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 September 15, 2003 to September 30, 2003.
Commission file number 333-107234

                           CRUSADE MANAGEMENT LIMITED
      In its capacity as Manager of the Crusade Global Trust No. 2 of 2003
                    Australian Business Number 49 508 085 159
             (Exact name of Registrant as specified in its charter)

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

             Level 11, 55 Market Place, Sydney, NSW 2000, 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$1,430,000,000   Class A Mortgage Backed Floating Rate Notes due 2034 (the
"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   |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

20-F ITEM NUMBERS AND CAPTION                                          LOCATION

PART I

1.  Identify 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 Company                      Property

5.  Operation and Financial Review and              Not Applicable
    Prospects

6.  Directors, Senior Management and Employees      Not applicable

7.  Major Shareholders and Related Party            Major Shareholders and
    Transactions                                    Interest of 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

                                       ii

<PAGE>

PART II

13. Defaults, Dividend Arrearages and               Defaults and Delinquencies
    Delinquencies

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

15. Controls and Procedures                         Not applicable

16. [RESERVED]

PART III

17. Financial Statements                            Not applicable

18. Financial Statements                            Not applicable

19. (a) Financial Statements                        Periodic Filings on Form 6K
                                                    incorporated by reference

    (b) Exhibits                                    Exhibits


                                      iii

<PAGE>

TABLE OF CONTENTS

PART I

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

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

Item 4: Property...............................................................2

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

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

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

Item 11: Market Risks.........................................................13


PART II

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

Item 14 Material Modification to Rights of Security Holders...................13


PART III

Item 19: Financial Statements and Exhibits....................................14


EXHIBITS

Exhibit 31: Section 302 Certificate

Exhibit 99.1: The Officer's Certificate of Compliance of the Manager

Exhibit 99.2: The Officer's Certificate of Compliance of the Servicer

Exhibit 99.3: Independent Auditors Annual Servicer's Compliance Certificate


                                       iv
<PAGE>

                                     PART 1

         This Report on Form 20-F  relates to the Crusade  Global Trust No. 2 of
2003 (the  "Trust")  and the Class A Mortgage  Backed  Floating  Rate Notes (the
"Notes")  issued  pursuant to the Note Trust Deed dated as of September 16, 2003
(the "Note Trust Deed"),  between Perpetual Trustees  Consolidated  Limited,  as
issuer  trustee  (the  "Issuer   Trustee"),   Crusade  Management  Limited  (the
"Manager"),  as Manager and Wilmington Trust Company, as note trustee (the "Note
Trustee").  Capitalized  terms used in this Form 20-F and not  defined  have the
same meanings given to them in the Prospectus Supplement relating to the Notes.

         This  Report on Form 20-F is the first  Report for the  Crusade  Global
Trust No.2of 2003 and reports on the period  September 15, 2003 to September 30,
2003.

         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 "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.


                 INCORPORTION OF CERTAIN DOCUMENTS BY REFERENCE

         The  Manager  generally   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,  however,  no such Noteholders  Reports have been filed to
date.

ITEM 3.    SELECTED FINANCIAL INFORMATION

         The Manager generally incorporates by reference as Exhibit 13, pursuant
to Rules 12b-23  promulgated  under the Securities  Exchange Act of 1934 certain
Noteholder Reports (the "Noteholder  Reports"),  however no quarterly Noteholder
Reports  filed  on Form 6-K have  been  issued  during  the  abbreviated  period
September 15, 2003 through September 30, 2003. Due to the abbreviated  nature of
the  relevant  time period and because no  distributions  were made,  or owed to
Noteholders  before the end of the Manager's  fiscal year on September 30, 2003,
no relevant financial material or data has been prepared.


<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 March 22, 2004 was US$0.7548
= A$1.00.

         Payments  to  Noteholders,  however,  are  generally  not  effected  by
fluctuations in the exchange rate between Australian and U.S. dollars because of
the  existence of currency  swap.  The Trustee has entered into a currency  swap
with the Currency  Swap  Provider,  JP Morgan  Chase Bank,  to hedge its foreign
currency exposure.


ITEM 4.  PROPERTY

         The property of the Trust  primarily  consists of residential  mortgage
loans.  Information  concerning  such  property  can be found  in the  quarterly
Noteholders  Report filed on Form 6-K  following  each  quarterly  Determination
Date,  however,  no such report became due or was filed by the end of the period
covered by this report (September 15, 2003 through September 30, 2003).

         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.


