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 May 2003

                           HOLMES FINANCING (No 7) 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 Trustees Limited
 Profit & Loss Account
 Period ended 15 April 2003

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

Interest receivable - Mortgages                     313,971             308,910
Interest receivable - Cash Deposits                   3,638               3,230
                                               --------------------------------
                                                    317,609             312,140

Interest payable - Mortgages                       (313,971)           (308,910)
Interest payable - Cash Deposits                     (3,638)             (3,230)
                                               --------------------------------
                                                   (317,609)           (312,140)
                                               --------------------------------

Net operating income                                      -                   -


Fees receivable                                       6,362               3,638
Fees payable                                         (6,362)             (3,638)

Operating expenses                                   (4,276)             (3,627)
Provision charges                                      (172)            (18,474)

Other income                                          4,447              22,101
                                               --------------------------------

Profit on ordinary activities before taxation             -                   -


Taxation                                                  -                   -

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

Profit on ordinary activities after taxation              -                   -


Dividend                                                  -                   -


Retained profit brought forward                           -                   -
                                               --------------------------------

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


<PAGE>
 Holmes Trustees Limited
 Balance Sheet
 Period ended 15 April 2003
<TABLE>
<CAPTION>

                                                                                      (pound)'000
<S>                                                            <C>               <C>
Fixed asset investments
Mortgage loans secured on residential property                                         23,643,836

Current assets
Bank interest receivable                                              480
Cash at bank                                                      245,971
Other debtors                                                      44,381
Taxation                                                                6
Amounts due from Funding                                           34,261
                                                              -----------
                                                                  325,099
                                                              -----------

Creditors: Amounts falling due within one year
Amounts due to Seller                                            (324,934)
Sundry creditors                                                     (165)
                                                              -----------
                                                                 (325,099)
                                                              -----------

Net current assets                                                                              0
                                                                                      -----------
Total assets less current liabilities                                                  23,643,836

Creditors: Amounts falling after more than one year
Seller share of mortgage loans                                                         (8,221,687)
Funding share of mortgage loans                                                       (15,422,149)
                                                                                      -----------
Net assets                                                                                      0
                                                                                      ===========

Capital and reserves
Share capital ((pound)2)                                                                        0
Reserves                                                                                        0
                                                                                      -----------
                                                                                                0
                                                                                      ===========
</TABLE>

<PAGE>
Holmes Funding Limited
 Profit & Loss Account
 Period ended 15 April 2003
<TABLE>
<CAPTION>

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


<S>                                                              <C>                 <C>
 Interest receivable - Mortgages                                 168,642             157,290

 Interest receivable - Cash Deposits                               4,912               8,230
                                                         ------------------------------------

                                                                 173,554             165,520

 Interest payable - Inter-company loans                        (151,309)           (145,056)
 Interest payable - Start up loans                                 (668)               (707)
                                                         ------------------------------------
                                                               (151,977)           (145,762)
                                                         ------------------------------------

 Net operating income                                             21,577              19,757


 Other income                                                      6,046               4,031

 Operating expenses                                              (6,509)            (15,938)
 Deferred consideration                                         (24,408)            (18,502)
                                                         ------------------------------------
 Profit/(loss) on ordinary activities before taxation            (3,295)            (10,652)


 Taxation                                                          3,314                (11)

                                                         ------------------------------------
 Profit/(loss) on ordinary activities after taxation                  19            (10,663)


 Dividend                                                              -                   -

 Retained profit/(loss) brought forward                         (14,703)             (4,040)

                                                         ------------------------------------
 Retained profit/(loss) carried forward                         (14,684)            (14,703)
                                                         ====================================
</TABLE>

<PAGE>
 Holmes Funding Limited
 Balance Sheet
 Period ended 15 April 2003
<TABLE>
<CAPTION>

                                                                                   (pound)'000
<S>                                                                      <C>        <C>                  <C>
 Fixed asset investments
 Beneficial interest in Trust mortgage portfolio                                    15,422,149

 Current assets

 Deferred expenditure (costs of securing)                                 30,217

 Sundry debtors                                                               82

 Taxation                                                                  4,178
 Cash at bank:

      Reserve funding                                                    281,044

      Transaction account                                                  1,881

      Funding GIC account                                                601,011                          883,936
                                                                -----------------

                                                                         918,413
                                                                -----------------

 Creditors: Amounts falling due within one year

 Deferred consideration creditor                                         151,492

 Interest payable accrual                                                  2,999

 Amounts due to Trustee                                                   34,261

 Interest payable - Inter-company loans                                    5,346

 Sundry creditors                                                          4,304
                                                                 ----------------

                                                                         198,403
                                                                 ----------------


 Net current assets                                                                    720,010
                                                                                  -------------
 Total assets less current liabilities                                              16,142,159

 Creditors: Amounts falling due after more than one year
 Inter-company loans                                                              (16,087,329)
 Start up loans                                                                       (69,514)

                                                                                  -------------
 Net assets                                                                           (14,684)
                                                                                  =============

 Capital and reserves

 Share capital ((pound)2)                                                                   -
 Reserves                                                                             (14,684)
                                                                                  -------------
                                                                                      (14,684)
                                                                                  =============
</TABLE>
<PAGE>
 Holmes Funding Limited
 Notes to Balance Sheet
 Period ended 15 April 2003
<TABLE>
<CAPTION>

                                                                             (pound)'000        (pound)'000
<S>                                                                              <C>                 <C>

 Balance on cash accumulation ledger                                             599,896
                                                                        =================

 Available credit enhancement
                                                                          First Reserve    Second Reserve


 Reserve funds at closing                                                        224,153             56,891
                                                                        ------------------ -----------------

 Initial closing reserve funds                                                   195,411             56,891
 Drawings to make bullet repayment                                                     -                  -
 Other drawings                                                                        -                  -
 Transfers from revenue receipts                                                  28,743                  -
                                                                    ---------------------- -----------------
 Closing reserve balance                                                         224,153             56,891
                                                                    ---------------------- -----------------

 Target reserve funds                                                            291,000             73,826
                                                                        ================== =================

 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                                                                  68,065
                                                                        -----------------

 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                                                                  2,999
 Repayments made                                                                       -
                                                                    ---------------------
 Closing balance                                                                  72,514
                                                                    =====================


 Liquidity facility

 Liquidity facility limit                                                         25,000
 Liquidity facility drawn                                                              -
 Liquidity facility available                                                     25,000
</TABLE>


<PAGE>


Holmes Financing (No. 7) PLC
 Profit & Loss Account
 Period ended 15 April 2003

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

 Interest receivable - Inter-company loan              5,346
 Interest receivable - Cash deposits                       -                 -
                                                 -------------------------------
                                                       5,346                  -

 Interest payable - Notes                             (5,346)
 Interest payable
                                                 -------------------------------
                                                      (5,346)                -

                                                 -------------------------------
 Net operating income                                      -                 -

 Other income                                               -                -
 Operating expenses                                         -                -

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

 Taxation                                                  -                 -

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

 Dividend                                                  -                 -

 Retained profit brought forward                           -                 -

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




<PAGE>





 Holmes Financing (No. 7) PLC
 Balance Sheet
 Period ended 15 April 2003
<TABLE>
<CAPTION>

                                                                                        (pound)'000
<S>                                                                  <C>                  <C>
Fixed asset investments
Loans to Funding                                                                          2,403,550

Current assets
Cash at bank                                                                    13
                                                                     -------------
                                                                                13
                                                                     -------------

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

Net current assets                                                                               13

                                                                                       ------------
Total assets less current liabilities                                                     2,403,563

Creditors: Amounts falling due after more than one year
Amounts due to noteholders                                                               (2,403,550)

                                                                                       ------------
Net assets                                                                                       13
                                                                                       ============

Capital and reserves
Share capital                                                                                    13
Reserves                                                                                          -
                                                                                       ------------
                                                                                                 13
                                                                                       ============
</TABLE>


