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

~~Pursuant to Rule 13a-16 or 15d-16 of~~For the ~~Securities~~month ~~Exchange Act~~ of ~~1934~~May 2005,

For the month of March 2005,

PERMANENT FINANCING (NO. 5) PLC

(Translation of registrant’s name into English)

35 Great St. Helens, London EC3A 6AP, United Kingdom

(Address of principal executive offices)

PERMANENT FUNDING (NO. 1) LIMITED

(Translation of registrant’s name into English)

35 Great St. Helens, London EC3A 6AP, 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 ý Form 40-F o

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 o No ý

Permanent Mortgages Trustees Limited

~~Quarter~~

~~3/10/2005~~

~~6/10/2005~~Quarter

3/10/2005

6/10/2005

Monthly Report

~~March 2005~~

May 2005

Date of Report

~~4/13/2005~~

6/6/2005

Mortgages
Number of Mortgages in Pool		509,890			~~534,349~~
Current Principal Balance		£	34,079,420,797		£	~~35,954,037,725~~
Opening Trust Assets		£	100		£	~~100~~
Total		£	34,079,420,897		£	~~35,954,037,825~~
Notes Outstanding		£	27,940,392,291		£	~~27,940,392,291~~
Funding Share		£	25,061,270,598		£	~~25,887,864,870~~
Cash Accumulation Balance		£	2,879,107,731		£	~~2,052,527,421~~
Funding Share Percentage		73.53944		%	~~72.00266~~				%
Seller Share		£	9,018,150,199		£	~~10,066,172,855~~
Seller Share Percentage		26.46056		%	~~27.99734~~				%
Minimum Seller Share (Amount)		£	1,704,708,827		£	~~1,797,701,886~~
Minimum Seller Share (% of Total)		5.00216		%	~~5.00000~~				%
Arrears Analysis					Number					Principal				Arrears		% by Principal
Less than 1 month					524,845					£	35,203,170,341.84			£	2,024,242.84	97.91	%
1 - < 2 months					6,258					£	508,587,991.08			£	3,572,765.44	1.41	%
2 - < 3 months					1,385					£	108,122,927.32			£	1,532,644.79	0.30	%
3 - < 6 months					1,235					£	92,157,806.77			£	2,249,994.88	0.26	%
6 - < 12 months					546					£	37,606,846.21			£	1,881,122.35	0.10	%
12 months +					80					£	4,391,812.11			£	379,004.44	0.01	%
Total					534,349					£	35,954,037,725.33			£	11,639,774.74	100.00	%
Properties in Possession					Number					Balance				Amount in Arrears
Total					18					£	1,737,694.87			£	108,417.28
Properties in Possession (this month)
Number Brought Forward					24
Repossessed					2
Sold					7
Number Carried Forward					18				*
Average Time from Possession to Sale in days					92
Average Arrears at Sale					£	3,134.66
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
	*No. of possessions carried forward reduced by 1 as property relinquished back to customer.
Substitution					Number					Principal
Substituted this period (this month)					0					£	—
Substituted to date (since 14/06/2002)*					203,962					£	14,162,131,295.91
* On 23rd March 2005, Permanent 7 closed. The Permanent Trust was topped-up by 70,542 accounts (to value: £6,625,343,617.12). These are not included above.
CPR Analysis					Monthly					Annualised
(includes redemptions and repurchases)
Current 1 Month CPR Rate					2.90				%	29.73			%
Previous 3 Month CPR Rate					2.75				%	28.46			%
Previous 12 Month CPR Rate					3.46				%	34.45			%
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)							32.16
Average Loan Size							£	67,285.68
Weighted Average Current HPI LTV (by value)							49.87					%
Weighted Average Current LTV (by value)							64.77					%
Yield Net of Funding Swap over 3 Month Sterling LIBOR
Current Month							0.629					%
Excess Spread
Current Month							0.417					%
February 2005							0.389					%
January 2005							0.396					%
Product Breakdown
Fixed Rate %							33.67					%
Tracker Rate %							49.23					%
Other Variable Rate %							17.10					%

Arrears Analysis	Number	Principal		Arrears		% by Principal
Less than 1 month	500,359	£	33,327,747,761.05	£	1,973,978.75	97.79	%
1 - < 2 months	5,960	£	479,011,573.31	£	3,389,217.86	1.41	%
2 - < 3 months	1,460	£	112,894,024.11	£	1,606,832.31	0.33	%
3 - < 6 months	1,393	£	108,476,490.62	£	2,678,598.10	0.32	%
6 - < 12 months	609	£	44,241,056.06	£	2,182,505.74	0.13	%
12 months +	109	£	7,049,892.26	£	597,775.43	0.02	%
Total	509,890	£	34,079,420,797.41	£	12,428,908.19	100.00	%

Properties in Possession	Number	Balance		Amount in Arrears
Total	21	£	2,120,506.06	£	146,660.18

Properties in Possession (this month)

Number Brought Forward	19
Repossessed	10
Sold	6
Number Carried Forward	21

Average Time from Possession to Sale in days	138
Average Arrears at Sale	£	4,063.23

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 The number carried forward is reduced by two properties relinquished back to customers.

