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. 
S-2

Ginnie Mae SMBS Trust 01

Exchanges 

As contemplated in the SMBS Base Offering Circular, Securities of one or more Classes will be 

exchangeable on the book-entry system of the Federal Reserve Banks for (i) a Ginnie Mae Platinum 

Certificate (representing all or a portion of the Ginnie Mae Platinum Certificate originally included 

in the Trust) and/or (ii) Securities of one or more other Classes. The conditions for any such 

exchange are as follows: 

For the Ginnie Mae Platinum Certificates: The Securities surrendered for exchange must, in 

the aggregate, provide for monthly distributions of interest in an amount equivalent to interest at a 

rate of 5.5% per annum on the aggregate Class Principal Balances (exclusive of the Class Notional 

Balances of any Class 2 Securities) of such Securities so exchanged. In addition, the total 

outstanding principal balance of the Ginnie Mae Platinum Certificate of authorized denomination to 

be delivered will equal the aggregate Class Principal Balances of the Securities surrendered for 

exchange. The Ginnie Mae Platinum Certificates delivered in the exchange may be exchanged back 

into the Securities representing equivalent entitlements for principal and interest. 

For other Securities: The Securities surrendered for exchange must have aggregate Class 

Principal Balances (exclusive of the Class Notional Balances of any Class 2 Securities) and provide 

for annual distributions of interest equal, after rounding to whole dollars, to the aggregate Class 

Principal Balances (exclusive of the Class Notional Balances of any Class 2 Securities) and annual 

interest distributions of the Securities received in any such exchange. 

Each exchange may be effected only in proportions that result in the principal and interest 

entitlements of the Securities received being equal to the entitlements of the Securities surrendered. 

The following three examples illustrate the practically infinite capability for exchanges of Securities. 

In each case, it is assumed that the exchanging Holder’s Securities are as follows: 

Outstanding 

Principal Balance Class

Interest 

 Rate 

Annual Interest 

 Distribution 

$10,000,000 7 2.5% $ 250,000 

$10,000,000 11 4.5% $ 450,000 

$10,000,000 21 9.5% $ 950,000

$30,000,000 $1,650,000 

Example 1. Holder receives Class 5, Class 8, Class 14 and Class 23 Securities. 

Outstanding 

Principal Balance Class

Interest 

 Rate 

Annual Interest 

 Distribution 

$10,000,000 5 1.5% $ 150,000 

$ 5,000,000 8 3.0% $ 150,000 

$ 5,000,000 14 6.0% $ 300,000 

$10,000,000 23 10.5% $1,050,000

$30,000,000 $1,650,000 

Example 2. Holder receives new Class 1 and Class 2 Securities. 

Outstanding 

Principal Balance Class

Interest 

 Rate 

Annual Interest 

 Distribution 

$30,000,000 1 0.0% $ 0 

$30,000,000 (notional) 2 5.5% $1,650,000

$30,000,000 $1,650,000 
S-3

Example 3. Holder receives a portion of the Ginnie Mae Platinum Certificate and Class 1, Class 

9 and Class 22 Securities. 

Outstanding 

Principal Balance Class

Interest 

 Rate 

Annual Interest 

 Distribution 

$ 5,000,000 Ginnie Mae Platinum 

Certificates 

 5.5% $ 275,000 

$ 8,000,000 1 0.0% $ 0 

$ 5,000,000 9 3.5% $ 175,000 

$12,000,000 22 10.0% $1,200,000

$30,000,000 $1,650,000 

The aggregate Class Principal Balances of Securities of any particular Class outstanding at any 

time may be expected to vary over the life of the Trust and will depend upon any exchanges that 

occur. However, the aggregate Class Principal Balances of all Securities outstanding at any 

particular time (exclusive of the Class Notional Balances of any Class 2 Securities) will always be 

equal to the outstanding principal balance of the Ginnie Mae Platinum Certificate underlying such 

Securities and the total distributions of interest required thereon will always be equal to the required 

distributions of interest on such underlying Ginnie Mae Platinum Certificate. 

