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~~July ~~2007~~2006

HOLMES FINANCING (No 2) 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 2 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 11 ~~April~~July ~~2007~~2006 to 08 ~~May~~August ~~2007~~2006 All values are in thousands of pounds sterling unless otherwise stated

Mortgage Asset Analysis
Analysis of Mortgage Trust Movements
	Current Period
	Number	£000's
Brought Forward	~~463~~386,~~840~~810	4029,~~033~~979,~~287~~409
Replenishment	1513,~~520~~480	1,~~695~~374,~~808~~792
Repurchased	(74,~~220~~851)	(~~728~~422,~~067~~125)
Redemptions	(10,~~136~~276)	(1932,~~005,527~~239)
Losses	(3739)	(3478)
Capitalised Interest	0	54,~~577~~215	( * see below )
Other Movements	0	0
Carried Forward	~~461~~385,~~967~~124	4030,~~001~~003,~~044~~974
* Capitalised interest refers to interest due met from amounts standing to
the credit of overpayment facilities on flexible loans
	Cumulative
	Number	£000's
Brought Forward	115,191	6,399,214
Replenishment	1,~~440~~227,~~601~~625	~~121~~98,~~323~~406,~~704~~425
Repurchased	(~~443~~392,~~809~~432)	(3429,~~717~~881,~~307~~251)
Redemptions	(~~648~~564,~~611~~174)	(5345,~~204~~079,~~021~~551)
Losses	(1,~~405~~086)	(32,~~540~~598)
Capitalised Interest	0	~~202~~161,~~994~~735	( * see above )
Other Movements	0	0
Carried Forward	~~461~~385,~~967~~124	4030,~~001~~003,~~044~~974
	Trust Payment Rate (CPR)	Annualised Trust Payment Rate (CPR)
1 Month	4.3352%	4142.2158%	( including
3 Month	1213.9467%	4244.5546%	redemptions and
12 Month	4346.6987%	4346.6987%	repurchases )

Page 1 of 1011

Asset Profiles
Weighted Average Seasoning	3538.0008	months
Weighted Average Loan size	£8677,~~588~~907.5331
Weighted Average LTV	6465.9467%	*** (see below)
Weighted Average Indexed LTV	5854.4581%	using Halifax House Price Index
Weighted Average Indexed LTV	5753.2546%	using Nationwide House Price Index
Weighted Average Remaining Term	17.9175	Years
Product Type Analysis	£000's	%
Variable Rate	10,~~876~~216,~~284~~353	2734.1905%
Fixed Rate	137,~~228~~362,~~345~~975	3324.0754%
Tracker Rate	1512,~~896~~424,~~415~~646	3941.7441%
	40,001,044	100.00%
	30,003,974	100.00%
As at 08 May 2007 approximately 15.63% of the loans were flexible loans
As at 08 August 2006 approximately 13.49% of the loans were flexible loans
Repayment Method Analysis	£000's	%
Endowment	4,~~568~~605,~~119~~610	1115.4235%
Interest Only	116,~~212~~333,~~293~~839	2821.0311%
Repayment	2419,~~220~~064,~~632~~525	6063.5554%
	40,001,044	100.00%
	30,003,974	100.00%
As at 08 May 2007 approximately 23.60% of the loans were written under Abbey's policy of non-income verification
As at 08 August 2006 approximately 16.36% of the loans were written under Abbey's policy of non-income verification
Loan Purpose Analysis	£000's	%
Purchase	2420,~~068~~417,~~628~~704	6068.1705%
Remortgage	159,~~932~~586,~~416~~270	3931.8395%
	40,001,044	100.00%
	30,003,974	100.00%
Mortgage Standard Variable Rate
Effective Date	Rate
01 February 2007	7.34%
01 September 2005	6.50%
01 December 2006	7.09%
01 September 2004	6.75%
01 September 2006	6.75%
01 July 2004	6.50%
01 September 2005	6.50%
01 June 2004	6.25%

