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~~July ~~2007~~2006

HOLMES FINANCING (No 5) 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 5 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 0911 ~~December~~July 2006 to 08 ~~January~~August ~~2007~~2006 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~~386,~~723~~810	3029,~~057~~979,~~088~~409
Replenishment	1013,~~740~~480	1,~~174~~374,~~539~~792
Repurchased	(4,~~669~~851)	(~~434~~422,~~435~~125)
Redemptions	(910,~~041~~276)	(~~802~~932,~~695~~239)
Losses	(3839)	(~~163~~78)
Capitalised Interest	0	34,~~947~~215	( * see below )
Other Movements	0	0
Carried Forward	~~376~~385,~~715~~124	2930,~~998~~003,~~281~~974
* 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~~227,~~005~~625	~~105~~98,~~267~~406,~~363~~425
Repurchased	(~~418~~392,~~034~~432)	(3229,~~244~~881,~~242~~251)
Redemptions	(~~613~~564,~~175~~174)	(4945,~~604~~079,~~377~~551)
Losses	(1,~~272~~086)	(32,~~118~~598)
Capitalised Interest	0	~~183~~161,~~441~~735	( * see above )
Other Movements	0	0
Carried Forward	~~376~~385,~~715~~124	2930,~~998~~003,~~281~~974
	Trust Payment Rate (CPR)	Annualised Trust Payment Rate (CPR)
1 Month	4.1252%	3942.6158%	( including
3 Month	13.1367%	4344.0546%	redemptions and
12 Month	4446.3387%	4446.3387%	repurchases )

Page 1 of 1011

Asset Profiles
Weighted Average Seasoning	3938.8608	months
Weighted Average Loan size	£7977,~~631~~907.2431
Weighted Average LTV	65.1267%	*** (see below)
Weighted Average Indexed LTV	5754.2581%	using Halifax House Price Index
Weighted Average Indexed LTV	5653.6446%	using Nationwide House Price Index
Weighted Average Remaining Term	17.5775	Years
Product Type Analysis	£000's	%
Variable Rate	10,~~247~~216,~~413~~353	34.1605%
Fixed Rate	7,~~802~~362,~~553~~975	2624.0154%
Tracker Rate	1112,~~948~~424,~~315~~646	3941.8341%
	29,998,281	100.00%
	30,003,974	100.00%
As at 08 January 2007 approximately 14.75% of the loans were flexible loans
As at 08 August 2006 approximately 13.49% of the loans were flexible loans
Repayment Method Analysis	£000's	%
Endowment	4,~~298~~605,~~754~~610	1415.3335%
Interest Only	6,~~812~~333,~~610~~839	2221.7111%
Repayment	1819,~~886~~064,~~918~~525	6263.9654%
	29,998,281	100.00%
	30,003,974	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 August 2006 approximately 16.36% of the loans were written under Abbey's policy of non-income verification
Loan Purpose Analysis	£000's	%
Purchase	1920,~~705~~417,~~871~~704	6568.6905%
Remortgage	109,~~292~~586,~~410~~270	~~34.~~31.95%
	29,998,281	100.00%
	30,003,974	100.00%
Mortgage Standard Variable Rate
Effective Date	Rate
01 December 2006	7.09%
01 September 2006	6.75%
01 September 2005	6.50%
01 September 2004	6.75%
01 July 2004	6.50%
01 June 2004	6.25%

