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 October 1, 2001 to September 30, 2002.
Commission file number 333-84977


                           CRUSADE MANAGEMENT LIMITED
      In its capacity as Manager of the Crusade Global Trust No. 1 of 1999
                      Australian Company Number 072 715 916
             (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$994,000,000  Class A Mortgage Backed Floating Rate Notes due
2030 (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 Prospects     Not Applicable

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

15. [RESERVED]

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>
<CAPTION>

TABLE OF CONTENTS


PART I

<S>                                                                                              <C>
Incorporation of Certain Documents by Reference...................................................1

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

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

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

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

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

Item 11: Market Risks.............................................................................9


PART II

Item 13: Defaults and Delinquencies...............................................................9

Item 14 Material Modification to Rights of Security Holders......................................10


PART III

Item 19: Financial Statements and Exhibits.......................................................11

</TABLE>


EXHIBITS

Exhibit 13.1:  Noteholders Report for the November 15, 2001 payment date
Exhibit 13.2:  Noteholders Report for the February 15, 2002 payment date
Exhibit 13.3:  Noteholders Report for the May 15, 2002 payment date
Exhibit 13.4:  Noteholders Report for the August 15, 2002 payment date
Exhibit 13.5:  Aggregate Totals for Fiscal Year
Exhibit 99.1:  The Manager Officer's Certificate of Compliance
Exhibit 99.2:  The Servicer Officer's Certificate of Compliance
Exhibit 99.3:  Independent Auditors Annual Servicer's Compliance Certificate
Exhibit 99.4:  Custodial Services Audit Report
Exhibit 99.5:  KPMG Consent to Publish Audit Report
Exhibit 99.6:  Financial Report of the Trust for the Period Ending
               September 30, 2002.

                                       iv

<PAGE>


                                     PART 1

         This Annual Report on Form 20-F relates to the Crusade Global Trust No.
1 of 1999 (the  "Trust") and the Class A-1 (now paid out),  Class A-2, and Class
A-3 Mortgage  Backed  Floating Rate Notes (the "Notes")  issued  pursuant to the
Note Trust Deed dated as of September 17, 1999 (the "Note Trust Deed"),  between
AXA  Trustees  Limited,  as  issuer  trustee  (the  "Issuer  Trustee");  Crusade
Management Limited (the "Manager"),  as Manager;  and Bankers 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.

         On December 20, 2000 Perpetual  Trustees Australia Limited acquired AXA
Trustees  Limited.  AXA  Trustees  Limited has now changed its name to Perpetual
Trustees  Consolidated  Limited.  Perpetual Trustees  Consolidated  Limited will
continue to be obligated to perform the duties of the Issuer  Trustee  under the
Transaction Documents.

         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 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.


ITEM 3.  SELECTED FINANCIAL INFORMATION

         The Manager  globally  incorporates by reference and attaches hereto as
Exhibit 13, pursuant to Rules 12b-23  promulgated under the Securities  Exchange
Act of  1934,  the  following  quarterly  Noteholder  Reports  (the  "Noteholder
Reports"),  filed on Form 6-K, which include all financial  information relating
to the Trust that is relevant to Noteholders.


<PAGE>

     o    Noteholders Report for the November 15, 2001 Payment date

     o    Noteholders Report for the February 15, 2002 Payment date

     o    Noteholders Report for the May 15, 2002 Payment date

     o    Noteholders Report for the August 15, 2002 Payment date

The Manager also attaches  hereto,  as Exhibits 13.5,  Exhibit 99.4 and Exhibits
99.6 respectively, the following documents:-

     o    Aggregate Totals for Fiscal Year,

     o    Custodial Audit Report by KPMG, and

     o    Financial Report of the Trust for the period Ending September 30,
          2002.

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  24,  2003  was
US$0.5947=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.  Please refer Note 1(g) of the Financial  Report
of the Trust for the Period Ending September 30, 2002, attached as Exhibit 99.6


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  Reports,  attached as Exhibits  13.1 through  13.4,  the  Aggregate
Totals for the Fiscal Year, attached as Exhibit 13.5 and the Financial Report of
the Trust for the Period Ending September 30, 2002, attached as Exhibit 99.6.

         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.

                                                                               2

<PAGE>


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.