AVAILABLE INFORMATION 

You should purchase the securities only if you have read and understood the following 

documents: 

• this Offering Circular Supplement (this “Supplement”) and 

• the SMBS Base Offering Circular. 

The SMBS Base Offering Circular is available on Ginnie Mae’s website located at 

http://www.ginniemae.gov. 

If you do not have access to the internet, call JPMorgan Chase Bank, which will act as 

information agent for the Trust, at (800) 234-GNMA, to order copies of the SMBS Base Offering 

Circular. 

Please consult the Glossary included in the SMBS Base Offering Circular as Appendix I for 

definitions of capitalized terms. 
S-4

TABLE OF CONTENTS

Page Page

TERMS SHEET .............................................S-5

THE TRUST ASSET.....................................S-7

GINNIE MAE GUARANTY......................S-7

DESCRIPTION OF THE 

SECURITIES.............................................S-7

CERTAIN U.S. FEDERAL INCOME 

TAX CONSEQUENCES..................... S-13

ERISA MATTERS....................................... S-13

LEGAL INVESTMENT 

CONSIDERATIONS............................ S-13

PLAN OF DISTRIBUTION..................... S-13

INCREASE OR DECREASE IN 

SIZE.......................................................... S-14

LEGAL MATTERS .................................... S-14
S-5

TERMS SHEET 

This terms sheet contains selected information for quick reference only. You should read this 

Supplement, particularly “Risk Factors” on page 5 of the SMBS Base Offering Circular. 

Sponsor: Goldman, Sachs & Co. 

Co-Managers: Greenwich Capital Markets Inc. 

 UBS Securities LLC 

 Bear, Stearns & Co. Inc. 

 Deutsche Bank Securities 

 J.P. Morgan Securities Inc. 

 Banc of America Securities LLC 

Citigroup Global Markets Inc. 

Countrywide Securities Corp. 

 Merrill Lynch & Co. Inc. 

 Morgan Stanley & Co. Inc. 

 Credit Suisse First Boston LLC 

 Nomura Securities International, Inc. 

 Lehman Brothers Inc. 

Trustee: U.S. Bank National Association

Tax Administrator: The Trustee 

Closing Date: July 30, 2004

Distribution Date: The 20th day of each month or, if the 20th day is not a Business Day, the first 

Business Day thereafter, commencing in August 2004. 

Final Distribution Date: July 20, 2034 

Trust Asset: 

Trust Asset Type 

Certificate 

Rate 

Principal 

Balance 

Original Term to 

Maturity (in years) 

Ginnie Mae Platinum Certificate (#781764) 

Backed by Ginnie Mae II Certificates 5.5% $2,200,000,000 30 

Actual Characteristics of the Mortgage Loans Underlying the Trust Asset1: 

Principal 

Balance 

Weighted Average 

Remaining Term to 

Maturity (in months) 

Weighted Average 

Loan Age 

(in months) 

Weighted 

Average 

Mortgage Rate2

$2,200,000,000 355 3 5.904% 

1 As of July 1, 2004. 

2 The Mortgage Loans underlying the Trust Asset may bear interest at rates ranging from 0.25% to 1.50% per 

annum above the related Certificate Rate. 

The actual remaining terms to maturity, loan ages and Mortgage Rates of many of the Mortgage 

Loans underlying the Trust Asset will differ from the weighted averages shown above, perhaps 

significantly. See “The Trust Asset — The Mortgage Loans” in this Supplement. 
S-6

Range of Characteristics of the Ginnie Mae II Certificates Underlying the Trust Asset1

: 

Weighted Average 

Remaining Term to 

Maturity (in months) 

Weighted Average 

Loan Age 

(in months) 

Weighted Average 

Mortgage Rate2

347 - 357 1 - 9 5.861% - 5.993% 

1 As of July 1, 2004. 

2 The Mortgage Loans underlying the Ginnie Mae II Certificates may bear interest at rates ranging from 0.25% to 

1.50% per annum above the related Certificate Rate.

