Offering Circular Supplement (To Base Offering Circular dated July 1, 2003) $1,006,334,373 Government National Mortgage Association GINNIE MAE® Guaranteed REMIC Pass-Through Securities and MX Securities Ginnie Mae REMIC Trust 2004-047 The  securities  may not   be   suitable   in- vestments    for    you. You  should  consider carefully  the  risks  of investing in them. See "Risk Factors"
beginning    on    page 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. S-9   which   highlights The Trust and its Assets The Trust will own (1) Ginnie Mae Certificates and (2) a certain previously issued certificate. The Sponsor and the Co-Sponsor will offer the securities from time to time in negotiated transactions at varying prices. We expect the closing date to be June 30, 2004. You should read the 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. JPMorgan Blaylock & Partners, L.P. The date of this Offering Circular Supplement is June 23, 2004. B-9