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 ~~August~~ December 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

10/0612/2004

~~11/~~09/~~2004~~03/2005

Monthly Report

~~August~~December 2004

Date of Report

0613/0901/~~2004~~2005

Mortgages
Number of Mortgages in Pool	~~442~~495,~~435~~634
Current Principal Balance	£	2631,~~058~~889,~~106~~122,~~954~~238
Opening Trust Assets	£	100
Total	£	2631,~~058~~889,~~107~~122,~~054~~338
Notes Outstanding	£	2124,~~597~~746,~~788~~505,291
Funding Share	£	2023,~~939~~942,~~288~~646,291
Cash Accumulation Balance	£	~~658~~803,~~500~~859,000
Funding Share Percentage	8075.~~35614~~08092		%
Seller Share	£	57,~~118~~946,~~818~~475,~~663~~946
Seller Share Percentage	1924.~~64386~~91908		%
Minimum Seller Share (Amount)	£	1,~~302~~594,~~905~~456,~~348~~112
Minimum Seller Share (% of Total)	5.00000		%

Arrears Analysis	Number	Principal		Arrears		% by Principal
Less than 1 month	~~436~~488,~~901~~649	£	2531,~~686~~368,~~171~~892,~~191~~016.1392	£	12,~~811~~812,~~758~~346.2899	98.5737	%
1 - < 2 months	34,~~846~~652	£	~~264~~360,~~829~~290,~~275~~493.0280	£	12,~~961~~595,~~640~~058.4511	1.0213	%
2 - < 3 months	~~769~~965	£	5170,~~368~~122,~~177~~158.5539	£	~~739~~1,~~615~~017,836.3508	0.2022	%
3 - < 6 months	~~689~~942	£	4262,~~032~~444,~~077~~502.1174	£	1,~~074~~578,~~184~~711.7430	0.1620	%
6 - < 12 months	~~194~~368	£	1124,~~783~~281,~~910~~457.4521	£	~~565~~1,~~281~~180,011.4227	0.0508	%
12 months +	3658	£	13,~~922~~091,~~322~~608.8681	£	~~150~~271,~~946~~177.6199	0.01	%
Total	~~442~~495,~~435~~634	£	2631,~~058~~889,~~106~~122,~~954~~237.1287	£	69,~~303~~455,~~426~~141.8574	100.00	%

Properties in Possession		Number		Balance			Amount in Arrears
Total		914		£	~~520~~1,~~537~~568,855.0694		£	4494,~~337~~609.1437

Properties in Possession (this month)
Number Brought Forward	11
Repossessed	13
Sold	30
Number Carried Forward	914
Average Time from Possession to Sale in days	990
Average Arrears at Sale	£	~~3,902~~0.5100
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)	0	£	—
Substituted to date (since 14/06/2002)*	203,962	£	14,162,131,295.91

* On ~~12th March~~18th November 2004, Permanent 46 closed. The Permanent Trust was topped-up by ~~134~~104,~~716~~ 569 accounts (to value: £279,~~785~~582,~~449~~315,~~300~~929.3758). These are not included above.

CPR Analysis	Monthly		Annualised
(includes redemptions and repurchases)
Current 1 Month CPR Rate	43.0502	%	3930.0877	%
Previous 3 Month CPR Rate	43.0333	%	3833.9236	%
Previous 12 Month CPR Rate	43.3481	%	4137.2726	%

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)	3633.5727
Average Loan Size	£	5864,~~897~~340.0306
Weighted Average Current HPI LTV (by value)	4346.5791		%
Weighted Average Current LTV (by value)	6564.3295		%
Yield Net of Funding Swap over 3 Month Sterling LIBOR
Current Month	0.~~705~~658		%
Excess Spread
Current Month	0.~~412~~395		%
July 2004	0.523		%
November 2004	0.463		%
June 2004	0.283		%
October 2004	0.474		%
Product Breakdown
Fixed Rate %	25.98		%
Tracker Rate %	50.69		%
Other Variable Rate %	23.34		%

*Product Breakdown*
Fixed Rate %	30.84	%
Tracker Rate %	50.09	%
Other Variable Rate %	19.07	%

