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 ~~August~~January ~~2007~~2008

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
Profit & Loss Account
Period Ended 16 July 2007
	This Quarter	Prior Quarter
	£'000	£'000
Interest receivable - Inter-company loan	-	-
Interest receivable - Cash collateral	-	-
Interest receivable - Cash deposits	-	-
	-	-
Interest payable - Notes	-	-
Interest payable - CSFB	-	-
	-	-
Net operating income	-	-
Fair value derivative	-	-
Operating expenses	-	-
Profit on ordinary activities before taxation	-	-
Taxation	-	-
Profit on ordinary activities after taxation	-	-
Dividend	-	-
Retained profit brought forward	3	3
Retained profit carried forward	3	3

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Holmes Financing (No. 5) PLC
Mortgage Asset Analysis
Balance Sheet
Analysis of Mortgage Trust Movements
Period Ended 16 July 2007
	Current Period
		£'000		£'000
	Number	£000's
Fixed asset investments
Brought Forward	458,070	39,991,663
Loans to Funding				-
Replenishment	6,169	683,622
Current assets
Repurchased	(20,560)	(1,493,011)
Accrued interest receivable		-
Redemptions	(11,172)	(1,119,813)
Cash at bank		16
Losses	(36)	(180)
Cash collateral		-
Capitalised Interest	0	6,181	( * see below )
		16
Other Movements	0	(5,121)
Creditors: Amounts falling due within one year
Carried Forward	432,471	38,063,341
Fair value derivative		-
* Capitalised interest refers to interest due met from amounts standing to
Accrued interest payable		-
the credit of overpayment facilities on flexible loans
		-
	Cumulative
Net current assets				16
	Number	£000's
Total assets less current liabilities				16
Brought Forward	115,191	6,399,214
Creditors: Amounts falling due after more than one year
Replenishment	1,553,550	133,752,468
Amounts due to noteholders				-
Repurchased	(508,179)	(40,956,139)
Amount due to CSFB				-
Redemptions	(726,435)	(61,359,650)
Net assets				16
Losses	(1,656)	(4,559)
Capital and reserves
Capitalised Interest	0	237,128	( * see above )
Share capital				13
Other Movements	0	(5,121)
Reserves				3
Carried Forward	432,471	38,063,341
				16

Holmes Financing (No. 5) PLC
Notes Outstanding
Period Ended 16 July 2007
	ISIN / CUSIP Number	Currency	Reference Rate
Series 1 Class A	US43638RAA86	US$	1 month USD Libor
Series 1 Class B	US43638RAB69	US$	3 month USD Libor
Series 1 Class C	US43638RAC43	US$	3 month USD Libor
Series 2 Class A1	US43638RAD26	US$	3 month USD Libor
Series 2 Class A2	CH0013170276	CHF	Fixed Rate
Series 2 Class B	US43638RAE09	US$	3 month USD Libor
Series 2 Class C	US43638RAF73	US$	3 month USD Libor
Series 3 Class A1	XS0137886262	EUR	Fixed Rate
Series 3 Class A2	XS0137887070	GBP	3 month Sterling Libor
Series 3 Class B	XS0137887583	EUR	3 month Euribor
Series 3 Class C	XS0137888045	EUR	3 month Euribor
	Step Up Date	Expected Repayment Date	Initial Margin	Step up Margin
Series 1 Class A	October 2006	October 2002	1	N/A
Series 1 Class B	October 2006	January 2003	35	70
Series 1 Class C	October 2006	January 2003	135	235
Series 2 Class A1	October 2006	October 2004	20	N/A
Series 2 Class A2	October 2006	October 2004	2.50%	2
Series 2 Class B	October 2006	January 2005	43	86
Series 2 Class C	October 2006	January 2005	145	245
Series 3 Class A1	October 2006	October 2006	4.25%	42
Series 3 Class A2	October 2006	October 2006	23	46
Series 3 Class B	October 2006	October 2006	40	80
Series 3 Class C	October 2006	October 2006	147	247
	Payment Frequency	Next Payment date	Moody's	S&P	Fitch Ratings
Series 1 Class A	Monthly	N/A	Aaa	AAA	AAA
Series 1 Class B	Quarterly	N/A	Aa3	AA	AA
Series 1 Class C	Quarterly	N/A	Baa2	BBB	BBB
Series 2 Class A1	Quarterly	N/A	Aaa	AAA	AAA
Series 2 Class A2	Annually	N/A	Aaa	AAA	AAA
Series 2 Class B	Quarterly	N/A	Aa3	AA	AA
Series 2 Class C	Quarterly	N/A	Baa2	BBB	BBB
Series 3 Class A1	Annually	N/A	Aaa	AAA	AAA
Series 3 Class A2	Quarterly	N/A	Aaa	AAA	AAA
Series 3 Class B	Quarterly	N/A	Aa3	AA	AA
Series 3 Class C	Quarterly	N/A	Baa2	BBB	BBB

