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|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|UNITED STATES                                                                                                                                                                                                                                                                                                                                                                                        
|SECURITIES AND EXCHANGE COMMISSION                                                                                                                                                                                                                                                                                                                                                                   
|Washington, D.C. 205 49                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                     
|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, 2001                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                     
|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                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                     
|(Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                     
|(State or other jurisdiction of incorporation or
      organization)                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                     
|(I.R.S. Employer Identification Number)                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                     
|(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.                                                                                                                                                                                                                                                                                                                                                                                                

|        
|--------
|        
|        
|Part I  
|        
|Item 3. 
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|        
|        
|Item 4. 
|        
|        
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|        
|Part II 
|        
|Item 5. 
|        
|        
|        
|        
|Item 8. 
|        
|        
|        
|Item 9. 
|        
|        
|        
|        
|Part III
|        
|Item 13.
|        
|        
|        
|        
|Part IV 
|        
|Item 14.
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|                                                                                                                                                                                                                                                                                                                  |         |                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------- | --------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                  | 2.      | Financial Statement Schedules are omitted because they
      are inapplicable.              
|                                                                                                                                                                                                                                                                                                                  |         |                                                                                             
|                                                                                                                                                                                                                                                                                                                  | 3.      | Exhibits                                                                                    
|                                                                                                                                                                                                                                                                                                                  |         |                                                                                             
|                                                                                                                                                                                                                                                                                                                  | Exhibit |                                                                                             
|                                                                                                                                                                                                                                                                                                                  | Number  |                                                                                             
|                                                                                                                                                                                                                                                                                                                  |         |                                                                                             
|                                                                                                                                                                                                                                                                                                                  | 4.1     |                                                                                             
|                                                                                                                                                                                                                                                                                                                  |         |                                                                                             
|                                                                                                                                                                                                                                                                                                                  | 4.2     |                                                                                             
|                                                                                                                                                                                                                                                                                                                  |         |                                                                                             
|                                                                                                                                                                                                                                                                                                                  | 10.2    |                                                                                             
|                                                                                                                                                                                                                                                                                                                  |         |                                                                                             
|                                                                                                                                                                                                                                                                                                                  | 99.1    |                                                                                             
|                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                  | b)      | Forms 8-K dated September 17, 2001 and March 15, 2001.                                      
|                                                                                                                                                                                                                                                                                                                  |         | Semi-annual Reports to Certificateholders dated
      September 17, 2001 and March 15, 2001.
|                                                                                                                                                                                                                                                                                                                 
|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 1st day of
      April  2002.



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

> 

|                                                     
|-----------------------------------------------------
|                                                     
|                                                     
|RURAL ELECTRIC COOPERATIVE GRANTOR                   
|TRUST (SOYLAND) 1993-B2                              
|FINANCIAL STATEMENTS AS OF DECEMBER 31, 2001 AND 2000
|TOGETHER WITH AUDITORS' REPORT                       
|                                                     
|                                                     
|                                                     





|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|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, 2001 and 2000, and the
      related statements of income and expenses and cash flows for each of the
      three years in the period ended December 31, 2001. 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, 2001 and 2000, and the results of its operations and its cash flows
      for each of the three years in the period ended December 31, 2001, in conformity with
      accounting principles generally accepted in the United States.                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Vienna, Virginia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|March 27, 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

|                                                          
|----------------------------------------------------------
|RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
|STATEMENTS OF ASSETS AND LIABILITIES                      
|AS OF DECEMBER 31, 2001 AND 2000                          
|                                                          
|                                                          

|                                                                                
|--------------------------------------------------------------------------------
|ASSETS                                                                          
|                                                                                
|Interest receivable                                                             
|                                                                                
|Note 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.
|                                                                                
|                                                                                
|                                                                                

|                                                          
|----------------------------------------------------------
|                                                          
|                                                          
|                                                          
|RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
|STATEMENTS OF INCOME AND EXPENSES                         
|FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999      
|                                                          
|                                                          
|                                                          

|                                                                                 |   | 2001      |  |  |   | 2000      |  |  |   | 1999      | 
|-------------------------------------------------------------------------------- | - | --------- |  |  | - | --------- |  |  | - | --------- | 
|                                                                                 |   |           |  |  |   |           |  |  |   |           | 
|INCOME:                                                                          |   |           |  |  |   |           |  |  |   |           | 
|                                                                                 |   |           |  |  |   |           |  |  |   |           | 
|Interest on note receivable                                                      | $ | 3,249,362 |  |  | $ | 3,485,987 |  |  | $ | 3,702,345 | 
|                                                                                 |   |           |  |  |   |           |  |  |   |           | 
|EXPENSES:                                                                        |   |           |  |  |   |           |  |  |   |           | 
|                                                                                 |   |           |  |  |   |           |  |  |   |           | 
|Interest to certificateholders                                                   |   | 3,166,132 |  |  |   | 3,396,697 |  |  |   | 3,607,513 | 
|                                                                                 |   |           |  |  |   |           |  |  |   |           | 
|Servicer fees                                                                    |   | 83,230    |  |  |   | 89,290    |  |  |   | 94,832    | 
|                                                                                 |   |           |  |  |   |           |  |  |   |           | 
|Total Expenses                                                                   |   | 3,249,362 |  |  |   | 3,485,987 |  |  |   | 3,702,345 | 
|                                                                                 |   |           |  |  |   |           |  |  |   |           | 
|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, 2001, 2000 AND 1999      
|                                                          
|                                                          
|                                                          

