Filed Under Rule 424(b)(3), Registration Statement No. 333-199914
Pricing Supplement Number 437 Dated Monday, February 6, 2017
(To: Prospectus Dated November 6, 2014 and Prospectus Supplement Dated November 10, 2014)

CUSIP
Number		 Principal Amount Selling Price Gross Concession Net
Proceeds		 Coupon Type Coupon Rate Coupon
Frequency		 Maturity Date 1st Coupon Date 1st Coupon Amount Survivor's Option Product Ranking
63743FB70 [] 100% 1.250% [] Fixed 2.500% MONTHLY 02/15/2022 03/15/2017 $2.01 Yes Senior Unsecured Notes

Redemption Information: Non-Callable



National Rural Utilities Cooperative Finance Corp



 
Offering Dates: Monday, February 6, 2017 through Monday, February 13, 2017
Trade Date: Monday, February 13, 2017 @12:00 PM ET
Settlement Date: Thursday, February 16, 2017
Minimum Denomination/Increments:$1,000.00/$1,000.00
Initial trades settle flat and clear SDFS: DTC Book Entry only
DTC number: 0235 via RBC Dain Rauscher Inc.

Agents: Incapital, LLC, Citigroup, Comerica Securities, J.J.B. Hilliard, W.L. Lyons, Inc., Wells Fargo

If the maturity date or an interest payment date for any note is not a Business Day (as term is defined in Prospectus), principal, premium, if any, and interest for that note is paid on the next Business Day, and no interest will accrue from, and after, the maturity date or interest payment date.



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National Rural Utilities Cooperative Finance Corp
Prospectus Dated November 6, 2014