FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

Securities Exchange Act of 1934

For the month of ~~January~~May 2007

HOLMES FINANCING (No 1) PLC

HOLMES FUNDING LIMITED

HOLMES TRUSTEES LIMITED

(Translation of registrant's name into English)

Abbey National House, 2 Triton Square, Regent’s

Place, London NW1 3AN, England

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F . . . .X. . . . Form 40-F . . . . . . . .

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes . . . . . . . No . . .X. . . .

Holmes Financing No 1 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 0911 ~~December~~April ~~2006~~2007 to 08 ~~January~~May 2007 All values are in thousands of pounds sterling unless otherwise stated

Mortgage Asset Analysis
Analysis of Mortgage Trust Movements
	Current Period
	Number	£000's
Brought Forward	~~379~~463,~~723~~840	3040,~~057~~033,~~088~~287
Replenishment	1015,~~740~~520	1,~~174~~695,~~539~~808
Repurchased	(47,~~669~~220)	(~~434~~728,~~435~~067)
Redemptions	(910,~~041~~136)	(~~802~~1,~~695~~005,527)
Losses	(3837)	(~~163~~34)
Capitalised Interest	0	35,~~947~~577	( * see below )
Other Movements	0	0
Carried Forward	~~376~~461,~~715~~967	2940,~~998~~001,~~281~~044
* Capitalised interest refers to interest due met from amounts standing to
the credit of overpayment facilities on flexible loans
	Cumulative
	Number	£000's
Brought Forward	115,191	6,399,214
Replenishment	1,~~294~~440,~~005~~601	~~105~~121,~~267~~323,~~363~~704
Repurchased	(~~418~~443,~~034~~809)	(3234,~~244~~717,~~242~~307)
Redemptions	(~~613~~648,~~175~~611)	(4953,~~604~~204,~~377~~021)
Losses	(1,~~272~~405)	(3,~~118~~540)
Capitalised Interest	0	~~183~~202,~~441~~994	( * see above )
Other Movements	0	0
Carried Forward	~~376~~461,~~715~~967	2940,~~998~~001,~~281~~044
	Trust Payment Rate (CPR)	Annualised Trust Payment Rate (CPR)
1 Month	4.1233%	3941.6121%	( including
3 Month	1312.1394%	4342.0555%	redemptions and
12 Month	4443.3369%	4443.3369%	repurchases )

Page 1 of 10

Asset Profiles
Weighted Average Seasoning	3935.8600	months
Weighted Average Loan size	£7986,~~631~~588.2453
Weighted Average LTV	6564.1294%	*** (see below)
Weighted Average Indexed LTV	5758.2545%	using Halifax House Price Index
Weighted Average Indexed LTV	5657.6425%	using Nationwide House Price Index
Weighted Average Remaining Term	17.5791	Years
Product Type Analysis	£000's	%
Variable Rate	10,~~247~~876,~~413~~284	3427.1619%
Fixed Rate	713,~~802~~228,~~553~~345	2633.0107%
Tracker Rate	1115,~~948~~896,~~315~~415	39.8374%
	29,998,281	100.00%
	40,001,044	100.00%
As at 08 January 2007 approximately 14.75% of the loans were flexible loans
As at 08 May 2007 approximately 15.63% of the loans were flexible loans
Repayment Method Analysis	£000's	%
Endowment	4,~~298~~568,~~754~~119	1411.3342%
Interest Only	611,~~812~~212,~~610~~293	2228.7103%
Repayment	1824,~~886~~220,~~918~~632	6260.9655%
	29,998,281	100.00%
	40,001,044	100.00%
As at 08 January 2007 approximately 18.85% of the loans were written under Abbey's policy of non-income verification
As at 08 May 2007 approximately 23.60% of the loans were written under Abbey's policy of non-income verification
Loan Purpose Analysis	£000's	%
Purchase	1924,~~705~~068,~~871~~628	6560.6917%
Remortgage	1015,~~292~~932,~~410~~416	3439.3183%
	29,998,281	100.00%
	40,001,044	100.00%
Mortgage Standard Variable Rate
Effective Date	Rate
01 December 2006	7.09%
01 February 2007	7.34%
01 September 2006	6.75%
01 December 2006	7.09%
01 September 2005	6.50%
01 September 2006	6.75%
01 September 2004	6.75%
01 September 2005	6.50%

