UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                                    FORM 10-K

(MARK ONE)
(X)            ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES
               EXCHANGE ACT OF 1934

                   For the fiscal period ended JUNE 30, 2004

OR
( )           TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)  OF  THE
              SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

Commission file number:  333-104969

       AUSTRALIAN SECURITISATION MANAGEMENT PTY LIMITED (ACN 103 852 428)
         (in its capacity as Trust Manager of the ARMS II Global Fund 1)
             (Exact name of Registrant as specified in its charter)

                           NEW SOUTH WALES, AUSTRALIA
                 (State or Other Jurisdiction of Incorporation)

          LEVEL 6, 12 CASTLEREAGH STREET, SYDNEY, NSW, 2000, AUSTRALIA
                           Telephone: +61-2-8236-8000
                    (Address of principal executive offices)

Securities  registered or to be registered pursuant to Section 12(b) of the Act:
NONE

Securities required to be registered pursuant to Section 12(g) of the Act: NONE



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the last 90 days.

        Yes    (X)    No     ( )


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<PAGE>

Indicated by check mark if disclosure of delinquent  filers pursuant to Item 405
of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and
will not be contained,  to the best of the registrant's knowledge, in definitive
proxy or information  statements  incorporated  by reference in Part III of this
10-K or any amendment to this Form 10-K. (X)

Indicated  by check mark  whether the  registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). Yes____ No__(X)__

State the aggregate market value of the voting and non-voting common equity held
by  nonaffiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter. NOT APPLICABLE


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<PAGE>


                                TABLE OF CONTENTS

Part I                                                                      Page

Item 1.    Business........................................................... 2

Item 2.    Properties......................................................... 2

Item 3.    Legal Proceedings.................................................. 2

Item 4.    Submission of Matters to a Vote of Security Holders................ 2

Part II

Item 5.    Market for Registrant's Common Equity, Related Stockholder
           Matters and Issuer Purchases of Equity Securities.................. 3

Item 6.    Selected Financial Data............................................ 3

Item 7.    Management's Discussion and Analysis of Financial Conditions and
           Results of Operation............................................... 3

Item 7A.   Quantitative and Qualitative Disclosures About Market Risk......... 3

Item 8.    Financial Statements and Supplementary Data........................ 5

Item 9.    Changes in and Disagreements With Accountants on Accounting and
           Financial Disclosure............................................... 5

Part III

Item 10.   Directors and Executive Officers of the Registrant................. 6

Item 11.   Executive Compensation............................................. 6

Item 12.   Security Ownership of Certain Beneficial Owners and Management..... 6

Item 13.   Certain Relationships and Related Transactions .................... 6

Item 14.   Principal Accounting Fees and Services............................. 6

Part IV

Item 15.   Exhibits and Financial Statement Schedules......................... 7



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                                INTRODUCTORY NOTE


The information required for some items in Form 10-K is "not applicable" to ARMS
II Global Fund 1 (the "Fund") or to  Australian  Securitisation  Management  Pty
Limited (the "Trust Manager"). As used in this Annual Report files on Form 10-K,
"not applicable" or "Not  Applicable"  means that the response to the referenced
item is omitted in reliance on the procedures outlined in the numerous no-action
letters issued by the Commission's  Staff with respect to substantially  similar
certificates and trusts that file annual reports on Form 10-K.


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                                     PART I

Item 1.    BUSINESS

This  Annual  Report on Form 10-K  relates to the Fund and the Class A Bonds due
September  2034 (the  "Class A Bonds")  issued  pursuant  to the Bond Trust Deed
dated as of June 2, 2003 (the "Bond Trust Deed"),  between Permanent  Custodians
Limited as Issuer (the "Issuer"), the Trust Manager, The Bank of New York as the
Class A Bond Trustee, the Calculation Agent, the US$ Registrar and the Principal
Paying Agent, and Permanent Registry Limited (the "Security Trustee").

Capitalized  terms used in this Form 10-K and not defined have the same meanings
given to them in the Prospectus related to the Class A Bonds.

The only business of the Fund is the collection and  distribution of payments on
the  residential  housing  loans in the  manner  described  in the  Registration
Statement on Form S-11 (File No.  333-104969)  (the  "Registration  Statement").
Accordingly,  there is no relevant information to report in response to Item 101
of Regulation S-K.

Item 2.    PROPERTY

The Fund does not own any physical property.  Information regarding the mortgage
loans is furnished under Item 15 - Exhibit 99.1

Item 3.    LEGAL PROCEEDINGS

As at the date of this  report,  the Trust  Manager is not aware of any material
pending legal proceedings in relation to the Fund, itself or the Trustee.

Item 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matter was submitted  during the fiscal year covered by this report to a vote
of Secured Creditors in relation to the Fund.




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<PAGE>


                                     PART II


Item 5.    MARKET FOR REGISTRANT'S  COMMON EQUITY,  RELATED  STOCKHOLDER MATTERS
           AND ISSUER PURCHASES OF EQUITY SECURITIES

The Class A Bonds are not traded on any  nationally  recognized  exchange in the
United States.

