[Letterhead of Merrill Lynch, Pierce, Fenner & Smith Incorporated]
May 7, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D. C. 20549
Re: Post-Effective Amendment No. 23 to Form N-1A
and Amendment No. 20 to the Registration Statement
under The Investment Company Act of 1940 for
The GNMA Fund Investment Accumulation Program, Inc.
1940 Act Number 811-02788
1933 Act Number 002-60367
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Dear Sirs:
On behalf of The GNMA Fund Investment Accumulation Program,
Inc. (the "Registrant"), the Registant hereby certifies pursuant to Rule
497(j) of the Securities Act of 1933 that the form of prospectus that would
have been filed under paragraph (c) of Rule 497 would not have differed from
that contained in the above-referenced amendments, the text of which was filed
electronically via EDGAR on April 29,
1998.
Very truly yours,
/s/ Daniel C. Tyler
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Daniel C. Tyler
Vice President
