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):
                                January 18, 2005


                        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)

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
    Act (17 CFR 240.13e-4(c))






ITEM 8.01. OTHER EVENTS.

         The registrant hereby files the Monthly Report to Noteholders for the
monthly period ending December 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.

<Table>
<Caption>
         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 December 31, 2004
</Table>






                                   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: January 21, 2005                  FIRST NATIONAL FUNDING LLC

                                         By: First National Funding Corporation,
                                             Managing Member


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


Dated: January 21, 2005                  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


<Table>
<Caption>
EXHIBIT NO.       DESCRIPTION
               
   20             Series 2002-1, 2003-1 and 2003-2 Asset Backed Notes Monthly
                  Servicing Report for the monthly period ending December 31,
                  2004
</Table>