SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549
                                    FORM 20-F

(MARK ONE)
|_|    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
       EXCHANGE ACT OF 1934
                                       OR
|X|    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934
                                       OR
|_|    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934 [NO FEE REQUIRED]


For the period from February 27, 2003 to June 30, 2003.

Commission file number 333-102569


                 INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED
   In its capacity as Manager of the Interstar Millennium Series 2003-1G Trust
                      Australian Company Number 100 346 898
             (Exact name of Registrant as specified in its charter)

                           New South Wales, Australia
                 (Jurisdiction of incorporation or organization)

        Level 28, 367 Collins Street, Melbourne, Victoria 3000 Australia
                    (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

SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION PURSUANT TO SECTION 15(d)
OF THE ACT
US$750,000,000 Class A2 Mortgage Backed Floating Rate Notes due 2035
US$15,500,000 Class B1 Mortgage Backed Floating Rate Notes due 2035


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  [_]

Indicate by check mark which financial statement item the registrant has elected
to follow

  Item 17 [_]   Item 18 [_] Incorporated by Reference to filings on Form 6K [X]


<PAGE>

                              CROSS-REFERENCE SHEET

<TABLE>
<CAPTION>

20-F ITEM NUMBERS AND CAPTION                                                   LOCATION


PART I
<S>  <C>                                                                       <C>

1.    Identity of Directors, Senior Management                                  Not applicable and Advisers

2.    Other Statistics and Expected Timetable                                   Not applicable

3.    Key Information                                                           Selected Financial Information

4.    Information on the Trust                                                  Property

5.    Operation and Financial Review and Prospects                              Not applicable

6.    Directors, Senior Management and Employees                                Not applicable

7.    Major  Shareholders and Related Party Transactions                        Major Shareholders and Interest of
                                                                                Transactions Management and
                                                                                Related Parties in Transactions

8.    Financial Information                                                     Not applicable

9.    The Offer and Listing                                                     Markets

10.   Additional Information                                                    Exchange Controls, Taxation, Legal
                                                                                Proceedings, Holders of Notes

11.   Quantitative and Qualitative Disclosures                                  Market Risk
      About Market Risk

12.   Description of Securities Other Than Equity                               Not applicable
      Securities



                                       i
<PAGE>

PART II


13.   Defaults, Dividend Arrearages and Delinquencies                           Defaults and Delinquencies

14.   Material Modifications to Rights of Security                              Material Modifications to Rights of
      Holders and Use of Proceeds                                               Security Holders

15.   Controls and Procedures                                                   Not applicable

16.   [RESERVED]                                                                Not applicable



PART III

17.   Financial Statements                                                      Not applicable

18.   Financial Statements                                                      Not applicable

19.   Exhibits                                                                  Exhibits
</TABLE>


                                       ii
<PAGE>

<TABLE>
<CAPTION>

TABLE OF CONTENTS

PART I
<S>     <C>                                                                                                             <C>

Incorporation of Certain Documents by Reference..........................................................................1

Item 1:  Identity of Directors, Senior Management and Advisors...........................................................1

Item 2:  Offers Statistics and Expected Timetable........................................................................1

Item 3:  Selected Financial Information..................................................................................1

Item 4:  Information on the Trust........................................................................................2

Item 5:  Operation and Financial Review and Prospectus...................................................................3

Item 6:  Directors, Senior Management and Employees......................................................................3

Item 7:  Major Shareholders and Interest of Management and Related Parties in Transactions...............................3

Item 8:  Financial Information...........................................................................................3

Item 9:  Markets.........................................................................................................3

Item 10: Exchange Controls, Taxation, Legal Proceedings, Holders of Notes................................................3

Item 11: Quantitative and Qualitative Disclosures about Market Risk......................................................8

Item 12: Description of Securities other than Equity Securities..........................................................9


PART II

Item 13: Defaults and Delinquencies......................................................................................9