Page 2 of 1011

Geographic Analysis
Region	Number	£000's	%
East Anglia	1415,~~741~~414	1,~~089~~120,~~252~~245	3.6373%
East Midlands	20,~~075~~655	1,~~400~~408,~~306~~206	4.6769%
Greater London	66,~~061~~977	6,~~645~~599,~~254~~183	2221.1599%
North	1516,~~619~~109	~~925~~927,~~743~~519	3.09%
North West	4243,~~352~~238	2,~~715~~705,~~827~~945	9.0502%
Scotland	24,~~105~~988	1,~~422~~447,~~832~~025	4.7482%
South East	98101,~~979~~097	9,~~256~~269,~~092~~592	30.8689%
South West	29,~~314~~932	2,~~327~~322,~~446~~473	7.7674%
Wales	17,~~094~~612	1,~~059~~066,~~224~~928	3.5356%
West Midlands	2425,~~437~~182	1,~~667~~684,~~181~~803	5.5662%
Yorkshire and Humberside	23,~~227~~643	1,~~440~~432,~~597~~103	4.8077%
Unknown	~~711~~277	4819,~~527~~952	0.1607%
Total	~~376~~385,~~715~~124	2930,~~998~~003,~~281~~974	100.00%
Original LTV Bands
Range	Number	£000's	%	Average Seasoning
0.00 - 25.00	2423,~~429~~368	1983,~~014,731~~463	3.3828%	3330.2377
25.01 - 50.00	9796,~~827~~662	6,~~168~~076,~~085~~197	20.5625%	3532.4463
50.01 - 75.00	149,~~338~~984	13,~~421~~028,~~338~~271	4443.7442%	3534.9013
75.01 - 80.00	1617,~~285~~361	1,~~532~~583,~~757~~017	5.1128%	4341.0001
80.01 - 85.00	2021,~~135~~189	2,~~038~~065,~~147~~540	6.7988%	4139.4762
85.01 - 90.00	3336,~~671~~143	3,~~428~~553,~~155~~670	11.4384%	4139.2667
90.01 - 95.00	3540,~~030~~417	2,~~395~~713,~~068~~817	79.9804%	6259.2880
Total	~~376~~385,~~715~~124	2930,~~998~~003,~~281~~974	100.00%	3937.1844
*** 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 1011

Arrears
Band	Number	Principal	Overdue	%
Current	~~365~~374,~~493~~141	29,~~090~~132,~~591~~028	(2,~~411~~943)	97.0213%
1.00 - 1.99 months	65,~~479~~935	~~514~~468,~~449~~101	43,~~641~~847	1.7256%
2.00 - 2.99 months	2,~~030~~176	~~161~~166,~~949~~792	2,~~714~~610	0.5456%
3.00 - 3.99 months	1,~~006~~071	7782,~~723~~848	1,~~871~~837	0.2628%
4.00 - 4.99 months	~~517~~490	4339,~~096~~306	1,~~297~~100	0.1413%
5.00 - 5.99 months	~~279~~334	2327,~~432~~061	~~856~~941	0.0809%
6.00 -11.99 months	~~606~~655	5052,~~444~~756	2,~~696~~660	0.1718%
12 months and over	6786	56,~~773~~871	~~704~~742	0.02%
Properties in Possession	~~238~~236	1615,~~488~~641	1,~~968~~776	0.05%
Total	~~376~~385,~~715~~124	29,~~983~~991,~~945~~404	1412,~~336~~570	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	1510,~~801~~906,~~756~~604	1419,~~255~~072,~~332~~805
Replenishment of Assets	0	1,~~174~~374,~~539~~792
Acquisition by Funding	03,929,390	0(3,929,390)
Distribution of Principal Receipts	(193,~~001,922~~911)	(~~235~~1,~~208~~260,453)
Allocation of Losses	(8529)	(7849)
Share of Capitalised Interest	1,~~877~~534	2,~~070~~681
Payment Re Capitalised Interest	(1,~~877~~534)	1,~~877~~534
Balance Carried Forward	14,~~799~~742,~~749~~054	15,~~198~~261,~~532~~920
Carried Forward Percentage	49.~~33533~~13367%	50.~~66467~~86633%
Minimum Seller Share	1,~~617~~551,~~935~~546	5.3917%

