This Pricing Supplement relates to the Debt Securities described below (the "Notes"). You should read it together with the Offering Circular dated January 19, 2004 (the "Offering Circular"), relating to the Universal Debt Facility of the Federal National Mortgage Association ("Fannie Mae"). Unless defined below, capitalized terms have the meanings we gave to them in the Offering Circular.

The Notes, and interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than Fannie Mae.

Certain Securities Terms

1.

Title:

2.375% Notes Due February 15, 2007

2.

Form:

Fed Book-Entry Securities

3.

Specified Payment Currency

a.

Interest:

U.S. dollars

b.

Principal:

U.S. dollars

4.

Aggregate Original Principal Amount:

$5,000,000,000.00

5.

Issue Date:

February 20, 2004

6.

Maturity Date:

February 15, 2007

Amount Payable on the Maturity Date:

100.00% of principal amount

7.

Subject to Redemption Prior to Maturity Date

X

No

__

Yes

8.

Interest Category:

Fixed Rate Securities

 
 
 

______________ 
"Benchmark Notes" is a registered trademark of Fannie Mae. 
 
 

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 15th day of each February and August

c.

First Interest Payment Date:

August 15, 2004

d.

Interest rate per annum:

2.375%

10.  Authorized Denominations (if other than minimum denominations of U.S. $1,000 and additional increments of U.S. $1,000)

      a.  Minimum Denominations: U.S. $2,000.00

      b.  Additional Increments: U.S. $1,000.00
 

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

31359MUE1

b.

ISIN:

US31359MUE10

c.

Common Code:

18721708

2.

Listing Application

	__No
	X  Yes:  Luxembourg Stock Exchange

3.

Eligibility for Stripping on the Issue Date

	__No
	Yes

X  Minimum Principal Amount: $1,600,000.00

Offering

1.

Pricing Date:

February 19, 2004

2.

Method of Distribution:

X Principal

__ Non-underwritten

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3.

Dealers

Underwriting Commitment

Deutsche Bank Securities Inc.

$ 1,424,000,000

HSBC Securities (USA) Inc.

1,424,000,000

Merrill Lynch, Pierce, Fenner & Smith Incorporated

1,422,000,000

Bear, Stearns & Co. Inc.

70,000,000

Citigroup Global Markets Inc.

70,000,000

Countrywide Securities Corporation

70,000,000

Credit Suisse First Boston LLC

70,000,000

First Tennessee Bank National Association

70,000,000

Goldman, Sachs & Co.

70,000,000

J.P. Morgan Securities Inc..

70,000,000

Lehman Brothers Inc

70,000,000

Morgan Stanley & Co. Incorporated

70,000,000

UBS Securities LLC

100,000,000

Total

$ 5,000,000,000

a.

Representative(s):

Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated

b.

Stabilizing Manager:

Merrill Lynch, Pierce, Fenner & Smith Incorporated

4.

Offering Price:

X

Fixed Offering Price: 99.806% of principal amount, plus accrued interest, if any, from the Settlement Date

__

Variable Price Offering

5.

Dealer Purchase Price: 99.731% of principal amount

a.

Concession:

0.06%

b.

Reallowance:

N/A

6.  Supplemental Plan of Distribution:  See Annex 1

Settlement

1.

Settlement Date:

February 20, 2004

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks