian Asset Allocation Fund, Dec. 31, 2004

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10			Since
		Date		YTD			Yr			Yrs			Yrs			Yrs			Inception

Class A shares	(w/o sales charge)		2/16/93		-0.91	%		5.68	%		7.71	%		-0.87	%		8.07	%		8.45	%
	(w/ sales charge)		2/16/93		-5.37	%		0.92	%		6.07	%		-1.78	%		7.57	%		8.05	%
Class B shares	(w/o sales charge)		5/1/96		-1.23	%		4.85	%		6.80	%		-1.71	%		—			6.35	%
	(w/ sales charge)		5/1/96		-4.19	%		1.85	%		6.21	%		-1.91	%		—			6.35	%
Class C shares	(w/o sales charge)		8/7/00		-1.31	%		4.66	%		6.60	%		—			—			-2.12	%
	(w/ sales charge)		8/7/00		-2.30	%		3.66	%		6.60	%		—			—			-2.12	%
Class K shares	(w/o sales charge)		5/15/01		-0.93	%		5.49	%		7.40	%		—			—			0.32	%
	(w/ sales charge)		5/15/01		-1.92	%		4.49	%		7.40	%		—			—			0.32	%
Composite benchmark: 60% S&P 500 Index/ 40% Lehman Aggregate Bond Index					0.55	%		6.62	%		7.57	%		1.80	%		9.04	%		9.31	%
																			Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested.
	•	The Composite benchmark total return data is comprised of 60% of the S&P 500 Index and 40% of the Lehman Aggregate Bond Index to reflect a 60/40 neutral weighting of the Fund. Please see the “About Your Annual Report” page for a description of the S&P 500 Index and the Lehman Aggregate Bond Index.
	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted.

n The Guardian Asset Allocation Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	990.90	$	2.02		0.41	%




Hypothetical (5% return before expenses)	$	1,000	$	1,022.76	$	2.06		0.41	%




Class B




Actual	$	1,000	$	987.70	$	6.11		1.24	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.65	$	6.21		1.24	%




Class C




Actual	$	1,000	$	986.90	$	6.90		1.40	%




Hypothetical (5% return before expenses)	$	1,000	$	1,017.85	$	7.00		1.40	%




Class K




Actual	$	1,000	$	990.70	$	3.41		0.69	%




Hypothetical (5% return before expenses)	$	1,000	$	1,021.37	$	3.46		0.69	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian S&P 500 Index Fund Semiannual Report
To Shareholders

Jonathan C. Jankus, CFA
Co-Portfolio Manager

Stewart Johnson,
Co-Portfolio Manager

Objective:


Seeks to track the investment performance of the Standard and Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”) which emphasizes securities issued by large U.S. companies

Portfolio:


At least 95% of the Fund’s assets are invested in common stocks of companies included in the S&P 500 Index under normal circumstances

Inception Date:


August 7, 2000

Net Assets at
June 30, 2005:


$179,220,336

Top Ten Holdings (As of 6/30/2005)


	Percentage of
Company	Total Net Assets

General Electric Co.		3.27	%
Exxon Mobil Corp.		3.27	%
Microsoft Corp.		2.30	%
Citigroup, Inc.		2.08	%
Pfizer, Inc.		1.82	%
Johnson & Johnson		1.74	%
Bank of America Corp.		1.60	%
Wal-Mart Stores, Inc.		1.60	%
Intel Corp.		1.45	%
American Int’l. Group, Inc.		1.36	%

Sector Weightings vs. Index (As of 6/30/2005)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5		10		Since
		Date		YTD			Yr			Yrs			Yrs		Yrs		Inception

Class A shares	(w/o sales charge)		8/7/00		-1.02	%		5.91	%		7.71	%		—		—		-3.17	%
	(w/ sales charge)		8/7/00		-5.47	%		1.14	%		6.07	%		—		—		-4.08	%
Class B shares	(w/o sales charge)		8/7/00		-1.34	%		5.02	%		6.80	%		—		—		-3.97	%
	(w/ sales charge)		8/7/00		-4.30	%		2.02	%		6.21	%		—		—		-4.17	%
Class C shares	(w/o sales charge)		8/7/00		-1.34	%		5.03	%		6.76	%		—		—		-3.99	%
	(w/ sales charge)		8/7/00		-2.33	%		4.03	%		6.76	%		—		—		-3.99	%
Class K shares	(w/o sales charge)		5/15/01		-1.09	%		5.45	%		7.18	%		—		—		-1.12	%
	(w/ sales charge)		5/15/01		-2.08	%		4.45	%		7.18	%		—		—		-1.12	%
S&P 500 Index					-0.81	%		6.32	%		8.28	%		—		—		-2.77	%
																	Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested.
	•	Please see the “About Your Annual Report” page for a description of the S&P 500 Index.
	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted.

n The Guardian S&P 500 Index Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	989.80	$	2.61		0.53	%




Hypothetical (5% return before expenses)	$	1,000	$	1,022.17	$	2.66		0.53	%




Class B




Actual	$	1,000	$	986.60	$	6.30		1.28	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.45	$	6.41		1.28	%




Class C




Actual	$	1,000	$	986.60	$	6.30		1.28	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.45	$	6.41		1.28	%




Class K




Actual	$	1,000	$	989.10	$	4.59		0.93	%




Hypothetical (5% return before expenses)	$	1,000	$	1,020.18	$	4.66		0.93	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Baillie Gifford International Growth Fund Semiannual Report
To Shareholders

R. Robin Menzies,
Portfolio Manager

Objective:


Long-term growth of capital

Portfolio:


At least 80% in a diversified portfolio of common stocks and convertible securities of companies domiciled outside the United States

Inception Date:


February 16, 1993

Net Assets at
June 30, 2005:


$55,332,444

Top Ten Holdings (As of 6/30/2005)


		Percentage of
Company	Country	Total Net Assets

Total S.A.	France		3.17	%
Vodafone Group	United Kingdom		3.11	%
UBS AG	Switzerland		2.51	%
Petroleo Brasileiro S.A.	Brazil		2.39	%
Danske Bank AS	Denmark		2.32	%
Japan Tobacco, Inc.	Japan		2.31	%
BP PLC	United Kingdom		2.26	%
SAP AG	Germany		2.24	%
Essilor Int’l. S.A.	France		2.19	%
Sanofi-Aventis	France		1.96	%

Geographical Location vs. Index (As of 6/30/2005)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10			Since
		Date		YTD			Yr			Yrs			Yrs			Yrs			Inception

Class A shares	(w/o sales charge)		2/16/93		-0.18	%		13.81	%		7.52	%		-4.72	%		5.02	%		6.23	%
	(w/sales charge)		2/16/93		-4.67	%		8.69	%		5.88	%		-5.59	%		4.54	%		5.84	%
Class B shares	(w/o sales charge)		5/1/96		-0.75	%		12.44	%		6.27	%		-5.84	%		—			2.22	%
	(w/sales charge)		5/1/96		-3.73	%		9.44	%		5.68	%		-6.03	%		—			2.22	%
Class C shares	(w/o sales charge)		8/7/00		-0.66	%		12.59	%		6.35	%		—			—			-4.93	%
	(w/sales charge)		8/7/00		-1.65	%		11.59	%		6.35	%		—			—			-4.93	%
Class K shares	(w/o sales charge)		5/15/01		-0.25	%		13.58	%		7.35	%		—			—			0.16	%
	(w/sales charge)		5/15/01		-1.25	%		12.58	%		7.35	%		—			—			0.16	%
MSCI EAFE Growth Index					-1.47	%		11.73	%		9.38	%		-4.50	%		2.91	%		4.98	%
																			Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. International investing has special risks relating to changes in currency rates, foreign taxation, differences in auditing and other financial standards, political uncertainty and greater volatility.
	•	Please see the “About Your Annual Report” page for a description of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Growth Index.
	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted.

n The Guardian Baillie Gifford International Growth Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	998.20	$	9.17		1.85	%




Hypothetical (5% return before expenses)	$	1,000	$	1,015.62	$	9.25		1.85	%




Class B




Actual	$	1,000	$	992.50	$	14.87		3.01	%




Hypothetical (5% return before expenses)	$	1,000	$	1,009.87	$	15.00		3.01	%




Class C




Actual	$	1,000	$	993.40	$	13.89		2.81	%




Hypothetical (5% return before expenses)	$	1,000	$	1,010.86	$	14.01		2.81	%




Class K




Actual	$	1,000	$	997.50	$	10.05		2.03	%




Hypothetical (5% return before expenses)	$	1,000	$	1,014.73	$	10.14		2.03	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Baillie Gifford Emerging Markets Fund Semiannual Report
To Shareholders

Edward H. Hocknell,
Portfolio Manager

Objective:


Long-term capital appreciation

Portfolio:


At least 80% in a diversified portfolio of common stocks and convertible securities issued by companies in emerging markets

Inception Date:


May 1, 1997

Net Assets at
June 30, 2005:


$119,322,699

Top Ten Holdings (As of 6/30/2005)


		Percentage of
Company	Country	Total Net Assets

Petroleo Brasileiro S.A.	Brazil		3.74	%
Sasol Ltd.	South Africa		3.23	%
Comp. Vale Do Rio Doce	Brazil		2.96	%
Hon Hai Precision Inds. Co. Ltd.	Taiwan		2.93	%
America Movil S.A. de C.V.	Mexico		2.86	%
Itausa-Investimentos Itau S.A.	Brazil		2.66	%
Reliance Inds. Ltd.	India		2.48	%
Turkiye Garanti Bankasi A.S.	Turkey		2.31	%
Standard Bank Group Ltd.	South Africa		2.22	%
Samsung Corp.	South Korea		2.03	%

Geographical Location vs. Index (As of 6/30/2005)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10		Since
		Date		YTD			Yr			Yrs			Yrs			Yrs		Inception

Class A shares	(w/o sales charge)		5/1/97		8.14	%		35.89	%		22.38	%		8.74	%		—		6.59	%
	(w/ sales charge)		5/1/97		3.27	%		29.77	%		20.52	%		7.74	%		—		5.99	%
Class B shares	(w/o sales charge)		5/6/97		7.64	%		34.56	%		21.04	%		7.43	%		—		4.77	%
	(w/ sales charge)		5/6/97		4.64	%		31.56	%		20.58	%		7.28	%		—		4.77	%
Class C shares	(w/o sales charge)		8/7/00		7.70	%		34.65	%		21.13	%		—			—		8.97	%
	(w/ sales charge)		8/7/00		6.70	%		33.65	%		21.13	%		—			—		8.97	%
Class K shares	(w/o sales charge)		5/15/01		7.94	%		35.48	%		21.98	%		—			—		17.26	%
	(w/ sales charge)		5/15/01		6.94	%		34.48	%		21.98	%		—			—		17.26	%
MSCI EMF Index					6.26	%		34.89	%		24.42	%		7.68	%		—		3.71	%
																		Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. International investing has special risks relating to changes in currency rates, foreign taxation, differences in auditing and other financial standards, political uncertainty and greater volatility. These risks are even greater when investing in emerging markets.
	•	Please see the “About Your Annual Report” page for a description of the Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) Index.
	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted.

n The Guardian Baillie Gifford Emerging Markets Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	1,081.40	$	9.19		1.78	%




Hypothetical (5% return before expenses)	$	1,000	$	1,015.97	$	8.90		1.78	%




Class B




Actual	$	1,000	$	1,076.40	$	14.11		2.74	%




Hypothetical (5% return before expenses)	$	1,000	$	1,011.21	$	13.66		2.74	%




Class C




Actual	$	1,000	$	1,077.00	$	13.90		2.70	%




Hypothetical (5% return before expenses)	$	1,000	$	1,011.41	$	13.47		2.70	%




Class K




Actual	$	1,000	$	1,079.40	$	10.93		2.12	%




Hypothetical (5% return before expenses)	$	1,000	$	1,014.28	$	10.59		2.12	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Investment Quality Bond Fund Semiannual Report
To Shareholders

Howard W. Chin,
Co-Portfolio Manager

Robert Crimmins,
Co-Portfolio Manager

Objective:


High level of current income and capital appreciation without undue risk to principal

Portfolio:


At least 80% in different kinds of investment grade bonds, such as corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. government and its agencies

Inception Date:


February 16, 1993

Net Assets at
June 30, 2005:


$140,064,078

Top Ten Holdings (As of 6/30/2005)


				Maturity		Percentage of
Company	Coupon			Date		Total Net Assets

FNMA (30 yr. TBA)		5.000	%		N/A		4.80	%
FHLMC		5.500	%		12/1/2034		4.49	%
U.S. Treasury Bonds		5.375	%		2/15/2031		4.25	%
FHLMC		5.500	%		6/1/2035		4.20	%
FNMA		3.030	%		7/14/2005		3.62	%
FHLMC		2.875	%		5/15/2007		3.51	%
U.S. Treasury Bonds		6.000	%		2/15/2026		3.09	%
FNMA		3.250	%		1/15/2008		2.53	%
FNMA		5.000	%		6/1/2018		2.36	%
FHLMC		5.500	%		10/1/2034		2.00	%

Sector Allocation (As of 6/30/2005 and 12/31/2004)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10			Since
		Date		YTD			Yr			Yrs			Yrs			Yrs			Inception

Class A shares	(w/o sales charge)		2/16/93		2.49	%		6.68	%		5.60	%		7.00	%		6.22	%		5.88	%
	(w/ sales charge)		2/16/93		-2.12	%		1.88	%		3.99	%		6.02	%		5.73	%		5.49	%
Class B shares	(w/o sales charge)		8/7/00		2.11	%		5.78	%		4.78	%		—			—			6.08	%
	(w/ sales charge)		8/7/00		-0.89	%		2.78	%		4.17	%		—			—			5.92	%
Class C shares	(w/o sales charge)		8/7/00		2.11	%		5.78	%		4.78	%		—			—			6.08	%
	(w/ sales charge)		8/7/00		1.11	%		4.78	%		4.78	%		—			—			6.08	%
Class K shares	(w/o sales charge)		5/15/01		2.29	%		6.26	%		5.18	%		—			—			5.84	%
	(w/ sales charge)		5/15/01		1.29	%		5.26	%		5.18	%		—			—			5.84	%
Lehman Aggregate Bond Index					2.51	%		6.80	%		5.76	%		7.40	%		6.83	%		6.74	%
																			Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. Investing in bond funds exposes you to the general risk of investing in the debt markets. Duration is a measure of bond price sensitivity to a given change in interest rates. Generally, the higher a bond’s duration, the greater its price sensitivity to a given change in interest rates. Bond funds are subject to interest rate risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at 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.
	•	Please see the “About Your Annual Report” page for a description of the Lehman Aggregate Bond Index.
	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted. Since June 1, 1994, the investment adviser for the Fund has assumed certain ordinary operating expenses for the Fund. Without this assumption of expenses, returns would have been lower.

n The Guardian Investment Quality Bond Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	1,024.90	$	4.27		0.85	%




Hypothetical (5% return before expenses)	$	1,000	$	1,020.58	$	4.26		0.85	%




Class B




Actual	$	1,000	$	1,021.10	$	8.02		1.60	%




Hypothetical (5% return before expenses)	$	1,000	$	1,016.86	$	8.00		1.60	%




Class C




Actual	$	1,000	$	1,021.00	$	8.02		1.60	%




Hypothetical (5% return before expenses)	$	1,000	$	1,016.86	$	8.00		1.60	%




Class K




Actual	$	1,000	$	1,022.90	$	6.27		1.25	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.60	$	6.26		1.25	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Low Duration Bond Fund Semiannual Report
To Shareholders

Howard W. Chin,
Co-Portfolio Manager

Robert Crimmins,
Co-Portfolio Manager

Objective:


Seeks a high level of current income, consistent with preservation of capital

Portfolio:


At least 80% in different kinds of investment grade bonds, such as corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. government and its agencies

Inception Date:


July 30, 2003

Net Assets at
June 30, 2005:


$34,924,516

Top Ten Holdings (As of 6/30/2005)


				Maturity		Percentage of
Company	Coupon			Date		Total Net Assets

U.S. Treasury Notes		3.875	%		5/15/2010		4.53	%
U.S. Treasury Notes		2.625	%		5/15/2008		2.73	%
FNMA		3.875	%		2/15/2010		2.63	%
Chase Comm’l. Mtg. Secs. Corp.		6.390	%		11/18/2030		1.90	%
Mtg. Capital Funding, Inc.		6.337	%		11/18/2031		1.73	%
Chase Comm’l. Mtg. Secs. Corp.		7.370	%		6/19/2029		1.72	%
World Omni Auto Receivables Tr.		3.820	%		11/12/2011		1.67	%
Harley-Davidson Motorcycle Tr.		2.530	%		11/15/2011		1.65	%
Capital Auto Receivables Asset Tr		4.050	%		7/15/2009		1.63	%
FHLMC		3.150	%		12/16/2008		1.63	%

Sector Allocation (As of 6/30/2005 and 12/31/2004)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3		5		10		Since
		Date		YTD			Yr			Yrs		Yrs		Yrs		Inception

Class A Shares	(w/o sales charge)		7/30/03		0.85	%		2.00	%		—		—		—		1.67	%
	(w/ sales charge)		7/30/03		-2.18	%		-1.06	%		—		—		—		0.13	%
Class B Shares	(w/o sales charge)		7/30/03		0.47	%		1.25	%		—		—		—		0.91	%
	(w/ sales charge)		7/30/03		-2.53	%		-1.75	%		—		—		—		-1.24	%
Class C Shares	(w/o sales charge)		7/30/03		0.47	%		1.25	%		—		—		—		0.91	%
	(w/ sales charge)		7/30/03		-0.53	%		0.25	%		—		—		—		0.91	%
Class K Shares	(w/o sales charge)		7/30/03		0.65	%		1.60	%		—		—		—		1.27	%
	(w/ sales charge)		7/30/03		-0.35	%		0.60	%		—		—		—		1.27	%
Lehman U.S. Government 1-3 Year Bond Index					0.94	%		2.07	%		—		—		—		1.55	%
																Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. Investing in bond funds exposes you to the general risk of investing in the debt markets. Duration is a measure of bond price sensitivity to a given change in interest rates. Generally, the higher a bond’s duration, the greater its price sensitivity to a given change in interest rates. Bond funds are subject to interest rate risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at 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.
	•	Please see the “About Your Annual Report” page for a description of the Lehman U.S. Government 1-3 Year Bond Index.
	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a contractowner may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 3.0%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted. Since inception, the investment adviser for the Fund has assumed certain operating expenses for the Fund. Without this assumption of expenses, returns would have been lower.

n The Guardian Low Duration Bond Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

The first line provides information about actual account values and actual expenses. You may use the information on this line, 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 applicable line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	1,008.50	$	3.98		0.80	%




Hypothetical (5% return before expenses)	$	1,000	$	1,020,83	$	4.01		0.80	%




Class B




Actual	$	1,000	$	1,004.70	$	7.70		1.55	%




Hypothetical (5% return before expenses)	$	1,000	$	1,017.11	$	7.75		1.55	%




Class C




Actual	$	1,000	$	1,004.70	$	7.70		1.55	%




Hypothetical (5% return before expenses)	$	1,000	$	1,017.11	$	7.75		1.55	%




Class K




Actual	$	1,000	$	1,006.50	$	5.97		1.20	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.84	$	6.01		1.20	%

Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year). Since inception, the investment adviser for the Fund has assumed certain operating expenses for the Fund. Without this assumption of expenses, returns would have been lower.

n The Guardian High Yield Bond Fund Semiannual Report
To Shareholders

Peter J. Liebst,
Portfolio Manager

Objective:


Seeks current income. Capital appreciation is a secondary objective.

Portfolio:


At least 80% is invested in corporate bonds and other debt securities that, at the time of purchase, are rated below investment grade or are unrated.

Inception Date:


September 1, 1998

Net Assets at
June 30, 2005:


$85,409,241

Top Ten Holdings (As of 6/30/2005)


				Maturity		Percentage of
Company	Coupon			Date		Total Net Assets

Mission Energy Hldg.		13.500	%		7/15/2008		2.56	%
Nextel Comm., Inc.		7.375	%		8/1/2015		2.49	%
J.C. Penney Co., Inc.		7.950	%		4/1/2017		2.22	%
Sierra Pacific Resources		8.625	%		3/15/2014		2.07	%
Williams Cos., Inc.		8.125	%		3/15/2012		1.96	%
Allegheny Energy Supply		7.800	%		3/15/2011		1.90	%
Teco Energy, Inc.		7.000	%		5/1/2012		1.64	%
Federative Republic of Brazil		9.250	%		10/22/2010		1.51	%
Charter Comm. Hldgs. II		10.250	%		9/15/2010		1.51	%
Equistar Chemicals LP		10.125	%		9/1/2008		1.50	%

Bond Quality (As of 6/30/2005 and 12/31/2004)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10		Since
		Date		YTD			Yr			Yrs			Yrs			Yrs		Inception

Class A shares	(w/o sales charge)		9/1/98		1.17	%		9.09	%		10.59	%		5.35	%		—		5.14	%
	(w/ sales charge)		9/1/98		-3.38	%		4.18	%		8.91	%		4.38	%		—		4.43	%
Class B shares	(w/o sales charge)		9/1/98		0.93	%		8.28	%		9.77	%		4.56	%		—		4.22	%
	(w/ sales charge)		9/1/98		-2.07	%		5.28	%		9.21	%		4.39	%		—		4.22	%
Class C shares	(w/o sales charge)		8/7/00		0.93	%		8.28	%		9.82	%		—			—		4.63	%
	(w/ sales charge)		8/7/00		-0.07	%		7.28	%		9.82	%		—			—		4.63	%
Class K shares	(w/o sales charge)		5/15/01		0.97	%		8.51	%		10.15	%		—			—		6.80	%
	(w/ sales charge)		5/15/01		-0.03	%		7.51	%		10.15	%		—			—		6.80	%
Lehman Corporate High Yield Bond Index					1.11	%		10.86	%		14.51	%		7.47	%		—		6.04	%
																		Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. Investing in bond funds exposes you to the general risk of investing in the debt markets. Duration is a measure of bond price sensitivity to a given change in interest rates. Generally, the higher a bond’s duration, the greater its price sensitivity to a given change in interest rates. Bond funds are subject to interest rate risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at 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. Investing in high yield bonds involves special risks because investments in lower rated and unrated debt securities are subject to greater loss of principal and interest than higher rated securities.

	•	Please see the “About Your Annual Report” page for a description of the Lehman Corporate High Yield Index.

	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted. Since inception, the investment adviser for the Fund has assumed certain ordinary operating expenses for the Fund. Without this assumption of expenses, returns would have been lower.

n The Guardian High Yield Bond Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	1,011.70	$	4.24		0.85	%




Hypothetical (5% return before expenses)	$	1,000	$	1,020.58	$	4.26		0.85	%




Class B




Actual	$	1,000	$	1,009.30	$	7.97		1.60	%




Hypothetical (5% return before expenses)	$	1,000	$	1,016.86	$	8.00		1.60	%




Class C




Actual	$	1,000	$	1,008.00	$	7.97		1.60	%




Hypothetical (5% return before expenses)	$	1,000	$	1,016.86	$	8.00		1.60	%




Class K




Actual	$	1,000	$	1,009.70	$	6.23		1.25	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.60	$	6.26		1.25	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Tax-Exempt Fund Semiannual Report
To Shareholders

Alexander M. Grant, Jr.,
Portfolio Manager

Objective:


Seeks to maximize current income exempt from federal income taxes, consistent with the preservation of capital

Portfolio:


At least 80% in investment grade municipal debt obligations

Inception Date:


February 16, 1993

Net Assets at
June 30, 2005:


$97,465,384

Top Ten Holdings (As of 6/30/2005)


						Percentage of
Company	Coupon			Maturity Date		Total Net Assets

New Jersey St. Housing & Mtg. Fin. Agy. Rev. Ser. N		2.350	%		10/1/2017		3.08	%
St. Johns Cnty., FL Sales Tax Rev.		5.250	%		10/1/2027		2.54	%
Badger Tobacco Asset Securitization Corp.		5.750	%		6/1/2011		2.32	%
Tobacco Settlement Auth. WA Rev.		6.250	%		6/1/2011		2.29	%
California St. Pub. Wks. Brd. Dept. of Mental Hlth.		5.500	%		6/1/2023		2.24	%
Minnesota St. Muni. Power Agy. Electric		5.250	%		10/1/2024		2.24	%
North Carolina St. Univ. NC Raleigh Rev. General Ser. A		5.000	%		10/1/2024		2.24	%
California St. G.O.		5.250	%		11/1/2027		2.22	%
New York St. Dormitory Auth. Rev. Mental Hlth. Facs. Impt. B		5.000	%		2/15/2030		2.19	%
Tobacco Settlement Rev. Management		6.000	%		5/15/2022		2.17	%

Sector Allocation (As of 6/30/2005 and 12/31/2004)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10			Since
		Date		YTD			Yr			Yrs			Yrs			Yrs			Inception

Class A shares	(w/o sales charge)		2/16/93		3.84	%		9.92	%		6.33	%		7.16	%		6.22	%		5.42	%
	(w/ sales charge)		2/16/93		-0.83	%		4.97	%		4.71	%		6.18	%		5.73	%		5.03	%
Class C shares	(w/o sales charge)		8/7/00		3.46	%		9.11	%		5.53	%		—			—			6.10	%
	(w/ sales charge)		8/7/00		2.46	%		8.11	%		5.53	%		—			—			6.10	%
Lehman Brothers Municipal Bond Index					2.89	%		8.24	%		5.85	%		6.88	%		6.38	%		6.25	%
																			Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested. Investing in bond funds exposes you to the general risk of investing in the debt markets. Duration is a measure of bond price sensitivity to a given change in interest rates. Generally, the higher a bond’s duration, the greater its price sensitivity to a given change in interest rates. Bond funds are subject to interest rate risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. Currently, interest rates are at 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.

	•	Please see the “About Your Annual Report” page for a description of the Lehman Brothers Municipal Bond Index.

	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class A shares do not take into account the current maximum sales charge of 4.5%, except where noted. Total return figures for Class C shares do not take into account the contingent deferred sales charges applicable to such shares (maximum of 1%) except where noted. Since June 1, 1994, the investment adviser for the Fund has assumed certain ordinary operating expenses for the Fund. Without this assumption of expenses, returns would have been lower.

n The Guardian Tax-Exempt Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	1,038.40	$	4.30		0.85	%




Hypothetical (5% return before expenses)	$	1,000	$	1,020.58	$	4.26		0.85	%




Class C




Actual	$	1,000	$	1,034.60	$	8.07		1.60	%




Hypothetical (5% return before expenses)	$	1,000	$	1,016.86	$	8.00		1.60	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, and C shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Cash Management Fund Semiannual Report
To Shareholders

Alexander M. Grant, Jr.,
Portfolio Manager

Objective:


Seeks as high a level of current income as is consistent with liquidity and preservation of capital

Portfolio:


Short-term money market investments

Inception Date:


November 3, 1982

Net Assets at
June 30, 2005:


$448,599,478

Portfolio Statistics (as of 6/30/2005)






Average Maturity (days):		32




Yields:
Effective 7 day Yield	With subsidy	2.35	%
	Without subsidy	2.30	%
Current 7 day Yield	With subsidy	2.32	%
	Without subsidy	2.27	%

Annualized historical yields for the 7-day periods ended June 30, 2005. Effective yield assumes reinvested income. Yields will vary. The yield figures cited represent yield for Class A shares.

Sector Allocation (as of 6/30/2005)

Average Annual Total Returns (For periods ended 6/30/2005)


		Inception					1			3			5			10			Since
		Date		YTD			Yr			Yrs			Yrs			Yrs			Inception
Class A shares	(w/o sales charge)		9/13/82		0.93	%		1.38	%		0.78	%		1.81	%		3.29	%		4.96	%
Class B shares	(w/o sales charge)		5/1/96		0.67	%		1.11	%		0.52	%		1.36	%		—			2.85	%
	(w/ sales charge)		5/1/96		-2.33	%		-1.89	%		-0.14	%		1.17	%		—			2.85	%
Class C shares	(w/o sales charge)		8/7/00		0.67	%		1.11	%		0.52	%		—			—			1.26	%
	(w/ sales charge)		8/7/00		-0.33	%		0.11	%		0.52	%		—			—			1.26	%
Class K shares	(w/o sales charge)		5/15/01		0.73	%		1.12	%		0.54	%		—			—			0.77	%
	(w/ sales charge)		5/15/01		0.73	%		1.12	%		0.54	%		—			—			0.77	%
Lehman Brothers 3 Month Treasury-Bill Index					1.28	%		2.12	%		1.53	%		2.63	%		4.01	%		5.51	%
																			Since Class A shares inception

About information in this report:


	•	All performance data quoted is historical and the results represent past performance and neither guarantee nor predict future investment results. To obtain performance data current to the most recent month (available within 7 business days of the most recent month end), please call us at (800) 221-3253 or visit our website at www.guardianinvestor.com. Current performance may be higher or lower than the performance quoted here. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

	•	It is important to consider the Fund’s investment objectives, risks, fees and expenses before investing. All funds involve some risk, including possible loss of the principal amount invested.

	•	Please see the “About Your Annual Report” page for a description of the Lehman Brothers 3-Month Treasury Bill Index.

	•	Shares of The Guardian Cash Management Fund are not issued or guaranteed by the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Association (NCUA), the Federal Reserve Board or any other agency. Although the Fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the Fund.

	•	Total return figures are historical and assume the reinvestment of dividends and distributions and the deduction of all Fund expenses. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on distributions or redemption of shares. Total return figures for Class B, Class C and Class K shares do not take into account the contingent deferred sales charge applicable to such shares (maximum 3% for Class B shares and 1% for Class C and Class K shares), except where noted. Since June 1, 1994, the investment adviser for the Fund has assumed certain ordinary operating expenses of the Fund. Without these expense assumptions, the returns would have been lower.

n The Guardian Cash Management Fund Semiannual Report
To Shareholders

Fund Expenses

The example is based on an investment of $1,000 invested on January 1, 2005 and held for six months ended June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending
	Account Value		Account Value		Expenses Paid		Annualized
	January 1, 2005		June 30, 2005		During Period*		Expense Ratio

Class A




Actual	$	1,000	$	1,009.30	$	4.23		0.85	%




Hypothetical (5% return before expenses)	$	1,000	$	1,020.58	$	4.26		0.85	%




Class B




Actual	$	1,000	$	1,006.70	$	6.82		1.37	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.00	$	6.85		1.37	%




Class C




Actual	$	1,000	$	1,006.70	$	6.77		1.36	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.05	$	6.80		1.36	%




Class K




Actual	$	1,000	$	1,007.30	$	6.22		1.25	%




Hypothetical (5% return before expenses)	$	1,000	$	1,018.60	$	6.26		1.25	%


*	Expenses are equal to the Fund’s annualized expense ratio for the Fund’s Class A, B, C and K shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund’s most recent fiscal half-year).

n The Guardian Park Avenue Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 99.0%


Shares			Value





Aerospace and Defense — 3.8%
	75,100	Boeing Co.	$	4,956,600
	120,100	General Dynamics Corp.		13,155,754
	256,300	Honeywell Int’l., Inc.		9,388,269
	162,200	United Technologies Corp.		8,328,970

				35,829,593





Air Freight and Logistics — 0.5%
	67,000	United Parcel Svc., Inc.		4,633,720





Beverages — 2.2%
	201,700	Coca-Cola Co.		8,420,975
	234,700	PepsiCo., Inc.		12,657,371

				21,078,346





Biotechnology — 1.2%
	180,400	Amgen, Inc.*		10,906,984





Building Products — 0.6%
	184,800	Masco Corp.		5,869,248





Capital Markets — 2.5%
	40,900	Goldman Sachs Group, Inc.		4,172,618
	72,900	Lehman Brothers Hldgs., Inc.		7,237,512
	133,300	Merrill Lynch & Co., Inc.		7,332,833
	96,000	Morgan Stanley		5,037,120

				23,780,083





Chemicals — 0.6%
	88,200	PPG Inds., Inc.		5,535,432





Commercial Banks — 5.6%
	617,500	Bank of America Corp.		28,164,175
	187,100	Wachovia Corp.		9,280,160
	242,700	Wells Fargo & Co.		14,945,466

				52,389,801





Commercial Services and Supplies — 1.3%
	197,200	Cintas Corp.		7,611,920
	184,700	Robert Half Int’l., Inc.		4,611,959

				12,223,879





Communications Equipment — 3.2%
	830,300	Cisco Systems, Inc.*		15,867,033
	129,500	Corning, Inc.*		2,152,290
	414,700	Lucent Technologies, Inc.*		1,206,777
	340,200	Motorola, Inc.		6,212,052
	147,200	QUALCOMM, Inc.		4,859,072

				30,297,224





Computers and Peripherals — 3.6%
	73,200	Apple Computer, Inc.*		2,694,492
	218,200	Dell, Inc.*		8,621,082
	336,300	EMC Corp.*		4,610,673
	254,600	Hewlett Packard Co.		5,985,646
	147,100	Int’l. Business Machines		10,914,820
	309,600	Sun Microsystems, Inc.*		1,154,808

				33,981,521





Consumer Finance — 1.0%
	118,000	Capital One Financial Corp.		9,441,180





Diversified Financial Services — 3.7%
	556,766	Citigroup, Inc.		25,739,292
	245,400	J.P. Morgan Chase & Co.		8,667,528

				34,406,820





Diversified Telecommunication Services — 3.9%
	404,400	AT & T Corp.		7,699,776
	172,100	BellSouth Corp.		4,572,697
	423,100	SBC Comm., Inc.		10,048,625
	407,800	Verizon Comm.		14,089,490

				36,410,588





Electric Utilities — 1.6%
	156,600	Consolidated Edison, Inc.		7,335,144
	62,900	Exelon Corp.		3,228,657
	105,200	FPL Group, Inc.		4,424,712

				14,988,513





Electrical Equipment — 0.5%
	98,100	Rockwell Automation, Inc.		4,778,451





Energy Equipment and Services — 1.8%
	56,400	Schlumberger Ltd.		4,283,016
	244,000	Transocean, Inc.*		13,168,680

				17,451,696





Food and Staples Retailing — 1.6%
	144,000	Kroger Co.*		2,740,320
	259,200	Wal-Mart Stores, Inc.		12,493,440

				15,233,760





Food Products — 1.7%
	89,300	Bunge Ltd.		5,661,620
	158,500	Dean Foods Co.*		5,585,540
	142,300	McCormick & Co., Inc.		4,650,364

				15,897,524





Gas Utilities — 0.5%
	205,900	NiSource, Inc.		5,091,907





Health Care Equipment and Supplies — 2.6%
	240,800	Boston Scientific Corp.*		6,501,600
	73,000	C.R. Bard, Inc.		4,855,230
	50,590	Hospira, Inc.*		1,973,010
	206,900	Medtronic, Inc.		10,715,351

				24,045,191





Health Care Providers and Services — 1.9%
	151,200	McKesson Corp.		6,772,248
	219,600	UnitedHealth Group		11,449,944

				18,222,192





Hotels, Restaurants and Leisure — 2.5%
	130,600	Carnival Corp.		7,124,230
	341,700	Hilton Hotels Corp.		8,149,545
	175,100	Int’l. Game Technology		4,929,065
	112,400	McDonald’s Corp.		3,119,100

				23,321,940





Household Durables — 1.0%
	131,500	Centex Corp.		9,293,105





Household Products — 3.6%
	198,700	Colgate-Palmolive Co.		9,917,117
	446,400	Procter & Gamble Co.		23,547,600

				33,464,717





Industrial Conglomerates — 4.5%
	71,700	3M Co.		5,183,910
	852,300	General Electric Co.		29,532,195
	257,100	Tyco Int’l. Ltd.		7,507,320

				42,223,425

See notes to financial statements.

n The Guardian Park Avenue Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Information Technology Services — 0.6%
	52,500	Automatic Data Processing, Inc.	$	2,203,425
	71,200	First Data Corp.		2,857,968
	33,000	Paychex, Inc.		1,073,820

				6,135,213





Insurance — 3.3%
	83,700	Ambac Financial Group, Inc.		5,838,912
	226,400	American Int’l. Group, Inc.		13,153,840
	339,300	Fidelity National Financial, Inc.		12,109,617

				31,102,369





Internet and Catalog Retail — 0.4%
	106,700	eBay, Inc.*		3,522,167





Internet Software and Services — 0.6%
	175,100	Yahoo! Inc.*		6,067,215





Machinery — 1.5%
	75,000	Caterpillar, Inc.		7,148,250
	105,000	Deere & Co.		6,876,450

				14,024,700





Media — 4.1%
	332,300	Clear Channel Comm., Inc.*		10,278,039
	426,600	Comcast Corp. – Class A*		13,096,620
	224,800	Time Warner, Inc.*		3,756,408
	359,400	Viacom, Inc.		11,507,988

				38,639,055





Metals and Mining — 0.8%
	85,700	Phelps Dodge Corp.		7,927,250





Multiline Retail — 0.9%
	163,900	J.C. Penney Co., Inc.		8,617,862





Multi–Utilities — 0.8%
	101,700	Dominion Resources, Inc.		7,463,763





Office Electronics — 0.1%
	89,100	Xerox Corp.*		1,228,689





Oil, Gas and Consumable Fuels — 5.7%
	273,000	ChevronTexaco Corp.		15,266,160
	201,200	Devon Energy Corp.		10,196,816
	399,000	Exxon Mobil Corp.		22,930,530
	70,700	Occidental Petroleum Corp.		5,438,951

				53,832,457





Personal Products — 0.8%
	192,700	Estee Lauder Cos., Inc.		7,540,351





Pharmaceuticals — 7.5%
	224,100	Abbott Laboratories		10,983,141
	100,000	Eli Lilly & Co.		5,571,000
	299,340	Johnson & Johnson		19,457,100
	629,740	Pfizer, Inc.		17,368,229
	268,900	Schering-Plough Corp.		5,125,234
	270,600	Wyeth		12,041,700

				70,546,404





Road and Rail — 0.5%
	97,900	Burlington Northern Santa Fe		4,609,132





Semiconductors and Semiconductor Equipment — 3.4%
	34,600	Analog Devices, Inc.		1,290,926
	148,900	Applied Materials, Inc.		2,409,202
	742,600	Intel Corp.		19,352,156
	28,400	Linear Technology Corp.		1,041,996
	29,600	Maxim Integrated Products, Inc.		1,131,016
	228,400	Texas Instruments, Inc.		6,411,188

				31,636,484





Software — 4.6%
	60,000	Adobe Systems, Inc.		1,717,200
	52,600	Computer Assocs. Int’l., Inc.		1,445,448
	27,200	Electronic Arts, Inc.*		1,539,792
	1,089,800	Microsoft Corp.		27,070,632
	573,100	Oracle Corp.*		7,564,920
	168,200	Symantec Corp.*		3,656,668

				42,994,660





Specialty Retail — 0.8%
	130,200	Home Depot, Inc.		5,064,780
	43,000	Lowe’s Cos., Inc.		2,503,460

				7,568,240





Textiles, Apparel and Luxury Goods — 0.5%
	141,800	Coach, Inc.*		4,760,226





Thrifts and Mortgage Finance — 2.7%
	241,500	Countrywide Financial Corp.		9,324,315
	61,000	Federal Home Loan Mortgage Corp.		3,979,030
	210,500	Federal National Mortgage Assn.		12,293,200

				25,596,545





Tobacco — 1.3%
	190,700	Altria Group, Inc.		12,330,662





Wireless Telecommunication Services — 0.6%
	257,000	American Tower Corp.*		5,402,140

		Total Common Stocks (Cost $830,436,103)		932,342,424





Repurchase Agreement — 1.5%


Principal
Amount			Value

$	13,775,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $13,776,224 at 3.20%, due 7/1/2005 (1) (Cost $13,775,000)	$	13,775,000





Total Investments — 100.5% (Cost $844,211,103)				946,117,424




Liabilities in Excess of Cash, Receivables and Other Assets — (0.5)%				(4,396,013	)





Net Assets — 100%			$	941,721,411


*	Non-income producing security.


(1)	The repurchase agreement is collateralized by $13,950,000 in U.S. Government Agency 4.50%, due 11/15/11, with a value of $14,054,625.