Page 1 of 13

Holmes Financing (No. 5) PLC
Notes Outstanding
Period Ended 16 July 2007
	Initial note balance	Previous Principal	Redemptions	Current Principal
Series 1 Class A	$1,000,000,000	$0	$0	$0
Series 1 Class B	$35,000,000	$0	$0	$0
Series 1 Class C	$52,000,000	$0	$0	$0
Series 2 Class A1	$750,000,000	$0	$0	$0
Series 2 Class A2	CHF 400,000,000	CHF 0	CHF 0	CHF 0
Series 2 Class B	$35,000,000	$0	$0	$0
Series 2 Class C	$52,000,000	$0	$0	$0
Series 3 Class A1	€600,000,000	€0	€0	€0
Series 3 Class A2	£500,000,000	£0	£0	£0
Series 3 Class B	€53,000,000	€0	€0	€0
Series 3 Class C	€76,000,000	€0	€0	€0
	Currency Swap Counterparty		Current Rating	Rating Trigger	Comments
			Moodys / S&P / Fitch	Moodys / S&P / Fitch
Series 1 Class A	CSFB		Aa3 / AA- / AA-	below Aa3 / AA- / AA-	Series Repaid
Series 1 Class B	CSFB		Aa3 / AA- / AA-	below Aa3 / AA- / AA-	Series Repaid
Series 1 Class C	CSFB		Aa3 / AA- / AA-	below Aa3 / AA- / AA-	Series Repaid
Series 2 Class A1	CSFB		Aa3 / AA- / AA-	below Aa3 / AA- / AA-	Series Repaid
Series 2 Class A2	CSFB		Aa3 / AA- / AA-	below Aa3 / AA- / AA-	Series Repaid
Series 2 Class B	CSFB		Aa3 / AA- / AA-	below Aa3 / AA- / AA-	Series Repaid
Series 2 Class C	CSFB		Aa3 / AA- / AA-	below Aa3 / AA- / AA-	Series Repaid
Series 3 Class A1	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 3 Class A2	GBP - n/a				Series Repaid
Series 3 Class B	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 3 Class C	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-	Series Repaid