The actual remaining terms to maturity, loan ages and Mortgage Rates of many of the Mortgage 

Loans underlying the Ginnie Mae II Certificates may be outside the ranges of the weighted averages 

shown above. See “The Trust Asset — The Mortgage Loans” in this Supplement. 

Issuance of Securities: The Securities will be issued in book-entry form through the bookentry system of the U.S. Federal Reserve Banks (the “Fedwire Book-Entry System”). See “Description 

of the Securities — Form of Securities” in this Supplement. 

Exchange: You will be able, upon notice and, after October 28, 2004, payment of an exchange 

fee, to exchange your Securities for a proportionate interest in other Securities or in the underlying 

Trust Asset. See “Description of the Securities —Exchange Procedures” in this Supplement. 

Eligible Investors: The Securities are only to be offered and sold to institutional Accredited 

Investors. 

Interest Payments: Class 1 is a Principal Only Security and will not be entitled to any 

payments of interest. Class 2 will bear interest at the rate specified on the cover page. The 22 

additional classes of Securities authorized for issuance by the Trust will bear interest beginning at a 

rate of 0.5% per annum for Class 3 Securities and increasing in increments of 0.5% for each 

successive Class to a rate of 11.0% for Class 24 Securities. On each Distribution Date, interest will 

be paid on each of the outstanding Securities (other than Class 1, the Principal Only Security) in an 

amount equal to one-twelfth (1/12) of the product of (i) the stated rate for such Security and (ii) the 

outstanding Class Principal Balance or Class Notional Balance of such Security. 

Allocation of Principal: On each Distribution Date, the Principal Distribution Amount will 

be allocated among the outstanding Securities (other than Class 2, the Notional Security) pro rata

based on the outstanding Class Principal Balance of each Security.
S-7

THE TRUST ASSET 

General 

The Sponsor intends to acquire the Trust Asset in a privately negotiated transaction prior to the 

Closing Date and to sell it to the Trust according to the terms of a SMBS Trust Agreement between 

the Sponsor and the Trustee. The Sponsor will make certain representations and warranties with 

respect to the Trust Asset. The Trust Asset will evidence, directly or indirectly, Ginnie Mae II 

Certificates. 

The Trust MBS 

The Trust Asset is a Ginnie Mae Platinum Certificate backed by fixed rate Ginnie Mae II 

Certificates and guaranteed by Ginnie Mae. See “The Ginnie Mae Certificates — General” in the SMBS 

Base Offering Circular. 

The Mortgage Loans 

The Mortgage Loans underlying the Trust Asset will have, on a weighted average basis, the 

characteristics set forth in the Terms Sheet under “Actual Characteristics of the Mortgage Loans 

Underlying the Trust Asset” and the general characteristics described in the SMBS Base Offering 

Circular. See “The Ginnie Mae Certificates — General” in the SMBS Base Offering Circular. 

Other than the characteristics identified in the Terms Sheet under “Actual Characteristics of the 

Mortgage Loans Underlying the Trust Asset,” specific information regarding the characteristics of 

the individual Mortgage Loans is not available. However, the actual remaining terms to maturity, 

loan ages and Mortgage Rates of many of the Mortgage Loans may differ from the weighted 

averages presented in this Offering Circular Supplement, perhaps significantly. Small differences in 

the characteristics of the Mortgage Loans can have a significant effect on the yields of the Securities. 

See “Yield, Maturity and Prepayment Considerations” in this Supplement and “Risk Factors” in the SMBS 

Base Offering Circular. 

The Trustee Fee 

On each Distribution Date, the Trustee will retain a fixed percentage of all principal and interest 

distributions received on a group of specified assets separate from the Trust Asset in payment of its 

fee. 

GINNIE MAE GUARANTY 

The Government National Mortgage Association (“Ginnie Mae”), a wholly-owned corporate 

instrumentality of the United States of America within HUD, guarantees the timely payment of 

principal and interest on the Securities. The General Counsel of HUD has provided an opinion to 

the effect that Ginnie Mae has the authority to guarantee stripped mortgage-backed securities and 

that Ginnie Mae guaranties will constitute general obligations of the United States, for which the full 

faith and credit of the United States is pledged. See “Ginnie Mae Guaranty” in the SMBS Base 

Offering Circular. 

