<PAGE> PAGE 1
000 A000000 06/30/99
000 C000000 0000837910
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007 C020300 THE GUARDIAN ASSET ALOCATION FUND
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007 C010400 4
007 C020400 THE GUADIAN BAILLIE GIFFORD INTL. FUND
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007 C010500 5
007 C020500 THE GUARDIAN BAILLIE GIFFORD EMERGING MKTS.
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007 C020600 THE GUARDIAN INVESTMENT QUALITY BOND FUND
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007 C020700 THE GUARDIAN HIGH YIELD BOND FUND
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007 C020800 THE GUARDIAN TAX-EXEMPT FUND
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007 C020900 THE GUARDIAN CASH MANAGEMENT FUND
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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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015 D010428 NETHERLANDS
015 E040428 X
015 A000429 ANZ BANKING GROUP (NEW ZEALAND) LTD
015 B000429 S
015 C010429 NEW ZEALAND
015 D010429 NEW ZEALAND
015 E040429 X
015 A000430 CHRISTIANIA BANK OG KREDITKASSE
015 B000430 S
015 C010430 NORWAY
015 D010430 NORWAY
015 E040430 X
015 A000431 DUSTSCHE BANK AG
015 B000431 S
015 C010431 PAKISTAN
015 D010431 PAKISTAN
015 E040431 X
015 A000432 CITIBANK, N.A.
015 B000432 S
015 C010432 PERU
015 D010432 PERU
015 E040432 X
015 A000433 STANDARD CHARTERED BANK
015 B000433 S
015 C010433 PHILIPPINES
015 D010433 PHILIPPINES
015 E040433 X
015 A000434 CITIBANK POLAND S.A.
015 B000434 S
015 C010434 POLAND
015 D010434 POLAND
015 E040434 X
015 A000435 BANCO COMERCIAL PORTUGUES
015 B000435 S
015 C010435 PORTUGAL
015 D010435 PORTUGAL
015 E040435 X
015 A000436 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000436 S
015 C010436 SINGAPORE
015 D010436 SINGAPORE
015 E040436 X
015 A000437 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000437 S
015 C010437 SLOVAK REPUBLIC
015 D010437 SLOVAK REPUBLIC
015 E040437 X
<PAGE> PAGE 21
015 A000438 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000438 S
015 C010438 SOUTH AFRICA
015 D010438 SOUTH AFRICA
015 E040438 X
015 A000439 BANCO SANTANDER, S.A.
015 B000439 S
015 C010439 SPAIN
015 D010439 SPAIN
015 E040439 X
015 A000440 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000440 S
015 C010440 SRI LANKA
015 D010440 SRI LANKA
015 E040440 X
015 A000441 SKANDINAVISKA ENSKILDA BANKEN
015 B000441 S
015 C010441 SWEDEN
015 D010441 SWEDEN
015 E040441 X
015 A000442 UNION BANK OF SWITZERLAND
015 B000442 S
015 C010442 SWITZERLAND
015 D010442 SWITZERLAND
015 E040442 X
015 A000443 CENTRAL TRUST OF CHINA
015 B000443 S
015 C010443 TAIWAN
015 D010443 TAIWAN
015 E040443 X
015 A000444 STANDARD CHARTERED BANK
015 B000444 S
015 C010444 THAILAND
015 D010444 THAILAND
015 E040444 X
015 A000445 CITIBANK, N.A.
015 B000445 S
015 C010445 TURKEY
015 D010445 TURKEY
015 E040445 X
015 A000446 STATE STREET BANK AND TRUST CO.
015 B000446 S
015 C010446 UNITED KINGDOM
015 D010446 UNITED KINGDOM
015 E040446 X
015 A000447 STATE STREET LONDON LTD.
015 B000447 S
015 C010447 UK
015 D010447 UK
015 E040447 X
028 A010400 16594
<PAGE> PAGE 22
028 A020400 1
028 A030400 0
028 A040400 11701
028 B010400 13252
028 B020400 0
028 B030400 0
028 B040400 16038
028 C010400 23102
028 C020400 1
028 C030400 0
028 C040400 21294
028 D010400 10918
028 D020400 0
028 D030400 0
028 D040400 12819
028 E010400 34781
028 E020400 0
028 E030400 0
028 E040400 21367
028 F010400 12837
028 F020400 836
028 F030400 0
028 F040400 11246
028 G010400 111484
028 G020400 838
028 G030400 0
028 G040400 94465
028 H000400 67523
029 000400 Y
030 A000400 62
030 B000400 4.50
030 C000400 0.00
031 A000400 0
031 B000400 10
032 000400 0
033 000400 73
034 000400 Y
035 000400 8
036 A000400 N
036 B000400 8
037 000400 N
038 000400 0
039 000400 Y
040 000400 Y
041 000400 Y
042 A000400 5
042 B000400 0
042 C000400 0
042 D000400 6
042 E000400 89
042 F000400 0
<PAGE> PAGE 23
042 G000400 0
042 H000400 0
043 000400 40
044 000400 0
045 000400 Y
046 000400 Y
047 000400 Y
048 000400 0.800
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
<PAGE> PAGE 24
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 D000400 Y
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 40165
071 B000400 27913
071 C000400 106920
<PAGE> PAGE 25
071 D000400 26
072 A000400 6
072 B000400 80
072 C000400 1071
072 D000400 0
072 E000400 0
072 F000400 439
072 G000400 137
072 H000400 0
072 I000400 94
072 J000400 120
072 K000400 0
072 L000400 4
072 M000400 10
072 N000400 19
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 11
072 S000400 2
072 T000400 40
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 876
072 Y000400 0
072 Z000400 275
072AA000400 5828
072BB000400 0
072CC010400 0
072CC020400 1937
072DD010400 152
072DD020400 0
072EE000400 854
073 A010400 0.0260
073 A020400 0.0000
073 B000400 0.1326
073 C000400 0.0000
074 A000400 1827
074 B000400 3468
074 C000400 0
074 D000400 155
074 E000400 0
074 F000400 118740
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 1528
074 M000400 0
<PAGE> PAGE 26
074 N000400 125718
074 O000400 0
074 P000400 484
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 130
074 S000400 0
074 T000400 125104
074 U010400 6034
074 U020400 626
074 V010400 18.84
074 V020400 18.31
074 W000400 0.0000
074 X000400 6314
074 Y000400 0
075 A000400 0
075 B000400 110623
076 000400 0.00
015 A000501 CITIBANK
015 B000501 S
015 C010501 ARGENTINA
015 D010501 ARGENTINA
015 E040501 X
015 A000502 WESTPAC BANKING CORP
015 B000502 S
015 C010502 AUSTRALIA
015 D010502 AUSTRALIA
015 E040502 X
015 A000503 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPAR
015 B000503 S
015 C010503 AUSTRIA
015 D010503 AUSTRIA
015 E040503 X
015 A000504 GENERALE BANK
015 B000504 S
