Supplement Dated February 28, 1997
to the Prospectus Dated May 1, 1996 for The Guardian Investor
Individual Deferred Variable Annuity Contracts
Group Unallocated Deferred Variable Annuity Contracts
The following supplemental information should be read in conjunction with the
Prospectus dated May 1, 1996 for the Individual Deferred Variable Annuity
Contracts and Group Unallocated Deferred Variable Annuity Contracts issued by
The Guardian Insurance & Annuity Company, Inc. ("GIAC") through The Guardian
Separate Account D and marketed under the name "The Guardian Investor".
Effective February 28, 1997, The Guardian Real Estate Account is no
longer available for allocation of net premium payments or transfers of
contract values. Transfers from the Real Estate Account to any Investment
Division or to the Fixed-Rate Option may continue to be made, but are
subject to the restrictions set forth in the Prospectus.
This Supplement should be retained with the Prospectus for future
reference.