Page 2 of 10

Geographic Analysis
Region	Number	£000's	%
East Anglia	1418,~~741~~015	1,~~089~~426,~~252~~038	3.6357%
East Midlands	2024,~~075~~534	1,~~400~~840,~~306~~909	4.6760%
Greater London	6680,~~061~~085	68,~~645~~921,~~254~~083	22.1530%
North	1519,~~619~~059	~~925~~1,~~743~~183,648	32.0996%
North West	4252,~~352~~450	23,~~715~~626,~~827~~207	9.0507%
Scotland	2429,~~105~~229	1,~~422~~795,~~832~~783	4.7449%
South East	98122,~~979~~204	912,~~256~~504,~~092~~708	3031.8626%
South West	2936,~~314~~771	23,~~327~~185,~~446~~895	7.7696%
Wales	1721,~~094~~226	1,~~059~~416,~~224~~959	3.5354%
West Midlands	2429,~~437~~027	12,~~667~~119,~~181~~774	5.5630%
Yorkshire and Humberside	2328,~~227~~619	1,~~440~~899,~~597~~326	4.8075%
Unknown	~~711~~748	4880,~~527~~714	0.1620%
Total	~~376~~461,~~715~~967	2940,~~998~~001,~~281~~044	100.00%
Original LTV Bands
Range	Number	£000's	%	Average Seasoning
0.00 - 25.00	2434,~~429~~994	1,~~014~~378,~~731~~011	3.3844%	3330.2389
25.01 - 50.00	97122,~~827~~196	68,~~168~~014,~~085~~623	20.5604%	3533.4417
50.01 - 75.00	~~149~~187,~~338~~136	1318,~~421~~681,~~338~~501	4446.7470%	3531.9081
75.01 - 80.00	1619,~~285~~129	12,~~532~~013,~~757~~919	5.1103%	4338.0004
80.01 - 85.00	2024,~~135~~159	2,~~038~~743,~~147~~362	6.7986%	4136.4717
85.01 - 90.00	3340,~~671~~028	34,~~428~~632,~~155~~752	11.4358%	4134.2682
90.01 - 95.00	3534,~~030~~325	2,~~395~~536,~~068~~876	76.9834%	6257.2898
Total	~~376~~461,~~715~~967	2940,~~998~~001,~~281~~044	100.00%	3935.1800
*** The balance is the current outstanding balance on the account
including accrued interest. The LTV is that at origination and
excludes any capitalised high loan to value fees, valuation fees
or booking fees.

Page 3 of 10

Arrears
Band	Number	Principal	Overdue	%
Current	~~365~~449,~~493~~793	2938,~~090~~935,~~591~~758	(2,~~411~~333)	97.0238%
1.00 - 1.99 months	67,~~479~~157	~~514~~640,~~449~~218	45,~~641~~301	1.7260%
2.00 - 2.99 months	2,~~030~~336	~~161~~191,~~949~~312	23,~~714~~104	0.5448%
3.00 - 3.99 months	1,~~006~~033	7784,~~723~~498	1,~~871~~982	0.2621%
4.00 - 4.99 months	~~517~~473	4338,~~096~~488	1,~~297~~154	0.1410%
5.00 - 5.99 months	~~279~~278	2322,~~432~~519	~~856~~843	0.0806%
6.00 -11.99 months	~~606~~537	5045,~~444~~143	2,~~696~~549	0.1711%
12 months and over	67	56,~~773~~484	~~704~~814	0.02%
Properties in Possession	~~238~~293	1620,~~488~~731	12,~~968~~479	0.05%
Total	~~376~~461,~~715~~967	2939,~~983~~985,~~945~~151	1415,~~336~~893	100.00%
Definition of Arrears
This arrears multiplier is calculated as the arrears amount ( which is
the difference between the expected monthly repayments and the
amount that has actually been paid, i.e. a total of under and/or
over payments ) divided by the monthly amount repayable. It is
recalculated every time the arrears amount changes, i.e. on the
date when a payment is due.
Movement in Shares of Trust
	Funding	Seller
	£000's	£000's
Balance Brought Forward	1519,~~801~~723,~~756~~268	1420,~~255~~310,~~332~~019
Replenishment of Assets	0	1,~~174~~695,~~539~~808
Acquisition by Funding	0	0
Distribution of Principal Receipts	(1159,~~001,922~~621)	(~~235~~1,~~208~~573,973)
Allocation of Losses	(8517)	(7817)
Share of Capitalised Interest	12,~~877~~749	2,~~070~~828
Payment Re Capitalised Interest	(12,~~877~~749)	12,~~877~~749
Balance Carried Forward	1419,~~799~~563,~~749~~630	1520,~~198~~437,~~532~~414
Carried Forward Percentage	4948.~~33533~~90780%	5051.~~66467~~09220%
Minimum Seller Share	12,~~617~~299,~~935~~292	5.3975%