015 C010504 BELGIUM
015 D010504 BELGIUM
015 E040504 X
015 A000505 CITIBANK, N.A.
015 B000505 S
015 C010505 BRAZIL
015 D010505 BRAZIL
015 E040505 X
015 A000506 CITIBANK, N.A.
015 B000506 S
015 C010506 CHILE
015 D010506 CHILE
015 E040506 X
015 A000507 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
<PAGE> PAGE 27
015 B000507 S
015 C010507 CHINA
015 D010507 CHINA
015 E040507 X
015 A000508 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000508 S
015 C010508 COLOMBIA
015 D010508 COLOMBIA
015 E040508 X
015 A000509 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000509 S
015 C010509 CZECH REPUBLIC
015 D010509 CZECH REPUBLIC
015 E040509 X
015 A000510 DEN DANSKE BANK
015 B000510 S
015 C010510 DENMARK
015 D010510 DENMARK
015 E040510 X
015 A000511 MERITA BANK LTD.
015 B000511 S
015 C010511 FINLAMD
015 D010511 FINLAND
015 E040511 X
015 A000512 BANQUE PARIBAS
015 B000512 S
015 C010512 FRANCE
015 D010512 FRANCE
015 E040512 X
015 A000513 DRESDNER BANK AG
015 B000513 S
015 C010513 GERMANY
015 D010513 GERMANY
015 E040513 X
015 A000514 NATIONAL BANK OF GREECE S.A.
015 B000514 S
015 C010514 GREECE
015 D010514 GREECE
015 E040514 X
015 A000515 STANDARD CHARTERED BANK
015 B000515 S
015 C010515 HONGKONG
015 D010515 HONGKONG
015 E040515 X
015 A000516 CITIBANK BUDAPEST RT.
015 B000516 S
015 C010516 HUNGARY
015 D010516 HUNGARY
015 E040516 X
015 A000517 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000517 S
<PAGE> PAGE 28
015 C010517 INDIA
015 D010517 INDIA
015 E040517 X
015 A000518 DEUTSCHE BANK AG
015 B000518 S
015 C010518 INDIA
015 D010518 INDIA
015 E040518 X
015 A000519 STANDARD CHARTERED BANK
015 B000519 S
015 C010519 INDONESIA
015 D010519 INDONESIA
015 E040519 X
015 A000520 BANK OF IRELAND
015 B000520 S
015 C010520 IRELAND
015 D010520 IRELAND
015 E040520 X
015 A000521 BANK HAPOALIM B.M.
015 B000521 S
015 C010521 ISRAEL
015 D010521 ISRAEL
015 E040521 X
015 A000522 BANQUE PARIBAS
015 B000522 S
015 C010522 ITALY
015 D010522 ITALY
015 E040522 X
015 A000523 SUMITOMO TRUST & BANKING CO., LTD.
015 B000523 S
015 C010523 JAPAN
015 D010523 JAPAN
015 E040523 X
015 A000524 THE FUJI BANK, LIMITED
015 B000524 S
015 C010524 JAPAN
015 D010524 JAPAN
015 E040524 X
015 A000525 SEOULBANK
015 B000525 S
015 C010525 KOREA
015 D010525 KOREA
015 E040525 X
015 A000526 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000526 S
015 C010526 MALAYSIA
015 D010526 MALAYSIA
015 E040526 X
015 A000527 CITIBANK MEXICO, S.A.
015 B000527 S
015 C010527 MEXICO
<PAGE> PAGE 29
015 D010527 MEXICO
015 E040527 X
015 A000528 MEESPIERSON N.V.
015 B000528 S
015 C010528 NETHERLANDS
015 D010528 NETHERLANDS
015 E040528 X
015 A000529 ANZ BANKING GROUP (NEW ZEALAND) LTD.
015 B000529 S
015 C010529 NEW ZEALAND
015 D010529 NEW ZEALAND
015 E040529 X
015 A000530 CHRISTIANIA BANK OG KREDITKASSE
015 B000530 S
015 C010530 NORWAY
015 D010530 NORWAY
015 E040530 X
015 A000531 DEUTSCHE BANK AG
015 B000531 S
015 C010531 PAKISTAN
015 D010531 PAKISTAN
015 E040531 X
015 A000532 CITIBANK, N.A.
015 B000532 S
015 C010532 PERU
015 D010532 PERU
015 E040532 X
015 A000533 STANDARD CHARTERED BANK
015 B000533 S
015 C010533 PHILIPPINES
015 D010533 PHILIPPINES
015 E040533 X
015 A000534 CITIBANK POLAND S.A.
015 B000534 S
015 C010534 POLAND
015 D010534 POLAND
015 E040534 X
015 A000535 BANCO COMERCIAL PORTUGUES
015 B000535 S
015 C010535 PORTUGAL
015 D010535 PORTUGAL
015 E040535 X
015 A000536 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000536 S
015 C010536 SINGAPORE
015 D010536 SINGAPORE
015 E040536 X
015 A000537 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000537 S
015 C010537 SLOVAK REPUBLIC
015 D010537 SLOVAK REPUBLIC
<PAGE> PAGE 30
015 E040537 X
015 A000538 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000538 S
015 C010538 SOUTH AFRICA
015 D010538 SOUTH AFRICA
015 E040538 X
015 A000539 BANCO SANTANDER, S.A.
015 B000539 S
015 C010539 SPAIN
015 D010539 SPAIN
015 E040539 X
015 A000540 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000540 S
015 C010540 SRI LANKA
015 D010540 SRI LANKA
015 E040540 X
015 A000541 SKANDINAVISKA ENSKILDA BANKEN
015 B000541 S
015 C010541 SWEDEN
015 D010541 SWEDEN
015 E040541 X
015 A000542 UNION BANK OF SWITZERLAND
015 B000542 S
015 C010542 SWITZERLAND
015 D010542 SWITZERLAND
015 E040542 X
015 A000543 CENTRAL TRUST OF CHINA
015 B000543 S
015 C010543 TAIWAN
015 D010543 TAIWAN
015 E040543 X
015 A000544 STANDARD CHARTERED BANK
015 B000544 S
015 C010544 THAILAND
015 D010544 THAILAND
015 E040544 X
015 A000545 CITIBANK, N.A.
015 B000545 S
015 C010545 TURKEY
015 D010545 TURKEY
015 E040545 X
015 A000546 STATE STREET BANK AND TRUST CO.
015 B000546 S
015 C010546 UK
015 D010546 UK
015 E040546 X
015 A000547 STATE STREET LONDON LTD.
015 B000547 S
015 C010547 UK
015 D010547 UK
015 E040547 X
<PAGE> PAGE 31
028 A010500 66
028 A020500 0
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028 A040500 113
028 B010500 101
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028 C010500 261
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028 H000500 1086
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034 000500 Y
035 000500 0
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038 000500 0
039 000500 Y
040 000500 Y
041 000500 Y
042 A000500 16
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042 E000500 65
<PAGE> PAGE 32
042 F000500 0
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050 000500 N
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052 000500 N
053 A000500 N
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 N
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<PAGE> PAGE 33
062 L000500 0.0
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070 E020500 N
070 F010500 Y
070 F020500 N
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070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