DESCRIPTION OF THE SECURITIES 

General 

The description of the Securities contained in this Supplement is not complete and is subject to, 

and is qualified in its entirety by reference to, all of the provisions of the SMBS Trust Agreement. 

See “Description of the Securities” in the SMBS Base Offering Circular.

Form of Securities 

Each Class of Securities will be issued and maintained, and may be transferred only on the 

Fedwire Book-Entry System. Beneficial Owners of Book-Entry Securities will ordinarily hold these 

Securities through one or more financial intermediaries, such as banks, brokerage firms and 
S-8

securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire 

Book-Entry System. See “Description of the Securities — Forms of Securities; Book-Entry Procedures” in the 

SMBS Base Offering Circular.

Each Class will be issued in minimum dollar denominations of $100,000 and integral multiples 

of $1 in excess thereof, except that the minimum dollar denomination will not be greater than the 

then authorized Class Principal Balance or Class Notional Balance. 

Distributions 

Distributions on the Securities will be made on each Distribution Date as specified under 

“Terms Sheet — Distribution Date” in this Supplement. On each Distribution Date, the 

Distribution Amount will be distributed to the Holders of record as of the close of business on the 

last Business Day of the calendar month immediately preceding the month in which the Distribution 

Date occurs. Beneficial Owners of Book-Entry Securities will receive distributions through credits 

to accounts maintained for their benefit on the books and records of the appropriate financial 

intermediaries. See “Description of the Securities — Distributions” and “—Method of Distributions” in the 

SMBS Base Offering Circular. 

Interest Distributions 

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders 

of all Classes of Securities entitled to distributions of interest. 

• Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day 

months. 

• Interest distributable on any Class for any Distribution Date will consist of 30 days’ interest 

on its Class Principal Balance (or Class Notional Balance) as of the related Record Date. 

• Investors can calculate the amount of interest to be distributed on each Class of Securities 

for any Distribution Date by using the Series Factors published in the preceding month. 

See “—Series Factors” below. 

Principal Distributions 

The Principal Distribution Amount for each Class of Securities will be distributed to the 

Holders entitled thereto as described under “Terms Sheet—Allocation of Principal” in this 

Supplement. Investors can calculate the amount of principal to be distributed with respect to any 

Distribution Date by using the Series Factors published in the preceding and current months. See

“—Series Factors” below. 

Notional Class 

The Notional Class (Class 2) will not receive principal distributions. The Class Notional 

Balance of the Class 2 Securities will be reduced after each Distribution Date by the Principal 

Distribution Amount for that Distribution Date. 

Series Factors 

The Trustee will calculate and make available for the Securities, no later than the day preceding 

the Distribution Date, the factor (carried out to eight decimal places) that, when multiplied by the 

Original Class Principal Balance (or original Class Notional Balance) of any Class, determines the 

Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal 

to be made on the Securities or any reduction of Class Notional Balance on that Distribution Date 

(each, a “Series Factor”). 

• The Series Factor for the Securities for the month following the issuance of the Securities 

will reflect the aggregate remaining Class Principal Balance (exclusive of the Class Notional 
S-9

Balance of the Class 2 Securities) after giving effect to any principal distributions to be 

made on the Distribution Date occurring in that month. 

• The Series Factor for the month of issuance is 1.00000000. 

• Based on the Series Factor published in the preceding and current month (and Interest 

Rates), investors in any Class can calculate the amount of principal and interest to be 

distributed to that Class on the Distribution Date in the current month. 

• Investors may obtain the current Series Factor on e-Access. 

See “Description of the Securities — Distributions” in the SMBS Base Offering Circular. 

