EXHIBIT 99.2














                        CRUSADE GLOBAL TRUST NO.2 OF 2001
                                FINANCIAL REPORT
                     FOR THE PERIOD ENDED 30 SEPTEMBER 2001




<PAGE>


CRUSADE GLOBAL TRUST NO.2 OF 2001
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE PERIOD ENDED 30 SEPTEMBER 2001


                                                               --------------
                                                                5 September
                                                     Note        2001 to 30
                                                               September 2001
                                                                     $
                                                               --------------

Revenue from ordinary activities
    Interest income                                   2             4,846,739
    Fees                                              2                77,037
                                                               --------------
                                                                    4,923,776
Expenses from ordinary activities
    Interest expense                                  2             4,013,308
    Custodian fees                                    10               15,812
    Servicing fees                                    10              421,645
    Manager fees                                      10               94,870
    Trustee fees                                      10               28,988
                                                               --------------
                                                                    4,574,623
                                                               --------------
Result from ordinary activities (excess income)                       349,153
                                                               ==============





The Statement of Financial Performance should be read in conjunction with the
accompanying notes to the financial statements on pages 5 to 10.


                                                                               1
<PAGE>


CRUSADE GLOBAL TRUST NO.2 OF 2001
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2001

                                                               --------------
                                                                5 September
                                                 Note            2001 to 30
                                                               September 2001
                                                                     $
                                                               --------------
Assets
    Cash and liquid assets                        3                33,481,016
    Receivables                                   4               129,181,899
    Investments                                   5             1,514,536,841
                                                               --------------
Total Assets                                                    1,677,199,756
                                                               --------------


Liabilities
    Accounts payable                              6                12,708,637
    Mortgage-backed bonds                                       1,664,491,109
                                                               --------------

Total Liabilities                                               1,677,199,746
                                                               --------------

                                                               --------------
Net Assets                                                                 10
                                                               ==============

Unitholder's Funds
    Unit on issue                                                          10
                                                               --------------
Total Unitholder's Funds                                                   10
                                                               ==============




The Statement of Financial Position should be read in conjunction with the
accompanying notes to the financial statements on pages 5 to 10.



                                                                              2
<PAGE>


CRUSADE GLOBAL TRUST NO.2 OF 2001
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001

                                                               -------------
                                                              5 September 2001
                                                   Note        to 30 September
                                                                     2001
                                                                       $
                                                               --------------

Cash flows from operating activities
    Interest received                                               1,150,525
    Fees received                                                      77,038
    Expenses paid                                                           -
                                                               --------------
Net cash provided by operating activities          (b)              1,227,563
                                                               --------------

Cash flows from investing activities
    Purchase of Loans                                          (1,542,522,862)
    Proceeds from Loan Repayments                                  27,986,021
                                                               --------------
Net cash used in investing activities                          (1,514,536,841)
                                                               --------------


Cash flows from financing activities
    Proceeds from Ultimate Chief Entity                             7,784,860
    Proceeds from Issue of Unit                                            10
    Proceeds from the Issue of Mortgage Backed notes            1,539,005,424
                                                               --------------
Net cash provided by financing activities                       1,546,790,294
                                                               --------------

                                                               --------------
Net increase in cash held                                          33,481,016
                                                               --------------

Cash at the beginning of the year                                           -

                                                               --------------
Cash at the end of the year                        (a)             33,481,016
                                                               ==============





The Statement of Cash Flows should be read in conjunction with the accompanying
notes to the Statement of Cash Flows on page 4 and the notes to the financial
statements on pages 5 to 10.


                                                                               3
<PAGE>


CRUSADE GLOBAL TRUST NO.2 OF 2001
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001

                                                               --------------
                                                                5 September
                                                                 2001 to 30
                                                                 September
                                                                   2001
                                                                     $
                                                               --------------

(a)   RECONCILIATION OF CASH

      Cash as at the end of the year as shown in the
      Statement of Cash Flows is reconciled to the
      related items in the Statement of Financial
      Position as follows:

      Cash and liquid assets                                       33,481,016

                                                               --------------
      Total Cash                                                   33,481,016
                                                               ==============

