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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal period ended September 30, 2005
 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
 
   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)
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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
    
    
    9EXHIBITSEX-99.1: AGGREGATE TOTALS FOR THE PERIOD FROM 10-01-04 TO 09-30-05EX-99.2: CERTIFICATIONEX-99.3: ANNUAL SERVICER COMPLIANCE CERTIFICATE
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PART I
     
 Item 1.
    
    BUSINESS
   
 Item 2.
    
    PROPERTY
  
 Item 3.
    
    LEGAL PROCEEDINGS
  
 Item 4.
    
    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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PART II
 
 Item 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
    
 Item 6.
    
    SELECTED FINANCIAL DATA
    
 Item 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Item 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Currency Exchange Control Risk
   
    
    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.
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Currency Exchange Rate Risk
  
 Item 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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Item 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 PART III
 
 Item 10.
    
    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
  
 Item 11.
    
    EXECUTIVE COMPENSATION
  
 Item 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
   
 Item 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
   
 Item 14.
    
    CONTROLS AND PROCEDURES
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PART IV
 
 Item 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
    Designation
    
    Description
    
    Method of FilingExhibit 99.1
    
    PUMA Global Trust No. 2 Aggregate
Totals for the Period from October 1,
2004 to September 30, 2005
    
    
    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
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SIGNATURES
  MACQUARIE SECURITISATION LIMITEDBy:
    
    /s/ Matthew OHareName:
    
    Matthew OHareTitle:
    
    DirectorDate: December 20, 2005
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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, 2004 to September 30, 2005Exhibit 99.2
    
    CertificationExhibit 99.3
    
    Independent Auditors Annual Servicer Compliance Certificate
to the Directors of Macquarie Securitisation Limited
 8