See notes to financial statements.

n The Guardian UBS Large Cap Value Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 96.5%


Shares			Value





Aerospace and Defense — 3.2%
	26,700	Lockheed Martin Corp.	$	1,732,029
	19,000	Northrop Grumman Corp.		1,049,750

				2,781,779





Air Freight and Logistics — 1.0%
	10,500	FedEx Corp.		850,605





Auto Components — 1.3%
	2,100	BorgWarner, Inc.		112,707
	18,600	Johnson Controls, Inc.		1,047,738

				1,160,445





Biotechnology — 0.7%
	16,200	Cephalon, Inc.*		644,922





Building Products — 1.8%
	48,800	Masco Corp.		1,549,888





Capital Markets — 7.0%
	62,700	Mellon Financial Corp.		1,798,863
	61,800	Morgan Stanley		3,242,646
	22,500	Northern Trust Corp.		1,025,775

				6,067,284





Commercial Banks — 9.0%
	34,556	Bank of America Corp.		1,576,099
	29,300	Fifth Third Bancorp		1,207,453
	28,300	PNC Financial Svcs. Group		1,541,218
	56,500	Wells Fargo & Co.		3,479,270

				7,804,040





Commercial Services and Supplies — 0.8%
	32,700	Cendant Corp.		731,499





Computers and Peripherals — 1.3%
	46,300	Hewlett Packard Co.		1,088,513





Construction Materials — 2.4%
	29,400	Martin Marietta Materials, Inc.		2,032,128





Diversified Financial Services — 9.4%
	100,900	Citigroup, Inc.		4,664,607
	96,800	J.P. Morgan Chase & Co.		3,418,976

				8,083,583





Diversified Telecommunication Services — 1.9%
	69,200	SBC Comm., Inc.		1,643,500





Electric Utilities — 7.6%
	46,800	American Electric Power, Inc.		1,725,516
	37,800	Exelon Corp.		1,940,274
	40,900	FirstEnergy Corp.		1,967,699
	37,300	Pepco Hldgs., Inc.		892,962

				6,526,451





Energy Equipment and Services — 0.6%
	9,600	Baker Hughes, Inc.		491,136





Food and Staples Retailing — 4.6%
	61,900	Albertson’s, Inc.		1,280,092
	32,700	Costco Wholesale Corp.		1,465,614
	63,100	Kroger Co.*		1,200,793

				3,946,499





Gas Utilities — 0.5%
	18,100	NiSource, Inc.		447,613





Health Care Providers and Services — 4.3%
	23,900	Medco Health Solutions, Inc.*		1,275,304
	47,400	UnitedHealth Group		2,471,436

				3,746,740





Household Products — 1.0%
	14,500	Kimberly-Clark Corp.		907,555





Insurance — 6.1%
	22,900	AFLAC, Inc.		991,112
	26,100	Allstate Corp.		1,559,475
	21,100	American Int’l. Group, Inc.		1,225,910
	19,500	Hartford Financial Svcs. Group, Inc.		1,458,210

				5,234,707





Internet and Catalog Retail — 1.1%
	41,200	IAC/InterActiveCorp*		990,860





Machinery — 2.1%
	22,400	Illinois Tool Works, Inc.		1,784,832





Media — 4.9%
	15,100	Omnicom Group, Inc.		1,205,886
	25,100	The DIRECTV Group, Inc.*		389,050
	108,500	Time Warner, Inc.*		1,813,035
	28,500	Univision Comm., Inc.*		785,175

				4,193,146





Multi–Utilities — 1.0%
	20,100	Sempra Energy		830,331





Oil, Gas and Consumable Fuels — 7.9%
	73,700	Exxon Mobil Corp.		4,235,539
	49,100	Marathon Oil Corp.		2,620,467

				6,856,006





Pharmaceuticals — 4.8%
	35,200	Bristol-Myers Squibb Corp.		879,296
	23,400	Johnson & Johnson		1,521,000
	38,500	Wyeth		1,713,250

				4,113,546





Road and Rail — 1.5%
	27,300	Burlington Northern Santa Fe		1,285,284





Software — 1.8%
	64,200	Microsoft Corp.		1,594,728





Specialty Retail — 0.7%
	26,100	Office Depot, Inc.*		596,124





Thrifts and Mortgage Finance — 2.8%
	37,500	Federal Home Loan Mortgage Corp.		2,446,125





Wireless Telecommunication Services — 3.4%
	91,000	Nextel Comm., Inc.*		2,940,210

		Total Common Stocks (Cost $63,231,476)		83,370,079





Exchange-Traded Fund — 2.3%
	17,100	S&P Depositary Receipts Trust Series 1 exp. 12/31/2099 (Cost $2,028,220)	$	2,037,978

See notes to financial statements.

n The Guardian UBS Large Cap Value Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)






Repurchase Agreement — 1.2%


Principal
Amount			Value

$	1,022,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $1,022,091 at 3.20%, due 7/1/2005 (1) (Cost $1,022,000)	$	1,022,000





Total Investments — 100.0% (Cost $66,281,696)				86,430,057




Liabilities in Excess of Cash, Receivables and Other Assets — (0.0)%				(27,250	)





Net Assets — 100%			$	86,402,807


*	Non-income producing security.


(1)	The repurchase agreement is collateralized by $1,055,000 in U.S. Government Agency 3.25%, due 2/15/09, with a value of $1,044,285.

See notes to financial statements.

n The Guardian Park Avenue Small Cap Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 97.2%


Shares			Value





Aerospace and Defense — 3.3%
	44,900	Aviall, Inc.*	$	1,418,391
	74,700	EDO Corp.		2,234,277
	24,800	Engineered Support Systems, Inc.		888,584
	34,000	Esterline Technologies Corp.*		1,362,720

				5,903,972





Air Freight and Logistics — 1.3%
	32,400	UTi Worldwide, Inc.		2,255,688





Airlines — 1.2%
	116,300	Skywest, Inc.		2,114,334





Auto Components — 0.9%
	62,600	American Axle & Mfg. Hldgs., Inc.		1,581,902





Biotechnology — 4.0%
	177,600	Immunicon Corp.*		900,432
	109,300	Incyte Corp.*		781,495
	105,700	Keryx Biopharmaceuticals, Inc.*		1,395,240
	112,100	Nabi Biopharmaceuticals*		1,707,283
	116,000	Protein Design Labs., Inc.*		2,344,360

				7,128,810





Capital Markets — 4.0%
	63,200	Affiliated Managers Group, Inc.*		4,318,456
	23,700	Investors Financial Svcs. Corp.		896,334
	51,900	Nuveen Investments		1,952,478

				7,167,268





Chemicals — 3.2%
	38,400	Albemarle Corp.		1,400,448
	37,900	Georgia Gulf Corp.		1,176,795
	53,200	Lubrizol Corp.		2,234,932
	34,000	Westlake Chemical Corp.		833,000

				5,645,175





Commercial Banks — 3.9%
	41,700	Boston Private Financial Hldgs., Inc.		1,050,840
	74,100	East West Bancorp, Inc.		2,489,019
	45,100	Westcorp		2,364,142
	20,600	Wintrust Financial Corp.		1,078,410

				6,982,411





Commercial Services and Supplies — 6.8%
	14,300	CRA Int’l., Inc.*		770,055
	48,200	G & K Svcs., Inc.		1,818,586
	130,500	Knoll, Inc.		2,232,855
	106,400	Labor Ready, Inc.*		2,480,184
	98,100	Resources Connection, Inc.*		2,278,863
	50,100	Stericycle, Inc.*		2,521,032

				12,101,575





Communications Equipment — 2.6%
	203,300	Arris Group, Inc.*		1,770,743
	88,100	Polycom, Inc.*		1,313,571
	143,300	Symmetricom, Inc.*		1,486,021

				4,570,335





Computers and Peripherals — 1.1%
	65,100	PalmOne, Inc.*		1,938,027





Containers and Packaging — 0.6%
	48,000	Packaging Corp. of America		1,010,400





Diversified Consumer Services — 1.5%
	18,600	Bright Horizons Family Solutions, Inc.*		757,392
	64,100	Educate, Inc.*		907,015
	28,300	Universal Technical Institute, Inc.*		939,560

				2,603,967





Diversified Telecommunication Services — 2.7%
	101,200	Iowa Telecom. Svcs., Inc.		1,897,500
	72,600	New Skies Satellites Hldgs. Ltd.		1,441,110
	102,500	Valor Comm. Group, Inc.		1,414,500

				4,753,110





Electric Utilities — 0.7%
	52,500	Weststar Energy, Inc.		1,261,575





Electronic Equipment and Instruments — 3.0%
	123,800	Benchmark Electronics, Inc.*		3,765,996
	51,500	FLIR Systems, Inc.*		1,536,760

				5,302,756





Energy Equipment and Services — 3.1%
	21,100	Atwood Oceanics, Inc.*		1,298,916
	74,700	FMC Technologies, Inc.*		2,388,159
	151,100	Key Energy Svcs., Inc.*		1,828,310

				5,515,385





Food and Staples Retailing — 1.1%
	33,500	Performance Food Group Co.*		1,012,035
	30,000	United Natural Foods, Inc.*		911,100

				1,923,135





Food Products — 1.4%
	17,200	Flowers Foods, Inc.*		608,192
	47,800	Hain Celestial Group, Inc.*		932,100
	61,700	Lance, Inc.		1,061,857

				2,602,149





Gas Utilities — 1.6%
	29,800	Energen Corp.		1,044,490
	28,200	Piedmont Natural Gas Co., Inc.		677,364
	41,600	UGI Corp.		1,160,640

				2,882,494





Health Care Equipment and Supplies — 3.9%
	83,900	American Medical Systems Hldgs., Inc.*		1,732,535
	31,300	DJ Orthopedics, Inc.*		858,559
	73,750	Immucor, Inc.*		2,135,062
	39,500	LifeCell Corp.*		624,495
	153,600	OraSure Technologies, Inc.*		1,534,464

				6,885,115





Hotels, Restaurants and Leisure — 2.9%
	82,000	Fairmont Hotels & Resorts, Inc.		2,856,060
	31,200	Rare Hospitality Int’l., Inc.*		950,664
	48,600	Shuffle Master, Inc.*		1,362,258

				5,168,982





Household Durables — 2.7%
	45,800	Snap-On, Inc.		1,570,940
	15,400	Standard Pacific Corp.		1,354,430
	58,100	WCI Communities, Inc.*		1,860,943

				4,786,313





Information Technology Services — 1.6%
	45,500	CACI Int’l., Inc.*		2,873,780

See notes to financial statements.

n The Guardian Park Avenue Small Cap Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Insurance — 3.0%
	60,600	Endurance Specialty Hldgs. Ltd.	$	2,291,892
	21,800	ProAssurance Corp.*		910,368
	53,400	Stewart Information Svcs. Corp.		2,242,800

				5,445,060





Internet and Catalog Retail — 1.8%
	158,900	Insight Enterprises, Inc.*		3,206,602





Machinery — 2.0%
	46,000	Trinity Inds., Inc.		1,473,380
	62,200	Watts Water Technologies, Inc.		2,083,078

				3,556,458





Media — 3.2%
	31,900	Entercom Comm. Corp.*		1,061,951
	179,400	Gray Television, Inc.		2,163,564
	58,800	Lin TV Corp.*		816,732
	81,100	Westwood One, Inc.		1,656,873

				5,699,120





Metals and Mining — 0.7%
	64,200	Century Aluminum Co.*		1,309,680





Oil, Gas and Consumable Fuels — 1.7%
	62,300	Bill Barrett Corp.*		1,842,834
	33,500	Plains Exploration & Production Co.*		1,190,255
	4	Tel Offshore Trust		42

				3,033,131





Personal Products — 0.6%
	94,600	Playtex Products, Inc.*		1,017,896





Pharmaceuticals — 5.1%
	60,400	Barrier Therapeutics, Inc.*		478,972
	234,300	Discovery Laboratories, Inc.*		1,708,047
	78,600	MGI Pharma, Inc.*		1,710,336
	217,000	Pain Therapeutics, Inc.*		1,464,750
	212,850	Salix Pharmaceuticals Ltd.*		3,758,931

				9,121,036





Real Estate — 5.6%
	18,300	Alexandria Real Estate Equities		1,344,135
	26,400	Federal Realty Investment Trust		1,557,600
	47,000	Reckson Assocs. Realty Corp.		1,576,850
	51,800	Redwood Trust, Inc.		2,672,880
	107,800	Tanger Factory Outlet Centers, Inc.		2,903,054

				10,054,519





Road and Rail — 0.8%
	76,300	Werner Enterprises, Inc.		1,498,532





Semiconductors and Semiconductor Equipment — 4.1%
	57,700	Brooks Automation, Inc.*		856,845
	124,900	Cypress Semiconductor Corp.*		1,572,491
	105,400	Netlogic Microsystems, Inc.*		1,868,742
	83,600	Varian Semiconductor Equipment Assoc., Inc.*		3,093,200

				7,391,278





Software — 5.7%
	82,100	FactSet Research Systems, Inc.		2,942,464
	321,800	Informatica Corp.*		2,699,902
	125,400	Internet Security Systems, Inc.*		2,544,366
	311,500	Parametric Technology Corp.*		1,987,370

				10,174,102





Specialty Retail — 2.0%
	48,200	New York & Co., Inc.*		1,015,092
	54,500	The Sports Authority, Inc.*		1,733,100
	49,000	West Marine, Inc.*		884,940

				3,633,132





Thrifts and Mortgage Finance — 1.8%
	46,500	BankAtlantic Bancorp, Inc.		881,175
	139,400	Commercial Capital Bancorp, Inc.		2,329,374

				3,210,549

		Total Common Stocks (Cost $159,019,919)		173,309,753





Repurchase Agreement — 2.3%


Principal
Amount			Value

$	4,196,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $4,196,373 at 3.20%, due 7/1/2005 (1) (Cost $4,196,000)	$	4,196,000





Total Investments — 99.5% (Cost $163,215,919)				177,505,753




Cash, Receivables and Other Assets Less Liabilities — 0.5%				871,055





Net Assets — 100%			$	178,376,808


*	Non-income producing security.


(1)	The repurchase agreement is collateralized by $4,250,000 in U.S. Government Agency 4.50%, due 11/15/11, with a value of $4,281,875.

See notes to financial statements.

n The Guardian UBS Small Cap Value Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 97.2%


Shares			Value





Aerospace and Defense — 3.6%
	22,800	Esterline Technologies Corp.*	$	913,824
	18,200	Triumph Group, Inc.*		632,632

				1,546,456





Airlines — 2.5%
	53,100	AMR Corp.*		643,041
	49,700	Pinnacle Airlines Corp.*		426,923

				1,069,964





Auto Components — 1.7%
	29,500	American Axle & Mfg. Hldgs., Inc.		745,465





Biotechnology — 0.7%
	24,600	Alkermes, Inc.*		325,212





Building Products — 1.3%
	11,600	American Woodmark Corp.		348,116
	13,200	Apogee Enterprises, Inc.		202,884

				551,000





Capital Markets — 4.9%
	50,000	Apollo Investment Corp.		921,500
	9,400	Lazard Ltd.*		218,550
	24,900	National Financial Partners Corp.		974,586

				2,114,636





Chemicals — 0.9%
	9,300	Lubrizol Corp.		390,693





Commercial Banks — 6.1%
	20,400	Boston Private Financial Hldgs., Inc.		514,080
	26,100	Colonial BancGroup, Inc.		575,766
	14,100	Cullen/Frost Bankers, Inc.		671,865
	9,200	South Financial Group, Inc.		261,464
	11,100	Trustmark Corp.		324,786
	8,400	Vineyard National Bancorp Co.		265,104

				2,613,065





Commercial Services and Supplies — 3.4%
	28,700	Coinstar, Inc.*		651,203
	34,000	McGrath Rentcorp		805,800

				1,457,003





Communications Equipment — 3.1%
	23,000	Harris Corp.		717,830
	17,300	Plantronics, Inc.		629,028

				1,346,858





Containers and Packaging — 0.9%
	39,200	Caraustar Inds., Inc.*		411,600





Diversified Consumer Services — 1.8%
	32,600	Jackson Hewitt Tax Svc., Inc.		770,664





Diversified Telecommunication Services — 0.4%
	6,400	NeuStar, Inc.*		163,840





Electric Utilities — 2.1%
	6,300	Allete, Inc.		314,370
	21,800	Hawaiian Electric Inds., Inc.		584,458

				898,828





Electrical Equipment — 3.5%
	35,800	Regal-Beloit Corp.		1,043,928
	28,000	Ultralife Batteries, Inc.*		452,200

				1,496,128





Electronic Equipment and Instruments — 1.6%
	32,000	Newport Corp.*		443,520
	9,100	Park Electrochemical Corp.		229,320

				672,840





Energy Equipment and Services — 3.1%
	19,200	Oceaneering Int’l., Inc.*		742,080
	18,500	Offshore Logistics, Inc.*		607,540

				1,349,620





Food Products — 1.2%
	27,000	Hain Celestial Group, Inc.*		526,500





Gas Utilities — 3.7%
	15,800	AGL Resources, Inc.		610,670
	14,400	Equitable Resources, Inc.		979,200

				1,589,870





Health Care Equipment and Supplies — 4.3%
	52,100	Candela Corp.*		544,445
	8,800	Cooper Cos., Inc.		535,568
	7,200	Diagnostic Products Corp.		340,776
	10,500	Mentor Corp.		435,540

				1,856,329





Health Care Providers and Services — 3.8%
	10,300	LifePoint Hospitals, Inc.*		520,356
	11,900	Molina Healthcare, Inc.*		526,694
	40,800	Odyssey Healthcare, Inc.*		588,336

				1,635,386





Household Durables — 6.7%
	17,900	Comstock Homebuilding Cos., Inc.*		433,538
	23,400	Department 56, Inc.*		239,850
	19,900	Lifetime Hoan Corp.		388,647
	11,700	Ryland Group, Inc.		887,679
	12,100	Snap-On, Inc.		415,030
	16,000	The Yankee Candle Co., Inc.		513,600

				2,878,344





Information Technology Services — 1.2%
	38,600	BearingPoint, Inc.*		282,938
	24,200	SM&A*		217,074

				500,012





Insurance — 4.5%
	16,600	AmerUs Group Co.		797,630
	48,900	Seabright Insurance Hldgs.*		558,927
	11,500	Selective Insurance Group, Inc.		569,825

				1,926,382





Internet Software and Services — 0.9%
	26,700	iVillage, Inc.*		159,666
	87,300	Tumbleweed Comm. Corp.*		226,980

				386,646





Leisure Equipment and Products — 1.1%
	9,200	Polaris Industries, Inc.		496,800





Machinery — 3.7%
	21,400	Gardner Denver, Inc.*		750,712
	7,600	Harsco Corp.		414,580
	12,400	Nordson Corp.		425,072

				1,590,364

See notes to financial statements.

n The Guardian UBS Small Cap Value Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Media — 4.4%
	18,900	ADVO, Inc.	$	601,965
	36,400	Radio One, Inc.*		464,828
	25,300	Saga Comm., Inc.*		354,200
	50,300	Sinclair Broadcast Group, Inc.		456,724

				1,877,717





Oil, Gas and Consumable Fuels — 1.8%
	6,500	Cimarex Energy Co.*		252,915
	36,000	NGP Capital Resources Co.		537,480

				790,395





Personal Products — 1.2%
	22,400	Nu Skin Enterprises, Inc.		521,920





Pharmaceuticals — 1.4%
	22,000	Connetics Corp.*		388,080
	6,800	Medicis Pharmaceutical Corp.		215,764

				603,844





Real Estate — 5.2%
	19,007	Government Pptys. Trust, Inc.		184,748
	11,100	New Century Financial Corp.		571,095
	13,300	Parkway Pptys., Inc.		665,133
	3,600	SL Green Realty Corp.		232,200
	20,600	Thornburg Mortgage, Inc.		600,078

				2,253,254





Road and Rail — 3.3%
	18,950	Genesee & Wyoming, Inc.*		515,630
	15,800	Landstar Systems, Inc.*		475,896
	8,800	Yellow Roadway Corp.*		447,040

				1,438,566





Software — 1.2%
	26,700	Mentor Graphics Corp.*		273,675
	8,300	Reynolds & Reynolds Co.		224,349

				498,024





Specialty Retail — 3.7%
	10,800	Linens ’n Things, Inc.*		255,528
	31,700	Party City Corp.*		380,400
	30,000	The Sports Authority, Inc.*		954,000

				1,589,928





Thrifts and Mortgage Finance — 2.3%
	10,300	IndyMac Bancorp, Inc.		419,519
	82,800	Ocwen Financial Corp.*		559,728

				979,247

		Total Common Stocks (Cost $34,771,243)		41,863,400





Exchange-Traded Fund — 0.5%
	3,600	iShares Russell 2000 Value Index Fund (Cost $216,478)	$	231,480





Repurchase Agreement — 3.0%


Principal
Amount			Value

$	1,281,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $1,281,114 at 3.20%, due 7/1/2005 (1) (Cost $1,281,000)	$	1,281,000





Total Investments — 100.7% (Cost $36,268,721)				43,375,880




Liabilities in Excess of Cash, Receivables and Other Assets — (0.7)%				(321,822	)





Net Assets — 100%			$	43,054,058


*	Non-income producing security.


(1)	The repurchase agreement is collateralized by $1,295,000 in U.S. Government Agency 3.875%, due 1/12/09, with a value of $1,308,908.

See notes to financial statements.

n The Guardian Asset Allocation Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 9.5%


Shares			Value





Aerospace and Defense — 0.3%
	1,444	Boeing Co.	$	95,304
	536	Honeywell Int’l., Inc.		19,634
	1,046	Lockheed Martin Corp.		67,854
	1,212	Northrop Grumman Corp.		66,963
	1,924	Raytheon Co.		75,267
	636	United Technologies Corp.		32,658

				357,680





Air Freight and Logistics — 0.1%
	2,119	United Parcel Svc., Inc.		146,550





Airlines — 0.0%
	2,503	Southwest Airlines Co.		34,867





Automobiles — 0.1%
	5,835	Ford Motor Co.		59,750
	338	General Motors Corp.		11,492
	1,219	Harley-Davidson, Inc.		60,463

				131,705





Beverages — 0.2%
	738	Anheuser-Busch Cos., Inc.		33,764
	2,995	Coca-Cola Co.		125,041
	1,667	PepsiCo., Inc.		89,901
	2,305	The Pepsi Bottling Group, Inc.		65,946

				314,652





Biotechnology — 0.2%
	2,242	Amgen, Inc.*		135,551
	917	Biogen Idec, Inc.*		31,591
	1,035	Chiron Corp.*		36,111
	1,726	MedImmune, Inc.*		46,119

				249,372





Building Products — 0.0%
	508	Masco Corp.		16,134





Capital Markets — 0.3%
	2,547	Bank of New York, Inc.		73,303
	2,148	Charles Schwab Corp.		24,229
	1,000	Goldman Sachs Group, Inc.		102,020
	980	Lehman Brothers Hldgs., Inc.		97,294
	2,356	Mellon Financial Corp.		67,594
	410	Merrill Lynch & Co., Inc.		22,554
	1,052	Morgan Stanley		55,199
	57	State Street Corp.		2,750

				444,943





Chemicals — 0.2%
	567	Dow Chemical Co.		25,249
	1,635	E.I. Du Pont de Nemours & Co.		70,321
	1,085	Monsanto Co.		68,214
	1,174	PPG Inds., Inc.		73,680
	1,770	Rohm & Haas Co.		82,022

				319,486





Commercial Banks — 0.6%
	5,894	Bank of America Corp.		268,825
	1,872	BB&T Corp.		74,824
	617	Fifth Third Bancorp		25,427
	1,410	KeyCorp		46,742
	3,312	U.S. Bancorp		96,710
	3,292	Wachovia Corp.		163,283
	2,350	Wells Fargo & Co.		144,713

				820,524





Commercial Services and Supplies — 0.1%
	5,396	Cendant Corp.		120,708
	1,807	Cintas Corp.		69,750
	269	PHH Corp.*		6,919
	479	Waste Management, Inc.		13,575

				210,952





Communications Equipment — 0.3%
	8,225	Cisco Systems, Inc.*		157,180
	6,482	Corning, Inc.*		107,731
	2,075	Motorola, Inc.		37,889
	2,868	QUALCOMM, Inc.		94,673

				397,473





Computers and Peripherals — 0.3%
	3,076	Dell, Inc.*		121,533
	5,386	EMC Corp.*		73,842
	2,615	Hewlett Packard Co.		61,478
	1,866	Int’l. Business Machines		138,457
	12,916	Sun Microsystems, Inc.*		48,177

				443,487





Consumer Finance — 0.1%
	1,972	American Express Co.		104,970
	146	Capital One Financial Corp.		11,681
	1,450	MBNA Corp.		37,932
	865	SLM Corp.		43,942

				198,525





Distributors — 0.0%
	867	Genuine Parts Co.		35,625





Diversified Financial Services — 0.2%
	5,073	Citigroup, Inc.		234,525
	2,266	J.P. Morgan Chase & Co.		80,035

				314,560





Diversified Telecommunication Services — 0.2%
	364	ALLTEL Corp.		22,670
	1,989	AT & T Corp.		37,871
	2,478	BellSouth Corp.		65,840
	2,390	SBC Comm., Inc.		56,762
	1,710	Sprint Corp.		42,904
	2,971	Verizon Comm.		102,648

				328,695





Electric Utilities — 0.2%
	705	Entergy Corp.		53,263
	1,050	Exelon Corp.		53,896
	728	FPL Group, Inc.		30,620
	1,395	Progress Energy, Inc.		63,110
	2,650	Southern Co.		91,875

				292,764





Electrical Equipment — 0.0%
	424	Cooper Inds. Ltd.		27,094





Electronic Equipment and Instruments — 0.0%
	4,723	Solectron Corp.*		17,900





Energy Equipment and Services — 0.1%
	705	Baker Hughes, Inc.		36,068
	1,681	Schlumberger Ltd.		127,655

				163,723

See notes to financial statements.

n The Guardian Asset Allocation Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Food and Staples Retailing — 0.2%
	840	Albertson’s, Inc.	$	17,371
	2,040	CVS Corp.		59,303
	2,409	Kroger Co.*		45,843
	1,099	Safeway, Inc.		24,827
	3,795	Wal-Mart Stores, Inc.		182,919

				330,263





Food Products — 0.2%
	2,194	Archer-Daniels-Midland Co.		46,908
	321	Campbell Soup Co.		9,877
	162	ConAgra Foods, Inc.		3,752
	928	General Mills, Inc.		43,421
	224	H.J. Heinz Co.		7,934
	234	Hershey Foods Corp.		14,532
	512	Kellogg Co.		22,753
	1,269	W.M. Wrigley Jr. Co.		87,358

				236,535





Health Care Equipment and Supplies — 0.3%
	328	Baxter Int’l., Inc.		12,169
	622	Becton Dickinson & Co., Inc.		32,637
	632	Boston Scientific Corp.*		17,064
	272	C.R. Bard, Inc.		18,091
	616	Guidant Corp.		41,457
	1,756	Medtronic, Inc.		90,943
	784	St. Jude Medical, Inc.*		34,190
	1,188	Stryker Corp.		56,501
	884	Zimmer Hldgs., Inc.*		67,334

				370,386





Health Care Providers and Services — 0.3%
	998	AmerisourceBergen Corp.		69,012
	746	Cigna Corp.		79,844
	306	HCA, Inc.		17,341
	3,629	Health Management Assoc., Inc.		95,007
	1,178	McKesson Corp.		52,763
	1,512	Tenet Healthcare Corp.*		18,507
	858	WellPoint, Inc.*		59,751

				392,225





Hotels, Restaurants and Leisure — 0.1%
	890	Carnival Corp.		48,550
	2,751	McDonald’s Corp.		76,340
	943	Starbucks Corp.*		48,715

				173,605





Household Products — 0.2%
	614	Clorox Co.		34,212
	755	Kimberly-Clark Corp.		47,255
	2,920	Procter & Gamble Co.		154,030

				235,497





Independent Power Producers and Energy Traders — 0.1%
	3,468	AES Corp.*		56,806
	2,204	Duke Energy Corp.		65,525
	392	TXU Corp.		32,571

				154,902





Industrial Conglomerates — 0.4%
	936	3M Co.		67,673
	13,703	General Electric Co.		474,809
	3,024	Tyco Int’l. Ltd.		88,301

				630,783





Information Technology Services — 0.2%
	2,142	Automatic Data Processing, Inc.		89,900
	2,525	Electronic Data Systems Corp.		48,606
	1,116	First Data Corp.		44,796
	957	Paychex, Inc.		31,141
	1,608	Sabre Hldgs. Corp.		32,080

				246,523





Insurance — 0.5%
	2,353	AFLAC, Inc.		101,838
	2,008	Allstate Corp.		119,978
	3,215	American Int’l. Group, Inc.		186,791
	481	Chubb Corp.		41,178
	186	Loews Corp.		14,415
	2,164	Marsh & McLennan Cos., Inc.		59,943
	884	MetLife, Inc.		39,727
	553	Progressive Corp.		54,642
	687	St. Paul Travelers Cos., Inc.		27,157

				645,669





Internet Software and Services — 0.0%
	1,884	Yahoo! Inc.*		65,281





Leisure Equipment and Products — 0.1%
	1,149	Eastman Kodak Co.		30,851
	3,448	Mattel, Inc.		63,098

				93,949





Machinery — 0.1%
	726	Caterpillar, Inc.		69,195
	391	Deere & Co.		25,607

				94,802





Media — 0.3%
	2,046	Clear Channel Comm., Inc.		63,283
	3,217	Comcast Corp. — Class A*		98,762
	629	Gannett Co., Inc.		44,741
	1,395	New York Times Co.		43,454
	6,512	Time Warner, Inc.*		108,815
	77	Tribune Co.		2,709
	1,149	Viacom, Inc.		36,791
	3,067	Walt Disney Co.		77,227

				475,782





Metals and Mining — 0.0%
	2,364	Alcoa, Inc.		61,771





Multiline Retail — 0.1%
	1,602	Kohl’s Corp.*		89,568
	481	Target Corp.		26,171

				115,739





Multi–Utilities — 0.0%
	482	Public Svc. Enterprise Group, Inc.		29,315





Oil, Gas and Consumable Fuels — 0.7%
	506	Anadarko Petroleum Corp.		41,568
	294	Burlington Resources, Inc.		16,241
	3,274	ChevronTexaco Corp.		183,082
	2,466	ConocoPhillips		141,770
	3,136	El Paso Corp.		36,127
	8,498	Exxon Mobil Corp.		488,380
	971	Unocal Corp.		63,163

				970,331





Paper and Forest Products — 0.0%
	452	Georgia-Pacific Corp.		14,374

See notes to financial statements.

n The Guardian Asset Allocation Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Personal Products — 0.1%
	1,052	Avon Products, Inc.	$	39,818
	1,484	Gillette Co.		75,135

				114,953





Pharmaceuticals — 0.6%
	216	Allergan, Inc.		18,412
	3,462	Bristol-Myers Squibb Corp.		86,481
	1,549	Eli Lilly & Co.		86,295
	4,072	Johnson & Johnson		264,680
	1,779	King Pharmaceuticals, Inc.*		18,537
	9,615	Pfizer, Inc.		265,182
	3,875	Schering-Plough Corp.		73,857

				813,444





Real Estate — 0.1%
	483	Plum Creek Timber Co., Inc.		17,533
	872	Simon Ppty. Group, Inc.		63,211

				80,744





Road and Rail — 0.1%
	852	Burlington Northern Santa Fe		40,112
	574	Union Pacific Corp.		37,195

				77,307





Semiconductors and Semiconductor Equipment — 0.5%
	2,923	Altera Corp.*		57,934
	754	Analog Devices, Inc.		28,132
	4,648	Applied Materials, Inc.		75,205
	1,688	Broadcom Corp.*		59,941
	670	Freescale Semiconductor, Inc.*		14,190
	7,330	Intel Corp.		191,020
	1,448	KLA-Tencor Corp.		63,277
	549	Linear Technology Corp.		20,143
	794	Maxim Integrated Products, Inc.		30,339
	3,302	Micron Technology, Inc.*		33,713
	1,503	Texas Instruments, Inc.		42,189
	2,346	Xilinx, Inc.		59,823

				675,906





Software — 0.3%
	1,404	Adobe Systems, Inc.		40,182
	490	Computer Assocs. Int’l., Inc.		13,465
	13,145	Microsoft Corp.		326,522
	2,830	Siebel Systems, Inc.		25,187
	2,739	VERITAS Software Corp.*		66,832

				472,188





Specialty Retail — 0.2%
	1,416	Bed, Bath & Beyond, Inc.*		59,161
	430	Best Buy Co., Inc.		29,477
	3,143	Home Depot, Inc.		122,263
	1,015	Lowe’s Cos., Inc.		59,093
	648	Staples, Inc.		13,815
	1,947	The Gap, Inc.		38,453

				322,262





Textiles, Apparel and Luxury Goods — 0.0%
	455	NIKE, Inc.		39,403





Thrifts and Mortgage Finance — 0.1%
	1,850	Federal National Mortgage Assn.		108,040
	2,445	Washington Mutual, Inc.		99,487

				207,527





Tobacco — 0.2%
	2,916	Altria Group, Inc.		188,548
	509	UST, Inc.		23,241

				211,789

		Total Common Stocks (Cost $14,290,582)		13,619,966





Mutual Fund — 87.1%




Equity — 87.1%
	15,351,801	The Guardian S&P 500 Index Fund, Class A (1)† (Cost $132,857,668)	$	125,424,216





U.S. Government Securities — 0.5%


Principal
Amount				Value

		U.S. Treasury Bills
$	35,000		2.708%, 7/14/2005 (2)	$	34,966
	325,000		2.823%, 7/21/2005 (2)		324,490
	50,000		2.882%, 8/4/2005 (2)		49,864
	325,000		2.946%, 9/8/2005 (2)		323,165

		Total U.S. Government Securities (Cost $732,485)			732,485





Repurchase Agreement — 3.1%
$	4,460,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $4,460,396 at 3.20%, due 7/1/2005 (3) (Cost $4,460,000)		$	4,460,000





Total Investments — 100.2% (Cost $152,340,735)					144,236,667




Liabilities in Excess of Cash, Receivables and Other Assets — (0.2)%					(230,093	)





Net Assets — 100%				$	144,006,574


*	Non-income producing security.


†	The Guardian S&P 500 Index Fund financials are included herein.


(1)	Majority-owned subsidiary.

(2)	The U.S. Treasury Bill is segregated as collateral to cover margin requirements on open futures contracts.

(3)	The repurchase agreement is collateralized by $4,530,000 in U.S. Government Agency 5.40%, due 6/30/05, with a value of $4,552,650.






Sold Futures Contracts


				Unrealized
Contracts	Description		Expiration	Appreciation

29		S&P 500 Index	9/2005	$	76,143

See notes to financial statements.

n The Guardian S&P 500 Index Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 97.1%
	Shares			Value





Aerospace and Defense — 2.1%
	12,788	Boeing Co.	$	844,008
	3,125	General Dynamics Corp.		342,313
	2,343	Goodrich Corp.		95,969
	13,224	Honeywell Int’l., Inc.		484,395
	1,600	L-3 Comm. Hldgs., Inc.		122,528
	6,804	Lockheed Martin Corp.		441,375
	5,740	Northrop Grumman Corp.		317,135
	6,629	Raytheon Co.		259,326
	2,645	Rockwell Collins, Inc.		126,114
	15,510	United Technologies Corp.		796,439

				3,829,602





Air Freight and Logistics — 0.9%
	4,550	FedEx Corp.		368,596
	810	Ryder Systems, Inc.		29,646
	17,015	United Parcel Svc., Inc.		1,176,757

				1,574,999





Airlines — 0.1%
	1,785	Delta Airlines, Inc.*		6,711
	12,232	Southwest Airlines Co.		170,392

				177,103





Auto Components — 0.2%
	945	Cooper Tire & Rubber Co.		17,549
	2,085	Dana Corp.		31,296
	8,041	Delphi Corp.		37,391
	4,365	Goodyear Tire & Rubber Co.*		65,038
	2,858	Johnson Controls, Inc.		160,991
	1,852	Visteon Corp.		11,167

				323,432





Automobiles — 0.5%
	33,159	Ford Motor Co.		339,548
	8,879	General Motors Corp.		301,886
	4,838	Harley-Davidson, Inc.		239,965

				881,399





Beverages — 2.3%
	11,891	Anheuser-Busch Cos., Inc.		544,013
	1,990	Brown-Forman Corp.		120,315
	37,132	Coca-Cola Co.		1,550,261
	7,664	Coca-Cola Enterprises, Inc.		168,685
	2,125	Molson Coors Brewing Co.		131,750
	25,965	PepsiCo., Inc.		1,400,293
	4,359	The Pepsi Bottling Group, Inc.		124,711

				4,040,028





Biotechnology — 1.2%
	19,558	Amgen, Inc.*		1,182,477
	3,019	Applera Corp.-Applied Biosystems Group		59,384
	5,022	Biogen Idec, Inc.*		173,008
	2,723	Chiron Corp.*		95,005
	5,079	Genzyme Corp.*		305,197
	6,600	Gilead Sciences, Inc.*		290,334
	3,661	MedImmune, Inc.*		97,822

				2,203,227





Building Products — 0.2%
	3,186	American Standard Cos., Inc.		133,557
	7,483	Masco Corp.		237,660

				371,217





Capital Markets — 2.7%
	11,877	Bank of New York, Inc.		341,820
	1,689	Bear Stearns Cos., Inc.		175,555
	19,889	Charles Schwab Corp.		224,348
	5,500	ETRADE Financial Corp.		76,945
	1,600	Federated Investors, Inc.		48,016
	3,801	Franklin Resources, Inc.		292,601
	8,166	Goldman Sachs Group, Inc.		833,095
	3,184	Janus Capital Group, Inc.		47,887
	4,199	Lehman Brothers Hldgs., Inc.		416,877
	6,309	Mellon Financial Corp.		181,005
	15,654	Merrill Lynch & Co., Inc.		861,127
	16,508	Morgan Stanley		866,175
	3,195	Northern Trust Corp.		145,660
	5,114	State Street Corp.		246,750
	1,728	T. Rowe Price Group, Inc.		108,173

				4,866,034





Chemicals — 1.6%
	3,281	Air Products & Chemicals, Inc.		197,844
	15,665	Dow Chemical Co.		697,562
	16,409	E.I. Du Pont de Nemours & Co.		705,751
	1,083	Eastman Chemical Co.		59,727
	4,653	Ecolab, Inc.		150,571
	1,823	Engelhard Corp.		52,047
	685	Great Lakes Chemical Corp.		21,557
	1,497	Hercules, Inc.*		21,183
	1,377	Int’l. Flavors & Fragrances, Inc.		49,875
	4,436	Monsanto Co.		278,891
	2,774	PPG Inds., Inc.		174,096
	5,132	Praxair, Inc.		239,151
	3,834	Rohm & Haas Co.		177,668
	1,093	Sigma-Aldrich		61,252

				2,887,175





Commercial Banks — 5.7%
	5,373	AmSouth Bancorporation		139,698
	62,976	Bank of America Corp.		2,872,335
	8,563	BB&T Corp.		342,263
	2,548	Comerica, Inc.		147,274
	1,900	Compass Bancshares, Inc.		85,500
	9,346	Fifth Third Bancorp		385,149
	1,845	First Horizon Nat’l. Corp.		77,859
	3,600	Huntington Bancshares, Inc.		86,904
	6,165	KeyCorp		204,370
	1,800	M & T Bank Corp.		189,288
	3,714	Marshall & Ilsley Corp.		165,087
	11,065	National City Corp.		377,538
	7,607	North Fork Bancorporation, Inc.		213,681
	4,177	PNC Financial Svcs. Group		227,480
	7,283	Regions Financial Corp.		246,748
	5,676	SunTrust Banks, Inc.		410,034
	4,926	Synovus Financial Corp.		141,228
	30,104	U.S. Bancorp		879,037
	26,414	Wachovia Corp.		1,310,134
	25,987	Wells Fargo & Co.		1,600,280
	1,438	Zions Bancorporation		105,736

				10,207,623

See notes to financial statements.

n The Guardian S&P 500 Index Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Commercial Services and Supplies — 0.7%
	4,995	Allied Waste Inds., Inc.*	$	39,610
	1,581	Avery Dennison Corp.		83,730
	15,262	Cendant Corp.		341,411
	2,425	Cintas Corp.		93,605
	2,052	Equifax, Inc.		73,277
	1,707	Monster Worldwide, Inc.*		48,957
	3,634	Pitney Bowes, Inc.		158,261
	4,423	R.R. Donnelley & Sons Co.		152,638
	2,547	Robert Half Int’l., Inc.		63,598
	8,974	Waste Management, Inc.		254,323

				1,309,410





Communications Equipment — 2.5%
	1,590	ADC Telecomm., Inc.*		34,614
	2,400	Andrew Corp.*		30,624
	6,102	Avaya, Inc.*		50,769
	10,503	CIENA Corp.*		21,951
	103,242	Cisco Systems, Inc.*		1,972,955
	2,380	Comverse Technology, Inc.*		56,287
	20,197	Corning, Inc.*		335,674
	18,734	JDS Uniphase Corp.*		28,476
	67,556	Lucent Technologies, Inc.*		196,588
	43,325	Motorola, Inc.		791,114
	25,104	QUALCOMM, Inc.		828,683
	2,311	Scientific Atlanta, Inc.		76,887
	5,897	Tellabs, Inc.*		51,304

				4,475,926





Computers and Peripherals — 3.5%
	12,969	Apple Computer, Inc.*		477,389
	38,726	Dell, Inc.*		1,530,064
	36,868	EMC Corp.*		505,460
	4,621	Gateway, Inc.*		15,249
	46,798	Hewlett Packard Co.		1,100,221
	26,281	Int’l. Business Machines		1,950,050
	1,823	Lexmark Int’l. Group, Inc.*		118,185
	2,758	NCR Corp.*		96,861
	5,702	Network Appliance, Inc.*		161,196
	1,349	QLogic Corp.*		41,644
	54,932	Sun Microsystems, Inc.*		204,896