(b)   RECONCILIATION UNDISTRIBUTED INCOME TO NET CASH
      PROVIDED BY OPERATING ACTIVITIES

      Undistributed income                                               -

      Increase in:
        Accounts payable                                            4,574,624
          Distributions payable                                       349,153
       Increase in:
        Interest Receivables                                       (3,696,214)
                                                               --------------

      Net cash provided by operating activities                     1,227,563
                                                               ==============









                                                                              4
<PAGE>


CRUSADE GLOBAL TRUST NO.2 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001


1.    STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies adopted in the preparation of this financial
report are:

a)    Basis of Preparation

The  financial  report is a general  financial  report that has been prepared in
accordance with Accounting Standards, Urgent Issues Group Consensus Views, other
authoritative pronouncements of the Australian Accounting Standards Board so far
as they relate to the Crusade  Global Trust No. 2 of 2001 ("the  Trust") and the
provisions of the Trust Deed.

b)    Reclassification of financial information

Some line items and sub-totals reported in the previous financial year have been
reclassified  and  repositioned  in the financial  statements as a result of the
first time application of the revised standards AASB 1018 Statement of Financial
Performance, AASB 1034 Financial Report Presentation and Disclosures and the new
AASB 1040 Statement of Financial Position.

c)    Taxation

The Beneficiary holds the sole beneficial interest in the Trust and is presently
entitled to the distributable income of the Trust which is taxable in its hands.

Accordingly,  no provision for income tax has been made in the Trust's financial
statements.

d)    Revenue Recognition

Interest and fee income is recognised as it accrues.

e)    Receivables

Receivables  are carried at nominal  amounts  less any  provision  for  doubtful
debts. Interest due on loans and deposits at bank are settled within 30 days.

f)    Investments

Investments  are  purchased  with the  intention of being held to maturity.  The
investments are recorded at the recoverable amount represented by the gross loan
balance adjusted by any specific provision for doubtful debts.

g)    Mortgage Backed Bonds

Mortgage  Backed Bonds are  represented  in the financial  report at the balance
outstanding.  Principal repayments are made quarterly, the Mortgage Backed Bonds
mature on 20 June 2032.

h)    Historical Cost

The financial  report has been prepared on the basis of historical cost and does
not take into account changing money values or current valuations of non current
assets, except where stated.

i)    Cash Flows

For the purpose of the preparation of the Statement of Cash Flows, cash includes
cash on hand and at bank, bank deposits at call,  current  accounts with related
entities and is presented net of outstanding bank overdrafts.



                                                                               5
<PAGE>
CRUSADE GLOBAL TRUST NO.2 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001


1.   STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

j)       Comparative Data

The  Trust  was  constituted  on 5  September  2001,  consequently  there  is no
comparative data.

k)       Premium/Discount

Premiums and  discounts on Loans  Secured by Mortgage are taken to the Statement
of  Financial  Performance  in the  period  in  which  the loan  discharges  and
recognised as profit or loss on discharges.

                                                               --------------
                                                                5 September
                                                                 2001 to 30
                                                               September 2001
                                                                     $
                                                               --------------

2.   RESULT FROM ORDINARY ACTIVITIES BEFORE INCOME TAX

Result from ordinary activities before income tax
includes the following items:

Revenue
Interest income
   - other party                                                    4,846,739
Fee income                                                             77,037
                                                               ==============

Expense
Interest expense
   - related party                                                    308,498
   - other party                                                    3,704,810
                                                               ==============

3.   CASH AND LIQUID ASSETS

Cash at bank                                                        5,101,581
Collection A/C  - ANZ Bank                                         28,379,435
                                                               --------------
                                                                   33,481,016
                                                               ==============

Maturity analysis
At Call                                                        --------------
                                                                   33,481,016
                                                               ==============

4.   RECEIVABLES

Accrued Interest:
   - Bank deposits                                                     38,994
   - Loans secured by mortgage                                      3,657,220
Currency Swap Receivable                                          125,485,685

                                                                  129,181,899
                                                               ==============




                                                                              6
<PAGE>
CRUSADE GLOBAL TRUST NO.2 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001

                                                              ----------------
                                                              5 September 2001
                                                               to 30 September
                                                                    2001
                                                                      $
                                                               --------------

