GNMA FUND INVESTMENT ACCUMULATION PROGRAM INC
NSAR-B, 1997-08-27
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001 A000000 THE GNMA INVESTMENT ACCUMULATION PROGRAM,INC.
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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-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                      200,116,570
<INVESTMENTS-AT-VALUE>                     199,736,965
<RECEIVABLES>                                1,246,977
<ASSETS-OTHER>                                      16
<OTHER-ITEMS-ASSETS>                         1,538,895
<TOTAL-ASSETS>                             202,522,853
<PAYABLE-FOR-SECURITIES>                     1,708,235
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      302,071
<TOTAL-LIABILITIES>                          2,010,306
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   199,890,673
<SHARES-COMMON-STOCK>                        9,714,785
<SHARES-COMMON-PRIOR>                       10,090,171
<ACCUMULATED-NII-CURRENT>                    1,089,295
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (87,817)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (379,604)
<NET-ASSETS>                               200,512,547
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            7,528,514
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 587,602
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<REALIZED-GAINS-CURRENT>                             0
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<EQUALIZATION>                                (92,820)
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        410,790
<NUMBER-OF-SHARES-REDEEMED>                (1,088,113)
<SHARES-REINVESTED>                            301,937
<NET-CHANGE-IN-ASSETS>                     (7,256,283)
<ACCUMULATED-NII-PRIOR>                      1,007,557
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<PER-SHARE-NAV-BEGIN>                            20.59
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<EXPENSE-RATIO>                                   0.58
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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