UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 4, 2006
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
District of Columbia	1-7102	52-0891669
(state or other jurisdiction)	(Commission File Number)	(I.R.S. Employer
		Identification No.)
Woodland Park, 2201 Cooperative Way, Herndon, VA		20171-3025
(Address of principal executive offices)		(Zip Code)
Registrant's telephone number, including area code: (703) 709-6700
(Former name or former address, if changed since last report)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01

Entry into a Material Definitive Agreement.

On December 4, 2006, Rural Telephone Finance Corporation ("RTFC"), a consolidated affiliate of National Rural Utilities Cooperative Finance Corporation ("CFC"), amended the supplemental benefits agreement in place with Sheldon C. Petersen.  The amended agreement clarifies that Mr. Petersen has been and continues to be retained by RTFC as an independent contractor to provide service to RTFC as its Chief Executive Officer.  Mr. Petersen is the Chief Executive Officer of CFC.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
	NATIONAL RURAL UTILITIES COOPERATIVE
	FINANCE CORPORATION
	/s/ STEVEN L. LILLY
	Steven L. Lilly
	Senior Vice President and
	Chief Financial Officer
	(Principal Financial Officer)
Dated: December 7, 2006