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):
                                  July 15, 2004


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


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

Item 7. 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

                                   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: July 15, 2004             FIRST NATIONAL FUNDING LLC

                                 By:  First National Funding Corporation,
                                      Managing Member


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


Dated: July 15, 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