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 May 27, 2011, the Board of Directors ("Board") of the Federal Home Loan Bank of San Francisco ("Bank") modified the Bank's Risk Management Policy to add steps the Bank will take if the ratio of the Bank's estimated market value of total capital to par value of capital stock ("Ratio") is less than 100%. The modified Risk Management Policy provides that if the Ratio at the end of any quarter is: (i) less than 100% but greater than or equal to 90%, any dividend for that quarter would be limited to an annualized rate no greater than the daily average of three-month London Interbank Offered Rate ("LIBOR") (subject to certain conditions), and any excess capital stock repurchases during the subsequent quarter would not exceed $500 million (subject to certain conditions); (ii) less than 90% but greater than or equal to 70%, any dividend for that quarter and any excess capital stock repurchases during the subsequent quarter would be subject to the same limitations and conditions as in (i) above, except that any excess capital stock repurchases during the subsequent quarter would not exceed 4% of the Bank's outstanding capital stock as of the repurchase date; and (iii) less than 70%, the Bank would pay no dividend for that quarter, repurchase no excess capital stock during the subsequent quarter (but continue to redeem excess capital stock as provided in the Bank's Capital Plan), limit the acquisition of certain assets, and review the Bank's risk policies. A decision by the Board to declare or not declare any dividend or repurchase any excess capital stock is a discretionary matter and is subject to the requirements and restrictions of the Federal Home Loan Bank Act and applicable requirements under the regulations governing the operations of the Federal Home Loan Banks.

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.