Item 14: Material Modification to Rights of Security Holders and Use of Proceeds.........................................9


PART III

Item 15: Controls and Procedures.........................................................................................9

Item 16: [Reserved].....................................................................................................10

Item 17: Financial Statements...........................................................................................10

Item 18: Financial Statements...........................................................................................10

Item 19: Exhibits.......................................................................................................10


EXHIBITS

Exhibit 13.1:  Noteholders Report for the May 27, 2003 Payment Date
Exhibit 13.2:  Aggregate Totals for Fiscal Year
Exhibit 31.1:  Section 302 Certification
Exhibit 99.1:  The Manager Officer's Certificate of Compliance
Exhibit 99.2:  The Servicer Officer's Certificate of Compliance
Exhibit 99.3:  Independent Auditors Annual Servicer's Compliance Certificate
</TABLE>


                                      iii
<PAGE>


INTERSTAR MILLENNIUM SERIES 2003-1G TRUST

PART 1

This  Annual  Report on Form 20-F  relates to the  Interstar  Millennium  Series
2003-1G  Trust  (the  "Trust")  and the  Class A2 and Class B1  Mortgage  Backed
Floating Rate Notes (the "Notes")  issued  pursuant to the Note Trust Deed dated
as of February  26, 2003 (the "Note Trust  Deed"),  between  Perpetual  Trustees
Victoria  Limited,   the  issuer  trustee  (the  "Issuer  Trustee");   Interstar
Securitisation  Management Pty Ltd (the "Manager"),  as Manager; and The Bank of
New York, as note trustee (the "Note Trustee").  Capitalised  terms used in this
Form 20-F and not defined have the same meanings given to them in the Prospectus
and Series Notice relating to the Notes.

The information  required for some items in Form 20-F is "not applicable" to the
Trust or the Manager.  As used in this Annual  Report  filed on Form 20-F,  "not
applicable"  or the "Not  Applicable"  means that the response to the referenced
item is omitted in reliance  on the  procedures  outlined in 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.


INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

The Manager incorporates by reference its Noteholders Reports, filed as periodic
filings on Form 6-K,  which  contain all  financial  information  related to the
Trust relevant to the holders of the Notes (the "Noteholders"), pursuant to rule
12b-23 promulgated under the Securities Exchange Act of 1934.


ITEM 1.     IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS.

Not Applicable.


ITEM 2.     OFFER STATISTICS AND EXPECTED TIMETABLE.

Not Applicable.


ITEM 3.     SELECTED FINANCIAL INFORMATION

The Manager  globally  incorporates  by reference and attaches hereto as Exhibit
13.1,  pursuant to Rules 12b-23 promulgated under the Securities Exchange Act of
1934, the following  quarterly  Noteholders  Report (the  "Noteholder  Report"),
filed on Form 6-K, which include all financial information relating to the Trust
that is relevant to Noteholders.

o        Noteholders Report for the May 27, 2003 Payment Date

The Manager also attaches hereto, as Exhibit 13.2 the following document:

o        Aggregate Totals for Fiscal Year,


                                       1
<PAGE>


CURRENCY EXCHANGE

A portion of the  financial  information  provided in the exhibits  listed above
contain information in Australian Dollars. The noon buying rate in New York City
for cable transfers in Australian  dollars as certified for customs  purposes by
the Federal Reserve Bank of New York on June 30, 2003 was US$0.6713=A$1.00.

Payments to  Noteholders  are  generally  not  effected by  fluctuations  in the
exchange rate between  Australian and U.S.  dollars  because of the existence of
currency swap.


ITEM 4.     INFORMATION ON THE TRUST

The legal name of the Trust is the Interstar  Millennium  Series  2003-1G Trust.
The Trust was  established  by  execution  of a notice of  creation  of trust by
Interstar  Securities  (Australia)  Pty  Limited,  the  Manager  and the  Issuer
Trustee.

