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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) June 30, 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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<B><FONT SIZE=2><P ALIGN="CENTER">Federally chartered corporation</B></FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">000-51398</B></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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<B><FONT SIZE=1><P ALIGN="CENTER">(Commission File Number)</B></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>


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<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>


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</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>


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<P>Item 7.01 Regulation FD Disclosure</P>


</B><P>On June 30, 2006, the Federal Home Loan Bank of San Francisco's Board of Directors voted to delay implementation of the amendment to the Bank's Retained Earnings and Dividend Policy adopted on June&nbsp;14, 2006, to provide additional time to review alternatives to the Bank's capital structure. Previously, the Bank announced that the Board of Directors had amended the Retained Earnings and Dividend Policy on June 14, 2006, to increase the target for the buildup of retained earnings to $296 million and to make available for dividends, beginning with the third quarter 2006, approximately 80% of net income (excluding the effects of FAS 133) until that target is reached.</FONT><FONT SIZE=1>  </FONT><FONT SIZE=3>The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K shall not be deemed to be "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>Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995</P>


</B><P>This report on Form 8-K contains forward-looking statements within the meaning of the &quot;safe harbor&quot; provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, changes in federal laws and regulations. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.</P>





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


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<P>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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<FONT SIZE=3><P>Date:&nbsp;&nbsp;July 3, 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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{"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": "06939314"}, "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) June 30, 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 7.01 Regulation FD Disclosure
On June 30, 2006, the Federal Home Loan Bank of San Francisco's Board of Directors voted to delay implementation of the amendment to the Bank's Retained Earnings and Dividend Policy adopted on June 14, 2006, to provide additional time to review alternatives to the Bank's capital structure. Previously, the Bank announced that the Board of Directors had amended the Retained Earnings and Dividend Policy on June 14, 2006, to increase the target for the buildup of retained earnings to $296 million and to make available for dividends, beginning with the third quarter 2006, approximately 80% of net income (excluding the effects of FAS 133) until that target is reached.
The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K shall not be deemed to be "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.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report on Form 8-K contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, changes in federal laws and regulations. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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 3, 2006
By:
/s/ Steven T. Honda
Steven T. Honda
Senior Vice President and Chief Financial Officer