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    the Government of Iraq or its agencies or nationals;

          o    certain Yugoslav entities or individuals;

          o    Jemiah Islamiah;

          o    UNITA (the Union for the Total Independence of Angola), its
               senior officials and their immediate families;

          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:

                                                                               3

<PAGE>

          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; and

          o    the persons whose names are published in the Commonwealth
               Government Gazette Gn42 as amended by Commonwealth Government
               Gazette Gn37 and Commonwealth Government Gn49, and the persons
               whose names are listed under Suppression of the Financing of
               Terrorism Act 2002 (Commonwealth).

         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.

                                                                               4
<PAGE>

         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.

         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.


                                                                               5

<PAGE>

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.

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.

        o   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 an input
taxed supply for goods and  services  tax  purposes and so the enforced  sale of


                                                                               6
<PAGE>

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  under the new regime  from July 1, 2002 and be taxed as a
single entity so that transactions between members of the consolidated group are
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,  will
cease 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.


                                                                               7

<PAGE>

         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.

         There is an exception to joint and several liability where, immediately
prior to the time that the tax liability of the head company is due and payable,
there existed a "tax sharing agreement" between one or more members of the group
and the "head  company" under which each member that is a party to the agreement
agrees to contribute an amount  towards the payment of the group tax  liability.
Members of a consolidated tax group that enter into a tax sharing agreement with
the head company  will,  in the event that the head company fails to pay a group
tax liability by the due date, become liable for that liability to the extent of
their  agreed  contribution.  However,  the agreed  contribution  level for each
member  covered  by the  tax  sharing  agreement  must  represent  a  reasonable
allocation of the total group tax liability. Given that the Issuer Trustee would
not, if the Trust were  considered  on a stand alone basis,  have a liability to
tax it would not seem  unreasonable  that other members of the  consolidated tax
group, apart from the Trust, should be potentially responsible for the group tax
liabilities  under  the  tax  sharing  agreement.  Therefore,  it  would  not be
necessary for the Issuer Trustee to be a party to the tax sharing agreement.

         If a valid tax sharing  agreement  is in place,  none of the members of
the  consolidated  tax group will be jointly  and  severally  liable for the tax
liabilities  covered  by that  agreement.  Therefore,  provided  the  group  tax
liabilities  of a  consolidated  group of which the Trust  becomes a member  are
covered by a valid tax sharing  agreement,  the joint and several liability rule
will not apply to the Trust and  accordingly  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.

         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.

         Should the Trust be subject to the thin capitalisation rules, it may be
possible  for the Trust to  satisfy  the arm's  length  debt test under the thin
capitalisation  rules  so that a  deduction  would be  available  for all of the
interest  payable on the Notes.  Further,  on December 4, 2002, the Minister for
Revenue and  Assistant  Treasurer,  Senator  Helen  Coonan,  announced  proposed
amendments to the thin capitalisation regime with effect from July 1, 2001. That
announcement  included a proposal to amend the existing  provisions with respect
to securitisation  vehicles to exempt vehicles which meet the structured finance
criteria  for  special  purpose  entities  in  Australia  of an  internationally
recognized  ratings  agency  and  fund  their  activities  by the  issue of debt
interests.  Legislation  enacting  the  proposed  amendments  has not  yet  been
introduced  into  Parliament.  It is  expected  that the  Trust  would  meet the
proposed new criteria for the securitisation vehicle exemption.

         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.


                                                                               8

<PAGE>

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.


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

         Information  regarding  various  market  risks  can  be  found  in  the
Financial  Report for the Period  Ending  September 30, 2002 attached as Exhibit
99.6.



                                     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.

                                                                               9

<PAGE>

Delinquency and loss  information on the mortgage loans has been provided in the
Noteholder Reports.


ITEM 14.  MATERIAL MODIFICATIONS TO RIGHTS OF SECURITY HOLDERS

         None.


                                                                              10

<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 13.1:  Noteholders Report for the November 15, 2001 Payment Date
2.  Exhibit 13.2:  Noteholders Report for the February 15, 2002 Payment Date
3.  Exhibit 13.3:  Noteholders Report for the May 15, 2002 Payment Date
4.  Exhibit 13.4:  Noteholders Report for the August 15, 2002 Payment Date
5.  Exhibit 13.5:  Aggregate Totals for the Fiscal Year
6.  Exhibit 99.1:  The Manager Officer's Certificate of Compliance
7.  Exhibit 99.2:  The Servicer Officer's Certificate of Compliance
8.  Exhibit 99.3:  Independent Auditors Annual Servicer's Compliance Certificate
9.  Exhibit 99.4:  Custodial Services Audit Report
10. Exhibit 99.5:  KPMG Consent to Publish Audit Report
11. Exhibit 99.6:  Financial Report of the Trust for the Period Ending
                   September 30, 2002.


