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SIGNATURE GERARD J. FENERTY
TITLE TREASURER
DELOITTE & TOUCHE LLP University Square Telephone: (809) 520-2300
117 Campus Drive Facsimile: (809) 520-2413
Princeton, New Jersey 08540
The Board of Directors,
The GNMA Fund Investment Accumulation Program, Inc.
In planning and performing our audit of the financial statements of The GNMA
Fund Investment Accumulation Program, Inc. for the year ended December 31, 1995
(on which we have issued our report dated February 12, 1996), we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of The GNMA Fund Investment Accumulation Program, Inc. is
responsible for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute, assurance
that assets are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities, in amounts that
would be material in relation to the financial statements being audited, may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
February 12, 1996
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<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 210,867,662
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