Page 4 of 10

Cash Accumulation Ledger
	£000's
Brought Forward	2,~~603~~289,~~903~~420
Additional Amounts Accumulated	1159,~~002,007~~638
Payment of Notes	(1794,~~017,901~~000)
Carried Forward	21,~~588~~655,~~009~~058
Target Balance	1,~~047~~397,~~164~~455	payable on 16th ~~January~~July 2007
	633,500	payable on 16th April 2007
	257,069	payable on 15th March 2008
	509,355	payable on 16th July 2007
	1,654,524
	397,246	payable on 15th October 2007
Excess Spread *
	2,587,265
Quarter to 16/04/07	0.3784%
Excess Spread *
Quarter to 16/01/07	0.4303%
Quarter to 16/10/06	0.4790%
Quarter to 17/07/06	0.4492%
Quarter to 15/04/06	0.2602%
*Excess spread is calculated by reference to deferred consideration
Quarter to 15/01/06	0.5407%
(determined according to relevant accounting policies) for the period,
*Excess spread is calculated by reference to deferred consideration
adjusted for non-cash related items and items relating to amounts
(determined according to relevant accounting policies) for the period,
falling due after transfers to the first and second reserve funds in the
adjusted for non-cash related items and items relating to amounts
Funding Revenue Priority of Payments, expressed as a percentage of
falling due after transfers to the first and second reserve funds in the
the average note balance over that period.
Funding Revenue Priority of Payments, expressed as a percentage of
Reserve Funds	First Reserve	Second Reserve	Funding Reserve
the average note balance over that period.
Balance as at 15/04/07	£393,279,551.79	£0.00	£0.00
Reserve Funds	First Reserve	Second Reserve	Funding Reserve
Required Amount as at 15/04/07	£420,000,000.00	£0.00	£10,000,000.00
Balance as at 16/10/2006	£272,000,000.00	£0.00	£0.00
Percentage of Notes	1.85%	0.00%	0.00%
Required Amount as at 16/10/2006	£272,000,000.00	£0.00	£0.00
Percentage of Funding Share	2.01%	0.00%	0.00%
Percentage of Notes	1.56%	0.00%	0.00%
Notes Outstanding
Percentage of Funding Share	1.84%	0.00%	0.00%
	£000's
Notes Outstanding
AAA Notes Outstanding	19,793,944
	£000's
AA Notes Outstanding	555,283
AAA Notes Outstanding	16,252,901
A Notes Outstanding	219,499
AA Notes Outstanding	440,914
BBB Notes Outstanding	649,962
A Notes Outstanding	153,497
Total	21,218,689
BBB Notes Outstanding	540,446
Properties in Possession
Total	17,387,758