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070 P010500 N
070 P020500 N
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070 Q020500 N
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070 R020500 N
071 A000500 12452
071 B000500 11081
<PAGE> PAGE 34
071 C000500 17599
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<PAGE> PAGE 35
074 M000500 0
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028 A010600 3096
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<PAGE> PAGE 36
030 A000600 65
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<PAGE> PAGE 37
049 000600 N
050 000600 N
051 000600 N
052 000600 N
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053 C000600 N
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
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062 D000600 4.3
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066 A000600 N
067 000600 N
068 A000600 N
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069 000600 N
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070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
<PAGE> PAGE 38
070 G020600 N
070 H010600 N
070 H020600 N
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070 I020600 N
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070 J020600 Y
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070 M010600 N
070 M020600 N
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070 N020600 N
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070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 234098
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<PAGE> PAGE 39
072 Y000600 94
072 Z000600 3613
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073 A010600 0.2494
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073 B000600 0.0289
073 C000600 0.0000
074 A000600 1
074 B000600 6081
074 C000600 30354
074 D000600 139092
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076 000600 0.00
028 A010700 886
028 A020700 353
028 A030700 0
028 A040700 231
028 B010700 378
<PAGE> PAGE 40
028 B020700 371
028 B030700 0
028 B040700 120
028 C010700 2283
028 C020700 409
028 C030700 0
028 C040700 277
028 D010700 349
028 D020700 400
028 D030700 0
028 D040700 291
028 E010700 550
028 E020700 367
028 E030700 0
028 E040700 234
028 F010700 240
028 F020700 509
028 F030700 0
028 F040700 110
028 G010700 4686
028 G020700 2409
028 G030700 0
028 G040700 1263
028 H000700 4599
029 000700 Y
030 A000700 27
030 B000700 4.50
030 C000700 0.00
031 A000700 5
031 B000700 0
032 000700 0
033 000700 22
034 000700 Y
035 000700 5
036 A000700 N
036 B000700 5
037 000700 N
038 000700 0
039 000700 Y
040 000700 Y
041 000700 Y
042 A000700 2
042 B000700 0
042 C000700 0
042 D000700 2
042 E000700 96
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 11
044 000700 0
<PAGE> PAGE 41
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.600
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 N
053 C000700 N
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 7.6
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
<PAGE> PAGE 42
062 O000700 0.0
062 P000700 0.0
062 Q000700 92.4
062 R000700 0.0
063 A000700 0
063 B000700 7.8
064 A000700 Y
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 36502
071 B000700 34263
<PAGE> PAGE 43
071 C000700 52761
071 D000700 65
072 A000700 6
072 B000700 2553
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 167
072 G000700 69
072 H000700 0
072 I000700 28
072 J000700 26
072 K000700 0
072 L000700 3
072 M000700 10
072 N000700 15
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 10
072 S000700 1
072 T000700 11
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 341
072 Y000700 117
072 Z000700 2329
072AA000700 0
072BB000700 490
072CC010700 0
072CC020700 2105
072DD010700 2226
072DD020700 103
072EE000700 93
073 A010700 0.4051
073 A020700 0.3493
073 B000700 0.0154
073 C000700 0.0000
074 A000700 0
074 B000700 4325
074 C000700 0
074 D000700 51586
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
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074 L000700 1127
<PAGE> PAGE 44
074 M000700 0
074 N000700 57038
074 O000700 0
074 P000700 115
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 9
074 S000700 0
074 T000700 56914
074 U010700 5761
074 U020700 310
074 V010700 9.38
074 V020700 9.37
074 W000700 0.0000
074 X000700 295
074 Y000700 0
075 A000700 0
075 B000700 56039
076 000700 0.00
028 A010800 1850
028 A020800 210
028 A030800 0
028 A040800 92
028 B010800 4317
028 B020800 227
028 B030800 0
028 B040800 1546
028 C010800 3586
028 C020800 278
028 C030800 0
028 C040800 1647
028 D010800 4959
028 D020800 265
028 D030800 0
028 D040800 75
028 E010800 3685
028 E020800 251
028 E030800 0
028 E040800 144
028 F010800 17287
028 F020800 391
028 F030800 0
028 F040800 1026
028 G010800 35684
028 G020800 1622
028 G030800 0
028 G040800 4530
028 H000800 35560
029 000800 Y
<PAGE> PAGE 45
030 A000800 59
030 B000800 4.50
030 C000800 0.00
031 A000800 0
031 B000800 52
032 000800 0
033 000800 110
034 000800 N
035 000800 0
036 B000800 0
037 000800 N
038 000800 0
039 000800 Y
040 000800 N
041 000800 N
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.500
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
<PAGE> PAGE 46
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 N
053 C000800 N
055 A000800 N
055 B000800 N
056 000800 N
057 000800 N
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 97.9
062 P000800 0.0
062 Q000800 0.0
062 R000800 2.1
063 A000800 0
063 B000800 17.8
064 A000800 Y
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 Y
<PAGE> PAGE 47
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 91463
071 B000800 62370
071 C000800 81515
071 D000800 77
072 A000800 6
072 B000800 1924
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 199