                                                                              11
<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, 2003


                                                                              12
<PAGE>

                           CRUSADE MANAGEMENT LIMITED
                            SECTION 302 CERTIFICATION


I, Steve McKerihan, certify that:

1.  I have reviewed this annual report on Form 20-F, and all reports on Form 6-K
containing  distribution  or  servicing  reports  filed in  respect  of  periods
included in the year covered by this annual report, of Crusade Global Trust No.1
of 1999;

2.  Based on my knowledge, the  information in these reports,  taken as a whole,
does not  contain  any untrue  statement  of a material  fact or omit to state a
material  fact  necessary  to  make  the  statements   made,  in  light  of  the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

3.  Based on my knowledge, the distribution or servicing information required to
be provided to the trustee by the servicer under the pooling and  servicing,  or
similar,  agreements,  for  inclusion  in these  reports  is  included  in these
reports;

4. I am responsible for reviewing the activities performed by the servicer under
the pooling and  servicing,  or similar,  agreements and based upon my knowledge
and the annual  compliance  review required under that agreement,  and except as
disclosed in the reports,  the servicer has fulfilled its obligations under that
agreement; and

5.  The reports disclose all significant deficiencies relating to the servicer's
compliance with the minimum  servicing  standards based upon the report provided
by an independent  public  accountant,  after  conducting a review in compliance
with the Uniform  Single  Attestation  Program for  Mortgage  Bankers or similar
procedure,  as set forth in the pooling and servicing,  or similar,  agreements,
that is included in these reports.

In giving the  certifications  above,  I have  reasonably  relied on information
provided to me by the following unaffiliated parties:

Perpetual Trustees Consolidated Limited


                                               /S/  S. MCKERIHAN
                                               ---------------------------------
                                               S. McKerihan
                                               CFO - Crusade Management Limited
                                               Date:  March 26, 2003



                                                                              13

<PAGE>


                                INDEX TO EXHIBITS


EXHIBIT NO.                          DOCUMENT DESCRIPTION
-----------                          --------------------
  13.1:           Noteholders Report for the November 15, 2001 Payment Date
  13.2:           Noteholders Report for the February 15, 2002 Payment Date
  13.3:           Noteholders Report for the May 15, 2002 Payment Date
  13.4:           Noteholders Report for the August 15, 2002 Payment Date
  13.5:           Aggregate Totals for the Fiscal Year
  99.1:           The Manager Officer's Certificate of Compliance
  99.2            The Servicer Officer's Certificate of Compliance
  99.3            Independent Auditors Annual Servicer's Compliance Certificate
  99.4            Custodial Services Audit Report
  99.5            KPMG Consent to Publish Audit Report
  99.6            Financial Report of the Trust for the Period Ending
                  September 30, 2002.



                                                                              14

<PAGE>


                                                                    EXHIBIT 13.1


            NOTEHOLDERS REPORT FOR THE NOVEMBER 15, 2001 PAYMENT DATE



                                                                              15
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                            Report of Foreign Issuer
                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


For the Quarterly Payment Date on November 15, 2001

                           CRUSADE MANAGEMENT LIMITED,
              as manager of the Crusade Global Trust No. 1 of 1999
             (Exact name of Registrant as specified in its Charter)


             Level 11, 55 Market Street, Sydney, NSW 2000, Australia
           ----------------------------------------------------------
                    (Address of principal executive offices)



         Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                     Form 20-F   [X]       Form 40-F  [ ]


         Indicate  by check  mark  whether  the  registrant  by  furnishing  the
information contained in this Form is also thereby furnishing the information to
the Commission  pursuant to Rule 12g3-2(b) under the Securities  Exchange Act of
1934.

                        Yes  [ ]             No  [X]


         If "Yes" is  marked, indicate  below  the file number  assigned  to the
registrant in connection with Rule 12g3- 2(b): 82- .




