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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) August 31, 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>


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<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 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers</P>


</B></FONT><P>Federal Home Loan Bank of San Francisco (&quot;Bank&quot;) Director Kenneth R. Harder, an executive vice president of Northern Trust Bank, National Association, Phoenix, Arizona, has informed the Bank that the Office of the Comptroller of the Currency ("OCC") has consented to the merger of Northern Trust Bank, National Association, Phoenix, Arizona, under the charter of Northern Trust, National Association, and that the merger is currently scheduled to take effect on October 23, 2006.  The main office of Northern Trust, National Association, will be in Miami, Florida. Mr. Harder's position on the Bank's Board of Directors is the elected director position currently allocated to Arizona. Under the rules of the Federal Housing Finance Board, Mr. Harder must be an officer or director of a Bank member located in Arizona to be eligible to remain in this position. As of the effective date of the merger, Mr. Harder's position with Northern Trust Bank, National Association, will no longer qualify him for a director position on the Board, and under the rules of the Finance Board, the position will become vacant.  The Bank's Board of Directors will then be required to select an officer or director of a Bank member located in Arizona to fill the vacant position for the remainder of Mr. Harder's current term, which ends December 31, 2007.</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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<FONT SIZE=3><P>Date:&nbsp;&nbsp;August 31, 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;</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": "061069303"}, "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) August 31, 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 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Federal Home Loan Bank of San Francisco ("Bank") Director Kenneth R. Harder, an executive vice president of Northern Trust Bank, National Association, Phoenix, Arizona, has informed the Bank that the Office of the Comptroller of the Currency ("OCC") has consented to the merger of Northern Trust Bank, National Association, Phoenix, Arizona, under the charter of Northern Trust, National Association, and that the merger is currently scheduled to take effect on October 23, 2006.  The main office of Northern Trust, National Association, will be in Miami, Florida. Mr. Harder's position on the Bank's Board of Directors is the elected director position currently allocated to Arizona. Under the rules of the Federal Housing Finance Board, Mr. Harder must be an officer or director of a Bank member located in Arizona to be eligible to remain in this position. As of the effective date of the merger, Mr. Harder's position with Northern Trust Bank, National Association, will no longer qualify him for a director position on the Board, and under the rules of the Finance Board, the position will become vacant.  The Bank's Board of Directors will then be required to select an officer or director of a Bank member located in Arizona to fill the vacant position for the remainder of Mr. Harder's current term, which ends December 31, 2007.
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:  August 31, 2006
By:
/s/ Steven T. Honda
Steven T. Honda
Senior Vice President and Chief Financial Officer