FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of ~~June~~July 2004,

PERMANENT FINANCING (NO. 4) PLC

(Translation of registrant’s name into English)

Blackwell House, Guildhall Yard, London EC2V 5AE, United Kingdom

(Address of principal executive offices)

PERMANENT FUNDING (NO. 1) LIMITED

(Translation of registrant’s name into English)

Blackwell House, Guildhall Yard, London EC2V 5AE, United Kingdom

(Address of principal executive offices)

PERMANENT MORTGAGES TRUSTEE LIMITED

(Translation of registrant’s name into English)

47 Esplanade, St. Helier, Jersey JE1 0BD, Channel Islands

(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

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

Permanent Mortgages Trustees Limited

Quarter

606/10/2004

909/11/2004

Monthly Report

~~June~~July 2004

Date of Report

708/1209/2004

Mortgages
Number of Mortgages in Pool	~~423~~456,~~332~~534
Current Principal Balance	£	2427,~~541~~153,~~027~~524,~~005~~699
Opening Trust Assets	£	100
Total	£	2427,~~541~~153,~~027~~524,~~105~~799
Notes Outstanding	£	1721,~~641~~597,~~340~~788,291
Funding Share	£	1620,~~982~~939,~~840~~288,291
Cash Accumulation Balance	£	658,500,000
Funding Share Percentage	6977.~~20183~~11444		%
Seller Share	£	76,~~558~~214,~~186~~236,~~714~~408
Seller Share Percentage	3022.~~79817~~88556		%
Minimum Seller Share (Amount)	£	1,~~227~~357,~~051~~676,~~350~~235
Minimum Seller Share (% of Total)	5.00000		%

Arrears Analysis	Number	Principal		Arrears		% by Principal
Less than 1 month	~~417~~451,~~811~~429	£	2426,~~169~~811,~~436~~420,~~619~~500.9224	£	1,~~717~~931,~~547~~491.7311	98.4974	%
1 - < 2 months	3,~~828~~492	£	~~261~~238,~~626~~610,~~052~~547.2528	£	1,~~829~~746,~~945~~980.4331	10.0788	%
2 - < 3 months	~~858~~764	£	6050,~~148~~297,~~664~~147.6577	£	~~805~~747,~~717~~413.7044	0.2519	%
3 - < 6 months	~~620~~640	£	3740,~~184~~471,~~282~~898.7328	£	~~890~~991,~~106~~138.9545	0.15	%
6 - < 12 months	~~175~~176	£	1011,~~869~~187,~~466~~009.4054	£	~~483~~517,~~772~~344.8890	0.04	%
12 months +	4033	£	1,~~761~~537,~~919~~595.5286	£	~~149~~131,~~171~~865.5793	0.01	%
Total	~~423~~456,~~332~~534	£	2427,~~541~~153,~~027~~524,~~005~~698.4797	£	56,~~876~~066,~~262~~234.2614	100.00	%

Properties in Possession		Number		~~Number~~Balance		~~Balance~~	Amount in Arrears		~~Amount in Arrears~~
Total		11		14£	595,754.12	£	~~776,531.33~~£	48,009.66	£	~~65,300.57~~

Properties in Possession (this month)
Number Brought Forward	814
Repossessed	73
Sold	15
Number Carried Forward	1411
Average Time from Possesion to Sale in days	107
NB 1 Voluntary Possession relinquished back to borrower
Average Arrears at Sale	£	3,321.10
Average Time from Possession to Sale in days	99
Average Arrears at Sale	£	3,699.30
MIG Claims submitted	0
MIG Claims Outstanding	0
Average Time from Claim to Payment in days	0

Note : The arrears analysis and repossession information is as at the end of the report month

Substitution	Number	Principal
Substituted this period (this month)	048,652	£	—3,698,396,656.80
Substituted to date (since 14/06/2002)*	~~155~~203,~~310~~962	£	1014,~~463~~162,~~734~~131,~~639~~295.1191

* On 12th March 2004, Permanent 4 closed. The Permanent Trust was topped-up by 134,716 accounts (to value: £27,785,449,300.37). These are not included above.

CPR Analysis	Monthly		Annualised
(includes redemptions and repurchases)
Current 1 Month CPR Rate	34.5647	%	3542.2426	%
Previous 3 Month CPR Rate	3.9388	%	3837.2178	%
Previous 12 Month CPR Rate	4.2631	%	4041.7106	%

Note: The annualised CPRs are expressed as a percentage of the outstanding balance at the beginning of the report month.