<PAGE>



OTHER EVENTS

         On the Quarterly  Payment Date falling on November 15, 2001,  Perpetual
Trustees  Consolidated  Limited,  in its capacity as issuer trustee (the "Issuer
Trustee") made a regular quarterly distribution of principal and interest to the
holders of the Class A Mortgage-Backed Floating Rate Notes (the "Notes").


FINANCIAL STATEMENTS AND EXHIBITS

         (c) Exhibits

         See page 4 for Exhibit Index




                                        2

<PAGE>



                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf,  as Trust
Manager  for the  Crusade  Global  Trust  No.  1 of  1999,  by the  undersigned,
thereunto duly authorized.

<TABLE>
<CAPTION>
<S>                                         <C>

                                            Crusade Management Limited,
                                            as Trust Manager for the Crusade Global Trust No. 1 of 1999,
                                            -----------------------------------------------------------
                                            (Registrant)



Dated: January  __, 2002                    By:    /s/  Roger Desmarchelier
                                                --------------------------------------------------------
                                            Name:   Roger Desmarchelier
                                            Title:  Executive Manager

</TABLE>



                                        3

<PAGE>



EXHIBIT INDEX


Exhibit               Description
-------               ------------

99.1                  The Noteholders Report for the Quarterly Payment Date on
                      November 15, 2001




                                        4

<PAGE>
                                    Exh-99.1
[CRUSADE TRUST
     LOGO]
                               Noteholders Report
                        Crusade Global Trust No.1 of 1999
                      Coupon Period Ending 15 November 2001
<TABLE>
<CAPTION>

NOTES
------
                        --------------------  ----------------  -----------   ----------------    ---------------   -----------
                                                                              Coupon Payments       Principal       Charge Offs
                        FV Outstanding (USD)  Bond Factor       Coupon Rate        (USD)          Payments (USD)        (USD)
                        --------------------  ----------------  -----------   ----------------    ---------------   -----------
<S>                     <C>                  <C>                <C>           <C>                 <C>               <C>

Class A1 Notes          0.00                  0.000000%         0.00000%      0.00                0.00              0.00
Class A2 Notes          373,295,339.39        65.605508%        3.90000%      4,206,034.56        48,714,817.60     0.00
Class A3 Notes          125,000,000.00        100.000000%       3.99000%      1,274,583.33        0.00              0.00
</TABLE>


                                                                    15-Nov-01
POOL SUMMARY                                                            AUD
------------                                                     ---------------
Outstanding Balance - Variable Rate Housing Loans                 617,868,325.08
Outstanding Balance - Fixed Rate Loans                            161,725,873.96
Number of Loans                                                            9,453
Weighted Average Current LVR                                              55.71%
Average Loan Size                                                         82,471
Weighted Average Seasoning                                            53.54 mths
Weighted Average Term to Maturity                                       233 mths


PRINCIPAL COLLECTIONS                                                 AUD
---------------------                                           ----------------
Scheduled Principal Payments                                        8,499,408.34
Unscheduled Principal Payments                                     73,388,001.32
Redraws                                                             6,710,222.01

Principal Collections                                              75,177,187.65


TOTAL AVAILABLE PRINCIPAL                                             AUD
-------------------------                                       ----------------
Principal Collections                                              75,177,187.65
Principal Charge Offs                                                       0.00
Principal Draw                                                              0.00

Total Available Principal                                          75,177,187.65

Principal Distributed                                              75,177,187.65
Principal Retained                                                          0.00


TOTAL AVAILABLE FUNDS                                                 AUD
---------------------                                           ----------------
Available Income                                                   15,320,567.92
Principal Draw                                                              0.00
Liquidity Draw                                                              0.00

Total Available Funds                                              15,320,567.92


Redraw & Liquidity Facilities                                         AUD
-----------------------------                                   ----------------
Redraw Shortfall                                                            0.00
Redraw Carryover Charge Offs                                                0.00

Liquidity Draw                                                              0.00
Liquidity Shortfall                                                         0.00



CPR
----
                                          Aug-01          Sep-01          Oct-01
                                          ------          ------          ------
                        1 mth CPR         31.24%          23.97%          28.12%


ARREARS
--------
                        % of pool
                       (by number)
                       -----------
31 - 59 days              0.64%
60 - 89 days              0.20%
90+ days                  0.09%
Defaults                     1
----------------------------------
Losses                      Nil
----------------------------------


