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</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>


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


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<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>


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<P ALIGN="CENTER">Date of Report (Date of earliest event reported) July 25, 2006</P>


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<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>


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


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


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


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


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


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


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


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


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


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


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


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<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>


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<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>


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<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>


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</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>


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</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>


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<B><FONT SIZE=3>


<P>Item 2.02 Results of Operations and Financial Condition</P>


</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 25, 2006, the Federal Home Loan Bank of San Francisco issued a press release announcing its financial results for the fiscal quarter ended June 30, 2006. A copy of the press release is included as Exhibit 99.1 to this report.  The information contained in Exhibit 99.1 is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</P>





<B><P>Item 9.01 Financial Statements and Exhibits</P></B></FONT>


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<FONT SIZE=3><P>(d)</FONT></TD>


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<U><FONT SIZE=3><P>Exhibits</U></FONT></TD>


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<FONT SIZE=2><P>&nbsp;</FONT></TD>


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<FONT SIZE=2><P>&nbsp;</FONT></TD>


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<FONT SIZE=2><P>&nbsp;</FONT></TD>


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<FONT SIZE=3><P>99.1</FONT></TD>


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<FONT SIZE=3><P>Press Release, dated July 25, 2006, issued by the Federal Home Loan Bank of San Francisco</P>


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


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<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>





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


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


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<FONT SIZE=3><P>Date:&nbsp;&nbsp;July 26, 2006</FONT></TD>


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<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>


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<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>


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


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<B><U><FONT SIZE=2><P>Exhibit No. </B></U></FONT></TD>


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<B><U><FONT SIZE=2><P>Description</B></U></FONT></TD>


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<P>&nbsp;</TD>


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<P>&nbsp;</TD>


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<FONT SIZE=3><P>99.1</FONT></TD>


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<FONT SIZE=3><P>Press Release, dated July 25, 2006, issued by the Federal Home Loan Bank of San Francisco</P>


</FONT></TD>


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<P>&nbsp;</TD>


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<P>&nbsp;</TD>


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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": "06980033"}, "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"}}
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) July 25, 2006
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 2.02 Results of Operations and Financial Condition
On July 25, 2006, the Federal Home Loan Bank of San Francisco issued a press release announcing its financial results for the fiscal quarter ended June 30, 2006. A copy of the press release is included as Exhibit 99.1 to this report.  The information contained in Exhibit 99.1 is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits
99.1
Press Release, dated July 25, 2006, issued by the Federal Home Loan Bank of San Francisco
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:  July 26, 2006
By:
/s/ Steven T. Honda
Steven T. Honda
Senior Vice President and Chief Financial Officer
Exhibit Index
Exhibit No.
Description
99.1
Press Release, dated July 25, 2006, issued by the Federal Home Loan Bank of San Francisco