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

         Crusade  Management  Limited is a wholly owned  subsidiary of St George
Bank  Limited.   Its   principal   business   activity  is  the   management  of
securitisation  trusts established under St George Bank Limited's Crusade Trust,
Crusade Euro Trust and Crusade Auto Trust Programmes.

         St George  Limited  provides  working  capital  to  Crusade  Management
Limited.  Also,  Crusade  Management  Limited has entered into  transactions  on
commercial terms with either St George Bank Limited or wholly owned subsidiaries
of St George Bank Limited in order to carry out its  functions as manager  under
the securitisation trusts.



<PAGE>

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

         The  specific  prior  approval of the Reserve  Bank of Australia or the
Minister for Foreign  Affairs of the  Commonwealth of Australia must be obtained
for certain  transactions  involving or connected  with  individuals or entities
listed in the relevant  Commonwealth  Government  Gazette as persons or entities
identified with terrorism or to which financial sanctions apply, including:

               o      certain Yugoslav entities or individuals; and

               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.

         Any person  holding  financial  or other  assets of persons or entities
listed as  terrorists  by the Minister for Foreign  Affairs in the  Commonwealth
Gazette is prohibited from using or dealing with those assets.  It is a criminal
offence to make assets available to such persons. The persons or entities listed
as terrorists  under the Charter of the United  Nations  (Terrorism and Dealings
with  Assets)  Regulations  2002  and the Iraq  (Reconstruction  and  Repeal  of
Sanctions) Regulations 2003 include:

               o      the  Taliban   (also  know  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;

               o      Jemiah Islamiah; and

               o      the previous  Government of Iraq,  Saddam  Hussein,  other
                      senior   officials  of  his  regime  and  their  immediate
                      families.




<PAGE>

         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.


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  those  securities  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.




<PAGE>

         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

         o        in the capacity of a clearing house, paying agent,  custodian,
                  funds  manager,   or  responsible   entity  of  an  Australian
                  registered scheme.

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.

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.




<PAGE>

In the case of supplies made by the Issuer Trustee:

         o        if the supply is "GST free",  the Issuer Trustee is not liable
                  to pay goods and  services  tax on the  supply  and can obtain
                  "input  tax  credits"  for goods and  services  taxes  paid on
                  things acquired by it in order to make the supply; and

         o        if the  supply  is "input  taxed",  which  includes  financial
                  supplies,  the Issuer Trustee is not liable to pay a goods and
                  services tax on the supply,  but is not entitled to "input tax
                  credits" for goods and services tax paid on things acquired by
                  it in order  to make  the  supply.  In some  circumstances,  a
                  "reduced input tax credit" may be available.

        On the basis of the current  goods and  services  tax  legislation,  the
payment  of  interest  or  principal  on the Notes are  unlikely  to be  taxable
supplies.

        Services  provided to the Issuer Trustee may be a mixture of taxable and
input  taxed  supplies  for  goods and  services  tax  purposes.  If a supply is
taxable,  the  supplier  has the  primary  obligation  to account  for goods and
services tax in respect of that supply and must rely on a contractual  provision
to recoup that goods and services tax from the Issuer Trustee.

        If  other  fees  payable  by  the  Issuer  Trustee  are  treated  as the
consideration  for a taxable supply under the goods and services tax legislation
or otherwise may be increased by reference to the relevant  supplier's goods and
services tax  liability,  the Issuer Trustee may not be entitled to a full input
tax credit for that increase and the trust expenses will increase,  resulting in
a decrease in the funds available to the Trust.

        The  goods  and  services  tax may  increase  the cost of  repairing  or
replacing damaged properties offered as security for housing loans.  However, it
is a condition of St.George Bank's loan contract and mortgage documentation that
the borrower must  maintain full  replacement  value  property  insurance at all
times during the loan term.

        The goods and services tax legislation, in certain circumstances, treats
the Issuer Trustee as making a taxable supply if it enforces security by selling
the mortgaged  property and applying the proceeds of sale to satisfy the housing
loan.  In these  circumstances  the Issuer  Trustee has to account for goods and
services tax out of the sale  proceeds,  with the result that the remaining sale
proceeds may be  insufficient  to cover the unpaid  balance of the related loan.
However, the general position is that a sale of residential property is




<PAGE>

an input taxed  supply for goods and  services  tax purposes and so the enforced
sale of property  which secures the housing loans will  generally not be treated
as a taxable supply under these provisions.  As an exception, the Issuer Trustee
still has to account  for goods and  services  tax out of the  proceeds  of sale
recovered  when a housing loan is enforced  where the borrower is an  enterprise
which is  registered  for goods and services tax  purposes,  uses the  mortgaged
property as an asset of its enterprise and any of the following are relevant:

         o        the property is no longer being used as a residence; or

         o        the property is used as commercial  residential  premises such
                  as a hostel or boarding house; or

         o        the borrower is the first vendor of the property -the borrower
                  built the property; or

         o        the mortgaged  property has not been used  predominantly  as a
                  residence.