<PAGE>


                                                                    EXHIBIT 13.2


            NOTEHOLDERS REPORT FOR THE FEBRUARY 15, 2002 PAYMENT DATE




                                                                              16

<PAGE>

================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                            Report of Foreign Issuer
                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


For the Quarterly Payment Date on February 15, 2002

                           Crusade Management Limited,
              as manager of the Crusade Global Trust No. 1 of 1999
             (Exact name of Registrant as specified in its Charter)

                  Level 11, 55 Market Street, Sydney, NSW 2000,
               Australia (Address of principal executive offices)

     Indicate  by check mark  whether the  registrant  files or will file annual
reports under cover Form 20-F or Form 40-F.

                      Form 20-F __X___     Form 40-F _____

         Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.

                           Yes _____     No __X__


     If  "Yes"  is  marked,  indicate  below  the file  number  assigned  to the
registrant in connection with Rule 12g3- 2(b): 82-


================================================================================

<PAGE>

Other Events

     On the  Quarterly  Payment Date  falling on February  15,  2002,  Perpetual
Trustees  Consolidated  Limited,  in its capacity as issuer trustee (the "Issuer
Trustee") made a regular quarterly distribution of principal and interest to the
holders of the Class A Mortgage-Backed Floating Rate Notes (the "Notes").

Financial Statements and Exhibits

     (c) Exhibits

     See page 4 for Exhibit Index



                                        2

<PAGE>
                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly caused  this  report to be signed on its  behalf,  as Trust
Manager  for the  Crusade  Global  Trust  No.  1 of  1999,  by the  undersigned,
thereunto duly authorized.


                                        Crusade Management Limited,
                                        as Trust Manager for the Crusade Global
                                        Trust No. 1 of 1999,
                                        (Registrant)



Dated: February 25, 2002                By: /s/ Roger Desmarchelier
                                           ____________________________________
                                           Name:  Roger Desmarchelier
                                           Title: Executive Manager



                                        3

<PAGE>

Exhibit Index
-------------

Exhibit          Description
-------          -----------
99.1             The Noteholders Report for the Quarterly Payment Date
                 on February 15, 2002


                                        4


<PAGE>
                               Noteholders Report
                        Crusade Global Trust No.1 of 1999
                      Coupon Period Ending 15 February 2002

Notes
-----
<TABLE>
<CAPTION>
                  FV Outstanding      Bond Factor     Coupon Rate      Coupon Payments   Principal Payments   Charge Offs
                       (USD)                                                 (USD)             (USD)              (USD)
<S>               <C>                 <C>             <C>              <C>               <C>                 <C>
Class A1 Notes              0.00         0.000000%      0.00000%                  0.00               0.00         0.00
Class A2 Notes    331,101,291.10        58.190034%      2.34125%          2,233,498.60      42,194,048.29         0.00
Class A3 Notes    125,000,000.00       100.000000%      2.43125%            776,649.31               0.00         0.00
</TABLE>


                                                                      31Jan02
Pool Summary                                                            AUD
-------------
Outstanding Balance - Variable Rate Housing Loans                 573,698,204.00
Outstanding Balance - Fixed Rate Loans                            140,839,357.00
Number of Loans                                                            8,859
Weighted Average Current LVR                                              54.83%
Average Loan Size                                                         80,657
Weighted Average Seasoning                                            56.55 mths
Weighted Average Term to Maturity                                       230 mths

Principal Collections                                                   AUD
----------------------
Scheduled Principal Payments                                        8,213,418.58
Unscheduled Principal Payments                                     62,945,130.75
Redraws                                                             6,044,277.28

Principal Collections                                              65,114,272.05

Total Available Principal                                               AUD
--------------------------
Principal Collections                                              65,114,272.05
Principal Charge Offs                                                       0.00
Principal Draw                                                              0.00

Total Available Principal                                          65,114,272.05

Principal Distributed                                              65,114,272.05
Principal Retained                                                          0.00

Total Available Funds                                                   AUD
----------------------
Available Income                                                   13,005,339.41
Principal Draw                                                              0.00
Liquidity Draw                                                              0.00

Total Available Funds                                              13,005,339.41

Redraw & Liquidity Facilities                                          AUD
------------------------------
Redraw Shortfall                                                            0.00
Redraw Carryover Charge Offs                                                0.00

Liquidity Draw                                                              0.00
Liquidity Shortfall                                                         0.00