LTV Levels Breakdown *	Number	Value		% of Total
0 - 30%	7382,~~756~~736	£	12,~~714~~076,~~776~~568,~~588~~464.7044	6.5851	%
30 - 35%	1821,~~375~~150	£	~~778~~958,~~757~~612,~~325~~127.6289	23.9901	%
35 - 40%	2023,~~332~~511	£	~~967~~1,~~313~~205,~~760~~857,826.7974	3.7178	%
40 - 45%	2225,~~162~~532	£	1,~~156~~441,~~395~~875,~~877~~259.3324	4.4452	%
45 - 50%	2428,~~306~~187	£	1,~~397~~742,~~954~~089,~~077~~216.7597	5.3646	%
50 - 55%	2630,~~151~~114	£	12,~~625~~018,~~838~~869,~~835~~409.0973	6.2433	%
55 - 60%	2731,~~650~~792	£	12,~~869~~326,~~416~~411,~~957~~691.2609	7.1730	%
60 - 65%	2833,~~774~~332	£	2,~~051~~591,~~234~~401,~~685~~704.5517	78.8713	%
65 - 70%	3136,~~456~~216	£	23,~~402~~002,~~776~~461,~~639~~154.4487	9.2242	%
70 - 75%	3642,~~121~~651	£	34,~~098~~023,~~663~~729,~~872~~904.8689	1112.8962	%
75 - 80%	2629,~~347~~381	£	12,~~891~~363,~~145~~251,~~712~~993.9887	7.2641	%
80 - 85%	29,~~461~~799	£	12,~~961~~128,~~574~~340,~~739~~246.0047	76.5367	%
85 - 90%	3133,~~549~~070	£	2,~~187~~523,~~947~~783,~~980~~876.2858	87.4091	%
90 - 95%	29,~~748~~425	£	12,~~882~~057,~~777~~131,~~982~~674.4067	76.2345	%
95 - 100%	1417,~~731~~496	£	~~966~~1,~~688~~342,~~641~~346,429.9652	34.7121	%
100% +	1,~~516~~242	£	~~104~~86,~~843~~391,~~277~~256.1173	0.4027	%
Totals	~~442~~495,~~435~~634	£	2631,~~058~~889,~~106~~122,~~954~~237.1287	100.00	%

* Using Latest Valuation

HPI LTV Levels Breakdown **	Number	Value		% of Total
0 - 30%	~~165~~176,~~366~~019	£	56,~~701~~089,~~822~~837,~~211~~669.8288	2119.8810	%
30 - 35%	4548,~~069~~150	£	2,~~524~~714,~~476~~443,~~004~~131.0675	98.6951	%
35 - 40%	5052,~~547~~017	£	3,~~053~~201,~~229~~276,~~638~~190.1710	1110.7204	%
40 - 45%	47,~~213~~581	£	3,~~036~~216,~~538~~920,~~619~~152.0328	1110.6509	%
45 - 50%	3738,~~291~~808	£	23,~~739~~028,~~598~~903,~~421~~614.6942	109.5150	%
50 - 55%	2832,~~089~~634	£	2,~~316~~848,~~375~~869,~~740~~561.7663	8.8993	%
55 - 60%	2328,~~069~~695	£	2,~~081~~709,~~318~~875,~~600~~479.0324	78.9950	%
60 - 65%	1823,~~530~~892	£	12,~~751~~513,~~858~~404,~~881~~731.4505	67.7288	%
65 - 70%	1117,~~539~~009	£	1,~~182~~971,~~492~~039,~~496~~969.0887	46.5418	%
70 - 75%	611,~~854~~506	£	~~667~~1,~~103~~270,~~824~~513,653.6205	23.5698	%
75 - 80%	48,~~399~~162	£	~~469~~914,~~678~~133,~~560~~382.6742	12.8087	%
80 - 85%	35,~~098~~749	£	~~363~~712,~~665~~463,~~774~~281.9283	12.4023	%
85 - 90%	13,~~227~~644	£	~~151~~472,~~752~~433,~~087~~270.3484	01.5848	%
90 - 95%	~~117~~1,385	£	15177,~~272~~488,~~023~~835.5802	0.0656	%
95 - 100%	26380	£	247,~~673~~048,~~863~~928.9279	0.0115	%
100% +	13	£	~~250~~470,~~205~~385.9870	0.00	%
Totals	~~442~~495,~~435~~634	£	2631,~~058~~889,~~106~~122,~~954~~237.1287	100.00	%

