8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, 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 8, 2008

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 EmployerIdentification 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):

o  Written 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)

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

o  Pre-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 August 8, 2008, the Federal Home Loan Bank of Boston (the Bank) issued a press release announcing its financial results for the quarter ended June 30, 2008, as well as its quarterly dividend rate. A copy of the press release is included as Exhibit 99.1 to this report. The information in this Item 2.02 and 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 shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure

On August 8, 2008, the Bank sent a letter to members regarding its quarterly dividend rate. A copy of the letter is included as Exhibit 99.2 to this report. The information in this Item 7.01 and contained in Exhibit 99.2 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 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 issued by the Federal Home Loan Bank of Boston on August 8, 2008.
99.2	Letter sent to members of the Federal Home Loan Bank of Boston on August 8, 2008.

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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: August 8, 2008	By:	/s/ Earl W. Baucom
		Earl W. Baucom Senior Vice President and Chief Accounting Officer

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EX-99

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE	CONTACT: Mark S. Zelermyer
August 8, 2008	617-292-9750
	mark.zelermyer@fhlbboston.com

FEDERAL HOME LOAN BANK OF BOSTON ANNOUNCES

SECOND QUARTER 2008 RESULTS AND DECLARES DIVIDEND

BOSTON — The Federal Home Loan Bank of Boston (the Bank) announced the following unaudited results for the quarter ended June 30, 2008:

Second Quarter 2008 Balance-Sheet Highlights

Total assets rose 7.8 percent to $84.3 billion at June 30, 2008, up from $78.2 billion at yearend 2007. Advances increased 13.3 percent to $63.1 billion, compared with $55.7 billion at yearend 2007, and represented 74.8 percent of total assets. Investments and short-term money-market instruments were $16.8 billion at June 30, 2008, down from $17.9 billion at yearend 2007. Mortgage assets remained virtually unchanged at $4.0 billion at June 30, 2008, compared with $4.1 billion at yearend 2007. Capital rose 6.4 percent to $3.6 billion at June 30, 2008, compared with $3.4 billion at yearend 2007.

Second Quarter 2008 Operating Results

Net income for the second quarter of 2008 increased 30.7 percent to $52.5 million, compared with $40.1 million for the same period in 2007. This increase was primarily due to a $12.2 million increase in net interest income, $4.1 million increase in net gains on derivatives and hedging activities, and a $0.6 million decrease in loss on early extinguishment of debt, offset by a $4.5 million increase in assessments. Net interest income was $84.5 million for the quarter ended June 30, 2008, compared with $72.3 million for the same period in 2007. This $12.2 million increase in net interest income was primarily attributable to the $21.6 billion increase in total average assets for the second quarter of 2008, as compared with the second quarter of 2007.

Dividend Declared

The board of directors of the Federal Home Loan Bank of Boston declared a dividend rate with an equivalent annual yield of 3.05 percent. The dividend, based on average stock outstanding for the second quarter of 2008, will be paid on September 3, 2008.

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 450 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

EX-99.2

Exhibit 99.2

QUARTERLY DIVIDEND

August 8, 2008

TO:         Member CEOs and CFOs

The board of directors of the Federal Home Loan Bank of Boston (the Bank) declared a quarterly dividend rate with an equivalent annual yield of 3.05 percent. This dividend yield represents an average yield of 25 basis points over the daily average yield on three-month LIBOR during this time period, which dropped 54 basis points relative to the prior quarter. The dividend, based on average stock outstanding for the second quarter, will be paid on September 3, 2008.

Although net income for the second quarter of 2008 increased 30.7 percent to $52.5 million, compared with $40.1 million for the same period in 2007, the Bank has reduced the dividend rate to reflect its increased focus on achieving the revised retained earnings target range of $375.0 million to $400.0 million that was recently adopted by our board of directors. Building retained earnings is prudent in the face of ongoing volatility in the capital and housing markets. The previous targeted minimum retained earnings level was $213.0 million; at March 31, 2008, the Bank had retained earnings of $232.5 million.

The Bank filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission today. We encourage you to review the quarterly report for a more detailed discussion concerning the Bank’s retained earnings, the revised retained earnings target range, and the potential impact of ongoing economic uncertainty and market volatility on the Bank’s assets. Should you have any questions regarding the quarterly dividend, please contact either Chief Accounting Officer Earl Baucom (617-292-9789) or me (617-292-9610).

Sincerely,

Michael A. Jessee

President and Chief Executive Officer