Substitution	Number	Principal
Substituted this period (this month)	0	£	—
Substituted to date (since 06/14/2002)*	203,962	£	14,162,131,295.91

* On March 23rd, 2005, Permanent 7 closed. The Permanent Trust was topped-up by 70,542 accounts (to value: £6,625,343,617.12). These are not included above.

CPR Analysis	Monthly		Annualised
(includes redemptions and repurchases)
Current 1 Month CPR Rate	2.65	%	27.56	%
Previous 3 Month CPR Rate	2.74	%	28.33	%
Previous 12 Month CPR Rate	3.31	%	33.27	%

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)	33.96
Average Loan Size	£	66,836.81
Weighted Average Current HPI LTV (by value)	49.99		%
Weighted Average Current LTV (by value)	63.99		%

*Yield Net of Funding Swap over 3 Month Sterling LIBOR*
Current Month		0.616	%

*Excess Spread*
Current Month	0.300	%
April 2005	0.362	%
March 2005	0.417	%

*Product Breakdown*
Fixed Rate %	34.37	%
Tracker Rate %	49.48	%
Other Variable Rate %	16.15	%

LTV Levels Breakdown *	Number	Value			% of Total		~~% of Total~~
0 - 30%	90,~~681~~919	£	2,372,121,940.75	~~2,373,882,280.05~~	6.96	%	~~6.60~~	%
30 - 35%	23,~~572~~291	£	1,108,595,451.12	~~1,116,987,792.13~~	3.25	%	~~3.11~~	%
35 - 40%	25,~~977~~527	£	1,371,408,830.97	~~1,384,117,738.77~~	4.02	%	~~3.85~~	%
40 - 45%	27,~~926~~422	£	1,610,355,150.42	~~1,634,004,138.43~~	4.73	%	~~4.54~~	%
45 - 50%	3130,~~324~~382	£	1,971,209,707.90	~~2,024,083,027.78~~	5.78	%	~~5.63~~	%
50 - 55%	3231,~~643~~785	£	2,242,708,034.28	~~2,283,895,309.60~~	6.58	%	~~6.35~~	%
55 - 60%	3433,~~647~~314	£	2,558,394,548.60	~~2,645,259,310.12~~	7.51	%	~~7.36~~	%
60 - 65%	3634,~~180~~690	£	2,806,360,754.48	~~2,910,437,183.64~~	8.23	%	~~8.09~~	%
65 - 70%	3937,~~296~~517	£	3,261,685,245.06	~~3,398,705,399.75~~	9.57	%	~~9.45~~	%
70 - 75%	4542,~~869~~339	£	4,176,823,521.28	~~4,524,273,619.20~~	12.26	%	~~12.58~~	%
75 - 80%	3028,~~709~~863	£	2,423,087,189.94	~~2,593,346,366.75~~	7.11	%	~~7.21~~	%
80 - 85%	3028,~~601~~402	£	2,145,735,687.78	~~2,306,928,210.14~~	6.30	%	~~6.42~~	%
85 - 90%	3431,~~871~~760	£	2,582,103,888.80	~~2,842,219,835.85~~	7.58	%	~~7.91~~	%
90 - 95%	2926,~~543~~950	£	2,045,701,969.53	~~2,216,887,204.45~~	6.00	%	~~6.17~~	%
95 - 100%	1816,~~928~~150	£	1,362,192,960.63	~~1,579,952,303.90~~	4.00	%	~~4.39~~	%
100% +	~~1,582~~579	£	40,935,915.87	~~119,058,004.77~~	0.12	%	~~0.33~~	%
Totals	~~534~~509,~~349~~890	£	34,079,420,797.41	~~35,954,037,725.33~~	100.00	%	~~100.00~~	%
* Using Latest Valuation
HPI LTV Levels Breakdown **	Number	Value					% of Total
0 - 30%	177,380	£		6,051,552,577.91			16.83	%
30 - 35%	48,183	£		2,696,521,263.46			7.50	%
35 - 40%	51,850	£		3,195,304,832.28			8.89	%
40 - 45%	47,900	£		3,252,121,881.39			9.05	%
45 - 50%	40,694	£		3,180,421,993.53			8.85	%
50 - 55%	35,158	£		3,082,069,755.92			8.57	%
55 - 60%	32,359	£		3,091,716,384.68			8.60	%
60 - 65%	28,507	£		2,949,689,607.62			8.20	%
65 - 70%	22,695	£		2,613,116,712.07			7.27	%
70 - 75%	16,669	£		1,892,676,967.44			5.26	%
75 - 80%	11,413	£		1,323,663,747.23			3.68	%
80 - 85%	9,155	£		1,064,694,907.91			2.96	%
85 - 90%	6,630	£		848,121,738.87			2.36	%
90 - 95%	3,833	£		478,070,981.66			1.33	%
95 - 100%	1,894	£		230,491,901.39			0.64	%
100% +	29	£		3,802,471.97			0.01	%
Totals	534,349	£		35,954,037,725.33			100.00	%
** Using Latest Valuation Adjusted for changes in the HPI index
Current HVR1 Rate					6.75%
Effective Date of Change					01/09/2004
Current HVR2 Rate					6.00%
Effective Date of Change					01/09/2004