Page 2 of 1011

Geographic Analysis
Region	Number	£000's	%
East Anglia	1815,~~015~~414	1,~~426~~120,~~038~~245	3.5773%
East Midlands	2420,~~534~~655	1,~~840~~408,~~909~~206	4.6069%
Greater London	8066,~~085~~977	86,~~921~~599,~~083~~183	2221.3099%
North	1916,~~059~~109	1927,~~183,648~~519	23.9609%
North West	5243,~~450~~238	32,~~626~~705,~~207~~945	9.0702%
Scotland	2924,~~229~~988	1,~~795~~447,~~783~~025	4.4982%
South East	~~122~~101,~~204~~097	129,~~504~~269,~~708~~592	3130.2689%
South West	3629,~~771~~932	32,~~185~~322,~~895~~473	7.9674%
Wales	2117,~~226~~612	1,~~416~~066,~~959~~928	3.5456%
West Midlands	2925,~~027~~182	21,~~119~~684,~~774~~803	5.3062%
Yorkshire and Humberside	2823,~~619~~643	1,~~899~~432,~~326~~103	4.7577%
Unknown	~~748~~277	8019,~~714~~952	0.2007%
Total	~~461~~385,~~967~~124	4030,~~001~~003,~~044~~974	100.00%
Original LTV Bands
Range	Number	£000's	%	Average Seasoning
0.00 - 25.00	3423,~~994~~368	1983,~~378,011~~463	3.4428%	30.8977
25.01 - 50.00	~~122~~96,~~196~~662	86,~~014~~076,~~623~~197	20.0425%	3332.1763
50.01 - 75.00	~~187~~149,~~136~~984	1813,~~681~~028,~~501~~271	4643.7042%	3134.8113
75.01 - 80.00	1917,~~129~~361	21,~~013~~583,~~919~~017	5.0328%	3841.0401
80.01 - 85.00	2421,~~159~~189	2,~~743~~065,~~362~~540	6.8688%	3639.1762
85.01 - 90.00	4036,~~028~~143	43,~~632~~553,~~752~~670	11.5884%	3439.8267
90.01 - 95.00	3440,~~325~~417	2,~~536~~713,~~876~~817	69.3404%	5759.9880
Total	~~461~~385,~~967~~124	4030,~~001~~003,~~044~~974	100.00%	3537.0044
*** The balance is the current outstanding balance on the account
including accrued interest. The LTV is that at origination and
excludes any capitalised high loan to value fees, valuation fees
or booking fees.

Page 3 of 1011

Arrears
Band	Number	Principal	Overdue	%
Current	~~449~~374,~~793~~141	3829,~~935~~132,~~758~~028	(2,~~333~~943)	97.3813%
1.00 - 1.99 months	75,~~157~~935	~~640~~468,~~218~~101	53,~~301~~847	1.6056%
2.00 - 2.99 months	2,~~336~~176	~~191~~166,~~312~~792	32,~~104~~610	0.4856%
3.00 - 3.99 months	1,~~033~~071	8482,~~498~~848	1,~~982~~837	0.2128%
4.00 - 4.99 months	~~473~~490	3839,~~488~~306	1,~~154~~100	0.1013%
5.00 - 5.99 months	~~278~~334	2227,~~519~~061	~~843~~941	0.0609%
6.00 -11.99 months	~~537~~655	4552,~~143~~756	2,~~549~~660	0.1118%
12 months and over	6786	6,~~484~~871	~~814~~742	0.02%
Properties in Possession	~~293~~236	2015,~~731~~641	21,~~479~~776	0.05%
Total	~~461~~385,~~967~~124	3929,~~985~~991,~~151~~404	1512,~~893~~570	100.00%
Definition of Arrears
This arrears multiplier is calculated as the arrears amount ( which is
the difference between the expected monthly repayments and the
amount that has actually been paid, i.e. a total of under and/or
over payments ) divided by the monthly amount repayable. It is
recalculated every time the arrears amount changes, i.e. on the
date when a payment is due.
Movement in Shares of Trust
	Funding	Seller
	£000's	£000's
Balance Brought Forward	1910,~~723~~906,~~268~~604	2019,~~310~~072,~~019~~805
Replenishment of Assets	0	1,~~695~~374,~~808~~792
Acquisition by Funding	03,929,390	0(3,929,390)
Distribution of Principal Receipts	(~~159~~93,~~621~~911)	(1,~~573~~260,~~973~~453)
Allocation of Losses	(1729)	(1749)
Share of Capitalised Interest	21,~~749~~534	2,~~828~~681
Payment Re Capitalised Interest	(21,~~749~~534)	21,~~749~~534
Balance Carried Forward	1914,~~563~~742,~~630~~054	2015,~~437~~261,~~414~~920
Carried Forward Percentage	4849.~~90780~~13367%	5150.~~09220~~86633%
Minimum Seller Share	21,~~299~~551,~~292~~546	5.7517%