Page 4 of 1011

Cash Accumulation Ledger
	£000's
Brought Forward	23,~~603~~615,~~903~~525
Additional Amounts Accumulated	194,~~002,007~~315
Payment of Notes	(12,~~017~~126,~~901~~775)
Carried Forward	21,~~588~~583,~~009~~065
Target Balance	1769,~~047,164~~000	payable on 16th ~~January~~October ~~2007~~2006
	633,500	payable on 16th April 2007
	763,426	payable on 15th December 2006
	509,355	payable on 16th July 2007
	1,532,426
	397,246	payable on 15th October 2007
	2,587,265
Excess Spread *
Quarter to 16/10/06	0.4790%
Quarter to 17/07/06	0.4492%
Quarter to 15/04/06	0.2602%
Quarter to 15/01/06	0.5407%
Quarter to 15/10/05	0.4882%
*Excess spread is calculated by reference to deferred consideration
(determined according to relevant accounting policies) for the period,
adjusted for non-cash related items and items relating to amounts
falling due after transfers to the first and second reserve funds in the
Funding Revenue Priority of Payments, expressed as a percentage of
the average note balance over that period.
Reserve Funds	First Reserve	Second Reserve	Funding Reserve
Balance as at 16/10/2006	£272,000,000.00	£0.00	£0.00
Balance as at 08/08/2006	£272,000,000.00	£0.00	£0.00
Required Amount as at 16/10/2006	£272,000,000.00	£0.00	£0.00
Required Amount as at 08/08/2006	£272,000,000.00	£0.00	£0.00
Percentage of Notes	1.5667%	0.00%	0.00%
Percentage of Funding Share	1.84%	0.00%	0.00%
Notes Outstanding
	£000's
AAA Notes Outstanding	16,252,901
AA Notes Outstanding	440,914
A Notes Outstanding	153,497
BBB Notes Outstanding	540,446
Total	17,387,758

Page 5 of 1011

Properties in Possession
Stock
	Current Period
	Number	£000's
Brought Forward	~~243~~213	1815,~~981~~894
Repossessed in Period	3450	7,~~967~~518
Sold in Period	(3927)	(85,~~492~~995)
Carried Forward	~~238~~236	1817,~~456~~417
	Cumulative
	Number	£000's
Repossessed to date	1,~~500~~311	~~193~~152,~~626~~594
Sold to date	(1,~~262~~075)	(~~175~~135,~~170~~177)
Carried Forward	~~238~~236	1817,~~456~~417
Repossession Sales Information
Average time Possession to Sale	98	Days
Average arrears at time of Sale	£5,~~391~~070
MIG Claim Status **
	Number	£000's
MIG Claims made	199	1,396
**On the 14th December 2005, Abbey exercised its right to cancel all relevant MIG policies and
**On the 14th October 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.
Note
On 17th July Holmes Financing 3 exercised its option to redeem all of the remaining notes
outstanding in accordance with Condition 5(D) of the notes
Trigger Events
There has been no debit to the AAA Principal Deficiency Ledger
The Seller has not suffered an Insolvency Event
The Seller is still the Servicer
The Outstanding Principal balance is in excess of £25 billion
Contact Details
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 1011

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%	0.26%
Series 3 Class A2	Holmes Financing No. 1	AAA/Aaa/AAA	€ 320,000,000	3.49400%	0.26%
Series 3 Class B	Holmes Financing No. 1	AA/Aa3/AA	£24,000,000	5.12063%	0.45%
Series 3 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£30,000,000	5.12063%	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%	0.62%
Series 4 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£14,000,000	5.12063%	1.75%
Series 4 Class A	Holmes Financing No. 2	AAA/Aaa/AAA	€ 500,000,000	3.49400%	0.27%
Series 4 Class B	Holmes Financing No. 2	AA/Aa3/AA	€ 21,000,000	3.49400%	0.50%
Series 4 Class C	Holmes Financing No. 2	BBB/Baa2/BBB	€ 35,000,000	3.49400%	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	3.49400%	0.50%
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	5.37375%	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%	0.52%
Series 4 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	$69,000,000	5.37375%	1.55%
Series 5 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	£500,000,000	5.12063%	0.24%
Series 5 Class B	Holmes Financing No. 6	AA/Aa3/AA	£17,000,000	5.12063%	0.52%
Series 5 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	£29,000,000	5.12063%	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	5.12063%	0.50%
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	3.49400%	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	3.49400%	0.53%
Series 4 Class M	Holmes Financing No. 7	A/A2/A	€ 56,000,000	3.49400%	0.80%
Series 2 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	$1,500,000,000	5.37375%	0.08%
Series 2 Class B	Holmes Financing No. 8	AA/Aa3/AA	$51,000,000	5.37375%	0.17%
Series 2 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	$87,000,000	5.37375%	0.72%
Series 3 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	€ 990,000,000	3.49400%	0.15%
Series 3 Class B	Holmes Financing No. 8	AA/Aa3/AA	€ 34,000,000	3.49400%	0.27%
Series 3 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	€ 57,500,000	3.49400%	0.85%
Series 4 Class A 1	Holmes Financing No. 8	AAA/Aaa/AAA	£900,000,000	5.12063%	0.15%
Series 4 Class A 2	Holmes Financing No. 8	AAA/Aaa/AAA	$500,000,000	5.37375%	0.14%
Series 4 Class B	Holmes Financing No. 8	AA/Aa3/AA	£39,900,000	5.12063%	0.30%
Series 4 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	£68,000,000	5.12063%	0.90%
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%	0.08%
Series 1 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$47,000,000	5.37375%	0.27%
Series 2 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.37375%	0.03%
Series 2 Class B	Holmes Financing No. 10	AA/Aa3/AA	$55,000,000	5.37375%	0.09%
Series 2 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$55,000,000	5.37375%	0.35%

