<PAGE> PAGE 1
000 B000000 12/31/97
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007 C020100 BAILLIE GIFFORD INTERNATIONAL FUND
007 C030100 N
007 C010200 2
007 C020200 BAILLIE GIFFORD EMERGING MARKETS FUND
007 C030200 N
007 C010300 3
007 C020300 GUARDIAN SMALL CAP STOCK FUND
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007 C010700 7
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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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015 D010109 DENMARK
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015 A000110 MERITA BANK LTD
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015 D010111 FRANCE
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015 C010112 NA
015 D010112 GERMANY
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015 A000113 NATIONAL BANK OF GREECE S.A.
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015 D010114 HONGKONG
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<PAGE> PAGE 5
015 D010115 HUNGARY
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015 A000116 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
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015 C010117 NA
015 D010117 INDIA
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015 A000118 STANDARD CHARTERED BANK
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015 C010118 NA
015 D010118 INDONESIA
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015 A000119 BANK OF IRELAND
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015 D010119 IRELAND
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015 A000120 BANK HAPOALIM B.M.
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<PAGE> PAGE 6
015 E040125 X
015 A000126 CITIBANK MEXICO, S.A.
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015 D010126 MEXICO
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015 A000127 MEESPIERSON N.V.
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015 C010127 NA
015 D010127 NETHERLANDS
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015 D010130 PAKISTAN
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<PAGE> PAGE 7
015 A000136 CESKOSLOVENSKA OBCHODNA BANKA A.S.
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015 A000140 SKANDINAVISKA ENSKILDA BANKEN
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015 A000141 UNION BANK OF SWITZERLAND
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015 D010141 SWITZERLAND
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015 D010143 THAILAND
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<PAGE> PAGE 8
015 B000146 S
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<PAGE> PAGE 9
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056 000100 N
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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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015 D010203 AUSTRIA
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015 A000204 GENERALE BANK
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<PAGE> PAGE 13
015 A000205 CITIBANK
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015 A000209 CESKOSLOVENSKA OBCHODNI BANKA A.S.
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015 D010210 DENAMRK
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015 D010211 FINLAND
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015 A000212 BANQUE PARIBAS
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<PAGE> PAGE 14
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015 D010219 INDONESIA
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015 A000220 BANK OF IRELAND
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<PAGE> PAGE 15
015 C010225 NA
015 D010225 KOREA
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015 A000226 STANDARD CHARTERED BANK MALAYSIA BERHAD
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015 D010226 MALAYSIA
015 E040226 X
015 A000227 CITIBANK MEXICO, S.A.
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015 D010227 MEXICO
015 E040227 X
015 A000228 MEESPIERSON N.V.
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015 D010228 NETHERLANDS
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015 A000230 CHRISTIANIA BANK OG KREDITKASSE
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015 D010230 NORWAY
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015 A000231 DEUTSCHE BANK AG
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015 D010231 PAKISTAN
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015 A000232 CITIBANK
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015 D010232 PERU
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015 A000233 STANDARD CHARTERED BANK
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015 D010233 PHILIPPINES
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015 A000234 CITIBANK POLAND S.A.
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015 D010234 POLAND
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<PAGE> PAGE 16
015 D010235 PORTUGAL
015 E040235 X
015 A000236 THE DEVELOPMENT BANK OF SINGAPORE LTD
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<PAGE> PAGE 17
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<PAGE> PAGE 18
041 000200 N
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<PAGE> PAGE 19
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070 A010200 Y
070 A020200 Y
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070 B020200 N
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070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
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070 N020200 N
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070 P020200 N
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070 Q020200 N
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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080 A000200 NATIONAL UNION INSURANCE OF PITTSBURGH PA
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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051 000300 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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SIGNATURE FRANK L. PEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
BAILLIE GIFFORD INTERNATIONAL FUND
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> BAILLIE GIFFORD INTERNATIONAL FUND
<NUMBER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 423,743
<INVESTMENTS-AT-VALUE> 529,197
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<ASSETS-OTHER> 0
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<DISTRIBUTIONS-OF-INCOME> (8,343)
<DISTRIBUTIONS-OF-GAINS> (20,728)
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<NUMBER-OF-SHARES-REDEEMED> (4,263)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
BAILLIE GIFFORD EMERGING MARKETS FUND
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> BAILLIE GIFFORD EMERGING MARKETS FUND
<NUMBER> 2
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
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<SHARES-COMMON-PRIOR> 6,365
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (563)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,239)
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<DISTRIBUTIONS-OF-INCOME> (470)
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<NUMBER-OF-SHARES-REDEEMED> (2,710)
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<ACCUMULATED-NII-PRIOR> 31
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 30
<OVERDIST-NET-GAINS-PRIOR> (518)
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<GROSS-EXPENSE> 1,356
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN SMALL CAP STOCK FUND
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997
and is qualified in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN SMALL CAP STOCK FUND
<NUMBER> 3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 81,397
<INVESTMENTS-AT-VALUE> 88,603
<RECEIVABLES> 344
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,948
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<SENIOR-EQUITY> 644
<PAID-IN-CAPITAL-COMMON> 79,038
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 861
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,206
<NET-ASSETS> 87,749
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<INTEREST-INCOME> 202
<OTHER-INCOME> 0
<EXPENSES-NET> 331
<NET-INVESTMENT-INCOME> 166
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (166)
<DISTRIBUTIONS-OF-GAINS> (1,064)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,957
<NUMBER-OF-SHARES-REDEEMED> (611)
<SHARES-REINVESTED> 93
<NET-CHANGE-IN-ASSETS> 87,749
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 331
<AVERAGE-NET-ASSETS> 45,683
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 3.80
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.63
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
