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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K
 (MARK ONE) þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal period ended September 30, 2004 OR o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
 Commission file number:333-89310 Macquarie Securitisation Limited in its capacity as manager of the
PUMA Global Trust No. 2
ABN 16 003 297 336
(Exact name of Registrant as specified in its charter)
New South Wales, Australia
(State or Other Jurisdiction of Incorporation) Level 23, 20 Bond Street, Sydney, NSW 2000, Australia 
 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$1,000,000,000 Class A Mortgage Backed Floating Rate Notes (the G-2 Notes) 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 þ No o 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. o Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Securities and Exchange Act of 1934). Yes o No x Indicate by check mark which financial statement item the registrant has elected to follow.




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Item 17 o   Item 18 o   Incorporated by Reference to filings on Form 8K  þ ii




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TABLE OF CONTENTS PagePART I
    
    
    1BUSINESS
    
    
    1PROPERTY
    
    
    1LEGAL PROCEEDINGS
    
    
    1SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    2PART II
    
    
    2MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
    
    
    2SELECTED FINANCIAL DATA
    
    
    2MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    
    
    2QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    3FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    4CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    4PART III
    
    
    4DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
    
    
    5EXECUTIVE COMPENSATION
    
    
    5SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
    
    
    5CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
    
    
    5CONTROLS AND PROCEDURES
    
    
    5PART IV
    
    
    5EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
    
    
    5SIGNATURES
    
    
    8INDEX TO EXHIBITS
    
    
    9EXHIBITSExhibit 99.1: PUMA Global Trust No. 2 Aggregate Totals for the Period from October 1, 2003 to September 30, 2004
    
    
    9Exhibit 99.2: Macquarie Securitisation Limited Officers Certificate Of Compliance
    
    
    10
  -i-




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TABLE OF CONTENTS
(continued) PageExhibit 99.3: Independent Auditors Annual Servicer Compliance Certificate To The
Directors Of Macquarie Securitisation Limited
    
    
    11
 -ii-




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PART I INTRODUCTORY NOTE The information required for some items in Form 10-K is not applicable
to the Trust or the Manager. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE The Manager incorporates by reference its periodic filings of Form 8-K,
which contain all financial information relating to the Trust relevant to the
holders of the G-2 Notes (the Noteholders), pursuant to General Instruction G
for Form 10-K and Rule 12b-23 promulgated under the Securities Exchange Act of
1934. 
 Item 1. BUSINESS The PUMA Program was established pursuant to a trust deed (the Trust
Deed), dated July 13, 1990. The Trust Deed provides the general terms and
structure for securitization under the PUMA Program. A sub-fund notice (the
Sub-Fund Notice) from Macquarie Securitisation Limited, as the manager of the
PUMA Program (the Manager), to Perpetual Trustees Australia Limited, as
issuer trustee (the Issuer Trustee), sets out the specific details of each
PUMA Global Trust. PUMA Global Trust No. 2 (the Trust) issued the Class A
Mortgage Backed Floating Rate Notes (the G-2 Notes) pursuant to a Note Trust
Deed dated as of June 6, 2002 (the Trust Deed), between the Issuer Trustee,
the Manager and the Note Trustee, between the Issuer Trustee, the Manager and
the Note Trustee. For further information, refer to the Prospectus dated June
5, 2002 (the Prospectus). Capitalized terms used in this Form 10-K and not
defined have the same meanings given to them in the Prospectus. The only business of the Trust is the collection and distribution of
payments on the residential mortgage loans and the acquisition of housing loans
in the manner described in the related Prospectus. Accordingly, there is no
relevant information to report in response to Item 101 of Regulation S-K. 
 Item 2. PROPERTY Neither the Registrant nor the Trust have any physical properties.
Accordingly, this item is not applicable. 
 Item 3. LEGAL PROCEEDINGS The Manager knows of no material legal proceedings involving the Trust,
the Manager or the Issuer Trustee which were pending as of September 30, 2004
or as of the date of this report. 
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No votes or consents of holders of the G-2 Notes were solicited during the
fiscal year for any purpose. 1




