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<TITLE>8-K Template for CO Issuances</TITLE>


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<FONT SIZE=2><P ALIGN="CENTER"><HR ALIGN="RIGHT"></P>


</FONT><B><FONT SIZE=5><P ALIGN="CENTER">UNITED STATES<BR>


SECURITIES AND EXCHANGE COMMISSION</B></FONT><FONT SIZE=2><BR>


<B>Washington, DC 20549</P>


</B></FONT><P ALIGN="CENTER"></P>


<P><HR WIDTH="19%" SIZE=1></P>


<B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>


</B></FONT><P ALIGN="CENTER"></P>


<P ALIGN="CENTER"><HR WIDTH="19%" SIZE=1></P>


<B><FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT<BR>


Pursuant to Section 13 or 15(d) of <BR>


The Securities Exchange Act of 1934 <BR>


</P>


<P ALIGN="CENTER">Date of Report (Date of earliest event reported) August 29, 2005</P>


</B></FONT><P ALIGN="CENTER"></P>


<P ALIGN="CENTER"><HR WIDTH="21%" SIZE=1></P>


<B><FONT SIZE=5><P ALIGN="CENTER">FEDERAL HOME LOAN BANK OF SAN FRANCISCO</B><BR>


</FONT><B><FONT SIZE=1>(Exact name of registrant as specified in its charter)</P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>


</FONT><P ALIGN="CENTER"><HR WIDTH="21%" SIZE=1></P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=624>


<TR><TD WIDTH="34%" VALIGN="MIDDLE">&nbsp;</TD>


<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="32%" VALIGN="MIDDLE">&nbsp;</TD>


<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="32%" VALIGN="MIDDLE">&nbsp;</TD>


</TR>


<TR><TD WIDTH="34%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">Federally chartered corporation</B></FONT></TD>


<TD WIDTH="1%" VALIGN="BOTTOM">


<FONT SIZE=1><P>&nbsp;</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">000-51398</B></FONT></TD>


<TD WIDTH="1%" VALIGN="BOTTOM">


<FONT SIZE=1><P>&nbsp;</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">94-6000630</B></FONT></TD>


</TR>


<TR><TD WIDTH="34%" VALIGN="TOP">


<B><FONT SIZE=1><P ALIGN="CENTER">(State or other jurisdiction<BR>


of incorporation)</B></FONT></TD>


<TD WIDTH="1%" VALIGN="BOTTOM">


<FONT SIZE=1><P>&nbsp;</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP">


<B><FONT SIZE=1><P ALIGN="CENTER">(Commission File Number)</B></FONT></TD>


<TD WIDTH="1%" VALIGN="BOTTOM">


<FONT SIZE=1><P>&nbsp;</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP">


<B><FONT SIZE=1><P ALIGN="CENTER">(IRS Employer</B></FONT><FONT SIZE=2><BR>


</FONT><B><FONT SIZE=1>Identification No.)</B></FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<P ALIGN="CENTER"></P>


<B><FONT SIZE=2><P ALIGN="CENTER">600 California Street</B><BR>


<B>San Francisco, CA  94108</B><BR>


</FONT><B><FONT SIZE=1>(Address of principal executive offices, including zip code)</P>


</B></FONT><P ALIGN="CENTER"></P>


<B><FONT SIZE=2><P ALIGN="CENTER"> (415) 616-1000<BR>


</FONT><FONT SIZE=1>(Registrant's telephone number, including area code) </P>


</B></FONT><P ALIGN="CENTER"></P>


<B><FONT SIZE=2><P ALIGN="CENTER">Not Applicable<BR>


</FONT><FONT SIZE=1>(Former name or former address, if changed since last report) </P>


</B></FONT><P ALIGN="CENTER"></P>


<P ALIGN="CENTER"><HR WIDTH="19%" SIZE=1></P>


<FONT SIZE=2><P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>


</FONT><FONT FACE="TimesNewRoman" SIZE=2><P>[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>


</P>


</FONT><FONT SIZE=2><P>[&nbsp;&nbsp;]&nbsp;&nbsp;</FONT><FONT FACE="TimesNewRoman" SIZE=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>


</P>


</FONT><FONT SIZE=2><P>[&nbsp;&nbsp;]&nbsp;&nbsp;</FONT><FONT FACE="TimesNewRoman" SIZE=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>


</P>


</FONT><FONT FACE="Symbol" SIZE=2><P>[</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT FACE="Symbol" SIZE=2>]</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT FACE="TimesNewRoman" SIZE=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