Page 4 of 1011

Cash Accumulation Ledger
	£000's
Brought Forward	23,~~289~~615,~~420~~525
Additional Amounts Accumulated	~~159~~94,~~638~~315
Payment of Notes	(~~794~~2,~~000~~126,775)
Carried Forward	1,~~655~~583,~~058~~065
Target Balance	1769,~~397,455~~000	payable on 16th ~~July~~October ~~2007~~2006
	257,069	payable on 15th March 2008
	763,426	payable on 15th December 2006
	1,654,524
	1,532,426
Excess Spread *
Quarter to 16/04/07	0.3784%
Quarter to 17/07/06	0.4492%
Quarter to 16/01/07	0.4303%
Quarter to 15/04/06	0.2602%
Quarter to 16/10/06	0.4790%
Quarter to 15/01/06	0.5407%
Quarter to 17/07/06	0.4492%
Quarter to 15/10/05	0.4882%
*Excess spread is calculated by reference to deferred consideration
(determined according to relevant accounting policies) for the period,
adjusted for non-cash related items and items relating to amounts
falling due after transfers to the first and second reserve funds in the
Funding Revenue Priority of Payments, expressed as a percentage of
the average note balance over that period.
Reserve Funds	First Reserve	Second Reserve	Funding Reserve
Balance as at 15/04/07	£393,279,551.79	£0.00	£0.00
Balance as at 08/08/2006	£272,000,000.00	£0.00	£0.00
Required Amount as at 15/04/07	£420,000,000.00	£0.00	£10,000,000.00
Required Amount as at 08/08/2006	£272,000,000.00	£0.00	£0.00
Percentage of Notes	1.8567%	0.00%	0.00%
Percentage of Funding Share	2.01%	0.00%	0.00%
Notes Outstanding
	£000's
AAA Notes Outstanding	19,793,944
AA Notes Outstanding	555,283
A Notes Outstanding	219,499
BBB Notes Outstanding	649,962
Total	21,218,689
Properties in Possession

Page 5 of 1011

Stock
Properties in Possession
		Current Period
Stock
		Number	£000's
	Current Period
Brought Forward		280	21,640
	Number	£000's
Repossessed in Period		47	8,230
Brought Forward	213	15,894
Sold in Period		(34)	(6,660)
Repossessed in Period	50	7,518
Carried Forward		293	23,210
Sold in Period	(27)	(5,995)
		Cumulative
Carried Forward	236	17,417
		Number	£000's
	Cumulative
Repossessed to date		1,688	227,017
	Number	£000's
Sold to date		(1,395)	(203,807)
Repossessed to date	1,311	152,594
Carried Forward		293	23,210
Sold to date	(1,075)	(135,177)
Repossession Sales Information
Carried Forward	236	17,417
Average time Possession to Sale		100	Days
Repossession Sales Information
Average arrears at time of Sale		£5,577
Average time Possession to Sale	98	Days
MIG Claim Status **
Average arrears at time of Sale	£5,070
		Number	£000's
MIG Claim Status **
MIG Claims made		199	1,396
	Number	£000's
**On the 14th April 2006, Abbey exercised its right to cancel all relevant MIG policies and
MIG Claims made	199	1,396
therefore, none of the mortgage loans in the portfolio are currently covered by a MIG policy.
**On the 14th October 2005, Abbey exercised its right to cancel all relevant MIG policies and
Trigger Events
therefore, none of the mortgage loans in the portfolio are currently covered by a MIG policy.
There has been no debit to the AAA Principal Deficiency Ledger
Note
The Seller has not suffered an Insolvency Event
On 17th July Holmes Financing 3 exercised its option to redeem all of the remaining notes
The Seller is still the Servicer
outstanding in accordance with Condition 5(D) of the notes
The Outstanding Principal balance is in excess of £30 billion
Trigger Events
Contact Details
There has been no debit to the AAA Principal Deficiency Ledger
If you have any queries regarding this report please contact the Securitisation Team via
The Seller has not suffered an Insolvency Event
Telephone : +44 (1908) 343232 / 343836
The Seller is still the Servicer
Facsimilie : +44 (1908) 343019
The Outstanding Principal balance is in excess of £25 billion
Email : Securitisation@Abbey.com