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

Current HVR1 Rate				6.5075%
Effective Date of Change				01/0709/2004
Current HVR2 Rate				56.7500%
Effective Date of Change				01/0709/2004

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin
Series 1 Class A	Permanent Financing No.3	P-1 / A-1+ / F1+	$	1,100,000,000.00	12.~~36313~~37000	%	-0.040	%
Series 1 Class A	Permanent Financing No.4	P-1 / A-1+ / F1+	$	1,500,000,000.00	12.~~36313~~37000	%	-0.050	%
Series 1 Class A	Permanent Financing No.5	P-1 / A-1+ / F1+	$	1,250,000,000.00	12.~~36313~~37000	%	-0.020	%
Series 1 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	38,000,000.00	1.41000	%	0.180	%
Series 1 Class A	Permanent Financing No.6	P-1 / A-1+ / F1+	$	1,000,000,000.00	2.37000	%	-0.030	%
Series 1 Class B	Permanent Financing No.43	Aa3 / AA / AA	$	7838,~~100~~000,000.00	12.~~41000~~46000	%	0.~~140~~180	%
Series 1 Class B	Permanent Financing No.54	Aa3 / AA / AA	$	5378,~~000~~100,000.00	12.~~48775~~46000	%	0.140	%
Series 1 Class M	Permanent Financing No.4	A2/A/A	$	56,500,000.00	1.41000	%	0.230	%
Series 1 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	53,000,000.00	2.46000	%	0.140	%
Series 1 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	38,000,000.00	1.41000	%	0.950	%
Series 1 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.100	%
Series 1 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	44,400,000.00	1.48775	%	0.500	%
Series 1 Class M	Permanent Financing No.4	A2/A/A	$	56,500,000.00	2.46000	%	0.230	%
Series 1 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	38,000,000.00	2.46000	%	0.950	%
Series 1 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	44,400,000.00	2.46000	%	0.500	%
Series 1 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.350	%
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	12.~~41000~~46000	%	0.150	%
Series 2 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,700,000,000.00	12.~~41000~~46000	%	0.110	%
Series 2 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	2,400,000,000.00	12.~~41000~~46000	%	0.070	%
Series 2 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	1,300,000,000.00	12.~~48775~~46000	%	0.110	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	1.41000	%	0.280	%
Series 2 Class A	Permanent Financing No.6	Aaa / AAA / AAA	$	1,000,000,000.00	2.46000	%	0.090	%
Series 2 Class B	Permanent Financing No.21	Aa3 / AA / AA	$	6126,000,000.00	12.~~41000~~46000	%	0.~~330~~280	%
Series 2 Class B	Permanent Financing No.32	Aa3 / AA / AA	$	5961,000,000.00	12.~~41000~~46000	%	0.~~250~~330	%
Series 2 Class B	Permanent Financing No.43	Aa3 / AA / AA	$	~~100~~59,~~700~~000,000.00	12.~~41000~~46000	%	0.~~180~~250	%
Series 2 Class B	Permanent Financing No.54	Aa3 / AA / AA	$	56100,~~400~~700,000.00	12.~~48775~~46000	%	0.180	%
Series 2 Class M	Permanent Financing No.4	A2/A/A	$	59,900,000.00	1.41000	%	0.330	%
Series 2 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	56,400,000.00	2.46000	%	0.180	%
Series 2 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	26,000,000.00	1.41000	%	1.180	%
Series 2 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.140	%
Series 2 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	61,000,000.00	1.41000	%	1.450	%
Series 2 Class M	Permanent Financing No.4	A2/A/A	$	59,900,000.00	2.46000	%	0.330	%
Series 2 Class C	Permanent Financing No.31	Baa2 / BBB / BBB	$	5926,000,000.00	12.~~41000~~46000	%	1.~~050~~180	%
Series 2 Class C	Permanent Financing No.42	Baa2 / BBB / BBB	$	8261,~~200~~000,000.00	12.~~41000~~46000	%	01.~~720~~450	%
Series 2 Class C	Permanent Financing No.53	Baa2 / BBB / BBB	$	4659,~~200~~000,000.00	12.~~48775~~46000	%	01.~~650~~050	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	1.41000	%	0.125	%
Series 2 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	82,200,000.00	2.46000	%	0.720	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.10200	%	0.230	%
Series 2 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	46,200,000.00	2.46000	%	0.650	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	1.41000	%	0.180	%
Series 2 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.450	%
Series 3 Class A	Permanent Financing No.41	Aaa / AAA / AAA	$	1,~~700~~100,000,000.00	12.~~41000~~46000	%	0.~~140~~125	%
Series 3 Class A	Permanent Financing No.52	Aaa / AAA / AAA	$€	~~750~~1,250,000,000.00	12.~~48775~~17000	%	0.~~160~~230	%
Series 3 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	38,500,000.00	1.41000	%	0.300	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	2.46000	%	0.180	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.10200	%	0.430	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.140	%
Series 3 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	52,000,000.00	1.41000	%	0.350	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	2.46000	%	0.160	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	1.41000	%	0.230	%
Series 3 Class A	Permanent Financing No.6	Aaa / AAA / AAA	£	1,000,000,000.00	4.86000	%	0.125	%
Series 3 Class B	Permanent Financing No.51	Aa3 / AA / AA	$	3238,500,000.00	12.~~48775~~46000	%	0.~~260~~300	%
Series 3 Class M	Permanent Financing No.4	A2/A/A	$	40,400,000.00	1.41000	%	0.370	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.17000	%	0.430	%
Series 3 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	38,500,000.00	1.41000	%	1.200	%
Series 3 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	52,000,000.00	2.46000	%	0.350	%
Series 3 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	43,500,000.00	2.10200	%	1.450	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	2.46000	%	0.230	%
Series 3 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	52,000,000.00	1.41000	%	1.150	%
Series 3 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	32,500,000.00	2.46000	%	0.260	%
Series 3 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	55,400,000.00	1.41000	%	0.800	%
Series 3 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	35,300,000.00	4.86000	%	0.230	%
Series 3 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	27,000,000.00	1.48775	%	0.820	%
Series 3 Class M	Permanent Financing No.4	A2/A/A	$	40,400,000.00	2.46000	%	0.370	%
Series 3 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	38,500,000.00	2.46000	%	1.200	%
Series 3 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	43,500,000.00	2.17000	%	1.450	%
Series 3 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	52,000,000.00	2.46000	%	1.150	%
Series 3 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	55,400,000.00	2.46000	%	0.800	%
Series 3 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	27,000,000.00	2.46000	%	0.820	%
Series 3 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	£	34,200,000.00	4.86000	%	0.680	%
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~~17000	%	0.190	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	12.~~41000~~46000	%	0.220	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA	€	1,500,000,000.00	2.~~10200~~17000	%	0.150	%

Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA	€	1,000,000,000.00	2.~~08600~~17000	%	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 A	Permanent Financing No.6	Aaa / AAA / AAA	€	750,000,000.00	2.17000	%	0.140	%
Series 4 Class A2	Permanent Financing No.31	Aaa / AAA / AAA	£	~~750~~1,000,000,000.00	4.~~76625~~86000	%	0.~~190~~180	%
Series 4 Class B	Permanent Financing No.1	Aa3 / AA / AA	£	52,000,000.00	4.76625	%	0.300	%
Series 4 Class A2	Permanent Financing No.3	Aaa / AAA / AAA	£	750,000,000.00	4.86000	%	0.190	%
Series 4 Class B	Permanent Financing No.21	Aa3 / AA / AA	€£	5652,~~500~~000,000.00	24.~~10200~~86000	%	0.~~450~~300	%
Series 4 Class B	Permanent Financing No.32	Aa3 / AA / AA	€	6256,~~000~~500,000.00	2.~~10200~~17000	%	0.~~390~~450	%
Series 4 Class B	Permanent Financing No.43	Aa3 / AA / AA	€	8562,000,000.00	2.~~10200~~17000	%	0.~~352~~390	%
Series 4 Class B	Permanent Financing No.54	Aa3 / AA / AA	€	4385,~~500~~000,000.00	2.~~08600~~17000	%	0.~~330~~352	%
Series 4 Class M	Permanent Financing No.4	A2/A/A	€	62,500,000.00	2.10200	%	0.534	%
Series 4 Class B	Permanent Financing No.5	Aa3 / AA / AA	€	43,500,000.00	2.17000	%	0.330	%
Series 4 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	£	52,000,000.00	4.76625	%	1.200	%
Series 4 Class B	Permanent Financing No.6	Aa3 / AA / AA	€	26,100,000.00	2.17000	%	0.230	%
Series 4 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	56,500,000.00	2.10200	%	1.450	%
Series 4 Class M	Permanent Financing No.4	A2/A/A	€	62,500,000.00	2.17000	%	0.534	%
Series 4 Class C	Permanent Financing No.31	Baa2 / BBB / BBB	€£	6252,000,000.00	24.~~10200~~86000	%	1.~~180~~200	%
Series 4 Class C	Permanent Financing No.52	Baa2 / BBB / BBB	€	3656,~~000~~500,000.00	2.~~08600~~17000	%	01.~~780~~450	%
Series 4 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	€	62,000,000.00	2.17000	%	1.180	%
Series 4 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	€	36,000,000.00	2.17000	%	0.780	%
Series 4 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	€	25,300,000.00	2.17000	%	0.680	%
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 A1	Permanent Financing No.6	Aaa / AAA / AAA	£	500,000,000.00	4.86000	%	0.150	%
Series 5 Class A	Permanent Financing No.2	Aaa / AAA / AAA	£	750,000,000.00	4.86000	%	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~~86000	%	0.170	%
Series 5 Class A2	Permanent Financing No.5	Aaa / AAA / AAA	£	750,000,000.00	4.~~73675~~86000	%	0.190	%
Series 5 Class B	Permanent Financing No.2	Aa3 / AA / AA	£	26,000,000.00	4.76625	%	0.450	%
Series 5 Class A2	Permanent Financing No.6	Aaa / AAA / AAA	£	500,000,000.00	4.86000	%	0.160	%
Series 5 Class B	Permanent Financing No.32	Aa3 / AA / AA	€£	2026,000,000.00	24.~~10200~~86000	%	0.450	%
Series 5 Class B	Permanent Financing No.43	Aa3 / AA / AA	£€	4320,000,000.00	42.~~76625~~17000	%	0.~~330~~450	%
Series 5 Class B	Permanent Financing No.54	Aa3 / AA / AA	£	4743,000,000.00	4.~~73675~~86000	%	0.~~350~~330	%
Series 5 Class M	Permanent Financing No.4	A2/A/A	£	32,000,000.00	4.76625	%	0.500	%
Series 5 Class B	Permanent Financing No.5	Aa3 / AA / AA	£	47,000,000.00	4.86000	%	0.350	%
Series 5 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	£	26,000,000.00	4.76625	%	1.450	%
Series 5 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	34,800,000.00	4.86000	%	0.310	%
Series 5 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	€	20,000,000.00	2.10200	%	1.230	%
Series 5 Class M	Permanent Financing No.4	A2/A/A	£	32,000,000.00	4.86000	%	0.500	%
Series 5 Class C	Permanent Financing No.42	Baa2 / BBB / BBB	£	5426,000,000.00	4.~~76625~~86000	%	01.~~900~~450	%
Series 5 Class C	Permanent Financing No.53	Baa2 / BBB / BBB	£€	3920,000,000.00	42.~~73675~~17000	%	01.~~850~~230	%
Series 5 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	£	54,000,000.00	4.86000	%	0.900	%
Series 5 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	£	39,000,000.00	4.86000	%	0.850	%
Series 5 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	£	33,700,000.00	4.86000	%	0.800	%

