UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                Date of Report (Date of earliest event reported):
                                November 15, 2004


                        FIRST NATIONAL MASTER NOTE TRUST
                        --------------------------------
             (Exact name of registrant as specified in its charter)


         Nebraska                000-50139               Not applicable
     ----------------           -----------        ------------------------
        (State of            (Commission File           (IRS Employer
      Incorporation)              Number)           Identification Number)


              1620 Dodge Street
                Stop Code 3198
               Omaha, Nebraska                                68197-3198
   --------------------------------------                    ------------
  (Address of principal executive offices)                    (Zip Code)


                                 (402) 341-0500
                   -----------------------------------------
              (Registrant's telephone number, including area code)


                                 Not applicable
               --------------------------------------------------
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange







ITEM 8.01.  OTHER EVENTS.

         The registrant hereby files the Monthly Report to Noteholders for the
monthly period ending October 31, 2004 as Exhibit 20 to Item 9.01(c) hereto.


ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(a)      Financial statements of businesses acquired.

         None.

(b)      Pro forma financial information.

         None.

(c)      Exhibits.

         EXHIBIT NO.           DOCUMENT DESCRIPTION

         Exhibit 20            Series 2002-1, 2003-1 and 2003-2 Asset
                               Backed Notes Monthly Servicing Report for
                               the monthly period ending October 31, 2004








                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

Dated:  November 19, 2004            FIRST NATIONAL FUNDING LLC

                                     By:    First National Funding Corporation,
                                            Managing Member


                                     By:    /s/ Matthew W. Lawver
                                            ----------------------------------
                                            Matthew W. Lawver, President


Dated:  November 19, 2004            FIRST NATIONAL MASTER NOTE TRUST

                                     By:    First National Bank of Omaha,
                                            As Servicer of First National Master
                                            Note Trust

                                     By:    /s/ Matthew W. Lawver
                                            ----------------------------------
                                            Matthew W. Lawver, Senior Vice
                                            President













                                  EXHIBIT INDEX


     EXHIBIT NO.       DESCRIPTION

         20            Series 2002-1, 2003-1 and 2003-2 Asset Backed Notes
                       Monthly Servicing Report for the monthly period ending
                       October 31, 2004