Page 5 of 10

Properties in Possession
Stock
Stock
		Current Period
	Current Period
		Number	£000's
	Number	£000's
Brought Forward		280	21,640
Brought Forward	243	18,981
Repossessed in Period		47	8,230
Repossessed in Period	34	7,967
Sold in Period		(34)	(6,660)
Sold in Period	(39)	(8,492)
Carried Forward		293	23,210
Carried Forward	238	18,456
		Cumulative
	Cumulative
		Number	£000's
	Number	£000's
Repossessed to date		1,688	227,017
Repossessed to date	1,500	193,626
Sold to date		(1,395)	(203,807)
Sold to date	(1,262)	(175,170)
Carried Forward		293	23,210
Carried Forward	238	18,456
Repossession Sales Information
Repossession Sales Information
Average time Possession to Sale		100	Days
Average time Possession to Sale	98	Days
Average arrears at time of Sale		£5,577
Average arrears at time of Sale	£5,391
MIG Claim Status **
MIG Claim Status **
		Number	£000's
	Number	£000's
MIG Claims made		199	1,396
MIG Claims made	199	1,396
**On the 14th April 2006, Abbey exercised its right to cancel all relevant MIG policies and
**On the 14th December 2005, Abbey exercised its right to cancel all relevant MIG policies and
therefore, none of the mortgage loans in the portfolio are currently covered by a MIG policy.
therefore, none of the mortgage loans in the portfolio are currently covered by a MIG policy.
Trigger Events
Note
There has been no debit to the AAA Principal Deficiency Ledger
On 17th July Holmes Financing 3 exercised its option to redeem all of the remaining notes
The Seller has not suffered an Insolvency Event
outstanding in accordance with Condition 5(D) of the notes
The Seller is still the Servicer
Trigger Events
The Outstanding Principal balance is in excess of £30 billion
There has been no debit to the AAA Principal Deficiency Ledger
Contact Details
The Seller has not suffered an Insolvency Event
If you have any queries regarding this report please contact the Securitisation Team via
The Seller is still the Servicer
Telephone : +44 (1908) 343232 / 343836
The Outstanding Principal balance is in excess of £25 billion
Facsimilie : +44 (1908) 343019
Contact Details
Email : Securitisation@Abbey.com
If you have any queries regarding this report please contact the Securitisation Team via
Telephone : +44 (1908) 343232 / 344602 / 343836
Facsimilie : +44 (1908) 343019
Email : Securitisation@Abbey.com

