|SECURITIES AND EXCHANGE COMMISSION                                   
|---------------------------------------------------------------------
|Washington, D.C. 20549                                               
|                                                                     
|FORM 10-K                                                            
|                                                                     
|ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF                     
|THE SECURITIES EXCHANGE ACT OF 1934                                  
|                                                                     
|For the fiscal year ended December 31, 2000                          
|                                                                     
|OR                                                                   
|                                                                     
|TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF                 
|THE SECURITIES EXCHANGE ACT OF 1934                                  
|                                                                     
|For the transition period
   from               
   to               
|Commission File Number 333-79328                                     
|                                                                     
|RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2           
|(Exact name of registrant as specified in its charter)               
|                                                                     
|NEW YORK                                                             
|(State or other jurisdiction of incorporation or organization)       
|                                                                     
|36-7051620                                                           
|(I.R.S. Employer Identification Number)                              
|                                                                     
|2201 Cooperative Way, Herndon, VA 20171-3025                         
|(Address of principal executive offices)                             
|(Registrant's telephone number, including area code, is 703-709-6700)
|                                                                     
|Securities Registered pursuant to Section 12(b) of the Act: None.    
|                                                                     

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes XNo __

The Registrant has no common or voting stock.

DOCUMENTS INCORPORATED BY REFERENCE:

None.

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|Part III
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|Part IV 
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Supplemental information to be furnished with reports filed pursuant to Section
15(d) of the Act by Registrants which have not registered securities pursuant to
Section 12 of the Act.

No annual report, proxy statement, form of proxy or other proxy soliciting
material has been sent to Certificateholders, and the Registrant does not
presently contemplate sending any such material subsequent to the filing of this
report.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized, in the County of Fairfax,
Commonwealth of Virginia on the 28th day of March, 2001.



|RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
|----------------------------------------------------------
|                                                          
|By:                                                       
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          

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RURAL ELECTRIC COOPERATIVE GRANTOR

TRUST (SOYLAND) 1993-B2





FINANCIAL STATEMENTS AS OF DECEMBER 31, 2000 AND 1999

TOGETHER WITH AUDITORS' REPORT





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Report of Independent Public Accountants











To the Trustee of

Rural Electric Cooperative Grantor Trust

(SOYLAND) 1993-B2, and

To the Board of Directors of

National Rural Utilities Cooperative

Finance Corporation



We have audited the accompanying statement of assets and liabilities of Rural
Electric Cooperative Grantor Trust (SOYLAND) 1993-B2 (the "Trust") as
of December 31, 2000 and 1999, and the related statements of income and expenses
and cash flows for each of the three years ended December 31, 2000. These
financial statements are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.



We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.



In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Rural Electric Cooperative
Grantor Trust (SOYLAND) 1993-B2 as of December 31, 2000 and 1999, and the
results of its operations and its cash flows for each of the three years ended
December 31, 2000, in conformity with accounting principles generally accepted
in the United States.







Vienna, Virginia

March 9, 2001











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RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2000 AND 1999



|                                                                          
|--------------------------------------------------------------------------
|ASSETS                                                                    
|                                                                          
|Interest receivable                                                       
|                                                                          
|Notes receivable                                                          
|                                                                          
|Total Assets                                                              
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|LIABILITIES                                                               
|                                                                          
|Interest payable-Grantor Trust Certificates                               
|                                                                          
|Servicer fees payable                                                     
|                                                                          
|Rural Electric Cooperative Grantor Trust Certificates                     
|                                                                          
|Total Liabilities                                                         
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|The accompanying notes are an integral part of these financial statements.