Funding level Reserve Fund requirement	£	460,000,000.00	£	~~350,000,000.00~~
Balance brought forward	£	311,791,814.40	£	~~257,974,113.05~~
Drawings this period	£	—	£	—
Top-up this period*	£	10,561,660.93	£	~~31,000,000.00~~
Current Balance	£	322,353,475.33	£	~~288,974,113.05~~
Liquidity Facility Original Amount	£	150,000,000.00	£	~~150,000,000.00~~
Balance brought forward	£	150,000,000.00	£	~~150,000,000.00~~
Drawings this period	£	—	£	—
Liquidity Repaid this period	£	—	£	—
Closing balance for period	£	150,000,000.00	£	~~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 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~~	Funding Share		~~Seller Share~~		Seller Share	~~Funding~~			~~Seller~~Funding			Seller
August 2004	£	27,153,524,698.97	£	20,939,288,291.41		£	6,214,236,407.56		77.11444		%	22.88556	%
December 2004	£	32,877,011,570.71		£	23,942,646,291.41			£	8,934,365,279.30			72.82489		%	27.17511	%
July 2004	£	24,541,027,005.47	£	16,982,840,291.41		£	7,558,186,714.06		69.20183		%	30.79817	%
November 2004	£	24,057,931,158.53		£	20,089,629,291.41			£	3,968,301,867.12			83.50522		%	16.49478	%
June 2004	£	25,442,815,697.03	£	16,982,840,291.41		£	8,459,975,405.62		66.74906		%	33.25094	%
October 2004	£	24,980,285,014.68		£	20,089,629,291.41			£	4,890,655,723.27			80.42194		%	19.57806	%
Principal Ledger
Month	Principal Received		~~Further Advances~~	Further Advances		~~Sub Total~~		Sub Total
August 2004	£	838,973,687.47	£	259,639,999.81		£	1,098,613,687.28
December 2004	£	738,663,884.46		£	253,673,208.41			£	992,337,092.87
July 2004	£	864,789,155.23	£	233,249,966.28		£	1,098,039,121.51
November 2004	£	692,434,099.17		£	181,604,366.89			£	874,038,466.06
June 2004	£	670,737,354.68	£	234,138,898.41		£	904,876,253.09
October 2004	£	635,350,728.80		£	195,278,611.26			£	830,629,340.06
	£	2,~~374~~066,~~500~~448,~~197~~712.3843	£	~~727,028,864.50~~£	630,556,186.56	£	~~3,101,529,061.88~~	£	2,697,004,898.99
Principal Distribution
Month	Funding		~~Seller~~	Seller
August 2004	£	—	£	1,098,613,687.28
December 2004	£	992,337,092.87		£	—
July 2004	£	—	£	1,098,039,121.51
November 2004	£	—		£	874,038,466.06
June 2004	£	—	£	904,876,253.09
October 2004	£	—		£	830,629,340.06
	£	—992,337,092.87	£	~~3,101,529,061.88~~£	1,704,667,806.12
Revenue Ledger
Month	Revenue Received		~~GIC Interest~~	GIC Interest		~~Authorised Investment Income~~		Authorised Investment Income	~~Sub Total~~			Sub Total
August 2004	£	116,401,139.14	£	2,796,558.12		£	—		£	119,197,697.26
December 2004	£	142,106,010.71		£	2,851,352.00			£	—			£	144,957,362.71
July 2004	£	118,927,010.86	£	2,517,984.63		£	—		£	121,444,995.49
November 2004	£	122,097,711.54		£	2,157,959.12			£	—			£	124,255,670.66
June 2004	£	102,132,698.38	£	2,777,637.55		£	—		£	104,910,335.93
October 2004	£	110,259,558.93		£	2,497,391.45			£	—			£	112,756,950.38
	£	~~337~~374,~~460~~463,~~848~~281.3818	£	~~8,092,180.30~~£	7,506,702.57	£	—	£	£—	~~345,553,028.68~~		£	381,969,983.75

