<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
069 000600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 4291
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 389
072 G000600 124
072 H000600 0
072 I000600 221
072 J000600 61
072 K000600 0
072 L000600 13
072 M000600 18
072 N000600 23
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 17
072 S000600 3
072 T000600 63
072 U000600 0
072 V000600 0
072 W000600 2
072 X000600 934
072 Y000600 232
072 Z000600 3589
072AA000600 0
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 3589
072DD020600 47
072EE000600 0
073 A010600 0.0730
073 A020600 0.0277
073 B000600 0.0000
073 C000600 0.0000
074 A000600 496
074 B000600 3308
074 C000600 84260
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
<PAGE> PAGE 22
074 J000600 0
074 K000600 0
074 L000600 3716
074 M000600 0
074 N000600 91780
074 O000600 0
074 P000600 139
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 841
074 S000600 0
074 T000600 90800
074 U010600 90800
074 U020600 2583
074 V010600 1.00
074 V020600 1.00
074 W000600 0.0000
074 X000600 5197
074 Y000600 0
075 A000600 77789
075 B000600 0
076 000600 0.00
080 A000600 NATIONAL UNION FIRE
080 C000600 450
081 A000600 Y
081 B000600 10
082 A000600 Y
082 B000600 100
083 A000600 N
083 B000600 0
084 A000600 N
084 B000600 0
085 A000600 N
085 B000600 N
SIGNATURE FRANK L. PEPE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 011
<NAME> THE GUARDIAN PARK AVENUE FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1096903
<INVESTMENTS-AT-VALUE> 1424455
<RECEIVABLES> 38811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1463266
<PAYABLE-FOR-SECURITIES> 21012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14063
<TOTAL-LIABILITIES> 35075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1052625
<SHARES-COMMON-STOCK> 36725<F1>
<SHARES-COMMON-PRIOR> 26618<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (366)
<ACCUMULATED-NET-GAINS> 28004
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 347552
<NET-ASSETS> 1392186<F1>
<DIVIDEND-INCOME> 18964
<INTEREST-INCOME> 4185
<OTHER-INCOME> 47
<EXPENSES-NET> 9380
<NET-INVESTMENT-INCOME> 13816
<REALIZED-GAINS-CURRENT> 140063
<APPREC-INCREASE-CURRENT> 128623
<NET-CHANGE-FROM-OPS> 282502
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14137)<F1>
<DISTRIBUTIONS-OF-GAINS> (146945)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64654<F1>
<NUMBER-OF-SHARES-REDEEMED> (60643)<F1>
<SHARES-REINVESTED> 4096<F1>
<NET-CHANGE-IN-ASSETS> 455917
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 37727
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5851
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9380
<AVERAGE-NET-ASSETS> 1170293
<PER-SHARE-NAV-BEGIN> 33.97<F1>
<PER-SHARE-NII> 0.42<F1>
<PER-SHARE-GAIN-APPREC> 8.41<F1>
<PER-SHARE-DIVIDEND> (0.43)<F1>
<PER-SHARE-DISTRIBUTIONS> (4.46)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.91<F1>
<EXPENSE-RATIO> .79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTOFLIO
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996 and is qualified
in its entirety by reference to such financial statemens.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 012
<NAME> THE GUARDIAN PARK AVENUE FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1076903
<INVESTMENTS-AT-VALUE> 1424455
<RECEIVABLES> 38811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1463266
<PAYABLE-FOR-SECURITIES> 21012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14063
<TOTAL-LIABILITIES> 35075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1052625
<SHARES-COMMON-STOCK> 950<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (366)
<ACCUMULATED-NET-GAINS> 28004
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 347552
<NET-ASSETS> 36006<F1>
<DIVIDEND-INCOME> 18964
<INTEREST-INCOME> 4185
<OTHER-INCOME> 47
<EXPENSES-NET> 9380
<NET-INVESTMENT-INCOME> 13816
<REALIZED-GAINS-CURRENT> 140063
<APPREC-INCREASE-CURRENT> 128623
<NET-CHANGE-FROM-OPS> 282502
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45)<F1>
<DISTRIBUTIONS-OF-GAINS> (2841)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 894<F1>
<NUMBER-OF-SHARES-REDEEMED> (17)<F1>
<SHARES-REINVESTED> 74<F1>
<NET-CHANGE-IN-ASSETS> 455917
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 37727
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5851
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9380
<AVERAGE-NET-ASSETS> 1170293
<PER-SHARE-NAV-BEGIN> 36.26<F1>
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 6.10<F1>
<PER-SHARE-DIVIDEND> (0.05)<F1>
<PER-SHARE-DISTRIBUTIONS> (4.46)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.90<F1>
<EXPENSE-RATIO> 1.77<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schdule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARDK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 021
<NAME> THE GUARDIAN ASSET ALLOCATION FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 80922
<INVESTMENTS-AT-VALUE> 93287
<RECEIVABLES> 2277
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 95568
<PAYABLE-FOR-SECURITIES> 673
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1629
<TOTAL-LIABILITIES> 2302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78900
<SHARES-COMMON-STOCK> 6805<F1>
<SHARES-COMMON-PRIOR> 5793<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13)
<ACCUMULATED-NET-GAINS> 1006