<PAGE>


Holmes Financing (No. 7) PLC
 Notes Outstanding
 Period ended 15 April 2003
<TABLE>
<CAPTION>
<S>                                        <C>               <C>                   <C>                   <C>
                                           Series 1 Class A    Series 2 Class A    Series 3 Class A     Series 4 Class A1
 Moody's current rating                                 P-1                 Aaa                 Aaa                   Aaa
 S&P current rating                                    A-1+                 AAA                 AAA                   AAA
 Fitch Ratings current rating                           F1+                 AAA                 AAA                   AAA
                                                                                                        Series 4 Class A2
 Moody's current rating                                                                                               Aaa
 S&P current rating                                                                                                   AAA
 Fitch Ratings current rating                                                                                         AAA
                                           Series 1 Class B    Series 2 Class B    Series 3 Class B      Series 4 Class B
 Moody's current rating                                 Aa3                 Aa3                 Aa3                   Aa3
 S&P current rating                                      AA                  AA                  AA                    AA
 Fitch Ratings current rating                            AA                  AA                  AA                    AA
                                           Series 1 Class M    Series 2 Class M    Series 3 Class M      Series 4 Class M
 Moody's current rating                                  A2                  A2                  A2                    A2
 S&P current rating                                       A                   A                   A                     A
 Fitch Ratings current rating                             A                   A                   A                     A
                                           Series 1 Class A    Series 2 Class A    Series 3 Class A     Series 4 Class A1
                                                          $                   $                   $                (euro)

 Initial note balance                           750,000,000       1,250,000,000         500,000,000           500,000,000
 Previous quarter's note principal
 Note redemptions
 Outstanding note principal                     750,000,000       1,250,000,000         500,000,000           500,000,000
                                                                                                        Series 4 Class A2
                                                                                                                   (pound)

 Initial note balance                                                                                          250,000,000
 Previous quarter's note principal
 Note redemptions
 Outstanding note principal                                                                                   250,000,000
                                           Series 1 Class B    Series 2 Class B    Series 3 Class B      Series 4 Class B
                                                          $                   $              (pound)               (euro)

 Initial note balance                            22,500,000          37,500,000          15,000,000             41,000,000
 Previous quarter's note principal
 Note redemptions
 Outstanding note principal                      22,500,000          37,500,000          15,000,000            41,000,000
                                           Series 1 Class M    Series 2 Class M    Series 3 Class M      Series 4 Class M
                                                          $                   $             (pound)                (euro)

 Initial note balance                            38,250,000          63,750,000          20,000,000             56,000,000
 Previous quarter's note principal
 Note redemptions
 Outstanding note principal                      38,250,000          63,750,000          20,000,000            56,000,000
                                           Series 1 Class A    Series 2 Class A    Series 3 Class A     Series 4 Class A1

 Note interest margins                                  (4)                  15                  23                    26
 Step up dates                                   16/04/2004          16/01/2008          16/04/2008            16/04/2008
 Step up margins                                        N/A                 N/A                  46                    52
                                                                                                        Series 4 Class A2

 Note interest margins                                                                                                 26
 Step up dates                                                                                                 16/04/2008
 Step up margins                                                                                                       52
                                           Series 1 Class B    Series 2 Class B    Series 3 Class B      Series 4 Class B
 Note interest margins                                 23.0                  35                  50                    53
 Step up dates                                   16/04/2008          16/04/2008          16/04/2008            16/04/2008
 Step up margins                                         46                  70                100                    106
                                           Series 1 Class M    Series 2 Class M    Series 3 Class M      Series 4 Class M
 Note interest margins                                   75                  80                 80                     80
 Step up dates                                   16/04/2008          16/04/2008          16/04/2008            16/04/2008
 Step up margins                                        150                 160                 160                   160

 Interest payment cycle              Quarterly
 Interest payment date               15th or next business day
 Next interest payment date          15/07/2003
</TABLE>

Funding Liquidity Reserve Fund
The Funding Liquidity Reserve Fund may be used to help meet any deficit in
Funding available revenue receipts which are allocated to the issuer to pay
amounts due on the intercompany loan and will be funded initially from Funding
available revenue receipts in accordance with the Funding pre-enforcement
revenue priority of payments.


<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 7) PLC




         Dated: 14 May, 2003                         By /s/ Natalie Weedon
                                                        ----------------------
                                                        (Authorised Signatory)