The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities. The yield and prepayment tables in this supplement are based on assumed characteristics  which  are  likely  to  be different from the actual characteristics. As a result, the yields on your securities could be lower  than  you  expected,  even  if  the mortgage  loans  prepay  at  the  constant prepayment rates set forth in the applicable table. It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment  rates  assumed  in  this supplement, or at any constant prepayment rate. THE TRUST ASSETS General The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee. The Sponsor will make certain representations and warranties with respect to the Trust Assets. All Trust Assets, regardless of whether the assets consist of Trust MBS  or  the  Underlying SMBS Securities, will evidence, directly or indirectly, Ginnie Mae Certificates. The Underlying SMBS Securities (Group 1) The Group 1 Trust Assets are Underlying SMBS Securities that represent beneficial ownership interests in a separate trust, the assets of which evidence direct or indirect beneficial ownership interests in certain Ginnie Mae Certificates. Distributions on each Underlying SMBS Security are based on and backed by the principal and interest distributions from Ginnie Mae II Certificates which have a Certificate Rate of 5.5%. Each Underlying SMBS Security constitutes all or a portion of a class of a Series of certificates described in the Underlying SMBS Security Disclosure Document, excerpts of which are attached as Exhibit B to this Supplement. The Underlying SMBS Security Disclosure Document may be obtained from the Information Agent as described under "Available Information" in this Supplement. Investors are cautioned that material changes in facts and circumstances may have occurred since the date of the Underlying SMBS Security Disclosure Document, including changes in prepayment rates, prevailing interest rates and other economic factors, which may limit the usefulness of, and be directly contrary to the assumptions used in preparing the information included in, the offering document. See "Underlying SMBS Securities" in the Base Offering Circular. Each Underlying SMBS Security provides for monthly distributions and is further described in the table contained in Exhibit  A to this Supplement. The table also sets forth information regarding approximate weighted average remaining terms to maturity, loan ages and mortgage rates of the Mortgage Loans underlying the related Ginnie Mae Certificates. The Trust MBS (Groups 2, 3 and 4) The Group 2, 3 and 4 Trust Assets are either: 1.  Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae, or 2.  Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae. Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1, 2003 bears interest at a Mortgage Rate 0.50% to 1.50% per annum greater than the related Certificate S-11