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13300
<NET-ASSETS> 88190<F1>
<DIVIDEND-INCOME> 917
<INTEREST-INCOME> 1601
<OTHER-INCOME> 0
<EXPENSES-NET> 1045
<NET-INVESTMENT-INCOME> 1473
<REALIZED-GAINS-CURRENT> 4726
<APPREC-INCREASE-CURRENT> 8064
<NET-CHANGE-FROM-OPS> 14263
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1472)<F1>
<DISTRIBUTIONS-OF-GAINS> (7496)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3920<F1>
<NUMBER-OF-SHARES-REDEEMED> (3602)<F1>
<SHARES-REINVESTED> 694<F1>
<NET-CHANGE-IN-ASSETS> 22675
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4067
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1045
<AVERAGE-NET-ASSETS> 78547
<PER-SHARE-NAV-BEGIN> 12.19<F1>
<PER-SHARE-NII> .23<F1>
<PER-SHARE-GAIN-APPREC> 1.96<F1>
<PER-SHARE-DIVIDEND> (0.23)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.19)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.96<F1>
<EXPENSE-RATIO> 1.30<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted from the
"Annual Report to SHareholders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 022
<NAME> THE GUARDIAN ASSET ALLOCATION FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 80922
<INVESTMENTS-AT-VALUE> 93287
<RECEIVABLES> 2277
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 95568
<PAYABLE-FOR-SECURITIES> 673
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1629
<TOTAL-LIABILITIES> 2302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78900
<SHARES-COMMON-STOCK> 393<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13)
<ACCUMULATED-NET-GAINS> 1006
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13300
<NET-ASSETS> 5075<F1>
<DIVIDEND-INCOME> 917
<INTEREST-INCOME> 1601
<OTHER-INCOME> 0
<EXPENSES-NET> 1045
<NET-INVESTMENT-INCOME> 1473
<REALIZED-GAINS-CURRENT> 4726
<APPREC-INCREASE-CURRENT> 8064
<NET-CHANGE-FROM-OPS> 14263
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14)<F1>
<DISTRIBUTIONS-OF-GAINS> (291)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 372<F1>
<NUMBER-OF-SHARES-REDEEMED> (3)<F1>
<SHARES-REINVESTED> 24<F1>
<NET-CHANGE-IN-ASSETS> 22675
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4067
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1045
<AVERAGE-NET-ASSETS> 78547
<PER-SHARE-NAV-BEGIN> 12.61<F1>
<PER-SHARE-NII> 0.04<F1>
<PER-SHARE-GAIN-APPREC> 1.50<F1>
<PER-SHARE-DIVIDEND> (0.04)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.19)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.92<F1>
<EXPENSE-RATIO> 2.39<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 031
<NAME> THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 50715
<INVESTMENTS-AT-VALUE> 61430
<RECEIVABLES> 320
<ASSETS-OTHER> 889
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62639
<PAYABLE-FOR-SECURITIES> 423
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1310
<TOTAL-LIABILITIES> 1733
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50
<SHARES-COMMON-STOCK> 3784<F1>
<SHARES-COMMON-PRIOR> 3281<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (399)
<ACCUMULATED-NET-GAINS> 216
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10709
<NET-ASSETS> 60906
<DIVIDEND-INCOME> 934
<INTEREST-INCOME> 114
<OTHER-INCOME> 0
<EXPENSES-NET> 917
<NET-INVESTMENT-INCOME> 131
<REALIZED-GAINS-CURRENT> 1013
<APPREC-INCREASE-CURRENT> 5972
<NET-CHANGE-FROM-OPS> 7116
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (359)<F1>
<DISTRIBUTIONS-OF-GAINS> (715)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2613<F1>
<NUMBER-OF-SHARES-REDEEMED> (2182)<F1>
<SHARES-REINVESTED> 71<F1>
<NET-CHANGE-IN-ASSETS> 16360
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (134)
<OVERDIST-NET-GAINS-PRIOR> (42)
<GROSS-ADVISORY-FEES> 424
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 917
<AVERAGE-NET-ASSETS> 52940
<PER-SHARE-NAV-BEGIN> 13.57<F1>
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 1.89<F1>
<PER-SHARE-DIVIDEND> (0.10)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.19)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.22<F1>
<EXPENSE-RATIO> 1.70<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted form the
"Annual Report to Sharehilders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 032
<NAME> THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 50715
<INVESTMENTS-AT-VALUE> 61430
<RECEIVABLES> 320
<ASSETS-OTHER> 889
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62639
<PAYABLE-FOR-SECURITIES> 423
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1310
<TOTAL-LIABILITIES> 1733
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50
<SHARES-COMMON-STOCK> 219<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> (399)
<OVERDISTRIBUTION-NII> 216
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10709
<NET-ASSETS> 50906
<DIVIDEND-INCOME> 934
<INTEREST-INCOME> 114
<OTHER-INCOME> 0
<EXPENSES-NET> 917
<NET-INVESTMENT-INCOME> 131
<REALIZED-GAINS-CURRENT> 1013
<APPREC-INCREASE-CURRENT> 5972
<NET-CHANGE-FROM-OPS> 7116
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (36)<F1>
<DISTRIBUTIONS-OF-GAINS> (41)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 217<F1>
<NUMBER-OF-SHARES-REDEEMED> (1)<F1>
<SHARES-REINVESTED> 3<F1>
<NET-CHANGE-IN-ASSETS> 16360
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (134)
<OVERDIST-NET-GAINS-PRIOR> (42)
<GROSS-ADVISORY-FEES> 424
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 917
<AVERAGE-NET-ASSETS> 52940
