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) May 8, 2007

FEDERAL HOME LOAN BANK OF BOSTON

(Exact name of registrant as specified in its charter)

Federally chartered corporation	000-51402	04-6002575
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

111 Huntington Avenue
Boston, MA 02199
(Address of principal executive offices, including zip code)

(617) 292-9600
(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):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On May 8, 2007, the Federal Home Loan Bank of Boston (the Bank) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2007. A copy of the press release is included as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K 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.

Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

           Exhibit Number

           99.1 Press Release, dated May 8, 2007, issued by the Bank.

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 Boston
Date: May 8, 2007	By:	/s/ Frank Nitkiewicz
		Frank Nitkiewicz Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

	NEWS RELEASE
FOR IMMEDIATE RELEASE	CONTACT: Mark S. Zelermyer
May 8, 2007	617-292-9750 mark.zelermyer@fhlbboston.com

FEDERAL HOME LOAN BANK OF BOSTON ANNOUNCES
FIRST QUARTER 2007 RESULTS

BOSTON — The Federal Home Loan Bank of Boston (the Bank) announced the following unaudited results for the quarter ended March 31, 2007:

First Quarter 2007 Balance-Sheet Highlights

Total assets rose 3.8 percent to $59.7 billion at March 31, 2007, up from $57.5 billion at yearend 2006. Advances increased 2.2 percent to $38.2 billion, compared with $37.3 billion at yearend 2006, and represented 64.0 percent of total assets. Investments and short-term money-market instruments rose to $16.7 billion at March 31, 2007, up from $15.2 billion at yearend 2006. Mortgage assets declined to $4.4 billion at March 31, 2007, compared with $4.5 billion at yearend 2006. Capital rose slightly to $2.6 billion at March 31, 2007, compared with $2.5 billion at yearend 2006.

First Quarter 2007 Operating Results

Net income for the first quarter was $43.4 million, compared with $45.6 million for the same period in 2006. Net interest income after the provision for credit losses was $70.0 million for the quarter ended March 31, 2007, compared with $74.2 million for the same period in 2006. This $4.2 million decrease was attributable, in part, to average asset balances that were $2.8 billion lower during the quarter ended March 31, 2007, compared with the prior-year period, driven by a $3.6 billion reduction in average advances balances and a $0.3 billion reduction in average capital balances. In addition, the Bank’s net interest spread dropped two basis points to 27 basis points for the quarter ended March 31, 2007, compared with the prior-year period, although the Bank’s net interest margin remained at 50 basis points in both periods.

The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to support the residential-mortgage and community-development lending activities of its members, which include over 460 financial institutions across New England. To accomplish its mission, the Bank utilizes private-sector capital to provide members and other qualified customers with reliable access to low-cost wholesale funds, liquidity, a competitive outlet for the sale of loans, special lending programs, technical assistance, and other products and services.

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Federal Home Loan Bank of Boston   |   111 Huntington Avenue   |   Boston, MA 02199   |   617-292-9600   |   FAX: 617-292-9645

www.fhlbboston.com