</P>


</FONT><P><HR ALIGN="RIGHT"></P>


<B><FONT SIZE=3>


<P>Item 2.03.&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</P>


</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Federal Home Loan Bank of San Francisco (the &quot;Bank&quot;) obtains most of its funds from the sale of debt securities, known as consolidated obligations, in the capital markets.  Consolidated obligations, which consist of bonds and discount notes, are by regulation the joint and several obligations of the twelve Federal Home Loan Banks.  The Federal Home Loan Banks are regulated by the Federal Housing Finance Board (the &quot;Finance Board&quot;) and the Finance Board regulations authorize the Finance Board to require any Federal Home Loan Bank to repay all or a portion of the principal of or interest on consolidated obligations for which another Federal Home Loan Bank is the primary obligor.  Consolidated obligations are sold to the public through the Office of Finance using authorized securities dealers.  Consolidated obligations are backed only by the financial resources of the twelve Federal Home Loan Banks and are not guaranteed by the United States government.</P>





<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule A sets forth all consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks, for which the Bank is the primary obligor, on the trade dates indicated, other than discount notes with a maturity of one year or less that are issued in the ordinary course of business. Schedule A also includes any consolidated obligations with a remaining maturity in excess of one year, if any, for which we have assumed the primary repayment obligation from another Federal Home Loan Bank.</P>





<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may elect to change our method of reporting information on the issuance or assumption of consolidated obligations at any time.  In reviewing the information in this Current Report on Form 8-K, please note:</P>








<UL>


<LI>although consolidated obligations issuance is material to the Bank, we have not made a judgment as to the materiality of any particular consolidated obligation or obligations;</LI>


<LI>Schedule A does not address any interest-rate exchange agreements (or other derivative instruments) which  we may enter into as a result of our asset and liability management strategies and that may be associated, directly or indirectly, with one or more of the reported consolidated obligations; </LI>


<LI>Schedule A will not enable a reader to track changes in the total consolidated obligations outstanding for which we are the primary obligor because Schedule A generally excludes consolidated obligation discount notes with a maturity of one year or less and does not reflect whether the proceeds from the issuance of the reported consolidated obligations will be used to, among other things, replace called or maturing consolidated obligations.  We will report the total consolidated obligations outstanding for which we are the primary obligor in our periodic reports filed with the Securities and Exchange Commission; and</LI>


<LI>the principal amounts reported on Schedule A represent the principal amount of the reported consolidated obligations at par, which may not correspond to the amounts reported in our financial statements prepared in accordance with generally accepted accounting principles contained in our periodic reports filed with the Securities and Exchange Commission, because the par amount does not account for, among other things, any discounts, premiums or concessions.</LI></UL>








<U><P ALIGN="CENTER">Schedule A</P>


<P ALIGN="CENTER"></P></U></FONT>


<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=805>


<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">TRADE DATE</B></FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">CUSIP</B></FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">SETTLEMENT DATE</B></FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">MATURITY DATE</B></FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">NEXT PAY DATE</B></FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">CALL TYPE(1)</B></FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">CALL STYLE (2)</B></FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">RATE TYPE/RATE SUB-TYPE</FONT><FONT FACE="Times New Roman Bold,Times New Roman" SIZE=1>(3)(4)</B></FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">NEXT CALL DATE</B></FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">COUPON PCT</B></FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<B><FONT SIZE=1><P ALIGN="CENTER">BANK PAR<BR>


($)</B></FONT></TD>


</TR>


<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">08/29/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">3133XD3Q2</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P>09/28/2007</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">03/28/2006</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Optional Principal Redemption</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">European</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Fixed Constant</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2006</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">4.400</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">25,000,000</FONT></TD>


</TR>


<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">08/29/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">3133XD3W9</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P>09/28/2007</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">03/28/2006</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Optional Principal Redemption</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">European</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Fixed Constant</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2006</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">4.500</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">250,000,000</FONT></TD>


</TR>


<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">08/30/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">3133XD4C2</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">03/28/2007</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">03/28/2006</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Optional Principal Redemption</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">European</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Fixed Constant</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2006</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">4.270</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">15,000,000</FONT></TD>


</TR>


<TR><TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">08/30/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">3133XD4M0</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2005</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">09/28/2007</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">03/28/2006</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Optional Principal Redemption</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">European</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">Fixed Constant</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="CENTER">09/28/2006</FONT></TD>


<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">4.375</FONT></TD>


<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=34>


<FONT SIZE=1><P ALIGN="RIGHT">15,000,000</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<FONT SIZE=1>


