$682,655,577
Government National
Mortgage Association
GINNIE MAE®
Guaranteed REMIC
Pass-Through Securities
and MX Securities
Ginnie Mae REMIC Trust 2004-039
O F F E R I N G C I R C U L A R S U P P L E M E N T
May 21, 2004
Citigroup
Williams Capital Group, L.P.