| **                        **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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| **UNITED STATES**SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
          
**FORM 10-K
                          

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
               

For the fiscal year ended December 31, 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
                                

**RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1**

(Exact name of registrant as specified in its charter)
                           

NEW YORK

(State or other jurisdiction of incorporation or      organization)
                         

36-7051619

(I.R.S. Employer Identification Number)
                                        

2201 Cooperative Way, Herndon, VA 20171-302
(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 X No __                                                                                                                            The Registrant has no common or voting      stock.          
DOCUMENTS INCORPORATED BY REFERENCE:     
       None.                            
              
Part I                      
Item 3.
Legal Proceedings         
None.       
Item 4.
Submission of Matters to a Vote of Security Holders                
None.                                     
Part II                      
Item 5.
Market for the Registrant's Common Equity and Related      Stockholder Matters                  

      a)      There is no established trading market for the certificates      representing ownership of the beneficial interest in the Trust.  
b)
      As of December 31, 2001 there was one record holder of certificates      representing ownership of the beneficial interest in the Trust.           
Item 8.
Financial Statements and Supplementary Data           
See attached audited financial statements.                 
Item 9.
Disagreements on Accounting and Financial Disclosure                      
None.                                                  
Part III              
Item 13.
Certain Relationships and Related Transactions                                 
None.                                       
Part IV                      
Item 14.
Exhibits and Financial Statement Schedules and Reports      on Form 8-K                               
                   
a)      The following documents are filed as part of this      report: 
1.    
Financial Statements  
Report of Independent Public Accountants  
Statement of Assets and Liabilities as of December 31,      2001 and 2000  
Statement of Income and Expenses for the Year Ended      December 31, 2001, 2000 and 1999  
Statement of Cash Flows for the Year Ended December 31,      2001, 2000 and 1999  
Notes to Financial Statements             
2.    
Financial Statement Schedules are omitted because they      are inapplicable.                                     
3.    
Exhibits                                                                   
Exhibit   
Number 
Description of Exhibit                                     
4.1 
Form of Trust Agreement, including the form of Rural      Electric Cooperative Grantor Trust Certificate (incorporated by reference      to Exhibit 4.1 to Registration Statement on form S-1 [No. 33-79328].)                                
4.2 
Loan Agreement (incorporated by reference to Exhibit      10.1 to Registration Statement on Form S-1 [No. 33-79328].)          
10.2 
Loan Guarantee and Servicing Agreement (incorporated by      reference to Exhibit 10.2 to Registration Statement on Form S-1 [No. 33-79328].)        99.1Representation Letter from      Arthur Andersen LLP                
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-B1                    
 By:   
NATIONAL RURAL UTILITIES COOPERATIVE 
FINANCE CORPORATION as Servicer                    
By:  
/s/ Sheldon C. Petersen  
Sheldon C. Petersen  
 Governor and Chief Executive Officer
                                                     
RURAL ELECTRIC COOPERATIVE GRANTOR
TRUST (SOYLAND) 1993-B1
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-B1, and                   
To the Board of Directors of
National Rural Utilities Cooperative
     Finance Corporation        
We have audited the accompanying statements of assets      and liabilities of Rural Electric Cooperative Grantor Trust (SOYLAND) 1993-B1 (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-B1 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-B1
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2001 AND 2000                                                                   
ASSETS 
2001   
2000                                 
Interest receivable
$
1,433,895  
$
1,433,895                  
Note receivable 
49,675,000   
49,675,000                            
          Total Assets
$
51,108,895  
$
51,108,895                                                                         
LIABILITIES 
2001   
2000              
Interest payable-Grantor Trust Certificates
$
1,399,717  
$
1,399,717               
Servicer fees payable 
34,178   
34,178               
Rural Electric Cooperative Grantor Trust Certificates 
49,675,000   
49,675,000                   
          Total Liabilities
$
51,108,895  
$
51,108,895                                                               
The accompanying notes are an integral part of these      financial statements.                                       
                                                                    
RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1
STATEMENTS OF INCOME AND EXPENSES
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999                                
2001   
2000   
1999                
INCOME:                             
Interest on note receivable
$
4,411,985  
$
4,411,985  
$
4,411,985                     
EXPENSES:                           
Interest to certificateholders 
4,306,823   
4,306,823   
4,306,823                  
Servicer fees 
105,162   
105,162   
105,162                      
          Total Expenses 
4,411,985   
4,411,985   
4,411,985                   
          Net Income
$
-  
$
-  
$
-                                                        
The accompanying notes are an integral part of these      financial statements.                             
                                       
RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999                                             
2001
 