The Interstar Millennium Trusts securitization  program was established pursuant
to a master trust deed for the purpose of enabling  Perpetual  Trustees Victoria
Limited,  as  trustee  of  each  trust  established  pursuant  to the  Interstar
Millennium Trusts  securitization  program,  to invest in pools of housing loans
originated from time to time by the servicer. The Master Trust Deed provides for
the creation of an unlimited number of trusts. The Master Trust Deed establishes
the general  framework under which trusts may be established  from time to time.
It does not actually  establish  any trusts.  The  Interstar  Millennium  Series
2003-1G Trust is a separate and distinct trust from any other trust  established
under the master  trust  deed.  The assets of the  Interstar  Millennium  Series
2003-1G Trust are not available to meet the  liabilities  of any other trust and
the assets of any other trust are not available to meet the  liabilities  of the
Interstar Millennium Series 2003-1G Trust.

The property of the Trust primarily consists of residential  mortgage loans (the
"Loans").  Information  concerning  such  property can be found in the quarterly
Noteholders Reports,  attached as Exhibit 13.1, and the Aggregate Totals for the
Fiscal Year, attached as Exhibit 13.2.

Additionally, an Officer's Certificate of Compliance,  executed by a director of
the Manager is filed herewith as Exhibit 99.1. Such statement certifies that the
Manager and the Issuer  Trustee,  in such  capacities,  have  complied  with all
conditions and covenants under the transaction documents for the issuance of the
Notes by the Trust.

Arcturus  Management  Pty  Limited,  the previous / original  parent  company of
Interstar  Securities  Holdings Pty Limited  ("Interstar"),  entered into a call
option  arrangement  with ZCM Australia Asset Holdings Limited to acquire all of
the issued shares of Interstar,  the parent company of Interstar  Securitisation
Management   Pty  Limited  (the  "Trust   Manager")  and  Interstar   Securities
(Australia) Pty Limited (the "Servicer").

On 1 September  2003, the Challenger  Financial  Services Group Limited  entered
into a share  sale  and  purchase  agreement  (the  "Agreement")  with  ZCM Asia
Holdings Pty Limited ("ZCM") to acquire the assets of ZCM's Australian Principal
Finance  business.  In  connection  with  the sale of its  Australian  principal
finance  business,  ZCM sold 100% of the shares in ZCM Australia  Asset Holdings
Limited to Challenger Financial Services Group Limited. As of 29 September 2003,
Challenger  Financial  Services  Group  Limited  directed  ZCM  Australia  Asset
Holdings Limited to exercised its option to acquire all of the shares of


                                       2
<PAGE>

Interstar under the call option arrangement.  As a result, the Trust Manager and
the Servicer are  wholly-owned  subsidiaries  of Challenger  Financial  Services
Group Limited.


ITEM 5.   OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Not Applicable.


ITEM 6.   DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

Not Applicable.


ITEM 7.   MAJOR SHAREHOLDERS AND INTEREST OF MANAGEMENT AND
          RELATED PARTIES IN TRANSACTIONS

Interstar  Securitisation  Management  Pty Ltd is a wholly owned  subsidiary  of
Interstar Securities (Australia) Pty Ltd. Its principal business activity is the
management of securitisation  trusts established under the Interstar  Millennium
Trust Programmes.

Interstar  Securities  (Australia) Pty Ltd acts as servicer (the  "Servicer") to
the trust. The servicer receives a servicer fee from the trust.

The servicer is a wholly owned direct  subsidiary  of the  Interstar  Securities
Holdings Pty Limited  ("Interstar  Holdings").  All shares in Interstar Holdings
are ultimately  owned  (effective  September 29, 2003) by CPH Management Ltd, in
its capacity as responsible entity of Challenger Financial Services Group.

The Manager has entered into an arrangement agreement with the Servicer, whereby
the  Servicer  provides  services  and  various  facilities  to the  Manager  on
commercial terms, in order for the Manager to carry out its functions as manager
under the securitization  trusts.  Interstar  Securitisation  Management Pty Ltd
pays management fees to the servicer.