5.   INVESTMENTS

Loans secured by mortgage                                       1,511,019,403
Premium on Loans secured by mortgage                                3,517,438

                                                               --------------
                                                               1,514,536,841
                                                               ==============

Maturity analysis
within 1 year                                                     183,663,939
between 1 and 5 years                                             486,934,080
greater than 5 years                                              843,938,822

                                                               ==============
                                                                1,514,536,841
                                                               ==============

6.   ACCOUNTS PAYABLE

Accrued expenses                                                      561,316
Distributions payable                                                 349,153
Interest payable - mortgage backed bonds                            2,970,980
                 - swaps                                            1,042,328
Sundry Creditor  - St George Bank Limited                           7,784,860

                                                               ==============
                                                                   12,708,637
                                                               ==============

7.   TRUST UNITS

In accordance with clauses 3.1(b) and 3.2(a)(ii)                           10
of the Trust Deed, one unit was issued by the Trustee
to the Manager in exchange for $10 to create the Trust.
                                                               ==============

8.   UNDISTRIBUTED INCOME

Undistributed income at the beginning of the financial year                 -

Plus: Result from ordinary activities (excess income)                 349,153

Less: Distributions paid during the year                                    -
      Movement in Distributions payable                              (349,153)
                                                               --------------
                                                                     (349,153)

                                                               --------------
Undistributed income at the end of the financial year                       -
                                                               ==============



                                                                              7
<PAGE>
CRUSADE GLOBAL TRUST NO.2 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001



9.   SUPPORT FACILITIES

In accordance  with Clause 8 of the  Information  Memorandum,  the Trust had the
following support facilities during the year.

a) Mortgage Insurance Policy

The  Trustee  has been  insured  against  losses  in  respect  of the  Purchased
Mortgages  with  St.George  Insurance  Pty Ltd, PMI Mortgage  Insurance  Ltd, GE
Mortgage Insurance Pty Ltd and Housing Loans Insurance Corporation.

b) Liquidity Reserve

No liquidity  account is required to be maintained  under the terms of the Trust
Deed.

c) Redraw Facility

The Trustee maintains a Redraw Facility with St.George Bank Limited.  The Redraw
Limit is equal to 2% of the  aggregate  amount of Mortgage  Backed  Bonds and is
adjusted on each anniversary of the redraw facility.

d) Basis Swap and Standby Basis Swap

The Trustee  maintains a Basis Swap with St.George Bank Limited for the purposes
of  hedging  the basis  risk  between  variable  rates on the Loans  Secured  by
Mortgages and the floating rate  obligations of the Mortgage  Backed Bonds.  The
Trustee  also  maintains a Standby  Basis Swap with Credit  Suisse  First Boston
International. The terms of the Basis Swap allow for netting of swap payments.

e) Foreign Currency Swap

The  Trustee  entered  into a  Currency  Swap with the  Currency  Swap  Provider
Deutsche Bank AG London, to hedge its Foreign currency exposure.

10.  RELATED PARTY INFORMATION

a) Related Entities

The Manager is Crusade Management Limited, a company incorporated in Australia.
The Trustee is Perpetual Trustees Consolidated Limited.
The Custodian is St.George Custodial Services Pty Limited.

b) Transactions with related entities

The following  tables  outline  related party  transactions  during the relevant
period.


<TABLE>
<CAPTION>
                           St.George Bank       Crusade         Perpetual Trustees    St.George Custodial
                               Limited       Management Ltd     Consolidated Ltd         Pty Limited
                           ------------------------------------------------------------------------------
Crusade Global  Trust           2001             2001                 2001                  2001
No.2 of 2001
---------------------------------------------------------------------------------------------------------
<S>                          <C>               <C>                  <C>                   <C>
Manager fee1                       --           94,870                   --                    --
Trustee fee2                       --               --               28,988                    --
Servicing fee3                421,645               --                   --                    --
Custodian fee4                     --               --                   --                15,812
Basis Swap interest5          308,498               --                   --                    --
Redraw facility fee6               --               --                   --                    --
</TABLE>



                                                                              8
<PAGE>
CRUSADE GLOBAL TRUST NO.2 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001


10.  RELATED PARTY INFORMATION (CONTINUED)

1    Calculated on the aggregate  outstanding  principal of the Loans Secured by
     Mortgages on the first day of each quarterly  collection period at the rate
     of 0.09%pa payable quarterly in arrears.