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Holmes Funding Limited
Prepayment Rates
Profit & Loss Account
	Trust Payment Rate (CPR) - Redemptions	Annualised Trust Payment Rate (CPR)
Period Ended 16 July 2007
1 Month	2.80%	28.88%
		This Quarter	Prior Quarter
3 Month	8.25%	29.15%
		£'000	£'000
12 Month	29.34%	29.34%
Interest receivable - Mortgages less Swaps		334,842	253,315
	Trust Payment Rate (CPR) - Repurchases	Annualised Trust Payment Rate (CPR)
Interest receivable - Cash Deposits		30,952	28,800
1 Month	3.73%	26.67%
Gain/(Loss) on fair value of interest rate swap		25,490	(15,941)
3 Month	7.24%	19.85%
		391,284	266,174
12 Month	16.02%	16.02%
Interest payable - Inter-company loans		(318,814)	(231,979)
	Trust Payment Rate (CPR) - Redemptions and Repurchases	Annualised Trust Payment Rate (CPR)
Interest payable - Start up loans		-	-
1 Month	6.53%	55.55%
		(318,814)	(231,979)
3 Month	15.49%	49.00%
Net operating income		72,470	34,195
12 Month	45.36%	45.36%
Other income		8,465	6,153
Asset Profiles
Insurance commission
Weighted Average Seasoning	39.93	months
Provisions		(2,213)	(2,020)
Weighted Average Loan size	£88,013.63
Expenses		(4,173)	(7,018)
Weighted Average LTV	64.37%	*** (see below)
Start up costs amortisation		(2,487)	(1,811)
Weighted Average Indexed LTV	52.00%	using Halifax House Price Index
Deferred consideration		(46,570)	(45,440)
Weighted Average Indexed LTV	50.95%	using Nationwide House Price Index
Profit/(loss) on ordinary activities before taxation		25,492	(15,941)
Weighted Average Remaining Term	17.49	Years
Taxation		(7,647)	4,782
Profit/(loss) on ordinary activities after taxation		17,845	(11,159)
Dividend		-	-
Retained profit/(loss) brought forward		30,958	42,117
Retained profit/(loss) carried forward		48,803	30,958

Holmes Funding Limited
Balance Sheet
Period Ended 16 July 2007
	£'000	£'000
Fixed asset investments
Beneficial interest in Trust mortgage portfolio		23,580,439
Beneficial interest in Trust cash at bank		-
Fair value of interest rate swap		-
Current assets
Amounts owed by Trustee	127,173
Deferred expenditure (costs of securing)	18,933
Sundry debtors	-
Deferred taxation / group relief receivable
Cash at bank:	417,830
Reserve funding	2,470
Transaction account	2,091,557
Funding GIC account	2,657,963
Creditors: Amounts falling due within one year
Deferred consideration creditor	176,509
Interest payable - start up loans	-
Amounts due to Trustee	-
Interest payable - Inter-company loans	-
Sundry creditors	239,802
Deferred taxation / group relief receivable	20,833
Corporation Taxation	47
	437,191
Net current assets		2,220,772
Total assets less current liabilities		25,801,211
Creditors: Amounts falling due after more than one year
Inter-company loans		(25,675,408)
Start up loans		(77,000)
Net assets		48,803
Capital and reserves
Share capital (£2)		-
Reserves		48,803
		48,803

Page 2 of 13

Holmes Funding Limited
Notes to Balance Sheet
Period Ended 16 July 2007
	£'000		£'000	£'000	£'000
Balance on cash accumulation ledger			2,079,190
Available credit enhancement
	First Reserve		Second Reserve	Funding Reserve
Reserve funds at closing	351,000		-	-
Initial closing reserve funds	393,280		-	-
Drawings to make bullet repayment	-		-	-
Other drawings	-		-	-
Transfers from revenue receipts	24,551		-	-
Closing reserve balance	417,830		-	-
Target reserve funds	420,000		-	-
Principal deficiency ledger	AAA		AA	A	BBB
Opening PDL balance	Nil		Nil	Nil	Nil
Losses this quarter	-		-	-	-
PDL top up from revenue income	-		-	-	-
Closing PDL balance	Nil	Nil	Nil	Nil	Nil
Start up loan outstanding	Opening balance		Repayment	Interest Added	Closing balance
Initial start up loan (incl. accrued interest)	-		-	-	-
Second start up loan (incl. accrued interest)	-		-	-	-
Third start up loan	-		-	-	-
Fourth start up loan	-		-	-	-
Fifth start up loan	-		-	-	-
Sixth start up loan	-		-	-	-
Seventh start up loan	-		-	-	-
Eigth start up loan	-		-	-	-
Master Issuer 2007-1 start-up loan	77,233		-	1,125	78,358
Closing balance	77,233		-	1,125	78,358
Liquidity facility
Liquidity facility limit	25,000
Liquidity facility drawn	-
Liquidity facility available	25,000