				6,201,215





Construction and Engineering — 0.0%
	1,050	Fluor Corp.		60,469





Construction Materials — 0.0%
	1,439	Vulcan Materials Co.		93,521





Consumer Finance — 1.3%
	19,651	American Express Co.		1,046,023
	3,450	Capital One Financial Corp.		276,034
	19,217	MBNA Corp.		502,717
	4,111	Providian Financial Corp.*		72,477
	7,101	SLM Corp.		360,731

				2,257,982





Containers and Packaging — 0.2%
	1,626	Ball Corp.		58,471
	1,504	Bemis Co., Inc.		39,916
	2,261	Pactiv Corp.*		48,793
	2,781	Sealed Air Corp.*		138,466
	1,394	Temple-Inland, Inc.		51,787

				337,433





Distributors — 0.1%
	2,486	Genuine Parts Co.		102,150





Diversified Consumer Services — 0.2%
	2,845	Apollo Group, Inc.*		222,536
	2,604	H & R Block, Inc.		151,943

				374,479





Diversified Financial Services — 3.5%
	3,200	CIT Group, Inc.		137,504
	80,462	Citigroup, Inc.		3,719,758
	57,653	J.P. Morgan Chase & Co.		2,036,304
	4,718	Moody’s Corp.		212,121
	5,116	Principal Financial Group, Inc.		214,361

				6,320,048





Diversified Telecommunication Services — 2.7%
	4,514	ALLTEL Corp.		281,132
	12,198	AT & T Corp.		232,250
	28,012	BellSouth Corp.		744,279
	1,992	CenturyTel, Inc.		68,983
	6,319	Citizens Comm. Co.		84,927
	30,623	Qwest Comm. Int’l., Inc.*		113,611
	51,460	SBC Comm., Inc.		1,222,175
	24,164	Sprint Corp.		606,275
	44,585	Verizon Comm.		1,540,412

				4,894,044





Electric Utilities — 2.0%
	1,753	Allegheny Energy, Inc.*		44,211
	2,471	Ameren Corp.		136,646
	6,284	American Electric Power, Inc.		231,691
	4,248	CenterPoint Energy, Inc.		56,116
	2,886	CiNergy Corp.		129,350
	3,075	Consolidated Edison, Inc.		144,033
	2,578	DTE Energy Co.		120,573
	4,648	Edison Int’l.		188,476
	3,618	Entergy Corp.		273,340
	11,404	Exelon Corp.		585,367
	5,049	FirstEnergy Corp.		242,907
	5,814	FPL Group, Inc.		244,537
	6,344	PG&E Corp.		238,154
	1,212	Pinnacle West Capital Corp.		53,873
	2,692	PPL Corp.		159,851
	4,069	Progress Energy, Inc.		184,082
	12,246	Southern Co.		424,569
	2,624	TECO Energy, Inc.		49,620
	6,601	Xcel Energy, Inc.		128,852

				3,636,248





Electrical Equipment — 0.4%
	2,786	American Power Conversion Corp.		65,722
	1,359	Cooper Inds. Ltd.		86,840
	6,564	Emerson Electric Co.		411,103
	2,645	Rockwell Automation, Inc.		128,838

				692,503





Electronic Equipment and Instruments — 0.3%
	7,382	Agilent Technologies, Inc.*		169,933
	2,726	Jabil Circuit, Inc.*		83,770
	2,802	Molex, Inc.		72,964
	7,816	Sanmina-SCI Corp.*		42,753
	12,349	Solectron Corp.*		46,803
	3,132	Symbol Technologies, Inc.		30,913
	1,336	Tektronix, Inc.		31,089

				478,225

See notes to financial statements.

n The Guardian S&P 500 Index Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Energy Equipment and Services — 1.2%
	2,317	B.J. Svcs. Co.	$	121,596
	5,564	Baker Hughes, Inc.		284,654
	8,090	Halliburton Co.		386,864
	2,092	Nabors Inds., Inc.*		126,817
	2,600	National-Oilwell Varco, Inc.*		123,604
	2,008	Noble Corp.		123,512
	1,317	Rowan Cos., Inc.		39,128
	9,003	Schlumberger Ltd.		683,688
	5,572	Transocean, Inc.*		300,721

				2,190,584





Food and Staples Retailing — 2.9%
	5,902	Albertson’s, Inc.		122,053
	7,059	Costco Wholesale Corp.		316,384
	12,602	CVS Corp.		366,340
	11,800	Kroger Co.*		224,554
	7,230	Safeway, Inc.		163,326
	1,885	Supervalu, Inc.		61,470
	9,731	Sysco Corp.		352,165
	59,552	Wal-Mart Stores, Inc.		2,870,407
	15,872	Walgreen Co.		729,953

				5,206,652





Food Products — 1.2%
	9,568	Archer-Daniels-Midland Co.		204,564
	6,069	Campbell Soup Co.		186,743
	8,628	ConAgra Foods, Inc.		199,825
	5,846	General Mills, Inc.		273,534
	5,823	H.J. Heinz Co.		206,251
	3,920	Hershey Foods Corp.		243,432
	6,444	Kellogg Co.		286,371
	1,968	McCormick & Co., Inc.		64,314
	12,269	Sara Lee Corp.		243,049
	3,730	W.M. Wrigley Jr. Co.		256,773

				2,164,856





Gas Utilities — 0.2%
	4,116	KeySpan Corp.		167,521
	674	NICOR, Inc.		27,749
	4,276	NiSource, Inc.		105,746
	527	Peoples Energy Corp.		22,903

				323,919





Health Care Equipment and Supplies — 2.2%
	755	Bausch & Lomb, Inc.		62,665
	9,370	Baxter Int’l., Inc.		347,627
	3,689	Becton Dickinson & Co., Inc.		193,562
	3,846	Biomet, Inc.		133,225
	13,482	Boston Scientific Corp.*		364,014
	1,442	C.R. Bard, Inc.		95,907
	1,700	Fisher Scientific Int’l., Inc.*		110,330
	5,722	Guidant Corp.		385,091
	2,380	Hospira, Inc.*		92,820
	20,480	Medtronic, Inc.		1,060,659
	653	Millipore Corp.*		37,045
	2,010	PerkinElmer, Inc.		37,989
	5,634	St. Jude Medical, Inc.*		245,699
	6,194	Stryker Corp.		294,587
	2,568	Thermo Electron Corp.*		69,002
	2,045	Waters Corp.*		76,013
	3,813	Zimmer Hldgs., Inc.*		290,436

				3,896,671





Health Care Providers and Services — 2.7%
	4,672	Aetna, Inc.		386,935
	1,854	AmerisourceBergen Corp.		128,204
	6,958	Cardinal Health, Inc.		400,642
	6,800	Caremark Rx, Inc.*		302,736
	2,221	Cigna Corp.		237,714
	2,330	Express Scripts, Inc.*		116,453
	7,462	HCA, Inc.		422,871
	3,671	Health Management Assoc., Inc.		96,107
	2,389	Humana, Inc.*		94,939
	3,317	IMS Health, Inc.		82,162
	2,100	Laboratory Corp. of America Hldgs.*		104,790
	1,456	Manor Care, Inc.		57,847
	4,085	McKesson Corp.		182,967
	4,011	Medco Health Solutions, Inc.*		214,027
	3,476	Quest Diagnostics, Inc.		185,166
	6,941	Tenet Healthcare Corp.*		84,958
	21,440	UnitedHealth Group		1,117,882
	9,512	WellPoint, Inc.*		662,416

				4,878,816





Hotels, Restaurants and Leisure — 1.4%
	9,614	Carnival Corp.		524,444
	2,575	Darden Restaurants, Inc.		84,924
	1,649	Harrah’s Entertainment, Inc.		118,843
	5,226	Hilton Hotels Corp.		124,640
	5,356	Int’l. Game Technology		150,771
	3,443	Marriott Int’l., Inc.		234,881
	20,021	McDonald’s Corp.		555,583
	6,148	Starbucks Corp.*		317,606
	3,141	Starwood Hotels & Resorts Worldwide, Inc.		183,968
	1,623	Wendy’s Int’l., Inc.		77,336
	4,234	Yum! Brands, Inc.		220,507

				2,593,503





Household Durables — 0.6%
	1,127	Black & Decker Corp.		101,261
	2,084	Centex Corp.		147,276
	2,219	Fortune Brands, Inc.		197,047
	1,236	KB Home		94,220
	2,782	Leggett & Platt, Inc.		73,946
	1,066	Maytag Corp.		16,694
	3,827	Newell Rubbermaid, Inc.		91,236
	2,046	Pulte Homes, Inc.		172,375
	811	Snap-On, Inc.		27,817
	1,228	Stanley Works		55,923
	933	Whirlpool Corp.		65,413

				1,043,208





Household Products — 1.8%
	3,390	Clorox Co.		188,891
	8,248	Colgate-Palmolive Co.		411,658
	7,704	Kimberly-Clark Corp.		482,193
	39,416	Procter & Gamble Co.		2,079,194

				3,161,936





Independent Power Producers and Energy Traders — 0.7%
	10,232	AES Corp.*		167,600
	6,711	Calpine Corp.*		22,817
	2,335	Constellation Energy Group, Inc.		134,706
	16,678	Duke Energy Corp.		495,837
	4,647	Dynegy, Inc.*		22,585
	3,945	TXU Corp.		327,790

				1,171,335

See notes to financial statements.

n The Guardian S&P 500 Index Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Industrial Conglomerates — 4.3%
	11,794	3M Co.	$	852,706
	169,266	General Electric Co.		5,865,067
	2,056	Textron, Inc.		155,948
	31,210	Tyco Int’l. Ltd.		911,332

				7,785,053





Information Technology Services — 1.1%
	2,100	Affiliated Computer Svcs., Inc.*		107,310
	9,179	Automatic Data Processing, Inc.		385,243
	2,951	Computer Sciences Corp.*		128,959
	2,482	Convergys Corp.*		35,294
	7,704	Electronic Data Systems Corp.		148,302
	14,105	First Data Corp.		566,175
	2,689	Fiserv, Inc.*		115,493
	6,010	Paychex, Inc.		195,565
	1,910	Sabre Hldgs. Corp.		38,104
	3,991	SunGard Data Systems, Inc.*		140,363
	4,516	Unisys Corp.*		28,586

				1,889,394





Insurance — 4.2%
	4,286	ACE Ltd.		192,227
	7,659	AFLAC, Inc.		331,482
	10,558	Allstate Corp.		630,840
	1,504	Ambac Financial Group, Inc.		104,919
	41,806	American Int’l. Group, Inc.		2,428,929
	4,649	Aon Corp.		116,411
	2,889	Chubb Corp.		247,327
	3,377	Cincinnati Financial Corp.		133,594
	4,261	Hartford Financial Svcs. Group, Inc.		318,638
	2,226	Jefferson-Pilot Corp.		112,235
	2,766	Lincoln Nat’l. Corp.		129,781
	2,851	Loews Corp.		220,952
	9,335	Marsh & McLennan Cos., Inc.		258,579
	2,115	MBIA, Inc.		125,441
	11,297	MetLife, Inc.		507,687
	3,436	Progressive Corp.		339,511
	8,227	Prudential Financial, Inc.		540,185
	1,823	SAFECO Corp.		99,062
	10,367	St. Paul Travelers Cos., Inc.		409,808
	1,831	Torchmark Corp.		95,578
	4,975	UnumProvident Corp.		91,142
	2,213	XL Capital Ltd.		164,691

				7,599,019





Internet and Catalog Retail — 0.4%
	20,312	eBay, Inc.*		670,499





Internet Software and Services — 0.4%
	20,701	Yahoo! Inc.*		717,290





Leisure Equipment and Products — 0.2%
	1,223	Brunswick Corp.		52,980
	4,324	Eastman Kodak Co.		116,099
	2,426	Hasbro, Inc.		50,437
	6,117	Mattel, Inc.		111,941

				331,457





Machinery — 1.3%
	5,238	Caterpillar, Inc.		499,234
	571	Cummins, Inc.		42,602
	4,676	Danaher Corp.		244,742
	3,730	Deere & Co.		244,278
	2,911	Dover Corp.		105,902
	2,354	Eaton Corp.		141,005
	4,671	Illinois Tool Works, Inc.		372,185
	2,653	Ingersoll-Rand Co.		189,291
	1,256	ITT Inds., Inc.		122,623
	1,366	Navistar Int’l. Corp.*		43,712
	2,467	PACCAR, Inc.		167,756
	1,735	Pall Corp.		52,675
	1,682	Parker-Hannifin Corp.		104,301

				2,330,306





Media — 3.5%
	9,260	Clear Channel Comm., Inc.		286,412
	34,494	Comcast Corp. — Class A*		1,058,966
	1,237	Dow Jones & Co., Inc.		43,852
	4,065	Gannett Co., Inc.		289,143
	5,651	Interpublic Group Cos., Inc.*		68,829
	1,337	Knight-Ridder, Inc.		82,012
	5,632	McGraw-Hill Cos., Inc.		249,216
	690	Meredith Corp.		33,851
	2,319	New York Times Co.		72,237
	42,200	News Corp.		682,796
	2,999	Omnicom Group, Inc.		239,500
	73,818	Time Warner, Inc.*		1,233,499
	5,202	Tribune Co.		183,006
	4,887	Univision Comm., Inc.*		134,637
	26,391	Viacom, Inc.		845,040
	31,096	Walt Disney Co.		782,997

				6,285,993





Metals and Mining — 0.6%
	13,096	Alcoa, Inc.		342,198
	1,448	Allegheny Technologies, Inc.		31,943
	3,526	Freeport-McMoran Copper & Gold, Inc.		132,013
	6,419	Newmont Mining Corp.		250,534
	2,435	Nucor Corp.		111,085
	1,425	Phelps Dodge Corp.		131,813
	1,892	United States Steel Corp.		65,028

				1,064,614





Multiline Retail — 1.3%
	1,561	Big Lots, Inc.*		20,668
	1,201	Dillards, Inc.		28,127
	4,737	Dollar General Corp.		96,445
	2,900	Family Dollar Stores, Inc.		75,690
	2,840	Federated Department Stores, Inc.		208,115
	4,629	J.C. Penney Co., Inc.		243,393
	5,280	Kohl’s Corp.*		295,205
	4,265	May Department Stores Co.		171,282
	2,637	Nordstrom, Inc.		179,237
	1,563	Sears Hldgs. Corp.*		234,247
	13,845	Target Corp.		753,307

				2,305,716





Multi–Utilities — 0.4%
	1,896	CMS Energy Corp.*		28,554
	4,770	Dominion Resources, Inc.		350,070
	3,650	Public Svc. Enterprise Group, Inc.		221,993
	3,727	Sempra Energy		153,962

				754,579





Office Electronics — 0.1%
	11,648	Xerox Corp.*		160,626

See notes to financial statements.

n The Guardian S&P 500 Index Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Oil, Gas and Consumable Fuels — 7.4%
	1,272	Amerada Hess Corp.	$	135,481
	4,276	Anadarko Petroleum Corp.		351,273
	4,912	Apache Corp.		317,315
	966	Ashland, Inc.		69,426
	6,212	Burlington Resources, Inc.		343,151
	33,540	ChevronTexaco Corp.		1,875,557
	23,246	ConocoPhillips		1,336,412
	8,742	Devon Energy Corp.		443,045
	10,252	El Paso Corp.		118,103
	3,648	EOG Resources, Inc.		207,206
	101,980	Exxon Mobil Corp.		5,860,791
	2,450	Kerr-McGee Corp.		186,959
	2,048	Kinder Morgan, Inc.		170,394
	4,856	Marathon Oil Corp.		259,165
	6,371	Occidental Petroleum Corp.		490,121
	1,169	Sunoco, Inc.		132,892
	3,975	Unocal Corp.		258,574
	4,300	Valero Energy Corp.		340,173
	9,907	Williams Cos., Inc.		188,233
	5,466	XTO Energy, Inc.		185,789

				13,270,060





Paper and Forest Products — 0.4%
	3,965	Georgia-Pacific Corp.		126,087
	7,547	Int’l. Paper Co.		227,995
	1,413	Louisiana-Pacific Corp.		34,732
	2,831	MeadWestvaco Corp.		79,381
	4,011	Weyerhaeuser Co.		255,300

				723,495





Personal Products — 0.6%
	1,201	Alberto-Culver Co.		52,039
	6,846	Avon Products, Inc.		259,121
	15,165	Gillette Co.		767,804

				1,078,964





Pharmaceuticals — 6.9%
	24,216	Abbott Laboratories		1,186,826
	1,885	Allergan, Inc.		160,678
	29,523	Bristol-Myers Squibb Corp.		737,485
	18,227	Eli Lilly & Co.		1,015,426
	5,593	Forest Laboratories, Inc.*		217,288
	48,070	Johnson & Johnson		3,124,550
	3,608	King Pharmaceuticals, Inc.*		37,595
	34,862	Merck & Co., Inc.		1,073,750
	4,100	Mylan Laboratories, Inc.		78,884
	117,992	Pfizer, Inc.		3,254,219
	22,681	Schering-Plough Corp.		432,300
	2,740	Watson Pharmaceuticals, Inc.*		80,994
	20,740	Wyeth		922,930

				12,322,925





Real Estate — 0.6%
	1,513	Apartment Investment & Management Co.		61,912
	2,900	Archstone-Smith Trust		111,998
	6,439	Equity Office Pptys. Trust		213,131
	4,460	Equity Residential		164,217
	2,659	Plum Creek Timber Co., Inc.		96,522
	2,678	ProLogis		107,763
	4,360	Simon Ppty. Group, Inc.		316,056

				1,071,599





Road and Rail — 0.5%
	5,663	Burlington Northern Santa Fe		266,614
	3,037	CSX Corp.		129,558
	6,560	Norfolk Southern Corp.		203,098
	4,600	Union Pacific Corp.		298,080

				897,350





Semiconductors and Semiconductor Equipment — 3.2%
	6,069	Advanced Micro Devices, Inc.*		105,236
	5,686	Altera Corp.*		112,697
	5,668	Analog Devices, Inc.		211,473
	27,399	Applied Materials, Inc.		443,316
	4,283	Applied Micro Circuits Corp.*		10,964
	5,795	Broadcom Corp.*		205,780
	7,613	Freescale Semiconductor, Inc.*		161,243
	99,614	Intel Corp.		2,595,941
	3,041	KLA-Tencor Corp.		132,892
	4,550	Linear Technology Corp.		166,939
	5,783	LSI Logic Corp.*		49,098
	4,899	Maxim Integrated Products, Inc.		187,191
	8,530	Micron Technology, Inc.*		87,091
	6,136	National Semiconductor Corp.		135,176
	2,577	Novellus Systems, Inc.*		63,678
	2,760	NVIDIA Corp.*		73,747
	3,235	PMC-Sierra, Inc.*		30,183
	2,493	Teradyne, Inc.*		29,841
	26,280	Texas Instruments, Inc.		737,680
	5,339	Xilinx, Inc.		136,145

				5,676,311





Software — 3.8%
	7,500	Adobe Systems, Inc.		214,650
	3,550	Autodesk, Inc.		122,013
	3,499	BMC Software, Inc.*		62,807
	2,659	Citrix Systems, Inc.*		57,594
	9,148	Computer Assocs. Int’l., Inc.		251,387
	5,272	Compuware Corp.*		37,906
	4,446	Electronic Arts, Inc.*		251,688
	3,242	Intuit, Inc.*		146,247
	1,159	Mercury Interactive Corp.*		44,459
	165,976	Microsoft Corp.		4,122,844
	6,727	Novell, Inc.*		41,707
	79,099	Oracle Corp.*		1,044,107
	3,803	Parametric Technology Corp.*		24,263
	6,843	Siebel Systems, Inc.		60,903
	10,000	Symantec Corp.*		217,400
	6,433	VERITAS Software Corp.*		156,965

				6,856,940





Specialty Retail — 2.3%
	4,489	AutoNation, Inc.*		92,114
	1,333	AutoZone, Inc.*		123,249
	4,634	Bed, Bath & Beyond, Inc.*		193,609
	4,823	Best Buy Co., Inc.		330,617
	2,929	Circuit City Stores, Inc.		50,642
	34,767	Home Depot, Inc.		1,352,436
	8,155	Limited Brands		174,680
	12,053	Lowe’s Cos., Inc.		701,726
	4,230	Office Depot, Inc.*		96,613
	1,654	OfficeMax, Inc.		49,240
	2,665	RadioShack Corp.		61,748

See notes to financial statements.

n The Guardian S&P 500 Index Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value

	2,265	Sherwin-Williams Co.	$	106,659
	11,179	Staples, Inc.		238,336
	13,490	The Gap, Inc.		266,428
	2,083	Tiffany & Co.		68,239
	7,969	TJX Cos., Inc.		194,045
	2,834	Toys R Us, Inc.*		75,044

				4,175,425





Textiles, Apparel and Luxury Goods — 0.4%
	5,600	Coach, Inc.*		187,992
	2,039	Jones Apparel Group, Inc.		63,290
	1,864	Liz Claiborne, Inc.		74,113
	4,106	NIKE, Inc.		355,579
	649	Reebok Int’l. Ltd.		27,148
	1,473	V.F. Corp.		84,285

				792,407





Thrifts and Mortgage Finance — 1.6%
	8,654	Countrywide Financial Corp.		334,131
	10,495	Federal Home Loan Mortgage Corp.		684,589
	14,854	Federal National Mortgage Assn.		867,474
	4,552	Golden West Financial Corp.		293,058
	1,532	MGIC Investment Corp.		99,917
	5,100	Sovereign Bancorp, Inc.		113,934
	13,818	Washington Mutual, Inc.		562,254

				2,955,357





Tobacco — 1.4%
	34,165	Altria Group, Inc.		2,209,109
	2,145	Reynolds American, Inc.		169,026
	2,362	UST, Inc.		107,849

				2,485,984





Trading Companies and Distributors — 0.1%
	2,244	W.W. Grainger, Inc.		122,949





Wireless Telecommunication Services — 0.3%
	16,542	Nextel Comm., Inc.*		534,472

		Total Common Stocks (Cost $167,068,660)		174,085,756





U.S. Government Securities — 0.2%


Principal
Amount				Value

		U.S. Treasury Bills
$	50,000		2.864% due 7/28/2008 (1)	$	49,651
	50,000		3.00% due 9/22/2005 (1)		49,654
	220,000		3.07% due 9/29/2005 (1)		218,306

		Total U.S. Government Securities (Cost $317,611)			317,611





Repurchase Agreement — 2.6%


Principal
Amount			Value

$	4,597,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $4,597,409 at 3.20%, due 7/1/2005 (2) (Cost $4,597,000)	$	4,597,000





Total Investments — 99.9% (Cost $171,983,271)				179,000,367




Cash, Receivables and Other Assets Less Liabilities — 0.1%				219,969





Net Assets — 100%			$	179,220,336


*	Non-income producing security.


(1)	The U.S. Treasury Bill is segregated as collateral to cover margin requirements on open futures contracts.

(2)	The repurchase agreement is collateralized by $4,320,000 in U.S. Government Agency 5.50%, due 3/15/11, with a value of $4,689,900.






Purchased Futures Contracts


			Unrealized
Contracts	Description	Expiration	Depreciation

16	S&P 500 Index	9/2005	$	(42,278	)

See notes to financial statements.

n The Guardian Baillie Gifford International Growth Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 96.3%


Shares			Value





Australia — 4.3%




Beverages — 0.4%
	53,400	Fosters Group Ltd.	$	215,945




Commercial Banks — 0.7%
	22,354	Australia and NZ Banking Group Ltd.		369,347




Commercial Services and Supplies — 0.3%
	31,000	Brambles Inds. Ltd.		192,069




Food and Staples Retailing — 0.5%
	20,506	Woolworths Ltd.		257,136




Media — 0.2%
	33,000	John Fairfax Hldgs. Ltd.		107,824




Metals and Mining — 1.1%
	45,406	BHP Billiton Ltd.		620,420




Oil, Gas and Consumable Fuels — 0.6%
	15,200	Woodside Petroleum Ltd.		337,816




Real Estate — 0.5%
	19,000	Westfield Group		256,130

				2,356,687





Belgium — 1.8%




Diversified Financial Services — 1.8%
	11,816	Groupe Bruxelles Lambert S.A.		1,021,259





Brazil — 1.6%




Diversified Telecommunication Services — 0.6%
	18,700	Telecom. Norte Leste Participacoes ADR		311,355




Oil, Gas and Consumable Fuels — 1.0%
	10,800	Petroleo Brasileiro S.A. ADR		563,004

				874,359





Denmark — 2.3%




Commercial Banks — 2.3%
	42,840	Danske Bank AS		1,286,205





Finland — 1.5%




Construction and Engineering — 1.5%
	14,077	Kone OYJ*		843,037





France — 12.6%




Beverages — 1.0%
	3,340	Pernod-Ricard S.A.		533,046




Diversified Financial Services — 1.4%
	9,065	Eurazeo		774,724




Health Care Equipment and Supplies — 2.2%
	17,790	Essilor Int’l. S.A.		1,213,022




Media — 1.2%
	20,852	Vivendi Universal S.A.		653,305




Oil, Gas and Consumable Fuels — 3.2%
	7,490	Total S.A.		1,752,193




Personal Products — 1.7%
	13,091	L’Oreal S.A.		937,105




Pharmaceuticals — 1.9%
	13,265	Sanofi-Aventis		1,086,103

				6,949,498





Germany — 5.4%




Health Care Providers and Services — 0.9%
	6,150	Celesio AG		482,390




Multi-Utilities — 1.1%
	9,760	RWE AG		626,589




Software — 2.3%
	7,163	SAP AG		1,238,893




Textiles, Apparel and Luxury Goods — 1.1%
	3,770	Adidas-Salomon AG		628,702

				2,976,574





Hong Kong — 2.9%




Commercial Banks — 0.9%
	169,500	BOC Hong Kong Hldgs. Ltd.		319,590
	13,000	Hang Seng Bank Ltd.		176,829

				496,419




Distributors — 0.3%
	78,000	Li & Fung Ltd.		161,404




Diversified Financial Services — 0.2%
	50,000	Hong Kong Exchanges & Clearing Ltd.		129,270




Real Estate — 1.5%
	59,000	Cheung Kong Hldgs. Ltd.		570,278
	28,000	Sun Hung Kai Properties Ltd.		275,354

				845,632

				1,632,725





Ireland — 3.2%




Commercial Banks — 1.5%
	39,230	Allied Irish Banks PLC		840,085




Construction Materials — 1.7%
	35,380	CRH PLC		937,524

				1,777,609





Italy — 2.4%




Insurance — 1.5%
	40,860	Riunione Adriatica di Sicurta SPA		793,900




Oil, Gas and Consumable Fuels — 0.9%
	19,810	ENI SPA		508,884

				1,302,784





Japan — 20.8%




Auto Components — 1.1%
	33,000	Bridgestone Corp.		632,386




Automobiles — 1.1%
	59,800	Nissan Motor Co. Ltd.		591,185




Building Products — 1.4%
	76,000	Asahi Glass Co.		794,195




Commercial Banks — 1.0%
	104	UFJ Hldgs., Inc.*		538,037




Diversified Financial Services — 1.1%
	9,700	Promise Co.		619,264




Electronic Equipment and Instruments — 2.6%
	2,800	Keyence Corp.		624,198
	38,500	Konica Minolta Hldgs., Inc.		357,822
	4,100	Nidec Corp		432,189

				1,414,209




Household Products — 0.9%
	22,000	Kao Corp.		516,906




Insurance — 1.1%
	70,000	Mitsui Sumitomo Insurance Co.		626,289




Machinery — 0.9%
	20,000	Daikin Inds. Ltd.		498,170




Marine — 1.0%
	89,000	Mitsui O.S.K. Lines Ltd.		545,915




Multiline Retail — 0.6%
	36,000	Takashimaya Co. Ltd.		321,145




Office Electronics — 1.2%
	13,000	Canon, Inc.		681,389




Real Estate — 0.6%
	27,000	Sumitomo Realty & Dev’t. Co. Ltd.		300,630




Road and Rail — 0.6%
	74,000	Tokyu Corp.		331,072




Specialty Retail — 1.2%
	11,900	Yamada Denki Co. Ltd.		683,352

See notes to financial statements.

n The Guardian Baillie Gifford International Growth Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Tobacco — 2.3%
	96	Japan Tobacco, Inc.	$	1,276,246




Trading Companies and Distributors — 1.5%
	86,000	Mitsui & Co. Ltd.		810,670




Wireless Telecommunication Services — 0.6%
	72	KDDI Corp.		332,301

				11,513,361





New Zealand — 0.4%




Diversified Telecommunication Services — 0.4%
	53,400	Telecom. Corp. of New Zealand		223,363





People’s Republic of China — 0.9%




Oil, Gas and Consumable Fuels — 0.9%
	807,500	CNOOC Ltd.		475,920





Russia — 0.5%




Wireless Telecommunication Services — 0.5%
	8,000	Mobile Telesystems ADR		269,200





Singapore — 0.8%




Electronic Equipment and Instruments — 0.3%
	19,000	Venture Corp. Ltd.		179,542




Industrial Conglomerates — 0.2%
	19,000	Keppel Corp. Ltd.		140,275




Media — 0.3%
	56,000	Singapore Press Hldgs. Ltd.		142,484

				462,301





South Africa — 0.5%




Oil, Gas and Consumable Fuels — 0.5%
	10,156	Sasol Ltd.		273,502





South Korea — 0.5%




Semiconductors and Semiconductor Equipment — 0.5%
	1,200	Samsung Electronics Co. Ltd. GDR		287,100





Spain — 2.6%




Commercial Banks — 1.3%
	60,650	Banco Popular Espanol S.A.		731,687




Tobacco — 1.3%
	16,720	Altadis S.A.		699,334

				1,431,021





Sweden — 6.6%




Commercial Banks — 1.4%
	39,376	Svenska Handelsbanken AB		802,752




Communications Equipment — 1.1%
	182,870	LM Ericsson		584,003




Health Care Equipment and Supplies — 1.3%
	51,430	Getinge AB		700,409




Machinery — 2.8%
	74,580	Atlas Copco AB		1,070,038
	13,479	Sandvik AB		500,257

				1,570,295

				3,657,459





Switzerland — 4.1%




Commercial Banks — 2.5%
	17,810	UBS AG		1,387,082




Electrical Equipment — 1.6%
	134,300	ABB Ltd.*		868,353

				2,255,435





United Kingdom — 20.6%




Commercial Banks — 3.4%
	69,800	Barclays PLC		692,282
	25,664	Royal Bank of Scotland		773,168
	23,000	Standard Chartered PLC		419,274

				1,884,724




Commercial Services and Supplies — 0.6%
	141,000	Hays PLC*		326,205




Hotels, Restaurants and Leisure — 2.6%
	14,800	Carnival PLC		839,641
	112,000	Hilton Group PLC		572,912

				1,412,553




Metals and Mining — 0.9%
	40,000	BHP Billiton PLC		510,208




Multiline Retail — 0.6%
	13,000	Next PLC		350,572




Oil, Gas and Consumable Fuels — 3.1%
	58,000	BG Group PLC		476,461
	120,000	BP PLC		1,248,696

				1,725,157




Pharmaceuticals — 1.8%
	40,902	GlaxoSmithKline PLC		988,916




Software — 0.3%
	41,000	Sage Group		163,972




Specialty Retail — 0.8%
	98,000	Kingfisher PLC		430,195




Tobacco — 2.8%
	29,000	British American Tobacco PLC		558,848
	37,000	Imperial Tobacco		994,877

				1,553,725




Trading Companies and Distributors — 0.6%
	17,000	Wolseley PLC		356,574




Wireless Telecommunication Services — 3.1%
	707,650	Vodafone Group		1,721,491

				11,424,292

		Total Common Stocks (Cost $39,423,617)		53,293,691





Preferred Stocks — 3.3%




Brazil — 1.4%




Oil, Gas and Consumable Fuels — 1.4%
	16,500	Petroleo Brasileiro S.A. ADR	$	759,660





Germany — 1.9%




Automobiles — 1.9%
	1,440	Porsche AG		1,078,541

		Total Preferred Stocks (Cost $884,143)		1,838,201





Rights — 0.1%




Sweden — 0.1%




Machinery — 0.1%
	561	Sandvik AB exp. 7/8/2005 (Cost $9,489)	$	29,328

See notes to financial statements.

n The Guardian Baillie Gifford International Growth Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)






Repurchase Agreement — 0.4%


Principal
Amount			Value

$	200,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $200,008 at 1.40%, due 7/1/2005 (1) (Cost $200,000)	$	200,000





Total Investments — 100.1% (Cost $40,517,249)				55,361,220




Liabilities in Excess of Cash, Receivables and Other Assets — (0.1)%				(28,776	)





Net Assets — 100%			$	55,332,444


*	Non-income producing security.


(1)	The repurchase agreement is collateralized by $205,000 in U.S. Treasury Bonds 3.625%, due 6/30/05, with a value of $204,744.

Glossary of Terms:


	ADR — American Depositary Receipt. GDR — Global Depositary Receipt.

Pursuant to its Valuation Procedures, the Fund valued its securities using fair value prices as of June 30, 2005.

See notes to financial statements.

n The Guardian Baillie Gifford Emerging Markets Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Common Stocks — 89.1%


Shares			Value





Argentina — 0.1%




Food and Staples Retailing — 0.1%
	11,480	Imp. Y Exp. Patagonia	$	68,475





Brazil — 4.2%




Diversified Telecommunication Services — 1.9%
	132,600	Telecom. Norte Leste Participacoes ADR		2,207,790




Metals and Mining — 0.9%
	36,900	Comp. Vale Do Rio Doce ADR		1,080,432




Oil, Gas and Consumable Fuels — 1.4%
	33,000	Petroleo Brasileiro S.A. ADR		1,720,290

				5,008,512





Chile — 0.4%




Commercial Banks — 0.4%
	15,000	Banco Santander Chile ADR		484,500





Egypt — 1.9%




Wireless Telecommunication Services — 1.9%
	44,792	Orascom Telecom Hldg. SAE GDR*		2,252,590





Hong Kong — 1.0%




Industrial Conglomerates — 1.0%
	390,000	Citic Pacific Ltd.		1,137,834





India — 3.5%




Chemicals — 2.5%
	101,500	Reliance Inds. Ltd. GDR†		2,954,665




Commercial Banks — 1.0%
	25,500	HDFC Bank Ltd. ADR		1,186,005

				4,140,670





Indonesia — 3.7%




Commercial Banks — 1.1%
	4,709,500	PT Bank Rakyat Indonesia		1,395,415




Diversified Telecommunication Services — 1.7%
	3,940,000	PT Telekomunikasi Indonesia*		2,036,425




Metals and Mining — 0.9%
	12,335,000	PT Bumi Resources Tbk*		1,046,957

				4,478,797





Israel — 3.0%




Chemicals — 0.9%
	202,100	Makhteshim-Agan Inds. Ltd.		1,099,575




Commercial Banks — 1.2%
	470,000	Bank Hapoalim Ltd.		1,475,596




Internet Software and Services — 0.9%
	52,000	Check Point Software Technologies Ltd. ADR*		1,029,600

				3,604,771





Malaysia — 6.1%




Construction and Engineering — 0.4%
	800,000	Road Builder (M) Hldgs. Berhad		499,937




Diversified Telecommunication Services — 1.3%
	575,000	Telekom Malaysia Berhad		1,510,178




Food Products — 1.7%
	506,400	IOI Corp. Berhad		1,397,754
	235,000	IOI Oleochemical Inds. Berhad		596,776

				1,994,530




Media — 1.1%
	920,000	Astro All Asia Networks PLC*		1,317,745




Real Estate — 0.5%
	530,000	SP Setia Berhad		569,053




Transportation Infrastructure — 1.1%
	1,600,000	PLUS Expressways Berhad		1,380,268

				7,271,711





Mexico — 8.1%




Commercial Banks — 1.2%
	218,200	Grupo Fin. Banorte S.A. de C.V.		1,438,125




Diversified Telecommunication Services — 1.5%
	271,000	Grupo Carso Global Telecom.*		499,359
	69,200	Telefonos de Mexico S.A. ADR		1,307,188

				1,806,547




Food and Staples Retailing — 1.1%
	317,511	Wal-Mart de Mexico S.A. de C.V.		1,287,436




Household Durables — 0.4%
	150,000	Consorcio Ara S.A. de C.V.		517,986




Transportation Infrastructure — 0.5%
	19,400	Grupo Aeroportuario del Sureste S.A. de C.V. ADR		617,890




Wireless Telecommunication Services — 3.4%
	57,200	America Movil S.A. de C.V. ADR		3,409,692
	191,000	America Telecom S.A. de C.V.*		609,746

				4,019,438

				9,687,422





People’s Republic of China — 5.3%




Diversified Telecommunication Services — 1.0%
	3,200,000	China Telecom Corp. Ltd.		1,132,424




Electric Utilities — 0.4%
	720,000	Huaneng Power Int’l., Inc.		527,896




Oil, Gas and Consumable Fuels — 3.3%
	3,190,000	CNOOC Ltd.		1,880,104
	2,770,000	PetroChina Co. Ltd.		2,035,293

				3,915,397




Transportation Infrastructure — 0.6%
	1,136,000	Zhejiang Expressway Co. Ltd.		771,517

				6,347,234





Poland — 1.5%




Commercial Banks — 1.0%
	29,000	Bank Pekao S.A.		1,243,233




Media — 0.5%
	30,000	Agora S.A.		572,909

				1,816,142





Russia — 3.6%




Metals and Mining — 0.3%
	32,000	Peter Hambro Mining PLC*		371,191




Oil, Gas and Consumable Fuels — 2.0%
	64,000	LUKOIL ADR		2,355,840




Wireless Telecommunication Services — 1.3%
	23,900	Mobile Telesystems ADR		804,235
	23,300	VimpelCom ADR*		792,899

				1,597,134

				4,324,165





South Africa — 11.2%




Commercial Banks — 2.2%
	275,000	Standard Bank Group Ltd.		2,653,091




Diversified Telecommunication Services — 1.0%
	74,000	Telkom Group Ltd.		1,185,013




Industrial Conglomerates — 0.8%
	64,368	Imperial Hldgs. Ltd.		983,285

See notes to financial statements.

n The Guardian Baillie Gifford Emerging Markets Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Shares			Value





Media — 0.7%
	69,000	Naspers Ltd.	$	854,727




Metals and Mining — 1.8%
	30,435	Anglo American Platinum Corp.		1,351,803
	43,000	Lonmin PLC		812,473

				2,164,276




Oil, Gas and Consumable Fuels — 3.2%
	143,100	Sasol Ltd.		3,853,702




Specialty Retail — 0.6%
	14,800	Edgars Consolidated Stores Ltd.		640,191




Wireless Telecommunication Services — 0.9%
	150,000	MTN Group Ltd.		990,223

				13,324,508





South Korea — 16.5%




Auto Components — 0.2%
	18,290	Hankook Tire Co. Ltd.		220,819




Commercial Services and Supplies — 1.3%
	36,700	S1 Corp.		1,563,256




Construction and Engineering — 0.2%
	7,970	Hyundai Development Co.		185,154




Industrial Conglomerates — 3.5%
	128,630	Hanwha Corp.		2,160,376
	79,500	LG Corp.		2,002,106

				4,162,482




Insurance — 2.8%
	52,000	Oriental Fire & Marine Ins. Co. Ltd.		1,147,868
	27,400	Samsung Fire & Marine Ins. Co. Ltd.		2,202,397

				3,350,265




Marine — 1.9%
	248,000	Samsung Heavy Inds. Co. Ltd.		2,234,286




Media — 0.8%
	4,800	Cheil Comms., Inc.		898,075




Oil, Gas and Consumable Fuels — 1.1%
	55,000	GS Hldgs. Corp.		1,293,523




Pharmaceuticals — 1.4%
	14,797	Yuhan Corp.		1,713,182




Trading Companies and Distributors — 2.0%
	186,200	Samsung Corp.		2,424,870




Transportation Infrastructure — 1.3%
	84,000	Daewoo Shipbuilding & Marine Engineering Co. Ltd.		1,611,864

				19,657,776





Taiwan — 10.1%




Chemicals — 1.6%
	1,440,000	Taiwan Fertilizer Co. Ltd.		1,898,932




Construction and Engineering — 0.4%
	843,767	CTCI Corp.		463,436




Diversified Financial Services — 0.9%
	2,282,570	SinoPac Hldgs.		1,143,662




Electrical Equipment — 0.4%
	400,000	Phoenixtec Power Co. Ltd.		428,544




Electronic Equipment and Instruments — 4.9%
	1,423,000	AU Optronics Corp.		2,370,173
	673,599	Hon Hai Precision Inds. Co. Ltd.		3,494,783

				5,864,956




Multiline Retail — 0.9%
	1,830,000	Far Eastern Dept. Stores Ltd.		1,094,702




Wireless Telecommunication Services — 1.0%
	1,179,800	Taiwan Cellular Corp.		1,213,329

				12,107,561





Thailand — 5.4%




Commercial Banks — 1.4%
	700,000	Bangkok Bank Public Co. Ltd.		1,702,699




Diversified Financial Services — 0.7%
	1,335,000	TISCO Finance Pub. Co. Ltd.		805,357




Oil, Gas and Consumable Fuels — 1.7%
	221,000	PTT Exploration & Production Pub. Co. Ltd.		2,046,027




Wireless Telecommunication Services — 1.6%
	790,000	Advanced Info Service Pub. Co. Ltd.		1,865,693

				6,419,776





Turkey — 2.9%




Commercial Banks — 2.3%
	647,357	Turkiye Garanti Bankasi A.S.*		2,752,724




Media — 0.6%
	307,837	Dogan Yayin Hldgs. A.S.*		770,776

				3,523,500





Venezuela — 0.6%




Diversified Telecommunication Services — 0.6%
	35,000	Comp. Anonima Nacional Tel. de Venezuela ADR*		662,900

		Total Common Stocks (Cost $78,992,648)		106,318,844





Preferred Stocks — 8.3%




Brazil — 8.3%




Commercial Banks — 2.7%
	1,473,055	Itausa-Investimentos Itau S.A.	$	3,171,485




Electric Utilities — 0.8%
	55,300,000	AES Tiete S.A.		984,361




Food Products — 0.0%
	4,700,000	Comp. Lorenz S.A.*		0




Media — 0.9%
	3,989,019	Net Servicos de Comunicacao S.A.*		1,065,091




Metals and Mining — 1.6%
	55,000	Comp. Vale Do Rio Doce ADR		1,397,000
	19,000	Comp. Vale Do Rio Doce		477,839

				1,874,839




Oil, Gas and Consumable Fuels — 2.3%
	59,600	Petroleo Brasileiro S.A. ADR		2,743,984

		Total Preferred Stocks (Cost $5,584,733)		9,839,760

See notes to financial statements.

n The Guardian Baillie Gifford Emerging Markets Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)






Repurchase Agreement — 1.9%


Principal
Amount			Value

$	2,312,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $2,312,090 at 1.40%, due 7/1/2005 (1) (Cost $2,312,000)	$	2,312,000





Total Investments — 99.3% (Cost $86,889,381)				118,470,604




Cash, Receivables and Other Assets Less Liabilities — 0.7%				852,095





Net Assets — 100%			$	119,322,699


*	Non-income producing security.


