AVAILABLE INFORMATION You should purchase the securities only if you have read and understood the following documents: •  this Offering Circular Supplement (this "Supplement"), •  the Base Offering Circular for Guaranteed Multifamily REMIC Pass-Through Securities dated as of October 1, 2004 (hereinafter referred to as the "Multifamily Base Offering Circular"), •  Chapter 32 of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, as amended (the "MBS Guide") and •  in  the  case  of  the  Group  2  Securities,  the  disclosure  documents  relating  to  the Underlying Certificates (the "Underlying Certificate Disclosure Documents"). The Multifamily Base Offering Circular, the MBS Guide and the Underlying Certificate Disclosure   Documents   are   available   on   Ginnie   Mae's   website   Located   at    http://www.ginniemae.gov. If you do not have access to the internet, call The Bank of New York, which will act as information agent for the Trust, at (800) 234-GNMA, to order copies of the Multifamily Base Offering Circular and the MBS Guide. In addition, you can obtain copies of the disclosure documents related to the Ginnie Mae Multifamily Certificates by contacting The Bank of New York at the telephone number listed above. Please consult the standard abbreviations of Class Types included in the Multifamily Base Offering Circular as Appendix I and the Glossary included in the Multifamily Base Offering Circular as Appendix II for definitions of capitalized terms. TABLE OF CONTENTS Page Terms Sheet................................................ S-3 Risk Factors ................................................ S-8 The Trust Assets ........................................      S-12 Ginnie Mae Guaranty  ..............................         S-19 Description of the Securities..................          S-20 Yield, Maturity and Prepayment Considerations  ......................................       S-23 Certain Federal Income Tax Consequences ........................................      S-34 ERISA Matters ............................................      S-36 Page Legal Investment Considerations ..........         S-36 Plan of Distribution ..................................         S-37 Increase in Size  ........................................         S-37 Legal Matters ..............................................       S-37 Exhibit A  .................................................... A-1 Exhibit B: Underlying Certificates ........ B-1 Exhibit C: Cover Pages, Terms Sheets and Exhibits A from the Underlying Certificate Disclosure Documents .... C-1 Exhibit D: Updated Exhibits A .............. D-1 S-2