GNMA FUND INVESTMENT ACCUMULATION PROGRAM INC
NSAR-A, 1996-08-23
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001 A000000 THE GNMA INVESTMENT ACCUMULATION PROGRAM,INC.
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022 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
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SIGNATURE   GERARD J. FENERTY                                
TITLE       TREASURER            
 
 

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                      212,918,564
<INVESTMENTS-AT-VALUE>                     209,105,118
<RECEIVABLES>                                1,337,222
<ASSETS-OTHER>                                   2,937
<OTHER-ITEMS-ASSETS>                         3,593,006
<TOTAL-ASSETS>                             214,038,283
<PAYABLE-FOR-SECURITIES>                     4,321,366
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      388,631
<TOTAL-LIABILITIES>                          4,709,997
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   212,365,721
<SHARES-COMMON-STOCK>                       10,329,341
<SHARES-COMMON-PRIOR>                       10,435,330
<ACCUMULATED-NII-CURRENT>                      864,786
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (88,774)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   (3,813,446)
<NET-ASSETS>                               209,328,286
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 637,292
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<REALIZED-GAINS-CURRENT>                             0
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<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        649,229
<NUMBER-OF-SHARES-REDEEMED>                (1,077,266)
<SHARES-REINVESTED>                            322,048
<NET-CHANGE-IN-ASSETS>                    (10,869,358)
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<PER-SHARE-NAV-BEGIN>                            21.10
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</TABLE>


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