Page 6 of 1011

Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Series 3 Class A1	Holmes Financing No. 1	AAA/Aaa/AAA	£375,000,000	5.60000%	0.26%
Series 3 Class A2	Holmes Financing No. 1	AAA/Aaa/AAA	€ 320,000,000	3.96800%	0.26%
Series 3 Class B	Holmes Financing No. 1	AA/Aa3/AA	£24,000,000	5.60000%	0.45%
Series 3 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£30,000,000	5.60000%	1.60%
Series 4 Class A	Holmes Financing No. 1	AAA/Aaa/AAA	£250,000,000		6.62%
Series 4 Class B	Holmes Financing No. 1	AA/Aa3/AA	£11,000,000	5.60000%	0.62%
Series 4 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£14,000,000	5.60000%	1.75%
Series 4 Class A	Holmes Financing No. 2	AAA/Aaa/AAA	€ 500,000,000	3.96800%	0.27%
Series 4 Class B	Holmes Financing No. 2	AA/Aa3/AA	€ 21,000,000	3.96800%	0.50%
Series 4 Class C	Holmes Financing No. 2	BBB/Baa2/BBB	€ 35,000,000	3.96800%	1.60%
Series 3 Class B	Holmes Financing No. 6	AA/Aa3/AA	€ 34,000,000	3.96800%	0.50%
Series 3 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	€ 57,000,000	3.96800%	1.50%
Series 4 Class A 1	Holmes Financing No. 6	AAA/Aaa/AAA	$1,000,000,000	5.35563%	0.24%
Series 4 Class A 2	Holmes Financing No. 6	AAA/Aaa/AAA	CHF 300,000,000		2.50%
Series 4 Class B	Holmes Financing No. 6	AA/Aa3/AA	$40,000,000	5.35563%	0.52%
Series 4 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	$69,000,000	5.35563%	1.55%
Series 5 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	£500,000,000	5.60000%	0.24%
Series 5 Class B	Holmes Financing No. 6	AA/Aa3/AA	£17,000,000	5.60000%	0.52%
Series 5 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	£29,000,000	5.60000%	1.55%
Series 3 Class B	Holmes Financing No. 7	AA/Aa3/AA	£15,000,000	5.60000%	0.50%
Series 3 Class M	Holmes Financing No. 7	A/A2/A	£20,000,000	5.60000%	0.80%
Series 4 Class A 1	Holmes Financing No. 7	AAA/Aaa/AAA	€ 500,000,000	3.96800%	0.26%
Series 4 Class A 2	Holmes Financing No. 7	AAA/Aaa/AAA	£250,000,000	5.60000%	0.26%
Series 4 Class B	Holmes Financing No. 7	AA/Aa3/AA	€ 41,000,000	3.96800%	0.53%
Series 4 Class M	Holmes Financing No. 7	A/A2/A	€ 56,000,000	3.96800%	0.80%
Series 3 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	€ 990,000,000	3.96800%	0.15%
Series 3 Class B	Holmes Financing No. 8	AA/Aa3/AA	€ 34,000,000	3.96800%	0.27%
Series 3 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	€ 57,500,000	3.96800%	0.85%
Series 4 Class A 1	Holmes Financing No. 8	AAA/Aaa/AAA	£900,000,000	5.60000%	0.15%
Series 4 Class A 2	Holmes Financing No. 8	AAA/Aaa/AAA	$500,000,000	5.35563%	0.14%
Series 4 Class B	Holmes Financing No. 8	AA/Aa3/AA	£39,900,000	5.60000%	0.30%
Series 4 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	£68,000,000	5.60000%	0.90%
Series 2 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$2,175,000,000	5.35563%	0.06%
Series 3 Class A1	Holmes Financing No. 9	AAA/Aaa/AAA	€ 740,000,000	3.96800%	0.10%
Series 3 Class A2	Holmes Financing No. 9	AAA/Aaa/AAA	£400,000,000	5.60000%	0.09%
Series 4 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	£600,000,000	5.60000%	0.09%
Series 1 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,260,000,000	5.32000%	-0.03%
Series 1 Class B	Holmes Financing No. 10	AA/Aa3/AA	$47,000,000	5.35563%	0.08%
Series 1 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$47,000,000	5.35563%	0.27%
Series 2 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.35563%	0.03%
Series 2 Class B	Holmes Financing No. 10	AA/Aa3/AA	$55,000,000	5.35563%	0.09%
Series 2 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$55,000,000	5.35563%	0.35%
Series 3 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	€ 1,000,000,000	3.96800%	0.07%
Series 3 Class B1	Holmes Financing No. 10	AA/Aa3/AA	€ 37,000,000	3.96800%	0.12%
Series 3 Class B2	Holmes Financing No. 10	AA/Aa3/AA	£27,500,000	5.60000%	0.12%
Series 3 Class M1	Holmes Financing No. 10	A/A2/A	€ 34,000,000	3.96800%	0.20%
Series 3 Class M2	Holmes Financing No. 10	A/A2/A	£20,000,000	5.60000%	0.20%

