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):

On April 28, 2011, the Federal Home Loan Bank of San Francisco (the "Bank") issued a press release announcing its operating results for the quarter ended March 31, 2011, the declaration of a cash dividend for the first quarter 2011, and the Bank's plan to repurchase up to $500 million in excess capital stock on May 16, 2011. A copy of the press release is included as Exhibit 99.1 to this report. A copy of the Bank's member communication regarding the Bank's plan to repurchase excess capital stock is included as Exhibit 99.2 to this report. The information contained in Exhibits 99.1 and 99.2 is being furnished pursuant to Item 2.02 of this report 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.

On April 28, 2011, the Bank announced the declaration of a cash dividend for the first quarter 2011 and the Bank's plan to repurchase up to $500 million in excess capital stock on May 16, 2011. The press release and member communication set forth above in Item 2.02 are hereby incorporated into Item 7.01 by reference.

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.