ITEM 8.   FINANCIAL INFORMATION

Not Applicable


ITEM 9.   MARKETS

The notes are not traded on any  nationally  recognized  exchange  in the United
States.


ITEM 10.  EXCHANGE CONTROLS, TAXATION, LEGAL PROCEEDINGS, HOLDERS OF NOTES

EXCHANGE CONTROLS

ANTI-TERRORISM RESTRICTIONS
The written  approval of the Australian  Minister of Foreign Affairs is required
for  transactions  involving  the control or  ownership  of assets by persons or
entities linked to terrorist activities and identified by the United Nations and
the   Commonwealth  of  Australia  under  the  Charter  of  the  United  Nations
(Anti-terrorism  Persons and Entities)  List, as published  from time to time in
the  Commonwealth  Government  Gazette.  This includes  individuals  or entities
linked with the Taliban,  Osama bin Laden, Al Qa'ida, Jemaah Islamiyah and other
terrorist  organizations  (which may be known by different names).  Transactions
involving persons published in the Commonwealth  Government  Gazette without the
permission  of the  Australian  Minister  for  Foreign  Affairs  are a  criminal
offence.

                                       3
<PAGE>

PROHIBITED TRANSACTIONS
Transactions  involving the regime of former  President of  Yugoslavia  Slobodan
Milosevic  and certain  ministers  and senior  officials  of the  Government  of
Zimbabwe are prohibited  under the Banking  (Foreign  Exchange)Regulations  1959
(Cth).The Reserve Bank of Australia  publishes changes to prohibited parties and
variations  in the  restrictions  on  those  parties  from  time  to time in the
Commonwealth Government Gazette.

TRANSACTIONS WHICH MAY BE APPROVED BY THE RESERVE BANK OF AUSTRALIA
o    Transactions  over A$100,000  involving the Embassy of the Federal Republic
     of Yugoslavia,  the Consulate-General of the Federal Republic of Yugoslavia
     and Narodna Banka  Jugoslavije  (including  Banque Nationale de Yugoslavie)
     require prior approval from the Reserve Bank of Australia.


TAXATION CERTAIN AUSTRALIAN TAX MATTERS

The following  statements  with respect to Australian  taxation are only general
summaries and are based on advice  received by the Manager.  Purchasers of Notes
should  consult their own tax advisers  concerning  the  consequences,  in their
particular  circumstances,  under Australian tax laws, and the laws of any other
taxing jurisdiction, of the ownership of or any dealing in the Notes.


PAYMENTS OF PRINCIPAL, PREMIUMS AND INTEREST

Under current Australian tax law,  non-resident holders of Notes are not subject
to  Australian  income tax on  payments  of interest or amounts in the nature of
interest  unless  the Notes  are held as part of a  business  carried  on, at or
through a permanent establishment in Australia.  However, interest or amounts in
the nature of  interest  paid to such  non-residents  may be subject to interest
withholding  tax,  which is  currently  imposed at the rate of 10%. A premium on
redemption,  if any,  would  generally  be treated as an amount in the nature of
interest for this purpose. Pursuant to section 128F of the Income Tax Assessment
Act 1936 of the  Commonwealth  of Australia (the "1936 Act"),  an exemption from
Australian interest  withholding tax is available where the following prescribed
conditions are met. These conditions are:

o    the Issuer  Trustee  is a company  that is a resident  of  Australia,  or a
     non-resident  carrying on business at or through a permanent  establishment
     in  Australia,  when it issues the Notes and when  interest,  as defined in
     section 128A(1AB) of the 1936 Act, is paid; and

o    the Notes were issued in a manner which  satisfied the public offer test as
     prescribed  under  section  128F of the  1936 Act or  which  satisfied  the
     definition of a global bond under subsection 128F(10) of the 1936 Act.