Weighted Average Seasoning in Months (by value)	3735.4178
Average Loan Size	£	5759,~~971~~477.1155
Weighted Average Current HPI LTV (by value)	4543.7163		%
Weighted Average Current LTV (by value)	65.7149		%
Yield Net of Funding Swap over 3 Month Sterling LIBOR
Current Month	0.~~624~~816		%
Excess Spread
Current Month	0.~~283~~523		%
June 2004	0.283		%
May 2004	0.307		%
April 2004	0.426		%

*Product Breakdown*
Fixed Rate %	27.73	%
Tracker Rate %	50.09	%
Other Variable Rate %	22.18	%

Product Breakdown
LTV Levels Breakdown*	Number	Value		% of Total
Fixed Rate %		25.97	%
0 - 30%	73,953	£	1,757,887,705.44	6.47	%
Tracker Rate %		49.49	%
30 - 35%	18,618	£	795,746,413.20	2.93	%
Other Variable Rate %		24.55	%
35 - 40%	20,876	£	999,956,149.59	3.68	%
40 - 45%	22,785	£	1,197,042,996.74	4.41	%
45 - 50%	25,077	£	1,451,422,065.65	5.35	%
50 - 55%	26,903	£	1,679,000,173.08	6.18	%
55 - 60%	28,698	£	1,953,621,267.09	7.19	%
60 - 65%	29,948	£	2,144,448,868.32	7.90	%
65 - 70%	32,532	£	2,492,323,656.47	9.18	%
70 - 75%	37,903	£	3,268,865,449.10	12.04	%
75 - 80%	27,061	£	1,951,606,381.00	7.19	%
80 - 85%	30,479	£	2,041,032,537.22	7.52	%
85 - 90%	33,369	£	2,322,552,977.72	8.55	%
90 - 95%	31,004	£	1,950,777,325.69	7.18	%
95 - 100%	15,750	£	1,038,109,716.27	3.82	%
100% +	1,578	£	109,131,016.39	0.40	%
Totals	456,534	£	27,153,524,698.97	100.00	%

LTV Levels Breakdown*	Number	Value		% of Total
0 - 30%	68,763	£	1,589,340,092.73	6.48	%
30 - 35%	17,064	£	714,215,324.44	2.91	%
35 - 40%	19,078	£	894,366,531.27	3.64	%
40 - 45%	20,733	£	1,067,357,942.33	4.35	%
45 - 50%	23,012	£	1,312,654,518.71	5.35	%
50 - 55%	24,643	£	1,505,698,542.56	6.14	%
55 - 60%	26,319	£	1,753,703,023.44	7.15	%
60 - 65%	27,180	£	1,898,292,963.92	7.74	%
65 - 70%	29,690	£	2,218,755,472.13	9.04	%
70 - 75%	34,122	£	2,858,416,540.14	11.65	%
75 - 80%	25,022	£	1,737,047,877.80	7.08	%
80 - 85%	29,209	£	1,918,768,978.80	7.82	%
85 - 90%	32,018	£	2,180,777,041.44	8.89	%
90 - 95%	29,924	£	1,827,436,797.14	7.45	%
95 - 100%	15,044	£	959,165,991.41	3.91	%
100% +	1,511	£	105,029,367.21	0.43	%
Totals	423,332	£	24,541,027,005.47	100.00	%

