CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered	Maximum Aggregate Offering Price	Amount of Registration Fee(1)(2)
4.000% InterNotes® Due August 15, 2022	$4,909,000	$569.93

(1)	Calculated in accordance with Rule 457(r) under 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.




Filed Under Rule 424(b)(3), Registration Statement No. 333-155631
Pricing Supplement Number 232 Dated August 01, 2011
(To: Prospectus Dated November 24, 2008 and Prospectus Supplement Dated November 26, 2008)


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

63743FNC6

$4,909,000

100.000%

1.900%

$4,815,729.00

Fixed

4.000%

MONTHLY

08/15/2022

09/15/2011

$4.56

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable






 
  National Rural Utilities Cooperative Finance Corp Offering Dates: Monday, July 25, 2011 through Monday, August 1, 2011
Trade Date: Monday, August 1, 2011 @12:00 PM ET
Settlement Date: Thursday, August 4, 2011
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: Banc of America Securities LLC, Incapital, LLC, Comerica Securities, Edward D. Jones & Co., L.P., J.J.B. Hilliard, W.L. Lyons, Inc., Merrill Lynch & Co., Morgan Stanley, UBS Securities LLC 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.  
 
InterNotes® is a registered trademark of Incapital Holdings, LLC. All rights reserved.
 National Rural Utilities Cooperative Finance Corp InterNotes Prospectus Dated November 24, 2008