<PAGE> PAGE 1
000 A000000 06/30/98
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007 C020300 GUARDIAN SMALL CAP STOCK 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
015 A000203 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARK
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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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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<PAGE> PAGE 16
015 D010233 PHILIPPINES
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015 A000235 BANCO COMERCIAL PORTUGUES
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015 D010235 PORTUGAL
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
062 A000200 N
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070 A020200 Y
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070 B020200 N
070 C010200 N
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
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070 J020200 Y
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<PAGE> PAGE 20
070 M020200 Y
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<PAGE> PAGE 21
073 C000200 0.0000
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<PAGE> PAGE 22
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<PAGE> PAGE 23
048 J010300 0
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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>
This schedule contains financial information extracted from the "Semiannual
Report to Shareholders" dated June 30, 1998, and is qualified in its entirety to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> Baillie Gifford International Fund
<S> <C>
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<PERIOD-END> JUN-30-1998
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<DISTRIBUTIONS-OF-GAINS> (3,734)
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<NUMBER-OF-SHARES-REDEEMED> (2,405)
<SHARES-REINVESTED> 289
<NET-CHANGE-IN-ASSETS> 117,552
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (4,372)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial information extracted from the "Semiannual
Report to Shareholders" dated June 30, 1998, and is qualified in its entirety to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> Bailie Gifford Emerging Markets Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<SHARES-COMMON-PRIOR> 8,553
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (456)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,263)
<ACCUM-APPREC-OR-DEPREC> (7,353)
<NET-ASSETS> 62,882
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<OTHER-INCOME> 0
<EXPENSES-NET> (567)
<NET-INVESTMENT-INCOME> 588
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<DISTRIBUTIONS-OF-INCOME> (481)
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<NUMBER-OF-SHARES-REDEEMED> (16,165)
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<NET-CHANGE-IN-ASSETS> (24,132)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (563)
<OVERDIST-NET-GAINS-PRIOR> (1,239)
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (1.92)
<PER-SHARE-DIVIDEND> (0.06)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial information extracted from the "Semiannual
Report to Shareholders" dated June 30, 1998, and is qualified in its entirety to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> The Guardian Small Cap Stock Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 107,392
<INVESTMENTS-AT-VALUE> 122,040
<RECEIVABLES> 920
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 1,103
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<TOTAL-LIABILITIES> 1,380
<SENIOR-EQUITY> 836
<PAID-IN-CAPITAL-COMMON> 106,975
<SHARES-COMMON-STOCK> 8,359
<SHARES-COMMON-PRIOR> 6,439
<ACCUMULATED-NII-CURRENT> 17
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (890)
<ACCUM-APPREC-OR-DEPREC> 14,648
<NET-ASSETS> 121,586
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<INTEREST-INCOME> 176
<OTHER-INCOME> 0
<EXPENSES-NET> (485)
<NET-INVESTMENT-INCOME> 70
<REALIZED-GAINS-CURRENT> (903)
<APPREC-INCREASE-CURRENT> 7,441
<NET-CHANGE-FROM-OPS> 6,608
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (53)
<DISTRIBUTIONS-OF-GAINS> (848)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,986
<NUMBER-OF-SHARES-REDEEMED> (1,129)
<SHARES-REINVESTED> 63
<NET-CHANGE-IN-ASSETS> 33,836
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 861
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74
<AVERAGE-NET-ASSETS> 110,606
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> 0.01
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<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.55
<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