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Holmes Trustees Limited
Product Type Analysis	£000's	%
Profit & Loss Account
Variable Rate	9,831,761	25.83%
Period Ended 16 July 2007
Fixed Rate	14,033,954	36.87%
		This Quarter	Prior Quarter
Tracker Rate	14,197,626	37.30%
		£'000	£'000
	38,063,341	100.00%
Interest receivable - Mortgages		566,120	454,969
As at 10 December 2007 approximately 16.90% of the loans were flexible loans
Interest receivable - Cash Deposits		9,558	6,356
Repayment Method Analysis	£000's	%
		575,678	461,325
Endowment	4,072,777	10.70%
Interest payable - Mortgages		(566,120)	(454,969)
Interest Only	11,293,393	29.67%
Interest payable - Cash Deposits		(9,558)	(6,356)
Repayment	22,697,170	59.63%
		(575,678)	(461,325)
	38,063,341	100.00%
Net operating income		-	-
As at 10 December 2007 approximately 24.34% of the loans were written under Abbey's policy of non-income verification
Fees receivable		6,344	6,064
Loan Purpose Analysis	£000's	%
Fees payable		(6,344)	(6,064)
Purchase	22,327,956	58.66%
Operating expenses		(5,709)	(5,807)
Remortgage	15,735,385	41.34%
Provision charges		2,998	2,251
	38,063,341	100.00%
Other income		2,711	3,556
Mortgage Standard Variable Rate
Profit on ordinary activities before taxation		-	-
Effective Date	Rate
Taxation
01 August 2007	7.84%
Profit on ordinary activities after taxation		-	-
01 June 2007	7.59%
Dividend		-	-
01 February 2007	7.34%
Retained profit brought forward		-	-
01 December 2006	7.09%
Retained profit carried forward		-	-

Holmes Trustees Limited
Balance Sheet
Period Ended 16 July 2007
	£'000	£'000
Fixed asset investments
Mortgage loans secured on residential property		39,608,824
Current assets
Bank interest receivable	1,005
Cash at bank	393,431
Amounts due from Seller	35,334
Other debtors
Accrued interest receivable	90,842
Taxation	-
Amounts due from Funding
	520,612
Creditors: Amounts falling due within one year
Amounts due to Seller	-
Amounts due to Funding	127,173
Sundry creditors	-
	127,173
Net current assets		393,439
Total assets less current liabilities		40,002,263
Creditors: Amounts falling after more than one year
Seller share of mortgage loans		(16,028,385)
Funding share of mortgage loans		(23,580,439)
Seller share of cash at bank		(393,431)
Funding share of cash at bank		-
Net assets		-
Capital and reserves
Share capital (£2)		-
Reserves		-
		-

Page 3 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Geographic Analysis
Region	Number	£000's	%
East Anglia	16,672	1,335,424	3.51%
East Midlands	23,160	1,758,765	4.62%
Greater London	73,683	8,402,683	22.08%
North	17,308	1,104,845	2.90%
North West	49,661	3,542,966	9.31%
Scotland	26,888	1,698,496	4.46%
South East	115,832	11,944,925	31.38%
South West	35,097	3,048,662	8.01%
Wales	20,161	1,371,160	3.60%
West Midlands	26,719	2,001,800	5.26%
Yorkshire and Humberside	26,745	1,813,586	4.76%
Unknown	545	40,029	0.11%
Total	432,471	38,063,341	100.00%

Original LTV Bands

Range	Number	£000's	%	Average Seasoning
0.00 - 25.00	36,604	1,377,733	3.62%	36.16
25.01 - 50.00	120,494	7,951,886	20.89%	38.65
50.01 - 75.00	170,310	17,632,842	46.32%	36.85
75.01 - 80.00	17,621	1,961,189	5.15%	42.13
80.01 - 85.00	22,490	2,690,061	7.07%	40.11
85.01 - 90.00	35,729	4,251,543	11.17%	38.93
90.01 - 95.00	29,223	2,198,087	5.77%	61.97
Total	432,471	38,063,341	100.00%	39.93