Exchange Procedures 

A Beneficial Owner proposing to effect an exchange of any of the Securities for other Securities 

issued by the Trust or for all or a portion of the Ginnie Mae Platinum Certificate as described more 

fully herein under “—Exchanges” or vice versa must notify the Trustee through the Beneficial 

Owner’s Book-Entry Depository participant. This notice must be received by the Trustee not later 

than two Business Days before the proposed exchange date. The exchange date can be any Business 

Day other than the last Business Day of the month. The notice must contain the outstanding Class 

Principal Balances and Class Notional Balances of the Securities to be included in the exchange and 

the proposed exchange date. The notice is required to be delivered to the Trustee in writing at its 

Corporate Trust Office at One Federal Street, 3rd Floor, Boston, MA 02210, Attention: Ginnie 

Mae SMBS Program. The Trustee may be contacted by telephone at (617) 603-6451 and by fax at 

(617) 603-6644. 

No fee will be payable for any exchanges occurring prior to and including October 28, 2004. 

For each exchange effected after October 28, 2004, a fee will be payable to the Trustee in 

connection with each exchange equal to 1/64 of 1% of the outstanding principal balance of the 

Securities surrendered for exchange (but not less than $2,000 or more than $25,000). The fee must 

be paid concurrently with the exchange. 

The first distribution on a Security received in an exchange will be made on the Distribution 

Date in the month following the month of the exchange. The distribution will be made to the 

Holder of record as of the Record Date in the month of exchange. 

See “Description of the Securities — Exchange of Certain Classes of SMBS Securities for other SMBS Securities” 

and “Exchange of SMBS Securities for Ginnie Mae Certificates” in the SMBS Base Offering Circular. 

YIELD, MATURITY AND PREPAYMENT CONSIDERATIONS 

General 

The prepayment experience of the Mortgage Loans underlying the Trust Asset will affect the 

Weighted Average Lives of and the yields realized by investors in the related Securities. 

• The Mortgage Loans do not contain “due-on-sale” provisions, and any Mortgage Loan 

may be prepaid in full or in part at any time without penalty. 

• The rate of payments (including prepayments and payments in respect of liquidations) on 

the Mortgage Loans is dependent on a variety of economic, geographic, social and other 

factors, including prevailing market interest rates and general economic factors. 

The rate of prepayments with respect to single-family mortgage loans has fluctuated 

significantly in recent years. Although there is no assurance that prepayment patterns for the 

Mortgage Loans will conform to patterns for more traditional types of conventional fixed-rate 

mortgage loans, generally: 
S-10

• if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage 

Loans (giving consideration to the cost of refinancing), the rate of prepayment of those 

Mortgage Loans would be expected to increase; and 

• if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage 

Loans, the rate of prepayment of those Mortgage Loans would be expected to decrease. 

In addition, following any Mortgage Loan default and the subsequent liquidation of the 

underlying Mortgaged Property, the principal balance of the Mortgage Loan will be distributed 

through a combination of liquidation proceeds, advances from the related Ginnie Mae Issuer and, to 

the extent necessary, proceeds of Ginnie Mae’s guaranty of the Securities. As a result, defaults 

experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities. 

Assumability 

Each Mortgage Loan may be assumed, subject to HUD review and approval, upon the sale of 

the related Mortgaged Property. See “Yield, Maturity and Prepayment Considerations — Assumability of 

Government Loans” in the SMBS Base Offering Circular. 

Final Distribution Date 

The Final Distribution Date in respect of each Class, which is set forth in the Terms Sheet 

under “Final Distribution Date,” is the latest date on which the related Class Principal Balance or 

Class Notional Balance will be reduced to zero. According to the terms of the Ginnie Mae 

Guaranty, Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of 

Securities no later than the Final Distribution Date. 

Yield Considerations 

An investor seeking to maximize yield should make a decision whether to invest in any Class 

based on the anticipated yield of that Class resulting from its purchase price and the investor’s own 

projection of Mortgage Loan prepayment rates under a variety of scenarios. No representation is 

made regarding Mortgage Loan prepayment rates or the yield of any Class. 