        Because  the  Issuer  Trustee  is an insured  party  under the  mortgage
insurance policies,  it may in certain limited circumstances have to account for
goods and services tax in respect of any claim payment received.  Generally,  if
certain compliance  procedures have been followed,  the insured does not have to
account for goods and services tax in respect of the claim payment.

        Any  reduction  as a result  of goods  and  services  tax in the  amount
recovered by the Issuer  Trustee when  enforcing the housing loans will decrease
the funds  available  to the Trust to the  extent not  covered  by the  mortgage
insurance policies. The extent to which the Issuer Trustee is able to recover an
amount on account of the goods and services tax, if any, payable on the proceeds
of sale in the circumstances described in this section, will depend on the terms
of the related mortgage insurance policy.

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
(except, under certain circumstances, nominal duty in the Northern Territory).

Consolidation

         The  'head  company'  of a  consolidatable  tax group may elect for the
group to  consolidate  from July 1, 2002 and be taxed as a single entity so that
transactions  between  members of the  consolidated  group are




<PAGE>

ignored  for tax  purposes.  Making an  election  to  consolidate  is  optional.
However,  the existing tax concessions for  transactions  between members of the
same wholly owned group,  including loss transfers and asset roll-overs,  ceased
to be available from July 1, 2003 (or, for  consolidated tax groups with a 'head
company' with a substituted  accounting period,  from the start of the company's
tax year  commencing  after July 1, 2003  provided  that the  company  elects to
consolidate from the beginning of that tax year).

         A consolidatable  tax group consists of a 'head company' and all of its
wholly owned  subsidiaries  including trusts (provided that all members are 100%
wholly owned by the head company). A consequence of the 'head company' making an
election to consolidate  is that all eligible  members of a  consolidatable  tax
group  (including  wholly owned trusts) will be included in the consolidated tax
group.  That is,  it is not  possible  to elect to leave  certain  wholly  owned
entities outside the consolidated tax group.

         Therefore,  if the consolidatable group of which the beneficiary of the
Trust is an eligible member were to elect to consolidate, the Trust would become
part of that consolidated  group.  Membership of a consolidated group should not
alter the tax treatment of the Trust in normal  circumstances.  The head company
is  primarily  liable for the combined tax  liability  of the  consolidated  tax
group.  However,  if  the  head  company  fails  to pay a tax  liability  of the
consolidated  tax  group  on  time,  then  each  entity  that  was  part  of the
consolidated  group for at least part of the  period to which the tax  liability
relates will become jointly and severally liable for that group tax liability.

         The Trust  will not  qualify  as a wholly  owned  subsidiary  of a head
company as all of the units in the Trust are not owned,  directly or indirectly,
by a single holding company.  Specifically, the Residual Capital Unit is held by
an  entity,  which is not  related  to any  consolidatable  group  of which  the
Residual Income Beneficiary may be a member. Accordingly,  the joint and several
liability  rule will not apply to the Trust and will not affect the tax  neutral
status of the Trust.


Thin Capitalisation

         Whilst the Trust  should  not,  in its own right,  be either an outward
investing  entity or an inward  investing  entity for the  purposes  of the thin
capitalisation  rules,  those  rules  may  still  apply  to the  Trust to deny a
deduction for a portion of the interest paid on the Notes if the Manager, as the
beneficiary  of the  Trust,  is  itself an inward  investing  entity or  outward
investing  entity.  We note  that the  application  of the  thin  capitalisation
provisions  to the Trust  should not affect the Trust's tax  neutrality  but may
affect the Manager, as the beneficiary.




<PAGE>

         The  Manager  is  currently  understood  not to be an inward  investing
entity and it is expected that the Manager will satisfy the de minimus exception
so that it will not be  subject to the thin  capitalisation  rules as an outward
investing entity.  Provided this is the case, the Trust should not be subject to
the thin capitalisation rules.

         In any event, a complete exemption from the thin  capitalisation  rules
now exists for any special purpose entity  (including a trust) that meets all of
the following conditions:

         o        The entity is established  for the purpose of managing some or
                  all of the economic risk associated  with assets,  liabilities
                  or  investments  (whether  the  entity  assumes  the risk from
                  another entity or creates the risk itself).

         o        At least 50% of the entity's assets are funded by debt.

         o        The entity is an  insolvency-remote,  special  purpose entity,
                  according  to the  criteria of an  internationally  recognised
                  rating   agency   that   are   applicable   to  the   entity's
                  circumstances.