Paid to
Month	Mortgage Trustee			Administrator			Available Revenue
August 2004	£	—		£	1,059,801.64		£	118,137,895.62
December 2004	£	—		£	1,371,991.11		£	143,585,371.60
July 2004	£	2,849.92		£	1,059,801.64		£	120,382,343.93
November 2004	£	2,783.35		£	454,252.31		£	123,798,635.00
June 2004	£	1,061.46		£	1,025,614.49		£	103,883,659.98
October 2004	£	—		£	1,083,217.04		£	111,673,733.34
	£	32,~~911~~783.3835		£	32,~~145~~909,~~217~~460.7746		£	~~342~~379,~~403~~057,~~899~~739.5394
Revenue Distribution
Month	Funding			Seller
December 2004	£	105,977,905.31		£	37,607,466.29
November 2004	£	104,055,684.55		£	19,742,950.45
October 2004	£	90,492,646.58		£	21,181,086.76
	£	300,526,236.44		£	78,531,503.50
Losses Ledger
Month	Losses
Balance b/fwd	£	8,096.21
December 2004	£	—
November 2004	£	3,245.80
October 2004	£	-9,891.82
Closing Balance	£	8,096.21
Losses Distribution
Month	Funding			Seller			Reconciliation
December 2004	£	—		£	—		£	—
November 2004	£	2,359.81		£	885.99		£	—
October 2004	£	-7,703.33		£	-2,188.49		£	—
	£	-5,343.52		£	-1,302.50		£	—
CPR Analysis
Month	1 Month CPR			3 Month CPR			12 Month CPR
December 2004	3.02		%	3.33		%	3.81		%
November 2004	3.63		%	3.70		%	3.97		%
October 2004	3.33		%	3.84		%	4.11		%
Regional Analysis
Halifax Mapped Region	Number			Value			% of Total
London & South East	98,672			£	9,611,178,962.83		30.14		%
Midlands & East Anglia	108,598			£	7,022,715,468.57		22.02		%
North	93,020			£	4,314,216,157.85		13.53		%
North West	74,193			£	3,712,978,095.58		11.64		%
South Wales & West	71,280			£	4,700,572,953.20		14.74		%
Scotland	45,242			£	2,191,035,595.74		6.87		%
Unknown	4,629			£	336,425,004.10		1.05		%
Totals	495,634			£	31,889,122,237.87		100.00		%

