<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, 2000, 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> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 100,718
<INVESTMENTS-AT-VALUE> 100,350
<RECEIVABLES> 1,342
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,712
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112
<TOTAL-LIABILITIES> 112
<SENIOR-EQUITY> 106
<PAID-IN-CAPITAL-COMMON> 104,276
<SHARES-COMMON-STOCK> 10,551
<SHARES-COMMON-PRIOR> 10,419
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,414
<ACCUM-APPREC-OR-DEPREC> (368)
<NET-ASSETS> 101,600
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,618
<OTHER-INCOME> 0
<EXPENSES-NET> 418
<NET-INVESTMENT-INCOME> 2,200
<REALIZED-GAINS-CURRENT> (602)
<APPREC-INCREASE-CURRENT> 3,033
<NET-CHANGE-FROM-OPS> 4,631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,200
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112
<NUMBER-OF-SHARES-REDEEMED> (211)
<SHARES-REINVESTED> 230
<NET-CHANGE-IN-ASSETS> 3,692
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,812
<GROSS-ADVISORY-FEES> 245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 452
<AVERAGE-NET-ASSETS> 98,707
<PER-SHARE-NAV-BEGIN> 9.40
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.63
<EXPENSE-RATIO> 0.85
</TABLE>