†	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to certain qualified buyers. At June 30, 2005, the aggregate market value of these securities amounted to $2,954,665 representing 2.5% of net assets.


(1)	The repurchase agreement is collateralized by $2,365,000 in U.S. Treasury Bonds 3.625%, due 6/30/05, with a value of $2,362,044.

Glossary of Terms:


	ADR — American Depositary Receipt. GDR — Global Depositary Receipt.

Pursuant to its Valuation Procedures, the Fund valued its securities using fair value prices as of June 30, 2005.

See notes to financial statements.

n The Guardian Investment Quality Bond Fund

Schedule of Investments

June 30, 2005






Asset Backed Securities — 11.2%


Principal
Amount			Value

$	1,200,000	Ameriquest Mtg. Secs., Inc. 2003-5 A6 4.541% due 4/25/2033	$	1,206,994
	86,252	Amresco 1997-1 MIF 7.42% due 3/25/2027		85,996
	750,000	Capital Auto Receivables Asset Tr. 2005-1 A4 4.05% due 7/15/2009		750,935
	1,264,000	Carmax Auto Owner Tr. 2005-1 A4 4.35% due 3/15/2010		1,272,727
	300,000	Caterpillar Financial Asset Tr. 2004-A A3 3.13% due 1/26/2009		297,144
		New Century Home Equity Loan Tr. 2004-4 A4
	1,480,000	3.594% due 2/25/2035 (2)		1,484,124
		2005-A A4
	1,500,000	5.114% due 8/25/2035		1,508,700
	810,000	Nissan Auto Receivables Owner Tr. 2003-B A4 2.05% due 3/16/2009		790,277
	1,200,000	Renaissance Home Equity Loan Tr. 2005-2 AF3 4.499% due 8/25/2035 (2)		1,200,720
	207,750	Residential Asset Mtg. Prods., Inc. 2003-RZ3 A3 2.14% due 2/25/2030		206,467
	1,600,000	Residential Funding Mtg. Secs. 2003-HS3 AI2 3.15% due 7/25/2018		1,577,372
		SLMA Student Loan Tr. 2004-3 A2
	1,500,000	3.171% due 4/25/2013 (2)		1,500,353
		2005-4 A1
	650,000	3.215% due 10/26/2015 (2)		648,343
		2002-5 A4L
	700,000	3.56% due 9/17/2018 (2)		703,394
	455,000	Structured Asset Secs. Corp. 2005-WF1 A2 3.514% due 2/25/2035 (2)		455,439
	1,900,000	Vanderbilt Acquisition Loan Tr. 2002-1 A3 5.70% due 9/7/2023		1,926,705

		Total Asset Backed Securities (Cost $15,621,512)		15,615,690





Collateralized Mortgage Obligations — 7.2%
$	1,450,000	Countrywide Home Loans 2002-19 1A1 6.25% due 11/25/2032	$	1,471,293
		FHLMC H006 A2
	952,676	2.837% due 2/15/2010		939,843
		2430 GD
	13,257	6.50% due 11/15/2030		13,241
		2744 VC
	1,054,974	5.50% due 4/15/2011		1,087,242
		2500 TD
	405,000	5.50% due 2/15/2016		411,492
		2744 PC
	1,500,000	5.50% due 1/15/2031		1,547,859
		2367 ME
	1,200,000	6.50% due 10/15/2031		1,274,462
	855,075	FNMA 2001-51 PH 6.00% due 8/25/2030		869,403
	918,000	Mastr Asset Securitization Tr. 2003-10 3A7 5.50% due 11/25/2033		933,649
	1,500,000	Wells Fargo Mtg.-Backed Secs. Tr. 2003-11 1A3 4.75% due 10/25/2018		1,506,040

		Total Collateralized Mortgage Obligations (Cost $10,242,503)		10,054,524





Commercial Mortgage Backed Securities — 6.4%
		Chase Comm’l. Mtg. Secs. Corp. 1998-2 A2
$	305,000	6.39% due 11/18/2030	$	324,566
		1997-1 C
	400,000	7.37% due 6/19/2029		421,093
	1,500,000	Crown Castle Towers LLC 2005-1A AFX 4.643% due 6/15/2035†		1,507,650
	557,764	First Union National Bank Comm’l. Mtg. Tr. 2000-C2 A1 6.94% due 10/15/2032		580,145
	1,500,000	GE Comm’l. Mtg. Corp. 2005-C1 A5 4.772% due 6/10/2048		1,524,259
	801,030	GMAC Comm’l. Mtg. Secs., Inc. 1997-C1 A3 6.869% due 7/15/2029		836,450
	1,550,000	Greenwich Capital Comm’l. Funding Corp. 2005-GC3 AJ 4.859% due 8/10/2042		1,573,576
	200,000	Merrill Lynch Mtg. Tr. 2004-BPC1 A5 4.855% due 10/12/2041		203,914
	1,165,000	Midland Realty Acceptance Corp. 1996-C1 C 7.86% due 8/25/2028 (2)		1,182,154
	225,000	Morgan Stanley Capital I 1999-RM1 E 7.208% due 12/15/2031 (2)		244,382
	589,393	Mtg. Capital Funding, Inc. 1997-MC1 A3 7.288% due 7/20/2027		608,862

		Total Commercial Mortgage Backed Securities (Cost $9,135,079)		9,007,051

See notes to financial statements.

n The Guardian Investment Quality Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)






Corporate Bonds — 21.8%


Principal
Amount			Value





Aerospace and Defense — 0.7%
$	200,000	General Dynamics Corp. 4.50% due 8/15/2010	$	202,495
	100,000	Northrop Grumman Corp. 7.125% due 2/15/2011		113,097
	150,000	TRW, Inc. 7.75% due 6/1/2029		200,469
		United Technologies Corp.
	200,000	4.375% due 5/1/2010		201,849
	200,000	5.40% due 5/1/2035		210,129

				928,039





Automotive — 0.9%
		DaimlerChrysler NA Hldg.
	300,000	4.05% due 6/4/2008		295,405
	150,000	6.50% due 11/15/2013		162,331
	90,000	8.50% due 1/18/2031		114,022
		Ford Motor Credit Co.
	250,000	6.50% due 1/25/2007		251,794
	250,000	7.00% due 10/1/2013		239,870
	250,000	General Motors Acceptance Corp. 6.125% due 9/15/2006		250,179

				1,313,601





Banking — 0.2%
	300,000	BB&T Corp. 4.90% due 6/30/2017		300,780





Chemicals — 0.1%
	200,000	Potash Corp. 4.875% due 3/1/2013		202,037





Consumer Products — 0.2%
	250,000	Procter & Gamble Co. 5.50% due 2/1/2034		269,691





Electric — 0.7%
	300,000	Alabama Power Co. 5.65% due 3/15/2035		312,418
	200,000	Cons. Edison Co. of New York, Inc. 5.30% due 3/1/2035		207,977
	300,000	Florida Power & Light Co. 4.95% due 6/1/2035		295,883
	200,000	Pacific Gas & Electric Co. 6.05% due 3/1/2034		220,418

				1,036,696





Energy — 0.6%
	498,600	RAS Laffan Liquefied Natural Gas 3.437% due 9/15/2009†		489,361
	350,000	Western Oil Sands, Inc. 8.375% due 5/1/2012		398,562

				887,923





Energy–Refining — 0.3%
	250,000	Tosco Corp. 8.125% due 2/15/2030		352,179





Entertainment — 0.4%
	500,000	Time Warner, Inc. 7.57% due 2/1/2024		610,879





Environmental — 0.6%
	800,000	Waste Management, Inc. 7.375% due 8/1/2010		894,602





Finance Companies — 1.5%
	400,000	Capital One Bank 5.75% due 9/15/2010		422,124
	500,000	CIT Group, Inc. 3.49% due 5/18/2007 (2)		500,895
	200,000	General Electric Capital Corp. 6.75% due 3/15/2032		246,798
	400,000	Household Fin. Corp. 6.375% due 11/27/2012		442,394
	375,000	MBNA America Bank Nat’l. 7.125% due 11/15/2012		431,166

				2,043,377





Financial — 1.1%
	200,000	Credit Suisse First Boston 6.50% due 1/15/2012		222,278
	300,000	Goldman Sachs Group, Inc. 5.125% due 1/15/2015		305,565
		Lehman Brothers Hldgs., Inc.
	200,000	4.25% due 1/27/2010		199,408
	200,000	6.625% due 1/18/2012		223,377
	250,000	Merrill Lynch & Co. 5.00% due 1/15/2015		255,983
		Morgan Stanley
	150,000	4.00% due 1/15/2010		147,763
	200,000	4.75% due 4/1/2014		197,034

				1,551,408





Financial–Banks — 2.5%
	550,000	Bank of America Corp. 4.875% due 9/15/2012		565,673
	500,000	Citigroup, Inc. 5.00% due 9/15/2014		511,473
	300,000	City Nat’l. Corp. 5.125% due 2/15/2013		308,104
	200,000	HSBC USA, Inc. 4.625% due 4/1/2014		199,660
	450,000	J.P. Morgan Chase & Co. 5.75% due 1/2/2013		482,135
	200,000	Regions Financial Corp. 6.375% due 5/15/2012		224,427
	250,000	Sovereign Bank 5.125% due 3/15/2013		254,931
	200,000	Wachovia Corp. 5.25% due 8/1/2014		208,777
	150,000	Washington Mutual Bank 5.65% due 8/15/2014		157,938
	500,000	Zions Bancorp 6.00% due 9/15/2015		545,178

				3,458,296





Food and Beverage — 0.5%
	400,000	Kellogg Co. 2.875% due 6/1/2008		385,353
	300,000	Kraft Foods, Inc. 5.25% due 10/1/2013		312,178

				697,531

See notes to financial statements.

n The Guardian Investment Quality Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Principal
Amount			Value





Gaming — 0.1%
$	150,000	Harrahs Operating Co., Inc. 5.625% due 6/1/2015†	$	152,782





Health Care — 0.1%
	150,000	Wellpoint, Inc. 5.00% due 12/15/2014		153,166





Home Construction — 0.4%
	250,000	D. R. Horton, Inc. 5.625% due 1/15/2016		247,475
	300,000	Ryland Group, Inc. 5.375% due 6/1/2008		306,662

				554,137





Insurance — 0.7%
	200,000	Allstate Corp. 5.00% due 8/15/2014		205,588
		Metlife, Inc.
	250,000	5.00% due 6/15/2015		253,717
	125,000	5.70% due 6/15/2035		128,859
	400,000	Willis Group NA 5.625% due 7/15/2015		402,572

				990,736





Media–Cable — 0.9%
	300,000	AT & T Broadband Corp. 9.455% due 11/15/2022		424,389
	800,000	Comcast Cable Comm., Inc. 6.875% due 6/15/2009		871,453

				1,295,842





Media–NonCable — 1.0%
	150,000	News America Hldgs. 8.00% due 10/17/2016		184,330
	1,150,000	Scholastic Corp. 5.75% due 1/15/2007		1,174,284

				1,358,614





Merchandising–Supermarkets — 0.6%
	400,000	Delhaize America, Inc. 7.375% due 4/15/2006		408,709
	400,000	Safeway, Inc. 6.15% due 3/1/2006		404,299

				813,008





Metals and Mining — 0.3%
	350,000	Noranda, Inc. 6.00% due 10/15/2015		367,375





Natural Gas–Pipelines — 0.7%
	500,000	Enterprise Prods. Operating LP 6.65% due 10/15/2034		548,934
	250,000	Keyspan Corp. 7.625% due 11/15/2010		288,456
	200,000	Plains All American Pipeline 5.625% due 12/15/2013		207,123

				1,044,513





Paper and Forest Products — 0.1%
	150,000	Weyerhaeuser Co. 6.00% due 8/1/2006		152,672





Railroads — 0.8%
	300,000	Burlington Northern Santa Fe Corp. 7.95% due 8/15/2030		411,209
	150,000	CSX Corp. 4.875% due 11/1/2009		152,353
	450,000	Norfolk Southern Corp. 6.75% due 2/15/2011		503,210

				1,066,772





Real Estate Investment Trust — 0.4%
		EOP Operating LP
	150,000	4.75% due 3/15/2014		147,061
	100,000	7.00% due 7/15/2011		110,886
	200,000	Liberty Ppty. LP 7.25% due 3/15/2011		224,531
	100,000	Regency Centers LP 6.75% due 1/15/2012		109,859

				592,337





Retailers — 0.7%
	250,000	CVS Corp. 4.875% due 9/15/2014		254,152
	150,000	Federated Department Stores, Inc. 7.00% due 2/15/2028		174,386
	300,000	Staples, Inc. 7.375% due 10/1/2012		346,808
	150,000	Wal-Mart Stores, Inc. 4.50% due 7/1/2015		149,037

				924,383





Technology — 0.6%
	250,000	First Data Corp. 4.95% due 6/15/2015		253,395
	200,000	IBM Corp. 5.875% due 11/29/2032		221,782
	300,000	Motorola, Inc. 6.50% due 9/1/2025		330,842

				806,019





Utilities–Electric and Water — 1.2%
	250,000	FirstEnergy Corp. 6.45% due 11/15/2011		273,157
	300,000	Potomac Edison Co. 5.35% due 11/15/2014†		312,441
	300,000	Progress Energy, Inc. 7.00% due 10/30/2031		346,499
	500,000	Public Service Co. of New Mexico 4.40% due 9/15/2008		500,357
	200,000	Public Service Electric Gas Co. 5.125% due 9/1/2012		207,759

				1,640,213





Wireless Communications — 1.3%
	300,000	America Movil S.A. de C.V. 6.375% due 3/1/2035		292,755
		AT & T Wireless Svcs., Inc.
	400,000	8.125% due 5/1/2012		479,259
	250,000	8.75% due 3/1/2031		350,409
	690,000	Verizon Wireless Capital LLC 5.375% due 12/15/2006		703,193

				1,825,616

See notes to financial statements.

n The Guardian Investment Quality Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Principal
Amount			Value





Wireline Communications — 1.3%
$	250,000	Deutsche Telekom Int’l. Fin. BV 8.75% due 6/15/2030 (2)	$	338,495
		France Telecom S.A.
	325,000	8.00% due 3/1/2011 (2)		377,154
	115,000	8.50% due 3/1/2031 (2)		160,334
	600,000	Sprint Capital Corp. 8.375% due 3/15/2012		721,692
	200,000	Verizon Global Funding Corp. 7.75% due 12/1/2030		258,250

				1,855,925





Yankee — 0.3%
	350,000	Pemex Project Funding Master Tr. 7.875% due 2/1/2009 (2)		382,375

		Total Corporate Bonds (Cost $29,144,484)		30,523,524





Mortgage Pass-Through Securities — 33.5%
		FHLMC
$	10,817,111	5.50%, 2034	$	10,975,308
	5,800,000	5.50%, 6/1/2035		5,884,661
	2,602,282	6.00%, 11/1/2034		2,670,075
	6,915	7.00%, 8/1/2008		7,176
		FNMA
	6,725,000	5.00%, (30 yr. TBA)		6,725,000
	1,300,000	5.50%, (30 yr. TBA)		1,317,469
	3,269,138	5.00%, 6/1/2018		3,308,325
	2,198,327	5.00%, 10/1/2019		2,224,127
	552,898	5.50%, 12/1/2014		568,091
	264,093	5.50%, 8/1/2019		271,276
	547,346	6.00%, 10/1/2013		566,400
	373,711	6.00%, 4/1/2016		386,516
	2,841,514	6.00%, 2034		2,914,205
	2,382,915	6.00%, 2035		2,443,849
	879,973	6.50%, 12/1/2017		916,404
	1,393,998	6.50%, 2032		1,445,077
	874,586	6.50%, 11/1/2034		905,421
	5,442	7.00%, 2/1/2009		5,639
	36,679	7.00%, 2012		38,443
	144,641	7.00%, 9/1/2014		151,580
	2,548	7.00%, 8/1/2023		2,701
	1,337	7.00%, 12/1/2027		1,413
	51,469	7.00%, 12/1/2028		54,373
	454,094	7.00%, 2032		478,990
	230	7.50%, 5/1/2027		246
	101,547	7.50%, 12/1/2029		108,563
	396,101	7.50%, 2/1/2031		423,603
	180,932	8.00%, 2030		194,593
		GNMA
	895,941	6.00%, 2033		924,854
	874,913	6.50%, 4/15/2033		914,790
	97,825	8.00%, 2030		105,738

		Total Mortgage Pass-Through Securities (Cost $46,702,178)		46,934,906





Sovereign Debt Securities — 1.1%


Principal
Amount			Value

$	200,000	Pemex Project Funding Master Tr. 4.71% due 6/15/2010†(2)	$	206,300
	250,000	Quebec Province 4.60% due 5/26/2015		252,883
	475,000	Republic of South Africa 6.50% due 6/2/2014		530,219
		United Mexican States
	200,000	4.625% due 10/8/2008		201,300
	250,000	8.00% due 9/24/2022		306,250

		Total Sovereign Debt Securities (Cost $1,367,649)		1,496,952





U.S. Government Securities — 19.8%




U.S. Government Agency Securities — 10.9%
		FHLMC
$	5,000,000	2.875%, 5/15/2007	$	4,917,045
	390,000	3.15%, 12/16/2008		379,945
		FNMA
	5,070,000	3.03%, 7/14/2005††(1)		5,064,159
	3,600,000	3.25%, 1/15/2008		3,550,457
	1,290,000	4.625%, 10/15/2014		1,322,990

				15,234,596





U.S. Treasury Bonds and Notes — 8.9%
		U.S. Treasury Bonds
	5,046,000	5.375%, 2/15/2031		5,954,280
	3,510,000	6.00%, 2/15/2026		4,324,703
		U.S. Treasury Notes
	180,000	3.00%, 12/31/2006		178,348
	2,035,000	4.125%, 5/15/2015		2,064,729

				12,522,060

		Total U.S. Government Securities (Cost $26,881,777)		27,756,656





Commercial Paper — 3.3%




Food and Beverage — 3.3%
$	3,000,000	Coca-Cola Enterprises, Inc. 3.02% due 7/14/2005 (1)	$	2,996,728
	1,600,000	Nestle Capital Corp. 2.965% due 7/13/2005 (1)		1,598,293

		Total Commercial Paper (Cost $4,595,021)		4,595,021





Taxable Municipal Security — 0.1%
$	200,000	Oregon Sch. Brds. Association 4.759% due 6/30/2028 (Cost $200,000)	$	200,470

See notes to financial statements.

n The Guardian Investment Quality Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)






Repurchase Agreement — 1.5%


Principal
Amount			Value

$	2,139,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $2,139,190 at 3.20%, due 7/1/2005 (1)(3) (Cost $2,139,000)	$	2,139,000





Total Investments — 105.9% (Cost $146,029,203)				148,323,794




Payables for Mortgage Pass-Throughs Delayed Delivery Securities (1) — (5.7)%				(7,987,581	)




Liabilities in Excess of Cash, Receivables and Other Assets — (0.2)%				(272,135	)





Net Assets — 100%			$	140,064,078


†	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to certain qualified buyers. At June 30, 2005, the aggregate market value of these securities amounted to $2,668,534 representing 1.9% of net assets.


††	Discount note. The rate shown is the effective yield at date of purchase.


(1)	Securities are segregated to cover forward mortgage purchases.

(2)	Floating rate note. The rate shown is the rate in effect at June 30, 2005.

(3)	The repurchase agreement is collateralized by $2,175,000 in U.S. Government Agency 4.65%, due 10/10/13, with a value of $2,185,875.

See notes to financial statements.

n The Guardian Low Duration Bond Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Asset Backed Securities — 23.4%


Principal
Amount			Value

$	570,000	Capital Auto Receivables Asset Tr. 2005-1 A4 4.05% due 7/15/2009	$	570,711
	340,000	Carmax Auto Owner Tr. 2005-1 A4 4.35% due 3/15/2010		342,347
	282,000	Caterpillar Financial Asset Tr. 2004-A A3 3.13% due 1/26/2009		279,315
	500,000	Chase Manhattan Auto Owner Tr. 2003-A A4 2.06% due 12/15/2009		486,694
	565,000	Ford Credit Auto Owner Tr. 2005-B A4 4.38% due 1/15/2010		569,148
	590,000	Harley-Davidson Motorcycle Tr. 2004-1 A2 2.53% due 11/15/2011		574,711
	242,000	Navistar Financial Corp. Owner Tr. 2004-A A3 2.01% due 8/15/2008		238,054
	510,000	New Century Home Equity Loan Tr. 2004-4 A4 3.594% due 2/25/2035 (1)		511,421
	335,000	Nissan Auto Receivables Owner Tr. 2003-B A4 2.05% due 3/16/2009		326,843
	400,000	PP&L Transition Bond Co. LLC 1999-1 A7 7.05% due 6/25/2009		415,786
	510,000	Renaissance Home Equity Loan Tr. 2005-2 AF3 4.499% due 8/25/2035 (1)		510,306
		Residential Asset Mtg. Prods., Inc. 2003-RZ3 A3
	402,098	2.14% due 2/25/2030		399,614
		2003-RZ4 A5
	510,000	4.66% due 2/25/2032		509,650
	560,000	Residential Asset Secs. Corp. 2003-KS2 AI5 5.01% due 4/25/2033		567,245
	300,000	Residential Funding Mtg. Secs. 2003-HS3 AI2 3.15% due 7/25/2018		295,757
	170,000	SLMA Student Loan Tr. 2002-5 A4L 3.56% due 9/17/2018 (1)		170,824
	495,000	Volkswagen Auto Lease Tr. 2005-A A2 3.52% due 4/20/2007		494,026
	335,000	WFS Financial Owner Tr. 2003-3 A4 3.25% due 5/20/2011		331,482
	587,000	World Omni Auto Receivables Tr. 2005-A A4 3.82% due 11/12/2011		582,667

		Total Asset Backed Securities (Cost $8,201,648)		8,176,601





Collateralized Mortgage Obligations — 11.4%


Principal
Amount			Value

$	330,853	Countrywide Alternative Loan Tr. 2005-14 1A1 3.30% due 5/25/2035 (1)	$	326,724
		FHLMC 2430 GD
	3,381	6.50% due 11/15/2030		3,376
		2598 QC
	435,000	4.50% due 6/15/2027		433,566
		2744 VC
	258,910	5.50% due 4/15/2011		266,829
		2500 TD
	420,000	5.50% due 2/15/2016		426,732
		20 H
	170,369	5.50% due 10/25/2023		174,342
		1650 J
	459,478	6.50% due 6/15/2023		470,127
		FNMA 2003-24 PU
	449,998	3.50% due 11/25/2015		442,264
		2003-13 ME
	443,000	5.00% due 2/25/2026		445,123
		2002-55 PC
	306,857	5.50% due 4/25/2026		308,231
		2001-51 PH
	166,446	6.00% due 8/25/2030		169,235
	116,701	GNMA 2002-93 NV 4.75% due 2/20/2032		116,355
	59,975	Prudential Home Mtg. Secs. 1993-60 A3 6.75% due 12/25/2023		59,832
	340,000	Washington Mutual 2003-AR10 A4 4.075% due 10/25/2033		338,096

		Total Collateralized Mortgage Obligations (Cost $4,023,001)		3,980,832





Commercial Mortgage Backed Securities — 10.9%
		Chase Comm’l. Mtg. Secs. Corp. 1998-2 A2
$	625,000	6.39% due 11/18/2030	$	665,093
		1997-1 C
	570,000	7.37% due 6/19/2029		600,057
		GMAC Comm’l. Mtg. Secs., Inc. 1997-C1 A3
	261,765	6.869% due 7/15/2029		273,340
		1999-C2 A2
	140,000	6.945% due 9/15/2033		152,365
	269,640	Greenwich Capital Comm’l. Funding Corp.
		2004-GG1 A2
		3.835% due 6/10/2036		268,101
	260,000	J.P. Morgan Comm’l. Mtg. Fin. Corp.
		1997-C5 B
		7.159% due 9/15/2029		275,000
	125,068	LB UBS Comm’l. Mtg. Tr.
		2001-C3 A1
		6.058% due 6/15/2020		130,302

See notes to financial statements.

n The Guardian Low Duration Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



Principal
Amount			Value

$	225,000	Midland Realty Acceptance Corp. 1996-C1 C
		7.86% due 8/25/2028 (1)	$	228,313
		Morgan Stanley Capital I
		1999-WF1 A1
	32,289	5.91% due 11/15/2031		32,530
		1999-RM1 E
	340,000	7.208% due 12/15/2031 (1)		369,289
	575,843	Mtg. Capital Funding, Inc.
		1998-MC3 A2
		6.337% due 11/18/2031		603,942
	189,000	Salomon Brothers Mtg. Secs. VII, Inc.
		2001-C2 A2
		6.168% due 2/13/2010		198,877

		Total Commercial Mortgage Backed Securities (Cost $3,832,696)		3,797,209





Corporate Bonds — 32.3%




Automotive — 5.1%
$	500,000	DaimlerChrysler NA Hldg. 4.75% due 1/15/2008	$	501,932
	500,000	Delphi Corp. 6.55% due 6/15/2006		486,250
	400,000	Ford Motor Credit Co. 6.875% due 2/1/2006		403,998
	400,000	General Motors Acceptance Corp. 6.125% due 9/15/2006		400,286

				1,792,466





Energy — 1.4%
	500,000	Repsol Int’l. Fin. BV 7.45% due 7/15/2005		500,880





Entertainment — 1.2%
	400,000	AOL Time Warner, Inc. 6.15% due 5/1/2007		413,888





Finance Companies — 5.8%
	500,000	American General Fin. Corp. 5.875% due 12/15/2005		504,541
	500,000	Capital One Bank 6.875% due 2/1/2006		507,904
	500,000	General Electric Capital Corp. 3.50% due 8/15/2007		494,133
	500,000	MBNA America Bank NA 6.50% due 6/20/2006		511,640

				2,018,218





Financial — 0.7%
	250,000	Lehman Brothers Hldgs., Inc. 6.25% due 5/15/2006		254,590





Food and Beverage — 1.5%
	500,000	Kellogg Co.
		6.00% due 4/1/2006		508,147





Lodging — 0.7%
	250,000	Marriott Int’l., Inc.
		6.875% due 11/15/2005		252,674





Media–Cable — 1.5%
	500,000	Cox Comm., Inc.
		7.75% due 8/15/2006		516,301





Natural Gas–Pipelines — 4.0%
	500,000	Duke Energy Field Svcs.
		7.50% due 8/16/2005		501,964
	500,000	Enterprise Prods. Operating LP
		4.00% due 10/15/2007		495,005
	400,000	Sempra Energy
		4.621% due 5/17/2007		401,889

				1,398,858





Paper and Forest Products — 0.7%
	250,000	Abitibi-Consolidated, Inc.
		8.30% due 8/1/2005		250,000





Real Estate Investment Trust — 2.7%
	505,000	Avalon Bay Communities, Inc.
		6.80% due 7/15/2006		517,939
	400,000	Simon Ppty. Group LP
		6.875% due 10/27/2005		403,584

				921,523





Services — 0.7%
	250,000	Cendant Corp.
		6.875% due 8/15/2006		257,017





Utilities–Electric and Water — 3.4%
	250,000	Niagara Mohawk Power Corp.
		6.625% due 7/1/2005		250,000
	500,000	Nisource Fin. Corp.
		7.625% due 11/15/2005		506,558
	425,000	PSEG Power LLC
		6.875% due 4/15/2006		433,821

				1,190,379





Wireline Communications — 2.9%
	500,000	France Telecom
		7.45% due 3/1/2006 (1)		510,953
	500,000	Sprint Capital Corp.
		6.00% due 1/15/2007		512,373

				1,023,326

		Total Corporate Bonds (Cost $11,421,566)		11,298,267





U.S. Government Securities — 17.3%




U.S. Government Agency Securities — 5.3%
		FHLMC
$	585,000	3.15%, 12/16/2008	$	569,917
	375,000	3.625%, 2/15/2008		372,877
		FNMA
	920,000	3.875%, 2/15/2010		918,219

				1,861,013





U.S. Treasury Notes — 12.0%
		U.S. Treasury Notes
	980,000	2.625%, 5/15/2008		952,323
	447,000	2.625%, 3/15/2009		430,709
	570,000	3.125%, 5/15/2007		564,611
	485,000	3.375%, 12/15/2008		480,131
	180,000	3.75%, 5/15/2008		180,394
	1,573,000	3.875%, 5/15/2010		1,581,971

				4,190,139

		Total U.S. Government Securities (Cost $6,026,072)		6,051,152

See notes to financial statements.

n The Guardian Low Duration Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)


June 30, 2005 (Unaudited)




Repurchase Agreement — 4.7%
$	1,632,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $1,632,145 at 3.20%, due 7/1/2005 (2) (Cost $1,632,000)	$	1,632,000





Total Investments — 100.0% (Cost $35,136,983)				34,936,061




Liabilities in Excess of Cash, Receivables and Other Assets — (0.0)%				(11,545	)





Net Assets — 100%			$	34,924,516


(1)	Floating rate note. The rate shown is the rate in effect at June 30, 2005.

(2)	The repurchase agreement is collateralized by $1,535,000 in U.S. Government Agency 5.50%, due 3/15/11, with a value of $1,666,434.

See notes to financial statements.

n The Guardian High Yield Bond Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Corporate Bonds — 94.3%


			Rating
Principal			Moody’s/
Amount			S&P*	Value





Aerospace and Defense — 1.3%
		Comm. & Power Inds., Inc.
$	671,000	Sr. Sub. Nt. 8.00% due 2/1/2012	B3/B-	$	674,355
		L-3 Comms. Corp.
	404,000	Sr. Sub. Nt. 6.125% due 7/15/2013	Ba3/BB+		406,020

					1,080,375





Automotive — 2.0%
		Keystone Automotive Operations
	808,000	Sr. Sub. Nt. 9.75% due 11/1/2013	B3/B-		799,920
		Tenneco Automotive, Inc.
	515,000	Sr. Nt. 8.625% due 11/15/2014	B3/B-		517,575
		United Components, Inc.
	400,000	Sr. Sub. Nt. 9.375% due 6/15/2013	B3/B		403,000

					1,720,495





Building Materials — 2.5%
		Compression Polymers Hldg. Corp.
	600,000	Sr. Nt.† 10.50% due 7/1/2013	B2/B-		606,000
		Norcraft Cos. Fin
	500,000	Sr. Sub. Nt. 9.00% due 11/1/2011	B3/B-		515,000
		Ply Gem Inds., Inc.
	556,000	Sr. Sub. Nt. 9.00% due 2/15/2012	B3/B-		469,820
		Texas Inds., Inc.
	570,000	Sr. Nt.† 7.25% due 7/15/2013	Ba3/BB-		584,250

					2,175,070





Chemicals — 6.0%
		Equistar Chemicals LP
	1,185,000	Sr. Nt. 10.125% due 9/1/2008	B2/BB-		1,282,762
		Huntsman Advanced Materials
	373,000	Sec. Nt. 11.00% due 7/15/2010	Ba3/BB-		421,490
		Huntsman ICI Chemicals LLC
	400,000	Sr. Sub. Nt. 10.125% due 7/1/2009	B3/B		411,500
		Huntsman Int’l. LLC
	224,000	Sr. Nt. 9.875% due 3/1/2009	B2/B+		239,680
		Koppers, Inc.
	584,000	Sec. Nt. 9.875% due 10/15/2013	B2/B		630,720
		Lubrizol Corp.
	870,000	Sr. Nt. 5.50% due 10/1/2014	Baa3/BB+		897,245
		Lyondell Chemical Co.
	372,000	Sr. Sub. Nt. 10.875% due 5/1/2009	B3/B		385,950
		Millennium America, Inc.
	484,000	Sr. Nt. 9.25% due 6/15/2008	B1/BB-		523,930
		Nalco Co.
	298,000	Sr. Sub. Nt. 8.875% due 11/15/2013	Caa1/B-		319,605

					5,112,882





Construction Machinery — 2.5%
		Nationsrent, Inc.
	400,000	Sr. Nt.† 9.50% due 5/1/2015	Caa1/B-		396,000
		NMHG Hldg. Co.
	140,000	Sr. Nt. 10.00% due 5/15/2009	B3/B+		147,000
		Terex Corp.
	285,000	Sr. Sub. Nt. 9.25% due 7/15/2011	B3/B		309,225
	285,000	Sr. Sub. Nt. 10.375% due 4/1/2011	B3/B		309,225
		United Rentals NA, Inc.
	960,000	Sr. Sub. Nt. 7.75% due 11/15/2013	B2/B+		943,200

					2,104,650





Consumer Products — 2.0%
		Bombardier Recreational Products
	286,000	Sr. Sub. Nt. 8.375% due 12/15/2013	B3/B-		304,590
		Elizabeth Arden, Inc.
	410,000	Sr. Sub. Nt. 7.75% due 1/15/2014	B2/B-		427,425
		Jafra Cosmetics
	539,000	Sr. Sub. Nt. 10.75% due 5/15/2011	B3/B-		603,680
		Riddell Bell Hldgs., Inc.
	360,000	Sr. Nt. 8.375% due 10/1/2012	B3/B-		360,900

					1,696,595





Electric — 15.2%
		Allegheny Energy Supply
	1,490,000	Nt. 7.80% due 3/15/2011	Ba3/B		1,624,100
		Calpine Canada Energy
	505,000	Sr. Nt. 8.50% due 5/1/2008	Caa3/CCC		363,600
		Dynegy Hldgs., Inc.
	610,000	Sec. Nt.† 9.875% due 7/15/2010	B3/B-		674,050
	400,000	Sr. Sec. Nt.† 10.125% due 7/15/2013	B3/B-		452,000
		Edison Mission Energy
	365,000	Sr. Nt. 9.875% due 4/15/2011	B1/B+		427,506
		Mission Energy Hldg.
	1,840,000	Sr. Sec. Nt. 13.50% due 7/15/2008	B2/CCC+		2,185,000
		Nevada Power Co.
	515,000	Gen’l. Ref. Mtg. Nt.† 5.875% due 1/15/2015	Ba2/BB		517,575
		NRG Energy, Inc.
	644,000	Sec. Nt.† 8.00% due 12/15/2013	B1/B		679,420

See notes to financial statements.

n The Guardian High Yield Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



			Rating
Principal			Moody’s/
Amount			S&P*	Value

		Reliant Energy, Inc.
$	505,000	Sec. Nt. 6.75% due 12/15/2014	B1/B+	$	493,637
		Sierra Pacific Resources
	1,600,000	Sr. Nt. 8.625% due 3/15/2014	B2/B-		1,768,000
		Teco Energy, Inc.
	202,000	Sr. Nt.† 6.75% due 5/1/2015	Ba2/BB		214,120
	1,295,000	Nt. 7.00% due 5/1/2012	Ba2/BB		1,398,600
		TXU Corp.
	1,010,000	Sr. Nt.† 5.55% due 11/15/2014	Ba1/BB+		979,555
		UtiliCorp Canada Fin.
	1,200,000	Sr. Nt. 7.75% due 6/15/2011	B2/B-		1,236,000

					13,013,163





Energy — 2.9%
		Chesapeake Energy Corp.
	318,000	Sr. Nt.† 6.375% due 6/15/2015	Ba3/BB-		325,950
	398,000	Sr. Nt.† 6.625% due 1/15/2016	Ba3/BB-		410,935
		Dresser, Inc.
	447,000	Sr. Nt. 9.375% due 4/15/2011	B2/B-		470,467
		Newpark Resources, Inc.
	700,000	Sr. Sub. Nt. Ser. B 8.625% due 12/15/2007	B2/B		693,000
		Pride Int’l., Inc.
	219,000	Sr. Nt. 7.375% due 7/15/2014	Ba2/BB-		240,353
		Western Oil Sands, Inc.
	298,000	Sr. Sec. Nt. 8.375% due 5/1/2012	Ba2/BB+		339,347

					2,480,052





Entertainment — 2.1%
		Intrawest Corp.
	720,000	Sr. Nt. 7.50% due 10/15/2013	B1/B+		738,900
		Time Warner Cos., Inc.
	870,000	Debt. 7.25% due 10/15/2017	Baa1/BBB+		1,033,384

					1,772,284





Environmental — 0.4%
		Allied Waste NA, Inc.
	335,000	Sr. Nt. 7.875% due 4/15/2013	B2/BB-		342,538





Food and Beverage — 2.9%
		American Seafood Group LLC
	560,000	Sr. Sub. Nt. 10.125% due 4/15/2010	B3/B-		600,600
		ASG Consolidated LLC
	550,000	Sr. Disc. Nt. (1) 0/11.50% due 11/1/2011	Caa1/B-		394,625
		Del Monte Corp.
	618,000	Sr. Sub. Nt.† 6.75% due 2/15/2015	B2/B		630,360
		Michael Foods, Inc.
	808,000	Sr. Sub. Nt. 8.00% due 11/15/2013	B3/B-		822,140

					2,447,725





Gaming — 0.9%
		Harrahs Operating Co., Inc.
	435,000	Nt. 5.375% due 12/15/2013	Baa3/BBB-		441,320
		Sun Int’l. Hotels Ltd.
	285,000	Sr. Sub. Nt. 8.875% due 8/15/2011	B2/B		304,950

					746,270





Health Care — 6.8%
		Bio Rad Laboratories, Inc.
	358,000	Sr. Sub. Nt. 6.125% due 12/15/2014	Ba3/BB-		361,580
		Coventry Health Care, Inc.
	618,000	Sr. Nt. 6.125% due 1/15/2015	Ba1/BBB-		628,815
		Fisher Scientific Int’l., Inc.
	800,000	Sr. Sub. Nt.† 6.125% due 7/1/2015	Ba3/BB+		801,000
	376,000	Sr. Sub. Nt. 8.00% due 9/1/2013	Ba3/BB+		429,580
		Fresenius Medical Care
	570,000	Capital Tr. 7.875% due 6/15/2011	B1/BB-		612,750
		HCA, Inc.
	995,000	Nt. 6.375% due 1/15/2015	Ba2/BB+		1,032,420
		Medical Device Mfg., Inc.
	366,000	Sr. Sub. Nt. 10.00% due 7/15/2012	Caa1/B-		393,450
		National Nephrology Assocs., Inc.
	515,000	Sr. Sub. Nt.† 9.00% due 11/1/2011	B1/B		578,087
		Triad Hospitals, Inc.
	498,000	Sr. Sub. Nt. 7.00% due 11/15/2013	B3/B		511,695
		Vanguard Health Hldg. Co. II
	400,000	Sr. Sub. Nt. 9.00% due 10/1/2014	Caa1/CCC+		432,000

					5,781,377





Home Construction — 0.9%
		K. Hovnanian Enterprises, Inc.
	309,000	Sr. Nt. 6.25% due 1/15/2015	Ba1/BB		305,138
		Meritage Homes Corp.
	500,000	Sr. Nt. 7.00% due 5/1/2014	Ba3/BB-		488,750