072 G000800 99
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072 J000800 28
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072 M000800 10
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<PAGE> PAGE 48
072 Y000800 57
072 Z000800 1607
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072CC020800 3780
072DD010800 1607
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072EE000800 42
073 A010800 0.2009
073 A020800 0.0000
073 B000800 0.0041
073 C000800 0.0000
074 A000800 83
074 B000800 0
074 C000800 0
074 D000800 97966
074 E000800 0
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074 J000800 3018
074 K000800 0
074 L000800 1161
074 M000800 0
074 N000800 102228
074 O000800 1968
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074 R010800 0
074 R020800 0
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074 R040800 6
074 S000800 0
074 T000800 100085
074 U010800 10266
074 U020800 0
074 V010800 9.75
074 V020800 0.00
074 W000800 0.0000
074 X000800 335
074 Y000800 0
075 A000800 0
075 B000800 80070
076 000800 0.00
028 A010900 85665
028 A020900 752
028 A030900 0
028 A040900 98422
028 B010900 130325
<PAGE> PAGE 49
028 B020900 727
028 B030900 0
028 B040900 94591
028 C010900 154054
028 C020900 897
028 C030900 0
028 C040900 148068
028 D010900 144765
028 D020900 839
028 D030900 0
028 D040900 129062
028 E010900 196150
028 E020900 810
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028 E040900 206591
028 F010900 136682
028 F020900 1028
028 F030900 0
028 F040900 134733
028 G010900 847641
028 G020900 5053
028 G030900 0
028 G040900 811467
028 H000900 0
029 000900 N
030 A000900 0
030 B000900 0.00
030 C000900 0.00
034 000900 Y
035 000900 49
036 A000900 N
036 B000900 49
037 000900 N
038 000900 0
039 000900 Y
040 000900 Y
041 000900 Y
042 A000900 4
042 B000900 0
042 C000900 0
042 D000900 5
042 E000900 91
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043 000900 44
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045 000900 Y
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047 000900 Y
048 000900 0.500
<PAGE> PAGE 50
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 N
053 C000900 N
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 1.3
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 98.7
062 J000900 0.0
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062 O000900 0.0
062 P000900 0.0
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062 R000900 0.0
<PAGE> PAGE 51
063 A000900 20
063 B000900 0.0
064 A000900 Y
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 N
070 K020900 N
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 0
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072 A000900 6
072 B000900 6478
<PAGE> PAGE 52
072 C000900 0
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073 A010900 0.2034
073 A020900 0.2034
073 B000900 0.0000
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074 A000900 284
074 B000900 3569
074 C000900 275981
074 D000900 0
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<PAGE> PAGE 53
074 Q000900 0
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074 R040900 4503
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074 T000900 279656
074 U010900 267156
074 U020900 12500
074 V010900 1.00
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075 A000900 263646
075 B000900 0
076 000900 0.00
SIGNATURE FRANK PEPE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE FUND CLASS A
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE FUND CLASS A
<NUMBER> 011
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2,490,872
<INVESTMENTS-AT-VALUE> 3,498,042
<RECEIVABLES> 28,163
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,526,205
<PAYABLE-FOR-SECURITIES> 9,555
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,861
<TOTAL-LIABILITIES> 79,416
<SENIOR-EQUITY> 630
<PAID-IN-CAPITAL-COMMON> 2,219,615
<SHARES-COMMON-STOCK> 55,057 <F1>
<SHARES-COMMON-PRIOR> 57,643 <F1>
<ACCUMULATED-NII-CURRENT> 363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 219,010
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,007,171
<NET-ASSETS> 3,014,294 <F1>
<DIVIDEND-INCOME> 14,919
<INTEREST-INCOME> 3,571
<OTHER-INCOME> 0
<EXPENSES-NET> 14,794
<NET-INVESTMENT-INCOME> 3,696
<REALIZED-GAINS-CURRENT> 219,063
<APPREC-INCREASE-CURRENT> 42,160
<NET-CHANGE-FROM-OPS> 264,919
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,696 <F1>
<DISTRIBUTIONS-OF-GAINS> 66,993 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,627 <F1>
<NUMBER-OF-SHARES-REDEEMED> (18,503)<F1>
<SHARES-REINVESTED> 1,290 <F1>
<NET-CHANGE-IN-ASSETS> 66,532
<ACCUMULATED-NII-PRIOR> 363
<ACCUMULATED-GAINS-PRIOR> 76,526
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,377
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,794
<AVERAGE-NET-ASSETS> 2,973,958 <F1>
<PER-SHARE-NAV-BEGIN> 51.88 <F1>
<PER-SHARE-NII> 0.09 <F1>
<PER-SHARE-GAIN-APPREC> 4.08 <F1>
<PER-SHARE-DIVIDEND> (0.07)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.23)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 54.75 <F1>
<EXPENSE-RATIO> 0.77 <F1>
<FN>
<F1> Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE FUND CLASS B
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE FUND CLASS B
<NUMBER> 012
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2,490,872
<INVESTMENTS-AT-VALUE> 3,498,042
<RECEIVABLES> 28,163
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,526,205
<PAYABLE-FOR-SECURITIES> 9,555
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,861
<TOTAL-LIABILITIES> 79,416
<SENIOR-EQUITY> 630
<PAID-IN-CAPITAL-COMMON> 2,219,615
<SHARES-COMMON-STOCK> 7,970 <F1>
<SHARES-COMMON-PRIOR> 7,549 <F1>
<ACCUMULATED-NII-CURRENT> 363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 219,010
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,007,171