2    Calculated on the aggregate  outstanding  principal of the Loans Secured by
     Mortgages on the first day of each quarterly  collection period at the rate
     of 0.0275 %pa payable quarterly in arrears.

3    Calculated on the aggregate  outstanding  principal of the Loans Secured by
     Mortgages on the first day of each quarterly  collection period at the rate
     of 0.40%pa payable quarterly in arrears.

4    Calculated on the aggregate  outstanding  principal of the Loans Secured by
     Mortgages on the first day of each quarterly  collection period at the rate
     of 0.015%pa payable quarterly in arrears.

5    In accordance  with the Trust Deed, the Trust has entered into a basis swap
     support facility with St.George Bank Limited. The amount represents the net
     amount paid/payable.

6    The Trust has  maintained a Redraw  Facility  with  St.George  Bank Limited
     (refer Note 9).


11.   ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE

(a)  Interest rate risk

The Trust's  exposure to interest rate risk and the effective  interest rates of
the financial assets and financial liabilities, both recognised and unrecognised
at the balance date, are as follows:

<TABLE>
<CAPTION>
AS AT 30 SEPTEMBER 2001
                                                   Fixed Interest Rate
                               Floating                 Maturing in:                   Non                         Weighted
                            Interest Rate      -----------------------------        Interest                        Average
                                                <  1 year          > 1 year          Bearing          Total          Rate
                                        $       -       $          -       $                 $                $            %
                            -------------      -----------       -----------       -----------    -------------    ---------
<S>                         <C>                <C>               <C>              <C>            <C>                  <C>
FINANCIAL ASSETS
   Cash & liquid assets        28,379,435                                            5,101,581       33,481,016        3.98
   Receivables                         --      129,181,899       129,181,899               --
   Investments              1,175,747,279      144,396,543       190,875,581                --    1,511,019,403        6.29
   Premium                             --               --                --         3,517,438        3,517,438          --
------------------------------------------------------------------------------------------------------------------------------
Total                       1,204,126,714      144,396,543       190,875,581       137,800,918    1,677,199,756
------------------------------------------------------------------------------------------------------------------------------

FINANCIAL LIABILITIES
   Accounts payable                    --               --                --        12,708,637       12,708,637          --
   Mortgage Backed bonds               --    1,664,491,109                --                --    1,664,491,109        3.57
------------------------------------------------------------------------------------------------------------------------------
Total                                  --    1,664,491,109                --        12,708,637    1,677,199,746
------------------------------------------------------------------------------------------------------------------------------

INTEREST RATE SWAP            385,450,353     (166,007,534)     (219,442,819)
==============================================================================================================================
</TABLE>

                                                                               9
<PAGE>
CRUSADE GLOBAL TRUST NO.2 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2001


11.   ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE (CONTINUED)

(b)  Net fair values

All carrying amounts for financial assets and liabilities approximate their fair
value.

(c)  Credit risk exposures

The Trust's maximum  exposure to credit risk at balance date in relation to each
class of recognised  financial  asset is the carrying  amount of those assets as
indicated in the  statement of  financial  position.  The servicer of the Trust,
St.George  Bank  Limited,  manages  the credit  risk on loans  through  embedded
controls within its lending division.

A  potential  loss to the Trust may  occur as a result of non  performance  by a
counter party. The Trust's  exposure to counter party risk is therefore  limited
to the  positive  value  attached  to the  derivative  arising  from  favourable
movements in the underlying reference rates.

As the Trust's  primary  reason for holding  derivatives  is for  interest  rate
hedging purposes, the derivatives have been dealt with financial institutions of
investment  grade quality.  The Trust's credit policy and procedures  constantly
monitor exposures to counter party risks.

(d)  Derivative financial instruments

A  derivative  is a  financial  instrument  which  provides  the holder with the
ability to  participate  in some or all of the price  changes  of an  underlying
financial asset, reference rate or index. The Trust uses a derivative instrument
termed a `Swap'.  These are held to hedge  future  interest  expense  due on the
Mortgage backed Bonds.