*** 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 4 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Arrears
Band	Number	Principal	Overdue	%
Current	420,344	36,905,459	(2,124)	97.00%
1.00 - 1.99 months	7,126	691,707	5,867	1.82%
2.00 - 2.99 months	2,331	210,834	3,486	0.55%
3.00 - 3.99 months	1,028	91,754	2,184	0.24%
4.00 - 4.99 months	491	45,454	1,346	0.12%
5.00 - 5.99 months	276	24,530	920	0.06%
6.00 -11.99 months	494	47,633	2,611	0.13%
12 months and over	62	5,390	825	0.01%
Properties in Possession	319	22,447	3,017	0.06%
Total	432,471	38,045,209	18,132	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.

Page 5 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Movement in Shares of Trust
	Funding	Seller
	£000's	£000's
Balance Brought Forward	22,834,047	17,157,616
Replenishment of Assets	0	683,622
Acquisition by Funding	0	0
Distribution of Principal Receipts	0	(2,617,945)
Allocation of Losses	(103)	(77)
Share of Capitalised Interest	3,529	2,652
Payment Re Capitalised Interest	(3,529)	3,529
Balance Carried Forward	22,833,945	15,229,396

Carried Forward Percentage	59.98933%	40.01067%

Minimum Seller Share	2,365,425	6.21%




Cash Accumulation Ledger
	£000's
Brought Forward	841,630
Additional Amounts Accumulated	103
Payment of Notes	0
Carried Forward	841,732

Target Balance	69,873	payable on 15th January 2008
	771,208	payable on 15th March 2008


	841,081

Page 6 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Excess Spread *
Quarter to 15/10/07	0.5859%
Quarter to 16/07/07	0.5050%
Quarter to 16/04/07	0.3784%
Quarter to 16/01/07	0.4303%

*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 15/10/07	£420,000,000.00	£0.00	£10,000,000.00
Required Amount as at 15/10/07	£420,000,000.00	£0.00	£10,000,000.00
Percentage of Notes	1.77%	0.00%	0.04%
Percentage of Funding Share	1.84%	0.00%	0.04%


Notes Outstanding
	£000's
AAA Notes Outstanding	22,106,133
AA Notes Outstanding	601,013
A Notes Outstanding	256,106
BBB Notes Outstanding	711,915
Total	23,675,168

Page 7 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Properties in Possession

Stock
	Current Period
	Number	£000's
Brought Forward	312	24,695
Repossessed in Period	43	10,264
Sold in Period	(36)	(9,495)
Carried Forward	319	25,464

	Cumulative
	Number	£000's
Repossessed to date	1,961	286,736
Sold to date	(1,642)	(261,272)
Carried Forward	319	25,464

Repossession Sales Information
Average time Possession to Sale	103	Days
Average arrears at time of Sale	£6,037

MIG Claim Status **
	Number	£000's
MIG Claims made	199	1,396

**On the 14th November 2006, 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.

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 £30 billion

Contact Details
If you have any queries regarding this report please contact the Securitisation Team via

Telephone : +44 (1908) 343232 / 343836
Facsimilie : +44 (1908) 343019
Email : Securitisation@Abbey.com
Or, visit our website at www.holmesreporting.com