Contact Details
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 7 of 1011

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 A1	Holmes Financing No. 1	AAA/Aaa/AAA	£375,000,000	4.69031%	0.26%
Series 3 Class B1	Holmes Financing No. 10	AA/Aa3/AA	€ 37,000,000	3.49400%	0.12%
Series 3 Class A2	Holmes Financing No. 1	AAA/Aaa/AAA	€ 320,000,000	3.09000%	0.26%
Series 3 Class B2	Holmes Financing No. 10	AA/Aa3/AA	£27,500,000	5.12063%	0.12%
Series 3 Class B	Holmes Financing No. 1	AA/Aa3/AA	£24,000,000	4.69031%	0.45%
Series 3 Class M1	Holmes Financing No. 10	A/A2/A	€ 34,000,000	3.49400%	0.20%
Series 3 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£30,000,000	4.69031%	1.60%
Series 3 Class M2	Holmes Financing No. 10	A/A2/A	£20,000,000	5.12063%	0.20%
Series 4 Class A	Holmes Financing No. 1	AAA/Aaa/AAA	£250,000,000		6.62%
Series 3 Class C1	Holmes Financing No. 10	BBB/Baa2/BBB	€ 52,500,000	3.49400%	0.40%
Series 4 Class B	Holmes Financing No. 1	AA/Aa3/AA	£11,000,000	4.69031%	0.62%
Series 3 Class C2	Holmes Financing No. 10	BBB/Baa2/BBB	£22,000,000	5.12063%	0.40%
Series 4 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£14,000,000	4.69031%	1.75%
Series 4 Class A1	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.37375%	0.08%
Series 3 Class B	Holmes Financing No. 2	AA/Aa3/AA	£19,000,000	4.69031%	0.45%
Series 4 Class A2	Holmes Financing No. 10	AAA/Aaa/AAA	£750,000,000	5.12063%	0.09%
Series 3 Class C	Holmes Financing No. 2	BBB/Baa2/BBB	£25,000,000	4.69031%	1.50%
Series 1 Class A	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$1,500,000,000	5.32000%	-0.02%
Series 4 Class A	Holmes Financing No. 2	AAA/Aaa/AAA	€ 500,000,000	3.09000%	0.27%
Series 1 Class B	Holmes Master Issuer 2006-1	AA/Aa3/AA	$45,000,000	5.34375%	0.09%
Series 4 Class B	Holmes Financing No. 2	AA/Aa3/AA	€ 21,000,000	3.09000%	0.50%
Series 1 Class C	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	$45,000,000	5.34375%	0.24%
Series 4 Class C	Holmes Financing No. 2	BBB/Baa2/BBB	€ 35,000,000	3.09000%	1.60%
Series 2 Class A	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$1,500,000,000	5.34375%	0.06%
Series 4 Class A	Holmes Financing No. 4	AAA/Aaa/AAA	CHF 850,000,000		3.50%
Series 2 Class B	Holmes Master Issuer 2006-1	AA/Aa3/AA	$35,000,000	5.34375%	0.12%
Series 4 Class B	Holmes Financing No. 4	AA/Aa3/AA	£11,000,000	4.69031%	0.43%
Series 2 Class M	Holmes Master Issuer 2006-1	A/A2/A	$30,000,000	5.34375%	0.19%
Series 4 Class C	Holmes Financing No. 4	BBB/Baa2/BBB	£19,000,000	4.69031%	1.50%
Series 2 Class C	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	$40,000,000	5.34375%	0.39%
Series 3 Class A 1	Holmes Financing No. 5	AAA/Aaa/AAA	€ 600,000,000		4.25%
Series 3 Class A1	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$900,000,000	5.34375%	0.08%
Series 3 Class A 2	Holmes Financing No. 5	AAA/Aaa/AAA	£500,000,000	4.69031%	0.23%
Series 3 Class A2	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	€ 670,000,000	3.53900%	0.10%