Revenue Distribution
Month	Funding			Seller
August 2004	£	92,000,769.71		£	26,137,125.91
July 2004	£	91,063,213.50		£	29,319,130.43
June 2004	£	70,246,871.66		£	33,636,788.32
	£	253,310,854.87		£	89,093,044.66
Losses Ledger
Month	Losses
Balance b/fwd	£	—
August 2004	£	14,742.23
July 2004	£	—
June 2004	£	—
Closing Balance	£	14,742.23
Losses Distribution
Month	Funding			Seller			Reconciliation
August 2004	£	11,480.62		£	3,261.61		£	—
July 2004	£	—		£	—		£	—
June 2004	£	—		£	—		£	—
	£	11,480.62		£	3,261.61		£	—
CPR Analysis
Month	1 Month CPR			3 Month CPR			12 Month CPR
August 2004	4.05		%	4.03		%	4.34		%
July 2004	4.47		%	3.88		%	4.31		%
June 2004	3.56		%	3.53		%	4.25		%
Regional Analysis
Halifax Mapped Region	Number			Value			% of Total
London & South East	87,496			£	7,789,768,598.84		29.89		%
Midlands & East Anglia	96,796			£	5,710,134,502.34		21.91		%
North	84,494			£	3,589,204,827.97		13.77		%
North West	68,481			£	3,163,905,980.22		12.14		%
South Wales & West	63,764			£	3,809,009,779.61		14.62		%
Scotland	37,471			£	1,721,654,402.77		6.61		%
Unknown	3,933			£	274,428,862.37		1.05		%
Totals	442,435			£	26,058,106,954.12		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
	(Registrant)
Date 9th September 2004	/s/David Balai
Date 14th January 2005	/s/David Balai
	By: David Balai
	Title: Director
	PERMANENT FUNDING (NO. 1) LIMITED
	(Registrant)
Date 9th September 2004	/s/David Balai
Date 14th January 2005	/s/David Balai
	By: David Balai
	Title: Director
	PERMANENT MORTGAGES TRUSTEE LIMITED
	(Registrant)
Date 9th September 2004	/s/David Balai
Date 14th January 2005	/s/David Balai
	By: David Balai
	Title: Director

Filing Compare · PERMANENT FINANCING NO 4 PLC