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin
Series 1 Class A	Permanent Financing No.5	P-1 / A-1+ / F1+	$	1,250,000,000.00	2.77000	%	-0.020	%
Series 1 Class A	Permanent Financing No.6	P-1 / A-1+ / F1+	$	1,000,000,000.00	2.77000	%	-0.030	%
Series 1 Class A	Permanent Financing No.7	P-1 / A-1+ / F1+	$	1,000,000,000.00	2.84263	%	-0.040	%
Series 1 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	53,000,000.00	2.46000	%	0.140	%
Series 1 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.100	%
Series 1 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	43,400,000.00	3.01371	%	0.090	%
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 1 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	$	42,200,000.00	3.01371	%	0.280	%
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	2.46000	%	0.150	%
Series 2 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	2,400,000,000.00	2.46000	%	0.070	%
Series 2 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	1,300,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.6	Aaa / AAA / AAA	$	1,000,000,000.00	2.46000	%	0.090	%
Series 2 Class A	Permanent Financing No.7	Aaa / AAA / AAA	$	1,400,000,000.00	3.01371	%	0.040	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	2.46000	%	0.280	%
Series 2 Class B	Permanent Financing No.2	Aa3 / AA / AA	$	61,000,000.00	2.46000	%	0.330	%
Series 2 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	59,000,000.00	2.46000	%	0.250	%
Series 2 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	100,700,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	56,400,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.140	%
Series 2 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	60,700,000.00	3.01371	%	0.110	%
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.1	Baa2 / BBB / BBB	$	26,000,000.00	2.46000	%	1.180	%
Series 2 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	61,000,000.00	2.46000	%	1.450	%
Series 2 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	59,000,000.00	2.46000	%	1.050	%
Series 2 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	82,200,000.00	2.46000	%	0.720	%
Series 2 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	46,200,000.00	2.46000	%	0.650	%
Series 2 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.450	%
Series 2 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	$	59,200,000.00	3.01371	%	0.330	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	2.46000	%	0.125	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.17000	%	0.230	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	2.46000	%	0.180	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.140	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	2.46000	%	0.160	%
Series 3 Class A	Permanent Financing No.6	Aaa / AAA / AAA	£	1,000,000,000.00	4.86000	%	0.125	%
Series 3 Class A	Permanent Financing No.7	Aaa / AAA / AAA	€	1,700,000,000.00	2.12700	%	0.070	%
Series 3 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	38,500,000.00	2.46000	%	0.300	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.17000	%	0.430	%
Series 3 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	52,000,000.00	2.46000	%	0.350	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	2.46000	%	0.230	%
Series 3 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	32,500,000.00	2.46000	%	0.260	%
Series 3 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	35,300,000.00	4.86000	%	0.230	%
Series 3 Class B	Permanent Financing No.7	Aa3 / AA / AA	€	73,700,000.00	2.12700	%	0.120	%
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	%

* Using Latest Valuation

HPI LTV Levels Breakdown **	Number	Value		% of Total
0 - 30%	172,720	£	5,776,987,413.06	16.95	%
30 - 35%	45,998	£	2,553,943,734.78	7.49	%
35 - 40%	49,283	£	3,011,279,635.18	8.84	%
40 - 45%	45,501	£	3,086,073,235.09	9.06	%
45 - 50%	37,984	£	2,963,856,727.34	8.70	%
50 - 55%	33,429	£	2,903,939,097.04	8.52	%
55 - 60%	30,259	£	2,876,092,506.32	8.44	%
60 - 65%	25,893	£	2,714,953,554.21	7.97	%
65 - 70%	21,278	£	2,461,171,456.67	7.22	%
70 - 75%	15,616	£	1,824,706,072.00	5.35	%
75 - 80%	11,246	£	1,304,124,759.45	3.83	%
80 - 85%	8,285	£	1,005,617,859.55	2.95	%
85 - 90%	6,443	£	816,323,551.09	2.40	%
90 - 95%	3,852	£	505,627,237.98	1.48	%
95 - 100%	1,913	£	245,997,879.58	0.72	%
100% +	190	£	28,726,078.07	0.08	%
Totals	509,890	£	34,079,420,797.41	100.00	%