Series 3 Class B	Holmes Financing No. 5	AA/Aa3/AA	€ 53,000,000	3.09000%	0.40%
Series 3 Class A3	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	£700,000,000	5.18082%	0.10%
Series 3 Class C	Holmes Financing No. 5	BBB/Baa2/BBB	€ 76,000,000	3.09000%	1.47%
Series 3 Class B2	Holmes Master Issuer 2006-1	AA/Aa3/AA	€ 37,500,000	3.53900%	0.15%
Series 3 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	€ 1,000,000,000	3.09000%	0.24%
Series 3 Class B3	Holmes Master Issuer 2006-1	AA/Aa3/AA	£20,000,000	5.18082%	0.15%
Series 3 Class B	Holmes Financing No. 6	AA/Aa3/AA	€ 34,000,000	3.09000%	0.50%
Series 3 Class M2	Holmes Master Issuer 2006-1	A/A2/A	€ 35,500,000	3.53900%	0.22%
Series 3 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	€ 57,000,000	3.09000%	1.50%
Series 3 Class M3	Holmes Master Issuer 2006-1	A/A2/A	£12,000,000	5.18082%	0.22%
Series 4 Class A 1	Holmes Financing No. 6	AAA/Aaa/AAA	$1,000,000,000	5.50688%	0.24%
Series 3 Class C2	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	€ 61,500,000	3.53900%	0.42%
Series 4 Class A 2	Holmes Financing No. 6	AAA/Aaa/AAA	CHF 300,000,000		2.50%
Series 3 Class C3	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	£12,500,000	5.18082%	0.42%
Series 4 Class B	Holmes Financing No. 6	AA/Aa3/AA	$40,000,000	5.50688%	0.52%
Series 4 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	$69,000,000	5.50688%	1.55%
Series 5 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	£500,000,000	4.69031%	0.24%
Series 5 Class B	Holmes Financing No. 6	AA/Aa3/AA	£17,000,000	4.69031%	0.52%
Series 5 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	£29,000,000	4.69031%	1.55%
Series 3 Class A	Holmes Financing No. 7	AAA/Aaa/AAA	$500,000,000	5.50688%	0.23%
Series 3 Class B	Holmes Financing No. 7	AA/Aa3/AA	£15,000,000	4.69031%	0.50%
Series 3 Class M	Holmes Financing No. 7	A/A2/A	£20,000,000	4.69031%	0.80%
Series 4 Class A 1	Holmes Financing No. 7	AAA/Aaa/AAA	€ 500,000,000	3.09000%	0.26%
Series 4 Class A 2	Holmes Financing No. 7	AAA/Aaa/AAA	£250,000,000	4.69031%	0.26%
Series 4 Class B	Holmes Financing No. 7	AA/Aa3/AA	€ 41,000,000	3.09000%	0.53%
Series 4 Class M	Holmes Financing No. 7	A/A2/A	€ 56,000,000	3.09000%	0.80%
Series 2 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	$1,500,000,000	5.50688%	0.08%
Series 2 Class B	Holmes Financing No. 8	AA/Aa3/AA	$51,000,000	5.50688%	0.17%
Series 2 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	$87,000,000	5.50688%	0.72%
Series 3 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	€ 990,000,000	3.09000%	0.15%
Series 3 Class B	Holmes Financing No. 8	AA/Aa3/AA	€ 34,000,000	3.09000%	0.27%
Series 3 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	€ 57,500,000	3.09000%	0.85%
Series 4 Class A 1	Holmes Financing No. 8	AAA/Aaa/AAA	£900,000,000	4.69031%	0.15%
Series 4 Class A 2	Holmes Financing No. 8	AAA/Aaa/AAA	$500,000,000	5.50688%	0.14%

