SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
  
 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
HOWARD J TIMOTHY
(Last) (First) (Middle)
3900 WISCONSIN AVENUE, NW
(Street)
WASHINGTON DC 20016
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE [ FNM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Vice Chairman & CFO
3. Date of Earliest Transaction (Month/Day/Year)
03/17/2004
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/17/2004 M 3,500 A $18.625 27,800 D
Common Stock 03/17/2004 S 500 D $75.73 27,300 D
Common Stock 03/17/2004 S 3,000 D $75.75 24,300 D
Common Stock 03/18/2004 M 3,500 A $18.625 27,800 D
Common Stock 03/18/2004 S 200 D $74.63 27,600 D
Common Stock 03/18/2004 S 100 D $74.62 27,500 D
Common Stock 03/18/2004 S 100 D $74.68 27,400 D
Common Stock 03/18/2004 S 100 D $74.67 27,300 D
Common Stock 03/18/2004 S 100 D $74.65 27,200 D
Common Stock 03/18/2004 S 100 D $74.7 27,100 D
Common Stock 03/18/2004 S 100 D $74.75 27,000 D
Common Stock 03/18/2004 S 100 D $74.55 26,900 D
Common Stock 03/18/2004 S 100 D $74.57 26,800 D
Common Stock 03/18/2004 S 300 D $74.59 26,500 D
Common Stock 03/18/2004 S 200 D $74.54 26,300 D
Common Stock 03/18/2004 S 100 D $75.2 26,200 D
Common Stock 03/18/2004 S 100 D $75.26 26,100 D
Common Stock 03/18/2004 S 100 D $75.25 26,000 D
Common Stock 03/18/2004 S 100 D $75.21 25,900 D
Common Stock 03/18/2004 S 100 D $75.22 25,800 D
Common Stock 03/18/2004 S 100 D $75.32 25,700 D
Common Stock 03/18/2004 S 100 D $75.34 25,600 D
Common Stock 03/18/2004 S 200 D $75.35 25,400 D
Common Stock 03/18/2004 S 200 D $75.3 25,200 D
Common Stock 03/18/2004 S 100 D $74.88 25,100 D
Common Stock 03/18/2004 S 100 D $75.05 25,000 D
Common Stock 03/18/2004 S 100 D $75 24,900 D
Common Stock 03/18/2004 S 100 D $75.19 24,800 D
Common Stock 03/18/2004 S 100 D $75.13 24,700 D
Common Stock 03/18/2004 S 100 D $75.14 24,600 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $18.625 03/17/2004 M 3,500 11/15/1995 11/15/2004 Common Stock 3,500 $0 89,300 D
Employee Stock Option (right to buy) $18.625 03/18/2004 M 3,500 11/15/1995 11/15/2004 Common Stock 3,500 $0 85,800 D
Explanation of Responses:
Remarks:
All of the foregoing transactions were effected by Reporting Person's broker pursuant to a written 10b5-1 trading plan established on February 27, 2004. This Form 4 dated 3/19/04 is 1 of 2 Form 4s dated 3/19/04, and should be read in conjunction with the other Form 4. The total number of transactions being reported on 3/19/04 exceeded the 30 transactions per report limitation imposed by the SEC on electronic filings. In accordance with guidance from the SEC staff, the two Form 4s shall be deemed to be one for reporting purposes.
/s/ Scott Lesmes, Attorney-in-Fact for J. Timothy Howard 03/19/2004
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.