Supplement dated June 3, 1997
to Prospectus dated May 1, 1997
The Park Avenue Portfolio
The Guardian Investment Quality Bond Fund
This Supplement should be retained with the Prospectus for future
reference.
The following supplements the fourth paragraph of the section entitled
"Portfolio Managers" appearing on page 30 of the Prospectus:
Effective June 2, 1997, Thomas G. Sorell assumed sole responsibility
for the portfolio management of The Guardian Investment Quality Bond Fund
(the "Bond Fund"). Mr. Sorell has been co-portfolio manager of the Bond
Fund since January 15, 1997. Frank J. Jones, Ph.D., President of the
Portfolio, will continue to have overall responsibility for the allocation
of the Bond Fund's assets among the various sectors of debt securities
managed by Mr. Sorell. Mr. Sorell has concurrently assumed sole
responsibility for the portfolio management of The Guardian Bond Fund,
Inc.