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

Telephone : +44 (1908) 343232 / 344602 / 343836
Facsimilie : +44 (1908) 343019
Email : Securitisation@Abbey.com

Page 7 of 1011

Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Series 3 Class C1	Holmes Financing No. 10	BBB/Baa2/BBB	€ 52,500,000	3.96800%	0.40%
Series 3 Class A1	Holmes Financing No. 1	AAA/Aaa/AAA	£375,000,000	4.69031%	0.26%
Series 3 Class C2	Holmes Financing No. 10	BBB/Baa2/BBB	£22,000,000	5.60000%	0.40%
Series 3 Class A2	Holmes Financing No. 1	AAA/Aaa/AAA	€ 320,000,000	3.09000%	0.26%
Series 4 Class A1	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.35563%	0.08%
Series 3 Class B	Holmes Financing No. 1	AA/Aa3/AA	£24,000,000	4.69031%	0.45%
Series 4 Class A2	Holmes Financing No. 10	AAA/Aaa/AAA	£750,000,000	5.60000%	0.09%
Series 3 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£30,000,000	4.69031%	1.60%
Series 1 Class A	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$1,500,000,000	5.32000%	-0.02%
Series 4 Class A	Holmes Financing No. 1	AAA/Aaa/AAA	£250,000,000		6.62%
Series 1 Class B	Holmes Master Issuer 2006-1	AA/Aa3/AA	$45,000,000	5.35563%	0.09%
Series 4 Class B	Holmes Financing No. 1	AA/Aa3/AA	£11,000,000	4.69031%	0.62%
Series 1 Class C	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	$45,000,000	5.35563%	0.24%
Series 4 Class C	Holmes Financing No. 1	BBB/Baa2/BBB	£14,000,000	4.69031%	1.75%
Series 2 Class A	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$1,500,000,000	5.35563%	0.06%
Series 3 Class B	Holmes Financing No. 2	AA/Aa3/AA	£19,000,000	4.69031%	0.45%
Series 2 Class B	Holmes Master Issuer 2006-1	AA/Aa3/AA	$35,000,000	5.35563%	0.12%
Series 3 Class C	Holmes Financing No. 2	BBB/Baa2/BBB	£25,000,000	4.69031%	1.50%
Series 2 Class M	Holmes Master Issuer 2006-1	A/A2/A	$30,000,000	5.35563%	0.19%
Series 4 Class A	Holmes Financing No. 2	AAA/Aaa/AAA	€ 500,000,000	3.09000%	0.27%
Series 2 Class C	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	$40,000,000	5.35563%	0.39%
Series 4 Class B	Holmes Financing No. 2	AA/Aa3/AA	€ 21,000,000	3.09000%	0.50%
Series 3 Class A1	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	$900,000,000	5.35563%	0.08%
Series 4 Class C	Holmes Financing No. 2	BBB/Baa2/BBB	€ 35,000,000	3.09000%	1.60%
Series 3 Class A2	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	€ 670,000,000	3.96800%	0.10%
Series 4 Class A	Holmes Financing No. 4	AAA/Aaa/AAA	CHF 850,000,000		3.50%
Series 3 Class A3	Holmes Master Issuer 2006-1	AAA/Aaa/AAA	£700,000,000	5.60000%	0.10%
Series 4 Class B	Holmes Financing No. 4	AA/Aa3/AA	£11,000,000	4.69031%	0.43%
Series 3 Class B2	Holmes Master Issuer 2006-1	AA/Aa3/AA	€ 37,500,000	3.96800%	0.15%
Series 4 Class C	Holmes Financing No. 4	BBB/Baa2/BBB	£19,000,000	4.69031%	1.50%
Series 3 Class B3	Holmes Master Issuer 2006-1	AA/Aa3/AA	£20,000,000	5.60000%	0.15%
Series 3 Class A 1	Holmes Financing No. 5	AAA/Aaa/AAA	€ 600,000,000		4.25%
Series 3 Class M2	Holmes Master Issuer 2006-1	A/A2/A	€ 35,500,000	3.96800%	0.22%
Series 3 Class A 2	Holmes Financing No. 5	AAA/Aaa/AAA	£500,000,000	4.69031%	0.23%
Series 3 Class M3	Holmes Master Issuer 2006-1	A/A2/A	£12,000,000	5.60000%	0.22%
Series 3 Class B	Holmes Financing No. 5	AA/Aa3/AA	€ 53,000,000	3.09000%	0.40%
Series 3 Class C2	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	€ 61,500,000	3.96800%	0.42%
Series 3 Class C	Holmes Financing No. 5	BBB/Baa2/BBB	€ 76,000,000	3.09000%	1.47%
Series 3 Class C3	Holmes Master Issuer 2006-1	BBB/Baa2/BBB	£12,500,000	5.60000%	0.42%
Series 3 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	€ 1,000,000,000	3.09000%	0.24%
Series 1 Class A1	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,500,000,000	5.34508%	-0.02%
Series 3 Class B	Holmes Financing No. 6	AA/Aa3/AA	€ 34,000,000	3.09000%	0.50%
Series 1 Class A3	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	£600,000,000	5.61125%	0.03%