* Using Latest Valuation

HPI LTV Levels Breakdown**	Number	Value		% of Total
0 - 30%	~~142~~168,~~348~~146	£	45,~~720~~894,~~971~~825,~~936~~062.8993	1921.2471	%
30 - 35%	3846,~~298~~687	£	2,~~076~~629,~~060~~267,~~632~~246.4442	89.4668	%
35 - 40%	4352,~~524~~565	£	23,~~569~~194,~~877~~026,~~293~~637.6442	1011.4776	%
40 - 45%	4549,~~934~~166	£	23,~~850~~175,~~387~~032,~~864~~079.0175	11.6169	%
45 - 50%	4039,~~917~~005	£	2,~~700~~874,~~413~~633,~~209~~542.8800	1110.0059	%
50 - 55%	3229,~~008~~346	£	2,~~377~~427,~~978~~456,~~222~~565.3635	98.6994	%
55 - 60%	2324,~~999~~064	£	2,~~006~~175,~~562~~572,~~699~~097.6338	8.1801	%
60 - 65%	1819,~~289~~206	£	1,~~684~~820,~~670~~872,~~297~~836.7814	6.8671	%
65 - 70%	1412,~~343~~147	£	1,~~337~~240,~~936~~474,~~112~~466.7652	54.4557	%
70 - 75%	97,~~677~~022	£	~~873~~685,~~852~~891,~~901~~836.2175	32.5653	%
75 - 80%	54,~~865~~583	£	~~533~~489,~~583~~754,~~194~~430.6715	21.1780	%
80 - 85%	43,~~121~~166	£	~~403~~371,~~913~~490,~~940~~929.9540	1.6537	%
85 - 90%	21,~~545~~294	£	~~254~~156,~~492~~849,~~224~~334.0360	10.0458	%
90 - 95%	~~1,195~~112	£	~~131~~15,~~757~~108,~~044~~088.0875	0.5406	%
95 - 100%	~~266~~25	£	182,~~437~~269,~~875~~545.2141	0.0801	%
100% +	30	£	~~131,555.93~~—	0.00	%
Totals	~~423~~456,~~332~~534	£	2427,~~541~~153,~~027~~524,~~005~~698.4797	100.00	%

** Using Latest Valuation Adjusted for changes in the HPI index

Current HVR1 Rate				6.2550%
Effective Date of Change				601/107/2004
Current HVR2 Rate				5.5075%
Effective Date of Change				601/107/2004

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin
Series 1 Class A	Permanent Financing No.1	P-1 / A-1+ / F1+	$	—	N/A		N/A
Series 1 Class A	Permanent Financing No.2	P-1 / A-1+ / F1+	$	—	N/A		-0.040	%
Series 1 Class A	Permanent Financing No.3	P-1 / A-1+ / F1+	$	1,100,000,000.00	1.~~17875~~36313	%	-0.040	%
Series 1 Class A	Permanent Financing No.4	P-1 / A-1+ / F1+	$	1,500,000,000.00	1.~~17875~~36313	%	-0.~~002725~~050	%
Series 1 Class A	Permanent Financing No.5	P-1 / A-1+ / F1+	$	1,250,000,000.00	1.36396	%	-0.020	%
Series 1 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	—	N/A		N/A
Series 1 Class B	Permanent Financing No.2	Aa3 / AA / AA	$	—	N/A		0.230	%
Series 1 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	38,000,000.00	1.41000	%	0.180	%
Series 1 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	78,100,000.00	1.41000	%	0.140	%
Series 1 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	53,000,000.00	1.48775	%	0.140	%
Series 1 Class M	Permanent Financing No.4	A2/A/A	$	56,500,000.00	1.41000	%	0.230	%
Series 1 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	—	N/A		N/A
Series 1 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	—	N/A		1.250	%
Series 1 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	38,000,000.00	1.41000	%	0.950	%
Series 1 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	44,400,000.00	1.48775	%	0.500	%
Series 2 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	750,000,000.00			4.200	%
Series 2 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	1.41000	%	0.150	%
Series 2 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,700,000,000.00	1.41000	%	0.110	%
Series 2 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	2,400,000,000.00	1.41000	%	0.070	%
Series 2 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	1,300,000,000.00	1.48775	%	0.110	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	1.41000	%	0.280	%
Series 2 Class B	Permanent Financing No.2	Aa3 / AA / AA	$	61,000,000.00	1.41000	%	0.330	%
Series 2 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	59,000,000.00	1.41000	%	0.250	%
Series 2 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	100,700,000.00	1.41000	%	0.180	%
Series 2 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	56,400,000.00	1.48775	%	0.180	%
Series 2 Class M	Permanent Financing No.4	A2/A/A	$	59,900,000.00	1.41000	%	0.330	%
Series 2 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	26,000,000.00	1.41000	%	1.180	%
Series 2 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	61,000,000.00	1.41000	%	1.450	%
Series 2 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	59,000,000.00	1.41000	%	1.050	%
Series 2 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	82,200,000.00	1.41000	%	0.720	%
Series 2 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	46,200,000.00	1.48775	%	0.650	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	1.41000	%	0.125	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.10200	%	0.230	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	1.41000	%	0.180	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	1.41000	%	0.140	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	1.48775	%	0.160	%
Series 3 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	38,500,000.00	1.41000	%	0.300	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.10200	%	0.430	%
Series 3 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	52,000,000.00	1.41000	%	0.350	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	1.41000	%	0.230	%
Series 3 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	32,500,000.00	1.48775	%	0.260	%
Series 3 Class M	Permanent Financing No.4	A2/A/A	$	40,400,000.00	1.41000	%	0.370	%
Series 3 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	38,500,000.00	1.41000	%	1.200	%
Series 3 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	43,500,000.00	2.10200	%	1.450	%
Series 3 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	52,000,000.00	1.41000	%	1.150	%
Series 3 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	55,400,000.00	1.41000	%	0.800	%
Series 3 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	27,000,000.00	1.48775	%	0.820	%
Series 4 Class A1	Permanent Financing No.1	Aaa / AAA / AAA	€	750,000,000.00			5.100	%
Series 4 Class A1	Permanent Financing No.3	Aaa / AAA / AAA	€	700,000,000.00	2.10200	%	0.190	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	1.41000	%	0.220	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA	€	1,500,000,000.00	2.10200	%	0.150	%
Series 4 Class A2	Permanent Financing No.1	Aaa / AAA / AAA	£	1,000,000,000.00	4.76625	%	0.180	%
Series 4 Class A2	Permanent Financing No.3	Aaa / AAA / AAA	£	750,000,000.00	4.01634	%	0.190	%
Series 4 Class B	Permanent Financing No.1	Aa3 / AA / AA	£	52,000,000.00	4.76625	%	0.300	%
Series 4 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	56,500,000.00	2.10200	%	0.450	%

Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA	€	1,000,000,000.00	2.08600	%	0.170	%
Series 4 Class A2	Permanent Financing No.1	Aaa / AAA / AAA	£	1,000,000,000.00	4.76625	%	0.180	%
Series 4 Class A2	Permanent Financing No.3	Aaa / AAA / AAA	£	750,000,000.00	4.01634	%	0.190	%
Series 4 Class B	Permanent Financing No.1	Aa3 / AA / AA	£	52,000,000.00	4.76625	%	0.300	%
Series 4 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	56,500,000.00	2.10200	%	0.450	%
Series 4 Class B	Permanent Financing No.3	Aa3 / AA / AA	€	62,000,000.00	2.10200	%	0.390	%
Series 4 Class B	Permanent Financing No.4	Aa3 / AA / AA	€	85,000,000.00	2.10200	%	0.352	%
Series 4 Class B	Permanent Financing No.5	Aa3 / AA / AA	€	43,500,000.00	2.08600	%	0.330	%
Series 4 Class M	Permanent Financing No.4	A2/A/A	€	62,500,000.00	2.10200	%	0.534	%
Series 4 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	£	52,000,000.00	4.76625	%	1.200	%
Series 4 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	56,500,000.00	2.10200	%	1.450	%
Series 4 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	€	62,000,000.00	2.10200	%	1.180	%
Series 5 Class A1	Permanent Financing No.4	Aaa / AAA / AAA	€	750,000,000.00	0.00000	%	3.9615	%
Series 4 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	€	36,000,000.00	2.08600	%	0.780	%
Series 5 Class A1	Permanent Financing No.4	Aaa / AAA / AAA	€	750,000,000.00			3.9615	%
Series 5 Class A1	Permanent Financing No.5	Aaa / AAA / AAA	£	500,000,000.00			5.625	%
Series 5 Class A	Permanent Financing No.2	Aaa / AAA / AAA	£	750,000,000.00	4.76625	%	0.250	%
Series 5 Class A	Permanent Financing No.3	Aaa / AAA / AAA	£	400,000,000.00			5.521	%
Series 5 Class A2	Permanent Financing No.4	Aaa / AAA / AAA	£	1,100,000,000.00	4.76625	%	0.170	%
Series 5 Class A2	Permanent Financing No.5	Aaa / AAA / AAA	£	750,000,000.00	4.73675	%	0.190	%
Series 5 Class B	Permanent Financing No.2	Aa3 / AA / AA	£	26,000,000.00	4.76625	%	0.450	%
Series 5 Class B	Permanent Financing No.3	Aa3 / AA / AA	€	20,000,000.00	2.10200	%	0.450	%
Series 5 Class B	Permanent Financing No.4	Aa3 / AA / AA	£	43,000,000.00	4.76625	%	0.330	%
Series 5 Class B	Permanent Financing No.5	Aa3 / AA / AA	£	47,000,000.00	4.73675	%	0.350	%
Series 5 Class M	Permanent Financing No.4	A2/A/A	£	32,000,000.00	4.76625	%	0.500	%
Series 5 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	£	26,000,000.00	4.76625	%	1.450	%
Series 5 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	€	20,000,000.00	2.10200	%	1.230	%
Series 5 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	£	54,000,000.00	4.76625	%	0.900	%
Series 5 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	£	39,000,000.00	4.73675	%	0.850	%