The Class A Bonds are currently  represented by  certificates  registered in the
name  of  Cede & Co.,  as  nominee  of The  Depository  Trust  Company  ("DTC").
Accordingly, Cede & Co. is the sole holder of record of the Class A Bonds, which
it held on behalf  of a number  of  brokers,  dealers,  banks  and other  direct
participants in DTC.

Since  the Fund  pays no  dividends  with  respect  to the  Class A  Bonds,  the
information  required by Item 201(c) of Regulation  S-K  regarding  dividends is
inapplicable  to the Fund.  See Exhibit  99.1 for  information  with  respect to
distributions to Bondholders.

Item 6.    SELECTED FINANCIAL DATA

The regular quarterly  servicing  report,  which is required to be included with
each quarterly distribution of the Fund's assets to Bondholders,  sets forth for
the  prior  quarter,  as well as  cumulatively,  all of the  relevant  financial
information required by the Class A Bond Trustee to be reported to Bondholders.

The  quarterly  servicing  reports for the Payment  Dates on September 10, 2003,
December  10,  2003,  March 10, 2004 and June 10, 2004 for the fiscal year ended
June 30, 2004 are incorporated herein as Exhibit 99.1.

The foregoing presents all relevant financial  information relating to the Fund.
Because of the limited  business  activity of the Fund,  the Selected  Financial
Data in Item 301 of Regulation S-K would not provide any  meaningful  additional
information.

Item 7.    MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND
           RESULTS OF OPERATIONS

Because of the  limited  business  activity  of the Fund,  the  presentation  of
Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations,  as otherwise would be required by Item 303 of Regulation S-K, would
not be  meaningful.  All relevant  information  is  contained  in the  quarterly
servicing reports (filed on Form 6-K and on Form 8-K) as described above.

Item 7A.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Currency  Exchange Control Risk:  Interest and principal  payments to holders of
the Class A Bonds are paid in United States dollars ("U.S.  dollars").  However,
payments on

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<PAGE>

the housing loans are received by the Issuer in Australian dollars, in Australia
(the   "Collections").   Pursuant  to  certain   swap   agreements   (the  "Swap
Agreements"),  the Issuer is required to pay a portion of the  collections  to a
certain swap  counterparty  (the  "Currency  Swap  Provider"),  who in turn pays
("Swap Currency Exchange"),  at the direction of the Issuer, U.S. dollars to the
Bondholders,  (the "Currency Swap"). It is possible that in the future Australia
may impose exchange  controls that affect the availability of Australian  dollar
payments for making payments under the Currency Swap. The holders of the Class A
Bonds will bear the risk of the imposition of foreign  exchange  controls by the
Australian  government  that impact upon the  Issuer's  ability to exchange  the
collections for U.S.  dollars.  The Issuer has no control over such risk,  which
will generally be affected by economic and political events in Australia. If the
Issuer does not have  sufficient  funds to pay the  Currency  Swap  Provider the
Class A Currency  Swap  Payment  Amount on a Payment  Date,  the  Currency  Swap
Provider  will not be  required  to make the  corresponding  US$  payment to the
Principal Paying Agent and, after the applicable grace period, the Currency Swap
Provider may terminate the Currency  Swaps.  In such event,  it is unlikely that
the Fund would have  sufficient  U.S.  dollars to make the  payments  due on the
Class A Bonds.

The specific prior approval of the Reserve Bank of Australia or the Minister for
Foreign  Affairs of the  Commonwealth  of Australia must be obtained for certain
transactions  involving or connected with  individuals or entities listed in the
relevant Commonwealth  Government Gazette as persons or entities identified with
terrorism or to which financial sanctions apply, including:

        o  certain Yugoslav entities or individuals;

        o  Jemaah Islamiah;

        o  the Government of Zimbabwe, any public authority or controlled entity
           of  the   Government  of  Zimbabwe  and  certain  other   individuals
           identified by the Reserve Bank of Australia;

        o  the Taliban (also known as the Islamic Emirate of Afghanistan) or any
           undertaking  owned or  controlled,  directly  or  indirectly,  by the
           Taliban;

        o  Osama  bin  Laden,  the  Al-Qaeda   organization  and  certain  other
           individuals  identified  by the Reserve  Bank of  Australia  as being
           linked to terrorism; and

        o  the persons whose names are published in the Commonwealth  Government
           Gazette Gn42 as amended by Commonwealth  Government  Gazette Gn37 and
           Commonwealth Government Gazette Gn49, and the persons whose names are
           listed under the  Suppression  of the Financing of Terrorism Act 2002
           (Commonwealth).

        Currency  Exchange Risk:  Interest and principal on the Class A Bonds is
payable in U.S.  dollars and the Fund's  primary source for funding its payments
on the Class A Bonds is its  Collections  on the  Housing  Loans,  which will be
sourced in  Australian



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<PAGE>

dollars.  If the  Currency  Swap  Provider  were to fail to  perform  under  the
Currency  Swap or were to be  discharged  from  such  performance  because  of a
default  thereunder by the Fund,  the Fund might have to exchange its Australian
dollars for U.S.  dollars at an exchange rate that is less favorable to the Fund
than  when the  currency  swap was  entered  into and might  therefore  not have
sufficient  U.S.  dollars to make  timely  payments  on the Class A Bonds,  even
though  the  delinquency  and  loss  experience  on  the  Housing  Loans  may be
acceptable.