The  Notes  were  issued  in a way that  satisfied  the  public  offer  test and
otherwise  met the  requirements  of section 128F of the 1936 Act.  Accordingly,
payments of principal and interest,  and any premium upon  redemption  made to a
non-resident  Noteholder,  who does not carry on  business  through a  permanent
establishment  in  Australia,  will  not be  subject  to  Australian  income  or
withholding tax.

The exemption from Australian withholding tax will not apply to interest paid by
the Issuer  Trustee to an associate of the Issuer  Trustee within the meaning of
section 128F of the 1936 Act if, at the time of the payment,  the Issuer Trustee
knows,  or has  reasonable  grounds to suspect,  that the person is an associate
unless the associate  receives  payment of the interest (or amount in the nature
of interest):

o        if the associate is not an Australian resident, in carrying on business
         in Australia at or through a permanent establishment; or

o        if the  associate  is an  Australian  resident,  other  than  through a
         business  carried  on by  the  associate  at  or  through  a  permanent
         establishment  outside  Australia;  or in the  capacity  of a  clearing
         house, paying agent, custodian, funds manager, or responsible entity of
         an Australian registered scheme.


                                       4
<PAGE>

PROFIT ON SALE

Under existing Australian law, non-resident holders of Notes will not be subject
to Australian  income tax on profits  derived from the sale or disposal of those
Notes provided that:

o        the Notes are not held as part of a business  carried on, at or through
         a permanent establishment in Australia; and

o        the profits do not have an Australian  source. The source of any profit
         on the  disposal of Notes will depend on the factual  circumstances  of
         the actual  disposal.  Where the Notes are  acquired  and  disposed  of
         pursuant to contractual arrangements entered into and concluded outside
         Australia,  and the  seller  and the  purchaser  are  non-residents  of
         Australia  and do not have a  business  carried  on,  at or  through  a
         permanent  establishment  in  Australia,  the profit should not have an
         Australian source.


TAXATION OF FINANCIAL ARRANGEMENTS

The  Australian  Federal  Government  enacted  The  New  Business  (Taxation  of
Financial Arrangements) Act (No. 1) 2003 ("the TOFA Act"). The TOFA Act includes
measures in relation to the  treatment of foreign  currency  gains and losses on
transactions  entered  into on or after the first income year  commencing  on or
after July 1, 2003. In addition, the new rules will also apply, at the option of
the taxpayer,  to foreign currency gains and losses on transactions entered into
prior to the first income year commencing  after July 1, 2003 but realised after
that time.

The TOFA Act also  contains  measures  in  relation to the removal of the taxing
point on  conversion  or  exchange  of  certain  traditional  securities.  These
measures apply to traditional securities issued after May 14, 2002.

The  specific  taxation  implications  of these  measures  will vary as  between
Noteholders.   Broadly,  the  taxation   consequences  will  depend  on  whether
Noteholders own the Notes on revenue or capital account.

The  measures  should  not  impact  non-resident  Noteholders  who do not have a
permanent establishment in Australia.


GOODS AND SERVICES TAX

Australia  has a goods and services tax under which an entity is required to pay
goods and services tax on any taxable supplies it makes. The amount of goods and
services tax payable will be equal to 1/11th of the total consideration received
for the supply.

The  GST  is a  transactions  based  tax  and  accordingly  may  impact  various
transactions in which the Issuer Trustee is involved. Broadly, the impact of the
GST regime will depend on the type of supply made by the Issuer Trustee.

Where the supply by the Issuer Trustee is a "taxable supply", the Issuer Trustee
will have to remit GST equal to 1/11th of the total  consideration  received for
the supply to the ATO. The Issuer  Trustee can obtain full input tax credits for
GST paid on goods and / or services acquired to make the taxable supply.

Where the  supply by the  Issuer  Trustee  is a "GST free  supply",  the  Issuer
Trustee  does not remit GST on the  supply to the ATO.  The Issuer  Trustee  can
obtain full input tax  credits  for GST paid on things  acquired to make the GST
free supply.

