This Supplement is filed pursuant to Rule 497(d) with regard to
GNMA Fund Investment Accumulation Program, Inc.
The text of the supplement to the Prospectus dated January 14, 1999
is as follows:
Supplement dated February 3, 1999
to Prospectus dated May 1, 1998 of the
GNMA Fund Investment Accumulation Program, Inc.
___________________________________________________________
Effective February 1, 1999, Timothy J. Mahoney, Manager of the Purchasing
Department of Defined Asset Funds Division, Merrill Lynch, Pierce Fenner &
Smith Incorporated and newly elected Vice President of the Fund, is a
person who advises the Transaction Agent with respect to the solicitation of
bids to buy and sell securities for the Fund and as to which dealer should
effect the transaction. Mr. Mahoney has been a member of the Purchasing
Department for more than five years.
