Polycrystalline samples of $(Ru_{0.8}Nb_{0.2})Sr_2(Gd_{1.5-x}Nd_xCe_{0.5})Cu_2O_z$($ 0{leq}x{leq}1.25$) have been synthesized by a solid-state reaction route. The X-ray diffraction data revealed that the Nd solubility limit can be placed between x=0.5 and x=0.75. The superconducting transition temperature decreased with increasing Nd content, confirming that Nd entered the lattice. Room-temperature thermoelectric power measurements showed that all the samples are in the underdoped state and the partial substitution of Nd for Gd resulted in a decrease in the carrier density on the superconducting layers.