Series 3 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	€ 57,000,000	3.09000%	1.50%
Series 1 Class B1	Holmes Master Issuer 2007-1	AA/Aa3/AA	$57,200,000	5.34508%	0.09%
Series 4 Class A 1	Holmes Financing No. 6	AAA/Aaa/AAA	$1,000,000,000	5.50688%	0.24%
Series 1 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 21,400,000.00	3.93000%	0.09%
Series 4 Class A 2	Holmes Financing No. 6	AAA/Aaa/AAA	CHF 300,000,000		2.50%
Series 1 Class C1	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	$30,300,000	5.34508%	0.28%
Series 4 Class B	Holmes Financing No. 6	AA/Aa3/AA	$40,000,000	5.50688%	0.52%
Series 1 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 22,700,000.00	3.93000%	0.28%
Series 4 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	$69,000,000	5.50688%	1.55%
Series 1 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£15,550,000	5.61125%	0.28%
Series 5 Class A	Holmes Financing No. 6	AAA/Aaa/AAA	£500,000,000	4.69031%	0.24%
Series 2 Class A	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,500,000,000	5.34508%	0.05%
Series 5 Class B	Holmes Financing No. 6	AA/Aa3/AA	£17,000,000	4.69031%	0.52%
Series 2 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 26,300,000.00	3.93000%	0.14%
Series 5 Class C	Holmes Financing No. 6	BBB/Baa2/BBB	£29,000,000	4.69031%	1.55%
Series 2 Class M2	Holmes Master Issuer 2007-1	A/A2/A	€ 10,600,000.00	3.93000%	0.22%
Series 3 Class A	Holmes Financing No. 7	AAA/Aaa/AAA	$500,000,000	5.50688%	0.23%
Series 2 Class M3	Holmes Master Issuer 2007-1	A/A2/A	£10,800,000	5.61125%	0.22%
Series 3 Class B	Holmes Financing No. 7	AA/Aa3/AA	£15,000,000	4.69031%	0.50%
Series 2 Class C1	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	$9,800,000	5.34508%	0.42%
Series 3 Class M	Holmes Financing No. 7	A/A2/A	£20,000,000	4.69031%	0.80%
Series 2 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 21,900,000.00	3.93000%	0.42%
Series 4 Class A 1	Holmes Financing No. 7	AAA/Aaa/AAA	€ 500,000,000	3.09000%	0.26%
Series 2 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£5,000,000	5.61125%	0.42%
Series 4 Class A 2	Holmes Financing No. 7	AAA/Aaa/AAA	£250,000,000	4.69031%	0.26%
Series 3 Class A1	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,600,000,000	5.34508%	0.08%
Series 4 Class B	Holmes Financing No. 7	AA/Aa3/AA	€ 41,000,000	3.09000%	0.53%
Series 3 Class A2	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	€ 1,500,000,000.00	3.93000%	0.10%
Series 4 Class M	Holmes Financing No. 7	A/A2/A	€ 56,000,000	3.09000%	0.80%
Series 3 Class A3	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	£800,000,000	5.61125%	0.10%
Series 2 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	$1,500,000,000	5.50688%	0.08%
Series 3 Class B2	Holmes Master Issuer 2007-1	AA/Aa3/AA	€ 46,700,000.00	3.93000%	0.14%
Series 2 Class B	Holmes Financing No. 8	AA/Aa3/AA	$51,000,000	5.50688%	0.17%
Series 3 Class B3	Holmes Master Issuer 2007-1	AA/Aa3/AA	£48,000,000	5.61125%	0.14%
Series 2 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	$87,000,000	5.50688%	0.72%
Series 3 Class M2	Holmes Master Issuer 2007-1	A/A2/A	€ 28,000,000.00	3.93000%	0.22%
Series 3 Class A	Holmes Financing No. 8	AAA/Aaa/AAA	€ 990,000,000	3.09000%	0.15%
Series 3 Class M3	Holmes Master Issuer 2007-1	A/A2/A	£28,800,000	5.61125%	0.22%
Series 3 Class B	Holmes Financing No. 8	AA/Aa3/AA	€ 34,000,000	3.09000%	0.27%
Series 3 Class C2	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	€ 86,900,000.00	3.93000%	0.42%
Series 3 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	€ 57,500,000	3.09000%	0.85%
Series 3 Class C3	Holmes Master Issuer 2007-1	BBB/Baa2/BBB	£25,500,000	5.61125%	0.42%
Series 4 Class A 1	Holmes Financing No. 8	AAA/Aaa/AAA	£900,000,000	4.69031%	0.15%
Series 4 Class A	Holmes Master Issuer 2007-1	AAA/Aaa/AAA	$1,000,000,000	5.34508%	0.10%
Series 4 Class A 2	Holmes Financing No. 8	AAA/Aaa/AAA	$500,000,000	5.50688%	0.14%

