**EXHIBIT 13.1**

 

**Noteholders Report**

**Crusade Global Trust No.2 of 2004**

**Aggregate Totals For Fiscal Year 1 October 2004 to 30 September 2005**

**Notes**

| ** **     | **FV Outstanding (USD) as****at Sept 30, 2005** | **Bond Factor as at****Sept 30, 2005** | **Coupon Rate as at****Sept 30, 2005** |
|----------------|-------------------------------------------------|----------------------------------------|----------------------------------------|
| Class A1 Notes | 508,682,152.31                                  | 84.78036%                              | 3.94000%                               |
|           | **FV Outstanding (EUR) as****at Sept 30, 2005** | **Bond Factor as at****Sept 30, 2005** | **Coupon Rate as at****Sept 30, 2005** |
| Class A2 Notes | 339,121,434.88                                  | 84.78036%                              | 2.2740%                                |
|           | **FV Outstanding (AUD) as****at Sept 30, 2005** | **Bond Factor as at****Sept 30, 2005** | **Coupon Rate as at****Sept 30, 2005** |
| Class A3 Notes | 508,682,152.31                                  | 84.78036%                              | 5.8600%                                |
| Class B Notes  | 27,400,000.00                                   | 100.00000%                             | Not Disclosed                          |
| Class C Notes  | 11,100,000.00                                   | 100.00000%                             | Not Disclosed                          |

 

**Notes**

| ** **     | **Interest Payments****(USD)** | **Principal Distribution****(USD)** | **Charge Offs****(USD)** |
|----------------|--------------------------------|-------------------------------------|--------------------------|
| Class A1 Notes | 14,591,793.00                  | 91,317,847.69                       | 0.00                     |
|           | **Interest Payments****(EUR)** | **Principal Distribution****(EUR)** | **Charge Offs****(EUR)** |
| Class A2 Notes | 8,115,250.40                   | 60,878,565.12                       | 0.00                     |
|           | **Interest Payments****(AUD)** | **Principal Distribution****(AUD)** | **Charge Offs****(AUD)** |
| Class A3 Notes | 30,568,183.20                  | 91,317,847.69                       | 0.00                     |
| Class B Notes  | Not Disclosed                  | 0.00                                | 0.00                     |
| Class C Notes  | Not Disclosed                  | 0.00                                | 0.00                     |

 

| **Principal Collections Information in AUD** |           |
|----------------------------------------------|----------------|
|                                         |           |
| Scheduled Principal Payments                 | 39,501,923.25  |
| Unscheduled Principal Payments               | 318,604,453.42 |
| Redraws                                      | 27,371,009.38  |
|                                         |           |
| Principal Collections                        | 330,735,367.29 |
|                                         |           |
|                                         |           |
| **Total Available Principal in AUD**         |           |
|                                         |           |
| Principal Collections                        | 330,735,367.29 |
| Principal Charge Offs                        | 0.00           |
| Principal Draw                               | -10,692,426.68 |
| Reimbursement of Principal Draw              | 9,668,172.62   |
|                                         |           |
| Total Available Principal                    | 329,711,113.23 |
| Outstanding Principal Draws                  | 1,024,254.06   |
|                                         |           |
| Principal Distributed                        | 329,711,113.23 |
| Principal Retained                           | 0.00           |
|                                         |           |

 

 

 

|                                         |           |
|----------------------------------------------|----------------|
| **Total Available Funds in AUD**             |           |
|                                         |           |
| Available Income                             | 129,217,593.72 |
| Principal Draw                               | 10,692,426.68  |
| Reimbursement of Principal Draw              | 9,668,172.62   |
| Liquidity Draw                               | 0.00           |
|                                         |           |
| Total Available Funds                        | 130,241,847.78 |
|                                         |           |
|                                         |           |
| **Redraw & Liquidity Facilities in AUD** |           |
|                                         |           |
| Redraw Shortfall                             | 0.00           |
| Redraw Carryover Charge Offs                 | 0.00           |
|                                         |           |
| Liquidity Draw                               | 0.00           |
| Liquidity Shortfall                          | 0.00           |