GNMA FUND INVESTMENT ACCUMULATION PROGRAM INC
NSAR-A, 1999-08-20
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<PAGE>      PAGE  1
000 A000000 06/30/1999
000 C000000 0000225399
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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000 I000000 6.1
000 J000000 A
001 A000000 GNMA FUND INVESTMENT ACCUMULATION PROGRAM,INC
001 B000000 811-2788
001 C000000 6092828503
002 A000000 800 SCUDDERS MILL ROAD
002 B000000 PLAINSBORO
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002 D010000 08536
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022 A000001 ADVEST, INC
022 B000001 06-0950348
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022 D000001         0
022 A000002 SPEAR, LEEDS & KELLOGG
022 B000002 13-5515160
022 C000002     14919
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022 A000003 DONALDSON, LUFKIN, JENRETTE SECURITIES
022 B000003 13-2741729
022 C000003      6085
022 D000003         0
022 A000004 BEAR, STEARNS & CO, INC
022 B000004 13-3299429
022 C000004      6047
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022 A000005 FREEMAN SECURITIES CO, INC
022 B000005 13-2662313
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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-31-1998
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      194,931,430
<INVESTMENTS-AT-VALUE>                     192,723,403
<RECEIVABLES>                                1,134,026
<ASSETS-OTHER>                                   2,400
<OTHER-ITEMS-ASSETS>                         1,155,545
<TOTAL-ASSETS>                             195,015,374
<PAYABLE-FOR-SECURITIES>                     3,012,103
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      401,023
<TOTAL-LIABILITIES>                          3,413,126
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   193,407,882
<SHARES-COMMON-STOCK>                        9,393,932
<SHARES-COMMON-PRIOR>                        9,501,665
<ACCUMULATED-NII-CURRENT>                      708,650
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (64,369)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   (2,208,026)
<NET-ASSETS>                               191,602,248
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            6,574,987
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 591,580
<NET-INVESTMENT-INCOME>                      5,983,407
<REALIZED-GAINS-CURRENT>                             0
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<EQUALIZATION>                                (62,515)
<DISTRIBUTIONS-OF-INCOME>                  (5,899,683)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        429,500
<NUMBER-OF-SHARES-REDEEMED>                  (794,673)
<SHARES-REINVESTED>                            257,440
<NET-CHANGE-IN-ASSETS>                     (8,791,480)
<ACCUMULATED-NII-PRIOR>                        687,441
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                591,580
<AVERAGE-NET-ASSETS>                       191,701,741
<PER-SHARE-NAV-BEGIN>                            21.09
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              20.40
<EXPENSE-RATIO>                                    .62


</TABLE>


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