					793,888





Industrial–Other — 1.0%
		Da Lite Screen Co., Inc.
	224,000	Sr. Nt. 9.50% due 5/15/2011	B2/B-		238,560
		PerkinElmer, Inc.
	560,000	Sr. Sub. Nt. 8.875% due 1/15/2013	Ba2/BB-		623,000

					861,560

See notes to financial statements.

n The Guardian High Yield Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



			Rating
Principal			Moody’s/
Amount			S&P*	Value





Lodging — 0.4%
		Host Marriott LP
$	400,000	Sr. Nt.† 6.375% due 3/15/2015	Ba3/B+	$	396,000





Media–Cable — 6.5%
		Charter Comm. Hldgs. II
	1,272,000	Sr. Nt. 10.25% due 9/15/2010	Caa1/CCC-		1,286,310
		Charter Comm. Operating LLC
	372,000	Sr. Nt.† 8.00% due 4/30/2012	B2/B-		370,140
		Comcast Cable Comm.
	870,000	Nt. 8.875% due 5/1/2017	Baa2/BBB+		1,148,296
		CSC Hldgs., Inc.
	730,000	Debt. 7.625% due 7/15/2018	B1/BB-		704,450
	1,120,000	Debt. 7.875% due 2/15/2018	B1/BB-		1,103,200
		Insight Comm., Inc.
	515,000	Sr. Disc. Nt. (1) 0/12.25% due 2/15/2011	Caa2/CCC+		516,288
		Insight Midwest LP
	373,000	Sr. Nt. 10.50% due 11/1/2010	B2/B		395,380

					5,524,064





Media–NonCable — 6.4%
		Dex Media East LLC
	351,000	Sr. Sub. Nt. 12.125% due 11/15/2012	B2/B		420,323
		DirecTV Hldgs. Fin.
	1,200,000	Sr. Nt.† 6.375% due 6/15/2015	Ba2/BB-		1,194,000
	181,000	Sr. Nt. 8.375% due 3/15/2013	Ba2/BB-		200,457
		EchoStar DBS Corp.
	365,000	Sr. Nt. 6.375% due 10/1/2011	Ba3/BB-		361,806
	400,000	Sr. Nt. 6.625% due 10/1/2014	Ba3/BB-		395,000
		Houghton Mifflin Co.
	500,000	Sr. Sub. Nt. 9.875% due 2/1/2013	Caa1/B-		533,750
		News America, Inc.
	870,000	Debt. 7.25% due 5/18/2018	Baa3/BBB-		1,019,226
		R.H. Donnelley Fin. Corp. I
	465,000	Sr. Sub. Nt.† 10.875% due 12/15/2012	B2/B+		540,563
		Radio One, Inc.
	795,000	Sr. Sub. Nt.† 6.375% due 2/15/2013	B2/B		782,081

					5,447,206





Metals and Mining — 2.9%
		AK Steel Corp.
	800,000	Sr. Nt. 7.75% due 6/15/2012	B1/B+		676,000
		Luscar Coal Ltd.
	286,000	Sr. Nt. 9.75% due 10/15/2011	Ba3/BB		314,600
		Oregon Steel Mills, Inc.
	1,030,000	1st Mtg. Nt. 10.00% due 7/15/2009	B1/B+		1,109,825
		Peabody Energy Corp.
	365,000	Sr. Nt. 6.875% due 3/15/2013	Ba3/BB-		386,900

					2,487,325





Natural Gas–Pipelines — 6.3%
		Amerigas Partners LP
	618,000	Sr. Nt.† 7.25% due 5/20/2015	B2/BB-		642,720
		El Paso Natural Gas
	670,000	Sr. Nt. 7.625% due 8/1/2010	B1/B		707,319
		Enterprise Products Operating
	870,000	Nt.† 5.00% due 3/1/2015	Baa3/BB+		854,280
		Holly Energy Partners LP
	410,000	Sr. Nt.† 6.25% due 3/1/2015	Ba3/B+		399,750
		Northwest Pipeline Corp.
	208,000	Sr. Nt. 8.125% due 3/1/2010	Ba2/B+		225,680
		Southern Natural Gas Co.
	623,000	Nt. 7.35% due 2/15/2031	B1/B		662,736
		Transcontinental Gas Pipeline Corp.
	180,000	Nt. Ser. B 7.00% due 8/15/2011	Ba2/B+		193,950
		Williams Cos., Inc.
	1,475,000	Nt. 8.125% due 3/15/2012	B1/B+		1,674,125

					5,360,560





Noncaptive Consumer — 0.7%
		Dollar Financial Group, Inc.
	559,000	Sr. Nt. 9.75% due 11/15/2011	B3/B		576,469





Non Sovereign — 1.3%
		Gazprom OAO
	900,000	Nt.† 9.625% due 3/1/2013	NR/BB-		1,103,625





Packaging — 2.3%
		Ball Corp.
	417,000	Sr. Nt. 6.875% due 12/15/2012	Ba2/BB		437,850
		Crown European Hldgs. S.A.
	355,000	Sec. Nt. 9.50% due 3/1/2011	B1/B+		392,275
		Owens-Brockway Glass Container
	400,000	Sr. Sec. Nt. 7.75% due 5/15/2011	B1/BB-		425,000
	424,000	Sec. Nt. 8.875% due 2/15/2009	B1/BB-		450,500
		Silgan Hldgs., Inc.
	298,000	Sr. Sub. Nt. 6.75% due 11/15/2013	B1/B+		306,940

					2,012,565

See notes to financial statements.

n The Guardian High Yield Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



			Rating
Principal			Moody’s/
Amount			S&P*	Value





Paper and Forest Products — 2.7%
		Georgia-Pacific Corp.
$	618,000	Sr. Nt. 9.375% due 2/1/2013	Ba2/BB+	$	699,112
		Graphic Packaging Int’l., Inc.
	522,000	Sr. Sub. Nt. 9.50% due 8/15/2013	B3/B-		525,915
		Millar Western Forest
	298,000	Sr. Nt. 7.75% due 11/15/2013	B2/B+		279,375
		Packaging Corp. of America
	824,000	Sr. Nt. 5.75% due 8/1/2013	Ba1/BBB		823,960

					2,328,362





Retailers — 2.5%
		J.C. Penney Co., Inc.
	1,648,000	Debt. 7.95% due 4/1/2017	Ba1/BB+		1,899,320
		Rent-A-Center
	239,000	Sr. Sub. Nt. Ser. B 7.50% due 5/1/2010	B1/BB-		239,000

					2,138,320





Technology — 2.2%
		Flextronics Int’l. Ltd.
	606,000	Sr. Sub. Nt. 6.25% due 11/15/2014	Ba2/BB-		601,455
		Iron Mountain, Inc.
	700,000	Sr. Sub. Nt. 8.625% due 4/1/2013	Caa1/B		724,500
		Magnachip Semiconductor
	600,000	Sr. Nt.† 6.875% due 12/15/2011	Ba3/B+		588,000

					1,913,955





Textile — 1.3%
		Oxford Inds., Inc.
	300,000	Sr. Nt. 8.875% due 6/1/2011	B2/B		321,000
		Russell Corp.
	350,000	Sr. Nt. 9.25% due 5/1/2010	B1/B+		369,250
		William Carter Co.
	422,000	Sr. Sub. Nt. Ser. B 10.875% due 8/15/2011	B3/B+		472,708

					1,162,958





Transportation — 0.7%
		Omi Corp.
	600,000	Sr. Nt. 7.625% due 12/1/2013	B1/B+		597,750





Wireless Communications — 5.6%
		Centennial Cell Comm. Corp.
	700,000	Sr. Nt. 10.125% due 6/15/2013	B3/CCC		791,000
		Inmarsat Fin. PLC
	477,000	Sr. Nt. 7.625% due 6/30/2012	B2/B-		503,235
		Nextel Comm., Inc.
	1,970,000	Sr. Nt. 7.375% due 8/1/2015	Ba3/BB		2,127,600
		Nextel Partners, Inc.
	350,000	Sr. Nt. 8.125% due 7/1/2011	Ba3/BB-		379,750
		Rogers Wireless, Inc.
	580,000	Sr. Sub. Nt. 8.00% due 12/15/2012	B2/B+		624,950
		Ubiquitel Operating Co.
	298,000	Sr. Nt. 9.875% due 3/1/2011	Caa1/CCC		327,055

					4,753,590





Wireline Communications — 3.1%
		Citizens Comm. Co.
	238,000	Sr. Nt. 6.25% due 1/15/2013	Ba3/BB+		230,265
		MCI, Inc.
	397,000	Sr. Nt. (3) 7.688% due 5/1/2009	B2/B+		413,376
		Qwest Corp.
	397,000	Debt. 7.20% due 11/10/2026	Ba3/BB-		357,300
	1,085,000	Sr. Nt.† 7.875% due 9/1/2011	Ba3/BB-		1,131,113
		U.S. West Comm.
	480,000	Debt. 8.875% due 6/1/2031	Ba3/BB-		484,800

					2,616,854

		Total Corporate Bonds (Cost $78,343,481)			80,548,527





Sovereign Debt Security — 1.5%
		Federative Republic of Brazil
$	1,163,000	Nt. 9.25% due 10/22/2010	B1/BB-
		(Cost $1,196,889)		$	1,293,838





Warrant — 0.0%

		XM Satellite Radio, Inc.
	330	exp. 3/15/2010
		(Cost $66,660)		$	19,800

See notes to financial statements.

n The Guardian High Yield Bond Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)


June 30, 2005 (Unaudited)




Repurchase Agreement — 4.0%


Principal
Amount			Value

$	3,351,000	State Street Bank and Trust Co. repurchase agreement, dated 6/30/2005, maturity value $3,351,298 at 3.20% due 7/1/2005 (2) (Cost $3,351,000)	$	3,351,000





Total Investments — 99.8% (Cost $82,958,030)				85,213,165




Cash, Receivables and Other Assets Less Liabilities — 0.2%				196,076





Net Assets — 100%			$	85,409,241


*	Unaudited.


†	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to certain qualified buyers. At June 30, 2005, the aggregate market value of these securities amounted to $15,851,574 representing 18.6% of net assets.


(1)	Step-up bond.

(2)	The repurchase agreement is collateralized by $3,150,000 in U.S. Government Agency 5.50%, due 3/15/11, with a value of $3,419,719.

(3)	Floating rate note. The rate shown is the rate in effect at June 30, 2005.

See notes to financial statements.

n The Guardian Tax-Exempt Fund

Schedule of Investments

June 30, 2005 (Unaudited)






Municipal Bonds — 97.8%


			Rating
Principal			Moody’s/
Amount			S&P*	Value





Alabama — 1.3%
$	1,000,000	Alabama 21st Century Auth. Tobacco Settlement Rev., 5.25% due 12/1/2009	Baa1/A-	$	1,079,270
	160,000	Alabama 21St Century Authority Tobacco, 5.75% due 12/1/2019	Baa1/A-		169,786

					1,249,056





Alaska — 1.4%
	1,300,000	Northern Tobacco Securitization Corp., 5.80% due 6/1/2012	Baa3/BBB		1,397,201





Arizona — 2.9%
	1,500,000	Phoenix, AZ Civic Impt. Corp. Wtr. Sys. Rev., 5.50% due 7/1/2020	Aaa/AAA		1,666,830
	1,000,000	Phoenix, AZ G.O. Ser. B, 5.375% due 7/1/2020	Aa1/AA+		1,115,970

					2,782,800





Arkansas — 1.1%
	1,000,000	Arkansas St. G.O. Fed. Hwy. Grant Ser. A, 5.50% due 8/1/2011	Aa2/AA		1,096,280





California — 8.5%
	2,000,000	California St. G.O., 5.25% due 11/1/2027	A3/A		2,166,500
	2,000,000	California St. Pub. Wks. Brd. Dept. of Mental Hlth., 5.50% due 6/1/2023	Baa1/A-		2,182,060
	750,000	Golden St. Tobacco Securitization Corp. Ser. 2003-A-1, 5.00% due 6/1/2012	Baa3/BBB		797,145
	1,250,000	Metropolitan Wtr. Dist. South California Wtrwks. Rev. Ser. B-1, 5.00% due 10/1/2029	Aaa/AAA		1,335,088
	1,690,000	Napa Valley, CA Unified Sch. Dist. G.O., 5.00% due 8/1/2028	Aaa/AAA		1,823,087

					8,303,880





Connecticut — 1.1%
	100,000	Connecticut St. Hlth. & Educational Facs. Auth. Rev. Yale Univ. Ser. U, 2.30% due 7/1/2033 (1)	Aaa/AAA		100,000
	1,000,000	Connecticut St. Special Tax Obligation Rev. Trans. Infrastructure Ser. 1, 2.40% due 9/1/2020 (1)	Aaa/AAA		1,000,000

					1,100,000





Florida — 5.3%
	1,500,000	Florida St. Brd. of Ed. Lottery Rev. Ser. C, 5.25% due 7/1/2016	Aaa/AAA		1,640,400
	1,000,000	Lakes By The Bay South Community, 6.25% due 5/1/2034	NR/NR		1,067,170
	2,255,000	St. Johns Cnty., FL Sales Tax Rev., 5.25% due 10/1/2027	Aaa/AAA		2,478,042

					5,185,612





Georgia — 2.5%
	1,000,000	Fulton Cnty., GA Dev. Auth. Rev. Georgia Tech. Foundation Ser. A, 5.125% due 11/1/2021	Aa1/AA+		1,083,110
	350,000	Gainesville, GA Wtr. & Swg. Rev., 5.25% due 11/15/2018	Aaa/AAA		381,920
	1,000,000	Municipal Electric Auth. Georgia, 2.33% due 1/1/2026 (1)	Aaa/AAA		1,000,000

					2,465,030





Illinois — 1.1%
	1,000,000	Chicago, IL Brd. of Ed. Ser. A, 5.25% due 12/1/2018	Aaa/AAA		1,097,500





Iowa — 3.4%
		Tobacco Settlement Auth. IA Rev. Ser. B,
	1,615,000	5.50% due 6/1/2011	Baa3/BBB		1,741,180
	1,500,000	5.60% due 6/1/2035	Baa3/BBB		1,538,715

					3,279,895





Kansas — 2.6%
	1,300,000	Kansas St. Dev. Fin. Auth. Lease, 5.125% due 4/1/2022	Aaa/AAA		1,415,856
	1,000,000	Wyandotte Cnty., Kansas City, KS Impt. Ser. B, 5.00% due 9/1/2028	Aaa/AAA		1,065,700

					2,481,556





Maryland — 1.1%
	1,000,000	Prince Georges Cnty., MD Industrial Dev. Auth. Ref., 5.00% due 6/30/2019	Aaa/AAA		1,089,870





Massachusetts — 4.4%
	1,500,000	Massachusetts St. Housing Fin. Agy. Ser. B, 5.00% due 6/1/2030	Aa3/AA-		1,549,560
	1,500,000	Massachusetts St. Special Obligation Rev., 5.25% due 1/1/2028	Aaa/AAA		1,681,920
	1,000,000	Massachusetts St. Wtr. Resources Auth. Rev. Ser. A, 5.00% due 8/1/2029	Aaa/AAA		1,064,450

					4,295,930

See notes to financial statements.

n The Guardian Tax-Exempt Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



			Rating
Principal			Moody’s/
Amount			S&P*	Value





Michigan — 1.5%
$	1,500,000	Michigan St. Univ. Rev. Ser. A, 2.35% due 8/15/2030 (1)	A2/AA	$	1,500,000





Minnesota — 5.5%
	2,000,000	Minnesota St. Muni. Power Agy. Electric, 5.25% due 10/1/2024	A3/NR		2,180,060
	1,500,000	Rochester, MN Waste Wtr. Ser. A G.O., 5.00% due 2/1/2026	Aaa/AAA		1,609,620
	1,500,000	St. Paul, MN Port Auth. Lease Rev., 5.125% due 12/1/2027	Aa2/AA+		1,605,000

					5,394,680





Missouri — 1.1%
	1,000,000	Camdenton, MO Reorganized Sch. Dist. Ref. & Impt. G.O., 5.25% due 3/1/2024	Aaa/AAA		1,102,600





New Jersey — 6.7%
	3,000,000	New Jersey St. Housing & Mtg. Fin. Agy. Rev. Ser. N, 2.35% due 10/1/2017 (1)	Aa2/AA		3,000,000
		Tobacco Settlement Financing Corp.,
	1,500,000	5.50% due 6/1/2011	Baa3/BBB		1,617,195
	1,735,000	5.50% due 6/1/2012	Baa3/BBB		1,868,873

					6,486,068





New York — 8.6%
	1,500,000	Metropolitan Transportation, 5.00% due 11/15/2031	A2/A		1,593,390
	1,255,000	New York City Industrial Dev. Agy., 5.25% due 3/1/2018	Aaa/AAA		1,386,198
	2,000,000	New York St. Dormitory Auth. Rev. Mental Hlth. Facs. Impt. B, 5.00% due 2/15/2030	Aaa/AAA		2,138,400
	1,500,000	New York St. Urban Dev. Corp., 5.25% due 1/1/2021	NR/AA-		1,601,175
	1,500,000	Sales Tax Asset Receivable Corp. Ser. A Rev., 5.00% due 10/15/2029	Aaa/AAA		1,618,815

					8,337,978





North Carolina — 7.7%
	1,345,000	Appalachian St. Univ. NC Rev. Ref., 5.00% due 7/15/2025	Aaa/NR		1,454,012
	1,800,000	North Carolina Educational Facs. Fin. Agy. Rev. Duke Univ. Proj. Ser. B, 2.35% due 12/1/2021 (1)	Aa1/AA+		1,800,000
	2,000,000	North Carolina St. Univ. NC Raleigh Rev. General Ser. A, 5.00% due 10/1/2024	Aaa/AAA		2,178,800
	2,100,000	North Carolina St. Univ. NC Raleigh Rev. Ser. A, 2.35% due 12/15/2019 (1)	Aaa/AAA		2,100,000

					7,532,812





Ohio — 1.2%
	1,050,000	Univ. of Cincinnati, OH General Rcpts. Ser. A, 5.50% due 6/1/2011	Aaa/AAA		1,180,725





Pennsylvania — 1.7%
	1,500,000	Philadelphia, PA Wtr. & Wastewtr. Rev. Ser. A, 5.00% due 7/1/2029	Aaa/AAA		1,607,160





Puerto Rico — 5.6%
	570,000	Childrens Trust Fund Prior, 5.375% due 5/15/2033	Baa3/BBB		588,924
	2,000,000	Puerto Rico Comwlth., 5.00% due 7/1/2029	Baa2/BBB		2,103,420
	1,000,000	Puerto Rico Muni. Fin. Agency Ser. A, 5.25% due 8/1/2021	Aaa/AAA		1,113,370
	1,500,000	Puerto Rico Pub. Bldgs. Auth. Rev. Gov’t. Facs. Ser. I, 5.50% due 7/1/2020	Baa2/BBB		1,695,015

					5,500,729





South Carolina — 7.2%
	350,000	Charleston Cnty., SC Sch. Dist. Ref. Ser. B, 5.00% due 2/1/2016	Aa1/AA+		379,284
	1,250,000	Charleston, SC Wtrwks. & Swr. Rev., 5.25% due 1/1/2018	Aa3/AA-		1,370,625
	1,000,000	Mount Pleasant, SC Wtr. & Swr. Rev. Ref. & Impt., 5.25% due 12/1/2019	Aaa/AAA		1,107,720
	2,000,000	Piedmont Muni. Power Agy. SC Electric Rev. Ref. Ser. B, 2.40% due 1/1/2019 (1)	Aaa/AAA		2,000,000
	2,000,000	Tobacco Settlement Rev. Management, 6.00% due 5/15/2022	Baa3/BBB		2,117,160

					6,974,789





Tennessee — 0.8%
	700,000	Knox Cnty., TN Pub. Impt. G.O., 5.375% due 5/1/2020	Aa2/AA		755,776





Virginia — 3.2%
	1,430,000	Newport News, VA Gen. Impt. Ser. D, 5.00% due 12/1/2022	Aa2/AA		1,551,607

See notes to financial statements.

n The Guardian Tax-Exempt Fund

Schedule of Investments (Continued)

June 30, 2005 (Unaudited)



			Rating
Principal			Moody’s/
Amount			S&P*	Value

$	1,500,000	Tobacco Settlement Financing Corp., 5.50% due 6/1/2026	Baa3/BBB	$	1,541,415

					3,093,022





Washington — 5.2%
	1,250,000	Snohomish Cnty., WA G.O., 5.375% due 12/1/2019	Aaa/AAA		1,378,075
	2,000,000	Tobacco Settlement Auth. WA Rev., 6.25% due 6/1/2011	Baa3/BBB		2,234,420
	1,500,000	Univ. of Washington Univ. Rev. General Ser. A Rev., 2.40% due 12/1/2036 (1)	Aaa/AAA		1,500,000

					5,112,495





Wisconsin — 5.1%
		Badger Tobacco Asset Securitization Corp.,
	1,500,000	5.50% due 6/1/2010	Baa3/BBB		1,613,025
	2,070,000	5.75% due 6/1/2011	Baa3/BBB		2,258,701
	1,005,000	6.00% due 6/1/2017	Baa3/BBB		1,060,004

					4,931,730

		Total Municipal Bonds (Cost $90,932,628)			95,335,174





Total Investments — 97.8% (Cost $90,932,628)					95,335,174




Cash, Receivables and Other Assets Less Liabilities — 2.2%					2,130,210





Net Assets — 100%				$	97,465,384


*	Unaudited.


(1)	Variable rate demand notes.

Glossary:

G.O. — General Obligation.

See notes to financial statements.

n The Guardian Cash Management Fund

Schedule of Investments

June 30, 2005 (unaudited)

Corporate Bonds — 4.8%


Principal				Maturity
Amount				Date			Value





Capital Markets — 1.5%
		Goldman Sachs Group LP
$	3,500,000		6.34%		3/1/2006	†	$	3,561,369
	3,000,000		7.25%		10/1/2005			3,031,284

								6,592,653





Diversified Financial Services — 1.1%
	5,000,000	CIT Group, Inc.
			6.50%		2/7/2006			5,078,480





Financial–Banks — 2.2%
	1,500,000	Citicorp
			6.75%		8/15/2005			1,506,973
	3,335,000	First Union Corp.
			7.05%		8/1/2005			3,346,712
	5,000,000	First Union National Bank
			3.45%		7/13/2005			5,004,084

								9,857,769

		Total Corporate Bonds
			(Cost $21,528,902)					21,528,902





Certificates of Deposit — 5.6%
$	5,000,000	Bank of America NA
			3.18%		8/17/2005		$	5,000,000
	5,000,000	Barclays Bank PLC
			3.11%		7/11/2005			5,000,024
	5,000,000	Depfa Bank PLC
			3.23%		8/23/2005			5,000,000
	5,000,000	Societe Generale NA
			3.10%		6/7/2006			5,000,000
	5,000,000	Washington Mutual
			3.09%		7/18/2005			5,000,000

		Total Certificates of Deposit
			(Cost $25,000,024)					25,000,024





U.S. Government Securities — 2.2%




U.S. Government Agency Securities — 2.2%
$	5,000,000	FHLB
			1.75%		8/15/2005		$	4,990,946
	5,000,000	FNMA
			2.32%		9/30/2005			5,000,000

		Total U.S. Government Securities
			(Cost $9,990,946)					9,990,946





Commercial Paper — 65.4%




ASSET BACKED — 5.6%
		Barton Capital Corp.
$	3,000,000		3.14%		7/1/2005		$	3,000,000
	7,325,000		3.16%		7/13/2005			7,317,286
	5,000,000	Sheffield Receivables Corp.
			3.22%		7/20/2005			4,991,503
	10,000,000	Surrey Funding Corp.
			3.08%		7/6/2005			9,995,722

		TOTAL ASSET BACKED						25,304,511





FINANCIAL — 24.2%




Automotive — 3.3%
$	5,000,000	American Honda Fin. Corp.
			3.01%		7/7/2005		$	4,997,492
	10,000,000	Toyota Motor Credit Corp.
			3.08%		7/18/2005			9,985,455

								14,982,947





Capital Markets — 2.2%
	10,000,000	J.P. Morgan Chase
			3.27%		8/22/2005			9,952,767





Diversified Financial Services — 1.1%
	5,000,000	Credit Suisse First Boston
			3.36%		9/22/2005			4,961,267





Finance Companies — 3.4%
	5,000,000	Siemens Capital Corp.
			2.97%		7/1/2005			5,000,000
	10,000,000	USAA Capital Corp.
			3.10%		7/5/2005			9,996,555

								14,996,555





Financial–Banks — 7.9%
	5,000,000	Abbey National NA LLC
			3.07%		7/12/2005			4,995,310
	5,000,000	BNP Paribas Finance
			3.017%		7/1/2005			5,000,000
	5,450,000	Dexia Delaware LLC
			3.36%		9/13/2005			5,412,359
	10,000,000	Dresdner Bank AG
			3.205%		8/23/2005			9,952,815
	10,000,000	UBS Finance, Inc.
			3.265%		8/11/2005			9,962,815

								35,323,299





Financial–Other — 6.3%
	5,000,000	Citigroup, Inc.
			3.06%		7/1/2005			5,000,000
	8,300,000	Cooperative Associates Tractor Dealers
			3.32%		7/6/2005			8,296,173
	10,000,000	Countrywide Fin. Corp.
			3.30%		7/27/2005			9,976,167
	5,000,000	Govco, Inc.
			3.34%		9/16/2005			4,964,280

								28,236,620

		TOTAL FINANCIAL						108,453,455





INDUSTRIAL — 35.6%




Automotive — 2.2%
$	10,000,000	BMW US Capital LLC
			3.16%		7/19/2005		$	9,984,200





Beverage — 4.5%
	5,000,000	Coca-Cola Co.
			3.29%		9/6/2005			4,969,385
	5,000,000	Coca-Cola Enterprises, Inc.
			3.02%		7/5/2005			4,998,322
	10,000,000	PepsiCo., Inc.
			3.03%		7/5/2005			9,996,633

								19,964,340

See notes to financial statements.

n The Guardian Cash Management Fund

Schedule of Investments (Continued)

June 30, 2005 (unaudited)



Principal				Maturity
Amount				Date		Value





Computer Systems — 1.1%
$	5,000,000	Hewlett Packard Co.
			3.10%		7/25/2005	$	4,989,667





Conglomerates — 2.3%
		General Electric Capital Corp.
	5,000,000		3.10%		7/25/2005		4,989,666
	5,150,000		3.37%		9/22/2005		5,109,986

							10,099,652





Electronics and Instruments — 1.1%
	5,000,000	Sharp Electronics
			3.23%		8/8/2005		4,982,953





Food and Beverage — 2.2%
	10,000,000	Unilever Capital Corp.
			3.16%		7/1/2005		10,000,000





Food Products — 2.2%
	10,000,000	Nestle Capital Corp.
			2.965%		7/1/2005		10,000,000





Health Care Equipment and Supplies — 2.2%
	10,000,000	Medtronic, Inc.
			3.12%		7/7/2005		9,994,800





Household Durables — 2.2%
		Stanley Works
	5,000,000		3.09%		7/18/2005		4,992,704
	5,000,000		3.29%		8/29/2005		4,973,040

							9,965,744





Machinery–Industrial Specialty — 1.1%
	5,000,000	Caterpillar Fin. Svcs.
			3.14%		8/16/2005		4,979,939





Media — 2.2%
	10,000,000	Gannett Co., Inc.
			3.08%		7/5/2005		9,996,578





Merchandising–Mass — 2.2%
	10,000,000	Wal-Mart Stores, Inc.
			3.08%		7/5/2005		9,996,578





Pharmaceuticals — 3.4%
		Alcon Fin.
	5,000,000		3.01%		7/1/2005		5,000,000
	5,000,000		3.17%		7/26/2005		4,988,993
	5,000,000	Novartis
			3.25%		7/7/2005		4,997,291

							14,986,284





Transport Services — 2.2%
	10,000,000	Netjets, Inc.
			3.33%		9/9/2005		9,935,250





Utilities–Electric and Water — 4.5%
	10,000,000	National Rural Utilities Coop. Fin.
			3.25%		7/28/2005		9,975,625
	10,000,000	Southern Co.
			3.16%		7/18/2005		9,985,078

							19,960,703

		TOTAL INDUSTRIAL					159,836,688

		Total Commercial Paper
			(Cost $293,594,654)				293,594,654





Taxable Municipal Securities — 20.6%


Principal				Reset
Amount				Date*		Value





California — 3.5%
$	7,465,000	California Housing Fin. Agency
			3.31%		7/6/2005	$	7,465,000
	8,100,000	Sacramento Cnty., CA
			3.31%		7/6/2005		8,100,000

							15,565,000





Colorado — 2.9%
		Colorado Housing & Fin. Auth.
	6,800,000		3.32%		7/6/2005		6,800,000
	6,000,000		3.32%		7/6/2005		6,000,000

							12,800,000





Connecticut — 1.8%
	8,000,000	Connecticut St. Housing & Fin. Auth.
			3.31%		7/7/2005		8,000,000





Michigan — 0.9%
	4,000,000	Michigan St. Housing Dev. Auth.
			3.32%		7/6/2005		4,000,000





New York — 5.9%
	16,355,000	New York City Trans.
			3.32%		7/6/2005		16,355,000
	8,000,000	New York St. Dormitory Auth. Rev.
			3.32%		7/7/2005		8,000,000
	2,000,000	New York St. Urban Dev. Corp.
			2.24%		12/15/2005		1,987,776

							26,342,776

See notes to financial statements.

n The Guardian Cash Management Fund

Schedule of Investments (Continued)

June 30, 2005 (unaudited)



Principal				Reset
Amount				Date*		Value





Utah — 4.4%
		Utah Housing Corp. Single Family
$	9,825,000		3.32%		7/6/2005	$	9,825,000
	3,465,000		3.32%		1/1/2033		3,465,000
	6,655,000	Utah St. Housing Fin. Agency
			3.32%		7/6/2005		6,655,000

							19,945,000





Washington — 1.2%
	5,595,000	Seattle, WA
			2.40%		8/31/2005		5,595,000

		Total Taxable Municipal Securities
			(Cost $92,247,776)				92,247,776





Repurchase Agreement — 1.2%

Principal

Amount

Value

5,315,000

State Street Bank and Trust Co. repurchase agreement,
dated 6/30/2005, maturity
value $5,315,472 at
3.20% due 7/1/2005 (1)

(Cost $5,315,000)

5,315,000

Total Investments — 99.8%
(Cost $447,677,302)

447,677,302

Cash, Receivables and Other Assets
Less Liabilities — 0.2%

922,176

Net Assets — 100%

448,599,478


*	Floating rate note. The rate shown is the rate in effect at June 30, 2005.


†	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to certain qualified buyers. At June 30, 2005, the aggregate market value of these securities amounted to $3,561,369 representing 0.8% of net assets.


(1)	The repurchase agreement is collateralized by $5,350,000 in U.S. Government Agency 4.30%, due 2/4/10, with a value of $5,423,563.

See notes to financial statements.

(This page intentionally left blank)

n The Park Avenue Portfolio

Statements of Assets and Liabilities

June 30, 2005 (Unaudited)


			The Guardian			The Guardian			The Guardian			The Guardian			The Guardian
			Park Avenue			UBS Large			Park Avenue			UBS Small			Asset
			Fund			Cap Value			Small Cap			Cap Value			Allocation
						Fund			Fund			Fund			Fund





ASSETS




	Investments, at identified cost (includes majority-owned subsidiary of $132,857,668 for GAAF)		$	844,211,103		$	66,281,696		$	163,215,919		$	36,268,721		$	152,340,735


	Investments, at market — Note 1 (includes majority-owned subsidiary of $125,424,216 for GAAF)			946,117,424			86,430,057			177,505,753			43,375,880			144,236,667




	Cash			592			664			978			16,371			879




	Foreign currency (cost $18,632 GBGIF and $1,642,629 GBGEMF, respectively)			—			—			—			—			—




	Receivable for securities sold			6,282,261			218,214			1,894,613			594,504			—




	Dividends receivable			790,249			81,386			227,815			25,240			14,756




	Receivable for fund shares sold			219,875			47,449			87,651			2,607			4,928




	Interest receivable			1,224			91			373			114			396




	Receivable for variation margin — Note 1			—			—			—			—			53,650




	Dividend reclaim receivable			—			—			—			—			—




	Principal paydowns receivable			—			—			—			—			—




	Other assets			51,257			4,434			10,021			2,421			7,657

		Total Assets		953,462,882			86,782,295			179,727,204			44,017,137			144,318,933

LIABILITIES




	Payable for securities purchased			9,538,895			231,166			921,664			868,210			—




	Payable for fund shares redeemed			1,291,741			2,283			220,905			1,167			224,214




	Accrued expenses			288,686			68,126			41,612			55,736			50,555




	Payable for variation margin — Note 1			—			—			—			—			—




	Accrued foreign capital gains tax			—			—			—			—			—




	Payable for forward mortgage securities purchased — Note 7			—			—			—			—			—




	Distributions payable			—			—			—			—			—




	Due to GIS			622,149			77,913			166,215			37,966			37,590

		Total Liabilities		11,741,471			379,488			1,350,396			963,079			312,359

		Net Assets	$	941,721,411		$	86,402,807		$	178,376,808		$	43,054,058		$	144,006,574


COMPONENTS OF NET ASSETS




	Shares of beneficial interest, at par		$	312,820		$	65,076		$	104,526		$	33,756		$	127,431




	Additional paid-in capital			1,500,929,330			61,424,305			152,684,062			32,697,023			202,636,695




	Undistributed/(distribution in excess of) net investment income			553,156			(16,416	)		(507,894	)		(185,969	)		647,014




	Accumulated net realized gain/(loss) on investments and foreign currency related transactions			(661,980,216	)		4,781,481			11,806,280			3,402,089			(51,376,641	)




	Net unrealized appreciation/(depreciation) of investments and foreign currency related transactions			101,906,321			20,148,361			14,289,834			7,107,159			(8,027,925	)

		Net Assets	$	941,721,411		$	86,402,807		$	178,376,808		$	43,054,058		$	144,006,574


NET ASSETS




	Class A		$	834,065,210		$	24,570,657		$	139,990,585		$	13,051,374		$	101,549,402




	Class B		$	92,747,609		$	21,232,376		$	17,478,581		$	10,017,891		$	24,567,266




	Class C		$	6,090,404		$	19,569,664		$	9,518,218		$	9,420,905		$	8,290,429




	Class K		$	8,818,188		$	21,030,110		$	11,389,424		$	10,563,888		$	9,599,477




Shares of Beneficial Interest Outstanding — $0.01 Par Value




	Class A			27,591,015			1,848,194			8,073,598			1,012,250			8,975,789




	Class B			3,185,380			1,601,568			1,102,449			793,725			2,182,066




	Class C			212,421			1,476,043			605,455			746,486			736,106




	Class K			293,227			1,581,828			671,131			823,173			849,117




Net Asset Value Per Share




	Class A			$30.23		$	13.29		$	17.34		$	12.89		$	11.31




	Class B			$29.12		$	13.26		$	15.85		$	12.62		$	11.26




	Class C			$28.67		$	13.26		$	15.72		$	12.62		$	11.26




	Class K			$30.07		$	13.29		$	16.97		$	12.83		$	11.31




Maximum Offering Price Per Share




	Class A (Net Asset Value × 104.71%)*			$31.65		$	13.92		$	18.16		$	13.50		$	11.84




	Class A (Net Asset Value × 103.09%)*			—			—			—			—			—


*	Based on sale of less than $100,000. On sale of $100,000 or more, the offering price is reduced.


**	No load is charged on Class A shares.

See notes to financial statements.


The Guardian			The Guardian			The Guardian		The Guardian										The Guardian
S&P 500			Baillie Gifford			Baillie Gifford		Investment		The Guardian			The Guardian			The Guardian		Cash
Index			International			Emerging		Quality		Low Duration			High Yield			Tax-Exempt		Management
Fund			Growth Fund			Markets Fund		Bond Fund		Bond Fund			Bond Fund			Fund		Fund

$	171,983,271		$	40,517,249		$	86,889,381	$	146,029,203	$	35,136,983		$	82,958,030		$	90,932,628	$	447,677,302


	179,000,367			55,361,220			118,470,604		148,323,794		34,936,061			85,213,165			95,335,174		447,677,302
	91,950			783			650		63,401		57,369			79,378			157,925		63,968
	—			18,513			1,564,747		—		—			—			—		—
	—			—			89,736		2,251,233		821,465			2,710,422			2,839,000		—
	209,660			66,570			457,373		—		—			—			—		—
	84,622			4,327			49,943		43,927		1,449			10,287			10,987		264,525
	409			2,442			90		1,060,705		291,320			1,590,715			983,796		1,141,450
	—			—			—		—		—			—			—		—
	—			13,186			—		—		—			—			—		—
	—			—			—		126,915		—			—			—		—
	8,326			2,944			5,242		7,156		1,881			4,243			4,684		22,097

	179,395,334			55,469,985			120,638,385		151,877,131		36,109,545			89,608,210			99,331,566		449,169,342

	—			—			392,874		3,408,588		1,125,640			3,907,933			1,748,740		—
	3,292			64,834			725,388		172,947		7,413			149,224			12,437		157,428
	51,209			50,689			71,593		48,414		18,295			27,934			31,440		120,313
	29,600			—			—		—		—			—			—		—
	—			—			81,104		—		—			—			—		—
	—			—			—		7,987,581		—			—			—		—
	—			—			—		91,042		1,256			38,463			6,979		2,619
	90,897			22,018			44,727		104,481		32,425			75,415			66,586		289,504

	174,998			137,541			1,315,686		11,813,053		1,185,029			4,198,969			1,866,182		569,864

$	179,220,336		$	55,332,444		$	119,322,699	$	140,064,078	$	34,924,516		$	85,409,241		$	97,465,384	$	448,599,478


$	219,526		$	43,021		$	78,938	$	139,685	$	35,362		$	114,971		$	93,899	$	4,485,995
	268,296,423			78,469,372			83,730,014		137,009,660		35,333,655			99,825,125			91,864,102		444,113,483
	185,492			168,920			576,707		—		—			—			—		—
	(96,455,923	)		(38,190,772	)		3,515,003		620,142		(243,579	)		(16,785,990	)		1,104,837		—
	6,974,818			14,841,903			31,422,037		2,294,591		(200,922	)		2,255,135			4,402,546		—

$	179,220,336		$	55,332,444		$	119,322,699	$	140,064,078	$	34,924,516		$	85,409,241		$	97,465,384	$	448,599,478


$	145,656,728		$	34,043,226		$	78,057,543	$	105,991,476	$	9,598,586		$	53,975,239		$	86,416,783	$	427,683,652
$	13,148,040		$	5,646,746		$	10,780,875	$	14,951,501	$	8,639,618		$	9,875,729			—	$	6,482,735
$	9,182,837		$	6,606,576		$	13,611,537	$	10,190,641	$	7,788,000		$	10,290,648		$	11,048,601	$	6,165,040
$	11,232,731		$	9,035,896		$	16,872,744	$	8,930,460	$	8,898,312		$	11,267,625			—	$	8,268,051
	17,834,980			2,581,462			5,044,320		10,570,629		971,933			7,264,978			8,325,471		427,683,652
	1,613,864			473,386			768,747		1,491,537		874,770			1,329,922			—		6,482,735
	1,128,184			551,467			967,244		1,016,563		788,549			1,386,075			1,064,470		6,165,040
	1,375,613			695,814			1,113,449		889,744		900,954			1,516,093			—		8,268,051
	$8.17		$	13.19		$	15.47	$	10.03	$	9.88		$	7.43		$	10.38	$	1.00
	$8.15		$	11.93		$	14.02	$	10.02	$	9.88		$	7.43			—	$	1.00
	$8.14		$	11.98		$	14.07	$	10.02	$	9.88		$	7.42		$	10.38	$	1.00
	$8.17		$	12.99		$	15.15	$	10.04	$	9.88		$	7.43			—	$	1.00
	$8.55		$	13.81		$	16.20	$	10.50		—		$	7.78		$	10.87		N/A	**
	—			—			—		—	$	10.19			—			—		—

n The Park Avenue Portfolio

Statements of Operations

Six Months Ended June 30, 2005 (Unaudited)


			The Guardian			The Guardian			The Guardian			The Guardian			The Guardian
			Park Avenue			UBS Large			Park Avenue			UBS Small			Asset
			Fund			Cap Value			Small Cap			Cap Value			Allocation
						Fund			Fund			Fund			Fund





INVESTMENT INCOME




		Dividends (includes $679,663 from a majority- owned subsidiary for GAAF)	$	12,760,907		$	971,005		$	797,971		$	289,533		$	880,955




		Interest		118,262			16,791			44,226			22,130			61,632




		Less: Foreign tax withheld		(4,459	)		—			(738	)		(123	)		—

		Total Income		12,874,710			987,796			841,459			311,540			942,587

	Expenses:




		Investment advisory fees — Note 2		2,529,097			368,647			728,555			217,532			483,587




		Administrative fees — Class A — Note 2		871,140			30,767			191,329			16,265			131,447




		Administrative fees — Class B — Note 2		135,627			27,420			25,648			12,753			32,716




		Administrative fees — Class C — Note 2		7,725			25,735			11,470			12,127			10,305




		Administrative fees — Class K — Note 2		10,616			27,117			14,404			13,238			11,527




		12b-1 fees — Class B — Note 3		406,880			82,259			76,945			38,259			98,149




		12b-1 fees — Class C — Note 3		23,175			77,205			34,411			36,381			30,914




		12b-1 fees — Class K — Note 3		16,985			43,387			23,046			21,180			18,444




		Transfer agent fees — Class A		632,176			17,039			72,105			17,385			68,352




		Transfer agent fees — Class B		188,259			15,286			28,211			14,896			27,585




		Transfer agent fees — Class C		16,117			14,459			15,237			14,502			15,177




		Transfer agent fees — Class K		681			494			809			482			497




		Custodian fees		96,212			48,275			63,958			44,380			51,053




		Trustees’ fees — Note 2		45,453			3,802			8,568			1,816			6,478




		Printing expense		37,972			4,636			7,637			3,383			6,739




		Registration fees		33,898			18,429			25,505			18,629			25,587




		Insurance expense		26,252			2,526			4,945			1,295			3,975




		Legal fees		19,398			1,091			2,732			621			2,517




		Audit fees		14,512			11,783			11,775			11,775			11,806




		Loan commitment fees — Note 9		9,570			793			1,837			385			1,411




		Other		722			225			226			225			333

		Total Expenses before Reimbursement and Custody credits		5,122,467			821,375			1,349,353			497,509			1,038,599




		Less: Expenses assumed by investment adviser — Note 2		—			—			—			—			(572,049	)




		Custody credits — Note 1		—			—			—			—			—

		Expenses Net of Reimbursement and Custody credits		5,122,467			821,375			1,349,353			497,509			466,550

	Net Investment Income/(Loss)			7,752,243			166,421			(507,894	)		(185,969	)		476,037

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES — NOTE 4




		Net realized gain/(loss) on investments — Note 1		28,531,633			4,806,094			12,650,398			3,414,660			272,122




		Net realized gain/(loss) on futures contracts		—			—			—			—			488,663




		Net realized loss on sale of affiliated underlying funds		—			—			—			—			(239,993	)




		Net realized loss on foreign currency related transactions — Note 1		—			—			—			—			—




		Net change in unrealized appreciation/(depreciation) on investments — Note 4		(66,582,968	)		(3,539,495	)		(22,652,858	)		(3,851,289	)		(2,526,051	)




		Unrealized foreign capital gains tax		—			—			—			—			—




		Net change in unrealized appreciation of futures contracts — Note 1		—			—			—			—			(56,197	)




		Net change in unrealized appreciation from translation of other assets and liabilities denominated in foreign currencies — Note 1		—			—			—			—			—

	Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currencies			(38,051,335	)		1,266,599			(10,002,460	)		(436,629	)		(2,061,456	)

		NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS	$	(30,299,092	)	$	1,433,020		$	(10,510,354	)	$	(622,598	)	$	(1,585,419	)

See notes to financial statements.