<NET-ASSETS> 432,496 <F1>
<DIVIDEND-INCOME> 14,919
<INTEREST-INCOME> 3,571
<OTHER-INCOME> 0
<EXPENSES-NET> 14,794
<NET-INVESTMENT-INCOME> 3,696
<REALIZED-GAINS-CURRENT> 219,063
<APPREC-INCREASE-CURRENT> 42,160
<NET-CHANGE-FROM-OPS> 264,919
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 9,585 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 866 <F1>
<NUMBER-OF-SHARES-REDEEMED> (620)<F1>
<SHARES-REINVESTED> 175 <F1>
<NET-CHANGE-IN-ASSETS> 66,532
<ACCUMULATED-NII-PRIOR> 363
<ACCUMULATED-GAINS-PRIOR> 76,526
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,377
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,794
<AVERAGE-NET-ASSETS> 404,428 <F1>
<PER-SHARE-NAV-BEGIN> 51.59 <F1>
<PER-SHARE-NII> (0.14)<F1>
<PER-SHARE-GAIN-APPREC> 4.04 <F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> (1.23)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 54.26 <F1>
<EXPENSE-RATIO> 1.68 <F1>
<FN>
<F1> Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE SMALL CAP FUND CLASS A
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE SMALL CAP FUND CLASS A
<NUMBER> 071
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 96,178
<INVESTMENTS-AT-VALUE> 111,649
<RECEIVABLES> 2,941
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,590
<PAYABLE-FOR-SECURITIES> 1,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,291
<TOTAL-LIABILITIES> 2,467
<SENIOR-EQUITY> 89
<PAID-IN-CAPITAL-COMMON> 115,878
<SHARES-COMMON-STOCK> 7,436 <F1>
<SHARES-COMMON-PRIOR> 9,959 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 386
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 18,929
<ACCUM-APPREC-OR-DEPREC> 15,471
<NET-ASSETS> 93,667 <F1>
<DIVIDEND-INCOME> 366
<INTEREST-INCOME> 138
<OTHER-INCOME> 0
<EXPENSES-NET> 890
<NET-INVESTMENT-INCOME> (386)
<REALIZED-GAINS-CURRENT> (2,848)
<APPREC-INCREASE-CURRENT> (1,423)
<NET-CHANGE-FROM-OPS> (4,656)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,558 <F1>
<NUMBER-OF-SHARES-REDEEMED> (9,081)<F1>
<SHARES-REINVESTED> 0 <F1>
<NET-CHANGE-IN-ASSETS> (37,524)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 16,081
<GROSS-ADVISORY-FEES> 446
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 890
<AVERAGE-NET-ASSETS> 100,962 <F1>
<PER-SHARE-NAV-BEGIN> 12.80 <F1>
<PER-SHARE-NII> (0.03)<F1>
<PER-SHARE-GAIN-APPREC> (0.17)<F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> 0 <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.60 <F1>
<EXPENSE-RATIO> 1.35 <F1>
<FN>
<F1> Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE SMALL CAP FUND CLASS B
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE SMALL CAP STOCK FUND CLASS B
<NUMBER> 072
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 96,178
<INVESTMENTS-AT-VALUE> 111,649
<RECEIVABLES> 2,941
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,590
<PAYABLE-FOR-SECURITIES> 1,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,291
<TOTAL-LIABILITIES> 2,467
<SENIOR-EQUITY> 89
<PAID-IN-CAPITAL-COMMON> 115,878
<SHARES-COMMON-STOCK> 1,494 <F1>
<SHARES-COMMON-PRIOR> 1,754 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 386
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 18,929
<ACCUM-APPREC-OR-DEPREC> 15,471
<NET-ASSETS> 18,456 <F1>
<DIVIDEND-INCOME> 366
<INTEREST-INCOME> 138
<OTHER-INCOME> 0
<EXPENSES-NET> 890
<NET-INVESTMENT-INCOME> (386)
<REALIZED-GAINS-CURRENT> (2,848)
<APPREC-INCREASE-CURRENT> (1,423)
<NET-CHANGE-FROM-OPS> (4,657)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 168 <F1>
<NUMBER-OF-SHARES-REDEEMED> (428) <F1>
<SHARES-REINVESTED> 0 <F1>
<NET-CHANGE-IN-ASSETS> (37,524)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 16,081
<GROSS-ADVISORY-FEES> 446
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 890
<AVERAGE-NET-ASSETS> 19,041 <F1>
<PER-SHARE-NAV-BEGIN> 12.61 <F1>
<PER-SHARE-NII> (0.09) <F1>
<PER-SHARE-GAIN-APPREC> (0.16) <F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> 0 <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.36 <F1>
<EXPENSE-RATIO> 2.25 <F1>
<FN>
<F1> Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN ASSET ALLOCATION FUND CLASS A
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN ASSET ALLOCATION FUND CLASS A
<NUMBER> 021
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 228,458
<INVESTMENTS-AT-VALUE> 248,167
<RECEIVABLES> 1,516
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,683
<PAYABLE-FOR-SECURITIES> 97
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 487
<TOTAL-LIABILITIES> 584
<SENIOR-EQUITY> 169
<PAID-IN-CAPITAL-COMMON> 220,685
<SHARES-COMMON-STOCK> 14,513 <F1>
<SHARES-COMMON-PRIOR> 13,183 <F1>
<ACCUMULATED-NII-CURRENT> 696
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,839
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,709
<NET-ASSETS> 214,099 <F1>
<DIVIDEND-INCOME> 1,397
<INTEREST-INCOME> 2,047
<OTHER-INCOME> 0
<EXPENSES-NET> 736
<NET-INVESTMENT-INCOME> 2,708
<REALIZED-GAINS-CURRENT> 11,310
<APPREC-INCREASE-CURRENT> (4,646)
<NET-CHANGE-FROM-OPS> 9,372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,881 <F1>
<DISTRIBUTIONS-OF-GAINS> 6,657 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,826 <F1>
<NUMBER-OF-SHARES-REDEEMED> (1,071)<F1>
<SHARES-REINVESTED> 575 <F1>
<NET-CHANGE-IN-ASSETS> 26,726
<ACCUMULATED-NII-PRIOR> 48
<ACCUMULATED-GAINS-PRIOR> 4,273
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 757
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 736
<AVERAGE-NET-ASSETS> 204,289 <F1>
<PER-SHARE-NAV-BEGIN> 14.78 <F1>
<PER-SHARE-NII> 0.17 <F1>
<PER-SHARE-GAIN-APPREC> 0.41 <F1>
<PER-SHARE-DIVIDEND> (0.13)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.48)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.75 <F1>
<EXPENSE-RATIO> 0.51 <F1>
<FN>
<F1> Class A only. All other data are on a fund level.
