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FEDERAL HOME LOAN BANK OF SAN FRANCISCO FILES (8-K) Disclosing Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

June 12, 2014

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The Federal Home Loan Bank of San Francisco (the "Bank") obtains most of its funds from the sale of debt securities, known as consolidated obligations, in the capital markets. Consolidated obligations, which consist of bonds and discount notes, are by regulation the joint and several obligations of the twelve Federal Home Loan Banks. The Federal Home Loan Banks are regulated by the Federal Housing Finance Agency (the "Finance Agency") and Finance Agency's regulations authorize the Finance Agency to require any Federal Home Loan Bank to repay all or a portion of the principal of or interest on consolidated obligations for which another Federal Home Loan Bank is the primary obligor. Consolidated obligations are sold to the public through the Office of Finance using authorized securities dealers. Consolidated obligations are backed only by the financial resources of the twelve Federal Home Loan Banks and are not guaranteed by the United States government. Schedule A sets forth all consolidated obligation bonds and discount notes committed to be issued by the Federal Home Loan Banks, for which the Bank is the primary obligor, on the trade dates indicated, other than discount notes with a maturity of one year or less that are issued in the ordinary course of business. Schedule A also includes any consolidated obligations with a remaining maturity in excess of one year, if any, for which we have assumed the primary repayment obligation from another Federal Home Loan Bank.



We may elect to change our method of reporting information on the issuance or assumption of consolidated obligations at any time. In reviewing the information in this Current Report on Form 8-K, please note:

although consolidated obligations issuance is material to the Bank, we have

not made a judgment as to the materiality of any particular consolidated

obligation or obligations;

Schedule A does not address any interest-rate exchange agreements (or other

derivative instruments) which we may enter into as a result of our asset

and liability management strategies and that may be associated, directly or

indirectly, with one or more of the reported consolidated obligations;

Schedule A will not enable a reader to track changes in the total

consolidated obligations outstanding for which we are the primary obligor

because Schedule A generally excludes consolidated obligation discount

notes with a maturity of one year or less and does not reflect whether the

proceeds from the issuance of the reported consolidated obligations will be

used to, among other things, replace called or maturing consolidated

obligations. We will report the total consolidated obligations outstanding

for which we are the primary obligor in our periodic reports filed with the

Securities and Exchange Commission; and

the principal amounts reported on Schedule A represent the principal amount

of the reported consolidated obligations at par, which may not correspond

to the amounts reported in our financial statements prepared in accordance

with generally accepted accounting principles contained in our periodic

reports filed with the Securities and Exchange Commission, because the par

amount does not account for, among other things, any discounts, premiums or concessions. Schedule A RATE CALL TYPE/RATE STYLE SUB-TYPE BANK PAR



TRADE DATE CUSIP SETTLEMENT DATE MATURITY DATE NEXT PAY DATE CALL TYPE(1) (2) (3)(4) NEXT CALL DATE COUPON PCT ($)

Optional Principal Fixed Step



6/9/2014 3130A2CY0 7/8/20141/8/20181/8/2015 Redemption Bermudan Up 10/8/2014 0.500 15,000,000

Fixed



6/9/2014 3130A2DE3 6/11/20143/11/20159/11/2014 Non-Callable N/A Constant N/A 0.100 250,000,000

Optional Principal Fixed



6/9/2014 3130A2DF0 6/19/20146/19/201912/19/2014 Redemption European Constant 6/19/2015 2.650 25,000,000

Optional Principal Fixed Step



6/10/2014 3130A2CY0 7/8/20141/8/20181/8/2015 Redemption Bermudan Up 10/8/2014 0.500 10,000,000

Optional Principal Fixed Step 6/10/2014 3130A2DR4 6/30/2014 6/30/2021 12/30/2014 Redemption Bermudan Up 12/30/2014 1.000 15,000,000 Optional Variable Principal Capped



6/10/2014 3130A2DS2 6/26/20146/26/20249/26/2014 Redemption Bermudan Floater 9/26/2014 N/A 15,000,000

Optional Conversion Principal Capped



6/10/2014 3130A2E93 6/26/20146/26/20249/26/2014 Redemption Bermudan Floater 9/26/2014 1.500 10,000,000

Optional Principal Fixed



6/10/2014 3130A2EA0 7/10/20147/10/20151/10/2015 Redemption Bermudan Constant 10/10/2014 0.180 250,000,000

--------------------------------------------------------------------------------

(1) Call Type Description:

Optional Principal Redemption bonds (callable bonds) may be redeemed by the

Bank in whole or in part at its discretion on predetermined call dates,

according to the terms of the bond.

Indexed Amortizing Notes (indexed principal redemption bonds) repay

principal based on a predetermined amortization schedule or formula that is

linked to the level of a certain index, according to the terms of the bond.

Scheduled Amortizing Notes repay principal based on a predetermined amortization schedule, according to the terms of the bond. (2) Call Style Description:



Indicates whether the consolidated obligation is redeemable at the option

of the Bank, and if so redeemable, the type of redemption provision. The

types of redemption provisions are:

American--redeemable continuously on and after the first redemption date

and until maturity.

Bermudan--redeemable on specified recurring dates on and after the first

redemption date, until maturity.

European--redeemable on a particular date only.

Canary--redeemable on specified recurring dates on and after the first

redemption date until a specified date prior to maturity. Multi-European--redeemable on particular dates only. (3) Rate Type Description: Conversion bonds have coupons that convert from fixed to variable, or variable to fixed, or a mix of capped coupons and non-capped coupons, or



from one variable type to another, or from one U.S. or other currency index

to another, according to the terms of the bond.

Fixed bonds generally pay interest at constant or stepped fixed rates over

the life of the bond, according to the terms of the bond.

Variable bonds may pay interest at different rates over the life of the

bond, according to the terms of the bond. (4) Rate Sub-Type Description:



Constant bonds generally pay interest at fixed rates over the life of the

bond, according to the terms of the bond.

Step Down bonds generally pay interest at decreasing fixed rates for

specified intervals over the life of the bond, according to the terms of

the bond.

Step Up bonds generally pay interest at increasing fixed rates for

specified intervals over the life of the bond, according to the terms of

the bond.

Step Up/Down bonds generally pay interest at various fixed rates for

specified intervals over the life of the bond, according to the terms of

the bond.

Zero Coupon bonds earn a fixed yield to maturity or the optional principal

redemption date, according to the terms of the bond, with principal and

interest paid at maturity, or upon redemption to the extent exercised prior

to maturity. Capped Floater bonds have an interest rate that cannot exceed a stated or calculated ceiling, according to the terms of the bond.



Dual Index Floater bonds have an interest rate determined by two or more

indices, according to the terms of the bond.

Levereraged/Deleveraged bonds pay interest based on a formula that includes

an expressed multiplier, according to the terms of the bond: multiplier > 1

= leveraged, multiplier < 1 = deleveraged. Inverse Floater bonds have an interest rate that increases as an index declines and decreases as an index rises, according to the terms of the bond. Stepped Floater bonds pay interest based on an increasing spread over an index, according to the terms of the bond. Range bonds may pay interest at different rates depending upon whether a specified index is inside or outside a specified range, according to the terms of the bond. Single Index Floater bonds pay interest at a rate that increases as an index rises and decreases as an index declines, according to the terms of the bond.



Ratchet Floater bonds pay interest subject to increasing floors, according

to the terms of the bond, such that subsequent coupons may not be lower

than the previous coupon.

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