Page 8 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
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	6.29313%	0.62%
Series 4 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£14,000,000	6.29313%	1.75%
Series 4 Class B	Holmes Financing No. 6	AA/Aa3/AA	$40,000,000	5.24250%	0.52%
Series 4 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	$69,000,000	5.24250%	1.55%
Series 5 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	£500,000,000	6.29313%	0.24%
Series 5 Class B	Holmes Financing No. 6	AA/Aa3/AA	£17,000,000	6.29313%	0.52%
Series 5 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	£29,000,000	6.29313%	1.55%
Series 4 Class A 1	Holmes Financing No. 7	AAA/Aaa/AAA	€ 500,000,000	4.73200%	0.26%
Series 4 Class A 2	Holmes Financing No. 7	AAA/Aaa/AAA	£250,000,000	6.29313%	0.26%
Series 4 Class B	Holmes Financing No. 7	AA/Aa3/AA	€ 41,000,000	4.73200%	0.53%
Series 4 Class M	Holmes Financing No. 7	A/A2/A	€ 56,000,000	4.73200%	0.80%
Series 3 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	€ 990,000,000	4.73200%	0.15%
Series 3 Class B	Holmes Financing No. 8	AA/Aa3/AA	€ 34,000,000	4.73200%	0.27%
Series 3 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	€ 57,500,000	4.73200%	0.85%
Series 4 Class A 1	Holmes Financing No. 8	AAA/Aaa/AAA	£900,000,000	6.29313%	0.15%
Series 4 Class A 2	Holmes Financing No. 8	AAA/Aaa/AAA	$500,000,000	5.24250%	0.14%
Series 4 Class B	Holmes Financing No. 8	AA/Aa3/AA	£39,900,000	6.29313%	0.30%
Series 4 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	£68,000,000	6.29313%	0.90%
Series 2 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$2,175,000,000	5.24250%	0.06%
Series 3 Class A1	Holmes Financing No. 9	AAA/Aaa/AAA	€ 740,000,000	4.73200%	0.10%
Series 3 Class A2	Holmes Financing No. 9	AAA/Aaa/AAA	£400,000,000	6.29313%	0.09%
Series 4 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	£600,000,000	6.29313%	0.09%
Series 2 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.24250%	0.03%
Series 2 Class B	Holmes Financing No. 10	AA/Aa3/AA	$55,000,000	5.24250%	0.09%
Series 2 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$55,000,000	5.24250%	0.35%
Series 3 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	€ 1,000,000,000	4.73200%	0.07%
Series 3 Class B1	Holmes Financing No. 10	AA/Aa3/AA	€ 37,000,000	4.73200%	0.12%
Series 3 Class B2	Holmes Financing No. 10	AA/Aa3/AA	£27,500,000	6.29313%	0.12%
Series 3 Class M1	Holmes Financing No. 10	A/A2/A	€ 34,000,000	4.73200%	0.20%
Series 3 Class M2	Holmes Financing No. 10	A/A2/A	£20,000,000	6.29313%	0.20%
Series 3 Class C1	Holmes Financing No. 10	BBB/Baa2/BBB	€ 52,500,000	4.73200%	0.40%
Series 3 Class C2	Holmes Financing No. 10	BBB/Baa2/BBB	£22,000,000	6.29313%	0.40%
Series 4 Class A1	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.24250%	0.08%
Series 4 Class A2	Holmes Financing No. 10	AAA/Aaa/AAA	£750,000,000	6.29313%	0.09%