</FONT><FONT SIZE=2><P><HR ALIGN="LEFT" WIDTH="19%" SIZE=1></P><DIR>





<P>(1)&nbsp;&nbsp;&nbsp;&nbsp;Call Type Description:<BR>


<BR>


<B><I>Optional Principal Redemption</B></I> bonds (callable bonds) may be redeemed by the Bank in whole or in part at its discretion on predetermined call dates, according to the terms of the bond.<BR>


<B><I>Indexed Amortizing Notes</B></I> (indexed principal redemption bonds) repay principal based on a predetermined amortization schedule or formula that is linked to the level of a certain index, according to the terms of the bond.<BR>


<B><I>Scheduled Amortizing Notes</B></I> repay principal based on a predetermined amortization schedule, according to the terms of the bond. </P>





<P>(2)&nbsp;&nbsp;&nbsp;&nbsp;Call Style Description:<BR>


<BR>


Indicates whether the consolidated obligation is redeemable at the option of the Bank, and if so redeemable, the type of redemption provision.  The types of redemption provisions are:<BR>


<FONT FACE="Wingdings">&#159;</FONT>


&nbsp;&nbsp;&nbsp;American--redeemable continuously on and after the first redemption date and until maturity.<BR>


<FONT FACE="Wingdings">&#159;</FONT>


&nbsp;&nbsp;&nbsp;Bermudan--redeemable on specified recurring dates on and after the first redemption date, until maturity.<BR>


<FONT FACE="Wingdings">&#159;</FONT>


&nbsp;&nbsp;&nbsp;European--redeemable on a particular date only.<BR>


<FONT FACE="Wingdings">&#159;</FONT>


&nbsp;&nbsp;&nbsp;Canary--redeemable on specified recurring dates on and after the first redemption date until a specified date prior to maturity.<BR>


<FONT FACE="Wingdings">&#159;</FONT>


&nbsp;&nbsp;&nbsp;Multi-European--redeemable on particular dates only.</P>





<P>(3)&nbsp;&nbsp;&nbsp;&nbsp;Rate Type Description:<B><BR>


<BR>


<I>Conversion</B></I> bonds have coupons that convert from fixed to variable, or variable to fixed, or a mix of capped coupons and non-capped coupons, or from one variable type to another, or from one U.S. or other currency index to another, according to the terms of the bond.<BR>


<B><I>Fixed</B></I> bonds generally pay interest at constant or stepped fixed rates over the life of the bond, according to the terms of the bond.<BR>


<B><I>Variable</B></I> bonds may pay interest at different rates over the life of the bond, according to the terms of the bond.</P>





<P>(4)&nbsp;&nbsp;&nbsp;&nbsp;Rate Sub-Type Description<B>:<BR>


<BR>


<I>Constant</B></I> bonds generally pay interest at fixed rates over the life of the bond, according to the terms of the bond.<BR>


<B><I>Step Down</B></I> bonds generally pay interest at decreasing fixed rates for specified intervals over the life of the bond, according to the terms of the bond.<BR>


<B><I>Step Up</B></I> bonds generally pay interest at increasing fixed rates for specified intervals over the life of the bond, according to the terms of the bond.<BR>


<B><I>Step Up/Down</B></I> bonds generally pay interest at various fixed rates for specified intervals over the life of the bond, according to the terms of the bond.<BR>


<B><I>Zero Coupon</B></I> bonds earn a fixed yield to maturity or the optional principal redemption date, according to the terms of the bond, with principal and interest paid at maturity, or upon redemption to the extent exercised prior to maturity.<BR>


<B><I>Capped Floater</B></I> bonds have an interest rate that cannot exceed a stated or calculated ceiling, according to the terms of the bond.<BR>


<B><I>Dual Index Floater</B></I> bonds have an interest rates determined by two or more indices, according to the terms of the bond.<BR>


<B><I>Levereraged/Deleveraged</B></I> bonds pay interest based on a formula that includes an expressed multiplier, according to the terms of the bond: multiplier &gt; 1 = leveraged, multiplier &lt; 1 = deleveraged.<BR>


<B><I>Inverse Floater</B></I> bonds have an interest rate that increases as an index declines and decreases as an index rises, according to the terms of the bond.<BR>


<B><I>Stepped Floater</B></I> bonds pay interest based on an increasing spread over an index, according to the terms of the bond.<BR>


<B><I>Range</B></I> bonds may pay interest at different rates depending upon whether a specified index is inside or outside a specified range, according to the terms of the bond.<BR>