Prepayments: Effect on Yields 

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the 

Mortgage Loans. 

• In the case of Securities purchased at a premium (especially the Notional Class), faster than 

anticipated rates of principal payments could result in actual yields to investors that are 

lower than the anticipated yields. 

• Investors in the Notional Class should also consider the risk that rapid rates of principal 

payments could result in the failure of investors to recover fully their investments. 

• In the case of Securities purchased at a discount (especially the Principal Only Class), 

slower than anticipated rates of principal payments could result in actual yields to investors 

that are lower than the anticipated yields. 

See “Risk Factors—Rates of principal payments can reduce your yield” in the SMBS Base Offering Circular. 

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low 

prevailing interest rates. 

During periods of low prevailing interest rates, the yields at which an investor may be able to 

reinvest amounts received as principal payments on the investor’s Class of Securities may be lower 

than the yield on that Class. 
S-11

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high 

prevailing interest rates. 

During periods of high prevailing interest rates, the amount of principal payments available to 

an investor for reinvestment at those high rates may be relatively low. 

The Mortgage Loans will not prepay at any constant rate until maturity, nor will all of the 

Mortgage Loans underlying the Trust Asset prepay at the same rate at any one time. The timing of 

changes in the rate of prepayments may affect the actual yield to an investor, even if the average rate 

of principal prepayments is consistent with the investor’s expectation. In general, the earlier a 

prepayment of principal on the Mortgage Loans the greater the effect on an investor’s yield. As a 

result, the effect on an investor’s yield of principal prepayments occurring at a rate higher (or lower) 

than the rate anticipated by the investor during the period immediately following the Closing Date is 

not likely to be offset by a later equivalent reduction (or increase) in the rate of principal 

prepayments. 

Modeling Assumptions 

Unless otherwise indicated, the table presented in “—Yield Table” below has been prepared on 

the basis of the following assumptions (the “Modeling Assumptions”), among others: 

1. The Mortgage Loans underlying the Trust Asset have the characteristics shown under 

“Actual Characteristics of the Mortgage Loans Underlying the Trust Asset” in the Terms Sheet 

except in the case of information set forth under the 0% PSA Prepayment Assumption 

Rate, for which each Mortgage Loan is assumed to have an original and a remaining term to 

maturity of 360 months and a Mortgage Rate of 1.5% per annum higher than the related 

Certificate Rate. 

2. The Mortgage Loans prepay at the constant percentages of PSA (described below) shown 

in the related table. 

3. Distributions on the Securities are always received on the 20th day of the month, whether 

or not a Business Day, commencing in August 2004. 

4. The Closing Date for the Securities is July 30, 2004. 

5. No expenses or fees are paid by the Trust other than the Trustee Fee. 

When reading the tables and the related text, investors should bear in mind that the Modeling 

Assumptions, like any other stated assumptions, are unlikely to be entirely consistent with actual 

experience. 

• For example, most of the Mortgage Loans will not have the characteristics assumed, and 

many Distribution Dates will occur on a Business Day after the 20th of the month. 

• In addition, distributions on the Securities are based on Certificate Factors which may not 

reflect actual receipts on the Trust Asset. 

See “Description of the Securities—Distributions” in the SMBS Base Offering Circular. 

Yield Table 

The following table shows the pre-tax yields to maturity on a corporate bond equivalent basis of 

each of the Securities at various constant percentages of PSA. 

The Mortgage Loans will not prepay at any constant rate until maturity. Moreover, it is likely 

that the Mortgage Loans will experience actual prepayment rates that differ from those of the 

Modeling Assumptions. Therefore, the actual pre-tax yield of any Class may differ from those 
S-12

shown in the table below for that Class even if the Class is purchased at the assumed price 

shown.

The yields were calculated by 

1. determining the monthly discount rates that, when applied to the applicable assumed 

streams of cash flows to be paid on the applicable Class, would cause the discounted 

present value of the assumed streams of cash flows to equal the assumed purchase price 

of that Class plus accrued interest (in the case of interest-bearing Classes), and 

2. converting the monthly rates to corporate bond equivalent rates. 