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

Current HVR1 Rate		6.75%
Effective Date of Change		9/1/2004
Current HVR2 Rate		6.00%
Effective Date of Change		9/1/2004

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin

Series 1 Class A	Permanent Financing No.5	P-1 / A-1+ / F1+	$	1,250,000,000.00	3.09000	%	-0.020	%
Series 1 Class A	Permanent Financing No.6	P-1 / A-1+ / F1+	$	1,000,000,000.00	3.09000	%	-0.030	%
Series 1 Class A	Permanent Financing No.7	P-1 / A-1+ / F1+	$	1,000,000,000.00	3.09000	%	-0.040	%
Series 1 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	53,000,000.00	2.46000	%	0.140	%
Series 1 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.100	%
Series 1 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	43,400,000.00	3.01371	%	0.090	%
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 1 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	$	42,200,000.00	3.01371	%	0.280	%
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	2.46000	%	0.150	%
Series 2 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	2,400,000,000.00	2.46000	%	0.070	%
Series 2 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	1,300,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.6	Aaa / AAA / AAA	$	1,000,000,000.00	2.46000	%	0.090	%
Series 2 Class A	Permanent Financing No.7	Aaa / AAA / AAA	$	1,400,000,000.00	3.01371	%	0.040	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	2.46000	%	0.280	%
Series 2 Class B	Permanent Financing No.2	Aa3 / AA / AA	$	61,000,000.00	2.46000	%	0.330	%
Series 2 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	59,000,000.00	2.46000	%	0.250	%
Series 2 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	100,700,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	56,400,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.140	%
Series 2 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	60,700,000.00	3.01371	%	0.110	%
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.1	Baa2 / BBB / BBB	$	26,000,000.00	2.46000	%	1.180	%
Series 2 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	61,000,000.00	2.46000	%	1.450	%
Series 2 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	59,000,000.00	2.46000	%	1.050	%
Series 2 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	82,200,000.00	2.46000	%	0.720	%
Series 2 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	46,200,000.00	2.46000	%	0.650	%
Series 2 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.450	%
Series 2 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	$	59,200,000.00	3.01371	%	0.330	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	2.46000	%	0.125	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.17000	%	0.230	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	2.46000	%	0.180	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.140	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	2.46000	%	0.160	%
Series 3 Class A	Permanent Financing No.6	Aaa / AAA / AAA	£	1,000,000,000.00	4.86000	%	0.125	%
Series 3 Class A	Permanent Financing No.7	Aaa / AAA / AAA	€	1,700,000,000.00	2.12700	%	0.070	%
Series 3 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	38,500,000.00	2.46000	%	0.300	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.17000	%	0.430	%
Series 3 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	52,000,000.00	2.46000	%	0.350	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	2.46000	%	0.230	%
Series 3 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	32,500,000.00	2.46000	%	0.260	%
Series 3 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	35,300,000.00	4.86000	%	0.230	%
Series 3 Class B	Permanent Financing No.7	Aa3 / AA / AA	€	73,700,000.00	2.12700	%	0.120	%
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	~~34,200,000.00~~	4.86000	~~4.86000~~%	%0.680	~~0.680~~%	%
Series 3 Class C	Permanent Financing No.7	Baa2 / BBB / BBB		€	€71,800,000.00	~~71,800,000.00~~	2.12700	~~2.12700~~%	%0.430	~~0.430~~%	%
Series 4 Class A1	Permanent Financing No.1	Aaa / AAA / AAA		€	€750,000,000.00	~~750,000,000.00~~			5.100	~~5.100~~%	%
Series 4 Class A1	Permanent Financing No.3	Aaa / AAA / AAA		€	€700,000,000.00	~~700,000,000.00~~	2.17000	~~2.17000~~%	%0.190	~~0.190~~%	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA		$	$1,750,000,000.00	~~1,750,000,000.00~~	2.46000	~~2.46000~~%	%0.220	~~0.220~~%	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA		€	€1,500,000,000.00	~~1,500,000,000.00~~	2.17000	~~2.17000~~%	%0.150	~~0.150~~%	%
Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA		€	€1,000,000,000.00	~~1,000,000,000.00~~	2.17000	~~2.17000~~%	%0.170	~~0.170~~%	%
Series 4 Class A	Permanent Financing No.6	Aaa / AAA / AAA		€	€750,000,000.00	~~750,000,000.00~~	2.17000	~~2.17000~~%	%0.140	~~0.140~~%	%
Series 4 Class A	Permanent Financing No.7	Aaa / AAA / AAA		£	£850,000,000.00	~~850,000,000.00~~	4.96234	~~4.96234~~%	%0.080	~~0.080~~%	%
Series 4 Class A2	Permanent Financing No.1	Aaa / AAA / AAA		£	£1,000,000,000.00	~~1,000,000,000.00~~	4.86000	~~4.86000~~%	%0.180	~~0.180~~%	%
Series 4 Class A2	Permanent Financing No.3	Aaa / AAA / AAA		£	£750,000,000.00	~~750,000,000.00~~	4.86000	~~4.86000~~%	%0.190	~~0.190~~%	%
Series 4 Class B	Permanent Financing No.1	Aa3 / AA / AA		£	£52,000,000.00	~~52,000,000.00~~	4.86000	~~4.86000~~%	%0.300	~~0.300~~%	%
