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                                  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 year ended: December 31, 2001

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

          For the transition period from _____________ to _____________

                       Commission file number: 333- 53160

                        National Global MBS Manager, Inc.
                       National Mortgage Securities, Inc.
             (Exact name of Registrant as specified in its charter)


                                                     59-3689298
          Delaware                                   59-2957725
-----------------------------                    ----------------------
(State or Other Jurisdiction                      (I.R.S. Employer
    of Incorporation)                             Identification No.)
   7301 Baymeadows Way
  Jacksonville, Florida                                 32256
    ----------------------                            ---------
(Address of Principal Executive                   (Zip Code)
         Offices)

       Registrant's telephone number, including area code: (904) 281-3422

        Securities registered pursuant to Section 12(b) of the Act: None

        Securities 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 past 90 days.  Yes  X  No
                                         ---    ---

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K: Not Applicable.

Aggregate market value of voting stock held by  non-affiliates of the registrant
as of December 31, 2001: Not Applicable.


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DOCUMENTS INCORPORATED BY REFERENCE

The Trust Manager  incorporates  by reference  its periodic  filings of Form 8-K
(with  filing date of April 17, 2001 for payment  date of April 20,  2001,  with
filing date of August 29, 2001 for payment  date of July 20,  2001,  with filing
date of October 29, 2001 for payment date of October 22,  2001,  and with filing
date of January 28, 2002 for payment date of January 22, 2002) which contain all
financial  information  relating  to the Trust  relevant  to the  holders of the
Notes.

The information  required for some items in Form 10-K is "not applicable" to the
Trust or the Trust  Manager.  As used in this Annual  Report filed 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
securities and trusts that file annual reports on Form 10-K.

                                Table of Contents

                                     Part I

Item 1.   Business
Item 2.   Properties
Item 3.   Legal Proceedings
Item 4.   Submission of Matters to A Vote of Security Holders

                                     Part II

Item 5.   Market for Registrant's Common Equity and Related Stockholder Matters
Item 6.   Selected Financial Data
Item 7.   Management's  Discussion  and  Analysis  of  Financial  Condition  and
          Results of Operations
Item 7A.  Quantitative and Qualitative Disclosures About Market Risk
Item 8.   Financial Statements and Supplementary Data
Item 9.   Changes  in  and  Disagreements  With  Accountants  on  Accounting and
          Financial Disclosures

                                    Part III

Item 10.  Directors and Executive Officers of the Registrant
Item 11.  Executive Compensation
Item 12.  Security Ownership of Certain Beneficial Owners and Management
Item 13.  Certain Relationships and Related Transactions


                                     Part IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

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                                     PART I

Item 1. Business.

This Annual  Report on Form 10-K relates to the Mortgage  Backed  Floating  Rate
Notes,  Series  2001-1,  Class A,  HomeSide  Mortgage  Securities  Trust 2001-1,
National Global MBS Manager,  Inc., formerly HomeSide Global MBS Manager,  Inc.,
as Trust  Manager;  Citibank,  London  Office,  as Principal  Paying Agent;  and
Perpetual Trustee Company Limited, as Issuer Trustee.  Capitalized terms used in
this Form 10-K and not defined have the same meanings  ascribed to such terms in
the Prospectus for the above-referenced Notes. The only business of the Trust is
the collection and distribution of payments on the residential mortgage loans in
the  manner  described  in the  Registration  Statement  on Form S-11  (File No.
333-46945)  (the  Registration  Statement).  Accordingly,  there is no  relevant
information to report in response to Item 101 of Regulation S-K.

Item 2. Properties.  Not Applicable.

Item 3. Legal Proceedings.  None.

Item 4. Submission of Matters to a Vote of Security Holders.   None.


                                     PART II

Item 5. Market for Registrant's Common Equity and Related  Stockholder  Matters.
The Trust is not an issuer of common stock in a  corporation.  The Notes are not
traded on any nationally  recognized  exchange in the United  States.  Since the
Trust pays no dividends with respect to the Notes,  the information  required by
Item 201 of Regulation S-K regarding dividends is not applicable.

Item 6. Selected Financial Data.   Not applicable.

Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operations. Not Applicable.

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

Currency Exchange Control Risk.
Interest and  principal  payments to holders of Notes are paid in United  States
dollars ("U.S. dollars"). However, payments on the Housing Loans are received by
the Issuer  Trust,  in Australian  dollars,  in Australia  (the  "Collections").
Pursuant to certain swap agreements (the "Swap  Agreements")  the Issuer Trustee
is required to pay a portion of the  Collections  to certain swap  counterpartys
(the "Currency Swap Providers") who in turn pays ("Swap Currency Exchange"),  at
the  direction of the Issuer  Trustee,  U.S.  dollars to the  Noteholders,  (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 Notes will bear the
risk of the imposition of foreign exchange controls by the Australian government

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that impact upon the Issuer  Trustee's  ability to exchange the  Collections for
U.S.  dollars.  The Issuer  Trustee  has no control  over such risk,  which will
generally  be affected by economic and  political  events in  Australia.  If the
Issuer  Trustee  does not pay some or all of the  amount in  Australian  dollars
which it is required to pay the Currency Swap Provider  under the Currency Swap,
the Currency Swap Provider is only required to pay the U.S. dollar equivalent of
the amounts it actually  receives.  In such event, it is unlikely that the Trust
would have sufficient U.S. dollars to make the payments due on the Notes.