Page 8 of 1011

Retired Class A Notes
Notes	Deal	Rating (S&P/Moody's/Fitch)	Outstanding	Reference Rate	Margin
Date Retired	Holmes 1	Holmes 2	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1	Holmes 2007-1
Series 4 Class B	Holmes Financing No. 8	AA/Aa3/AA	£39,900,000	4.69031%	0.30%
02Q3	-	703	-	-	-	-	-	-	-
Series 4 Class C	Holmes Financing No. 8	BBB/Baa2/BBB	£68,000,000	4.69031%	0.90%
02Q4	-	-	-	-	-	-	-	-	-
Series 1 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$1,740,000,000	5.50688%	-0.03%
03Q1	-	-	-	-	-	-	-	-	-
Series 2 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	$2,175,000,000	5.50688%	0.06%
03Q2	-	-	-	-	-	-	-	-	-
Series 3 Class A1	Holmes Financing No. 9	AAA/Aaa/AAA	€ 740,000,000	3.09000%	0.10%
03Q3	600	-	481	-	-	-	-	-	-
Series 3 Class A2	Holmes Financing No. 9	AAA/Aaa/AAA	£400,000,000	4.69031%	0.09%
03Q4	-	176	481	-	-	-	-	-	-
Series 4 Class A	Holmes Financing No. 9	AAA/Aaa/AAA	£600,000,000	4.69031%	0.09%
04Q1	-	176	-	241	-	-	-	-	-
Series 1 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,260,000,000	5.46815%	-0.03%
04Q2	-	176	-	241	-	-	-	-	-
Series 1 Class B	Holmes Financing No. 10	AA/Aa3/AA	$47,000,000	5.46815%	0.08%
04Q3	-	176	-	-	-	-	-	-	-
Series 1 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$47,000,000	5.46815%	0.27%
04Q4	-	-	-	-	-	-	-	-	-
Series 2 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.46815%	0.03%
05Q1	-	-	-	-	-	-	-	-	-
Series 2 Class B	Holmes Financing No. 10	AA/Aa3/AA	$55,000,000	5.46815%	0.09%
05Q2	-	-	801	-	1,001	-	-	-	-
Series 2 Class C	Holmes Financing No. 10	BBB/Baa2/BBB	$55,000,000	5.46815%	0.35%
05Q3	650	-	-	-	-	-	-	-	-
Series 3 Class A	Holmes Financing No. 10	AAA/Aaa/AAA	€ 1,000,000,000	3.13900%	0.07%
05Q4	-	125	-	-	-	-	-	-	-
Series 3 Class B1	Holmes Financing No. 10	AA/Aa3/AA	€ 37,000,000	3.13900%	0.12%
06Q1	-	125	-	803	-	-	-	-	-
Series 3 Class B2	Holmes Financing No. 10	AA/Aa3/AA	£27,500,000	4.93323%	0.12%
06Q2	-	125	-	-	-	-	-	-	-
Series 3 Class M1	Holmes Financing No. 10	A/A2/A	€ 34,000,000	3.13900%	0.20%
06Q3	-	125	-	-	-	-	-	-	-