CPR
----
                                         Nov-01          Dec-01           Jan-01
                                         ------          ------           ------
                   1 mth CPR             25.87%          27.61%           25.01%


Arrears
--------
                             % of pool
                            (by balance)
                            ------------
31 - 59 days                   0.80%
60 - 89 days                   0.20%
90+ days                       0.15%
Defaults                        Nil
Losses                          Nil



                                    Exh-99.1



<PAGE>

                                                                    EXHIBIT 13.3


              NOTEHOLDERS REPORT FOR THE MAY 15, 2002 PAYMENT DATE



                                                                              17

<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                            Report of Foreign Issuer
                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


For the Quarterly Payment Date on May 15, 2002

                           Crusade Management Limited,
              as manager of the Crusade Global Trust No. 1 of 1999
             (Exact name of Registrant as specified in its Charter)

             Level 11, 55 Market Street, Sydney, NSW 2000, Australia
                    (Address of principal executive offices)

     Indicate  by check mark  whether the  registrant  files or will file annual
reports under cover Form 20-F or Form 40-F.

                      Form 20-F  [X]              Form 40-F

     Indicate by check mark whether the registrant by furnishing the information
contained  in this  Form is  also  thereby  furnishing  the  information  to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                          Yes                      No  [X]

     If  "Yes"  is  marked,  indicate  below  the file  number  assigned  to the
registrant in connection with Rule 12g3-2(b): 82-________________.

<PAGE>



OTHER EVENTS

     On the Quarterly Payment Date falling on May 15, 2002,  Perpetual  Trustees
Consolidated  Limited,  in its capacity as issuer trustee (the "Issuer Trustee")
made a regular  quarterly  distribution of principal and interest to the holders
of the Class A Mortgage-Backed Floating Rate Notes (the "Notes").


FINANCIAL STATEMENTS AND EXHIBITS

         (c) Exhibits

         See page 4 for Exhibit Index

<PAGE>

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly caused  this  report to be signed on its  behalf,  as Trust
Manager  for the  Crusade  Global  Trust  No.  1 of  1999,  by the  undersigned,
thereunto duly authorized.



                                    Crusade Management Limited,
                                       as Trust Manager for the
                                       Crusade Global Trust No. 1 of 1999,
                                       (Registrant)



Dated: June  __, 2002               By:  /s/ Roger Desmarchelier
                                       -----------------------------------------
                                    Name:  Roger Desmarchelier
                                    Title: Executive Manager


<PAGE>


EXHIBIT INDEX


Exhibit    Description
-------    -----------

99.1       The Noteholders Report for the Quarterly Payment Date on May 15, 2002


<PAGE>

                               NOTEHOLDERS REPORT
                        CRUSADE GLOBAL TRUST NO.1 OF 1999
                        COUPON PERIOD ENDING 15 MAY 2002
<TABLE>
<CAPTION>

---------------------------------------------------------------------------------------------------------------------------------
NOTES
---------------------------------------------------------------------------------------------------------------------------------
                                FV Outstanding                                      Coupon         Principal      Charge Offs
                                     (USD)        Bond Factor     Coupon Rate    Payments (USD)   Payments (USD)      (USD)
                                 -------------    -----------     -----------    --------------   --------------   -------------
<S>                             <C>              <C>               <C>            <C>            <C>                  <C>

Class A1 Notes                            0.00      0.000000%       0.00000%               0.00             0.00       0.00
Class A2 Notes                  294,768,706.13     51.804694%       2.23000%       1,825,379.81   36,332,584.979       0.00
Class A3 Notes                  125,000,000.00    100.000000%       2.32000%         716,944.44             0.00       0.00

---------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                                                     30Apr02
POOL SUMMARY                                                           AUD
------------                                                         -------

Outstanding Balance - Variable Rate Housing Loans                529,968,447.00
Outstanding Balance - Fixed Rate Loans                           128,469,819.00
Number of Loans                                                           8,285
Weighted Average Current LVR                                             54.23%
Average Loan Size                                                        79,747
Weighted Average Seasoning                                           59.39 mths
Weighted Average Term to Maturity                                      227 mths


PRINCIPAL COLLECTION                                                   AUD
--------------------                                                   ---
Scheduled Principal Payments                                       8,060,985.90
Unscheduled Principal Payments                                    55,319,129.18
Redraws                                                            7,311,311.12