<F/FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN ASSET ALLOCATION FUND CLASS B
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN ASSET ALLOCATION FUND CLASS B
<NUMBER> 022
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 228,458
<INVESTMENTS-AT-VALUE> 248,167
<RECEIVABLES> 1,516
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,683
<PAYABLE-FOR-SECURITIES> 97
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 487
<TOTAL-LIABILITIES> 584
<SENIOR-EQUITY> 169
<PAID-IN-CAPITAL-COMMON> 220,685
<SHARES-COMMON-STOCK> 2,382 <F1>
<SHARES-COMMON-PRIOR> 1,870 <F1>
<ACCUMULATED-NII-CURRENT> 696
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,839
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,709
<NET-ASSETS> 34,999 <F1>
<DIVIDEND-INCOME> 1,397
<INTEREST-INCOME> 2,047
<OTHER-INCOME> 0
<EXPENSES-NET> 736
<NET-INVESTMENT-INCOME> 2,708
<REALIZED-GAINS-CURRENT> 11,310
<APPREC-INCREASE-CURRENT> (4,646)
<NET-CHANGE-FROM-OPS> 9,372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 179 <F1>
<DISTRIBUTIONS-OF-GAINS> 1,086 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 546 <F1>
<NUMBER-OF-SHARES-REDEEMED> (119)<F1>
<SHARES-REINVESTED> 85 <F1>
<NET-CHANGE-IN-ASSETS> 26,726
<ACCUMULATED-NII-PRIOR> 48
<ACCUMULATED-GAINS-PRIOR> 4,273
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 757
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 736
<AVERAGE-NET-ASSETS> 30,607 <F1>
<PER-SHARE-NAV-BEGIN> 14.73 <F1>
<PER-SHARE-NII> 0.10 <F1>
<PER-SHARE-GAIN-APPREC> 0.42 <F1>
<PER-SHARE-DIVIDEND> (0.08)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.48)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.69 <F1>
<EXPENSE-RATIO> 1.36 <F1>
<FN>
<F1> Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS A
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS A
<NUMBER> 031
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 100,082
<INVESTMENTS-AT-VALUE> 122,363
<RECEIVABLES> 3,355
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,718
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 614
<TOTAL-LIABILITIES> 614
<SENIOR-EQUITY> 67
<PAID-IN-CAPITAL-COMMON> 97,441
<SHARES-COMMON-STOCK> 6,034 <F1>
<SHARES-COMMON-PRIOR> 5,100 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 484
<ACCUMULATED-NET-GAINS> 5,828
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,252
<NET-ASSETS> 113,647 <F1>
<DIVIDEND-INCOME> 1,071
<INTEREST-INCOME> 80
<OTHER-INCOME> 0
<EXPENSES-NET> 876
<NET-INVESTMENT-INCOME> 275
<REALIZED-GAINS-CURRENT> 5,828
<APPREC-INCREASE-CURRENT> (1,937)
<NET-CHANGE-FROM-OPS> 4,167
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 152 <F1>
<DISTRIBUTIONS-OF-GAINS> 772 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,984 <F1>
<NUMBER-OF-SHARES-REDEEMED> (5,091) <F1>
<SHARES-REINVESTED> 40 <F1>
<NET-CHANGE-IN-ASSETS> 21,017
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 854
<OVERDISTRIB-NII-PRIOR> 607
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 876
<AVERAGE-NET-ASSETS> 99,865 <F1>
<PER-SHARE-NAV-BEGIN> 18.41 <F1>
<PER-SHARE-NII> 0.06 <F1>
<PER-SHARE-GAIN-APPREC> 0.53 <F1>
<PER-SHARE-DIVIDEND> (0.03) <F1>
<PER-SHARE-DISTRIBUTIONS> (0.13) <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.84 <F1>
<EXPENSE-RATIO> 1.50 <F1>
<FN>
<F1> Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS B
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS B
<NUMBER> 032
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 100,082
<INVESTMENTS-AT-VALUE> 122,363
<RECEIVABLES> 3,355
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,718
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 614
<TOTAL-LIABILITIES> 614
<SENIOR-EQUITY> 67
<PAID-IN-CAPITAL-COMMON> 97,441
<SHARES-COMMON-STOCK> 626 <F1>
<SHARES-COMMON-PRIOR> 569 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 484
<ACCUMULATED-NET-GAINS> 5,828
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,252
<NET-ASSETS> 11,458 <F1>
<DIVIDEND-INCOME> 1,071
<INTEREST-INCOME> 80
<OTHER-INCOME> 0
<EXPENSES-NET> 876
<NET-INVESTMENT-INCOME> 275
<REALIZED-GAINS-CURRENT> 5,828
<APPREC-INCREASE-CURRENT> (1,937)
<NET-CHANGE-FROM-OPS> 4,167
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 83 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90 <F1>
<NUMBER-OF-SHARES-REDEEMED> (37) <F1>
<SHARES-REINVESTED> 4 <F1>
<NET-CHANGE-IN-ASSETS> 21,017
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 854
<OVERDISTRIB-NII-PRIOR> 607
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 876
<AVERAGE-NET-ASSETS> 10,758 <F1>
<PER-SHARE-NAV-BEGIN> 17.97 <F1>
<PER-SHARE-NII> (0.01) <F1>
<PER-SHARE-GAIN-APPREC> 0.48 <F1>
<PER-SHARE-DIVIDEND> 0.00 <F1>
<PER-SHARE-DISTRIBUTIONS> (0.13) <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.31 <F1>
<EXPENSE-RATIO> 2.54 <F1>
<FN>
<F1> Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS A
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS A
<NUMBER> 081
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 19,395
<INVESTMENTS-AT-VALUE> 22,107
<RECEIVABLES> 1,004
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,111
<PAYABLE-FOR-SECURITIES> 121
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168
<TOTAL-LIABILITIES> 289
<SENIOR-EQUITY> 28
<PAID-IN-CAPITAL-COMMON> 27,210
<SHARES-COMMON-STOCK> 2,541 <F1>
<SHARES-COMMON-PRIOR> 2,455 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 151
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6,938
<ACCUM-APPREC-OR-DEPREC> 2,673
<NET-ASSETS> 21,133 <F1>
<DIVIDEND-INCOME> 125
<INTEREST-INCOME> 21
<OTHER-INCOME> 0
<EXPENSES-NET> 257
<NET-INVESTMENT-INCOME> (111)
<REALIZED-GAINS-CURRENT> (831)