Page 9 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Series 2 Class A	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$1,500,000,000	5.24250%	0.06%
Series 2 Class B	Holmes Master Issuer 2006-1	AA/Aa3/AA	$35,000,000	5.24250%	0.12%
Series 2 Class M	Holmes Master Issuer 2006-1	A/A2/A	$30,000,000	5.24250%	0.19%
Series 2 Class C	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	$40,000,000	5.24250%	0.39%
Series 3 Class A1	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$900,000,000	5.24250%	0.08%
Series 3 Class A2	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	€ 670,000,000	4.73200%	0.10%
Series 3 Class A3	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	£700,000,000	6.29313%	0.10%
Series 3 Class B2	Holmes Master Issuer 2006-1	AA/Aa3/AA	€ 37,500,000	4.73200%	0.15%
Series 3 Class B3	Holmes Master Issuer 2006-1	AA/Aa3/AA	£20,000,000	6.29313%	0.15%
Series 3 Class M2	Holmes Master Issuer 2006-1	A/A2/A	€ 35,500,000	4.73200%	0.22%
Series 3 Class M3	Holmes Master Issuer 2006-1	A/A2/A	£12,000,000	6.29313%	0.22%
Series 3 Class C2	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	€ 61,500,000	4.73200%	0.42%
Series 3 Class C3	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	£12,500,000	6.29313%	0.42%
Series 1 Class A1	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,500,000,000	5.09125%	-0.02%
Series 1 Class A3	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	£600,000,000	6.29313%	0.03%
Series 1 Class B1	Holmes Master Issuer 2007-1	AA/Aa3/AA	$57,200,000	5.24250%	0.09%
Series 1 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 21,400,000	4.73200%	0.09%
Series 1 Class C1	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	$30,300,000	5.24250%	0.28%
Series 1 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 22,700,000	4.73200%	0.28%
Series 1 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£15,550,000	6.29313%	0.28%
Series 2 Class A	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,500,000,000	5.24250%	0.05%
Series 2 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 26,300,000	4.73200%	0.14%
Series 2 Class M2	Holmes Master Issuer 2007-1	A/A2/A	€ 10,600,000	4.73200%	0.22%
Series 2 Class M3	Holmes Master Issuer 2007-1	A/A2/A	£10,800,000	6.29313%	0.22%
Series 2 Class C1	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	$9,800,000	5.24250%	0.42%
Series 2 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 21,900,000	4.73200%	0.42%
Series 2 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£5,000,000	6.29313%	0.42%
Series 3 Class A1	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,600,000,000	5.24250%	0.08%
Series 3 Class A2	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	€ 1,500,000,000	4.73200%	0.10%
Series 3 Class A3	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	£800,000,000	6.29313%	0.10%
Series 3 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 46,700,000	4.73200%	0.14%
Series 3 Class B3	Holmes Master Issuer 2007-1	AA/Aa3/AA	£48,000,000	6.29313%	0.14%
Series 3 Class M2	Holmes Master Issuer 2007-1	A/A2/A	€ 28,000,000	4.73200%	0.22%
Series 3 Class M3	Holmes Master Issuer 2007-1	A/A2/A	£28,800,000	6.29313%	0.22%
Series 3 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 86,900,000	4.73200%	0.42%
Series 3 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£25,500,000	6.29313%	0.42%
Series 4 Class A	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,000,000,000	5.24250%	0.10%

Page 10 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Series 1 Class A1	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	$1,225,000,000	5.24250%	0.03%
Series 1 Class A2	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	$1,200,000,000	5.24250%	0.04%
Series 1 Class B	Holmes Master Issuer 2007-2	AA/Aa3/AA	$82,000,000	5.24250%	0.07%
Series 1 Class C	Holmes Master Issuer 2007-2	BBB/Baa2/BBB	$128,400,000	5.24250%	0.23%
Series 2 Class A	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	CAD 600,000,000	4.87714%	0.08%
Series 2 Class A1	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	$2,750,000,000	5.24250%	0.05%
Series 2 Class B1	Holmes Master Issuer 2007-2	AA/Aa3/AA	$25,000,000	5.24250%	0.12%
Series 2 Class B2	Holmes Master Issuer 2007-2	AA/Aa3/AA	€ 95,000,000	4.73200%	0.13%
Series 2 Class B3	Holmes Master Issuer 2007-2	AA/Aa3/AA	£50,000,000	6.29313%	0.14%
Series 2 Class C1	Holmes Master Issuer 2007-2	BBB/Baa2/BBB	$34,000,000	5.24250%	0.41%
Series 2 Class C2	Holmes Master Issuer 2007-2	BBB/Baa2/BBB	€ 106,000,000	4.73200%	0.41%
Series 2 Class C3	Holmes Master Issuer 2007-2	BBB/Baa2/BBB	£45,000,000	6.29313%	0.43%
Series 2 Class M1	Holmes Master Issuer 2007-2	A/A2/A	$10,000,000	5.24250%	0.22%
Series 2 Class M2	Holmes Master Issuer 2007-2	A/A2/A	€ 20,000,000	4.73200%	0.22%
Series 2 Class M3	Holmes Master Issuer 2007-2	A/A2/A	£38,000,000	6.29313%	0.24%
Series 3 Class A1	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	$1,250,000,000	5.24250%	0.08%
Series 3 Class A2	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	€ 1,300,000,000	4.73200%	0.09%
Series 3 Class A3	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	£450,000,000	6.29313%	0.09%
Series 4 Class A1	Holmes Master Issuer 2007-2	AAA/Aaa/AAA	$750,000,000	5.24250%	0.10%