Principal Collections                                             56,068,803.96


TOTAL AVAILABLE PRINCIPAL                                             AUD
-------------------------                                             ---

Principal Collections                                             56,068,803.96
Principal Charge Offs                                                      0.00
Principal Draw                                                             0.00

Total Available Principal                                         56,068,803.96

Principal Distributed                                             56,068,803.96
Principal Retained                                                         0.00


TOTAL AVAILABLE FUNDS                                                  AUD
---------------------                                                  ---
Available Income                                                  11,653,814.46
Principal Draw                                                             0.00
Liquidity Draw                                                             0.00

Total Available Funds                                              11,653,814.46


REDRAW & LIQUIDITY FACILITIES                                         AUD
-----------------------------                                         ---
Redraw Shortfall                                                           0.00
Redraw Carryover Charge Offs                                               0.00


Liquidity Draw                                                             0.00
Liquidity Shortfall                                                        0.00




CPR
---
                                                Feb-02       Mar-02      Apr-02
                              1 mth CPR         19.91%       24.11%      29.13%
ARREARS
                              % of pool
                             (by balance)
31 - 59 days                    0.77%
60 - 89 days                    0.18%
90+ days                        0.20%
Defaults                         Nil
Losses                           Nil


<PAGE>

                                                                    EXHIBIT 13.4


             NOTEHOLDERS REPORT FOR THE AUGUST 15, 2002 PAYMENT DATE



                                                                              18
<PAGE>


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                            REPORT OF FOREIGN ISSUER
                      PURSUANT TO RULE 13a-16 OR 15d-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934


For the Quarterly Payment Date on August 15, 2002

                           CRUSADE MANAGEMENT LIMITED,
             -------------------------------------------------------
              as manager of the Crusade Global Trust No. 1 of 1999
             (Exact name of Registrant as specified in its Charter)

             LEVEL 11, 55 MARKET STREET, SYDNEY, NSW 2000, AUSTRALIA
            --------------------------------------------------------
                    (Address of principal executive offices)


         Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                         Form 20-F  [X]   Form 40-F [_]

         Indicate  by check  mark  whether  the  registrant  by  furnishing  the
information contained in this Form is also thereby furnishing the information to
the Commission  pursuant to Rule 12g3-2(b) under the Securities  Exchange Act of
1934.

                             Yes  []         No  [X]


         If "Yes" is marked,  indicate  below the file  number  assigned  to the
registrant in connection with Rule 12g3-2(b): 82-_______________.






<PAGE>


OTHER EVENTS

         On the  Quarterly  Payment Date  falling on August 15, 2002,  Perpetual
Trustees  Consolidated  Limited,  in its capacity as issuer trustee (the "Issuer
Trustee") made a regular quarterly distribution of principal and interest to the
holders of the Class A Mortgage-Backed Floating Rate Notes (the "Notes").

FINANCIAL STATEMENTS AND EXHIBITS

         (c) Exhibits

         See page 4 for Exhibit Index




                                      -2-
<PAGE>



                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf,  as Trust
Manager  for the  Crusade  Global  Trust  No.  1 of  1999,  by the  undersigned,
thereunto duly authorized.



                                    Crusade Management Limited,
                                       as Trust Manager for the Crusade Global
                                       Trust No. 1 of 1999,
                                    --------------------------------------------
                                    (Registrant)



Dated: August 23, 2002              By:  /s/  Roger Desmarchelier
                                        ----------------------------------------
                                    Name:   Roger Desmarchelier
                                    Title:  Executive Manager






                                      -3-

<PAGE>


                                 EXHIBIT INDEX


EXHIBIT                 DESCRIPTION
-------                 --------------------------------------------------------
99.1                    The Noteholders Report for the Quarterly Payment Date on
                        August 15, 2002





                                      -4-


<PAGE>
                                                                    EXHIBIT 99.1


                               NOTEHOLDERS REPORT

                        CRUSADE GLOBAL TRUST NO.1 OF 1999
                       COUPON PERIOD ENDING 15 AUGUST 2002


<TABLE>
<CAPTION>

NOTES
---------------------------------------------------------------------------------------------------------------------------
                       FV OUTSTANDING                                    COUPON PAYMENTS   PRINCIPAL PAYMENTS   CHARGE OFFS
                            (USD)          BOND FACTOR    COUPON RATE         (USD)              (USD)              (USD)
---------------------------------------------------------------------------------------------------------------------------
<S>                    <C>                <C>             <C>            <C>               <C>                     <C>

