Offering Circular Supplement (To SMBS Base Offering Circular dated July 1, 2004) $2,200,000,000 Government National Mortgage Association GINNIE MAE^® Guaranteed Stripped Mortgage-Backed Securities Ginnie Mae SMBS Trust 01 The Securities The Trust will issue the classes of Securities listed in the table below, and certain additional classes of Securities as further described herein, which may be exchanged for other Securities or for the underlying Ginnie Mae Platinum Certificate or a portion thereof. Class Original Principal Balance (1) Interest Rate Principal Type (2) Interest Type (2) 1 $2,200,000,000 0.0% PT PO 2 $2,200,000,000 5.5% NTL (PT) IO (1) Subject to adjustment as described under “Increase or Decrease in Size” in this Supplement.  The amount shown for the Notional Class (indicated by “NTL” under Principal Type) is its original Class Notional Balance and does not represent principal that will be paid. (2) As defined under “Class Types” in Appendix I to the SMBS Base Offering Circular.    The  yields  on  some  Classes  of  Securities  will  be  extremely  sensitive  to  prepayment  experience  on  the  underlying  mortgage loans.  You should carefully consider the associated risks, including, for the Class 2 Securities, the risk that you might not recover your initial investment.  See “Yield, Maturity and Prepayment Considerations” on page S-9 hereof.  See also “Risk Factors” on page 5 of the SMBS Base Offering Circular, which highlights certain investment risks. The Ginnie Mae Guaranty Ginnie Mae will guarantee the timely payment of principal and interest on the Securities.  The Ginnie Mae Guaranty is backed by the full faith and credit of the United States of America. The Trust and its Assets The Trust will own a Ginnie Mae Platinum Certificate (#781764) backed by Ginnie Mae II Certificates. The Weighted Average Remaining  Term  to  Maturity,  Weighted  Average  Loan  Age  and  the  Weighted  Average  Mortgage  Rate  of  the  mortgage  loans underlying the Trust Asset is 355 months, 3 months and 5.904%, respectively. The Sponsor and the Co-Managers will offer the Securities from time to time in negotiated transactions at varying prices. We expect the Closing Date to be July 30, 2004. You should read the SMBS Base Offering Circular as well as this Supplement. The Securities are exempt from registration under the Securities Act of 1933 and are “exempted securities” under the Securities Exchange Act of 1934. Goldman, Sachs & Co. RBS Greenwich Capital          UBS Investment Bank Bear, Stearns & Co. Inc.          Deutsche Bank Securities JPMorgan            Banc of America Securities LLC Citigroup            Countrywide Securities Corp. Merrill Lynch & Co.          Morgan Stanley Credit Suisse First Boston      Nomura Lehman Brothers The date of this Offering Circular Supplement is July 27, 2004.