# EDGAR Filing Document

**Accession Number:** 0000070502
**File Stem:** 0000070502-25-000609
**Filing Date:** 2025-12
**Character Count:** 6536
**Document Hash:** 0f75092786d0ca3b9254748aeaadc5e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000070502-25-000609.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0000070502-25-000609

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/
- **CENTRAL INDEX KEY:** 0000070502
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 520891669
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275151
- **FILM NUMBER:** 251577468

**BUSINESS ADDRESS:**
- **STREET 1:** 20701 COOPERATIVE WAY
- **CITY:** DULLES
- **STATE:** VA
- **ZIP:** 20166-6691
- **BUSINESS PHONE:** 7034671800

**MAIL ADDRESS:**
- **STREET 1:** 20701 COOPERATIVE WAY
- **CITY:** DULLES
- **STATE:** VA
- **ZIP:** 20166-6691

Rule 424 (b)(3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION ("National Rural")

Member Capital Securities

---

| | |
|:---|:---|
| &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;Pricing Supplement No. | &nbsp;&nbsp;737 |
| &nbsp;&nbsp;Pricing Supplement Date | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;Prospectus Supplement Date | &nbsp;&nbsp;October 27, 2023 |
| &nbsp;&nbsp;Base Prospectus Date | &nbsp;&nbsp;October 24, 2023 |
| &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;$100000.00 |
| &nbsp;&nbsp;Issue Price | &nbsp;&nbsp;100% of Principal Amount |
| &nbsp;&nbsp;Original Issue Date | &nbsp;&nbsp;December 19, 2025 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;December 19, 2055 |
| &nbsp;&nbsp;Interest Rate | &nbsp;&nbsp;5.75% per annum |
| &nbsp;&nbsp;Regular Record Dates | &nbsp;&nbsp;Each March 15 and September 15 |
| &nbsp;&nbsp;Interest Payment Dates | &nbsp;&nbsp;Each April 1 and October 1 |
| &nbsp;&nbsp;First Coupon Date | &nbsp;&nbsp;April 1, 2026 |
| &nbsp;&nbsp;Product Ranking | &nbsp;&nbsp;Subordinate to all existing and future senior indebtedness of National Rural and all existing subordinated indebtedness of National Rural that is held by or transferable by non-members of National Rural. |
| &nbsp;&nbsp;Optional Redemption | &nbsp;&nbsp;Redeemable at the option of National Rural, in whole or in part, at any time after December 19, 2030 at a redemption price equal to 100% of the principal amount to be redeemed together with accrued and unpaid interest, if any, to the redemption date. |
| &nbsp;&nbsp;Option to Extend Interest Payment Period | &nbsp;&nbsp;National Rural will have the right to extend the interest payment period to a period not exceeding 10 consecutive semi-annual interest payment periods. At the end of a deferral period, National Rural must pay all interest then accrued and unpaid together with interest thereon at the same rate as specified for the securities. |
| &nbsp;&nbsp;Restrictions on Transfer | &nbsp;&nbsp;The securities can only be sold or transferred to other National Rural voting members upon the written consent of National Rural. |
| &nbsp;&nbsp;Agents Commission |  |
| &nbsp;&nbsp;Form of Note: (Book-Entry or Certificated)  | &nbsp;&nbsp;Certificated |
| &nbsp;&nbsp;Denominations/Multiples | &nbsp;&nbsp;$25,000/$1,000 |
| &nbsp;&nbsp;Listing |  |
| &nbsp;&nbsp;Member Capital Securities may be issued by the Company in an unlimited aggregate principal amount. | &nbsp;&nbsp;Member Capital Securities may be issued by the Company in an unlimited aggregate principal amount. |

---

**Validity of the Member Capital Securities**

In the opinion of Hogan Lovells US LLP, as counsel to the Company, when the notes offered by this pricing supplement have been executed and issued by the Company and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such notes will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors' rights (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances, fraudulent transfers and preferential transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law).

------

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 (the "Cooperative Association Act") and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? exfilingfees

**Calculation of Filing Fee Table**

**424(b)(3)**

(Form Type)

**National Rural Utilities Cooperative Finance Corporation**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>Security Type | <br>Security Class Title | &nbsp;&nbsp;<br>Fee Calculation or<br> Carry Forward Rule  | Amount Registered | Proposed Maximum Offering<br> Price Per Unit | &nbsp;&nbsp;<br>Maximum Aggregate Offering Price | <br>Fee Rate | <br>Amount of Registration Fee |
| Fees to Be Paid | Debt | Member Capital Securities, Series 2023 | 457(r) | $100000.00 | 100.000% | $100000.00 | 0.0001381 | $13.81 |
|  | Total Offering Amount | Total Offering Amount | Total Offering Amount |  |  | $100000.00 |  |  |
|  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  | $— |
|  | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  |  | $13.81 |

---