THE GUARDIAN SMALL CAP STOCK FUND
Supplement dated April 9, 1998 to Prospectus dated May 1, 1997
This Supplement should be retained with the Prospectus for future reference.
The following supplements the section entitled "Fund Management and the
Investment Advisor" in the Prospectus:
Effective April 9, 1998, Mr. Luxenberg has assumed sole responsibility for the
portfolio management of the fund. Mr. Luxenberg has shared responsibility for
the management of the assets of the Fund since its inception in May 1997. Mr.
Luxenberg, who is a Second Vice President, Equity Securities of The Guardian
Life Insurance Company of America ("Guardian Life"), has concurrently assumed
sole responsibility for management of The Guardian Park Avenue Small Cap Fund
and The Guardian Stock Fund, Inc. Mr. Luxenberg has been a securities analyst
for Guardian Life for the last twelve years.