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RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2

STATEMENTS OF INCOME AND EXPENSES

FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998



|                                                                           |  | 2000                          |  |  |  | 1999                         |  |  |  | 1998                         | 
|-------------------------------------------------------------------------- |  | ----------------------------- |  |  |  | ---------------------------- |  |  |  | ---------------------------- | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|INCOME:                                                                    |  |                               |  |  |  |                              |  |  |  |                              | 
|Interest on note receivable                                                |  | $       3,485,987             |  |  |  | $      3,702,34 5            |  |  |  | $       3,770,580            | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|EXPENSES:                                                                  |  |                               |  |  |  |                              |  |  |  |                              | 
|Interest to certificateholders                                             |  | 3,396,697                     |  |  |  | 3,607,513                    |  |  |  | 3,674,000                    | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|Servicer fees                                                              |  | 89,290                        |  |  |  | 94,832                       |  |  |  | 96,580                       | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|Total Expenses                                                             |  | 3,485,987                     |  |  |  | 3,702,345                    |  |  |  | 3,770,580                    | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|Net Income                                                                 |  | $                      
    - |  |  |  | $                     
    - |  |  |  | $                     
    - | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|                                                                           |  |                               |  |  |  |                              |  |  |  |                              | 
|The accompanying notes are an integral part of these financial statements.



---







RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998



|                                                                           |  | 2000                        |  |  |  | 1999                        |  |  |  | 1998                        | 
|-------------------------------------------------------------------------- |  | --------------------------- |  |  |  | --------------------------- |  |  |  | --------------------------- | 
|CASH FLOWS FROM OPERATING ACTIVITIES:                                      |  |                             |  |  |  |                             |  |  |  |                             | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|Principal received on note receivable                                      |  | $      2,680,000            |  |  |  | $      2,450,000            |  |  |  | $                   
    -  | 
|Interest received on note receivable                                       |  | 3,560,627                   |  |  |  | 3,770,580                   |  |  |  | 3,770,580                   | 
|Interest paid to certificateholders                                        |  | (4,306,823)                 |  |  |  | (4,306,823)                 |  |  |  | (4,306,823)                 | 
|Principal paid to certificateholders                                       |  |                             |  |  |  |                             |  |  |  |                             | 
|Fees paid to servicer                                                      |  | (91,202)                    |  |  |  | (96,580)                    |  |  |  | (96,580)                    | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|Net cash provided by operating activities                                  |  | -                           |  |  |  | -                           |  |  |  | -                           | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|NET CHANGE IN CASH                                                         |  | -                           |  |  |  | -                           |  |  |  | -                           | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|CASH, beginning of year                                                    |  | -                           |  |  |  | -                           |  |  |  | -                           | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|CASH, end of year                                                          |  | $                    
    - |  |  |  | $                    
    - |  |  |  | $                    
    - | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|ACCRUAL TO CASH BASIS RECONCILIATION:                                      |  |                             |  |  |  |                             |  |  |  |                             | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|Accrual basis income                                                       |  | $                    
    - |  |  |  | $                    
    - |  |  |  | $                    
    - | 
|Change in accrual accounts:                                                |  |                             |  |  |  |                             |  |  |  |                             | 
|(Decrease)/Increase in interest receivable                                 |  | 74,640                      |  |  |  | 68,235                      |  |  |  | -                           | 
|(Decrease)/ Increase in interest payable                                   |  | (72,728)                    |  |  |  | (66,487)                    |  |  |  | -                           | 
|(Decrease)/Increase in servicer fees payable                               |  | (1,912)                     |  |  |  | (1,748)                     |  |  |  | -                           | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|Total change in accrual accounts                                           |  | -                           |  |  |  | -                           |  |  |  | -                           | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|Net cash provided by operating activities                                  |  | $                    
   -  |  |  |  | $                    
   -  |  |  |  | $                    
   -  | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|SUPPLEMENTAL DISCLOSURE OF                                                 |  |                             |  |  |  |                             |  |  |  |                             | 
|CASH FLOW INFORMATION:                                                     |  | -                           |  |  |  | -                           |  |  |  | -                           | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|Cash paid during the year for interest expense                             |  | $     
    3,469,425        |  |  |  | $     
    3,674,000        |  |  |  | $     
    3,674,000        | 
|                                                                           |  |                             |  |  |  |                             |  |  |  |                             | 
|The accompanying notes are an integral part of these financial statements.



