Offering Circular Supplement (To Base Offering Circular dated July 1, 2003) $490,349,090 Government National Mortgage Association GINNIE MAE® Guaranteed Multifamily REMIC Pass-Through Securities Ginnie Mae REMIC Trust 2003-064 The securities may not be suitable investments for you. You should consider carefully the risks of investing in them. See "Risk Factors" beginning on page S-11 which highlights some of these risks. The Securities The Trust will issue the Classes of Securities listed on the inside front cover. 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. Ginnie Mae does not guarantee the payment of any prepayment penalties. The Trust and its Assets The Trust will own the Ginnie Mae Multifamily Certificates described on Exhibit A. The Sponsor will offer the securities from time to time in negotiated transactions at varying prices. We expect the closing date to be August 29, 2003. You should read the Base Offering Circular for Guaranteed Multifamily REMIC Pass- Through Securities 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. MYERBERG & COMPANY, L.P. The date of this Offering Circular Supplement is August 20, 2003. C-9