Page 11 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Retired Class A Notes

Date Retired	Holmes 1	Holmes 2	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1	Holmes 2007-1	Holmes 2007-2
02Q3	-	703	-	-	-	-	-	-	-	-
02Q4	-	-	-	-	-	-	-	-	-	-
03Q1	-	-	-	-	-	-	-	-	-	-
03Q2	-	-	-	-	-	-	-	-	-	-
03Q3	600	-	481	-	-	-	-	-	-	-
03Q4	-	176	481	-	-	-	-	-	-	-
04Q1	-	176	-	241	-	-	-	-	-	-
04Q2	-	176	-	241	-	-	-	-	-	-
04Q3	-	176	-	-	-	-	-	-	-	-
04Q4	-	-	-	-	-	-	-	-	-	-
05Q1	-	-	-	-	-	-	-	-	-	-
05Q2	-	-	801	-	1,001	-	-	-	-	-
05Q3	650	-	-	-	-	-	-	-	-	-
05Q4	-	125	-	-	-	-	-	-	-	-
06Q1	-	125	-	803	-	-	-	-	-	-
06Q2	-	125	-	-	-	-	-	-	-	-
06Q3	-	125	-	-	-	-	-	-	-	-
06Q4	-	-	-	-	-	1,018	-	-	-	-
07Q1	-	-	-	161	812	-	-	-	-	-
07Q2	-	-	634	161	-	-	-	-	-	-
07Q3	575	-	-	-	-	-	679	-	-	-
07Q4	-	300	770	-	-	-	-	795	-	-


Outstanding Class A Notes

Expected Redemption	Holmes 1	Holmes 2	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1	Holmes 2007-1	Holmes 2007-2
07Q4	-	-	-	-	-	-	-	-	-	-
08Q1	-	-	-	-	-	-	-	-	771	-
08Q2	-	-	500	592	221	-	388	-	600	715
08Q3	-	-	-	-	221	1,272	388	-	-	715
08Q4	-	-	-	-	221	-	-	-	-	-
09Q1	-	-	-	-	1,171	-	-	-	-	-
09Q2	-	-	-	-	-	-	342	-	-	-
09Q3	-	-	-	-	-	-	342	397	-	-
09Q4	-	-	-	-	-	-	-	397	-	-
10Q1	-	-	-	-	-	453	-	-	386	-
10Q2	-	-	-	-	-	453	-	-	386	1,664
10Q3	250	-	-	-	-	600	-	-	-	-
10Q4	-	-	-	-	-	-	1,526	1,632	-	-
11Q1	-	-	-	-	-	-	-	-	-	-
11Q2	-	-	-	-	-	-	-	-	2,649	654
11Q3	-	-	-	-	-	-	-	-	-	654
11Q4	-	-	-	-	-	-	-	-	-	654
12Q1	-	-	-	-	-	-	-	-	-	-
12Q2	-	-	-	-	-	-	-	-	-	-
12Q3	-	-	-	-	-	-	-	-	-	377
12Q4	-	-	-	-	-	-	-	-	515	-
13Q1	-	-	-	-	-	-	-	-	-	-

Page 12 of 13

Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 November 2007 to 10 December 2007

All values are in thousands of pounds sterling unless otherwise stated

Page 13 of 13

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

	HOLMES FINANCING (No 5) PLC

Dated: 2 January 2008		By / s / Jessica Petrie
		(Authorised Signatory)

Dated: 16 August 2007 By / s / Jessica Petrie (Authorised Signatory)

Filing Compare · HOLMES FINANCING NO 5 PLC