Rule 424 (b) (3)
Registration No. 333-199914
 
 
CALCULATION OF REGISTRATION FEE
 
Title of Each Class of
Securities Offered
 
Maximum Aggregate
Offering Price
 
Amount of
Registration
Fee(1)(2)
Senior Debt Securities
 
$200,000.00
 
$23.18
 
(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
 
(2)
The amount in this column has been transmitted to the SEC in connection with the securities offered by means of this pricing supplement.
 
TRADE DATE: 12/12/2016
PRICING SUPPLEMENT NO. 7231 DATED December 12, 2016
TO PROSPECTUS SUPPLEMENTAL DATED November 10, 2014
AND BASE PROSPECTUS DATED November 6, 2014
 
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Medium-Term Notes, Series D
Due Nine Months or More from Date of Issue
 
Principal Amount:
$200,000.00
 
     
Issue Price:
100% of Principal Amount
 
     
Original Issue Date:
12/15/16
 
     
Maturity Date:
12/15/17
 
     
Interest Rate:
1.60% per annum
 
     
Regular Record Dates:
Each January 1 and July 1
 
     
Interest Payment Dates:
Each January 15 and July 15
 
     
Redemption Date:
None
 
     
Agents' Commission:
None
 
     
Form of Note:
Certificated
 
(Book-Entry or Certificated)
   
     
Other Terms:
None
 
     
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.
 
Validity of the Medium-Term Note
 
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 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 by 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 Cooperative Association Act, as amended (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 November 10, 2014, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on
November 10, 2014.