<APPREC-INCREASE-CURRENT> 5,361
<NET-CHANGE-FROM-OPS> 4,455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152 <F1>
<NUMBER-OF-SHARES-REDEEMED> (66)<F1>
<SHARES-REINVESTED> 0 <F1>
<NET-CHANGE-IN-ASSETS> 5,113
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 49
<OVERDIST-NET-GAINS-PRIOR> 6,144
<GROSS-ADVISORY-FEES> 95
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 257
<AVERAGE-NET-ASSETS> 17,633 <F1>
<PER-SHARE-NAV-BEGIN> 6.66 <F1>
<PER-SHARE-NII> (0.03)<F1>
<PER-SHARE-GAIN-APPREC> 1.69 <F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> 0 <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.32 <F1>
<EXPENSE-RATIO> 2.50 <F1>
<FN>
<F1> Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS B
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS B
<NUMBER> 082
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 19,395
<INVESTMENTS-AT-VALUE> 22,107
<RECEIVABLES> 1,004
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,111
<PAYABLE-FOR-SECURITIES> 121
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168
<TOTAL-LIABILITIES> 289
<SENIOR-EQUITY> 28
<PAID-IN-CAPITAL-COMMON> 27,210
<SHARES-COMMON-STOCK> 213 <F1>
<SHARES-COMMON-PRIOR> 212 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 151
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6,938
<ACCUM-APPREC-OR-DEPREC> 2,673
<NET-ASSETS> 1,689 <F1>
<DIVIDEND-INCOME> 125
<INTEREST-INCOME> 21
<OTHER-INCOME> 0
<EXPENSES-NET> 257
<NET-INVESTMENT-INCOME> (111)
<REALIZED-GAINS-CURRENT> (831)
<APPREC-INCREASE-CURRENT> 5,361
<NET-CHANGE-FROM-OPS> 4,455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0 <F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15 <F1>
<NUMBER-OF-SHARES-REDEEMED> (14)<F1>
<SHARES-REINVESTED> 0 <F1>
<NET-CHANGE-IN-ASSETS> 5,113
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 49
<OVERDIST-NET-GAINS-PRIOR> 6,144
<GROSS-ADVISORY-FEES> 95
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 257
<AVERAGE-NET-ASSETS> 1,448 <F1>
<PER-SHARE-NAV-BEGIN> 6.44 <F1>
<PER-SHARE-NII> (0.13)<F1>
<PER-SHARE-GAIN-APPREC> 1.62 <F1>
<PER-SHARE-DIVIDEND> 0 <F1>
<PER-SHARE-DISTRIBUTIONS> 0 <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.93 <F1>
<EXPENSE-RATIO> 5.38 <F1>
<FN>
<F1> Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN INVESTMENT QUALITY BOND FUND
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN INVESTMENT QUALITY BOND FUND
<NUMBER> 04
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 178,387
<INVESTMENTS-AT-VALUE> 175,526
<RECEIVABLES> 12,062
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 187,588
<PAYABLE-FOR-SECURITIES> 13,829
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,419
<TOTAL-LIABILITIES> 46,248
<SENIOR-EQUITY> 148
<PAID-IN-CAPITAL-COMMON> 145,909
<SHARES-COMMON-STOCK> 14,722
<SHARES-COMMON-PRIOR> 14,233
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,856
<ACCUM-APPREC-OR-DEPREC> (2,860)
<NET-ASSETS> 141,341
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,178
<OTHER-INCOME> 0
<EXPENSES-NET> 565
<NET-INVESTMENT-INCOME> 3,613
<REALIZED-GAINS-CURRENT> (1,748)
<APPREC-INCREASE-CURRENT> (3,962)
<NET-CHANGE-FROM-OPS> (2,097)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,613
<DISTRIBUTIONS-OF-GAINS> 429
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,796
<NUMBER-OF-SHARES-REDEEMED> (2,655)
<SHARES-REINVESTED> 398
<NET-CHANGE-IN-ASSETS> (858)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 321
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 353
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 659
<AVERAGE-NET-ASSETS> 142,314
<PER-SHARE-NAV-BEGIN> 9.99
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.39)
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 0.81
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN HIGH YIELD BOND FUND CLASS A
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN HIGH YIELD BOND FUND CLASS A
<NUMBER> 091
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 57,736
<INVESTMENTS-AT-VALUE> 55,911
<RECEIVABLES> 1,128
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,038
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124
<TOTAL-LIABILITIES> 124
<SENIOR-EQUITY> 61
<PAID-IN-CAPITAL-COMMON> 59,170
<SHARES-COMMON-STOCK> 5,761 <F1>
<SHARES-COMMON-PRIOR> 5,214 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 490
<ACCUM-APPREC-OR-DEPREC> 1,826
<NET-ASSETS> 54,013 <F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,553
<OTHER-INCOME> 0
<EXPENSES-NET> 224
<NET-INVESTMENT-INCOME> 2,329
<REALIZED-GAINS-CURRENT> (490)
<APPREC-INCREASE-CURRENT> (2,105)
<NET-CHANGE-FROM-OPS> (266)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,226 <F1>
<DISTRIBUTIONS-OF-GAINS> 88 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 375 <F1>
<NUMBER-OF-SHARES-REDEEMED> (67)<F1>
<SHARES-REINVESTED> 239 <F1>
<NET-CHANGE-IN-ASSETS> 3,144
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 341
<AVERAGE-NET-ASSETS> 53,215 <F1>
<PER-SHARE-NAV-BEGIN> 9.84 <F1>
<PER-SHARE-NII> 0.41 <F1>
<PER-SHARE-GAIN-APPREC> (0.44)<F1>
<PER-SHARE-DIVIDEND> (0.41)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.02)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.38 <F1>
<EXPENSE-RATIO> 0.75 <F1>
<FN>
<F1> Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN HIGH YIELD BOND FUND CLASS B
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN HIGH YIELD BOND FUND CLASS B
<NUMBER> 092
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 57,736
<INVESTMENTS-AT-VALUE> 55,911
<RECEIVABLES> 1,128
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,038
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124
<TOTAL-LIABILITIES> 124