Series 3 Class M2	Holmes Financing No. 10	A/A2/A	£20,000,000	4.93323%	0.20%
06Q4	-	-	-	-	-	1,018	-	-	-
Series 3 Class C1	Holmes Financing No. 10	BBB/Baa2/BBB	€ 52,500,000	3.13900%	0.40%
07Q1	-	-	-	161	812	-	-	-	-
Series 3 Class C2	Holmes Financing No. 10	BBB/Baa2/BBB	£22,000,000	4.93323%	0.40%
07Q2	-	-	634	161	-	-	-	-	-
Series 4 Class A1	Holmes Financing No. 10	AAA/Aaa/AAA	$1,440,000,000	5.46815%	0.08%
Outstanding Class A Notes
Series 4 Class A2	Holmes Financing No. 10	AAA/Aaa/AAA	£750,000,000	4.93323%	0.09%
Expected Redemption	Holmes 1	Holmes 2	Holmes 6	Holmes 7	Holmes 8	Holmes 9	Holmes 10	Holmes 2006-1	Holmes 2007-1
07Q2	-	-	-	-	-	-	-	-	-
07Q3	575	-	-	-	-	-	679	-	-
07Q4	-	300	770	-	-	-	-	795	-
08Q1	-	-	-	-	-	-	-	-	771
08Q2	-	-	500	592	221	-	388	-	600
08Q3	-	-	-	-	221	1,272	388	-	-
08Q4	-	-	-	-	221	-	-	-	-
09Q1	-	-	-	-	1,171	-	-	-	-
09Q2	-	-	-	-	-	-	342	-	-
09Q3	-	-	-	-	-	-	342	397	-
09Q4	-	-	-	-	-	-	-	397	-
10Q1	-	-	-	-	-	453	-	-	386
10Q2	-	-	-	-	-	453	-	-	386
10Q3	250	-	-	-	-	600	-	-	-
10Q4	-	-	-	-	-	-	1,526	1,632	-
11Q1	-	-	-	-	-	-	-	-	-
11Q2	-	-	-	-	-	-	-	-	2,649
11Q3	-	-	-	-	-	-	-	-	-
11Q4	-	-	-	-	-	-	-	-	-
12Q1	-	-	-	-	-	-	-	-	-
12Q2	-	-	-	-	-	-	-	-	-
12Q3	-	-	-	-	-	-	-	-	-
12Q4	-	-	-	-	-	-	-	-	515
13Q1	-	-	-	-	-	-	-	-	-

Page 9 of 1011

~~Page~~Holmes 10Financing No 2 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 11 July 2006 to 08 August 2006 All values are in thousands of 10pounds sterling unless otherwise stated

Retired Class A Notes

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


Outstanding Class A Notes

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

Page 10 of 11

Holmes Financing No 2 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 11 July 2006 to 08 August 2006

All values are in thousands of pounds sterling unless otherwise stated

Page 11 of 11

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HOLMES FINANCING (No 2) PLC

	HOLMES FINANCING (No 2) PLC


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

Dated: 25 May 2007 By / s / Jessica Petrie

(Authorised Signatory)

Filing Compare · HOLMES FINANCING NO 2 PLC