Funding level Reserve Fund requirement	£	~~330~~350,000,000.00
Balance brought forward	£	~~247~~257,~~631~~974,~~717~~113.9305
Drawings this period	£	—
Top-up this period*	£	1031,~~342~~000,~~395~~000.1200
Current Balance	£	~~257~~288,974,113.05
Liquidity Facility Original Amount	£	150,000,000.00
Balance brought forward	£	150,000,000.00
Drawings this period	£	—
Liquidity Repaid this period	£	—
Closing balance for period	£	150,000,000.00

* Top-ups only occur at the end of each quarter.

Trigger Events:

Non-asset trigger events:

If the Seller suffers an Insolvency Event.

If the role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.

If the current Seller’s Share at any time is equal to or less than the Minimum Seller Share.

If the outstanding principal balance of the trust property is less than £21,500,000,000 to 9th June ~~2006~~ 2007.

Asset trigger events:

If there has been a debit to the AAA Principal Deficiency Sub-Ledger.

No Trigger Events have Occurred

Funding Seller Share Ledger

Month	Pool Balance		Funding Share		Seller Share		Funding			Seller
July 2004	£	24,541,027,005.47	£	16,982,840,291.41	£	7,558,186,714.06	69.20183		%	30.79817	%
June 2004	£	25,442,815,697.03	£	16,982,840,291.41	£	8,459,975,405.62	66.74906		%	33.25094	%
May 2004	£	26,390,732,878.01	£	17,641,340,291.41	£	8,749,392,586.60	66.84672		%	33.15328	%
April 2004	£	27,232,835,769.14	£	17,641,340,291.41	£	9,591,495,477.73	64.77967		%	35.22033	%
Principal Ledger
Month	Principal Received		Further Advances		Sub Total
July 2004	£	864,789,155.23	£	233,249,966.28	£	1,098,039,121.51
June 2004	£	670,737,354.68	£	234,138,898.41	£	904,876,253.09
May 2004	£	690,857,440.40	£	260,487,884.34	£	951,345,324.74
April 2004	£	640,564,122.53	£	294,742,973.03	£	935,307,095.56
	£	2,226,383,950.31	£	727,876,749.03	£	2,954,260,699.34
	£	2,002,158,917.61	£	789,369,755.78	£	2,791,528,673.39
Principal Distribution
Month	Funding		Seller
July 2004	£	—	£	1,098,039,121.51
June 2004	£	—	£	904,876,253.09
May 2004	£	658,500,000.00	£	292,845,324.74
April 2004	£	—	£	935,307,095.56
	£	658,500,000.00	£	2,295,760,699.34
	£	658,500,000.00	£	2,133,028,673.39
Revenue Ledger
Month	Revenue Received		GIC Interest		Authorised Investment Income		Sub Total
July 2004	£	118,927,010.86	£	2,517,984.63	£	—	£	121,444,995.49
June 2004	£	102,132,698.38	£	2,777,637.55	£	—	£	104,910,335.93
May 2004	£	105,526,586.72	£	2,304,043.13	£	—	£	107,830,629.85
April 2004	£	106,021,702.39	£	2,174,527.13	£	—	£	108,196,229.52
	£	326,586,295.96	£	7,599,665.31	£	—	£	334,185,961.27
	£	313,680,987.49	£	7,256,207.81	£	—	£	320,937,195.30
Paid to
Month	Mortgage Trustee		Administrator		Available Revenue
June 2004	£	1,061.46	£	1,025,614.49	£	103,883,659.98
May 2004	£	—	£	1,060,049.54	£	106,770,580.31
April 2004	£	—	£	757,178.24	£	107,439,051.28
	£	1,061.46	£	2,842,842.27	£	318,093,291.57