         The Trust has been  established  for the  purpose of  securitising  the
mortgage  loans and, as such,  was  established  for the purpose of managing the
economic risk  associated with those mortgage loans in accordance with the first
requirement.  As the  mortgage  loans are funded  wholly by the Notes the second
requirement  is also  satisfied  with respect to the Trust.  Finally,  the Trust
should  also  satisfy  the  third  requirement  as  it  was  established  as  an
insolvency-remote  special purpose entity according to the criteria published by
Standard  &  Poor's  and  Moodys.  Therefore,  the  Trust  should  meet  all the
conditions of this exemption from the thin capitalisation rules.

         Even if the  rules  did  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  recharacterized  as equity for tax purposes should not affect
the tax deductibility of interest on the Notes.



<PAGE>

Tax Reform Proposals - Taxation of Trusts as Companies

         Under  existing  Australian  law,  any tax  liability in respect of the
income of the Trust is borne directly by the  beneficiary  of the Trust,  not by
the Issuer  Trustee.  Therefore,  the cash  available  to the Issuer  Trustee to
service the Notes cannot be affected by the payment (or otherwise) of tax.

On February 27, 2001, the Federal  Government  withdrew draft  legislation under
which  non-fixed  trusts were proposed to be taxed as companies and announced it
would begin a new round of consultations  with interested parties in relation to
this proposal. In November 2002, the Board of Taxation considering the reform of
the  Australian  tax laws as they  apply  to  non-fixed  trusts  issued a report
recommending  that the Government retain the current  flow-through  treatment of
distributions of non-assessable amounts by non-fixed trusts rather than adopting
a company type taxation model, and recommended some incidental amendments to the
tax law. On December 12, 2002 the Australian  Federal  Government  announced its
intention to amend the taxation laws in accordance with the  recommendations  of
the Board of  Taxation.  Although  the  Australian  Federal  Government  has not
expressly  confirmed  that it will not adopt a  company-type  taxation model for
non-fixed  trusts,  such  course is  unlikely  given the  report of the Board of
Taxation and the Government's response to that report.

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.


ITEM 11.  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 mortgage loans (the
"Collections")  are received by the Issuer Trustee,  in Australian  dollars,  in
Australia.  Pursuant to a swap agreement ("Currency Swap") the Issuer Trustee is




<PAGE>

required to pay a portion of the Collections to the swap provider (the "Currency
Swap Provider") 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 Provider under the Currency Swap, the Currency
Swap Provider is 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.

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
mortgage  loans,  which will be sourced in Australian  dollars.  If the Currency
Swap  Provider  was to fail to  perform  under  the  Currency  Swap or was 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
was 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 mortgage loans may be acceptable.


                                     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.

ITEM 14.  MATERIAL MODIFICATIONS TO RIGHTS OF SECURITY HOLDERS

         None.




<PAGE>

                                    PART III

ITEM 19.  FINANCIAL STATEMENTS AND EXHIBITS

a.       See the "Selected Financial Data" section in this Annual Report and the
Exhibits described in section (b) below.


b.       Exhibits

               The following documents are filed as part of this Annual Report

               1.       Exhibit 31: Section 302 Certificate

               2.       Exhibit 99.1:  The Manager  Officer's  Certificate of
                        Compliance

               3.       Exhibit 99.2: The Servicer  Officer's  Certificate of
                        Compliance

               4.       Exhibit 99.3:  Independent Auditors Annual Servicer's
                        Compliance Certificate




<PAGE>

                                   SIGNATURES

         Pursuant to the  requirements of Section 12 of the Securities  Exchange
Act of 1934, the registrant  certifies that it meets all of the requirements for
filing on Form 20-F and has duly caused  this Annual  Report to be signed on its
behalf by the undersigned, thereunto duly authorized.



                                                CRUSADE MANAGEMENT LIMITED

                                                /s/ G.M. Bartlett
                                                ----------------------------
                                                Name:  G.M. Bartlett
                                                Title: Director

Date: March 25, 2004



<PAGE>


                                INDEX TO EXHIBITS


EXHIBIT NO.    DOCUMENT DESCRIPTION

  31:          Section 302 Certificate

  99.1:        The Manager Officer's Certificate of Compliance

  99.2:        The Servicer's Officer's Certificate of Compliance

  99.3:        Independent Audits Annual Servicer's Compliance Certificate