<B><I>Single Index Floater</B></I> bonds pay interest at a rate that increases as an index rises and decreases as an index declines, according to the terms of the bond.<BR>


<B><I>Ratchet Floater</B></I> bonds pay interest subject to increasing floors, according to the terms of the bond, such that subsequent coupons may not be lower than the previous coupon.</P>





</FONT><FONT SIZE=1><P><HR ALIGN="RIGHT"></P>


</FONT><B><P ALIGN="CENTER"></P></DIR>





<P ALIGN="CENTER">Signature(s)</P>


</B><FONT SIZE=3>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>





<P>&nbsp;</P></FONT>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=687>


<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="55%" VALIGN="TOP">


<B><FONT SIZE=3><P>Federal Home Loan Bank of San Francisco</B></FONT></TD>


</TR>


<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="31%" VALIGN="TOP">


<FONT SIZE=3><P>Date:&nbsp;&nbsp;September 1, 2005</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="55%" VALIGN="TOP">


<FONT SIZE=3><P>By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Steven T. Honda&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>


</TR>


<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="55%" VALIGN="TOP">


<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven T. Honda<BR>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer</FONT></TD>


</TR>


</TABLE>





<FONT SIZE=3></FONT></BODY>


</HTML>
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{"company-data": {"conformed-name": "Federal Home Loan Bank of San Francisco", "cik": "0001316944", "assigned-sic": "6111", "irs-number": "946000630", "state-of-incorporation": "X1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51398", "film-number": "051064782"}, "business-address": {"street1": "600 CALIFORNIA STREET, STE. 300", "city": "SAN FRANCISCO", "state": "CA", "zip": "94108", "phone": "(415) 616-1000"}, "mail-address": {"street1": "P. O. BOX 7948", "city": "SAN FRANCISCO", "state": "CA", "zip": "94120"}}
8-K Template for CO Issuances
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) August 29, 2005
FEDERAL HOME LOAN BANK OF SAN FRANCISCO
(Exact name of registrant as specified in its charter)
Federally chartered corporation
000-51398
94-6000630
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
600 California Street
San Francisco, CA  94108
(Address of principal executive offices, including zip code)
(415) 616-1000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[  ]  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 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The Federal Home Loan Bank of San Francisco (the "Bank") obtains most of its funds from the sale of debt securities, known as consolidated obligations, in the capital markets.  Consolidated obligations, which consist of bonds and discount notes, are by regulation the joint and several obligations of the twelve Federal Home Loan Banks.  The Federal Home Loan Banks are regulated by the Federal Housing Finance Board (the "Finance Board") and the Finance Board regulations authorize the Finance Board to require any Federal Home Loan Bank to repay all or a portion of the principal of or interest on consolidated obligations for which another Federal Home Loan Bank is the primary obligor.  Consolidated obligations are sold to the public through the Office of Finance using authorized securities dealers.  Consolidated obligations are backed only by the financial resources of the twelve Federal Home Loan Banks and are not guaranteed by the United States government.
Schedule A sets forth all consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks, for which the Bank is the primary obligor, on the trade dates indicated, other than discount notes with a maturity of one year or less that are issued in the ordinary course of business. Schedule A also includes any consolidated obligations with a remaining maturity in excess of one year, if any, for which we have assumed the primary repayment obligation from another Federal Home Loan Bank.
We may elect to change our method of reporting information on the issuance or assumption of consolidated obligations at any time.  In reviewing the information in this Current Report on Form 8-K, please note:
although consolidated obligations issuance is material to the Bank, we have not made a judgment as to the materiality of any particular consolidated obligation or obligations;
Schedule A does not address any interest-rate exchange agreements (or other derivative instruments) which  we may enter into as a result of our asset and liability management strategies and that may be associated, directly or indirectly, with one or more of the reported consolidated obligations;
Schedule A will not enable a reader to track changes in the total consolidated obligations outstanding for which we are the primary obligor because Schedule A generally excludes consolidated obligation discount notes with a maturity of one year or less and does not reflect whether the proceeds from the issuance of the reported consolidated obligations will be used to, among other things, replace called or maturing consolidated obligations.  We will report the total consolidated obligations outstanding for which we are the primary obligor in our periodic reports filed with the Securities and Exchange Commission; and