Revenue Distribution
Paid to
Month	~~Funding~~Mortgage Trustee			~~Seller~~Administrator			Available Revenue
June 2004	£	70,246,871.66		£	33,636,788.32
July 2004	£	2,849.92		£	1,059,801.64		£	120,382,343.93
May 2004	£	72,269,471.27		£	34,501,109.04
June 2004	£	1,061.46		£	1,025,614.49		£	103,883,659.98
April 2004	£	70,544,169.48		£	36,894,881.80
May 2004	£	—		£	1,060,049.54		£	106,770,580.31
	£	~~213~~3,~~060,512~~911.4138		£	~~105~~3,~~032~~145,~~779~~465.1767		£	331,036,584.22
Losses Ledger
Month	Losses
Balance b/fwd	£	—
June 2004	£	—
May 2004	£	—
April 2004	£	—
Closing Balance	£	—
Losses Distribution
Month	Funding			Seller			Reconciliation
June 2004	£	—		£	—		£	—
May 2004	£	—		£	—		£	—
April 2004	£	—		£	—		£	—
	£	—		£	—		£	—
CPR Analysis
Month	1 Month CPR			3 Month CPR			12 Month CPR
June 2004	3.56		%	3.53		%	4.25		%
May 2004	3.60		%	3.93		%	4.26		%
April 2004	3.43		%	4.01		%	4.27		%
Regional Analysis
Halifax Mapped Region	Number			Value			% of Total
London & South East	83,971			£	7,329,862,528.80		29.87		%
Midlands & East Anglia	93,717			£	5,439,172,502.59		22.16		%
North	81,533			£	3,408,072,042.21		13.89		%
North West	66,419			£	3,027,407,815.71		12.34		%
South Wales & West	61,416			£	3,583,585,790.27		14.60		%
Scotland	32,741			£	1,510,495,280.70		6.15		%
Unknown	3,535			£	242,431,045.19		0.99		%
Totals	423,332			£	24,541,027,005.47		100.00		%

*Revenue Distribution*

Month	Funding			Seller
July 2004	£	91,063,213.50		£	29,319,130.43
June 2004	£	70,246,871.66		£	33,636,788.32
May 2004	£	72,269,471.27		£	34,501,109.04
	£	233,579,556.43		£	97,457,027.79

*Losses Ledger*

Month	Losses
Balance b/fwd	£	—

July 2004	£	—
June 2004	£	—
May 2004	£	—

Closing Balance	£	—

*Losses Distribution*

Month	Funding			Seller			Reconciliation
July 2004	£	—		£	—		£	—
June 2004	£	—		£	—		£	—
May 2004	£	—		£	—		£	—
	£	—		£	—		£	—

*CPR Analysis*

Month	1 Month CPR			3 Month CPR			12 Month CPR
July 2004	4.47		%	3.88		%	4.31		%
June 2004	3.56		%	3.53		%	4.25		%
May 2004	3.60		%	3.93		%	4.26		%

*Regional Analysis*

Halifax Mapped Region	Number			Value			% of Total
London & South East	90,538			£	8,138,488,021.59		29.97		%
Midlands & East Anglia	99,961			£	5,961,806,760.55		21.96		%
North	87,225			£	3,738,963,794.63		13.77		%
North West	70,605			£	3,289,891,847.17		12.12		%
South Wales & West	66,045			£	3,986,758,406.68		14.68		%
Scotland	38,412			£	1,778,159,903.09		6.55		%
Unknown	3,748			£	259,455,965.26		0.96		%
Totals	456,534			£	27,153,524,698.97		100.00		%

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

	PERMANENT FINANCING (NO. 4) PLC	~~PERMANENT FINANCING (NO. 4) PLC~~
	(Registrant)	~~(Registrant)~~
Date 13th July 2004	/s/David Balai
Date 12th August 2004	/s/David Balai
	By: David Balai	~~By: David Balai~~
	Title: Director	~~Title: Director~~
	PERMANENT FUNDING (NO. 1) LIMITED	~~PERMANENT FUNDING (NO. 1) LIMITED~~
	(Registrant)	~~(Registrant)~~
Date 13th July 2004	/s/David Balai
Date 12th August 2004	/s/David Balai
	By: David Balai	~~By: David Balai~~
	Title: Director	~~Title: Director~~
	PERMANENT MORTGAGES TRUSTEE LIMITED	~~PERMANENT MORTGAGES TRUSTEE LIMITED~~
	(Registrant)	~~(Registrant)~~
Date 13th July 2004	/s/David Balai
Date 12th August 2004	/s/David Balai
	By: David Balai	~~By: David Balai~~
	Title: Director	~~Title: Director~~

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