These calculations do not take into account variations that may occur in the interest rates at 

which investors may be able to reinvest funds received by them as distributions on their Securities 

and consequently do not purport to reflect the return on any investment in any Class when those 

reinvestment rates are considered. 

The information set forth in the following table was prepared on the basis of the Modeling 

Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of 

its original Class Principal Balance or Class Notional Balance) plus accrued interest (in the case of 

the interest-bearing Classes) is as indicated in the table. The assumed purchase price is not 

necessarily that at which actual sales will occur. 

Yield Table 

 PSA Percentages 

SMBS 

Securities

Annual 

 Interest Rate CUSIP

Assumed 

 Price 0% 150% 300% 600% 900%

Class 1 PO (0.0%) 37610VAA3 71.000% 1.8% 4.3% 7.1% 12.4% 17.2% 

Class 2 IO (5.5%) 37610VAB1 28.875% 17.7% 9.2% 0.7% (17.2)% (36.6)%

Class 3 0.50% 37610VAC9 73.625% 2.2% 4.5% 6.9% 11.6% 15.9% 

Class 4 1.00% 37610VAD7 76.250% 2.6% 4.6% 6.8% 10.8% 14.6% 

Class 5 1.50% 37610VAE5 78.875% 3.0% 4.7% 6.6% 10.1% 13.3% 

Class 6 2.00% 37610VAF2 81.500% 3.3% 4.8% 6.4% 9.4% 12.2% 

Class 7 2.50% 37610VAG0 84.125% 3.7% 5.0% 6.3% 8.8% 11.1% 

Class 8 3.00% 37610VAH8 86.750% 4.0% 5.1% 6.1% 8.2% 10.0% 

Class 9 3.50% 37610VAJ4 89.375% 4.4% 5.2% 6.0% 7.6% 9.0% 

Class 10 4.00% 37610VAK1 92.000% 4.7% 5.3% 5.9% 7.0% 8.1% 

Class 11 4.50% 37610VAL9 94.625% 5.0% 5.4% 5.8% 6.5% 7.2% 

Class 12 5.00% 37610VAM7 97.250% 5.3% 5.5% 5.6% 6.0% 6.3% 

Class 13 5.50% 37610VAN5 99.875% 5.5% 5.5% 5.5% 5.5% 5.5% 

Class 14 6.00% 37610VAP0 102.500% 5.8% 5.6% 5.4% 5.0% 4.7% 

Class 15 6.50% 37610VAQ8 105.125% 6.1% 5.7% 5.3% 4.6% 3.9% 

Class 16 7.00% 37610VAR6 107.750% 6.3% 5.8% 5.2% 4.2% 3.2% 

Class 17 7.50% 37610VAS4 110.375% 6.6% 5.8% 5.1% 3.7% 2.5% 

Class 18 8.00% 37610VAT2 113.000% 6.8% 5.9% 5.0% 3.4% 1.8% 

Class 19 8.50% 37610VAU9 115.625% 7.0% 6.0% 5.0% 3.0% 1.1% 

Class 20 9.00% 37610VAV7 118.250% 7.2% 6.0% 4.9% 2.6% 0.5% 

Class 21 9.50% 37610VAW5 120.875% 7.4% 6.1% 4.8% 2.3% (0.1)%

Class 22 10.00% 37610VAX3 123.500% 7.6% 6.2% 4.7% 1.9% (0.7)%

Class 23 10.50% 37610VAY1 126.125% 7.8% 6.2% 4.6% 1.6% (1.3)%

Class 24 11.00% 37610VAZ8 128.750% 8.0% 6.3% 4.6% 1.3% (1.8)%
S-13

CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES 

In the opinion of Cleary, Gottlieb, Steen & Hamilton, the Trust will be classified as a “grantor 

trust” for U.S. federal income tax purposes. The Trust will accordingly not be treated as a 

partnership, an association taxable as a corporation, a taxable mortgage pool, or a real estate 

mortgage investment conduit for such purposes. You should consult your own tax advisors in 

determining the U.S. federal, state, local, foreign, and any other tax consequences of the purchase, 

ownership, and disposition of the Securities in your particular circumstances. See “Certain U.S. 