Page 6 of 10

Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Series 3 Class A1	Holmes Financing No. 1	AAA/Aaa/AAA	£375,000,000	5.~~12063~~60000%	0.26%
Series 3 Class A2	Holmes Financing No. 1	AAA/Aaa/AAA	€ 320,000,000	3.~~49400~~96800%	0.26%
Series 3 Class B	Holmes Financing No. 1	AA/Aa3/AA	£24,000,000	5.~~12063~~60000%	0.45%
Series 3 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£30,000,000	5.~~12063~~60000%	1.60%
Series 4 Class A	Holmes Financing No. 1	AAA/Aaa/AAA	£250,000,000		6.62%
Series 4 Class B	Holmes Financing No. 1	AA/Aa3/AA	£11,000,000	5.~~12063~~60000%	0.62%
Series 4 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£14,000,000	5.~~12063~~60000%	1.75%
Series 4 Class A	Holmes Financing No. 2	AAA/Aaa/AAA	€ 500,000,000	3.~~49400~~96800%	0.27%
Series 4 Class B	Holmes Financing No. 2	AA/Aa3/AA	€ 21,000,000	3.~~49400~~96800%	0.50%
Series 4 Class C	Holmes Financing No. 2	BBB/Baa2/BBB	€ 35,000,000	3.~~49400~~96800%	1.60%
Series 3 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	€ 1,000,000,000	3.49400%	0.24%
Series 3 Class B	Holmes Financing No. 6	AA/Aa3/AA	€ 34,000,000	3.96800%	0.50%
Series 3 Class B	Holmes Financing No. 6	AA/Aa3/AA	€ 34,000,000	3.49400%	0.50%
Series 3 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	€ 57,000,000	3.96800%	1.50%
Series 3 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	€ 57,000,000	3.49400%	1.50%
Series 4 Class A 1	Holmes Financing No. 6	AAA/Aaa/AAA	$1,000,000,000	5.35563%	0.24%
Series 4 Class A 1	Holmes Financing No. 6	AAA/Aaa/AAA	$1,000,000,000	5.37375%	0.24%
Series 4 Class A 2	Holmes Financing No. 6	AAA/Aaa/AAA	CHF 300,000,000		2.50%
Series 4 Class B	Holmes Financing No. 6	AA/Aa3/AA	$40,000,000	5.~~37375~~35563%	0.52%
Series 4 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	$69,000,000	5.~~37375~~35563%	1.55%
Series 5 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	£500,000,000	5.~~12063~~60000%	0.24%
Series 5 Class B	Holmes Financing No. 6	AA/Aa3/AA	£17,000,000	5.~~12063~~60000%	0.52%
Series 5 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	£29,000,000	5.~~12063~~60000%	1.55%
Series 3 Class A	Holmes Financing No. 7	AAA/Aaa/AAA	$500,000,000	5.37375%	0.23%
Series 3 Class B	Holmes Financing No. 7	AA/Aa3/AA	£15,000,000	5.60000%	0.50%
Series 3 Class B	Holmes Financing No. 7	AA/Aa3/AA	£15,000,000	5.12063%	0.50%
Series 3 Class M	Holmes Financing No. 7	A/A2/A	£20,000,000	5.60000%	0.80%
Series 3 Class M	Holmes Financing No. 7	A/A2/A	£20,000,000	5.12063%	0.80%
Series 4 Class A 1	Holmes Financing No. 7	AAA/Aaa/AAA	€ 500,000,000	3.96800%	0.26%
Series 4 Class A 1	Holmes Financing No. 7	AAA/Aaa/AAA	€ 500,000,000	3.49400%	0.26%
Series 4 Class A 2	Holmes Financing No. 7	AAA/Aaa/AAA	£250,000,000	5.60000%	0.26%
Series 4 Class A 2	Holmes Financing No. 7	AAA/Aaa/AAA	£250,000,000	5.12063%	0.26%
Series 4 Class B	Holmes Financing No. 7	AA/Aa3/AA	€ 41,000,000	3.96800%	0.53%
Series 4 Class B	Holmes Financing No. 7	AA/Aa3/AA	€ 41,000,000	3.49400%	0.53%
Series 4 Class M	Holmes Financing No. 7	A/A2/A	€ 56,000,000	3.96800%	0.80%
Series 4 Class M	Holmes Financing No. 7	A/A2/A	€ 56,000,000	3.49400%	0.80%