Series 4 Class B	Permanent Financing No.2	Aa3 / AA / AA		€	€56,500,000.00	~~56,500,000.00~~	2.17000	~~2.17000~~%	%0.450	~~0.450~~%	%
Series 4 Class B	Permanent Financing No.3	Aa3 / AA / AA		€	€62,000,000.00	~~62,000,000.00~~	2.17000	~~2.17000~~%	%0.390	~~0.390~~%	%
Series 4 Class B	Permanent Financing No.4	Aa3 / AA / AA		€	€85,000,000.00	~~85,000,000.00~~	2.17000	~~2.17000~~%	%0.352	~~0.352~~%	%
Series 4 Class B	Permanent Financing No.5	Aa3 / AA / AA		€	€43,500,000.00	~~43,500,000.00~~	2.17000	~~2.17000~~%	%0.330	~~0.330~~%	%
Series 4 Class B	Permanent Financing No.6	Aa3 / AA / AA		€	€26,100,000.00	~~26,100,000.00~~	2.17000	~~2.17000~~%	%0.230	~~0.230~~%	%
Series 4 Class B	Permanent Financing No.7	Aa3 / AA / AA		£	£36,800,000.00	~~36,800,000.00~~	4.96234	~~4.96234~~%	%0.130	~~0.130~~%	%
Series 4 Class M	Permanent Financing No.4	A2/A/A		€	€62,500,000.00	~~62,500,000.00~~	2.17000	~~2.17000~~%	%0.534	~~0.534~~%	%
Series 4 Class C	Permanent Financing No.1	Baa2 / BBB / BBB		£	£52,000,000.00	~~52,000,000.00~~	4.86000	~~4.86000~~%	%1.200	~~1.200~~%	%
Series 4 Class C	Permanent Financing No.2	Baa2 / BBB / BBB		€	€56,500,000.00	~~56,500,000.00~~	2.17000	~~2.17000~~%	%1.450	~~1.450~~%	%
Series 4 Class C	Permanent Financing No.3	Baa2 / BBB / BBB		€	€62,000,000.00	~~62,000,000.00~~	2.17000	~~2.17000~~%	%1.180	~~1.180~~%	%
Series 4 Class C	Permanent Financing No.5	Baa2 / BBB / BBB		€	€36,000,000.00	~~36,000,000.00~~	2.17000	~~2.17000~~%	%0.780	~~0.780~~%	%
Series 4 Class C	Permanent Financing No.6	Baa2 / BBB / BBB		€	€25,300,000.00	~~25,300,000.00~~	2.17000	~~2.17000~~%	%0.680	~~0.680~~%	%
Series 4 Class C	Permanent Financing No.7	Baa2 / BBB / BBB		£	£35,900,000.00	~~35,900,000.00~~	4.96234	~~4.96234~~%	%0.450	~~0.450~~%	%
Series 5 Class A1	Permanent Financing No.4	Aaa / AAA / AAA		€	€750,000,000.00	~~750,000,000.00~~			3.962	~~3.962~~%	%
Series 5 Class A1	Permanent Financing No.5	Aaa / AAA / AAA		£	£500,000,000.00	~~500,000,000.00~~			5.625	~~5.625~~%	%
Series 5 Class A1	Permanent Financing No.6	Aaa / AAA / AAA		£	£500,000,000.00	~~500,000,000.00~~	4.86000	~~4.86000~~%	%0.150	~~0.150~~%	%
Series 5 Class A	Permanent Financing No.2	Aaa / AAA / AAA		£	£750,000,000.00	~~750,000,000.00~~	4.86000	~~4.86000~~%	%0.250	~~0.250~~%	%
Series 5 Class A	Permanent Financing No.3	Aaa / AAA / AAA		£	£400,000,000.00	~~400,000,000.00~~			5.521	~~5.521~~%	%
Series 5 Class A	Permanent Financing No.7	Aaa / AAA / AAA		£	£500,000,000.00	~~500,000,000.00~~	4.96234	~~4.96234~~%	%0.100	~~0.100~~%	%
Series 5 Class A2	Permanent Financing No.4	Aaa / AAA / AAA		£	£1,100,000,000.00	~~1,100,000,000.00~~	4.86000	~~4.86000~~%	%0.170	~~0.170~~%	%
Series 5 Class A2	Permanent Financing No.5	Aaa / AAA / AAA		£	£750,000,000.00	~~750,000,000.00~~	4.86000	~~4.86000~~%	%0.190	~~0.190~~%	%
Series 5 Class A2	Permanent Financing No.6	Aaa / AAA / AAA		£	£500,000,000.00	~~500,000,000.00~~	4.86000	~~4.86000~~%	%0.160	~~0.160~~%	%
Series 5 Class B	Permanent Financing No.2	Aa3 / AA / AA		£	£26,000,000.00	~~26,000,000.00~~	4.86000	~~4.86000~~%	%0.450	~~0.450~~%	%
Series 5 Class B	Permanent Financing No.3	Aa3 / AA / AA		€	€20,000,000.00	~~20,000,000.00~~	2.17000	~~2.17000~~%	%0.450	~~0.450~~%	%
Series 5 Class B	Permanent Financing No.4	Aa3 / AA / AA		£	£43,000,000.00	~~43,000,000.00~~	4.86000	~~4.86000~~%	%0.330	~~0.330~~%	%
Series 5 Class B	Permanent Financing No.5	Aa3 / AA / AA		£	£47,000,000.00	~~47,000,000.00~~	4.86000	~~4.86000~~%	%0.350	~~0.350~~%	%
Series 5 Class B	Permanent Financing No.6	Aa3 / AA / AA		£	£34,800,000.00	~~34,800,000.00~~	4.86000	~~4.86000~~%	%0.310	~~0.310~~%	%
Series 5 Class M	Permanent Financing No.4	A2/A/A		£	£32,000,000.00	~~32,000,000.00~~	4.86000	~~4.86000~~%	%0.500	~~0.500~~%	%
Series 5 Class C	Permanent Financing No.2	Baa2 / BBB / BBB		£	£26,000,000.00	~~26,000,000.00~~	4.86000	~~4.86000~~%	%1.450	~~1.450~~%	%
Series 5 Class C	Permanent Financing No.3	Baa2 / BBB / BBB		€	€20,000,000.00	~~20,000,000.00~~	2.17000	~~2.17000~~%	%1.230	~~1.230~~%	%
Series 5 Class C	Permanent Financing No.4	Baa2 / BBB / BBB		£	£54,000,000.00	~~54,000,000.00~~	4.86000	~~4.86000~~%	%0.900	~~0.900~~%	%
Series 5 Class C	Permanent Financing No.5	Baa2 / BBB / BBB		£	£39,000,000.00	~~39,000,000.00~~	4.86000	~~4.86000~~%	%0.850	~~0.850~~%	%
Series 5 Class C	Permanent Financing No.6	Baa2 / BBB / BBB		£	£33,700,000.00	~~33,700,000.00~~	4.86000	~~4.86000~~%	%0.800	~~0.800~~%	%
Funding level Reserve Fund requirement		£	485,000,000.00
Balance brought forward		£	322,353,475.33
Drawings this period		£	—
Top-up this period*		£	93,461,772.45
Current Balance		£	415,815,247.78
Liquidity Facility Original Amount		£	150,000,000.00
Balance brought forward		£	150,000,000.00
Drawings this period		£	—
Liquidity Repaid this period		£	—
Closing balance for period		£	150,000,000.00
*Top-ups only occur at the end of each quarter.
Trigger Events:
Non-asset trigger events:
If the Seller suffers an Insolvency Event.
If the role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
If the current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
If the outstanding principal balance of the trust property is less than £27,000,000,000 to 9th March 2008.
Asset trigger events:
If there has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger

Month	Pool Balance		Funding Share		Seller Share		Funding		Seller
Funding level Reserve Fund requirement	£	485,000,000.00
March 2005	£	30,208,410,171.92	£	22,693,161,560.41	£	7,515,248,611.51	75.12200	%	24.87800	%
Balance brought forward	£	415,815,247.79
February 2005	£	31,017,115,614.67	£	22,693,161,560.41	£	8,323,954,054.26	73.16335	%	26.83665	%
Drawings this period	£	—
January 2005	£	31,889,122,237.87	£	22,950,309,198.54	£	8,938,813,039.33	71.96908	%	28.03092	%
Top-up this period*	£	—
Principal Ledger
Current Balance	£	415,815,247.79
Month	Principal Received		Further Advances		Sub Total
March 2005	£	627,294,639.32	£	247,882,051.14	£	875,176,690.46
February 2005	£	594,941,346.58	£	216,257,639.41	£	811,198,985.99
January 2005	£	672,889,933.09	£	202,111,760.15	£	875,001,693.24
	£	1,895,125,918.99	£	666,251,450.70	£	2,561,377,369.69
Principal Distribution
Month	Funding		Seller
March 2005	£	875,176,690.46	£	—
February 2005	£	—	£	811,198,985.99
January 2005	£	257,147,638.13	£	617,854,055.11
	£	1,132,324,328.59	£	1,429,053,041.10

