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 October 2003

                           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...


<PAGE>

Holmes Financing (No. 5) PLC
 Profit & Loss Account
 Period ended 15 October 2003

<TABLE>
                                                                       This Quarter      Prior Quarter
                                                                        (pound)'000        (pound)'000
<S>                                                                          <C>                <C>
 Interest receivable - Inter-company loan                                    16,106             16,958
 Interest receivable - Cash deposits                                              -                  -
                                                                   ------------------------------------
                                                                             16,106             16,958

 Interest payable - Notes                                                  (16,106)           (16,958)
 Interest payable
                                                                   ------------------------------------
                                                                           (16,106)           (16,958)
                                                                   ------------------------------------
 Net operating income                                                             -                  0

 Other income                                                                     -                  -
 Operating expenses                                                               -                  -

                                                                   ------------------------------------
 Profit on ordinary activities before taxation                                    -                  0

 Taxation                                                                         -                  -

                                                                   ------------------------------------
 Profit on ordinary activities after taxation                                     -                  0

 Dividend                                                                         -                  -

 Retained profit brought forward                                                  1                  1

                                                                   ------------------------------------
 Retained profit carried forward                                                  1                  1
                                                                   ====================================

</TABLE>

<PAGE>

 Holmes Financing (No. 5) PLC
 Balance Sheet
 Period ended 15 October 2003

<TABLE>
                                                                        (pound)'000        (pound)'000

<S>                                                               <C>                       <C>
 Fixed asset investments
 Loans to Funding                                                                            1,714,000

 Current assets
 Sundry debtors                                                                   1
 Cash at bank                                                                    14
 Cash collateral                                                             25,079
                                                                   -------------------

                                                                             25,094
                                                                   -------------------

 Creditors: Amounts falling due within one year
 Sundry creditors                                                                 1
                                                                   -------------------

                                                                                  1
                                                                   -------------------
 Net current assets                                                                             25,093
                                                                                     ------------------
 Total assets less current liabilities                                                       1,739,093

 Creditors: Amounts falling due after more than one year                                    (1,714,000)
 Amounts due to noteholders
 Amount due to CSFB                                                                            (25,079)
                                                                                     ------------------
 Net assets                                                                                         14
                                                                                     ==================
 Capital and reserves
 Share capital                                                                                      13
 Reserves                                                                                            1
                                                                                     ------------------
                                                                                                    14
                                                                                     ==================
</TABLE>

<PAGE>

Holmes Financing (No. 5) PLC
 Notes Outstanding
 Period ended 15 October 2003

                                  Series 1       Series 2      Series 3
                                   Class A       Class A1      Class A1
 Moody's current rating                P-1            Aaa           Aaa
 S&P current rating                   A-1+            AAA           AAA
 Fitch Ratings current rating          F1+            AAA           AAA

                                                 Series 2      Series 3
                                                 Class A2      Class A2
 Moody's current rating                               Aaa           Aaa
 S&P current rating                                   AAA           AAA
 Fitch Ratings current rating                         AAA           AAA

                                  Series 1       Series 2      Series 3
                                   Class B        Class B       Class B
 Moody's current rating                Aa3            Aa3           Aa3
 S&P current rating                     AA             AA            AA
 Fitch Ratings current rating           AA             AA            AA

                                  Series 1       Series 2      Series 3
                                   Class C        Class C       Class C
 Moody's current rating               Baa2           Baa2          Baa2
 S&P current rating                    BBB            BBB           BBB
 Fitch Ratings current rating          BBB            BBB           BBB

                                  Series 1       Series 2      Series 3
                                   Class A       Class A1      Class A1
                                         $              $         (euro)
 Initial note balance        1,000,000,000    750,000,000   600,000,000
 Previous quarter's note
  principal                              -    750,000,000   600,000,000
 Note redemptions                        -              -             -
 Outstanding note principal              -    750,000,000   600,000,000

                                                 Series 2      Series 3
                                                 Class A1      Class A2
                                                      CHF        (pound)
 Initial note balance                         400,000,000   500,000,000
 Previous quarter's note
  principal                                   400,000,000   500,000,000
 Note redemptions                                       -             -
 Outstanding note principal                   400,000,000   500,000,000

                                  Series 1       Series 2      Series 3
                                   Class B        Class B       Class B
                                         $              $         (euro)
 Initial note balance           35,000,000     35,000,000    53,000,000
 Previous quarter's note
  principal                              -     35,000,000    53,000,000
 Note redemptions                        -              -             -
 Outstanding note principal              -     35,000,000    53,000,000