Federal Income Tax Consequences” in the SMBS Base Offering Circular.

ERISA MATTERS 

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities. The 

Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America. The 

Securities will qualify as “guaranteed governmental mortgage pool certificates” within the meaning 

of a Department of Labor regulation, the effect of which is to provide that mortgage loans and 

participations therein underlying a “guaranteed governmental mortgage pool certificate” will not be 

considered assets of an employee benefit plan subject to the Employee Retirement Income Security 

Act of 1974, as amended (“ERISA”), or subject to section 4975 of the Code (each, a “Plan”), solely 

by reason of the Plan’s purchase and holding of that certificate. 

Governmental plans and certain church plans, while not subject to the fiduciary responsibility 

provisions of ERISA or the prohibited transaction provisions of ERISA and the Code, may 

nevertheless be subject to local, state or other federal laws that are substantially similar to the 

foregoing provisions of ERISA and the Code. Fiduciaries of any such plans should consult with 

their counsel before purchasing any of the Securities. 

Prospective Plan Investors should consult with their advisors, however, to determine 

whether the purchase, holding, or resale of a Security could give rise to a transaction that is 

prohibited or is not otherwise permissible under either ERISA or the Code. 

See “ERISA Considerations” in the SMBS Base Offering Circular.

LEGAL INVESTMENT CONSIDERATIONS 

Institutions whose investment activities are subject to legal investment laws and regulations or 

to review by certain regulatory authorities may be subject to restrictions on investment in the 

Securities. No representation is made about the proper characterization of any Class for legal 

investment or other purposes, or about the permissibility of the purchase by particular 

investors of any Class under applicable legal investment restrictions. 

Investors should consult their own legal advisors regarding applicable investment 

restrictions and the effect of any restrictions on the liquidity of the Securities prior to 

investing in the Securities. 

See “Legal Investment Considerations” in the SMBS Base Offering Circular. 

PLAN OF DISTRIBUTION 

Subject to the terms and conditions of the Sponsor Agreement, the Sponsor has agreed to 

purchase all of the Securities if any are sold and purchased. The Sponsor and the Co-Managers 

propose to offer Securities to institutional Accredited Investors from time to time for sale in 

negotiated transactions at varying prices to be determined at the time of sale. The Sponsor and the 

Co-Managers may effect these transactions by sales to or through certain securities dealers. These 

dealers may receive compensation in the form of discounts, concessions or commissions from the 

Sponsor and the Co-Managers and/or commissions from any purchasers for which they act as 

agents. Some of the Securities may be sold through dealers in relatively small sales. In the usual 
S-14

case, the commission charged on a relatively small sale of securities will be a higher percentage of 

the sales price than that charged on a large sale of securities. 

INCREASE OR DECREASE IN SIZE 

Before the Closing Date, Ginnie Mae, the Trustee and the Sponsor may agree to increase or 

decrease the size of this offering. In that event, the Securities will have the same characteristics as 

described in this Supplement, except that the Original Class Principal Balance and original Class 

Notional Balance will increase or decrease by the same proportion. The SMBS Trust Agreement, 

the Final Data Statement and the Supplemental Statement, if any, will reflect any increase or 

decrease in the size of the transaction. 

LEGAL MATTERS 

Certain legal matters will be passed upon for Ginnie Mae by Hunton & Williams LLP, for the 

Trust by Cleary, Gottlieb, Steen & Hamilton and for the Trustee by Nixon Peabody LLP. 
$2,200,000,000

Government National 

Mortgage Association 

GINNIE MAE®

Guaranteed Stripped Mortgage-Backed Securities 

Ginnie Mae SMBS Trust 01 

____________________________________________ 

OFFERING CIRCULAR SUPPLEMENT 

July 27, 2004 

___________________________________________ 

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