Series 3 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	€ 990,000,000	3.96800%	0.15%
Series 2 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	$1,500,000,000	5.37375%	0.08%
Series 3 Class B	Holmes Financing No. 8	AA/Aa3/AA	€ 34,000,000	3.96800%	0.27%
Series 2 Class B	Holmes Financing No. 8	AA/Aa3/AA	$51,000,000	5.37375%	0.17%
Series 3 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	€ 57,500,000	3.96800%	0.85%
Series 2 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	$87,000,000	5.37375%	0.72%
Series 4 Class A 1	Holmes Financing No. 8	AAA/Aaa/AAA	£900,000,000	5.60000%	0.15%
Series 3 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	€ 990,000,000	3.49400%	0.15%
Series 4 Class A 2	Holmes Financing No. 8	AAA/Aaa/AAA	$500,000,000	5.35563%	0.14%
Series 3 Class B	Holmes Financing No. 8	AA/Aa3/AA	€ 34,000,000	3.49400%	0.27%
Series 4 Class B	Holmes Financing No. 8	AA/Aa3/AA	£39,900,000	5.60000%	0.30%
Series 3 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	€ 57,500,000	3.49400%	0.85%
Series 4 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	£68,000,000	5.60000%	0.90%
Series 4 Class A 1	Holmes Financing No. 8	AAA/Aaa/AAA	£900,000,000	5.12063%	0.15%
Series 2 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$2,175,000,000	5.35563%	0.06%
Series 4 Class A 2	Holmes Financing No. 8	AAA/Aaa/AAA	$500,000,000	5.37375%	0.14%
Series 3 Class A1	Holmes Financing No. 9	AAA/Aaa/AAA	€ 740,000,000	3.96800%	0.10%
Series 4 Class B	Holmes Financing No. 8	AA/Aa3/AA	£39,900,000	5.12063%	0.30%
Series 3 Class A2	Holmes Financing No. 9	AAA/Aaa/AAA	£400,000,000	5.60000%	0.09%
Series 4 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	£68,000,000	5.12063%	0.90%
Series 4 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	£600,000,000	5.60000%	0.09%
Series 2 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$2,175,000,000	5.37375%	0.06%
Series 3 Class A1	Holmes Financing No. 9	AAA/Aaa/AAA	€ 740,000,000	3.49400%	0.10%
Series 3 Class A2	Holmes Financing No. 9	AAA/Aaa/AAA	£400,000,000	5.12063%	0.09%
Series 4 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	£600,000,000	5.12063%	0.09%
Series 1 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,260,000,000	5.32000%	-0.03%
Series 1 Class B	Holmes Financing No. 10	AA/Aa3/AA	$47,000,000	5.~~37375~~35563%	0.08%
Series 1 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$47,000,000	5.~~37375~~35563%	0.27%
Series 2 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.~~37375~~35563%	0.03%
Series 2 Class B	Holmes Financing No. 10	AA/Aa3/AA	$55,000,000	5.~~37375~~35563%	0.09%
Series 2 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$55,000,000	5.~~37375~~35563%	0.35%
Series 3 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	€ 1,000,000,000	3.96800%	0.07%
Series 3 Class B1	Holmes Financing No. 10	AA/Aa3/AA	€ 37,000,000	3.96800%	0.12%
Series 3 Class B2	Holmes Financing No. 10	AA/Aa3/AA	£27,500,000	5.60000%	0.12%
Series 3 Class M1	Holmes Financing No. 10	A/A2/A	€ 34,000,000	3.96800%	0.20%
Series 3 Class M2	Holmes Financing No. 10	A/A2/A	£20,000,000	5.60000%	0.20%