The Guardian			The Guardian			The Guardian			The Guardian						The Guardian						The Guardian
S&P 500			Baillie Gifford			Baillie Gifford			Investment			The Guardian			High Yield			The Guardian			Cash
Index			International			Emerging			Quality			Low Duration			Bond			Tax-Exempt			Management
Fund			Growth Fund			Markets Fund			Bond Fund			Bond Fund			Fund			Fund			Fund

$	1,561,622		$	1,050,997		$	2,024,800			—			—			—			—			—
	51,711			11,637			16,802		$	3,339,517		$	588,618		$	3,105,394		$	2,086,504		$	6,247,288
	—			(120,223	)		(195,960	)		—			—			—			—			—

	1,613,333			942,411			1,845,642			3,339,517			588,618			3,105,394			2,086,504			6,247,288

	218,459			223,672			548,649			352,156			75,120			257,273			235,319			1,148,235
	177,555			43,321			86,311			129,556			11,789			68,925			104,244			542,100
	16,211			7,409			15,095			19,784			10,661			12,187			—			8,830
	11,546			8,222			16,009			13,701			9,611			12,579			13,416			9,857
	13,147			10,945			19,747			13,037			9,673			13,506			—			13,330
	48,632			22,228			45,287			59,352			31,983			36,562			—			26,490
	34,639			24,665			48,027			41,104			28,831			37,736			40,247			29,572
	21,036			17,512			31,595			20,859			15,478			21,609			—			21,327
	23,614			40,389			22,972			36,085			15,581			17,157			17,728			168,330
	18,453			19,267			16,692			18,105			14,723			15,890			—			12,028
	15,380			14,604			15,023			15,007			14,573			14,726			14,670			3,438
	978			439			381			895			93			387			—			2,230
	74,802			106,781			200,840			63,190			37,823			51,579			36,869			67,262
	8,644			2,223			3,919			7,054			1,654			4,331			4,628			22,961
	8,182			3,924			4,489			7,722			3,759			5,298			4,711			18,003
	32,891			26,836			26,838			21,372			21,321			25,150			9,184			19,055
	4,390			1,521			2,447			4,224			1,141			2,216			2,584			12,304
	1,984			908			1,032			1,546			496			1,052			1,157			4,791
	11,823			14,537			14,537			11,823			12,859			14,579			11,823			11,441
	1,450			463			836			1,341			296			740			820			—
	226			242			226			231			275			547			858			240

	744,042			590,108			1,120,952			838,144			317,740			614,029			498,258			2,141,824
	(176,602	)		—			—			(118,159	)		(107,851	)		(153,331	)		(51,662	)		(130,070	)
	—			—			—			—			—			—			(5,676	)		—

	567,440			590,108			1,120,952			719,985			209,889			460,698			440,920			2,011,754

	1,045,893			352,303			724,690			2,619,532			378,729			2,644,696			1,645,584			4,235,534

	(23,924	)		2,304,315			3,653,921			622,687			(181,056	)		925,393			1,105,703			—
	(29,355	)		—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			(22,094	)		(138,952	)		—			—			—			—			—
	(2,797,147	)		(2,841,006	)		4,354,095			104,136			1,596			(2,698,351	)		801,939			—
	—			—			(37,520	)		—			—			—			—			—
	(148,149	)		—			—			—			—			—			—			—
	—			(5,709	)		(80,659	)		—			—			—			—			—

	(2,998,575	)		(564,494	)		7,750,885			726,823			(179,460	)		(1,772,958	)		1,907,642			—

$	(1,952,682	)	$	(212,191	)	$	8,475,575		$	3,346,355		$	199,269		$	871,738		$	3,553,226		$	4,235,534

n The Park Avenue Portfolio

Statements of Changes in Net Assets


				The Guardian						The Guardian						The Guardian
				Park Avenue Fund						UBS Large Cap Value Fund						Park Avenue Small Cap Fund

				Six Months			Year Ended			Six Months			Year Ended			Six Months			Year Ended
				Ended			December 31,			Ended			December 31,			Ended			December 31,
				June 30, 2005			2004			June 30, 2005			2004			June 30, 2005			2004
				(Unaudited)			(Audited)			(Unaudited)			(Audited)			(Unaudited)			(Audited)

INCREASE/(DECREASE) IN NET ASSETS




	From Operations:




		Net investment income/(loss)		$	7,752,243		$	9,874,920		$	166,421		$	217,881		$	(507,894	)	$	(1,699,438	)




		Net realized gain/(loss) on investments and foreign currency related transactions			28,531,633			43,914,493			4,806,094			5,880,973			12,650,398			36,997,666




		Net change in unrealized appreciation/ (depreciation) of investments and foreign currency related transactions			(66,582,968	)		5,480,778			(3,539,495	)		5,118,409			(22,652,858	)		(6,630,509	)

		Net Increase/(Decrease) in Net Assets Resulting from Operations			(30,299,092	)		59,270,191			1,433,020			11,217,263			(10,510,354	)		28,667,719

	Dividends and Distributions to Shareholders from:
		Net investment income




			Class A		(8,769,836	)		(12,988,844	)		(126,193	)		(130,775	)		—			—




			Class B		—			—			—			—			—			—




			Class C		—			—			—			—			—			—




			Class K		(81,418	)		(97,044	)		(83,131	)		(61,348	)		—			—
		Net realized gain on investments and foreign currency related transactions




			Class A		—			—			(326,286	)		(2,047,005	)		(9,583,549	)		(20,434,106	)




			Class B		—			—			(285,750	)		(1,934,103	)		(1,300,413	)		(2,882,448	)




			Class C		—			—			(263,482	)		(1,856,823	)		(701,113	)		(1,179,600	)




			Class K		—			—			(280,565	)		(1,898,407	)		(783,098	)		(1,406,422	)

			Total Dividends and Distributions to Shareholders		(8,851,254	)		(13,085,888	)		(1,365,407	)		(7,928,461	)		(12,368,173	)		(25,902,576	)

	From Capital Share Transactions:




		Net increase/(decrease) in net assets from capital share transactions — Note 8			(145,684,133	)		(232,136,779	)		(12,836,412	)		11,055,749			(25,534,154	)		23,001,400




		Redemption fees			—			—			—			—			—			—

					(145,684,133	)		(232,136,779	)		(12,836,412	)		11,055,749			(25,534,154	)		23,001,400

	Net Increase/(Decrease) in Net Assets				(184,834,479	)		(185,952,476	)		(12,768,799	)		14,344,551			(48,412,681	)		25,766,543




NET ASSETS:




Beginning of period					1,126,555,890			1,312,508,366			99,171,606			84,827,055			226,789,489			201,022,946

End of period*				$	941,721,411		$	1,126,555,890		$	86,402,807		$	99,171,606		$	178,376,808		$	226,789,489


* Includes undistributed/(distributions in excess of) net investment income of				$	553,156		$	1,652,167		$	(16,416	)	$	26,487		$	(507,894	)	$	—

See notes to financial statements.


																		The Guardian
The Guardian						The Guardian						The Guardian						Baillie Gifford
UBS Small Cap Value Fund						Asset Allocation Fund						S&P 500 Index Fund						International Growth Fund

Six Months			Year Ended			Six Months			Year Ended			Six Months			Year Ended			Six Months			Year Ended
Ended			December 31,			Ended			December 31,			Ended			December 31,			Ended			December 31,
June 30, 2005			2004			June 30, 2005			2004			June 30, 2005			2004			June 30, 2005			2004
(Unaudited)			(Audited)			(Unaudited)			(Audited)			(Unaudited)			(Audited)			(Unaudited)			(Audited)

$	(185,969	)	$	(277,382	)	$	476,037		$	1,739,902		$	1,045,893		$	2,274,307		$	352,303		$	(70,715	)
	3,414,660			4,594,611			520,792			2,053,678			(53,279	)		487,112			2,282,221			1,214,443
	(3,851,289	)		2,797,353			(2,582,248	)		10,480,742			(2,945,296	)		13,652,953			(2,846,715	)		6,736,411

	(622,598	)		7,114,582			(1,585,419	)		14,274,322			(1,952,682	)		16,414,372			(212,191	)		7,880,139

	—			—			(146,316	)		(2,400,470	)		(793,019	)		(1,978,008	)		(118,271	)		(89,371	)
	—			—			—			(271,768	)		(31,241	)		(89,432	)		—			—
	—			—			—			(48,522	)		(22,560	)		(66,023	)		—			—
	—			—			(3,373	)		(141,931	)		(40,127	)		(94,839	)		(25,686	)		—
	(130,846	)		(1,668,270	)		—			—			—			—			—			—
	(102,615	)		(1,424,466	)		—			—			—			—			—			—
	(96,556	)		(1,360,553	)		—			—			—			—			—			—
	(106,567	)		(1,415,192	)		—			—			—			—			—			—

	(436,584	)		(5,868,481	)		(149,689	)		(2,862,691	)		(886,947	)		(2,228,302	)		(143,957	)		(89,371	)

	(4,771,984	)		8,906,264			(12,695,517	)		(20,540,477	)		3,507,161			6,679,825			(1,203,124	)		(2,103,573	)
	—			—			—			—			—			—			283			17,925

	(4,771,984	)		8,906,264			(12,695,517	)		(20,540,477	)		3,507,161			6,679,825			(1,202,841	)		(2,085,648	)

	(5,831,166	)		10,152,365			(14,430,625	)		(9,128,846	)		667,532			20,865,895			(1,558,989	)		5,705,120
	48,885,224			38,732,859			158,437,199			167,566,045			178,552,804			157,686,909			56,891,433			51,186,313

$	43,054,058		$	48,885,224		$	144,006,574		$	158,437,199		$	179,220,336		$	178,552,804		$	55,332,444		$	56,891,433


$	(185,969	)	$	—		$	647,014		$	320,666		$	185,492		$	26,546		$	168,920		$	(39,426	)

n The Park Avenue Portfolio

Statements of Changes in Net Assets (Continued)


				The Guardian
				Baillie Gifford						The Guardian						The Guardian
				Emerging Markets Fund						Investment Quality Bond Fund						Low Duration Bond Fund

				Six Months			Year Ended			Six Months			Year Ended			Six Months			Year Ended
				Ended			December 31,			Ended			December 31,			Ended			December 31,
				June 30, 2005			2004			June 30, 2005			2004			June 30, 2005			2004
				(Unaudited)			(Audited)			(Unaudited)			(Audited)			(Unaudited)			(Audited)

INCREASE/(DECREASE) IN NET ASSETS




	From Operations:




		Net investment income		$	724,690		$	115,635		$	2,619,532		$	5,832,835		$	378,729		$	588,430




		Net realized gain/(loss) on investments and foreign currency related transactions			3,514,969			10,147,991			622,687			1,606,034			(181,056	)		(28,179	)




		Net change in unrealized appreciation/ (depreciation) of investments and foreign currency related transactions			4,235,916			7,529,328			104,136			(1,524,310	)		1,596			(294,183	)

			Net Increase in Net Assets Resulting from Operations		8,475,575			17,792,954			3,346,355			5,914,559			199,269			266,068

	Dividends and Distributions to Shareholders from:
		Net investment income




			Class A		—			(116,609	)		(2,016,882	)		(4,631,841	)		(128,488	)		(206,517	)




			Class B		—			—			(248,621	)		(519,948	)		(84,192	)		(123,667	)




			Class C		—			—			(172,124	)		(337,129	)		(75,887	)		(116,473	)




			Class K		—			(11,893	)		(181,905	)		(343,917	)		(90,162	)		(141,773	)
		Net realized gain on investments and foreign currency related transactions




			Class A		(1,894,752	)		(2,415,890	)		(456,618	)		(1,090,742	)		—			—




			Class B		(288,231	)		(515,212	)		(64,310	)		(164,526	)		—			—




			Class C		(361,991	)		(519,613	)		(44,126	)		(109,717	)		—			—




			Class K		(416,713	)		(601,842	)		(38,183	)		(103,230	)		—			—

			Total Dividends and Distributions to Shareholders		(2,961,687	)		(4,181,059	)		(3,222,769	)		(7,301,050	)		(378,729	)		(588,430	)

	From Capital Share Transactions:




		Net increase/(decrease) in net assets from capital share transactions — Note 8			12,199,098			13,696,283			(4,302,197	)		(37,306,362	)		1,387,628			2,663,253




		Redemption fees			3,311			5,372			—			—			—			—

					12,202,409			13,701,655			(4,302,197	)		(37,306,362	)		1,387,628			2,663,253

	Net Increase/(Decrease) in Net Assets				17,716,297			27,313,550			(4,178,611	)		(38,692,853	)		1,208,168			2,340,891




NET ASSETS:




Beginning of period					101,606,402			74,292,852			144,242,689			182,935,542			33,716,348			31,375,457

End of period*				$	119,322,699		$	101,606,402		$	140,064,078		$	144,242,689		$	34,924,516		$	33,716,348


* Includes undistributed/(distributions in excess of ) net investment income of				$	576,707		$	(147,983	)	$	—		$	—		$	—		$	—

See notes to financial statements.


The Guardian						The Guardian						The Guardian
High Yield Bond Fund						Tax-Exempt Fund						Cash Management Fund

Six Months			Year Ended			Six Months			Year Ended			Six Months			Year Ended
Ended			December 31,			Ended			December 31,			Ended			December 31,
June 30, 2005			2004			June 30, 2005			2004			June 30, 2005			2004
(Unaudited)			(Audited)			(Unaudited)			(Audited)			(Unaudited)			(Audited)

$	2,644,696		$	5,190,729		$	1,645,584		$	3,078,209		$	4,235,534		$	2,784,129
	925,393			1,382,997			1,105,703			1,899,375			—			—
	(2,698,351	)		242,109			801,939			(1,173,809	)		—			—

	871,738			6,815,835			3,553,226			3,803,775			4,235,534			2,784,129

	(1,762,598	)		(3,299,787	)		(1,493,571	)		(2,791,145	)		(4,057,911	)		(2,633,636	)
	(274,861	)		(625,306	)		—			—			(47,152	)		(53,655	)
	(283,733	)		(602,260	)		(152,013	)		(287,064	)		(52,724	)		(49,517	)
	(323,504	)		(663,376	)		—			—			(77,747	)		(47,321	)
	—			—			(132,122	)		(1,571,408	)		—			—
	—			—			—			—			—			—
	—			—			(16,859	)		(204,912	)		—			—
	—			—			—			—			—			—

	(2,644,696	)		(5,190,729	)		(1,794,565	)		(4,854,529	)		(4,235,534	)		(2,784,129	)

	(925,051	)		14,976,472			2,884,607			3,295,052			(20,703,116	)		(91,284,950	)
	64			1,737			—			—			—			—

	(924,987	)		14,978,209			2,884,607			3,295,052			(20,703,116	)		(91,284,950	)

	(2,697,945	)		16,603,315			4,643,268			2,244,298			(20,703,116	)		(91,284,950	)
	88,107,186			71,503,871			92,822,116			90,577,818			469,302,594			560,587,544

$	85,409,241		$	88,107,186		$	97,465,384		$	92,822,116		$	448,599,478		$	469,302,594


$	—		$	—		$	—		$	—		$	—		$	—

n The Guardian Investment Quality Bond Fund

Statement of Cash Flows

Six Months Ended June 30, 2005 (Unaudited)






Cash flows from operating activities:




	Net increase in net assets resulting from operations					$	3,346,355




		Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:




				Purchases of long-term securities			(143,684,754	)




				Proceeds from sales of long-term securities			140,423,984




				Proceeds from mortgage securities’ paydown			4,874,009




				Gain on proceeds from mortgage securities’ paydown			152,561




				Premium amortization/discount accretion, net			61,657




				Purchases of short-term investments, net			21,624,901




				Increase in receivables due to securities sold			(2,251,233	)




				Increase in receivables			(121,051	)




				Increase in other assets			(3,095	)




				Decrease in accrued expenses			(20,522	)




				Decrease in distributions payable			(1,778	)




				Decrease in due to GIS			(8,859	)




				Net realized gain on investments			(622,687	)




				Net change in unrealized appreciation of investments			(104,136	)

					Net cash provided by operating activities		23,665,352

Cash flows from financing activities:




				Proceeds from fund shares sold			9,081,248




				Payments for fund shares redeemed			(16,562,097	)




				Cash distributions paid			(94,566	)




				Proceeds from the financing of dollar roll transactions, net			(16,071,715	)

					Net cash used in financing activities		(23,647,130	)

	Increase in Cash						18,222




Cash




	Beginning of period						45,179

	End of period					$	63,401

Supplemental disclosure of cash flow information




	Non-cash financing activities not included above:




			Reinvestment of distributions			$	3,128,203

See notes to financial statements.

n The Park Avenue Portfolio

Notes to Financial Statements

June 30, 2005 (Unaudited)

n The Guardian Park Avenue Fund

n The Guardian UBS Large Cap Value Fund

n The Guardian Park Avenue Small Cap Fund

n The Guardian UBS Small Cap Value Fund

n The Guardian Asset Allocation Fund

n The Guardian S&P 500 Index Fund

n The Guardian Baillie Gifford International Growth Fund

n The Guardian Baillie Gifford Emerging Markets Fund

n The Guardian Investment Quality Bond Fund

n The Guardian Low Duration Bond Fund

n The Guardian High Yield Bond Fund

n The Guardian Tax-Exempt Fund

n The Guardian Cash Management Fund


Note 1.	Organization and Accounting Policies

The Park Avenue Portfolio (the Portfolio) is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), which is organized as a business trust under the laws of the Commonwealth of Massachusetts. The Portfolio consists of thirteen series, namely: The Guardian Park Avenue Fund (GPAF); The Guardian UBS Large Cap Value Fund (GULCVF); The Guardian Park Avenue Small Cap Fund (GPASCF); The Guardian UBS Small Cap Value Fund (GUSCVF); The Guardian Asset Allocation Fund (GAAF); The Guardian S&P 500 Index Fund (GSP500F); The Guardian Baillie Gifford International Growth Fund (GBGIF); The Guardian Baillie Gifford Emerging Markets Fund (GBGEMF); The Guardian Investment Quality Bond Fund (GIQBF); The Guardian Low Duration Bond Fund (GLDBF); The Guardian High Yield Bond Fund (GHYBF); The Guardian Tax-Exempt Fund (GTEF); and The Guardian Cash Management Fund (GCMF). The series are collectively referred to herein as the “Funds”.

The Funds offer up to five classes of shares: Class A, Class B, Class C, Class K and the Institutional Class. Each of the Funds offers Class A shares. Class A shares are sold with an initial sales load of up to 4.50% (up to 3.00% for GLDBF and 0.00% for GCMF) and an administrative fee of up to .25% on an annual basis of the Funds’ average daily net assets. A redemption fee of 2% is imposed on purchases of Class A shares of GBGIF, GBGEMF and GHYBF if redeemed within 60 days of purchase, except for shares held in omnibus accounts. Class B shares are offered by all of the Funds, except for GTEF. Class B shares are sold without an initial sales load but are subject to a 12b-1 fee of .75% and an administrative fee of .25% on an annual basis of each Fund’s Class B average daily net assets, and a contingent deferred sales load (CDSL) of up to 3% imposed on certain redemptions. Each of the Funds offers Class C shares. Class C shares are sold without an initial sales load but are subject to a 12b-1 fee of .75% and an administrative fee of .25% on an annual basis of each Fund’s Class C average daily net assets, and a CDSL of 1% imposed on certain redemptions. Class K shares are offered by all of the Funds, except for GTEF. Class K shares are sold without an initial sales load but are subject to a 12b-1 fee of .40% and an administrative fee of .25% on an annual basis of each Fund’s Class K average daily net assets, and a CDSL of 1% imposed on certain redemptions. Institutional Class shares are offered by GPAF, GPASCF, GAAF, GSP500F, GBGIF, GBGEMF, GIQBF and GHYBF. As of June 30, 2005, none of the Funds had issued Institutional Class shares. Institutional Class shares are offered at net asset value, without an initial or a CDSL. All classes of shares for each Fund represent interests in the same portfolio of investments, have the same rights and are generally identical in all respects except that each class bears its separate distribution and certain class expenses, and has exclusive voting rights with respect to any matter to which a separate vote of any class is required.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, gains (losses) and expenses during the reporting period. Actual results could differ from those estimates.

Significant accounting policies of the Funds are as follows:

Investments

Securities listed on domestic or foreign securities exchanges are valued at the last sale price on such exchanges, or if no sale occurred, at the mean of the bid and asked prices. Securities that are traded on the NASDAQ

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

National Securities Market are valued at the NASDAQ Official Closing Price. In GAAF, investments in the underlying Funds are valued at the closing net asset value of each underlying Fund on the day of valuation.

Pursuant to valuation procedures approved by the Board of Trustees, certain debt securities may be valued each business day by an independent pricing service (Service). Debt securities for which quoted bid prices are readily available and representative of the bid side of the market, in the judgment of the Service, are valued at the bid price, except for GTEF. In GTEF, debt securities are valued at the mean between the bid and asked prices obtained by the Service. Other debt securities that are valued by the Service are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions.

Futures contracts are valued at the settlement prices established by the boards of trade or exchanges on which they are traded.

Other securities, including securities for which market quotations are not readily available (such as certain mortgage backed securities, restricted securities and foreign securities subject to “significant event”) are valued at fair value as determined in good faith by or under the direction of the Funds’ Board of Trustees. A “significant event” is an event that will affect the value of a portfolio security that occurs after the close of trading in the security’s primary trading market or exchange but before the Funds’ NAV is calculated.

Investing outside of the U.S. may involve certain considerations and risks not typically associated with domestic investments, including the possibility of political and economic unrest and different levels of governmental supervision and regulation of foreign securities markets.

Repurchase agreements are carried at cost which approximates market value (see Note 5). Short-term securities held by the Funds are valued on an amortized cost basis which approximates market value but does not take into account unrealized gains and losses. GCMF values its investments based on amortized cost in accordance with Rule 2a-7 under the 1940 Act.

Investment transactions are recorded on the date of purchase or sale. Security gains or losses are determined on an identified cost basis. Interest income, including amortization/accretion of premium/ discount, is accrued daily. Dividend income is recorded on the ex-dividend date.

All income, expenses (other than class-specific expenses) and realized and unrealized gains or losses are allocated daily to each class of shares based upon the relative value of shares of each class. Class-specific expenses, which include any items that are specifically attributed to a particular class, are charged directly to such class. For the six months ended June 30, 2005, distribution, administrative and transfer agent fees were the only class-specific expenses.

Foreign Currency Translation

GPAF, GULCVF, GPASCF, GUSCVF, GAAF, GBGIF, GBGEMF and GHYBF are permitted to buy international securities that are not U.S. dollar denominated. Their books and records are maintained in U.S. dollars as follows:

(1) The foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into U.S. dollars at the current rate of exchange.

(2) Security purchases and sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions.

The resulting gains and losses are included in the Statement of Operations as follows:

Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Realized foreign exchange gains and losses, which result from changes in foreign exchange rates between the date on which a Fund earns dividends and interest or pays foreign withholding taxes or other expenses and the date on which U.S. dollar equivalent amounts are actually received or paid, are included in net realized gains or losses on foreign currency related transactions. Realized foreign exchange gains and losses which result from changes in foreign exchange rates between the trade and settlement dates on security and currency transactions are also included in net realized gains or losses on foreign currency related transactions. Net currency gains and losses from valuing other assets and liabilities denominated in foreign currency at the period end exchange rate are reflected in net change in unrealized appreciation or depreciation from translation of other assets and liabilities denominated in foreign currencies.

Forward Foreign Currency Contracts

GPAF, GULCVF, GPASCF, GUSCVF, GAAF, GBGIF, GBGEMF and GHYBF may enter into forward foreign currency contracts in connection with planned purchases or

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

sales of securities, or to hedge against changes in currency exchange rates affecting the values of its investments that are denominated in a particular currency. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward exchange rate. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Fluctuations in the value of forward foreign currency contracts are recorded for book purposes as unrealized gains or losses from translation of other assets and liabilities denominated in foreign currencies by the Funds. When forward contracts are closed, the Funds will record realized gains or losses equal to the difference between the values of such forward contracts at the time each was opened and the values at the time each was closed. Such amounts are recorded in net realized gains or losses on foreign currency related transactions. The Funds will not enter into a forward foreign currency contract if such contract would obligate the applicable Funds to deliver an amount of foreign currency in excess of the value of the Funds’ portfolio securities or other assets denominated in that currency.

Futures Contracts

GULCVF, GUSCVF, GAAF, GSP500F, GBGIF, GBGEMF, GIQBF, GLDBF, GHYBF and GTEF may enter into financial futures contracts for the delayed delivery of securities, currency or contracts based on financial indices at a fixed price on a future date. In entering into such contracts, the Funds are required to deposit either in cash or securities an amount equal to a certain percentage of the contract amount. Subsequent payments are made or received by the Funds each day, depending on the daily fluctuations in the value of the underlying security, and are recorded for financial statement purposes as variation margins by the Funds. The daily changes in the variation margin are recognized as unrealized gains or losses by the Funds. The Funds’ investments in financial futures contracts are designed to hedge against anticipated future changes in interest or exchange rates or securities prices. In addition, GAAF may enter into financial futures contracts for non-hedging purposes. Should interest or exchange rates or securities prices or prices of futures contracts move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. GAAF’s portfolio holdings correspond to the custodian bank’s records and reflect accounting treatment for the futures contracts in the portfolio.

Dividend Distributions

Dividends from net investment income are declared and accrued daily and are paid monthly for GIQBF, GLDBF, GHYBF and GTEF, and declared and paid semi-annually for GPAF, GULCVF, GPASCF, GUSCVF, GAAF, GSP500F, GBGIF and GBGEMF. Net realized short-term and long-term capital gains for these Funds will be distributed at least annually. Dividends from GCMF’s net investment income, which includes any net realized capital gains or losses, are declared and accrued daily and paid monthly on the last business day of each month.

All dividends and distributions are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations. Differences between the recognition of income on an income tax basis and recognition of income based on GAAP may cause temporary overdistributions of net realized gains and net investment income.

Taxes

Each Fund has qualified and intends to remain qualified to be taxed as a “regulated investment company” under the provisions of the U.S. Internal Revenue Code (Code), and as such will not be subject to federal income tax on taxable income (including any realized capital gains) which is distributed in accordance with the provisions of the Code. Therefore, no federal income tax provision is required.

Withholding taxes on foreign interest, dividends and capital gains in GBGIF and GBGEMF have been provided for in accordance with the applicable country’s tax rules and rates.

Expense Reductions

GTEF has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances were used to reduce a portion of the Fund’s expenses. During the period, GTEF’s custodian fees were reduced by $5,676 under this arrangement. GTEF could have employed the uninvested assets to produce income if GTEF had not entered into such arrangement.

Reclassification of Capital Accounts

The treatment for financial statement purposes of distributions made during the year from net investment income and net realized gains may differ from their ultimate treatment for federal income tax purposes. These differences primarily are caused by differences in the timing of the

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

recognition of certain components of income or capital gains, and the recharacterization of foreign exchange gains or losses to either ordinary income or realized capital gains for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset value per share of the Funds.


Note 2.	Investment Advisory Agreements and Payments to or from Related Parties

The Funds (except GBGIF and GBGEMF) have an investment advisory agreement with Guardian Investor Services LLC (GIS), an indirect wholly-owned subsidiary of Guardian Life. Fees for investment advisory are at an annual rate of .50% of the average daily net assets for GPAF, GAAF, GIQBF and GTEF. GPASCF, GSP500F, GHYBF and GLDBF pay GIS an annual rate of .75%, .25%, .60% and .45%, respectively, of their average daily net assets. GCMF pays GIS investment advisory fees at an annual rate of .50% of its average daily net assets for the first $500 million and at an annual rate of .45% in excess of $500 million of its daily average net assets.

GAAF is subject to a contractual annual advisory fee of .65% of its average daily net assets. However, GIS has agreed to a waiver of .15% of GAAF’s annual advisory fee when GAAF is operated as a “fund of funds” so that GAAF’s effective advisory fee is .50% of its average daily net assets. There are no duplicative advisory and administrative service fees charged to GAAF on assets invested in other Guardian Funds. Under an SEC exemptive order, advisory and administrative fees are paid at the underlying Fund level.

GULCVF pays investment advisory fees to GIS at an annual rate of .83% of its average daily net assets. GUSCVF pays investment advisory fees to GIS at an annual rate of 1.00% of its average daily net assets for the first $50 million and an annual rate of .95% of its average daily net assets in excess of $50 million. GIS has entered into a sub-investment advisory agreement with UBS Global Asset Management (Americas), Inc. (UBS Global AM). UBS Global AM is responsible for the day-to-day management of GULCVF and GUSCVF. GIS continually monitors and evaluates the performance of UBS Global AM. As compensation for its services, GIS pays UBS Global AM at an annual rate of .43% of GULCVF’s average daily net assets and at an annual rate of .60% for the first $50 million and at an annual rate of .55% in excess of $50 million of GUSCVF’s average daily net assets. Payment of sub-investment advisory fees does not represent a separate or additional expense to GULCVF or GUSCVF.

In approving the continuation of the investment advisory agreements and the investment sub-advisory agreements, the Board reviewed and discussed materials prepared by the investment adviser and/or sub-adviser, as applicable, and a report furnished by an independent mutual fund rating firm comparing each Fund’s advisory fee rate and overall expense ratio with those of comparable funds. The Board also considered the size of the Funds and any economies of scale and fall-out benefits, as well as the continuing fee subsidy of certain Funds. The Board considered: (i) the nature, extent and quality of services provided to the Funds by the investment adviser and sub-advisers and the overall positive cooperation of management and concluded that the services provided were satisfactory; (ii) the investment performance of the Funds and the adviser’s and sub-adviser’s employment of knowledgeable personnel and determined that performance of certain Funds was satisfactory, and for those Funds where performance was less than satisfactory, that management was working to address the performance issues; (iii) the costs of the services provided and the profitability to the investment adviser and concluded that the advisory fees were reasonable; and (iv) the extent to which economies of scale could be realized and whether fee levels reflect economies of scale. The Board also reviewed and relied upon comparisons of advisory fees paid by other investment companies and other clients of the adviser and sub-advisers. The Independent Trustees of the Funds were assisted by independent legal counsel in their deliberations.

For the six months ended June 30, 2005, GIS voluntarily assumed a portion of the ordinary operating expenses (excluding interest expense associated with reverse repurchase agreements and securities lending) that exceeded a percentage of the average daily net assets of the respective Funds, by class, as follows:


Fund	Class A		Class B		Class C		Class K

GSP500F		.53%		1.28%		1.28%		0.93%
GIQBF		.85%		1.60%		1.60%		1.25%
GLDBF		.80%		1.55%		1.55%		1.20%
GHYBF		.85%		1.60%		1.60%		1.25%
GTEF		.85%		N/A		1.60%		N/A
GCMF		.85%		1.60%		1.60%		1.25%

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

For the six months ended June 30, 2005, GIS voluntarily assumed a portion of certain Funds’ expenses based on their respective average daily net assets as follows:



GSP500F*

	Class A		Class B		Class C		Class K

Administrative Fees		.17%		.25%		.25%		.15%
12b-1 Fees		—		.17%		.22%		—

		.17%		.42%		.47%		.15%



GIQBF*

	Class A		Class B		Class C		Class K

Administrative Fees		.14%		.25%		.25%		.09%
12b-1 Fees		—		.05%		.09%		—

		.14%		.30%		.34%		.09%



GLDBF*

	Class A		Class B		Class C		Class K

Advisory Fees		.38%		.38%		.38%		.38%
Transfer Agent Fees		.33%		.34%		.38%		—

		.71%		.72%		.76%		.38%



GHYBF*

	Class A		Class B		Class C		Class K

Advisory Fees		.25%		.25%		.25%		.25%
Transfer Agent Fees		.06%		.32%		.29%		—

		.31%		.57%		.54%		.25%



GTEF*

	Class A		Class C

Administrative Fees		.08%		.25%
12b-1 Fees		—		.06%

		.08%		.31%



GCMF*

	Class A		Class B		Class C		Class K

Administrative Fees		.05%		.25%		.25%		.01%
12b-1 Fees		—		.29%		.05%		—

		.05%		.54%		.30%		.01%

* Annualized.

For the six months ended June 30, 2005, GIS voluntarily assumed $176,602, $118,159, $51,662 and $112,423 of the administrative fees and 12b-1 fees of GSP500F, GIQBF, GTEF and GCMF, respectively. GIS voluntarily assumed $107,851 and $153,331 of the advisory fees and transfer agent fees of GLDBF and GHYBF, respectively. In addition, GIS reimbursed GCMF $17,648 in expenses in order to maintain a minimum yield threshold. These arrangements can be terminated at any time by GIS.

The Portfolio, on behalf of GBGIF and GBGEMF, has an investment management agreement with Guardian Baillie Gifford Limited (GBG), a Scottish corporation owned by The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of Guardian Life and Baillie Gifford Overseas Limited (BG Overseas). GBG is responsible for the overall investment management of GBGIF and GBGEMF’s portfolios, subject to the supervision of the Portfolio’s Board of Trustees. GBG has entered into a sub-investment management agreement with BG Overseas pursuant to which BG Overseas is responsible for the day-to-day management of GBGIF and GBGEMF. GBG continually monitors and evaluates the performance of BG Overseas. As compensation for its services, GBGIF and GBGEMF pay GBG annual investment management fees of .80% and 1.00%, respectively, of their average daily net assets. One half of these fees is payable by GBG to BG Overseas for its services. Payment of the sub-investment management fee does not represent a separate or additional expense to GBGIF or GBGEMF.

The Guardian Fund Complex pays trustees who are not “interested persons” (as defined in the 1940 Act) fees consisting of a $5,000 per meeting fee and an annual retainer of $30,500, allocated among all funds in the Guardian Fund Complex based on relative average daily net assets. Board committee members also receive a fee of $2,000 per committee meeting, which also is allocated among all funds in the Guardian Fund Complex based on relative average daily net assets. Additional compensation is paid to the Chairmen of the Nominating and Governance Committee and the Audit Committee, respectively. GIS pays compensation to certain trustees who are interested persons. Certain officers and trustees of the Funds are affiliated with GIS.

GAAF received $679,663 in dividends from other Guardian mutual funds.

Park Avenue Securities LLC (PAS), a wholly-owned subsidiary of GIAC and an affiliate of GIS distributes the Portfolio’s shares as a retail broker-dealer. For the six

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

months ended June 30, 2005, PAS received $261,183 for brokerage commissions from the Portfolio.

Administrative Services Agreement

Pursuant to the Administrative Services Agreement adopted by the Funds on behalf of the Class A, Class B, Class C and Class K shares, each of the Funds, except GPAF, pays GIS an administrative service fee at an annual rate of .25% of the Funds’ average daily net assets. GPAF pays this fee to GIS at an annual rate of up to .25% of the average daily net assets for which a “dealer of record” has been designated. For the six months ended June 30, 2005, GPAF Class A shares paid an annualized rate of .20% of its average daily net assets pursuant to the Administrative Services Agreement.


Note 3.	Underwriting Agreement and Distribution Plan

The Portfolio has entered into an Underwriting Agreement with GIS pursuant to which GIS serves as the principal underwriter for shares of the Funds.

For the six months ended June 30, 2005, aggregate front-end sales charges for the sale of Class A shares paid to GIS were as follows:


Fund	Commissions		Fund	Commissions

GPAF	$	10,408	GBGIF	$	127
GULCVF		45	GBGEMF		157
GPASCF		803	GIQBF		1,561
GUSCVF		222	GHYBF		276
GAAF		472	GTEF		241
GSP500F		1,558

Under Distribution Plans adopted by the Portfolio pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), each Fund is authorized to pay a monthly 12b-1 fee for certain classes of shares at an annual rate of .75% of average daily net assets of the Fund’s Class B and Class C shares and .40% of average daily net assets of the Fund’s Class K shares as compensation for distribution-related services provided to the Class B, Class C and Class K shares of those Funds.

GIS is entitled to retain any CDSL imposed on certain Class B, Class C and Class K share redemptions. For the six months ended June 30, 2005, GIS received CDSL charges on Class B, Class C and Class K as follows:


Fund	Class B		Class C		Class K

GPAF	$	79,598	$	12	$	1,454
GULCVF		388		49		32
GPASCF		6,557		225		781
GUSCVF		166		—		1,234
GAAF		13,911		64		61
GSP500F		2,547		1,101		1,464
GBGIF		1,159		87		622
GBGEMF		1,396		25		1,221
GIQBF		4,417		48		246
GLDBF		2,276		50		182
GHYBF		1,108		494		215
GTEF		N/A		96		N/A
GCMF		3,745		—		—


Note 4.	Investment Transactions

Purchases and proceeds from sales of securities (excluding short-term securities) for the six months ended June 30, 2005 were as follows:



		GPAF		GULCVF

Purchases	$	558,186,820	$	13,362,985
Proceeds		710,676,667		26,971,753

		GPASCF		GUSCVF

Purchases	$	129,956,023	$	15,159,678
Proceeds		171,431,886		19,349,715

		GAAF		GSP500F

Purchases	$	3,679,663	$	4,839,359
Proceeds		12,990,766		922,897

		GBGIF		GBGEMF

Purchases	$	9,232,774	$	29,146,449
Proceeds		9,635,506		19,912,445

		GIQBF		GLDBF

Purchases	$	145,985,338	$	30,690,405
Proceeds		140,424,191		28,949,701

		GHYBF		GTEF

Purchases	$	37,647,681	$	67,481,992
Proceeds		36,778,814		65,479,737

The cost of investments owned at June 30, 2005 for federal income tax purposes was substantially the same as the cost for financial reporting purposes for the Funds. The gross unrealized appreciation and depreciation of invest-

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

ments excluding foreign currency and futures at June 30, 2005 were as follows:


	GPAF			GULCVF

Appreciation	$	122,810,890		$	20,829,873
(Depreciation)		(20,904,569	)		(681,512	)

Net Unrealized Appreciation	$	101,906,321		$	20,148,361


	GPASCF			GUSCVF

Appreciation	$	19,352,107		$	8,559,285
(Depreciation)		(5,062,273	)		(1,452,126	)

Net Unrealized Appreciation	$	14,289,834		$	7,107,159


	GAAF			GSP500F

Appreciation	$	2,011,906		$	37,530,632
(Depreciation)		(10,115,973	)		(30,513,536	)

Net Unrealized Appreciation/ (Depreciation)	$	(8,104,067	)	$	7,017,096


	GBGIF			GBGEMF

Appreciation	$	15,532,419		$	32,730,560
(Depreciation)		(688,448	)		(1,149,337	)

Net Unrealized Appreciation	$	14,843,971		$	31,581,223


	GIQBF			GLDBF

Appreciation	$	2,951,287		$	45,347
(Depreciation)		(656,696	)		(246,269	)

Net Unrealized Appreciation/ (Depreciation)	$	2,294,591		$	(200,922	)


	GHYBF			GTEF

Appreciation	$	2,882,678		$	4,412,559
(Depreciation)		(627,543	)		(10,013	)

Net Unrealized Appreciation	$	2,255,135		$	4,402,546


Note 5.	Repurchase Agreements

The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities. Repurchase agreements are fully collateralized (including the interest earned thereon) and such collateral is marked-to-market daily while the agreements remain in force. If the value of the collateral falls below the value of the repurchase price plus accrued interest, the applicable Fund will 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 applicable Fund maintains the right to sell the collateral and may claim any resulting loss against the seller.