Where the  supply  by the  Issuer  Trustee  is an "input  taxed  supply",  which
includes financial supplies,  the Issuer Trustee is not required to remit GST on
the supply.  The Issuer  Trustee is generally  not entitled to input tax credits
for GST paid on goods and / or services  acquired to make input taxed  supplies.
In some circumstances, however, "reduced input tax credits" may be available.


                                       5
<PAGE>

On the basis of the  current  GST  legislation,  the  issue of the  Notes  would
constitute  either a  financial  supply or a GST-free  supply  depending  on the
status  and  location  of the  Noteholders  (note  that  the  issue  of Notes to
non-resident  Noteholders is likely to constitute a GST-free supply).  In either
case GST is not  charged in respect  of the  supply.  Payments  of  interest  or
principal  made on the Notes  would not  constitute  a  separate  supply for GST
purposes nor consideration for a supply by Noteholders.

OTHER TAXES

Under current  Australian  law, there are no gift,  estate or other  inheritance
taxes or duties. A transfer of, or agreement to transfer, Notes executed outside
of Australia should not be subject to Australian stamp duty.

TAX CONSOLIDATION

The  "head  company"  of a  consolidatable  tax group may elect for the group to
consolidate  under  the new  regime  from  July 1, 2002 and be taxed as a single
entity  so that  transactions  between  members  of the  consolidated  group are
ignored for tax purposes. Making an election to consolidate is optional, however
the choice by a head  company  to  consolidate  brings  all of its  wholly-owned
members, which includes companies,  partnerships and trusts, into the regime. An
entity is wholly-owned for these purposes, if all of the membership interests in
it are held directly or indirectly by the head company.

The head  company of a tax  consolidated  group will be liable for income tax in
respect of itself and all of its  wholly-owned  group members.  The  legislation
provides  that where,  however,  the head  company  fails to meet its income tax
liabilities,  each wholly-owned  group member is jointly and severally liable to
pay the consolidated group's income tax liabilities. Thus, there is a contingent
risk that the members of a  consolidated  group may be liable to contribute to a
consolidated group's income tax liabilities.

The  Trust,  as  currently  structured,  is  not  a  wholly-owned  member  of  a
consolidated  tax  group.  As  a  result,  the  Trust  will  not,  as  currently
structured,  be liable to  contribute  to any  consolidated  group's  income tax
liabilities.


THIN CAPITALISATION

Australia  has thin  capitalisation  measures  that  operate to deny or reduce a
portion of interest  deductions.  These rules apply where an entity is either an
"Outward Investing Entity" or an "Inward Investing Entity".  Whilst the Trust is
neither an Outward  Investing Entity nor an Inward Investing  Entity,  the rules
may still apply to the Trust if the Manager, as the beneficiary of the Trust, is
itself an Inward Investing Entity or an Outward Investing Entity. The Manager is
currently not an Inward Investing Entity.  In addition,  it is expected that the
Manager will satisfy a de minimus exemption  provided by the law so that it will
not be subject to the thin capitalisation rules as an Outward Investing Entity.

In any case, the Australian Federal Government has recently enacted  legislation
which provides that  securitisation  vehicles which meet the structured  finance
criteria  for  special  purpose  entities  in  Australia  of an  internationally
recognized  ratings  agency  and  fund  their  activities  by the  issue of debt
interests,  will not be subject  to the thin  capitalisation  regime.  The Trust
should meet these criteria and thus the rules should not apply to the Trust.
Even if the rules do apply to the Trust,  on the basis that the  beneficiary  of
the Trust is presently  entitled to the income of the Trust,  any  resultant tax
liability will be met by the beneficiary  and,  therefore,  should not adversely
affect the ability of the Issuer  Trustee to pay  principal  and interest on the
Notes.