---





RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2000 AND 1999

> 1.  ORGANIZATION AND OPERATIONS
>   Rural Electric Cooperative Grantor Trust (Soyland) 1993-B2 (the
>   "Trust") was formed under a Trust Agreement dated October 1, 1993
>   among National Rural Utilities Cooperative Finance Corporation
>   ("CFC"), Soyland Power Cooperative, Inc. (the
>   "Cooperative") and Bank One, formerly The First National Bank of
>   Chicago (the "Trustee"). On that date, CFC made a loan to the
>   Cooperative which issued a note (the "Note"), evidencing the
>   borrowing, to the Trust. The Trust issued to CFC, Rural Electric Cooperative
>   Grantor Trust (Soyland) 8.35% Certificates, due 2009 (the
>   "Certificates") in the amount of $44,000,000. The Certificates are
>   solely the obligations of the Trust and are not insured or guaranteed by CFC,
>   the Cooperative, the Trustee, the Rural Utilities Service ("RUS") of
>   the United States Department of Agriculture ("USDA") nor any other
>   governmental agency. Each Certificate represents an undivided fractional
>   interest in the Trust. CFC is the depositor of the Trust and acts as servicer
>   of the Note. CFC filed, on behalf of the Trust, a Registration Statement on
>   Form S-1 (Registration No. 33-79328) which became effective on May 24, 1994,
>   and resold the Certificates thereunder. The offering of the Certificates
>   occurred on October 6, 1994.
>   The assets of the Trust consist primarily of the Note, bearing interest at
>   8.43% and maturing 2009, which is guaranteed (the "Guarantee") as to
>   timely payment of principal and interest by the United States of America,
>   acting through the Administrator of RUS. The amounts of principal and interest
>   payments on the Note held by the Trust are sufficient to cover the scheduled
>   principal and interest payments on the Certificates issued by the Trust and
>   the scheduled servicer fees. The General Counsel of the USDA has issued an
>   opinion that the Guarantee is supported by the full faith and credit of the
>   United States of America.
>   The Trust also receives a conversion fee of .1395% from the Cooperative. This
>   fee was derived when the Note from the Cooperative was converted from a
>   variable to a fixed interest rate. The fee is paid over the term of the Note
>   as a yield adjustment. The conversion fee is passed through to the servicer.
>   Debt service and servicer fee payments on the Note are made to the Trustee
>   semi-annually (March 4 and September 4) by the Cooperative. The Trustee
>   deposits all such receipts in the Trust account. The Trustee is authorized by
>   the Trust Agreement to invest all funds in the Trust account at the direction
>   of CFC in certain eligible investments that mature no later than the business
>   day preceding the day (March 15 and September 15) such amounts are to be
>   distributed to the certificate holders and the servicer. The interest earned
>   on the investments is distributed to the Cooperative. Any funds that are not
>   so invested must be held by the Trustee in the Trust account. The Trustee may
>   not reinvest any returns of principal or investment earnings on eligible
>   investments and the Trustee may not sell any eligible investment prior to its
>   maturity except, at the direction of CFC, to preserve the value of the corpus
>   of the Trust.
>   On or before five business days after each date on which payments are made on
>   the Certificates, the Trustee is obligated to supply the holders of such
>   Certificates a report provided by the servicer, which includes certain
>   pertinent information as to how the payment is to be allocated to principal,
>   interest, servicer fees and premium, if any, as well as the principal balance
>   outstanding after such payment.
>   The fiscal year of the Trust is the calendar year. Within the prescribed
>   period of time for tax reporting purposes, after the end of each calendar year
>   during the term of the Trust Agreement, the Trustee is obligated to prepare
>   and mail to each certificate holder of record for the Trust, at any time
>   during such year, a report setting forth the information as is reasonably
>   necessary for the preparation of such certificate holder's Federal income tax
>   return.
>   Principal payments on the Certificates began in 1999 and are scheduled to be
>   repaid over a period of eleven years. The principal payments over the next
>   five years and thereafter are as follows:

|2001       | $ 2,930,000
|---------- | -----------
|2002       | 3,210,000  
|2003       | 3,510,000  
|2004       | 3,840,000  
|2005       | 4,205,000  
|Thereafter | 21,175,000 
|           |            
|Total      | $38,870,000