                                  Series 1       Series 2      Series 3
                                   Class C        Class C       Class C
                                         $              $         (euro)
 Initial note balance           52,000,000     52,000,000    76,000,000
 Previous quarter's note
  principal                              -     52,000,000    76,000,000
 Note redemptions                        -              -             -
 Outstanding note principal              -     52,000,000    76,000,000

                                  Series 1       Series 2      Series 3
                                   Class A        Class A      Class A1
 Note interest margins                   1             20           N/A
 Step up dates                  16/10/2002     16/10/2006    16/10/2006
 Step up margins                       N/A            N/A            42

                                                 Series 2      Series 3
                                                 Class A2      Class A2
 Note interest margins                                N/A            23
 Step up dates                                 16/10/2004    16/10/2006
 Step up margins                                       22            46

                                  Series 1       Series 2      Series 3
                                   Class B        Class B       Class B
 Note interest margins                  35             43            40
 Step up dates                  16/10/2006     16/10/2006    16/10/2006
 Step up margins                        70             86            80

                                  Series 1       Series 2      Series 3
                                   Class C        Class C       Class C
 Note interest margins                 135            145           147
 Step up dates                  16/10/2006     16/10/2006    16/10/2006
 Step up margins                       235            245           247


 Interest payment date          15th or next business day
 Next interest payment date     15/01/2004

 Liquidity facility limit       (pound) 25,000,000
 Liquidity facility drawn                      Nil
 Liquidity facility available   (pound) 25,000,000


<PAGE>

Holmes Trustees Limited
 Profit & Loss Account
 Period ended 15 October 2003

<TABLE>
                                                                      This Quarter       Prior Quarter
                                                                       (pound)'000         (pound)'000

<S>                                                                        <C>                 <C>
 Interest receivable - Mortgages                                           297,352             279,166

 Interest receivable - Cash Deposits                                         4,394               4,253
                                                                ---------------------------------------
                                                                           301,746             283,419

 Interest payable - Mortgages                                             (297,352)           (279,166)
 Interest payable - Cash Deposits                                           (4,394)             (4,253)
                                                                ---------------------------------------
                                                                          (301,746)           (283,419)

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

 Net operating income                                                            -                   -


 Fees receivable                                                             4,370               3,065
 Fees payable                                                               (4,370)             (3,065)

 Operating expenses                                                         (5,417)             (4,476)
 Provision charges                                                             (75)               (395)

 Other income                                                                5,492               4,870

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

 Profit on ordinary activities before taxation                                  (0)                  -


 Taxation                                                                        -                   -

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

 Profit on ordinary activities after taxation                                   (0)                  -


 Dividend                                                                        -                   -


 Retained profit brought forward                                                 -                   -

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

 Retained profit carried forward                                                (0)                  -
                                                                 ======================================

</TABLE>

<PAGE>

 Holmes Trustees Limited
 Balance Sheet
 Period ended 15 October 2003

<TABLE>
                                                                       (pound)'000         (pound)'000

<S>                                                                      <C>                <C>
 Fixed asset investments
 Mortgage loans secured on residential property                                             23,300,429

 Current assets
 Bank interest receivable                                                      695
 Cash at bank                                                              266,348
 Other debtors                                                              25,377
 Taxation                                                                        6
 Amounts due from Funding                                                   59,457
                                                                ---------------------
                                                                           351,883
                                                                ---------------------

 Creditors: Amounts falling due within one year
 Amounts due to Seller                                                     (85,188)
 Sundry creditors                                                             (347)
                                                                 --------------------
                                                                           (85,535)
                                                                 --------------------

 Net current assets                                                                            266,348
                                                                                    -------------------
 Total assets less current liabilities                                                      23,566,777

 Creditors: Amounts falling after more than one year
 Seller share of mortgage loans                                                             (9,255,734)
 Funding share of mortgage loans                                                           (14,044,695)

 Seller share of cash at bank                                                                 (266,348)
 Funding share of cash at bank                                                                       -
                                                                                    -------------------

 Net assets                                                                                          0
                                                                                    ===================

 Capital and reserves
 Share capital ((pound)2)                                                                            0
 Reserves                                                                                            0
                                                                                    -------------------
                                                                                                     0
                                                                                    ===================

</TABLE>

Holmes Funding Limited
 Profit & Loss Account
 Period ended 15 October 2003

                                                This Quarter      Prior Quarter
                                                 (pound)'000        (pound)'000