Under temporary  Australian foreign exchange  controls,  which may change in the
future, the specific  approval of the Reserve Bank of Australia must be obtained
in  connection  with  certain  payments  and  transactions  having a  prescribed
connection  with  the  following  countries:   Iraq;  the  Federal  Republic  of
Yugoslavia  (Serbia  and  Montenegro);  Libya;  the  Taliban  (also known as the
Islamic Emirate of Afghanistan); or the National Union for Total Independence of
Angola.

In addition,  regulations in Australia also prohibit payments,  transactions and
dealings with assets having a prescribed  connection  with certain  countries or
named individuals or entities associated with terrorism.

Currency Exchange Risk.
Interest and  principal on the Notes is payable in U.S.  dollars and the Trust's
primary  source for funding its payments on the Notes is its  Collections on the
Housing Loans, which will be sourced in Australian 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 Trust,
the Trust might have to exchange its Australian  dollars for U.S.  dollars at an
exchange  rate that is less  favorable to the Trust than when the currency  swap
was entered into and might therefore not have  sufficient  U.S.  dollars to make
timely payments on the Notes, even though the delinquency and loss experience on
the Housing Loans may be acceptable.

Item 8. Financial Statements and Supplementary Data. Not Applicable.

Item 9. Changes  in  and  Disagreements  With   Accountants  on  Accounting  and
Financial Disclosures. Not Applicable.

                                    PART III

Item 10. Directors and Executive Officers of the Registrant. Not Applicable.

Item 11. Executive Compensation.  Not Applicable.

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

The  following  table sets forth the name and address of each entity owning more
than 5% of the  outstanding  principal  amount of Notes in the  Mortgage  Backed
Floating Rate Notes, Series 2001-1,  Class A, HomeSide Mortgage Securities Trust
2001-1.

<TABLE>

------------------------------------------------------- ------------------------------------
<S>                                                      <C>
Name and Address                                         Percentage of Outstanding Principal
------------------------------------------------------- ------------------------------------
The Bank of  New York
925 Patterson Plank Road                                               27.87%
Secausus, NJ 07094
------------------------------------------------------- ------------------------------------
Merrill Lynch, Pierce Fenner & Smith Safekeeping
4 Corporate Place                                                      18.89%
Piscataway, NJ 08854
------------------------------------------------------- ------------------------------------
JP Morgan Chase Bank
C/O JP Morrgan Investor Services                                       15.17%
14201 Dallas Pkwy, 12th Floor
Dallas, TX 75254
------------------------------------------------------- ------------------------------------
Citibank, N.A.
3800 Citibank Center B3-15                                             14.77%
Tampa, FL 33610
------------------------------------------------------- ------------------------------------
State Street Bank and Trust Company
1776 Heritage Drive                                                     7.55%
North Qunicy, MA 02171
------------------------------------------------------- ------------------------------------
Bankers Trust Company
648 Grassmere Park Road                                                 6.81%
Nashville, TN 37211
------------------------------------------------------- ------------------------------------
Harris Trust and Savings Bank
111 West Monroe Street                                                  6.42%
Chicago, IL 60603
------------------------------------------------------- ------------------------------------

</TABLE>


Item 13. Certain Relationships and Related Transactions.

National  Global MBS  Manager,  Inc.,  one of the  registrants,  received  Trust
Manager  fees  from the  Trust in  accordance  with the  terms of the  operative
documents.







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                                     PART IV


Item 14. Exhibits, Financial Statements Schedules and Reports on Form 8-K


(a)  Attached hereto the following documents:

         99.1 Annual Independent Certified Public Accountant's Report

         99.2 Officer's Certificate of Compliance

(b)  On April 17, 2001, a current  report on Form 8-K was filed  relating to the
     Quarterly  Report to the  Noteholders  dated April 11,  2001.  On August 7,
     2001,  a current  report on Form 8-K was filed  relating  to the  Quarterly
     Report to  Noteholders  dated July 13, 2001. On October 29, 2001, a current
     report  on  Form  8-K  was  filed  relating  to  the  Quarterly  Report  to
     Noteholders dated October 15, 2001. On January 28, 2002 a current report on
     Form 8-K was filed relating to the Quarterly  Report to  Noteholders  dated
     January 14, 2002.






























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                                   SIGNATURES


     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934,  the  Registrants  have duly caused this Annual  Report on
Form  10-K  to be  signed  on  its  behalf  by  the  undersigned  hereunto  duly
authorized.

                                       NATIONAL GLOBAL MBS MANAGER, INC.

                                       NATIONAL  MORTGAGE SECURITIES, INC.





                                              By: /s/ Robert J. Jacobs
                                                  ------------------------------
Dated: March 29, 2002                         Name: Robert J. Jacobs
                                              Title: Director


                                              By: /s/ Susan E. Lester
                                                  ------------------------------
Dated: March 29, 2002                         Name: Susan E. Lester
                                              Title: Director























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