Page 8 of 1011

Retired Class A Notes
Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Date Retired	Holmes 1	Holmes 2	Holmes 3	Holmes4	Holmes 5	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1
Series 4 Class B	Holmes Financing No. 8	AA/Aa3/AA	£39,900,000	4.69031%	0.30%
02Q3	-	703	-	-	352	-	-	-	-	-	-
Series 4 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	£68,000,000	4.69031%	0.90%
02Q4	-	-	-	-	352	-	-	-	-	-	-
Series 1 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$1,740,000,000	5.50688%	-0.03%
03Q1	-	-	750	-	-	-	-	-	-	-	-
Series 2 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$2,175,000,000	5.50688%	0.06%
03Q2	-	-	-	-	-	-	-	-	-	-	-
Series 3 Class A1	Holmes Financing No. 9	AAA/Aaa/AAA	€ 740,000,000	3.09000%	0.10%
03Q3	600	-	-	-	-	481	-	-	-	-	-
Series 3 Class A2	Holmes Financing No. 9	AAA/Aaa/AAA	£400,000,000	4.69031%	0.09%
03Q4	-	176	-	191	-	481	-	-	-	-	-
Series 4 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	£600,000,000	4.69031%	0.09%
04Q1	-	176	-	191	-	-	241	-	-	-	-
Series 1 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,260,000,000	5.46815%	-0.03%
04Q2	-	176	-	191	-	-	241	-	-	-	-
Series 1 Class B	Holmes Financing No. 10	AA/Aa3/AA	$47,000,000	5.46815%	0.08%
04Q3	-	176	-	191	-	-	-	-	-	-	-
Series 1 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$47,000,000	5.46815%	0.27%
04Q4	-	-	-	-	698	-	-	-	-	-	-
Series 2 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.46815%	0.03%
05Q1	-	-	750	-	-	-	-	-	-	-	-
Series 2 Class B	Holmes Financing No. 10	AA/Aa3/AA	$55,000,000	5.46815%	0.09%
05Q2	-	-	-	-	-	801	-	1,001	-	-	-
Series 2 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$55,000,000	5.46815%	0.35%
05Q3	650	-	-	-	-	-	-	-	-	-	-
Series 3 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	€ 1,000,000,000	3.13900%	0.07%
05Q4	-	125	-	-	-	-	-	-	-	-	-
Series 3 Class B1	Holmes Financing No. 10	AA/Aa3/AA	€ 37,000,000	3.13900%	0.12%
06Q1	-	125	-	-	-	-	803	-	-	-	-
Series 3 Class B2	Holmes Financing No. 10	AA/Aa3/AA	£27,500,000	4.93323%	0.12%
06Q2	-	125	-	-	-	-	-	-	-	-	-
Series 3 Class M1	Holmes Financing No. 10	A/A2/A	€ 34,000,000	3.13900%	0.20%
06Q3	-	125	546	1,456	-	-	-	-	-	-	-
Series 3 Class M2	Holmes Financing No. 10	A/A2/A	£20,000,000	4.93323%	0.20%
06Q4	-	-	-	350	875	-	-	-	1,018	-	-
Series 3 Class C1	Holmes Financing No. 10	BBB/Baa2/BBB	€ 52,500,000	3.13900%	0.40%
Outstanding Class A Notes
Series 3 Class C2	Holmes Financing No. 10	BBB/Baa2/BBB	£22,000,000	4.93323%	0.40%
Expected Redemption	Holmes 1	Holmes 2	Holmes 3	Holmes4	Holmes 5	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1
Series 4 Class A1	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.46815%	0.08%
06Q4	-	-	-	-	-	-	-	-	-	-	-
Series 4 Class A2	Holmes Financing No. 10	AAA/Aaa/AAA	£750,000,000	4.93323%	0.09%
07Q1	-	-	-	-	-	-	161	812	-	-	-
07Q2	-	-	-	-	-	634	161	-	-	-	-
07Q3	575	-	-	-	-	-	-	-	-	679	-
07Q4	-	300	-	-	-	770	-	-	-	-	795
08Q1	-	-	-	-	-	-	-	-	-	-	-
08Q2	-	-	-	-	-	500	592	221	-	388	-
08Q3	-	-	-	-	-	-	-	221	1,272	388	-
08Q4	-	-	-	-	-	-	-	221	-	-	-
09Q1	-	-	-	-	-	-	-	1,171	-	-	-
09Q2	-	-	-	-	-	-	-	-	-	342	-
09Q3	-	-	-	-	-	-	-	-	-	342	397
09Q4	-	-	-	-	-	-	-	-	-	-	397
10Q1	-	-	-	-	-	-	-	-	453	-	-
10Q2	-	-	-	-	-	-	-	-	453	-	-
10Q3	250	-	-	-	-	-	-	-	600	-	-
10Q4	-	-	-	-	-	-	-	-	-	1,526	1,632
11Q1	-	-	-	-	-	-	-	-	-	-	-