<SENIOR-EQUITY> 61
<PAID-IN-CAPITAL-COMMON> 59,170
<SHARES-COMMON-STOCK> 310 <F1>
<SHARES-COMMON-PRIOR> 253 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 490
<ACCUM-APPREC-OR-DEPREC> (1,826)
<NET-ASSETS> 2,902 <F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,553
<OTHER-INCOME> 0
<EXPENSES-NET> 224
<NET-INVESTMENT-INCOME> 2,329
<REALIZED-GAINS-CURRENT> (490)
<APPREC-INCREASE-CURRENT> (2,105)
<NET-CHANGE-FROM-OPS> (266)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 103 <F1>
<DISTRIBUTIONS-OF-GAINS> 5 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 109 <F1>
<NUMBER-OF-SHARES-REDEEMED> (63) <F1>
<SHARES-REINVESTED> 11 <F1>
<NET-CHANGE-IN-ASSETS> 3,144
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 341
<AVERAGE-NET-ASSETS> 2,825 <F1>
<PER-SHARE-NAV-BEGIN> 9.83 <F1>
<PER-SHARE-NII> 0.35 <F1>
<PER-SHARE-GAIN-APPREC> (0.44) <F1>
<PER-SHARE-DIVIDEND> (0.35) <F1>
<PER-SHARE-DISTRIBUTIONS> (0.02) <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.37 <F1>
<EXPENSE-RATIO> 1.83 <F1>
<FN>
<F1> Class B only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN TAX EXEMPT FUND
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN TAX EXEMPT FUND
<NUMBER> 05
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 99,950
<INVESTMENTS-AT-VALUE> 97,966
<RECEIVABLES> 4,262
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,228
<PAYABLE-FOR-SECURITIES> 1,968
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176
<TOTAL-LIABILITIES> 2,144
<SENIOR-EQUITY> 103
<PAID-IN-CAPITAL-COMMON> 101,554
<SHARES-COMMON-STOCK> 10,266
<SHARES-COMMON-PRIOR> 6,978
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 412
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,983)
<NET-ASSETS> 100,085
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,924
<OTHER-INCOME> 0
<EXPENSES-NET> 317
<NET-INVESTMENT-INCOME> 1,607
<REALIZED-GAINS-CURRENT> 412
<APPREC-INCREASE-CURRENT> (3,780)
<NET-CHANGE-FROM-OPS> (1,762)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,607)
<DISTRIBUTIONS-OF-GAINS> (42)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,578
<NUMBER-OF-SHARES-REDEEMED> (452)
<SHARES-REINVESTED> 162
<NET-CHANGE-IN-ASSETS> 29,365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 42
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 199
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 374
<AVERAGE-NET-ASSETS> 80,070
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> (0.38)
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.75
<EXPENSE-RATIO> 0.80
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN CASH MANAGEMENT FUND CLASS A
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN CASH MANAGEMENT FUND CLASS A
<NUMBER> 061
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 279,550
<INVESTMENTS-AT-VALUE> 279,550
<RECEIVABLES> 5,208
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 284,758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,102
<TOTAL-LIABILITIES> 5,102
<SENIOR-EQUITY> 2,797
<PAID-IN-CAPITAL-COMMON> 276,859
<SHARES-COMMON-STOCK> 267,156 <F1>
<SHARES-COMMON-PRIOR> 225,997 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 267,156 <F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,478
<OTHER-INCOME> 0
<EXPENSES-NET> 1,111
<NET-INVESTMENT-INCOME> 5,367
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,126 <F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 837,683 <F1>
<NUMBER-OF-SHARES-REDEEMED> (801,368)<F1>
<SHARES-REINVESTED> 4,843 <F1>
<NET-CHANGE-IN-ASSETS> 41,229
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 654
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,322
<AVERAGE-NET-ASSETS> 251,831 <F1>
<PER-SHARE-NAV-BEGIN> 1.00 <F1>
<PER-SHARE-NII> 0.020 <F1>
<PER-SHARE-GAIN-APPREC> 0 <F1>
<PER-SHARE-DIVIDEND> (0.020)<F1>
<PER-SHARE-DISTRIBUTIONS> 0 <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00 <F1>
<EXPENSE-RATIO> 0.85 <F1>
<FN>
<F1> Class A only. All other data are on a fund level.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN CASH MANAGEMENT FUND CLASS B
This schedule contains financial information extracted from the
"Semiannual Report to Shareholders" dated June 30, 1999, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000837910
<NAME> THE PARK AVENUE PORTFOLIO
<SERIES>
<NAME> THE GUARDIAN CASH MANAGEMENT FUND CLASS B
<NUMBER> 062
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 279,550
<INVESTMENTS-AT-VALUE> 279,550
<RECEIVABLES> 5,208
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 284,758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,102
<TOTAL-LIABILITIES> 5,102
<SENIOR-EQUITY> 2,797
<PAID-IN-CAPITAL-COMMON> 276,859
<SHARES-COMMON-STOCK> 12,500 <F1>
<SHARES-COMMON-PRIOR> 12,430 <F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 12,500 <F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,478
<OTHER-INCOME> 0
<EXPENSES-NET> 1,111
<NET-INVESTMENT-INCOME> 5,367
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (240)<F1>
<DISTRIBUTIONS-OF-GAINS> 0 <F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,958 <F1>
<NUMBER-OF-SHARES-REDEEMED> (10,098)<F1>
<SHARES-REINVESTED> 210 <F1>
<NET-CHANGE-IN-ASSETS> 41,229
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 654
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,322
<AVERAGE-NET-ASSETS> 11,815 <F1>
<PER-SHARE-NAV-BEGIN> 1.00 <F1>
<PER-SHARE-NII> 0.020 <F1>
<PER-SHARE-GAIN-APPREC> 0 <F1>
<PER-SHARE-DIVIDEND> (0.020)<F1>
<PER-SHARE-DISTRIBUTIONS> 0 <F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00 <F1>
<EXPENSE-RATIO> 0.85 <F1>
<FN>
<F1> Class B only. All other data are on a fund level.
</FN>
</TABLE>
