Investors receive interest and principal from mortgage pass-through securities after a stated delay. The delay is stated to be 45, 50, 55 and 75 days for GNMAs, GNMA IIs, FNMAs and FHLMCs, respectively. For example, interest for the month of January would be paid on February 15 for GNMAs, February 20 for GNMA IIs, February 25 for FNMAs and March 15 for FHLMCs. On these dates, the security holder would also receive any principal payments made by the mortgage holders during the month of January. However, since interest for the month of January would be paid on February 1 if there were no delays, the actual delays are 14, 19, 24 and 44 days, respectively.