Liquidity Facility Original Amount	£	150,000,000.00
Balance brought forward	£	150,000,000.00
Drawings this period	£	—
Liquidity Repaid this period	£	—
Closing balance for period	£	150,000,000.00

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

Trigger Events:

Non-asset trigger events:

If the Seller suffers an Insolvency Event.

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

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

If the outstanding principal balance of the trust property is less than £27,000,000,000 to 9th March 2008.

Asset trigger events:

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

No Trigger Events have Occurred

Funding Seller Share Ledger

Month	Pool Balance		Funding Share		Seller Share		Funding		Seller
May 2005	£	35,001,466,949.99	£	25,061,270,751.17	£	9,940,196,198.82	71.60127	%	28.39873	%
April 2005	£	35,954,037,725.33	£	25,887,864,869.54	£	10,066,172,855.79	72.00300	%	27.99700	%
March 2005	£	30,208,410,171.92	£	22,693,161,560.41	£	7,515,248,611.51	75.12200	%	24.87800	%

Principal Ledger

Month	Principal Received		Further Advances		Sub Total
May 2005	£	622,019,672.81	£	306,031,157.78	£	928,050,830.59
April 2005	£	625,900,085.41	£	331,551,781.06	£	957,451,866.47
March 2005	£	627,294,639.32	£	247,882,051.14	£	875,176,690.46
	£	1,875,214,397.54	£	885,464,989.98	£	2,760,679,387.52

Principal Distribution

Month	Funding		Seller
May 2005	£	—	£	928,050,830.59
April 2005	£	826,580,309.54	£	130,871,556.93
March 2005	£	875,176,690.46	£	—
	£	1,701,757,000.00	£	1,058,922,387.52

Revenue Ledger
Month	Revenue Received			GIC Interest			Authorised Investment Income			Sub Total
March 2005	£	141,179,635.63		£	1,702,027.88		£	—		£	142,881,663.51
February 2005	£	123,758,705.47		£	2,364,795.57		£	—		£	126,123,501.04
January 2005	£	139,450,633.50		£	2,976,768.03		£	—		£	142,427,401.53
	£	404,388,974.60		£	7,043,591.48		£	—		£	411,432,566.08
Paid to
Month	Mortgage Trustee			Administrator			Available Revenue
March 2005	£	2,700.00		£	1,272,051.93		£	141,606,911.58
February 2005	£	952.46		£	1,239,217.78		£	124,883,330.80
January 2005	£	150.00		£	1,371,991.11		£	141,055,260.42
	£	3,802.46		£	3,883,260.82		£	407,545,502.80
Revenue Distribution
Month	Funding			Seller
March 2005	£	105,924,625.53		£	35,682,286.05
February 2005	£	92,453,758.75		£	32,429,572.06
January 2005	£	102,885,975.41		£	38,169,285.01
	£	301,264,359.69		£	106,281,143.12
Losses Ledger
Month	Losses
Balance b/fwd at 28 February 2005	£	68,236.91
March 2005	£	—
February 2005	£	49,625.02
January 2005	£	10,515.68
Closing Balance	£	68,236.91
Losses Distribution
Month	Funding			Seller			Reconciliation
March 2005	£	—		£	—		£	—
February 2005	£	36,753.05		£	12,871.97		£	—
January 2005	£	7,670.73		£	2,844.95		£	—
	£	44,423.78		£	15,716.92		£	—
CPR Analysis
Month	1 Month CPR			3 Month CPR			12 Month CPR
March 2005	2.90		%	2.75		%	3.46		%
February 2005	2.62		%	2.79		%	3.61		%
January 2005	2.74		%	3.13		%	3.71		%
Regional Analysis