Item 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

As discussed above,  furnishing the financial  information required by Item 8 of
Form  10-K  would  not add any  relevant  information  to that  provided  by the
foregoing statements.  Because the Class A Bonds are essentially  "pass-through"
securities,  the Fund will have "income" only in the limited sense of collecting
payments on the residential mortgage loans. The only material items of "expense"
for the Fund will be the amounts paid as servicing  compensation,  other amounts
due on the  redraw  bonds,  if  any,  the  amounts  due to the  redraw  facility
provider,  and  potentially  certain  payments  relating  to  any  other  credit
enhancement  facilities.  The quarterly servicing reports (filed on Form 6-K and
on Form 8-K)  provide  all  material  information  regarding  the amounts of the
"income" and "expenses" of the Fund.

Item 9.    CHANGES IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
           FINANCIAL DISCLOSURE

There has been no  resignation  or dismissal  of an  independent  accountant  in
relation to the Fund since it was created on 7 April 2003.



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<PAGE>


                                    PART III

Item 10.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Since the Fund does not have directors or executive  officers,  this item is not
applicable.

Item 11.   EXECUTIVE COMPENSATION

Since the Fund does not have directors or executive  officers,  this item is not
applicable.

Item 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

All of the Class A Bondholders  maintained  their  security  positions  with the
Depository Trust Company.  While some of the Bondholders'  security positions in
the Fund may  exceed 5% of the  outstanding  amount  of the Class A Bonds,  such
Class A Bonds do not constitute voting securities within the meaning of Item 403
of Regulation S-K.

None of the officers or directors of the Registrant  owns a beneficial  interest
in the Fund, nor in the Registrant.

Item 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Registrant  received Manager's Fee payments from the Fund in accordance with
the terms of the Bond Trust Deed.

Item 14.   PRINCIPAL ACCOUNTING FEES AND SERVICES

Asset-Backed  Issuers are not required to respond to this item. Thus there is no
information to disclose under item 406 of Regulation S-K.



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                                     PART IV


Item 15.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(1) and (2):

Incorporated  herein as Exhibit 99.1 are the  aggregate  totals of the quarterly
servicing reports to the Fund for the fiscal year ended June 30, 2004. A copy of
the Officer's Certificate of Compliance is attached hereto as Exhibit No. 99.3.

(3) (a) EXHIBITS:

     Designation     Description                                Method of Filing
     -----------     -----------                                ----------------
     Exhibit 31      302 Certification                                31

     Exhibit 99.1    Aggregate Totals for the Fiscal Year             99.1

     Exhibit 99.2    Independent Auditor's Annual Servicer            99.2
                     Compliance Certificate

     Exhibit 99.3    Officer's Certificate of Compliance              99.3


(b) On September  19, 2003 (as amended by Form 6-K/A filed on August 17,  2004);
December 30, 2003 (as amended by Form 6-K/A filed on August 17, 2004); March 22,
2004 (as amended by Form 8-K/A filed on August 17, 2004);  and June 22, 2004 (as
amended by Form 8-K/A filed on August 17, 2004), reports on Form 6-K and on Form
8-K were filed by the  Registrant  during the preceding  fiscal year in order to
provide the statements for quarterly distributions to the Bondholders.  No other
reports have been filed during the last fiscal year covered by this report.



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                                   SIGNATURES

        Pursuant to the  requirements  of Section 13 of 15(d) 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.


                                                   By  /s/ Gavin Buchanan
                                                     ---------------------------
                                                   GAVIN BUCHANAN
                                                   PRINCIPAL EXECUTIVE OFFICER
                                                   27 SEPTEMBER 2004





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        Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
registrant and in the capacities and on the dates indicated.









By /s/ Paul McMahon                               By /s/ Mark Burge
   ------------------------                          ------------------------
PAUL MCMAHON                                      MARK BURGE
PRINCIPAL FINANCIAL OFFICER                       PRINCIPAL ACCOUNTING OFFICER
27 SEPTEMBER 2004                                 27 SEPTEMBER 2004




By /s/ Mark Bouris                                By /s/ Colin McKeith
   ------------------------                          ------------------------
MARK BOURIS                                       COLIN McKEITH
DIRECTOR                                          DIRECTOR
27 SEPTEMBER 2004                                 27 SEPTEMBER 2004




By /s/ Geoff Kleeman                               By /s/ Anthony Klok
   ------------------------                          ------------------------
GEOFF KLEEMAN                                     ANTHONY KLOK
DIRECTOR                                          DIRECTOR
27 SEPTEMBER 2004                                 27 SEPTEMBER 2004




By /s/ Adrian Bouris
   ------------------------
ADRIAN BOURIS
DIRECTOR
27 SEPTEMBER 2004



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