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PART II 
 Item 5. MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS The G-2 Notes are not traded on any nationally recognized exchange in the
United States or any other securities exchange outside the United States. The G-2 Notes are currently represented by global notes 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 G-2 Notes, which it holds on
behalf of brokers, dealers and banks and other direct participants in The
Depository Trust Company system. Since the Trust does pay dividends with respect to the G-2 Notes, the
information required by Item 201(c) of Regulation S-K regarding dividends is
inapplicable to the G-2 Trust. 
 Item 6. SELECTED FINANCIAL DATA The regular quarterly servicing report for the Trust, which is required to
be included with each quarterly distribution of the Trusts assets to
Noteholders, sets forth for the prior quarter all of the relevant financial
information required by the Trust Deed to be reported to Noteholders. The Trust quarterly servicing reports for the quarterly payment dates
December 2003, March 2004, June 2004 and September 2004 are incorporated herein
by reference and aggregate totals for the period October 1, 2003 through
September 30, 2004, which included totals through the cut-off date for the last
quarterly payment date before the end of the fiscal year, are attached hereto
as exhibit 99.1. The foregoing presents all relevant financial information relating to the
Trust. Because of the limited business activity of the Trust, 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 Trust, the presentation of
Managements Discussion and Analysis of Financial Condition and Results of
Operations, as otherwise required by Item 303 of Regulation S-K, would not be
meaningful. All relevant information is contained in the quarterly servicing
reports for the Trust (filed under Current Reports on Form 8-K) as described
above. 2




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Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Currency Exchange Control Risk Interest and principal payments to holders of G-2 Notes are paid in United
States dollars (U.S. dollars). However, payments on the housing loans for
the Trust are received by the Issuer Trustee in Australian dollars in Australia
(the Collections). Pursuant to certain swap agreement(s) with the Trust, the
Issuer Trustee is required to pay a portion of the collections to a certain
swap counterparty (the Currency Swap Provider), who in turn pays U.S. dollars
to the Issuer Trustee (the Currency Swap). The Currency Swaps are designed
such that the Issuer Trustee will fulfill its obligations under each Currency
Swap by making payments to the Currency Swap Provider in Australian dollars at
its branch office in Australia. Despite this attempt to minimize exchange
control risk, it is possible that in the future the Australian government may
impose exchange limitations or the applicable regulators may take certain
positions that affect the ability of the Issuer Trustee to exchange collections
made in Australian dollars for U.S. dollars for payments to the Noteholders
under the G-2 Trust. The Noteholders under the Trust 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 have sufficient funds to pay the Currency Swap Provider
the A$ Class A Interest Amount on a Quarterly 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 Trust would have sufficient U.S. dollars to make the payments due on
the G-2 Notes. Under temporary Australian foreign exchange controls, which may change in
the future, payments by an Australian resident to, or on behalf of the
following payees may only be made with Reserve Bank of Australia approval:  
    
    any of the following:  
    
    the Embassy or Consulate-General of the Federal Republic of
Yugoslavia (Serbia and Montenegro) (in respect of any amount in excess
of $100,000);
    
    the Narodna Banka Jugoslavije (including Banque Nationale de
Yugoslavie) (in respect of any amount in excess of $100,000); or
    
    certain other persons and entities listed in instruments issued
under the Australian Banking (Foreign Exchange) Regulations and
published on behalf of the Reserve Bank of Australia in the
Commonwealth of Australia Gazette on October 24, 2001; or  
    
    certain ministers and senior officials of the government of Zimbabwe
listed in instruments issued under the Australian Banking (Foreign
Exchange) Regulations and published on behalf of the Reserve Bank of
Australia in the Commonwealth of Australia Gazette on December 11, 2002. 3




