Blueprint
Rule 424 (b) (3)
Registration No. 333-210526
 

U.S. $20,000,000,000.00
National Rural Utilities CFC
VARIABLE DENOMINATION FLOATING
RATE DEMAND NOTES

Pricing Supplement No. 38 Dated September 28, 2018
TO PROSPECTUS Dated March 31, 2016
 
 
 
  Interest
   Rate:
    2.000% per annum                   
                                                                                                                                                          
                            Rates will be set daily. Eligible Investor[1] will purchase a Variable Rate Note, containing a promise
                            from CFC to repay the note plus interest upon the receipt of a Redemption Notice from the Eligible
                            Investor.
 

    Period
 Beginning:
September 28, 2018                      
 
                     
 
 
 
 
 
                             [1] Generally CFC members and other rural utilities which have been determined to satisfy federal and
                             state eligibility criteria.