Filed Under Rule 424(b)(3), Registration Statement No. 333-199914
Pricing Supplement Number 446 Dated Monday, April 17, 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
63743FC95 [] 100% 1.250% [] Fixed 2.250% MONTHLY 04/15/2022 05/15/2017 $1.13 Yes Senior Unsecured Notes

Redemption Information: Non-Callable



     

National Rural Utilities Cooperative Finance Corp
Offering Dates: Monday, April 17, 2017 through Monday, April 24, 2017
Trade Date: Monday, April 24, 2017 @12:00 PM ET
Settlement Date: Thursday, April 27, 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