Note 6.	Reverse Repurchase Agreements

GAAF, GIQBF, GLDBF and GHYBF may enter into reverse repurchase agreements with banks or third party broker-dealers to borrow short-term funds. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time GAAF, GIQBF, GLDBF and GHYBF enter into a reverse repurchase agreement, the Funds establish and segregate cash, U.S. government securities or liquid, unencumbered securities that are marked-to-market daily. The value of such segregated assets must be at least equal to the value of the repurchase obligation (principal plus accrued interest), as applicable. Reverse repurchase agreements involve the risk that the buyer of the securities sold by GAAF, GIQBF, GLDBF and GHYBF may be unable to deliver the securities when the Funds seek to repurchase them.


Note 7.	Dollar Roll Transactions

GAAF, GIQBF, GLDBF and GHYBF may enter into dollar rolls (principally using TBA’s) in which each of the Funds sell mortgage securities for delivery in the current month and simultaneously contract to repurchase similar securities at an agreed-upon price on a fixed date. The securities repurchased will bear the same interest as those sold, but generally will be collateralized at the time of delivery by different pools of mortgages with different prepayment histories than those securities sold. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve the risk that the buyer of the securities sold by GAAF, GIQBF, GLDBF and GHYBF may be unable to deliver the securities when the Funds seek to repurchase them.

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)


Note 8.	Shares of Beneficial Interest

There is an unlimited number of $0.01 par value shares of beneficial interest authorized, divided into five classes, designated as Class A, Class B, Class C, Class K and Institutional Class shares. As of June 30, 2005: (i) GPAF, GPASCF, GAAF, GSP500F, GBGIF, GBGEMF, GIQBF and GHYBF offered all five classes; (ii) GTEF offered Class A and Class C shares; and (iii) GULCVF, GUSCVF, GLDBF and GCMF offered Class A, Class B, Class C and Class K shares. Through June 30, 2005, no Institutional Class shares of the Funds were sold.

Transactions in shares of beneficial interest were as follows:

n The Guardian Park Avenue Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		810,853			1,190,345		$	24,857,079		$	35,901,738
Shares issued in reinvestment of dividends		277,883			410,983			8,486,523			12,593,649
Shares repurchased		(4,763,729	)		(8,021,112	)		(145,470,790	)		(241,079,852	)

Net decrease		(3,674,993	)		(6,419,784	)	$	(112,127,188	)	$	(192,584,465	)

Class B
Shares sold		32,078			120,793		$	934,815		$	3,485,291
Shares repurchased		(1,184,038	)		(1,537,731	)		(34,623,576	)		(43,974,403	)

Net decrease		(1,151,960	)		(1,416,938	)	$	(33,688,761	)	$	(40,489,112	)

Class C
Shares sold		1,708			10,462		$	48,041		$	296,587
Shares repurchased		(10,445	)		(22,706	)		(300,334	)		(635,942	)

Net decrease		(8,737	)		(12,244	)	$	(252,293	)	$	(339,355	)

Class K
Shares sold		21,049			41,501		$	639,084		$	1,245,335
Shares issued in reinvestment of dividends		2,679			3,162			81,418			97,044
Shares repurchased		(11,070	)		(2,258	)		(336,393	)		(66,226	)

Net increase		12,658			42,405		$	384,109		$	1,276,153

n The Guardian UBS Large Cap Value Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		159,062			174,657		$	2,095,937		$	2,262,682
Shares issued in reinvestment of dividends and distributions		33,749			166,765			447,517			2,170,261
Shares repurchased		(350,352	)		(28,215	)		(4,667,919	)		(362,577	)

Net increase/(decrease)		(157,541	)		313,207		$	(2,124,465	)	$	4,070,366

Class B
Shares sold		56,418			81,632		$	742,072		$	1,054,685
Shares issued in reinvestment of distributions		21,498			148,409			284,206			1,925,522
Shares repurchased		(337,261	)		(39,293	)		(4,467,398	)		(506,949	)

Net increase/(decrease)		(259,345	)		190,748		$	(3,441,120	)	$	2,473,258

Class C
Shares sold		2,669			6,593		$	35,201		$	84,107
Shares issued in reinvestment of distributions		19,925			143,136			263,411			1,856,821
Shares repurchased		(321,343	)		—			(4,257,619	)		—

Net increase/(decrease)		(298,749	)		149,729		$	(3,959,007	)	$	1,940,928

Class K
Shares sold		48,367			51,807		$	638,078		$	682,461
Shares issued in reinvestment of dividends and distributions		27,428			150,644			363,696			1,959,753
Shares repurchased		(323,945	)		(5,504	)		(4,313,594	)		(71,017	)

Net increase/(decrease)		(248,150	)		196,947		$	(3,311,820	)	$	2,571,197

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

n The Guardian Park Avenue Small Cap Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		579,115			1,343,980		$	10,562,163		$	26,373,297
Shares issued in reinvestment of distributions		546,326			1,031,848			9,357,329			20,020,556
Shares repurchased		(2,383,048	)		(1,447,680	)		(43,121,539	)		(27,991,349	)

Net increase/(decrease)		(1,257,607	)		928,148		$	(23,202,047	)	$	18,402,504

Class B
Shares sold		45,359			140,829		$	766,023		$	2,576,277
Shares issued in reinvestment of distributions		78,241			149,273			1,226,052			2,681,069
Shares repurchased		(335,291	)		(257,947	)		(5,600,789	)		(4,675,874	)

Net increase/(decrease)		(211,691	)		32,155		$	(3,608,714	)	$	581,472

Class C
Shares sold		18,291			39,603		$	301,685		$	688,850
Shares issued in reinvestment of distributions		44,787			65,829			695,993			1,173,573
Shares repurchased		(5,678	)		(11,175	)		(93,854	)		(204,574	)

Net increase		57,400			94,257		$	903,824		$	1,657,849

Class K
Shares sold		43,044			52,945		$	765,210		$	1,003,863
Shares issued in reinvestment of distributions		46,696			73,805			783,096			1,406,418
Shares repurchased		(69,092	)		(2,648	)		(1,175,523	)		(50,706	)

Net increase		20,648			124,102		$	372,783		$	2,359,575

n The Guardian UBS Small Cap Value Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		71,807			190,281		$	913,036		$	2,526,654
Shares issued in reinvestment of distributions		9,723			123,870			124,177			1,605,478
Shares repurchased		(157,817	)		(18,561	)		(2,035,269	)		(239,521	)

Net increase/(decrease)		(76,287	)		295,590		$	(998,056	)	$	3,892,611

Class B
Shares sold		14,748			35,115		$	184,973		$	454,187
Shares issued in reinvestment of distributions		8,093			110,609			101,164			1,410,041
Shares repurchased		(129,481	)		(17,277	)		(1,642,506	)		(220,955	)

Net increase/(decrease)		(106,640	)		128,447		$	(1,356,369	)	$	1,643,273

Class C
Shares sold		5,273			3,638		$	65,894		$	46,138
Shares issued in reinvestment of distributions		7,724			106,734			96,556			1,360,553
Shares repurchased		(123,861	)		—			(1,573,564	)		—

Net increase/(decrease)		(110,864	)		110,372		$	(1,411,114	)	$	1,406,691

Class K
Shares sold		47,734			52,642		$	603,907		$	683,169
Shares issued in reinvestment of distributions		8,385			109,649			106,567			1,415,186
Shares repurchased		(133,233	)		(10,438	)		(1,716,919	)		(134,666	)

Net increase/(decrease)		(77,114	)		151,853		$	(1,006,445	)	$	1,963,689

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

n The Guardian Asset Allocation Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		407,160			790,317		$	4,582,167		$	8,537,011
Shares issued in reinvestment of dividends		12,310			208,464			140,575			2,305,931
Shares repurchased		(1,201,093	)		(2,432,345	)		(13,524,160	)		(26,267,499	)

Net decrease		(781,623	)		(1,433,564	)	$	(8,801,418	)	$	(15,424,557	)

Class B
Shares sold		62,265			102,043		$	693,358		$	1,100,025
Shares issued in reinvestment of dividends		—			23,248			—			259,342
Shares repurchased		(443,703	)		(671,863	)		(4,957,185	)		(7,213,089	)

Net decrease		(381,438	)		(546,572	)	$	(4,263,827	)	$	(5,853,722	)

Class C
Shares sold		6,389			20,244		$	71,510		$	214,709
Shares issued in reinvestment of dividends		—			4,285			—			48,490
Shares repurchased		(8,986	)		(29,495	)		(100,802	)		(311,293	)

Net decrease		(2,597	)		(4,966	)	$	(29,292	)	$	(48,094	)

Class K
Shares sold		38,847			65,378		$	437,419		$	705,819
Shares issued in reinvestment of dividends		295			12,780			3,373			141,931
Shares repurchased		(3,724	)		(5,606	)		(41,772	)		(61,854	)

Net increase		35,418			72,552		$	399,020		$	785,896

n The Guardian S&P 500 Index Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		920,863			1,359,992		$	7,537,058		$	10,600,735
Shares issued in reinvestment of dividends		95,068			27,719			784,311			226,075
Shares repurchased		(668,922	)		(841,650	)		(5,419,694	)		(6,529,210	)

Net increase		347,009			546,061		$	2,901,675		$	4,297,600

Class B
Shares sold		101,457			226,852		$	819,613		$	1,760,369
Shares issued in reinvestment of dividends		3,709			10,594			30,526			86,674
Shares repurchased		(108,933	)		(204,588	)		(886,743	)		(1,588,671	)

Net increase/(decrease)		(3,767	)		32,858		$	(36,604	)	$	258,372

Class C
Shares sold		32,444			186,853		$	263,505		$	1,437,277
Shares issued in reinvestment of dividends		2,692			7,898			22,153			64,524
Shares repurchased		(96,706	)		(160,903	)		(792,809	)		(1,237,474	)

Net increase/(decrease)		(61,570	)		33,848		$	(507,151	)	$	264,327

Class K
Shares sold		168,289			242,188		$	1,374,805		$	1,876,104
Shares issued in reinvestment of dividends		4,863			11,599			40,127			94,838
Shares repurchased		(32,590	)		(14,508	)		(265,691	)		(111,416	)

Net increase		140,562			239,279		$	1,149,241		$	1,859,526

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

n The Guardian Baillie Gifford International Growth Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		281,951			662,514		$	3,721,314		$	7,884,998
Shares issued in reinvestment of dividends		8,850			7,506			115,852			87,669
Shares repurchased		(356,448	)		(834,343	)		(4,694,018	)		(9,889,156	)

Net decrease		(65,647	)		(164,323	)	$	(856,852	)	$	(1,916,489	)

Class B
Shares sold		16,480			28,247		$	199,413		$	307,868
Shares repurchased		(67,621	)		(129,102	)		(805,727	)		(1,401,616	)

Net decrease		(51,141	)		(100,855	)	$	(606,314	)	$	(1,093,748	)

Class C
Shares sold		286			27,182		$	3,413		$	308,977
Shares repurchased		(3,144	)		(2,578	)		(37,545	)		(27,430	)

Net increase/(decrease)		(2,858	)		24,604		$	(34,132	)	$	281,547

Class K
Shares sold		27,914			53,942		$	361,746		$	648,581
Shares issued in reinvestment of dividends		1,993			—			25,687			—
Shares repurchased		(7,101	)		(2,052	)		(92,976	)		(23,464	)

Net increase		22,806			51,890		$	294,457		$	625,117

n The Guardian Baillie Gifford Emerging Markets Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		1,122,762			1,405,868		$	17,106,205		$	18,918,924
Shares issued in reinvestment of dividends and distributions		122,482			172,261			1,851,359			2,480,952
Shares repurchased		(425,984	)		(869,934	)		(6,407,884	)		(11,026,232	)

Net increase		819,260			708,195		$	12,549,680		$	10,373,644

Class B
Shares sold		25,210			91,087		$	350,381		$	1,115,800
Shares issued in reinvestment of distributions		20,105			37,243			275,645			494,590
Shares repurchased		(183,035	)		(42,565	)		(2,557,219	)		(506,264	)

Net increase/(decrease)		(137,720	)		85,765		$	(1,931,193	)	$	1,104,126

Class C
Shares sold		29,165			54,177		$	412,173		$	643,204
Shares issued in reinvestment of distributions		26,238			38,909			360,776			518,275
Shares repurchased		(3,201	)		(9,827	)		(44,084	)		(121,577	)

Net increase		52,202			83,259		$	728,865		$	1,039,902

Class K
Shares sold		42,489			55,567		$	632,214		$	719,161
Shares issued in reinvestment of dividends and distributions		28,137			43,129			416,712			613,008
Shares repurchased		(13,249	)		(11,138	)		(193,869	)		(153,558	)

Net increase		57,377			87,558		$	855,057		$	1,178,611

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

n The Guardian Investment Quality Bond Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		782,203			1,063,835		$	7,810,584		$	10,712,545
Shares issued in reinvestment of dividends and distributions		239,871			502,991			2,394,168			5,039,162
Shares repurchased		(948,154	)		(5,293,237	)		(9,457,292	)		(53,080,160	)

Net increase/(decrease)		73,920			(3,726,411	)	$	747,460		$	(37,328,453	)

Class B
Shares sold		21,662			87,162		$	216,196		$	881,154
Shares issued in reinvestment of dividends and distributions		30,214			65,499			301,398			655,658
Shares repurchased		(226,801	)		(307,375	)		(2,258,914	)		(3,078,041	)

Net decrease		(174,925	)		(154,714	)	$	(1,741,320	)	$	(1,541,229	)

Class C
Shares sold		21,123			9,411		$	210,928		$	95,145
Shares issued in reinvestment of dividends and distributions		21,316			43,962			212,642			440,050
Shares repurchased		(166,600	)		(23,399	)		(1,661,458	)		(234,564	)

Net increase/(decrease)		(124,161	)		29,974		$	(1,237,888	)	$	300,631

Class K
Shares sold		84,482			92,817		$	843,164		$	935,863
Shares issued in reinvestment of dividends and distributions		22,024			44,606			219,995			447,123
Shares repurchased		(314,284	)		(11,921	)		(3,133,608	)		(120,297	)

Net increase/(decrease)		(207,778	)		125,502		$	(2,070,449	)	$	1,262,689

n The Guardian Low Duration Bond Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		28,890			217,235		$	285,249		$	2,176,482
Shares issued in reinvestment of dividends		12,712			20,264			125,440			202,280
Shares repurchased		(25,231	)		(125,558	)		(248,793	)		(1,252,947	)

Net increase		16,371			111,941		$	161,896		$	1,125,815

Class B
Shares sold		3,620			97,549		$	35,660		$	974,331
Shares issued in reinvestment of dividends		8,282			12,212			81,722			121,895
Shares repurchased		(12,783	)		(6,485	)		(126,389	)		(64,820	)

Net increase/(decrease)		(881	)		103,276		$	(9,007	)	$	1,031,406

Class C
Shares sold		1,629			18,572		$	16,102		$	185,410
Shares issued in reinvestment of dividends		7,640			11,618			75,389			115,977
Shares repurchased		(7,986	)		(2,131	)		(79,060	)		(21,257	)

Net increase		1,283			28,059		$	12,431		$	280,130

Class K
Shares sold		118,255			8,500		$	1,168,751		$	84,748
Shares issued in reinvestment of dividends		9,129			14,202			90,084			141,773
Shares repurchased		(3,700	)		(62	)		(36,527	)		(619	)

Net increase		123,684			22,640		$	1,222,308		$	225,902

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

n The Guardian High Yield Bond Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		218,983			1,934,200		$	1,630,066		$	14,283,811
Shares issued in reinvestment of dividends		223,571			439,968			1,660,264			3,265,041
Shares repurchased		(731,538	)		(536,446	)		(5,407,393	)		(3,988,418	)

Net increase/(decrease)		(288,984	)		1,837,722		$	(2,117,063	)	$	13,560,434

Class B
Shares sold		9,229			38,772		$	68,874		$	286,046
Shares issued in reinvestment of dividends		35,700			78,636			265,004			582,493
Shares repurchased		(36,917	)		(140,632	)		(274,075	)		(1,041,229	)

Net increase/(decrease)		8,012			(23,224	)	$	59,803		$	(172,690	)

Class C
Shares sold		20,829			15,621		$	157,381		$	115,550
Shares issued in reinvestment of dividends		38,169			81,203			283,308			601,376
Shares repurchased		(7,908	)		(13,136	)		(57,998	)		(96,779	)

Net increase		51,090			83,688		$	382,691		$	620,147

Class K
Shares sold		74,839			47,295		$	561,865		$	352,627
Shares issued in reinvestment of dividends		43,552			89,467			323,412			663,370
Shares repurchased		(18,230	)		(6,387	)		(135,695	)		(47,416	)

Net increase		100,161			130,375		$	749,582		$	968,581

n The Guardian Tax-Exempt Fund


	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)			(Unaudited)			(Audited)

	Shares						Amount





Class A
Shares sold		193,866			171,456		$	1,986,664		$	1,759,539
Shares issued in reinvestment of dividends and distributions		153,986			417,665			1,582,423			4,260,609
Shares repurchased		(80,830	)		(292,175	)		(829,411	)		(2,999,696	)

Net increase		267,022			296,946		$	2,739,676		$	3,020,452

Class C
Shares sold		973			10,161		$	10,000		$	103,572
Shares issued in reinvestment of dividends and distributions		16,319			47,821			167,695			487,634
Shares repurchased		(3,213	)		(31,129	)		(32,764	)		(316,606	)

Net increase		14,079			26,853		$	144,931		$	274,600

n The Park Avenue Portfolio

Notes to Financial Statements (Continued)

June 30, 2005 (Unaudited)

n The Guardian Cash Management Fund


	Six Months
	Ended			Year Ended
	June 30, 2005			December 31, 2004
	(Unaudited)			(Audited)

	Shares @ $1 per share





Class A
Shares sold		85,796,132			176,701,322
Shares issued in reinvestment of dividends		4,041,038			2,621,389
Shares repurchased		(104,262,908	)		(266,534,396	)

Net decrease		(14,425,738	)		(87,211,685	)

Class B
Shares sold		741,999			2,629,517
Shares issued in reinvestment of dividends		43,992			50,094
Shares repurchased		(2,447,084	)		(7,034,259	)

Net decrease		(1,661,093	)		(4,354,648	)

Class C
Shares sold		1,756			572,903
Shares issued in reinvestment of dividends		52,723			49,455
Shares repurchased		(2,515,027	)		(1,082,301	)

Net decrease		(2,460,548	)		(459,943	)

Class K
Shares sold		8,858,198			8,049,743
Shares issued in reinvestment of dividends		77,420			46,831
Shares repurchased		(11,091,355	)		(7,355,248	)

Net increase/(decrease)		(2,155,737	)		741,326


Note 9.	Line of Credit

A $100,000,000 line of credit available to all of the Funds and other related Guardian Funds has been established with State Street Bank and Trust Company and Bank of Montreal. The rate of interest charged on any borrowing is based upon the prevailing Federal Funds rate at the time of the loan plus .50% calculated on a 360 day basis per annum. For the six months ended June 30, 2005, none of the Funds borrowed against this line of credit.

The Funds are obligated to pay State Street Bank and Trust Company and Bank of Montreal a commitment fee computed at a rate of .08% per annum on the average daily unused portion of the revolving credit.


Note 10.	Investments in Affiliates¹

A summary of GAAF transactions in affiliated securities during the six months ended June 30, 2005 is set forth below:

Balance of

Dividends

Shares

Gross

Shares

Included

Net Realized

Held

Purchases

Gross

Held

Value

Gains from

Net Realized

December 31,

and

Sales and

June 30,

Dividend

Underlying

Loss

Name of Issuer

2004

Additions

Reductions

2005

Income

Funds

on Sales

Majority-Owned Subsidiary

The Guardian S&P 500 Index Fund, Class A

15,277,311

446,903

372,413

15,351,801

125,424,216

679,663

—

239,993


¹	Affiliated issuers, as defined in the 1940 Act, include issuers in which the Fund held 5% or more of the outstanding voting securities. Majority- owned subsidiaries include issuers in which the Fund held 50% or more of the outstanding voting securities.

(This page intentionally left blank)

n The Park Avenue Portfolio

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:


								Net Realized
								& Unrealized
								Gain/(Loss) on
								Investments			Increase/
			Net Asset		Net			and Foreign			(Decrease)			Dividends
			Value,		Investment			Currency			from			from Net
			Beginning		Income/			Related			Investment			Investment
			of Period		(Loss)			Transactions			Operations			Income

The Guardian Park Avenue Fund




	Class A:




		Six months ended 6/30/2005†	$	31.37	$	0.29		$	(1.11	)	$	(0.82	)	$	(0.32	)




		Year ended 12/31/2004		30.08		0.34			1.35			1.69			(0.40	)




		Year ended 12/31/2003		25.03		0.23			5.00			5.23			(0.18	)




		Year ended 12/31/2002		32.00		0.17			(7.06	)		(6.89	)		(0.08	)




		Year ended 12/31/2001		41.18		0.12			(9.06	)		(8.94	)		(0.03	)




		Year ended 12/31/2000		59.42		(0.09	)		(10.57	)		(10.66	)		(0.00	)††




	Class B:




		Six months ended 6/30/2005†		30.06		(0.17	)		(0.77	)		(0.94	)		—




		Year ended 12/31/2004		28.72		(0.20	)		1.54			1.34			—




		Year ended 12/31/2003		23.99		(0.16	)		4.89			4.73			—




		Year ended 12/31/2002		30.88		(0.20	)		(6.69	)		(6.89	)		—




		Year ended 12/31/2001		40.08		(0.23	)		(8.76	)		(8.99	)		—




		Year ended 12/31/2000		58.57		(0.43	)		(10.48	)		(10.91	)		—




	Class C:




		Six months ended 6/30/2005†		29.62		0.04			(0.99	)		(0.95	)		—




		Year ended 12/31/2004		28.37		(0.09	)		1.34			1.25			—




		Year ended 12/31/2003		23.75		(0.16	)		4.78			4.62			—




		Year ended 12/31/2002		30.64		(0.19	)		(6.70	)		(6.89	)		—




		Year ended 12/31/2001		39.85		(0.25	)		(8.75	)		(9.00	)		—




		Period from 8/7/2000††† to 12/31/2000		58.01		(0.11	)		(12.59	)		(12.70	)		—




	Class K:




		Six months ended 6/30/2005†		31.23		0.20			(1.08	)		(0.88	)		(0.28	)




		Year ended 12/31/2004		30.00		0.20			1.39			1.59			(0.36	)




		Year ended 12/31/2003		24.96		0.11			5.02			5.13			(0.09	)




		Year ended 12/31/2002		31.93		0.05			(7.02	)		(6.97	)		—




		Period from 5/15/2001††† to 12/31/2001		35.55		0.00††			(3.41	)		(3.41	)		—




The Guardian UBS Large Cap Value Fund




	Class A:




		Six months ended 6/30/2005†		13.30		0.06			0.18			0.24			(0.07	)




		Year ended 12/31/2004		12.82		0.08			1.59			1.67			(0.07	)




		Period from 2/3/2003††† to 12/31/2003		10.00		0.08			3.06			3.14			(0.07	)




	Class B:




		Six months ended 6/30/2005†		13.24		0.00††			0.20			0.20			—




		Year ended 12/31/2004		12.80		(0.01	)		1.57			1.56			—




		Period from 2/3/2003††† to 12/31/2003		10.00		0.00††			3.06			3.06			(0.01	)




	Class C:




		Six months ended 6/30/2005†		13.24		0.00††			0.20			0.20			—




		Year ended 12/31/2004		12.80		(0.01	)		1.57			1.56			—




		Period from 2/3/2003††† to 12/31/2003		10.00		0.00††			3.06			3.06			(0.01	)




	Class K:




		Six months ended 6/30/2005†		13.30		0.04			0.18			0.22			(0.05	)




		Year ended 12/31/2004		12.83		0.05			1.58			1.63			(0.04	)




		Period from 2/3/2003††† to 12/31/2003		10.00		0.05			3.07			3.12			(0.04	)


†	Unaudited.


††	Rounds to less than $0.01.


†††	Commencement of operations.


Distributions
from								Ratios/Supplemental Data
Net Realized
Gain on													Net
Investments			Net Asset										Investment
and Foreign			Value,					Net Assets,		Expenses			Income/(Loss)			Portfolio
Currency Related			End of		Total			End of Period		to Average			to Average			Turnover
Transactions			Period		Return*			(000’s Omitted)		Net Assets			Net Assets			Rate

	—		$	30.23		(2.64	)%(a)	$	834,065		0.89	%(b)		1.65	%(b)		55	%
	—			31.37		5.64			980,872		0.88			0.95			75
	—			30.08		20.95			1,133,468		0.89			0.72			74
	—			25.03		(21.56	)		1,120,351		0.87			0.51			60
$	(0.21	)		32.00		(21.75	)		1,779,818		0.83			0.31			143
	(7.58	)		41.18		(18.62	)		2,589,059		0.79			(0.16	)		108
	—			29.12		(3.13	)(a)		92,748		1.90	(b)		0.65	(b)		55
	—			30.06		4.67			130,372		1.84			(0.02	)		75
	—			28.72		19.72			165,274		1.84			(0.24	)		74
	—			23.99		(22.31	)		167,471		1.83			(0.44	)		60
	(0.21	)		30.88		(22.46	)		274,761		1.75			(0.61	)		143
	(7.58	)		40.08		(19.34	)		431,206		1.67			(1.03	)		108
	—			28.67		(3.21	)(a)		6,090		2.07	(b)		0.47	(b)		55
	—			29.62		4.41			6,551		2.06			(0.21	)		75
	—			28.37		19.45			6,622		2.12			(0.52	)		74
	—			23.75		(22.49	)		5,884		2.07			(0.67	)		60
	(0.21	)		30.64		(22.62	)		7,594		1.96			(0.81	)		143
	(5.46	)		39.85		(21.79	)(a)		8,222		2.18	(b)		(1.29	)(b)		108
	—			30.07		(2.82	)(a)		8,818		1.22	(b)		1.32	(b)		55
	—			31.23		5.34			8,761		1.20			0.69			75
	—			30.00		20.58			7,145		1.20			0.41			74
	—			24.96		(21.83	)		5,752		1.21			0.19			60
	(0.21	)		31.93		(9.63	)(a)		7,229		1.22	(b)		0.02	(b)		143
	(0.18	)		13.29		1.82	(a)		24,571		1.43	(b)		0.80	(b)		15
	(1.12	)		13.30		13.43			26,676		1.44			0.68			32
	(0.25	)		12.82		31.48	(a)		21,705		1.59	(b)		0.78	(b)		45
	(0.18	)		13.26		1.52	(a)		21,232		2.18	(b)		0.05	(b)		15
	(1.12	)		13.24		12.52			24,646		2.19			(0.07	)		32
	(0.25	)		12.80		30.65	(a)		21,378		2.33	(b)		0.03	(b)		45
	(0.18	)		13.26		1.52	(a)		19,570		2.18	(b)		0.05	(b)		15
	(1.12	)		13.24		12.52			23,507		2.19			(0.07	)		32
	(0.25	)		12.80		30.65	(a)		20,801		2.33	(b)		0.04	(b)		45
	(0.18	)		13.29		1.69	(a)		21,030		1.69	(b)		0.53	(b)		15
	(1.12	)		13.30		13.05			24,342		1.70			0.42			32
	(0.25	)		12.83		31.22	(a)		20,944		1.88	(b)		0.49	(b)		45


*	Excludes the effect of sales load.


(a)	Not annualized.
(b)	Annualized.

n The Park Avenue Portfolio

Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout the periods indicated:


								Net Realized						Distributions
								& Unrealized						from
								Gain/(Loss) on						Net Realized
								Investments			Increase/			Gain on
			Net Asset		Net			and Foreign			(Decrease)			Investments
			Value,		Investment			Currency			from			and Foreign
			Beginning		Income/			Related			Investment			Currency Related
			of Period		(Loss)			Transactions			Operations			Transactions

The Guardian Park Avenue Small Cap Fund




	Class A:




		Six months ended 6/30/2005†	$	19.40	$	(0.03	)	$	(0.77	)	$	(0.80	)	$	(1.26	)




		Year ended 12/31/2004		19.05		(0.12	)		2.90			2.78			(2.43	)




		Year ended 12/31/2003		13.30		(0.10	)		5.85			5.75			—




		Year ended 12/31/2002		15.74		(0.07	)		(2.37	)		(2.44	)		—




		Year ended 12/31/2001		16.93		(0.06	)		(1.13	)		(1.19	)		—




		Year ended 12/31/2000		17.48		(0.05	)		(0.37	)		(0.42	)		(0.13	)




	Class B:




		Six months ended 6/30/2005†		17.94		(0.12	)		(0.71	)		(0.83	)		(1.26	)




		Year ended 12/31/2004		17.93		(0.27	)		2.71			2.44			(2.43	)




		Year ended 12/31/2003		12.64		(0.24	)		5.53			5.29			—




		Year ended 12/31/2002		15.10		(0.20	)		(2.26	)		(2.46	)		—




		Year ended 12/31/2001		16.39		(0.20	)		(1.09	)		(1.29	)		—




		Year ended 12/31/2000		17.06		(0.20	)		(0.34	)		(0.54	)		(0.13	)




	Class C:




		Six months ended 6/30/2005†		17.80		(0.10	)		(0.72	)		(0.82	)		(1.26	)




		Year ended 12/31/2004		17.83		(0.26	)		2.66			2.40			(2.43	)




		Year ended 12/31/2003		12.59		(0.27	)		5.51			5.24			—




		Year ended 12/31/2002		15.07		(0.22	)		(2.26	)		(2.48	)		—




		Year ended 12/31/2001		16.39		(0.21	)		(1.11	)		(1.32	)		—




		Period from 8/7/2000†† to 12/31/2000		19.37		(0.08	)		(2.77	)		(2.85	)		(0.13	)




	Class K:




		Six months ended 6/30/2005†		19.05		(0.06	)		(0.76	)		(0.82	)		(1.26	)




		Year ended 12/31/2004		18.79		(0.16	)		2.85			2.69			(2.43	)




		Year ended 12/31/2003		13.15		(0.14	)		5.78			5.64			—




		Year ended 12/31/2002		15.62		(0.11	)		(2.36	)		(2.47	)		—




		Period from 5/15/2001†† to 12/31/2001		15.71		(0.07	)		(0.02	)		(0.09	)		—




The Guardian UBS Small Cap Value Fund




	Class A:




		Six months ended 6/30/2005†		13.17		(0.03	)		(0.12	)		(0.15	)		(0.13	)




		Year ended 12/31/2004		12.71		(0.03	)		2.25			2.22			(1.76	)




		Period from 2/3/2003†† to 12/31/2003		10.00		(0.01	)		3.60			3.59			(0.88	)




	Class B:




		Six months ended 6/30/2005†		12.94		(0.08	)		(0.11	)		(0.19	)		(0.13	)




		Year ended 12/31/2004		12.61		(0.12	)		2.21			2.09			(1.76	)




		Period from 2/3/2003†† to 12/31/2003		10.00		(0.09	)		3.58			3.49			(0.88	)




	Class C:




		Six months ended 6/30/2005†		12.94		(0.08	)		(0.11	)		(0.19	)		(0.13	)




		Year ended 12/31/2004		12.61		(0.12	)		2.21			2.09			(1.76	)




		Period from 2/3/2003†† to 12/31/2003		10.00		(0.10	)		3.59			3.49			(0.88	)




	Class K:




		Six months ended 6/30/2005†		13.12		(0.04	)		(0.12	)		(0.16	)		(0.13	)




		Year ended 12/31/2004		12.68		(0.04	)		2.24			2.20			(1.76	)




		Period from 2/3/2003†† to 12/31/2003		10.00		(0.03	)		3.59			3.56			(0.88	)


†	Unaudited.


††	Commencement of operations.


					Ratios/Supplemental Data

										Net
Net Asset										Investment
Value,					Net Assets,		Expenses			Income/(Loss)			Portfolio
End of		Total			End of Period		to Average			to Average			Turnover
Period		Return*			(000’s Omitted)		Net Assets			Net Assets			Rate

$	17.34		(4.04	)%(a)	$	139,991		1.22	%(b)		(0.36	)%(b)		67	%
	19.40		14.74			181,068		1.21			(0.67	)		127
	19.05		43.23			160,049		1.27			(0.67	)		105
	13.30		(15.50	)		111,803		1.25			(0.45	)		108
	15.74		(7.03	)		139,774		1.28			(0.37	)		131
	16.93		(2.35	)		150,022		1.25			(0.31	)		125
	15.85		(4.54	)(a)		17,479		2.15	(b)		(1.30	)(b)		67
	17.94		13.76			23,574		2.13			(1.59	)		127
	17.93		41.85			22,989		2.21			(1.61	)		105
	12.64		(16.29	)		17,189		2.19			(1.40	)		108
	15.10		(7.87	)		20,876		2.18			(1.27	)		131
	16.39		(3.11	)		24,977		2.12			(1.18	)		125
	15.72		(4.52	)(a)		9,518		2.21	(b)		(1.31	)(b)		67
	17.80		13.62			9,757		2.23			(1.69	)		127
	17.83		41.62			8,092		2.39			(1.79	)		105
	12.59		(16.46	)		5,824		2.40			(1.60	)		108
	15.07		(8.05	)		6,752		2.34			(1.43	)		131
	16.39		(14.67	)(a)		7,033		2.22	(b)		(1.12	)(b)		125
	16.97		(4.22	)(a)		11,389		1.54	(b)		(0.65	)(b)		67
	19.05		14.47			12,391		1.52			(0.97	)		127
	18.79		42.89			9,893		1.55			(0.96	)		105
	13.15		(15.81	)		6,748		1.55			(0.75	)		108
	15.62		(0.57	)(a)		7,959		1.61	(b)		(0.77	)(b)		131
	12.89		(1.12	)(a)		13,051		1.89	(b)		(0.46	)(b)		35
	13.17		18.14			14,332		1.95			(0.25	)		53
	12.71		35.76	(a)		10,081		2.17	(b)		(0.07	)(b)		94
	12.62		(1.45	)(a)		10,018		2.66	(b)		(1.24	)(b)		35
	12.94		17.22			11,652		2.71			(1.04	)		53
	12.61		34.76	(a)		9,737		2.91	(b)		(0.81	)(b)		94
	12.62		(1.45	)(a)		9,421		2.67	(b)		(1.25	)(b)		35
	12.94		17.22			11,095		2.72			(1.04	)		53
	12.61		34.76	(a)		9,422		2.91	(b)		(0.81	)(b)		94
	12.83		(1.20	)(a)		10,564		2.03	(b)		(0.60	)(b)		35
	13.12		18.01			11,807		2.07			(0.39	)		53
	12.68		35.46	(a)		9,492		2.35	(b)		(0.25	)(b)		94


*	Excludes the effect of sales load.


(a)	Not annualized.
(b)	Annualized.

n The Park Avenue Portfolio

Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout the periods indicated:


								Net Realized
								& Unrealized
								Gain/(Loss) on
								Investments			Increase/
			Net Asset		Net			and Foreign			(Decrease)			Dividends
			Value,		Investment			Currency			from			from Net
			Beginning		Income/			Related			Investment			Investment
			of Period		(Loss)			Transactions			Operations			Income

The Guardian Asset Allocation Fund




	Class A:




		Six months ended 6/30/2005†	$	11.43	$	0.05		$	(0.15	)	$	(0.10	)	$	(0.02	)




		Year ended 12/31/2004		10.63		0.16			0.88			1.04			(0.24	)




		Year ended 12/31/2003		8.45		0.14			2.20			2.34			(0.16	)




		Year ended 12/31/2002		10.84		0.17			(2.38	)		(2.21	)		(0.18	)




		Year ended 12/31/2001		13.00		0.30			(1.61	)		(1.31	)		(0.18	)




		Year ended 12/31/2000		14.77		0.45			(0.29	)		0.16			(0.44	)




	Class B:




		Six months ended 6/30/2005†		11.40		0.00	††		(0.14	)		(0.14	)		—




		Year ended 12/31/2004		10.57		0.06			0.87			0.93			(0.10	)




		Year ended 12/31/2003		8.41		0.05			2.18			2.23			(0.07	)




		Year ended 12/31/2002		10.77		0.09			(2.37	)		(2.28	)		(0.08	)




		Year ended 12/31/2001		12.95		0.19			(1.59	)		(1.40	)		(0.11	)




		Year ended 12/31/2000		14.72		0.32			(0.27	)		0.05			(0.33	)




	Class C:




		Six months ended 6/30/2005†		11.41		(0.01	)		(0.14	)		(0.15	)		—




		Year ended 12/31/2004		10.56		0.04			0.88			0.92			(0.07	)




		Year ended 12/31/2003		8.39		0.02			2.19			2.21			(0.04	)




		Year ended 12/31/2002		10.77		0.05			(2.38	)		(2.33	)		(0.05	)




		Year ended 12/31/2001		12.94		0.17			(1.64	)		(1.47	)		(0.03	)




		Period from 8/7/2000††† to 12/31/2000		14.72		0.15			(0.78	)		(0.63	)		(0.23	)




	Class K:




		Six months ended 6/30/2005†		11.42		0.03			(0.14	)		(0.11	)		(0.00	)††




		Year ended 12/31/2004		10.60		0.11			0.89			1.00			(0.18	)




		Year ended 12/31/2003		8.43		0.09			2.19			2.28			(0.11	)




		Year ended 12/31/2002		10.82		0.13			(2.39	)		(2.26	)		(0.13	)




		Period from 5/15/2001††† to 12/31/2001		12.06		0.11			(0.68	)		(0.57	)		—




The Guardian S&P 500 Index Fund




	Class A:




		Six months ended 6/30/2005†		8.30		0.05			(0.13	)		(0.08	)		(0.05	)




		Year ended 12/31/2004		7.63		0.12			0.66			0.78			(0.11	)




		Year ended 12/31/2003		6.04		0.08			1.59			1.67			(0.08	)




		Year ended 12/31/2002		7.90		0.10			(1.86	)		(1.76	)		(0.10	)




		Year ended 12/31/2001		9.07		0.06			(1.17	)		(1.11	)		(0.06	)




		Period from 7/25/2000††† to 12/31/2000		10.06		0.03			(0.99	)		(0.96	)		(0.03	)




	Class B:




		Six months ended 6/30/2005†		8.28		0.02			(0.13	)		(0.11	)		(0.02	)




		Year ended 12/31/2004		7.62		0.06			0.66			0.72			(0.06	)




		Year ended 12/31/2003		6.03		0.03			1.59			1.62			(0.03	)




		Year ended 12/31/2002		7.88		0.02			(1.85	)		(1.83	)		(0.02	)




		Year ended 12/31/2001		9.05		0.01			(1.18	)		(1.17	)		(0.00	)††




		Period from 7/25/2000††† to 12/31/2000		10.06		0.00	††		(1.01	)		(1.01	)		—




	Class C:




		Six months ended 6/30/2005†		8.27		0.02			(0.13	)		(0.11	)		(0.02	)




		Year ended 12/31/2004		7.61		0.06			0.66			0.72			(0.06	)




		Year ended 12/31/2003		6.03		0.03			1.58			1.61			(0.03	)




		Year ended 12/31/2002		7.88		0.02			(1.85	)		(1.83	)		(0.02	)




		Year ended 12/31/2001		9.05		0.01			(1.17	)		(1.16	)		(0.01	)




		Period from 7/25/2000††† to 12/31/2000		10.06		0.00	††		(1.01	)		(1.01	)		—




	Class K:




		Six months ended 6/30/2005†		8.29		0.04			(0.13	)		(0.09	)		(0.03	)




		Year ended 12/31/2004		7.63		0.08			0.66			0.74			(0.08	)




		Year ended 12/31/2003		6.04		0.06			1.59			1.65			(0.06	)




		Year ended 12/31/2002		7.90		0.05			(1.86	)		(1.81	)		(0.05	)




		Period from 5/15/2001††† to 12/31/2001		8.59		0.02			(0.69	)		(0.67	)		(0.02	)


†	Unaudited.