<PER-SHARE-NAV-BEGIN> 14.71<F1>
<PER-SHARE-NII> (0.04)<F1>
<PER-SHARE-GAIN-APPREC> 0.76<F1>
<PER-SHARE-DIVIDEND> (0.12)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.19)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.12<F1>
<EXPENSE-RATIO> 3.05<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 04
<NAME> THE GUARDIAN INVESTMENT QUALITY BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 52161
<INVESTMENTS-AT-VALUE> 51529
<RECEIVABLES> 548
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52079
<PAYABLE-FOR-SECURITIES> 1023
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 262
<TOTAL-LIABILITIES> 1285
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51414
<SHARES-COMMON-STOCK> 5236
<SHARES-COMMON-PRIOR> 5372
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (41)
<ACCUM-APPREC-OR-DEPREC> (632)
<NET-ASSETS> 50794
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3363
<OTHER-INCOME> 0
<EXPENSES-NET> 392
<NET-INVESTMENT-INCOME> 2971
<REALIZED-GAINS-CURRENT> (41)
<APPREC-INCREASE-CURRENT> (1671)
<NET-CHANGE-FROM-OPS> 2971
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2971)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 810
<NUMBER-OF-SHARES-REDEEMED> (1211)
<SHARES-REINVESTED> 265
<NET-CHANGE-IN-ASSETS> (2912)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 259
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 579
<AVERAGE-NET-ASSETS> 51891
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> (0.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.70
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 05
<NAME> THE GUARDIAN TAX-EXEMPT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 37845
<INVESTMENTS-AT-VALUE> 38478
<RECEIVABLES> 758
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39240
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55
<TOTAL-LIABILITIES> 55
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39662
<SHARES-COMMON-STOCK> 4078
<SHARES-COMMON-PRIOR> 1806
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1150)
<ACCUM-APPREC-OR-DEPREC> 633
<NET-ASSETS> 39185
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1196
<OTHER-INCOME> 3
<EXPENSES-NET> 156
<NET-INVESTMENT-INCOME> 1042
<REALIZED-GAINS-CURRENT> 56
<APPREC-INCREASE-CURRENT> 95
<NET-CHANGE-FROM-OPS> 1193
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1042)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2340
<NUMBER-OF-SHARES-REDEEMED> (173)
<SHARES-REINVESTED> 105
<NET-CHANGE-IN-ASSETS> 21864
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1206)
<GROSS-ADVISORY-FEES> 105
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 285
<AVERAGE-NET-ASSETS> 21029
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.61
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NUMBER> 061
<NAME> THE GUARDIAN CASH MANAGEMENT FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 87568
<INVESTMENTS-AT-VALUE> 87568
<RECEIVABLES> 4212
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91780
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 980
<TOTAL-LIABILITIES> 980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89892
<SHARES-COMMON-STOCK> 88217<F1>
<SHARES-COMMON-PRIOR> 69913<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 88217<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4291
<OTHER-INCOME> 0
<EXPENSES-NET> 702
<NET-INVESTMENT-INCOME> 3590
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3590
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3543)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 197623<F1>
<NUMBER-OF-SHARES-REDEEMED> (182717)<F1>
<SHARES-REINVESTED> 3399<F1>
<NET-CHANGE-IN-ASSETS> 20887
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 934
<AVERAGE-NET-ASSETS> 77789
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.045<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> (0.045)<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> .90<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE PARK AVENUE PORTFOLIO
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1996, and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE POTFOLIO
<SERIES>
<NUMBER> 062
<NAME> THE GUARDIAN CASH MANAGEMENT FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 87568
<INVESTMENTS-AT-VALUE> 87568
<RECEIVABLES> 4212
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91780
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 980
<TOTAL-LIABILITIES> 980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89892
<SHARES-COMMON-STOCK> 2583<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2583<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4291
<OTHER-INCOME> 0
<EXPENSES-NET> 702
<NET-INVESTMENT-INCOME> 3590
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3590
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (47)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3453<F1>
<NUMBER-OF-SHARES-REDEEMED> (916)<F1>
<SHARES-REINVESTED> 45<F1>
<NET-CHANGE-IN-ASSETS> 20887
<ACCUMULATED-NII-PRIOR> 07789
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 934
<AVERAGE-NET-ASSETS> 77789
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.028<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> (0.028)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 1.16<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B only. All other data are on a fund level.
</FN>
</TABLE>
