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

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].)

		99.1	Representation 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.

	Principal payments on the Certificates are scheduled to be repaid over a period of nine years, beginning in 2010. The principal payment in 2010 is scheduled to be 6,600,000. 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:

	2001				2000
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Assets:
Interest receivable	$	1,433,895	$	1,433,895	$	1,433,895	$	1,433,895
Note receivable		49,675,000		58,988,190		49,675,000		60,578,068

Liabilities:
Interest payable - Grantor		1,399,717		1,399,717		1,399,717		1,399,717
Trust Certificates
Servicer fees payable		34,178		34,178		34,178		34,178
Rural Electric Cooperative
Grantor Trust Certificates		49,675,000		59,125,980		49,675,000		60,747,632

Exhibit 99.1

April 1, 2002

United States Securities and Exchange Commission

450 Fifth Street, N.W.

Washington, D.C. 20549

Re: Financial Statements Audited by Arthur Andersen, LLP

National Rural Utilities Cooperative Finance Corporation ("CFC"), as servicer is filing the Rural Electric Cooperative Grantor Trust (Soyland) 1993-B1 (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.

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.

Very truly yours,

/s/ Angelo Salera

Angelo Salera

Acting Chief Financial Officer

RURAL ELECTRIC COOPERATIVE GRANTOR TRUST SOYLAND 1993 B1 10-K