|                                                                                 |   | 2001       |   |  |   | 2000       |   |  |   | 1999       |  
|-------------------------------------------------------------------------------- | - | ---------- | - |  | - | ---------- | - |  | - | ---------- | -
|CASH FLOWS FROM OPERATING ACTIVITIES:                                            |   |            |   |  |   |            |   |  |   |            |  
|                                                                                 |   |            |   |  |   |            |   |  |   |            |  
|Principal received on note receivable                                            | $ | 2,930,000  |   |  | $ | 2,680,000  |   |  | $ | 2,450,000  |  
|Interest received
      on note receivable                                       |   | 3,330,966  |   |  |   | 3,560,627  |   |  |   | 3,770,580  |  
|Interest paid to certificateholders                                              |   | (2,930,000 | ) |  |   | (2,680,000 | ) |  |   | (2,450,000 | )
|Principal paid to certificateholders                                             |   | (3,245,645 | ) |  |   | (3,469,425 | ) |  |   | (3,674,000 | )
|Fees paid to servicer                                                            |   | (85,321    | ) |  |   | (91,202    | ) |  |   | (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 in interest receivable                                                  |   | 81,604     |   |  |   | 74,640     |   |  |   | 68,235     |  
|(Decrease) in interest payable                                                   |   | (79,513    | ) |  |   | (72,728    | ) |  |   | (66,487    | )
|(Decrease) in servicer fees payable                                              |   | (2,091     | ) |  |   | (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                                   | $ | 3,245,645  |   |  | $ | 3,469,425  |   |  | $ | 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, 2001 AND 2000                          
|                                                          
|                                                          
|1.                                                        
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          
|                                                          

| |  |            |   |            | 
| |  | ---------- | - | ---------- | 
| |  | 2002       | $ | 3,210,000  | 
| |  | 2003       |   | 3,510,000  | 
| |  | 2004       |   | 3,840,000  | 
| |  | 2005       |   | 4,205,000  | 
| |  | 2006       |   | 4,600,000  | 
| |  | Thereafter |   | 16,575,000 | 
| |  |            |   |            | 
| |  | Total      | $ | 35,940,000 | 

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | 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,
      2001 and 2000, 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, 2001 and 2000.                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   | The carrying amounts reported for interest receivable, interest
      payable, and servicer fees payable approximate fair 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, 2001 and 2000 are as follows:
|                                                                                                                                  
|                                                                                                                                  
|                                                                                                                                  
|                                                                                                                                  
|                                                                                                                                  
|Assets:                                                                                                                           
|Interest receivable                                                                                                               
|Note receivable                                                                                                                   
|                                                                                                                                  
|Liabilities:                                                                                                                      
|Interest payable - Grantor                                                                                                        
|Trust Certificates                                                                                                                
|Servicer fees payable                                                                                                             
|Rural Electric Cooperative                                                                                                        
|Grantor Trust Certificates                                                                                                        
|                                                                                                                                  



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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Exhibit 99.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|April 1, 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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|United States Securities and
        Exchange Commission                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|450 Fifth Street, N.W.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Washington, D.C. 20549                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
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|Re: Financial
        Statements Audited by Arthur Andersen, LLP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|National Rural Utilities Cooperative Finance
        Corporation ("CFC"), as servicer is filing the Rural Electric
        Cooperative Grantor Trust (Soyland) 1993-B2 (Comm. File No. 333-79328)
        Annual Report on Form 10-K today with financial statements audited by
        Arthur Andersen LLP ("Andersen"). In accordance with Temporary
        Note 3T to Article 3 of Regulation S-X, this letter confirms that the
        CFC has received certain required representations from Andersen in a
        letter dated March 28, 2002.

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|Andersen has
      represented to CFC that the audit was subject to Andersen's quality
      control system for the U.S. accounting and auditing practice to provide
      reasonable assurance that the engagement was conducted in compliance with
      professional standards. Andersen further represented that there was
      appropriate continuity of Andersen personnel working on the audit and
      availability of national office consultation. Andersen represented that
      the availability of personnel at foreign affiliates of Andersen was not
      relevant to this audit.
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|Very truly yours,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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|/s/
      Angelo Salera                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Angelo Salera                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Acting Chief Financial Officer