> The Certificates are not subject to redemption prior to September 15, 2003.
>   Thereafter, such Certificates are subject to optional redemption, in whole and
>   without premium, upon redemption or purchase of the related Note. The Trust
>   Agreement will terminate after payment in full has been made on the
>   Certificates issued thereunder.
>   2.  TAX STATUS OF THE TRUST
>   Milbank, Tweed, Hadley & McCloy, Counsel to CFC, has advised CFC with
>   respect to the Trust that, in its opinion, (i) the Trust will not be
>   classified as an association taxable as a corporation, but will be classified
>   as a grantor trust and (ii) each certificate holder will be treated for
>   Federal income tax purposes as the owner of an undivided fractional interest
>   in each of the assets held by the Trust.
>   It is expected that the Trust will not have any liability for Federal or state
>   income taxes for the current or future years.
>   3.  INTEREST AND SERVICER FEE ACCOUNTING
>   The Trust records interest income as it is earned and accrues interest expense
>   and servicer fees as they are incurred. Servicer fees represent eight basis
>   points of the outstanding principal balance of the Certificates and the Note
>   and recognition of conversion fees occurs over the life of the loan.
>   4.  FAIR VALUE OF FINANCIAL INSTRUMENTS
>   Use of Estimates
>   The preparation of financial statements in conformity with accounting
>   principles generally accepted in the United States requires management to make
>   estimates and assumptions that affect the reported amounts of assets and
>   liabilities at the date of the financial statements and the reported amounts
>   of expenses during the reported period. The estimates involve judgments with
>   respect to, among other things, various future factors which are difficult to
>   predict and are beyond the control of the Trust. With regards to the fair
>   values below, actual amounts could differ from these estimates.
>   The following disclosure of the estimated fair value of financial instruments
>   is made in accordance with Statement of Financial Accounting Standards No.
>   107, "Disclosure about Fair Value of Financial Instruments."
>   Whenever possible, the estimated fair value amounts have been determined using
>   quoted market information as of December 31, 2000 and 1999, along with other
>   valuation methodologies. Below is a summary of significant methodologies used
>   in estimating fair value amounts and a schedule of fair values at December 31,
>   2000 and 1999.
>   The carrying amounts reported for interest receivable, interest payable, and
>   servicer fees payable approximate air values due to the short-term maturity of
>   these instruments.
>   Note Receivable
>   Fair value is estimated by discounting the future cash flows using the current
>   rates at which similar loans would be made to borrowers with similar credit
>   ratings and for the same remaining maturities.
>   Rural Electric Cooperative Grantor Trust Certificates
>   The fair value of the Certificates is estimated using quoted market prices for
>   similar notes over the same remaining maturities.
>   
>   The carrying and estimated fair values of the Trust's financial instruments as
>   of December 31, 2000 and 1999 are as follows:

| |                            | 2000              |             | 1999         
| | -------------------------- | ----------------- | ----------- | -------------
| |                            | Carrying
   Value |             | Fair
   Value
| |                            |                   |             |              
| | Assets:                    |                   |             |              
| | Interest receivable        |                   | $ 1,082,564 |              
| | Note receivable            |                   | 38,870,000  |              
| |                            |                   |             |              
| | Liabilities:               |                   |             |              
| | Interest payable - Grantor |                   | 1,054,835   |              
| | Trust Certificates         |                   |             |              
| | Servicer fees payable      |                   | 27,729      |              
| | Rural Electric Cooperative |                   |             |              
| | Grantor Trust Certificates |                   | 38,870,000  |              
| |                            |                   |             |