Page 7 of 10

Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Series 3 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	€ 1,000,000,000	3.49400%	0.07%
Series 3 Class C1	Holmes Financing No. 10	BBB/Baa2/BBB	€ 52,500,000	3.96800%	0.40%
Series 3 Class B1	Holmes Financing No. 10	AA/Aa3/AA	€ 37,000,000	3.49400%	0.12%
Series 3 Class C2	Holmes Financing No. 10	BBB/Baa2/BBB	£22,000,000	5.60000%	0.40%
Series 3 Class B2	Holmes Financing No. 10	AA/Aa3/AA	£27,500,000	5.12063%	0.12%
Series 4 Class A1	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.35563%	0.08%
Series 3 Class M1	Holmes Financing No. 10	A/A2/A	€ 34,000,000	3.49400%	0.20%
Series 4 Class A2	Holmes Financing No. 10	AAA/Aaa/AAA	£750,000,000	5.60000%	0.09%
Series 3 Class M2	Holmes Financing No. 10	A/A2/A	£20,000,000	5.12063%	0.20%
Series 3 Class C1	Holmes Financing No. 10	BBB/Baa2/BBB	€ 52,500,000	3.49400%	0.40%
Series 3 Class C2	Holmes Financing No. 10	BBB/Baa2/BBB	£22,000,000	5.12063%	0.40%
Series 4 Class A1	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.37375%	0.08%
Series 4 Class A2	Holmes Financing No. 10	AAA/Aaa/AAA	£750,000,000	5.12063%	0.09%
Series 1 Class A	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$1,500,000,000	5.32000%	-0.02%
Series 1 Class B	Holmes Master Issuer 2006-1	AA/Aa3/AA	$45,000,000	5.~~34375~~35563%	0.09%
Series 1 Class C	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	$45,000,000	5.~~34375~~35563%	0.24%
Series 2 Class A	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$1,500,000,000	5.~~34375~~35563%	0.06%
Series 2 Class B	Holmes Master Issuer 2006-1	AA/Aa3/AA	$35,000,000	5.~~34375~~35563%	0.12%
Series 2 Class M	Holmes Master Issuer 2006-1	A/A2/A	$30,000,000	5.~~34375~~35563%	0.19%
Series 2 Class C	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	$40,000,000	5.~~34375~~35563%	0.39%
Series 3 Class A1	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$900,000,000	5.~~34375~~35563%	0.08%
Series 3 Class A2	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	€ 670,000,000	3.~~53900~~96800%	0.10%
Series 3 Class A3	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	£700,000,000	5.~~18082~~60000%	0.10%
Series 3 Class B2	Holmes Master Issuer 2006-1	AA/Aa3/AA	€ 37,500,000	3.~~53900~~96800%	0.15%
Series 3 Class B3	Holmes Master Issuer 2006-1	AA/Aa3/AA	£20,000,000	5.~~18082~~60000%	0.15%
Series 3 Class M2	Holmes Master Issuer 2006-1	A/A2/A	€ 35,500,000	3.~~53900~~96800%	0.22%
Series 3 Class M3	Holmes Master Issuer 2006-1	A/A2/A	£12,000,000	5.~~18082~~60000%	0.22%
Series 3 Class C2	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	€ 61,500,000	3.~~53900~~96800%	0.42%
Series 3 Class C3	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	£12,500,000	5.~~18082~~60000%	0.42%
Series 1 Class A1	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,500,000,000	5.34508%	-0.02%
Series 1 Class A3	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	£600,000,000	5.61125%	0.03%
Series 1 Class B1	Holmes Master Issuer 2007-1	AA/Aa3/AA	$57,200,000	5.34508%	0.09%
Series 1 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 21,400,000.00	3.93000%	0.09%
Series 1 Class C1	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	$30,300,000	5.34508%	0.28%
Series 1 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 22,700,000.00	3.93000%	0.28%
Series 1 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£15,550,000	5.61125%	0.28%
Series 2 Class A	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,500,000,000	5.34508%	0.05%
Series 2 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 26,300,000.00	3.93000%	0.14%
Series 2 Class M2	Holmes Master Issuer 2007-1	A/A2/A	€ 10,600,000.00	3.93000%	0.22%
Series 2 Class M3	Holmes Master Issuer 2007-1	A/A2/A	£10,800,000	5.61125%	0.22%
Series 2 Class C1	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	$9,800,000	5.34508%	0.42%
Series 2 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 21,900,000.00	3.93000%	0.42%
Series 2 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£5,000,000	5.61125%	0.42%
Series 3 Class A1	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,600,000,000	5.34508%	0.08%
Series 3 Class A2	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	€ 1,500,000,000.00	3.93000%	0.10%
Series 3 Class A3	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	£800,000,000	5.61125%	0.10%
Series 3 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 46,700,000.00	3.93000%	0.14%
Series 3 Class B3	Holmes Master Issuer 2007-1	AA/Aa3/AA	£48,000,000	5.61125%	0.14%
Series 3 Class M2	Holmes Master Issuer 2007-1	A/A2/A	€ 28,000,000.00	3.93000%	0.22%
Series 3 Class M3	Holmes Master Issuer 2007-1	A/A2/A	£28,800,000	5.61125%	0.22%
Series 3 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 86,900,000.00	3.93000%	0.42%
Series 3 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£25,500,000	5.61125%	0.42%
Series 4 Class A	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,000,000,000	5.34508%	0.10%