 Interest receivable - Mortgages less Swaps          148,399            150,966
 Interest receivable - Cash Deposits                   8,679             11,954
                                             -----------------------------------

                                                     157,078            162,920

 Interest payable - Inter-company loans             (140,979)          (158,192)
 Interest payable - Start up loans                      (700)              (715)
                                             -----------------------------------
                                                    (141,679)          (158,907)

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

 Net operating income                                 15,399              4,013

 Other income                                          5,216              4,715
 Operating expenses                                   (7,179)            (6,845)
 Deferred consideration                              (13,476)            (1,860)

                                             -----------------------------------
 Profit/(loss) on ordinary activities
  before taxation                                        (40)                 23


 Taxation                                                238                 (5)

                                             -----------------------------------
 Profit/(loss) on ordinary activities after
  taxation                                               198                 18

 Dividend                                                  -                  -

 Retained profit/(loss) brought forward              (14,666)           (14,684)

                                             -----------------------------------
 Retained profit/(loss) carried forward              (14,468)           (14,666)
                                             ===================================



<PAGE>

 Holmes Funding Limited
 Balance Sheet
 Period ended 15 October 2003

                                                    (pound)'000     (pound)'000

 Fixed asset investments
 Beneficial interest in Trust mortgage
  portfolio                                                          14,044,695
 Beneficial interest in Trust cash at bank                                    -

 Current assets
 Deferred expenditure (costs of securing)                26,704
 Sundry debtors                                          29,303
 Taxation                                                 4,421
 Cash at bank:
      Reserve funding                                   295,622
      Transaction account                                 1,717
      Funding GIC account                                 1,979
                                               -------------------

                                                        359,746
                                               -------------------

 Creditors: Amounts falling due within one year
 Deferred consideration creditor                        166,837
 Interest payable accrual                                 4,415
 Amounts due to Trustee                                  59,457
 Sundry creditors                                         8,648
                                                ------------------

                                                        239,357
                                                ------------------

 Net current assets                                                     120,389
                                                                 ---------------
 Total assets less current liabilities                               14,165,084

 Creditors: Amounts falling due after more than one year
 Inter-company loans                                                (14,110,038)
 Start up loans                                                         (69,514)
                                                                 ---------------
 Net assets                                                             (14,468)
                                                                 ===============
 Capital and reserves
 Share capital ((pound)2)                                                     -
 Reserves                                                               (14,468)
                                                                 ---------------
                                                                        (14,468)
                                                                 ===============

<PAGE>

 Holmes Funding Limited
 Notes to Balance Sheet
 Period ended 15 October 2003

<TABLE>
                                                                    (pound)'000    (pound)'000
<S>                                                                     <C>             <C>
 Balance on cash accumulation ledger                                        Nil
                                                               =================


 Available credit enhancement


                                                                    First Reserve   Second Reserve

 Reserve funds at closing                                               238,731         56,891
                                                               --------------------------------
 Initial closing reserve funds                                          229,933         56,891
 Drawings to make bullet repayment                                            -              -
 Other drawings                                                               -              -
 Transfers from revenue receipts                                          8,798            (0)
                                                            -----------------------------------
 Closing reserve balance                                                238,731         56,891
                                                            -----------------------------------
 Target reserve funds                                                   350,000        160,930
                                                               ================================

 Principal deficiency ledger                                                AAA            BBB

 Opening PDL balance                                                        Nil            Nil
 Losses this quarter                                                          -              -
 PDL top up from revenue income                                               -              -
                                                            -----------------------------------
 Closing PDL balance                                        Nil             Nil            Nil
                                                            ===================================

 Start up loan outstanding

 Opening balance                                                         73,229
                                                               -----------------
 Initial start up loan (incl. accrued interest)                          14,792
 Second start up loan (incl. accrued interest)                           14,742
 Third start up loan                                                     17,500
 Fourth start up loan                                                     7,500
 Fifth start up loan                                                      5,100
 Sixth start up loan                                                      6,100
 Seventh start up loan                                                    3,780
                                                               -----------------
                                                                         69,514
 Accrued interest                                                         4,415
 Repayments made                                                              -
                                                            --------------------
 Closing balance                                                         73,929
                                                            ====================

 Liquidity facility

 Liquidity facility limit                                                25,000
 Liquidity facility drawn                                                     -
 Liquidity facility available                                            25,000

</TABLE>

<PAGE>

                                   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: 5 November, 2003                       By /s/ Natalie Weedon
                                                   (Authorised Signatory)