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Additionally, under Part 4 of the Charter of the United Nations Act of 1945 and
the Australian Charter of United Nations (Terrorism and Dealing with Assets)
Regulations 2002 the approval of the Australian Minister for Foreign Affairs,
or a person authorised by the Minister, is required with respect to certain
payments and actions in relation to an asset prescribed under, or which is
owned or controlled directly or indirectly by a person or entity prescribed
under, those Regulations or is an asset derived or generated from such assets
(prescribed persons presently include, amongst others, the Taliban, Usama bin
Laden and other persons and entities connected with them). Such restrictions
may change in the future. Under Part 4 of the Australian Charter of the United Nations Act 1945 and the
Iraq (Reconstruction and Repeal of Sanctions) Regulations 2003, the approval of
the Minister for Foreign Affairs, or the Ministers delegate, is required with
respect to certain payments and actions in relation to assets of the previous
Government of Iraq prescribed under, or which is owned or controlled directly
or indirectly by a person or entity under, those provisions or is an asset
derived or generated from such assets (such persons include, former President
Saddam Hussein, senior Iraqi officials of the former Government of Iraq and
their immediate families). The Australian Minister for Foreign Affairs may make
arrangements for the transfer of such assets to the Development Fund for Iraq
established by Security Council Resolution 1483 and located within the Iraqi
Central Bank. Such restrictions may change in the future. Currency Exchange Rate Risk Interest and principal on the G-2 Notes is payable in U.S. dollars, and
the G-2 Trusts primary source for funding its payments on the G-2 Notes is its
collections on the mortgage loans, which will be collected 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 the
Australian dollars for U.S. dollars at an exchange rate that is currently 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 G-2
Notes, even though the delinquency and loss experienced on the mortgage 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 G-2 Notes are essentially pass-through
securities, the Trust will have income only in the limited sense of
collecting payments on the residential mortgage loans. The only material items
of expense for the Trust will be the amounts paid as interest on the Class A
Notes, the A$ redraw notes and the A$ subordinated notes, if any, issued by the
G-2 Trust, the amounts paid as trust management and servicing compensation, the
amounts due to the redraw facility provider, and potentially certain payments
relating to any other credit enhancement facilities with respect to the Trust.
The quarterly servicing reports (filed under Current Reports on Form 8-K)
provide all material information regarding the amounts of the income and
expenses of the Trust. 4




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Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE None. 
 PART III 
 Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT Since the Trust will not have any directors or executive officers, this
item is not applicable. 
 Item 11. EXECUTIVE COMPENSATION Since the Trust will not have any directors or executive officers, this
item is not applicable. 
 Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT All of the US$ Noteholders maintained their security positions with The
Depository Trust Company. While some of the Noteholders security positions in
the Trust may exceed 5% of the outstanding amount of the G-2 Notes, such G-2
Notes 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 either the Trust or the Registrant. 
 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS The Registrant received Managers Fee payments from the Trust in
accordance with the terms of the Trust Deed and the related Sub-Fund Notice. Macquarie Bank Limited (MBL) owns 100% of the Registrant. In its
capacity as redraw facility provider, MBL is entitled to certain fees and
interest payments from the Trust in accordance with the redraw facility
agreement and Sub-Fund Notice. MBL, in its capacity as income and capital
unitholder of the Trust, may be entitled to some distributions from the Trust
in accordance with the Sub-Fund Notice. 
 Item 14. CONTROLS AND PROCEDURES Not Applicable. 5




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PART IV 
 Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K The exhibits listed on the accompanying Index of Exhibits are filed or
incorporated by reference as a part of this report. Such Index is incorporated
herein by reference. (a) A copy of the PUMA Global Trust No. 2 Aggregate Totals for the Period
from October 1, 2003 to September 30, 2004 is attached hereto as Exhibit 99.1.
A copy of the Certification is attached hereto and is incorporated herein as
Exhibit No. 99.2. A copy of the Independent Auditors Annual Servicer
Compliance Certificate to the Directors of Macquarie Securitisation Limited is
attached hereto and incorporated herein as Exhibit No. 99.3. EXHIBITS: Designation
    
    Description
    
    Method of FilingExhibit 99.1
    
    PUMA Global Trust No. 2 Aggregate
Totals for the Period from October 1,
2003 to September 30, 2004
    
    
    99.1Exhibit 99.2
    
    Certification
    
    
    99.2Exhibit 99.3
    
    Independent Auditors Annual Servicer
Compliance Certificate to the Directors
of Macquarie Securitisation Limited
    
    
    99.3
 (b) On December 24, 2003, March 24, 2004, June 28, 2004 and September 30,
2004 reports on Form 8-K were filed by the Registrant with respect to the
Trust, in order to provide the statements for quarterly distributions to the
Noteholders for the Trust. No other reports on Form 8-K have been filed with
respect to the G-2 Trust during the last quarter of the fiscal year covered by
this Report. 6




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SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the registrant has duly caused this report to be signed
on behalf of the undersigned, hereunto duly authorized. MACQUARIE SECURITISATION LIMITEDBy:
    
    /s/ Matthew OHareName:
    
    Matthew OHareDate: December 16, 2004
    
    Title:
    
    Director
 7




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INDEX TO EXHIBITS Exhibit No.
    
    Document DescriptionExhibit 99.1
    
    PUMA Global Trust No. 2 Aggregate Totals for the Period from October 1, 2003 to September 30, 2004Exhibit 99.2
    
    CertificationExhibit 99.3
    
    Independent Auditors Annual Servicer Compliance Certificate
to the Directors of Macquarie Securitisation Limited
 8