8-K

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) April 12, 2017

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.

Today, the Federal Home Loan Bank of San Francisco (Bank) issued a communication to its members regarding the Bank’s previously disclosed dividend philosophy. A copy of the members’ communication is included as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 is being furnished 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 expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibit
	99.1	Bulletin No. 1529 (Bank's Dividend Philosophy) dated April 12, 2017, 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: April 12, 2017	By:	/s/ J. Gregory Seibly
		J. Gregory Seibly President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

Bulletin

April 12, 2017

Bulletin No. 1529

Bank’s Dividend Philosophy

Dear Chief Executive Officer:

To provide a consistent and reliable dividend, the Federal Home Loan Bank of San Francisco has adopted a dividend philosophy of endeavoring to pay a quarterly dividend at a rate between 5% and 7% annualized. This dividend philosophy is supported by the strength of the Bank’s earnings, asset quality, and capital. Under this philosophy, the Board of Directors intends to pay quarterly dividends between 5% and 7% annualized beginning with the second quarter dividend and in the foreseeable future.

The declaration of dividends is at the discretion of the Bank’s Board of Directors and is considered each quarter, taking into consideration its assessment of the Bank’s earnings, asset quality, capital, and other relevant factors. While the Bank’s dividend philosophy serves as guidance, it may be revised or eliminated in the future, and, based on facts and circumstances, future dividends may not follow the Bank’s dividend philosophy.

For more information about the new dividend philosophy, please contact your Relationship Manager.

Sincerely,

Greg Seibly

President and Chief Executive Officer

cc: Chief Financial Officer

Credit Contact

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This bulletin contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements relating to the Bank’s dividend philosophy are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “endeavoring,” “intends,” and “may,” 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 plan, objective, projection, estimate, or prediction is realized, including future dividends. These forward-looking statements involve risks and uncertainties including, but not limited to, future operating results, and actions and changes to the financial condition of the Bank. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.