DEBT/EQUITY RULES

The Debt/Equity rules,  applicable generally from July 1, 2001, under which debt
can be  recharacterised  as equity  for tax  purposes  should not affect the tax
deductibility of interest on the Notes.


                                       6
<PAGE>

TAXATION OF THE TRUST

The net income of the Trust for a given year of income will be determined  after
deducting  from the  assessable  income of the Trust  any  allowable  deductions
incurred by the Trust.  The  assessable  income will  primarily  be the interest
income  that is derived by the Trust from the  provision  of  mortgage  finance.
Subject  to  certain  exceptions,  the  allowable  deductions  of the Trust will
primarily  be the  expenses  which are  incurred  for the  purpose  of  deriving
assessable  income or  necessarily  incurred in  carrying on a business  for the
purpose of gaining or producing assessable income. Expenses which are capital in
nature will not be allowable as deductions.

Under the current taxation law, the net income of the Trust is to be included in
the  assessable  income of the  beneficiaries  of the  Trust  who are  presently
entitled  to the  income.  This will be so whether or not the income is actually
paid to the  unitholder,  where the unitholder is presently  entitled to the net
income of the Trust.  Where the net income is paid to a  unitholder,  it will be
assessable  to the  unitholder  in the year to which  the  distribution  relates
notwithstanding that it may be paid in the following year of income.

In the case of the Trust, the residual income unit is held by the unitholder who
will be presently entitled to the net income of the Trust. The Trust itself will
not  currently  be liable to income tax on the net income  derived by the Trust.


TAX REFORM PROPOSALS - TAXATION OF TRUSTS AS COMPANIES

Under the Review of Business Taxation  recommendations it was proposed that some
Trusts be taxed as if they were  companies as from July 1, 2001.  The Australian
federal    government    released   draft   legislation   to   implement   these
recommendations.  The draft legislation  provided that non-fixed Trusts would be
taxed as if they were companies.  Fixed Trusts, however, would not be subject to
the  proposed  measures  and  would  therefore  retain  their  current  taxation
treatment and accordingly will continue to receive flow-through  treatment.  The
Exposure Draft Legislation was subject to an extensive  consultation process. As
a result of this process,  the Australian federal  government  resolved that the
Exposure Draft  Legislation  involved numerous  complications,  therefore it has
since been withdrawn.

The Australian  Federal  Government may issue new draft rules in relation to the
taxation of Trusts in the future,  however the form and  proposed  start date of
these measures remain uncertain.

In any case, the measures should in no way impact the payment to Noteholders who
will continue to receive their interest  payments in respect of the Notes issued
by the Issuer Trust.


LEGAL PROCEEDINGS

The Manager knows of no material legal  proceedings  involving any of the Trust,
the Manager, the Servicer or the Issuer Trustee.


HOLDERS OF NOTES

The Notes are currently  represented by  certificates  registered in the name of
Cede & Co., the nominee of The Depository Trust Company. Accordingly, Cede & Co.
is the sole holder of record of the Notes,  which it holds on behalf of brokers,
dealers, banks and other direct participants in the DTC system.




                                       7
<PAGE>


ITEM 11.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
          RISK MARKET RISKS

CURRENCY EXCHANGE CONTROL RISK

Interest  and  principal  payments  to  holders  of the Notes are paid in United
States  dollars   ("U.S.   dollars").   However   payments  on  the  Loans  (the
"Collections")  are received by the Issuer Trustee,  in Australian  dollars,  in
Australia.  Pursuant to certain swap  agreements  ("Currency  Swaps") the Issuer
Trustee  is  required  to pay a  portion  of the  Collections  to  certain  swap
counterparties  (the "Currency Swap Providers") who in turn pays ("Swap Currency
Exchange"),  at the direction of the Issuer Trustee, U.S. dollars to the holders
of the Notes.  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  Swaps.  The holders of the Notes will bear the risk
of the imposition of foreign exchange controls by the Australian government 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  Providers  under the  Currency  Swaps,  the
Currency Swap Providers are 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, buying, borrowing,selling, lending or exchanging foreign currency (where
the  transaction  relates to  property,  securities  or funds) by an  Australian
resident to, or on behalf of the following payees is subject to restrictions:

     o    the Government of Iraq or its agencies or nationals;
     o    certain Yugoslav entities or individuals;
     o    Jemiah Islamiah;
     o    UNITA (the Union for the Total Independence of Angola), its senior
          officials and their immediate families;
     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 organisation 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 Gn49, and the persons whose names are listed
          under Suppression of the Financing of Terrorism Act 2002
          (Commonwealth).  Any funds transferred from Australia or to
          non-Australian residents may be subject to withholding taxes in
          relation to remittances of dividends, to the extent they are
          unfranked, and interest payments.




                                       8
<PAGE>


Approval  of the  Reserve  Bank of  Australia  is  required  for  certain  large
transactions (i.e greater than A$100,000) by or on behalf of:

     o    the Embassy of the Federal Republic of Yugoslavia;
     o    the consulate-General of the Federal Republic of Yugoslavia; and
     o    the National Bank of Yugoslavia;

Under the Charter of the United Nations  (Anti-terrorism  Measures)  Regulations
2001 (the "UN  Regulations")  (as  administered  by the  Department  of  Foreign
Affairs and Trade in Australia), restrictions exist in relation to dealings with
the assets of persons or entities  mentioned in paragraph 1(c) of United Nations
Security  Council  Resolution  1373 (2001),  as  proscribed  by the Minister for
Foreign Affairs in Australia pursuant to Regulation 7 of the UN Regulations.


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
Loans,  which  will be sourced  in  Australian  dollars.  If the  Currency  Swap
Providers  were  to fail to  perform  under  the  Currency  Swaps  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
were 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 Loans may be acceptable.


ITEM 12.   DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not Applicable



PART II

ITEM 13.   DEFAULTS AND DELINQUENCIES

There has been no material default or delinquency in the payment of principal or
interest on the Notes.  Delinquency  and loss  information on the mortgage loans
has been provided in the Noteholder Reports.


ITEM 14.   MATERIAL MODIFICATIONS TO RIGHTS OF SECURITY HOLDERS AND USE
           OF PROCEEDS

None.



PART III

ITEM 15.   CONTROLS AND PROCEDURES

Not Applicable




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<PAGE>

ITEM 16.   [Reserved]

Not Applicable


ITEM 17.   FINANCIAL STATEMENTS

Not Applicable


ITEM 18.   FINANCIAL STATEMENTS

Not Applicable


ITEM 19.   EXHIBITS

The following documents are filed as part of this Annual Report:

1.  Exhibit 13.1:   Noteholders Report for the May 27, 2003 Payment Date,
2.  Exhibit 13.2:   Aggregate Totals for the Fiscal Year
3.  Exhibit 31.1:   Section 302 Certification
4.  Exhibit 99.1:   The Manager Officer's Certificate of Compliance
5.  Exhibit 99.2:   The Servicer  Officer's Certificate of Compliance
6.  Exhibit 99.3:   Independent Auditor's Annual Servicer Compliance Certificate



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<PAGE>

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing
on Form 20-F and that it has duly caused and authorized the  undersigned to sign
this annual report on its behalf.


INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED



  /S/ SAM KYRIACOU
----------------------
Name:   Sam Kyriacou
Title:  Director
Date:   January 12, 2004


                                       11
<PAGE>

                                INDEX TO EXHIBITS


    Exhibit No.                Document Description

       13.1      Noteholders Report for the May 27, 2003 Payment Date
       13.2      Aggregate Totals for the Fiscal Year
       31.1      Section 302 Certification
       99.1      The Manager Officer's Certificate of Compliance
       99.2      The Servicer Officer's Certificate of Compliance
       99.3      Independent Auditors Annual Servicer's Compliance Certificate



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