Revenue Ledger

Halifax Mapped Region	Number		Value			% of Total
Month	Revenue Received			GIC Interest			Authorised Investment Income		Sub Total
London & South East	106,444		£	10,830,517,948.81		30.12	%
May 2005	£	151,187,779.96		£	3,208,729.65		£	—	£	154,396,509.61
Midlands & East Anglia	116,868		£	7,926,415,394.36		22.05	%
April 2005	£	151,362,464.76		£	2,555,426.00		£	—	£	153,917,890.76
North	99,366		£	4,835,490,760.89		13.45	%
March 2005	£	141,179,635.63		£	1,702,027.88		£	—	£	142,881,663.51
North West	79,252		£	4,156,899,954.88		11.56	%
	£	443,729,880.35		£	7,466,183.53		£	—	£	451,196,063.88
South Wales & West	76,248		£	5,272,936,324.96		14.67	%
Scotland	51,100		£	2,558,804,184.28		7.12	%
Unknown	5,071		£	372,973,157.16		1.04	%
Totals	534,349		£	35,954,037,725.33		100.00	%
Contact Details - If you have any queries regarding this report please contact:-
Tracey Hill
LP/3/3/SEC
Trinity Road
Halifax
HX1 2RG
Tel: +44 (0) 113 235 2178
Fax: +44 (0) 113 235 7511
e-mail: tracey.hill@halifax.co.uk

Paid to

Month	Mortgage Trustee		Administrator		Available Revenue
May 2005	£	1,595.67	£	1,272,051.92	£	153,122,862.02
April 2005	£	123.71	£	1,231,017.99	£	152,686,749.06
March 2005	£	2,700.00	£	1,272,051.93	£	141,606,911.58
	£	4,419.38	£	3,775,121.84	£	447,416,522.66

Revenue Distribution

Month	Funding		Seller
May 2005	£	111,228,048.83	£	41,894,813.19
April 2005	£	111,546,518.89	£	41,140,230.17
March 2005	£	105,924,625.53	£	35,682,286.05
	£	328,699,193.25	£	118,717,329.41

Losses Ledger

Month	Losses
Balance b/fwd at April 30, 2005	£	87,415.04

May 2005	£	213.82
April 2005	£	19,178.13
March 2005	£	—

Closing Balance	£	87,628.86

Losses Distribution

Month	Funding		Seller		Reconciliation
May 2005	£	153.10	£	60.72	£	—
April 2005	£	13,808.83	£	5,369.30	£	—
March 2005	£	—	£	—	£	—
	£	13,961.93	£	5,430.02	£	—

CPR Analysis

Month	1 Month CPR		3 Month CPR		12 Month CPR
May 2005	2.65	%	2.74	%	3.31	%
April 2005	2.66	%	2.73	%	3.39	%
March 2005	2.90	%	2.75	%	3.46	%

Regional Analysis

Halifax Mapped Region	Number	Value		% of Total
London & South East	101,929	£	10,305,001,963.85	30.24	%
Midlands & East Anglia	111,457	£	7,507,671,040.27	22.03	%
North	94,412	£	4,552,303,055.67	13.36	%
North West	75,301	£	3,915,812,326.06	11.49	%
South Wales & West	72,616	£	4,979,758,110.05	14.61	%
Scotland	48,840	£	2,424,509,790.81	7.11	%
Unknown	5,335	£	394,364,510.70	1.16	%
Totals	509,890	£	34,079,420,797.41	100.00	%

Contact Details - If you have any queries regarding this report please contact:-

Tracey Hill

LP/3/3/SEC

Trinity Road

Halifax

HX1 2RG

Tel: +44 (0) 113 235 2176

Fax: +44 (0) 113 235 7511

e-mail: traceyhill@halifax.co.uk

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. 5) PLC~~	PERMANENT FINANCING (NO. 5) PLC
		(Registrant)
Date 14th April 2005	/s/ David Balai
Date 9th June 2005		/s/David Balai
	~~By: David Balai~~	By: David Balai
	~~Title: Director~~	Title: Director
	~~PERMANENT FUNDING (NO. 1) LIMITED~~	PERMANENT FUNDING (NO. 1) LIMITED
		(Registrant)
Date 14th April 2005	/s/ David Balai
Date 9th June 2005		/s/David Balai
	~~By: David Balai~~	By: David Balai
	~~Title: Director~~	Title: Director
	~~PERMANENT MORTGAGES TRUSTEE LIMITED~~	PERMANENT MORTGAGES TRUSTEE LIMITED
		(Registrant)
Date 14th April 2005	/s/ David Balai
Date 9th June 2005		/s/David Balai
	~~By: David Balai~~	By: David Balai
	~~Title: Director~~	Title: Director

Filing Compare · Permanent Financing (No. 5) PLC