the principal amounts reported on Schedule A represent the principal amount of the reported consolidated obligations at par, which may not correspond to the amounts reported in our financial statements prepared in accordance with generally accepted accounting principles contained in our periodic reports filed with the Securities and Exchange Commission, because the par amount does not account for, among other things, any discounts, premiums or concessions.
Schedule A
TRADE DATE
CUSIP
SETTLEMENT DATE
MATURITY DATE
NEXT PAY DATE
CALL TYPE(1)
CALL STYLE (2)
RATE TYPE/RATE SUB-TYPE
(3)(4)
NEXT CALL DATE
COUPON PCT
BANK PAR
($)
08/29/2005
3133XD3Q2
09/28/2005
09/28/2007
03/28/2006
Optional Principal Redemption
European
Fixed Constant
09/28/2006
4.400
25,000,000
08/29/2005
3133XD3W9
09/28/2005
09/28/2007
03/28/2006
Optional Principal Redemption
European
Fixed Constant
09/28/2006
4.500
250,000,000
08/30/2005
3133XD4C2
09/28/2005
03/28/2007
03/28/2006
Optional Principal Redemption
European
Fixed Constant
09/28/2006
4.270
15,000,000
08/30/2005
3133XD4M0
09/28/2005
09/28/2007
03/28/2006
Optional Principal Redemption
European
Fixed Constant
09/28/2006
4.375
15,000,000
(1)    Call Type Description:
Optional Principal Redemption
bonds (callable bonds) may be redeemed by the Bank in whole or in part at its discretion on predetermined call dates, according to the terms of the bond.
Indexed Amortizing Notes
(indexed principal redemption bonds) repay principal based on a predetermined amortization schedule or formula that is linked to the level of a certain index, according to the terms of the bond.
Scheduled Amortizing Notes
repay principal based on a predetermined amortization schedule, according to the terms of the bond.
(2)    Call Style Description:
Indicates whether the consolidated obligation is redeemable at the option of the Bank, and if so redeemable, the type of redemption provision.  The types of redemption provisions are:
Ÿ
American--redeemable continuously on and after the first redemption date and until maturity.
Ÿ
Bermudan--redeemable on specified recurring dates on and after the first redemption date, until maturity.
Ÿ
European--redeemable on a particular date only.
Ÿ
Canary--redeemable on specified recurring dates on and after the first redemption date until a specified date prior to maturity.
Ÿ
Multi-European--redeemable on particular dates only.
(3)    Rate Type Description:
Conversion
bonds have coupons that convert from fixed to variable, or variable to fixed, or a mix of capped coupons and non-capped coupons, or from one variable type to another, or from one U.S. or other currency index to another, according to the terms of the bond.
Fixed
bonds generally pay interest at constant or stepped fixed rates over the life of the bond, according to the terms of the bond.
Variable
bonds may pay interest at different rates over the life of the bond, according to the terms of the bond.
(4)    Rate Sub-Type Description
:
Constant
bonds generally pay interest at fixed rates over the life of the bond, according to the terms of the bond.
Step Down
bonds generally pay interest at decreasing fixed rates for specified intervals over the life of the bond, according to the terms of the bond.
Step Up
bonds generally pay interest at increasing fixed rates for specified intervals over the life of the bond, according to the terms of the bond.
Step Up/Down
bonds generally pay interest at various fixed rates for specified intervals over the life of the bond, according to the terms of the bond.
Zero Coupon
bonds earn a fixed yield to maturity or the optional principal redemption date, according to the terms of the bond, with principal and interest paid at maturity, or upon redemption to the extent exercised prior to maturity.
Capped Floater
bonds have an interest rate that cannot exceed a stated or calculated ceiling, according to the terms of the bond.
Dual Index Floater
bonds have an interest rates determined by two or more indices, according to the terms of the bond.
Levereraged/Deleveraged
bonds pay interest based on a formula that includes an expressed multiplier, according to the terms of the bond: multiplier > 1 = leveraged, multiplier < 1 = deleveraged.
Inverse Floater
bonds have an interest rate that increases as an index declines and decreases as an index rises, according to the terms of the bond.
Stepped Floater
bonds pay interest based on an increasing spread over an index, according to the terms of the bond.
Range
bonds may pay interest at different rates depending upon whether a specified index is inside or outside a specified range, according to the terms of the bond.
Single Index Floater
bonds pay interest at a rate that increases as an index rises and decreases as an index declines, according to the terms of the bond.
Ratchet Floater
bonds pay interest subject to increasing floors, according to the terms of the bond, such that subsequent coupons may not be lower than the previous coupon.
Signature(s)
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.
Federal Home Loan Bank of San Francisco
Date:  September 1, 2005
By:
/s/ Steven T. Honda
Steven T. Honda
Senior Vice President and Chief Financial Officer