Page 9 of 1011

Page 10 of 10

Retired Class A Notes

Date Retired	Holmes 1	Holmes 2	Holmes 3	Holmes4	Holmes 5	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10
02Q3	-	703	-	-	352	-	-	-	-	-
02Q4	-	-	-	-	352	-	-	-	-	-
03Q1	-	-	750	-	-	-	-	-	-	-
03Q2	-	-	-	-	-	-	-	-	-	-
03Q3	600	-	-	-	-	481	-	-	-	-
03Q4	-	176	-	191	-	481	-	-	-	-
04Q1	-	176	-	191	-	-	241	-	-	-
04Q2	-	176	-	191	-	-	241	-	-	-
04Q3	-	176	-	191	-	-	-	-	-	-
04Q4	-	-	-	-	698	-	-	-	-	-
05Q1	-	-	750	-	-	-	-	-	-	-
05Q2	-	-	-	-	-	801	-	1,001	-	-
05Q3	650	-	-	-	-	-	-	-	-	-
05Q4	-	125	-	-	-	-	-	-	-	-
06Q1	-	125	-	-	-	-	803	-	-	-
06Q2	-	125	-	-	-	-	-	-	-	-
06Q3	-	125	546	1,456	-	-	-	-	-	-


Outstanding Class A Notes

Expected Redemption	Holmes 1	Holmes 2	Holmes 3	Holmes4	Holmes 5	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10
06Q3	-	-	-	-	-	-	-	-	-	-
06Q4	-	-	-	350	875	-	-	-	-	-
07Q1	-	-	-	-	-	-	161	812	1,018	-
07Q2	-	-	-	-	-	634	161	-	-	-
07Q3	575	-	-	-	-	-	-	-	-	679
07Q4	-	300	-	-	-	770	-	-	-	-
08Q1	-	-	-	-	-	-	-	-	-	-
08Q2	-	-	-	-	-	500	592	221	-	388
08Q3	-	-	-	-	-	-	-	221	1,272	388
08Q4	-	-	-	-	-	-	-	221	-	-
09Q1	-	-	-	-	-	-	-	1,171	-	-
09Q2	-	-	-	-	-	-	-	-	-	342
09Q3	-	-	-	-	-	-	-	-	-	342
09Q4	-	-	-	-	-	-	-	-	-	-
10Q1	-	-	-	-	-	-	-	-	453	-
10Q2	-	-	-	-	-	-	-	-	453	-
10Q3	250	-	-	-	-	-	-	-	600	-
10Q4	-	-	-	-	-	-	-	-	-	1,526
11Q1	-	-	-	-	-	-	-	-	-	-

Page 10 of 11

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 11 July 2006 to 08 August 2006

All values are in thousands of pounds sterling unless otherwise stated

Page 11 of 11

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 5) PLC Dated: 31st January 2007 By / s / Jessica Petrie (Authorised Signatory)

	HOLMES FINANCING (No 5) PLC


Dated: 1 June 2007		By / s / Jessica Petrie
		(Authorised Signatory)

Filing Compare · HOLMES FINANCING NO 5 PLC