This Pricing Supplement relates to the Debt Securities described below (the "Notes"). You should read it together with the Offering Circular dated April 13, 2010 (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 April 11, 2016

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:

$4,000,000,000.00

5.

Issue Date:

March 04, 2011

6.

Maturity Date:

April 11, 2016

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 11th day of each April and October

c.

First Interest Payment Date:

April 11, 2011

d.

Interest rate per annum:

2.375%

10. Authorization 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:

3135G0BA0

b.

ISIN:

US3135G0BA00

c.

Common Code:

060301182

2.

Listing Application

	__No
	X  Yes: Application will be made to list the Notes on the EuroMTF market of the Luxembourg Stock Exchange

3.

Eligibility for Stripping on the Issue Date

	__No
	X  Yes

X  Minimum Principal Amount: $1,600,000.00

Offering

1.

Pricing Date:

March 02, 2011

2.

Method of Distribution:

X Principal

__ Non-underwritten

 
 
 
 
 
 
 

3.

Dealers

Underwriting Commitment

Barclays Capital Inc.

$ 1,182,000,000

Citigroup Global Markets Inc.

1,181,000,000

UBS Securities LLC

1,182,000,000

First Tennessee Bank National Association

90,000,000

Goldman, Sachs & Co.

50,000,000

J.P. Morgan Securities LLC

85,000,000

BNP Paribas Securities Corp.

80,000,000

Ramirez Co., Inc.

70,000,000

The Williams Capital Group, L.P.

80,000,000

Total

$ 4,000,000,000

a.

Representative(s):

Barclays Capital Inc. Citigroup Global Markets Inc. UBS Securities LLC

b.

Stabilizing Manager:

Barclays Capital Inc.

4.

Offering Price:

X

Fixed Offering Price: 99.796% of principal amount, plus accrued interest, if any, from the Settlement Date

__

Variable Price Offering

5.

Dealer Purchase Price: 99.696% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.  Supplemental Plan of Distribution:  See Annex 1

Settlement

1.

Settlement Date:

March 04, 2011

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks