Distribution Date, the Distribution Amount will be distributed to the Holders of record as of the close of business on the last Business Day of the calendar month immediately preceding the month in which the Distribution Date occurs. Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records  of  the  appropriate  financial  intermediaries.  Holders  of  Certificated  Securities  will receive distributions by check or, subject to the restrictions set forth in the Multifamily Base Offering Circular, by wire transfer.  See  "Description  of  the  Securities – Distributions"  and "– Method of Distributions" in the Multifamily Base Offering Circular. Interest Distributions The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest. •   Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months. •   Interest distributable on any Class for any Distribution Date will consist of 30 days' interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date. •   Investors can calculate the amount of interest to be distributed (or accrued, in the case of the Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month. See " – Class Factors" below. Categories of Classes For  purposes  of  interest  distributions,  the  Classes  will  be  categorized  as  shown  under "Interest Type" on the inside cover page of this Supplement. The abbreviations used on the inside cover page are explained under "Class Types" in Appendix I to the Multifamily Base Offering Circular. Accrual Period The Accrual Period for each Regular Class is the calendar month preceding the related Distribution Date. Fixed Rate Class The Fixed Rate Class will bear interest at the per annum Interest Rate shown on the inside cover page of this Supplement. Weighted Average Coupon Classes The    Weighted    Average    Coupon    Classes    will    bear    interest    as    shown    under "Terms Sheet – Interest Rates" in this Supplement. The Trustee's determination of these Interest Rates will be final except in the case of clear error. Investors can obtain Interest Rates for the current and preceding Accrual Period from Ginnie Mae's Multiclass Securities e-Access located on Ginnie Mae's website ("e-Access") or by calling the Information Agent at (800) 234-GNMA. Accrual Class Class Z is an Accrual Class. Interest will accrue on the Accrual Class and be distributed as described under "Terms Sheet – Accrual Class" in this Supplement. S-15