An interest rate swap is an agreement  between two parties to exchange  interest
obligations  periodically based on an underlying  notional  principal.  Interest
payments and receipts on the principal are exchanges periodically throughout the
term of the swap.


12.  SEGMENT REPORTING

The Trust  operates  within the  treasury  and  capital  markets  segment of the
Financial  Services  Industry.  The Trust's operations and customers are located
primarily within Australia. The Trust operates in accordance with the Trust Deed
for the  purposes of deriving a margin on  interest  income on loans  secured by
mortgage and interest expense on Mortgage Backed Bonds.



                                                                              10


<PAGE>
CRUSADE GLOBAL TRUST NO.2 OF 2001
MANAGER'S REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2001

The Manager has prepared the  Financial  Report at the  direction of the Trustee
who is responsible for the Financial Report.

PRINCIPAL ACTIVITIES

The Trust is a special  purpose  vehicle that holds a portfolio of loans secured
by mortgage and has issued  Mortgage  Backed  Bonds.  The Trust has also entered
into interest rate swap agreements to manage its exposure to interest rate risk.

Review of Operations

The  distributions  paid/payable  to the beneficiary of the Trust for the period
ended 30 September 2001 were $349,153.

STATE OF AFFAIRS

The Trust was  established  pursuant  to a Notice of  Creation of Trust from the
Manager to the Trustee  dated 5  September  2001.  The  Manager is the  Residual
Beneficiary of the Trust.

On 13  September  2001,  the Trust  issued  Floating  Rate Notes at par value of
$1,538,912,341 maturing in June 2032.

                  CLASS                                 AMOUNT
                  A                                     $ 800.0m  USD
                  B                                     $ 37.55m  AUD
                  C                                     $ 3.235m  AUD
                  Seller Note                           $ 0.093m  AUD

Interest on the notes is paid  quarterly on the 20th of March,  June,  September
and December.  Interest payments is subject to adjustment in accordance with the
modified following business day convention.


FOR AND BEHALF OF THE MANAGER


/S/ G.M.Bartlett

Director

Crusade Management Limited


November 2001




                                                                              11
<PAGE>


INDEPENDENT AUDIT REPORT
TO THE MEMBERS OF CRUSADE GLOBAL TRUST NO.2 OF 2001


SCOPE
We have audited the financial  statements  of Crusade  Global Trust No.2 of 2001
for  the  period  from 5  September  to 30  September  2001,  consisting  of the
statement  of  financial  performance,  the  statement  of  financial  position,
statement of cash flows,  manager's  declaration and the accompanying  notes set
out on pages 2 to 12. The manager has prepared the  financial  statements at the
direction of the trustee who is  responsible  for the financial  statements.  We
have conducted an independent  audit of these  financial  statements in order to
express an opinion on them to the unitholders.
Our audit has been conducted in accordance with Australian Auditing Standards to
provide  reasonable  assurance  whether  the  financial  statements  are free of
material misstatement.  Our procedures included examination, on a test basis, of
evidence   supporting  the  amounts  and  other  disclosures  in  the  financial
statements, and the evaluation of accounting policies and significant accounting
estimates.  These procedures have been undertaken to form an opinion whether, in
all  material  respects,  the  financial  statements  are  presented  fairly  in
accordance with Accounting Standards and other mandatory  professional reporting
requirements,  statutory  requirements and requirements of the Trust Deed, so as
to present a view which is  consistent  with our  understanding  of the  Trust's
financial position,  results of its Crusade Global Trust No.2 of 2001 operations
and its cash flows.  The audit opinion  expressed in this report has been formed
on the above basis.


AUDIT OPINION
In our opinion,  the financial  statements of Crusade  Global Trust No.2 of 2001
for the period from 5 September to 30 September  2001 are properly drawn up:

(a)  so as to give a true and fair view of the Trust's state of affairs
     at 30 September 2001 and its results and cash flows for the period
     ended on that date;

(b)  in accordance with applicable Accounting Standards and other mandatory
     professional reporting requirements; and

(c)  in accordance with the provisions of the Trust Deed.



KPMG


/S/ A.Yates


Andrew Yates
Partner
45 Clarence Street, Sydney
New South Wales, 2000
24 December 2001


                                                                              12