††	Rounds to less than $0.01.


†††	Commencement of operations.

100


Distributions
from								Ratios/Supplemental Data
Net Realized
Gain on																			Net
Investments			Net Asset										Expenses			GAAF			Investment
and Foreign			Value,					Net Assets,		Expenses			Waived/			Gross			Income/(Loss)			Portfolio
Currency Related			End of		Total			End of Period		to Average			Subsidized			Expense			to Average			Turnover
Transactions			Period		Return*			(000’s Omitted)		Net Assets(a)			by GIS			Ratio(b)			Net Assets			Rate

	—		$	11.31		(0.91	)%(c)	$	101,549		0.41	%(d)		0.77	%(d)		0.84	%(d)		0.86	% (d)		3	%
	—			11.43		9.84			111,486		0.41			0.76			0.86			1.30			0
	—			10.63		27.87			118,988		0.43			0.77			0.92	(e)		1.25			0
	—			8.45		(20.64	)		110,593		0.42			0.73			0.89	(e)		1.60			4
$	(0.67	)		10.84		(10.23	)		169,386		0.47			0.63			0.83	(e)		2.44			51
	(1.49	)		13.00		1.00			227,228		0.46			0.60			0.96	(e)		3.07			11
	—			11.26		(1.23	)(c)		24,567		1.24	(d)		0.77	(d)		1.67	(d)		(0.01	)(d)		3
	—			11.40		8.83			29,226		1.23			0.76			1.68			0.46			0
	—			10.57		26.65			32,863		1.27			0.77			1.75	(e)		0.43			0
	—			8.41		(21.31	)		29,064		1.25			0.73			1.71	(e)		0.78			4
	(0.67	)		10.77		(10.99	)		44,813		1.28			0.63			1.64	(e)		1.62			51
	(1.49	)		12.95		0.26			51,024		1.28			0.60			1.76	(e)		2.29			11
	—			11.26		(1.31	)(c)		8,290		1.40	(d)		0.77	(d)		1.83	(d)		(0.10	)(d)		3
	—			11.41		8.68			8,431		1.42			0.76			1.87			0.35			0
	—			10.56		26.39			7,857		1.51			0.77			2.00	(e)		0.19			0
	—			8.39		(21.70	)		6,470		1.50			0.73			1.97	(e)		0.58			4
	(0.67	)		10.77		(11.48	)		8,080		1.46			0.63			1.82	(e)		1.43			51
	(0.92	)		12.94		(4.18	)(c)		8,544		1.49	(d)		0.55	(d)		1.93	(d)(e)		2.61	(d)		11
	—			11.31		(0.93	)(c)		9,599		0.69	(d)		0.77	(d)		1.12	(d)		0.63	(d)		3
	—			11.42		9.51			9,293		0.68			0.76			1.13			1.13			0
	—			10.60		27.20			7,859		0.68			0.77			1.17	(e)		1.04			0
	—			8.43		(21.05	)		6,126		0.70			0.73			1.16	(e)		1.39			4
	(0.67	)		10.82		(4.85	)(c)		7,619		0.75	(d)		0.72	(d)		1.16	(d)(e)		1.57	(d)		51
	—			8.17		(1.02	)(c)		145,657		0.53	(d)		0.17	(d)		—			1.32	(d)		1
	—			8.30		10.30			145,072		0.53			0.18			—			1.50			1
	—			7.63		27.78			129,228		0.53			0.25			—			1.26			4
	—			6.04		(22.35	)		100,129		0.53			0.13			—			1.03			10
	—			7.90		(12.25	)		276,645		0.53			0.10			—			0.87			1
	(0.00	)(f)		9.07		(9.53	)(c)		167,487		0.53	(d)		0.21	(d)		—			0.71	(d)		4
	—			8.15		(1.34	)(c)		13,148		1.28	(d)		0.42	(d)		—			0.56	(d)		1
	—			8.28		9.40			13,394		1.28			0.45			—			0.75			1
	—			7.62		26.94			12,070		1.28			0.61			—			0.51			4
	—			6.03		(23.22	)		8,472		1.28			0.52			—			0.33			10
	—			7.88		(12.87	)		9,705		1.28			0.47			—			0.09			1
	(0.00	)(f)		9.05		(10.00	)(c)		7,677		1.28	(d)		0.47	(d)		—			(0.04	)(d)		4
	—			8.14		(1.34	)(c)		9,183		1.28	(d)		0.47	(d)		—			0.57	(d)		1
	—			8.27		9.41			9,842		1.28			0.49			—			0.74			1
	—			7.61		26.77			8,796		1.28			0.67			—			0.51			4
	—			6.03		(23.21	)		6,175		1.28			0.57			—			0.33			10
	—			7.88		(12.87	)		7,598		1.28			0.49			—			0.09			1
	(0.00	)(f)		9.05		(10.00	)(c)		7,296		1.28	(d)		0.47	(d)		—			(0.04	)(d)		4
	—			8.17		(1.09	)(c)		11,233		0.93	(d)		0.15	(d)		—			0.92	(d)		1
	—			8.29		9.72			10,244		0.93			0.16			—			1.13			1
	—			7.63		27.31			7,594		0.93			0.21			—			0.86			4
	—			6.04		(23.00	)		5,722		0.93			0.10			—			0.68			10
	—			7.90		(7.76	)(c)		7,383		0.93	(d)		0.15	(d)		—			0.47	(d)		1


*	Excludes the effect of sales load.


(a)	After expenses subsidized by GIS and do not include the expenses of the underlying Funds.
(b)	Amounts include the expenses of the underlying Funds.
(c)	Not annualized.
(d)	Annualized.
(e)	Reflects adjustments made on prior year’s expense waivers.
(f)	Rounds to less than $0.01.

101

n The Park Avenue Portfolio

Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout the periods indicated:


								Net Realized
								& Unrealized
								Gain/(Loss) on
								Investments			Increase/
			Net Asset		Net			and Foreign			(Decrease)			Dividends
			Value,		Investment			Currency			from			from Net
			Beginning		Income/			Related			Investment			Investment
			of Period		(Loss)			Transactions			Operations			Income

The Guardian Baillie Gifford International Growth Fund




	Class A:




		Six months ended 6/30/2005†	$	13.26	$	0.11		$	(0.13	)	$	(0.02	)	$	(0.05	)




		Year ended 12/31/2004		11.43		0.03			1.83			1.86			(0.03	)




		Year ended 12/31/2003		8.90		0.18			2.33			2.51			(0.01	)




		Year ended 12/31/2002		11.09		0.06			(2.25	)		(2.19	)		—




		Year ended 12/31/2001		14.28		0.01			(3.20	)		(3.19	)		—




		Year ended 12/31/2000		23.36		(0.06	)		(5.52	)		(5.58	)		—




	Class B:




		Six months ended 6/30/2005†		12.02		(0.11	)		0.02			(0.09	)		—




		Year ended 12/31/2004		10.45		(0.29	)		1.86			1.57			—




		Year ended 12/31/2003		8.22		(0.16	)		2.36			2.20			—




		Year ended 12/31/2002		10.38		(0.19	)		(1.97	)		(2.16	)		—




		Year ended 12/31/2001		13.54		(0.20	)		(2.96	)		(3.16	)		—




		Year ended 12/31/2000		22.61		(0.11	)		(5.46	)		(5.57	)		—




	Class C:




		Six months ended 6/30/2005†		12.06		0.03			(0.11	)		(0.08	)		—




		Year ended 12/31/2004		10.47		(0.08	)		1.67			1.59			—




		Year ended 12/31/2003		8.24		(0.08	)		2.28			2.20			—




		Year ended 12/31/2002		10.40		(0.09	)		(2.07	)		(2.16	)		—




		Year ended 12/31/2001		13.55		(0.12	)		(3.03	)		(3.15	)		—




		Period from 8/7/2000†† to 12/31/2000		19.19		(0.09	)		(2.20	)		(2.29	)		—




	Class K:




		Six months ended 6/30/2005†		13.06		0.09			(0.12	)		(0.03	)		(0.04	)




		Year ended 12/31/2004		11.24		0.00	†††		1.82			1.82			—




		Year ended 12/31/2003		8.76		0.00	†††		2.45			2.45			—




		Year ended 12/31/2002		10.94		0.00	†††		(2.18	)		(2.18	)		—




		Period from 5/15/2001†† to 12/31/2001		12.96		(0.04	)		(1.98	)		(2.02	)		—




The Guardian Baillie Gifford Emerging Markets Fund




	Class A:




		Six months ended 6/30/2005†		14.67		0.10			1.08			1.18			—




		Year ended 12/31/2004		12.39		0.05			2.85			2.90			(0.03	)




		Year ended 12/31/2003		8.07		0.05			4.27			4.32			—




		Year ended 12/31/2002		8.45		0.01			(0.39	)		(0.38	)		—




		Year ended 12/31/2001		8.31		0.01			0.13			0.14			—




		Year ended 12/31/2000		11.13		(0.55	)		(2.05	)		(2.60	)		(0.22	)




	Class B:




		Six months ended 6/30/2005†		13.39		0.01			1.00			1.01			—




		Year ended 12/31/2004		11.44		(0.05	)		2.59			2.54			—




		Year ended 12/31/2003		7.55		(0.04	)		3.93			3.89			—




		Year ended 12/31/2002		7.98		(0.10	)		(0.33	)		(0.43	)		—




		Year ended 12/31/2001		7.97		(0.10	)		0.11			0.01			—




		Year ended 12/31/2000		10.65		0.08			(2.76	)		(2.68	)		—




	Class C:




		Six months ended 6/30/2005†		13.43		0.05			0.97			1.02			—




		Year ended 12/31/2004		11.47		(0.06	)		2.61			2.55			—




		Year ended 12/31/2003		7.56		(0.04	)		3.95			3.91			—




		Year ended 12/31/2002		8.00		(0.09	)		(0.35	)		(0.44	)		—




		Year ended 12/31/2001		7.98		(0.09	)		0.11			0.02			—




		Period from 8/7/2000†† to 12/31/2000		9.92		(0.08	)		(1.86	)		(1.94	)		—




	Class K:




		Six months ended 6/30/2005†		14.39		0.09			1.06			1.15			(0.01	)




		Year ended 12/31/2004		12.19		0.01			2.79			2.80			(0.01	)




		Year ended 12/31/2003		7.97		0.03			4.19			4.22			—




		Year ended 12/31/2002		8.36		(0.03	)		(0.36	)		(0.39	)		—




		Period from 5/15/2001†† to 12/31/2001		8.35		(0.06	)		0.07			0.01			—


†	Unaudited.


††	Commencement of operations.


†††	Rounds to less than $0.01.

102


Distributions
from														Ratios/Supplemental Data
Net Realized
Gain on																			Net
Investments									Net Asset										Investment
and Foreign									Value,					Net Assets,		Expenses			Income/(Loss)			Portfolio
Currency Related			Redemption			Tax Return			End of		Total			End of Period		to Average			to Average			Turnover
Transactions			Fees			of Capital			Period		Return*			(000’s Omitted)		Net Assets			Net Assets			Rate

	—		$	0.00	(a)		—		$	13.19		(0.18	)%(b)	$	34,043		1.85	%(c)		1.53	%(c)		17	%
	—			0.00	(a)		—			13.26		16.34			35,106		1.94			0.13			24
	—			0.03			—			11.43		28.57			32,126		1.93			0.50			44
	—			—			—			8.90		(19.75	)		47,948		1.62			0.29			45
	—			—			—			11.09		(22.34	)		80,856		1.53			0.06			63
$	(3.26	)		—		$	(0.24	)		14.28		(23.81	)		94,482		1.45			(0.29	)		78
	—			0.00	(a)		—			11.93		(0.75	)(b)		5,647		3.01	(c)		0.34	(c)		17
	—			0.00	(a)		—			12.02		15.02			6,307		3.08			(0.98	)		24
	—			0.03			—			10.45		27.13			6,535		3.19			(1.00	)		44
	—			—			—			8.22		(20.81	)		5,598		2.87			(0.98	)		45
	—			—			—			10.38		(23.34	)		8,228		2.62			(1.05	)		63
	(3.26	)		—			(0.24	)		13.54		(24.56	)		12,747		2.43			(1.27	)		78
	—			0.00	(a)		—			11.98		(0.66	)(b)		6,607		2.81	(c)		0.56	(c)		17
	—			0.00	(a)		—			12.06		15.19			6,687		2.95			(0.89	)		24
	—			0.03			—			10.47		27.06			5,546		3.10			(0.93	)		44
	—			—			—			8.24		(20.77	)		4,381		2.85			(0.99	)		45
	—			—			—			10.40		(23.25	)		5,530		2.60			(1.04	)		63
	(3.11	)		—			(0.24	)		13.55		(11.72	)(b)		7,208		2.51	(c)		(1.52	)(c)		78
	—			0.00	(a)		—			12.99		(0.25	)(b)		9,036		2.03	(c)		1.35	(c)		17
	—			0.00	(a)		—			13.06		16.19			8,792		2.04			0.00	(a)		24
	—			0.03			—			11.24		28.31			6,979		2.13			0.04			44
	—			—			—			8.76		(19.93	)		5,407		1.86			0.01			45
	—			—			—			10.94		(15.59	)(b)		6,753		1.84	(c)		(0.60	)(c)		63
	(0.38	)		0.00	(a)		—			15.47		8.14	(b)		78,058		1.78	(c)		1.60	(c)		19
	(0.59	)		0.00	(a)		—			14.67		23.53			61,975		1.88			0.42			71
	—			—			—			12.39		53.53			43,561		2.10			0.57			74
	—			—			—			8.07		(4.50	)		27,356		2.10			(0.04	)		81
	—			—			—			8.45		1.68			19,777		2.39			(0.19	)		101
	—			—			—			8.31		(23.88	)		18,439		2.18			(0.86	)		101
	(0.38	)		0.00	(a)		—			14.02		7.64	(b)		10,781		2.74	(c)		0.59	(c)		19
	(0.59	)		0.00	(a)		—			13.39		22.28			12,138		2.90			(0.58	)		71
	—			—			—			11.44		51.52			9,389		3.20			(0.54	)		74
	—			—			—			7.55		(5.39	)		5,965		3.21			(1.16	)		81
	—			—			—			7.98		0.13			6,023		3.51			(1.28	)		101
	—			—			—			7.97		(25.16	)		6,105		3.79			(2.54	)		101
	(0.38	)		0.00	(a)		—			14.07		7.70	(b)		13,612		2.70	(c)		0.64	(c)		19
	(0.59	)		0.00	(a)		—			13.43		22.30			12,291		2.85			(0.55	)		71
	—			—			—			11.47		51.72			9,540		3.17			(0.51	)		74
	—			—			—			7.56		(5.50	)		6,306		3.12			(1.08	)		81
	—			—			—			8.00		0.25			6,486		3.34			(1.12	)		101
	—			—			—			7.98		(19.56	)(b)		6,466		3.49	(c)		(2.31	)(c)		101
	(0.38	)		0.00	(a)		—			15.15		7.94	(b)		16,873		2.12	(c)		1.22	(c)		19
	(0.59	)		0.00	(a)		—			14.39		23.16			15,202		2.19			0.12			71
	—			—			—			12.19		52.95			11,803		2.38			0.29			74
	—			—			—			7.97		(4.67	)		7,685		2.36			(0.32	)		81
	—			—			—			8.36		0.12	(b)		8,020		2.63	(c)		(1.23	)(c)		101


*	Excludes the effect of sales load.


(a)	Rounds to less than $0.01.
(b)	Not annualized.
(c)	Annualized.

103

n The Park Avenue Portfolio

Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout the periods indicated:


							Net Realized
							& Unrealized
							Gain/(Loss) on
							Investments
			Net Asset				and Foreign			Increase		Dividends
			Value,		Net		Currency			from		from Net
			Beginning		Investment		Related			Investment		Investment
			of Period		Income		Transactions			Operations		Income

The Guardian Investment Quality Bond Fund




	Class A:




		Six months ended 6/30/2005†	$	10.02	$	0.19	$	0.05		$	0.24	$	(0.19	)




		Year ended 12/31/2004		10.09		0.38		0.03			0.41		(0.38	)




		Year ended 12/31/2003		10.28		0.35		0.11			0.46		(0.35	)




		Year ended 12/31/2002		9.86		0.44		0.45			0.89		(0.44	)




		Year ended 12/31/2001		9.61		0.50		0.30			0.80		(0.50	)




		Year ended 12/31/2000		9.33		0.60		0.28			0.88		(0.60	)




	Class B:




		Six months ended 6/30/2005†		10.01		0.16		0.05			0.21		(0.16	)




		Year ended 12/31/2004		10.09		0.30		0.02			0.32		(0.30	)




		Year ended 12/31/2003		10.28		0.27		0.11			0.38		(0.27	)




		Year ended 12/31/2002		9.86		0.37		0.45			0.82		(0.37	)




		Year ended 12/31/2001		9.60		0.43		0.31			0.74		(0.43	)




		Period from 8/7/2000†† to 12/31/2000		9.41		0.22		0.19			0.41		(0.22	)




	Class C:




		Six months ended 6/30/2005†		10.01		0.16		0.05			0.21		(0.16	)




		Year ended 12/31/2004		10.09		0.30		0.02			0.32		(0.30	)




		Year ended 12/31/2003		10.28		0.27		0.11			0.38		(0.27	)




		Year ended 12/31/2002		9.86		0.37		0.45			0.82		(0.37	)




		Year ended 12/31/2001		9.60		0.43		0.31			0.74		(0.43	)




		Period from 8/7/2000†† to 12/31/2000		9.41		0.22		0.19			0.41		(0.22	)




	Class K:




		Six months ended 6/30/2005†		10.03		0.17		0.05			0.22		(0.17	)




		Year ended 12/31/2004		10.10		0.34		0.03			0.37		(0.34	)




		Year ended 12/31/2003		10.29		0.31		0.11			0.42		(0.31	)




		Year ended 12/31/2002		9.87		0.40		0.45			0.85		(0.40	)




		Period from 5/15/2001†† to 12/31/2001		9.68		0.28		0.24			0.52		(0.28	)




The Guardian Low Duration Bond Fund




	Class A:




		Six months ended 6/30/2005†		9.93		0.13		(0.05	)		0.08		(0.13	)




		Year ended 12/31/2004		10.02		0.23		(0.09	)		0.14		(0.23	)




		Period from 7/30/2003†† to 12/31/2003		10.00		0.08		0.02			0.10		(0.08	)




	Class B:




		Six months ended 6/30/2005†		9.93		0.10		(0.05	)		0.05		(0.10	)




		Year ended 12/31/2004		10.02		0.15		(0.09	)		0.06		(0.15	)




		Period from 7/30/2003†† to 12/31/2003		10.00		0.05		0.02			0.07		(0.05	)




	Class C:




		Six months ended 6/30/2005†		9.93		0.10		(0.05	)		0.05		(0.10	)




		Year ended 12/31/2004		10.02		0.15		(0.09	)		0.06		(0.15	)




		Period from 7/30/2003†† to 12/31/2003		10.00		0.05		0.02			0.07		(0.05	)




	Class K:




		Six months ended 6/30/2005†		9.93		0.11		(0.05	)		0.06		(0.11	)




		Year ended 12/31/2004		10.02		0.19		(0.09	)		0.10		(0.19	)




		Period from 7/30/2003†† to 12/31/2003		10.00		0.06		0.02			0.08		(0.06	)

† Unaudited.

†† Commencement of operations.

104


Distributions
from								Ratios/Supplemental Data
Net Realized
Gain on													Expenses						Net
Investments			Net Asset							Net			(excluding						Investment
and Foreign			Value,					Net Assets,		Expenses			interest expense)			Expenses			Income			Portfolio
Currency Related			End of		Total			End of Period		to Average			to Average			Subsidized			to Average			Turnover
Transactions			Period		Return*			(000’s Omitted)		Net Assets(a)(b)			Net Assets(a)			by GIS			Net Assets			Rate

$	(0.04	)	$	10.03		2.49	%(c)	$	105,991		0.85	%(d)		0.85	%(d)		0.14	%(d)		3.89	%(d)		101	%
	(0.10	)		10.02		4.10			105,131		0.85			0.85			0.13			3.74			233
	(0.30	)		10.09		4.53			143,536		0.85			0.85			0.11			3.40			257
	(0.03	)		10.28		9.25			170,658		0.85			0.85			0.08			4.37			275
	(0.05	)		9.86		8.55			144,900		0.86			0.85			0.09			5.11			414
	—			9.61		9.81			124,805		0.85			0.85			0.09			6.41			344
	(0.04	)		10.02		2.11	(c)		14,952		1.60	(d)		1.60	(d)		0.30	(d)		3.14	(d)		101
	(0.10	)		10.01		3.22			16,685		1.60			1.60			0.28			2.99			233
	(0.30	)		10.09		3.75			18,374		1.60			1.60			0.27			2.65			257
	(0.03	)		10.28		8.43			19,308		1.60			1.60			0.27			3.58			275
	(0.05	)		9.86		7.86			13,036		1.61			1.60			0.31			4.31			414
	—			9.60		4.40	(c)		8,493		1.60	(d)		1.60	(d)		0.34	(d)		5.78	(d)		344
	(0.04	)		10.02		2.11	(c)		10,191		1.60	(d)		1.60	(d)		0.34	(d)		3.14	(d)		101
	(0.10	)		10.01		3.22			11,422		1.60			1.60			0.33			2.99			233
	(0.30	)		10.09		3.75			11,206		1.60			1.60			0.35			2.66			257
	(0.03	)		10.28		8.44			10,753		1.60			1.60			0.36			3.64			275
	(0.05	)		9.86		7.85			9,090		1.61			1.60			0.36			4.36			414
	—			9.60		4.39	(c)		8,356		1.60	(d)		1.60	(d)		0.34	(d)		5.78	(d)		344
	(0.04	)		10.04		2.29	(c)		8,930		1.25	(d)		1.25	(d)		0.09	(d)		3.49	(d)		101
	(0.10	)		10.03		3.69			11,004		1.25			1.25			0.06			3.34			233
	(0.30	)		10.10		4.11			9,820		1.25			1.25			0.05			3.00			257
	(0.03	)		10.29		8.81			9,213		1.25			1.25			0.03			4.00			275
	(0.05	)		9.87		5.43	(c)		8,436		1.26	(d)		1.25	(d)		0.08	(d)		4.48	(d)		414
	—			9.88		0.85	(c)		9,599		0.80	(d)		—			0.71	(d)		2.72	(d)		87
	—			9.93		1.36			9,487		0.80			—			0.69			2.25			68
	—			10.02		0.99	(c)		8,457		0.80	(d)		—			1.20	(d)		1.87	(d)		97
	—			9.88		0.47	(c)		8,640		1.55	(d)		—			0.72	(d)		1.97	(d)		87
	—			9.93		0.61			8,695		1.55			—			0.70			1.51			68
	—			10.02		0.67	(c)		7,743		1.55	(d)		—			1.20	(d)		1.11	(d)		97
	—			9.88		0.47	(c)		7,788		1.55	(d)		—			0.76	(d)		1.97	(d)		87
	—			9.93		0.61			7,817		1.55			—			0.73			1.51			68
	—			10.02		0.67	(c)		7,611		1.55	(d)		—			1.21	(d)		1.11	(d)		97
	—			9.88		0.65	(c)		8,898		1.20	(d)		—			0.38	(d)		2.33	(d)		87
	—			9.93		0.96			7,718		1.20			—			0.39			1.86			68
	—			10.02		0.82	(c)		7,565		1.20	(d)		—			0.97	(d)		1.46	(d)		97


*	Excludes the effect of sales load.


(a)	After expenses subsidized by GIS.
(b)	Expense ratio includes interest expense associated with reverse repurchase agreements.
(c)	Not annualized.


(d)	Annualized.

105

n The Park Avenue Portfolio

Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout the periods indicated:


							Net Realized
							& Unrealized
							Gain/(Loss) on
							Investments			Increase/
			Net Asset				and Foreign			(Decrease)			Dividends
			Value,		Net		Currency			from			from Net
			Beginning		Investment		Related			Investment			Investment
			of Period		Income		Transactions			Operations			Income

The Guardian High Yield Bond Fund




	Class A:




		Six months ended 6/30/2005†	$	7.58	$	0.24	$	(0.15	)	$	0.09		$	(0.24	)




		Year ended 12/31/2004		7.45		0.52		0.13			0.65			(0.52	)




		Year ended 12/31/2003		6.69		0.54		0.76			1.30			(0.54	)




		Year ended 12/31/2002		7.19		0.55		(0.50	)		0.05			(0.55	)




		Year ended 12/31/2001		7.66		0.69		(0.47	)		0.22			(0.69	)




		Year ended 12/31/2000		8.98		0.77		(1.32	)		(0.55	)		(0.77	)




	Class B:




		Six months ended 6/30/2005†		7.57		0.21		(0.14	)		0.07			(0.21	)




		Year ended 12/31/2004		7.45		0.47		0.12			0.59			(0.47	)




		Year ended 12/31/2003		6.69		0.48		0.76			1.24			(0.48	)




		Year ended 12/31/2002		7.18		0.50		(0.49	)		0.01			(0.50	)




		Year ended 12/31/2001		7.66		0.64		(0.48	)		0.16			(0.64	)




		Year ended 12/31/2000		8.97		0.68		(1.31	)		(0.63	)		(0.68	)




	Class C:




		Six months ended 6/30/2005†		7.57		0.21		(0.15	)		0.06			(0.21	)




		Year ended 12/31/2004		7.45		0.47		0.12			0.59			(0.47	)




		Year ended 12/31/2003		6.69		0.48		0.76			1.24			(0.48	)




		Year ended 12/31/2002		7.18		0.50		(0.49	)		0.01			(0.50	)




		Year ended 12/31/2001		7.65		0.64		(0.47	)		0.17			(0.64	)




		Period from 8/7/2000†† to 12/31/2000		8.47		0.28		(0.82	)		(0.54	)		(0.28	)




	Class K:




		Six months ended 6/30/2005†		7.58		0.22		(0.15	)		0.07			(0.22	)




		Year ended 12/31/2004		7.45		0.49		0.13			0.62			(0.49	)




		Year ended 12/31/2003		6.69		0.51		0.76			1.27			(0.51	)




		Year ended 12/31/2002		7.19		0.53		(0.50	)		0.03			(0.53	)




		Period from 5/15/2001†† to 12/31/2001		7.68		0.39		(0.49	)		(0.10	)		(0.39	)




The Guardian Tax-Exempt Fund




	Class A:




		Six months ended 6/30/2005†		10.19		0.18		0.21			0.39			(0.18	)




		Year ended 12/31/2004		10.31		0.36		0.08			0.44			(0.36	)




		Year ended 12/31/2003		10.51		0.37		0.18			0.55			(0.37	)




		Year ended 12/31/2002		10.09		0.40		0.61			1.01			(0.40	)




		Year ended 12/31/2001		10.10		0.41		0.06			0.47			(0.41	)




		Year ended 12/31/2000		9.40		0.43		0.70			1.13			(0.43	)




	Class C:




		Six months ended 6/30/2005†		10.19		0.14		0.21			0.35			(0.14	)




		Year ended 12/31/2004		10.31		0.28		0.08			0.36			(0.28	)




		Year ended 12/31/2003		10.51		0.29		0.18			0.47			(0.29	)




		Year ended 12/31/2002		10.09		0.32		0.61			0.93			(0.32	)




		Year ended 12/31/2001		10.10		0.34		0.06			0.40			(0.34	)




		Period from 8/7/2000†† to 12/31/2000		9.77		0.14		0.33			0.47			(0.14	)

† Unaudited.

†† Commencement of operations.

106


Distributions
from											Ratios/Supplemental Data
Net Realized
Gain on																			Net
Investments						Net Asset					Net Assets,		Net						Investment
and Foreign						Value,					End of		Expenses			Expenses			Income			Portfolio
Currency Related			Redemption			End of		Total			Period		to Average			Subsidized			to Average			Turnover
Transactions			Fees			Period		Return*			(000’s Omitted)		Net Assets(a)			by GIS			Net Assets			Rate

	—		$	0.00	(b)	$	7.43		1.17	%(c)	$	53,975		0.85	%(d)		0.31	%(d)		6.39	%(d)		45	%
	—			0.00	(b)		7.58		9.15			57,250		0.85			0.34			7.00			95
	—			—			7.45		20.11			42,589		0.85			0.42			7.59			153
	—			—			6.69		0.96			33,894		0.85			0.45			8.17			69
	—			—			7.19		2.87			33,797		0.85			0.47			9.21			141
	—			—			7.66		(6.53	)		38,646		0.85			0.38			9.03			163
	—			0.00	(b)		7.43		0.93	(c)		9,876		1.60	(d)		0.57	(d)		5.64	(d)		45
	—			0.00	(b)		7.57		8.20			10,013		1.60			0.62			6.30			95
	—			—			7.45		19.22			10,018		1.60			0.72			6.85			153
	—			—			6.69		0.35			8,336		1.60			0.77			7.42			69
	—			—			7.18		1.96			8,182		1.60			0.78			8.42			141
	—			—			7.66		(7.32	)		7,567		1.74			0.77			8.37			163
	—			0.00	(b)		7.42		0.80	(c)		10,291		1.60	(d)		0.54	(d)		5.64	(d)		45
	—			0.00	(b)		7.57		8.20			10,110		1.60			0.59			6.29			95
	—			—			7.45		19.22			9,316		1.60			0.71			6.85			153
	—			—			6.69		0.35			7,710		1.60			0.77			7.42			69
	—			—			7.18		2.09			7,657		1.60			0.71			8.43			141
	—			—			7.65		(6.42	)(c)		7,491		1.60	(d)		0.63	(d)		8.74	(d)		163
	—			0.00	(b)		7.43		0.97	(c)		11,268		1.25	(d)		0.25	(d)		5.99	(d)		45
	—			0.00	(b)		7.58		8.72			10,734		1.25			0.28			6.64			95
	—			—			7.45		19.63			9,581		1.25			0.33			7.20			153
	—			—			6.69		0.55			7,944		1.25			0.35			7.77			69
	—			—			7.19		(1.31	)(c)		7,893		1.25	(d)		0.41	(d)		8.36	(d)		141
$	(0.02	)		—			10.38		3.84	(c)		86,417		0.86	(d)(e)		0.08	(d)		3.58	(d)		70
	(0.20	)		—			10.19		4.38			82,118		0.87	(e)		0.09			3.49			161
	(0.38	)		—			10.31		5.34			80,025		0.89	(e)		0.09			3.52			68
	(0.19	)		—			10.51		10.20			113,852		0.87	(e)		0.06			3.85			99
	(0.07	)		—			10.09		4.78			107,676		0.91	(e)		0.09			4.03			181
	—			—			10.10		12.29			97,185		0.88	(e)		0.07			4.43			124
	(0.02	)		—			10.38		3.46	(c)		11,049		1.61	(d)(e)		0.31	(d)		2.83	(d)		70
	(0.20	)		—			10.19		3.60			10,704		1.62	(e)		0.33			2.74			161
	(0.38	)		—			10.31		4.54			10,553		1.64	(e)		0.36			2.77			68
	(0.19	)		—			10.51		9.37			9,741		1.62	(e)		0.37			3.11			99
	(0.07	)		—			10.09		3.99			8,783		1.66	(e)		0.37			3.28			181
	—			—			10.10		4.87	(c)		8,391		1.65	(d)(e)		0.31	(d)		3.62	(d)		124


*	Excludes the effect of sales load.


(a)	After expenses subsidized by GIS.


(b)	Rounds to less than $0.01.


(c)	Not annualized.


(d)	Annualized.
(e)	Before offset of custody credits. Including the custody credits in Class A, the expense ratio is 0.85% for each year 12/31/2000, 2001, 2002, 2003, 2004 and 6/30/2005; in Class C the expense ratio is 1.60% for each year 12/31/2000, 2001, 2002, 2003, 2004 and 6/30/2005.

107

n The Park Avenue Portfolio

Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout the periods indicated:


			Net Asset				Dividends			Net Asset
			Value,		Net		from Net			Value,
			Beginning		Investment		Investment			End of		Total
			of Period		Income		Income			Period		Return*

The Guardian Cash Management Fund




	Class A:




		Six months ended 6/30/2005†	$	1.000	$	0.009	$	(0.009	)	$	1.000		0.93	%†††




		Year ended 12/31/2004		1.000		0.006		(0.006	)		1.000		0.57




		Year ended 12/31/2003		1.000		0.004		(0.004	)		1.000		0.37




		Year ended 12/31/2002		1.000		0.009		(0.009	)		1.000		0.95




		Year ended 12/31/2001		1.000		0.032		(0.032	)		1.000		3.27




		Year ended 12/31/2000		1.000		0.056		(0.056	)		1.000		5.69




	Class B:




		Six months ended 6/30/2005†		1.000		0.007		(0.007	)		1.000		0.67	†††




		Year ended 12/31/2004		1.000		0.006		(0.006	)		1.000		0.57




		Year ended 12/31/2003		1.000		0.002		(0.002	)		1.000		0.21




		Year ended 12/31/2002		1.000		0.002		(0.002	)		1.000		0.23




		Year ended 12/31/2001		1.000		0.025		(0.025	)		1.000		2.48




		Year ended 12/31/2000		1.000		0.052		(0.052	)		1.000		5.34




	Class C:




		Six months ended 6/30/2005†		1.000		0.007		(0.007	)		1.000		0.67	†††




		Year ended 12/31/2004		1.000		0.006		(0.006	)		1.000		0.57




		Year ended 12/31/2003		1.000		0.002		(0.002	)		1.000		0.21




		Year ended 12/31/2002		1.000		0.002		(0.002	)		1.000		0.22




		Year ended 12/31/2001		1.000		0.025		(0.025	)		1.000		2.48




		Period from 8/7/2000†† to 12/31/2000		1.000		0.020		(0.020	)		1.000		2.03	†††




	Class K:




		Six months ended 6/30/2005†		1.000		0.007		(0.007	)		1.000		0.73	†††




		Year ended 12/31/2004		1.000		0.005		(0.005	)		1.000		0.47




		Year ended 12/31/2003		1.000		0.002		(0.002	)		1.000		0.18




		Year ended 12/31/2002		1.000		0.005		(0.005	)		1.000		0.55




		Period from 5/15/2001†† to 12/31/2001		1.000		0.013		(0.013	)		1.000		1.26	†††

* Excludes the effect of sales load.

† Unaudited.

†† Commencement of operations.

††† Not annualized.

108


Ratios/Supplemental Data

								Net
		Net						Investment
Net Assets,		Expenses			Expenses			Income
End of Period		to Average			Subsidized			to Average
(000’s Omitted)		Net Assets(a)			by GIS			Net Assets

$	427,684		0.85	%(b)		0.05	%(b)		1.87	%(b)
	442,109		0.85			0.04			0.55
	529,321		0.85			0.05			0.38
	658,159		0.85			0.02			0.94
	606,045		0.85			0.04			3.13
	462,183		0.85			0.07			5.57
	6,483		1.37	(b)		0.54	(b)		1.33	(b)
	8,144		0.85			0.99			0.53
	12,498		1.03	(c)		0.73	(c)		0.21
	18,485		1.57	(c)		0.16	(c)		0.22
	15,685		1.60			0.12			2.37
	11,860		1.14			0.63			5.25
	6,165		1.36	(b)		0.30	(b)		1.34	(b)
	8,626		0.85			0.80			0.57
	9,086		1.02	(c)		0.63	(c)		0.21
	9,330		1.57	(c)		0.06	(c)		0.22
	8,492		1.60			0.04			2.47
	8,193		1.60	(b)		0.13	(b)		5.06	(b)
	8,268		1.25	(b)		0.01	(b)		1.46	(b)
	10,424		0.95			0.30			0.48
	9,682		1.25			—			0.18
	8,500		1.25			—			0.54
	8,125		1.25	(b)		0.01	(b)		1.99	(b)


(a)	After expenses subsidized by GIS.


(b)	Annualized.


(c)	Revised to reflect additional subsidies to maintain a minimum yield threshold.

109

(This page intentionally left blank)


*• Trustees* Dennis J. Manning, CLU, ChFC Frank J. Fabozzi, Ph.D. Arthur V. Ferrara, CLU Leo R. Futia, CLU Anne M. Goggin, Esq. William W. Hewitt, Jr. Sidney I. Lirtzman, Ph.D. Robert G. Smith, Ph.D. *• Officers* Thomas G. Sorell Joseph A. Caruso Howard W. Chin Robert J. Crimmins, Jr. Richard A. Cumiskey Manind V. Govil Alexander M. Grant, Jr. Edward H. Hocknell Jonathan C. Jankus Stewart M. Johnson Peter J. Liebst R. Robin Menzies Nydia Morrison Karen L. Olvany Frank L. Pepe Richard T. Potter, Jr. Robert A. Reale Donald P. Sullivan, Jr. Raman Vardharaj Mathew P. Ziehl • Investment Adviser & Distributor Guardian Investor Services LLC 7 Hanover Square New York, New York 10004 • Custodian of Assets State Street Bank and Trust Company Custody Division 1776 Heritage Drive North Quincy, Massachusetts 02171 • Shareholder Servicing Agent, Transfer Agent & Dividend Paying Agent for State Street Bank and Trust Company Boston Financial Data Services Post Office Box 219611 Kansas City, Missouri 64121-9611 • Independent Auditors Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 Guardian Investor Services LLC 7 Hanover Square New York, New York 10004		• Proxy Voting Policies and Procedures: A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information regarding how each Fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2005, is available without charge upon request by logging on to www.guardianinvestor.com or the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. • Form N-Q: The Park Avenue Portfolio files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each year on the Form N-Q. The Portfolio’s Form N-Q is available on the SEC’s Internet site at www.sec.gov, and can be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. • Code of Ethics: The Park Avenue Portfolio has adopted a code of ethics for its Principal Executive Officer and Principal Financial Officers (the “Code”). The purpose of the Code is to promote, among other things: honest and ethical conduct, including the handling of conflicts of interest; full, fair, accurate, timely and understandable disclosure in reports and documents filed with the SEC; and compliance with applicable laws and regulations. A copy of the Code has been filed with the SEC on Form N-CSR and can be obtained on the SEC’s website at www.sec.gov. Copies of the above can also be obtained free of charge by calling 1-800-221-3253 or by writing Guardian Investor Services LLC at 7 Hanover Square, New York, New York 10004. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank or depository institution, nor are they federally insured by the Federal Deposit Insurance Corporation, The Federal Reserve Board, the National Credit Union Association or any other agency. They involve investment risk, including possible loss of principal amount invested. This report is submitted for the general information of the shareholders of The Park Avenue Portfolio family of mutual funds. This report is not authorized for distribution to the public unless accompanied or preceded by a current prospectus for the funds which comprise The Park Avenue Portfolio. The prospectus contains important information, including fees and expenses. Please read the prospectus carefully before investing or sending money. You should consider the investment objectives, risks, fees and charges of the investment company carefully before investing. For an additional prospectus, which contains this and other information, please contact your investment professional or call Guardian Investor Services LLC at 800-221-3253.






Guardian Investor Services LLC 7 Hanover Square New York, New York 10004		PRSRT STANDARD U.S. POSTAGE PAID BOWNE FULFILLMENT SOLUTIONS

EB 011566 (6/05)

TABLE OF CONTENTS


The Park Avenue Portfolio
	ITEM 1. REPORTS TO STOCKHOLDERS.
	ITEM 2. CODE OF ETHICS.
	ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
	ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
	ITEM 6. SCHEDULE OF INVESTMENTS.
	ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASES.
	ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	ITEM 11. CONTROLS AND PROCEDURES.
	ITEM 12. EXHIBITS.
SIGNATURES
EX-99.CERT: CERTIFICATIONS
EX-99.906CERT: CERTIFICATIONS

ITEM 2. CODE OF ETHICS.

Not applicable for semiannual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semiannual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semiannual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Included in response to Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASES.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s certifying officers are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Separate certifications by the registrant’s certifying officers, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(a)(3) Not applicable.

(b) A certification by the registrant’s certifying officers, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Park Avenue Portfolio


By:		/s/ Thomas G. Sorell

		Thomas G. Sorell President of
		The Park Avenue Portfolio

Date: September 6, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Thomas G. Sorell

		Thomas G. Sorell
		President of
		The Park Avenue Portfolio

Date: September 6, 2005


By:		/s/ Frank L. Pepe

		Frank L. Pepe
		Vice President and Treasurer of
		The Park Avenue Portfolio

Date: September 6, 2005


n The Guardian Park Avenue Fund	Semiannual Report To Shareholders


n The Guardian S&P 500 Index Fund	Semiannual Report To Shareholders


n The Guardian High Yield Bond Fund	Semiannual Report To Shareholders


n The Guardian Tax-Exempt Fund	Semiannual Report To Shareholders


n The Guardian Cash Management Fund	Semiannual Report To Shareholders