Page 8 of 10

Retired Class A Notes
Date Retired	Holmes 1	Holmes 2	Holmes 36	~~Holmes4~~Holmes 7	Holmes 58	Holmes 69	Holmes 710	Holmes 82006-1	Holmes 92007-1	~~Holmes 10~~	~~Holmes 2006-1~~
02Q3	-	703	-	-	~~352~~-	-	-	-	-	-	-
02Q4	-	-	-	-	~~352~~-	-	-	-	-	-	-
03Q1	-	-	~~750~~-	-	-	-	-	-	-	-	-
03Q2	-	-	-	-	-	-	-	-	-	-	-
03Q3	600	-	-481	-	-	~~481~~-	-	-	-	-	-
03Q4	-	176	-481	~~191~~-	-	~~481~~-	-	-	-	-	-
04Q1	-	176	-	~~191~~241	-	-	~~241~~-	-	-	-	-
04Q2	-	176	-	~~191~~241	-	-	~~241~~-	-	-	-	-
04Q3	-	176	-	~~191~~-	-	-	-	-	-	-	-
04Q4	-	-	-	-	~~698~~-	-	-	-	-	-	-
05Q1	-	-	~~750~~-	-	-	-	-	-	-	-	-
05Q2	-	-	-801	-	-1,001	~~801~~-	-	~~1,001~~-	-	-	-
05Q3	650	-	-	-	-	-	-	-	-	-	-
05Q4	-	125	-	-	-	-	-	-	-	-	-
06Q1	-	125	-	-803	-	-	~~803~~-	-	-	-	-
06Q2	-	125	-	-	-	-	-	-	-	-	-
06Q3	-	125	~~546~~-	~~1,456~~-	-	-	-	-	-	-	-
06Q4	-	-	-	~~350~~-	~~875~~-	-1,018	-	-	~~1,018~~-	-	-
Outstanding Class A Notes
07Q1	-	-	-	161	812	-	-	-	-
Expected Redemption	Holmes 1	Holmes 2	Holmes 3	Holmes4	Holmes 5	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1
07Q2	-	-	634	161	-	-	-	-	-
06Q4	-	-	-	-	-	-	-	-	-	-	-
Outstanding Class A Notes
07Q1	-	-	-	-	-	-	161	812	-	-	-
Expected Redemption	Holmes 1	Holmes 2	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1	Holmes 2007-1
07Q2	-	-	-	-	-	~~634~~-	~~161~~-	-	-	-	-
07Q3	575	-	-	-	-	-	-679	-	-	~~679~~	-
07Q4	-	300	-770	-	-	~~770~~-	-	-795	-	-	~~795~~
08Q1	-	-	-	-	-	-	-	-	-771	-	-
08Q2	-	-	-500	-592	-221	~~500~~-	~~592~~388	~~221~~-	-600	~~388~~	-
08Q3	-	-	-	-	-221	-1,272	-388	~~221~~-	~~1,272~~-	~~388~~	-
08Q4	-	-	-	-	-221	-	-	~~221~~-	-	-	-
09Q1	-	-	-	-	-1,171	-	-	~~1,171~~-	-	-	-
09Q2	-	-	-	-	-	-	-342	-	-	~~342~~	-
09Q3	-	-	-	-	-	-	-342	-397	-	~~342~~	~~397~~
09Q4	-	-	-	-	-	-	-	-397	-	-	~~397~~
10Q1	-	-	-	-	-	-453	-	-	~~453~~386	-	-
10Q2	-	-	-	-	-	-453	-	-	~~453~~386	-	-
10Q3	250	-	-	-	-	-600	-	-	~~600~~-	-	-
10Q4	-	-	-	-	-	-	-1,526	-1,632	-	~~1,526~~	~~1,632~~
11Q1	-	-	-	-	-	-	-	-	-	-	-
11Q2	-	-	-	-	-	-	-	-	2,649
11Q3	-	-	-	-	-	-	-	-	-
11Q4	-	-	-	-	-	-	-	-	-
12Q1	-	-	-	-	-	-	-	-	-
12Q2	-	-	-	-	-	-	-	-	-
12Q3	-	-	-	-	-	-	-	-	-
12Q4	-	-	-	-	-	-	-	-	515
13Q1	-	-	-	-	-	-	-	-	-

Page 9 of 10

Holmes Financing No 1 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 11 April 2007 to 08 May 2007 All values are in thousands of pounds sterling unless otherwise stated

Holmes Financing No 1 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 09 December 2006 to 08 January 2007 All values are in thousands of pounds sterling unless otherwise stated

Page 10 of 10

SIGNATURES

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, thereunto duly authorized.

HOLMES FINANCING (No 1) PLC ~~Dated: 31st January 2007 By / s / Jessica Petrie (Authorised Signatory)~~

Dated: 25 May 2007

By / s / Jessica Petrie

(Authorised Signatory)

Filing Compare · HOLMES FINANCING NO 1 PLC