  
2000
 
  
1999 
CASH FLOWS FROM OPERATING ACTIVITIES:  
 
   
 
   
 
                
 
   
 
   
 

     Interest received on note receivable
$
4,411,985
 
 
$
4,411,985
 
 
$
4,411,985
 

     Interest paid to certificateholders 
(4,306,823
)  
(4,306,823
)  
(4,306,823
)
     Fees paid to servicer 
(105,162
)  
(105,162
)  
(105,162
)         
 
   
 
   
 

     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:  
 
   
 
   
 

          Increase in interest receivable 
-
 
  
-
 
  
-
 

          Increase in interest payable 
-
 
  
-
 
  
-
 

          Increase in interest payable 
-
 
  
-
 
  
-
 

          Increase in servicer fees payable 
-
 
  
-
 
  
-
 
       
 
   
 
   
 

          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
$
4,306,823
 
 
$
4,306,823
 
 
$
4,306,823
 
        
 
   
 
   
 
      
 
   
 
   
 
     
 
   
 
   
 

The accompanying notes are an integral part of these      financial statements.                    
                              
RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2001 AND 2000                                 
1.
ORGANIZATION AND OPERATIONS                    
Rural Electric Cooperative Grantor Trust (Soyland) 1993-B1 (the      "Trust") was formed under a Trust Agreement dated October 1,      1993 among National Rural Utilities Cooperative Finance Corporation      ("CFC"), Soyland Power Cooperative, Inc. (the      "Cooperative") and Bank One, formerly The First National Bank of      Chicago (the "Trustee"). On that date, CFC made a loan to the      Cooperative which issued a note (the "Note"), evidencing the      borrowing, to the Trust. The Trust issued to CFC, Rural Electric      Cooperative Grantor Trust (Soyland) 8.67% Certificates, due 2018 (the      "Certificates") in the amount of 49,675,000. The Certificates      are solely the obligations of the Trust and are not insured or guaranteed      by CFC, the Cooperative, the Trustee, the Rural Utilities Service ("RUS")      of the United States Department of Agriculture ("USDA") nor any      other governmental agency. Each Certificate represents an undivided      fractional interest in the Trust. CFC is the depositor of the Trust and      acts as servicer of the Note. CFC filed, on behalf of the Trust, a      Registration Statement on Form S-1 (Registration No. 33-79328) which      became effective on May 24, 1994, and resold the Certificates thereunder.      The offering of the certificates occurred on October 6, 1994.           
The assets of the Trust consist primarily of the Note, bearing interest      at 8.75% and maturing 2018, which is guaranteed (the      "Guarantee") as to timely payment of principal and interest by      the United States of America, acting through the Administrator of RUS. The      amounts of principal and interest payments on the Note held by the Trust      are sufficient to cover the scheduled principal and interest payments on      the Certificates issued by the Trust and the scheduled servicer fees. The      General Counsel of the USDA has issued an opinion that the Guarantee is      supported by the full faith and credit of the United States of America.           
The Trust also receives a conversion fee of .1317% from the      Cooperative. This fee was derived when the Note from the Cooperative was      converted from a variable to a fixed interest rate. The fee is paid over      the term of the Note as a yield adjustment. The conversion fee is passed      through to the servicer.         
Debt service and servicer fee payments on the Note are made to the      Trustee semi-annually (March 4 and September 4) by the Cooperative. The      Trustee deposits all such receipts in the Trust account. The Trustee is      authorized by the Trust Agreement to invest all funds in the Trust account      at the direction of CFC in certain eligible investments that mature no      later than the business day preceding the day (March 15 and September 15)      such amounts are to be distributed to the certificate holders and the      servicer. The interest earned on the investments is distributed to the      Cooperative. Any funds that are not so invested must be held by the      Trustee in the Trust account. The Trustee may not reinvest any returns of      principal or investment earnings on eligible investments and the Trustee      may not sell any eligible investment prior to its maturity except, at the      direction of CFC, to preserve the value of the corpus of the Trust.              
On or before five business days after each date on which payments are      made on the Certificates, the Trustee is obligated to supply the holders      of such Certificates a report provided by the servicer, which includes      certain pertinent information as to how the payment is to be allocated to      principal, interest, servicer fees and premium, if any, as well as the      principal balance outstanding after such payment.           
The fiscal year of the Trust is the calendar year. Within the      prescribed period of time for tax reporting purposes, after the end of      each calendar year during the term of the Trust Agreement, the Trustee is      obligated to prepare and mail to each certificate holder of record for the      Trust, at any time during such year, a report setting forth the      information as is reasonably necessary for the preparation of such      certificate holder's Federal income tax return.****** |