Class A1 Notes                    0.00       0.000000%     0.00000%               0.00                0.00          0.00

Class A2 Notes          256,629,482.17      45.101842%     2.23000%       1,679,854.10      38,139,223.969          0.00

Class A3 Notes          125,000,000.00     100.000000%     2.32000%         741,111.11                0.00          0.00

------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                                                   31 JUL 02
POOL SUMMARY                                                          AUD
------------                                                  ------------------
Outstanding Balance - Variable Rate Housing Loans                   483,982,105
Outstanding Balance - Fixed Rate Loans                              115,739,300
Number of Loans                                                           7,704
Weighted Average Current LVR                                             53.61%
Average Loan Size                                                        77,845
Weighted Average Seasoning                                           62.31 mths
Weighted Average Term to Maturity                                      225 mths

PRINCIPAL COLLECTIONS                                                 AUD
---------------------                                         ------------------
Scheduled Principal Payments                                       7,221,235.50
Unscheduled Principal Payments                                    58,240,698.95
Redraws                                                            6,605,107.35

Principal Collections                                             58,856,827.10

TOTAL AVAILABLE PRINCIPAL                                             AUD
-------------------------                                     ------------------
Principal Collections                                             58,856,827.10
Principal Charge Offs                                                      0.00
Principal Draw                                                             0.00

Total Available Principal                                         58,856,827.10

Principal Distributed                                             58,856,827.10
Principal Retained                                                         0.00

TOTAL AVAILABLE FUNDS                                                 AUD
---------------------                                         ------------------
Available Income                                                  11,909,696.73
Principal Draw                                                             0.00
Liquidity Draw                                                             0.00

Total Available Funds                                             11,909,696.73

REDRAW & LIQUIDITY FACILITIES                                         AUD
-----------------------------                                -------------------
Redraw Shortfall                                                           0.00
Redraw Carryover Charge Offs                                               0.00

Liquidity Draw                                                             0.00
Liquidity Shortfall                                                        0.00

CPR
---
                                                May-02       Jun-02      Jul-02
                              1 mth CPR         28.61%       23.93%      31.24%

ARREARS
-------
                              % of pool
                             (by balance)
31 - 59 days                    0.76%
60 - 89 days                    0.18%
90+ days                        0.05%
Defaults                         Nil
Losses                           Nil




<PAGE>


                                                                    EXHIBIT 13.5


                        AGGREGATE TOTALS FOR FISCAL YEAR




                                                                              19
<PAGE>

                                                                    EXHIBIT 13.5
[Crusade Trust
      Logo]

                               NOTEHOLDERS REPORT
                        CRUSADE GLOBAL TRUST NO.1 OF 1999
           AGGREGATE TOTALS FOR FISCAL YEAR 1 OCT 2001 TO 30 SEPT 2002

<TABLE>
<CAPTION>

NOTES

                       ---------------------------------------------------------------------------------------
                           FV Outstanding (USD)                     Bond Factor              Coupon Rate as at
                           as at Sept 30, 2002              as at Sept 30, 2002                 Sept 30, 2002
--------------------------------------------------------------------------------------------------------------
<S>                            <C>                                   <C>                            <C>
Class A1 Notes                           0.00                          0.000000%                    0.000000%
Class A2 Notes                 256,629,482.17                         45.101842%                    2.230000%
Class A3 Notes                 125,000,000.00                        100.000000%                    2.320000%
--------------------------------------------------------------------------------------------------------------


NOTES

                       ---------------------------------------------------------------------------------------
                         Coupon Payments (USD)            Principal Payments (USD)          Charge Offs (USD)
--------------------------------------------------------------------------------------------------------------
Class A1 Notes                           0.00                               0.00                         0.00
Class A2 Notes                   9,944,767.07                     165,380,674.82                         0.00
Class A3 Notes                   3,509,288.19                               0.00                         0.00
--------------------------------------------------------------------------------------------------------------
</TABLE>


PRINCIPAL  COLLECTIONS  INFORMATION  IN AUD  AGGREGATED  TO THE DATE OF THE LAST
PAYMENT

Scheduled Principal Payments                                  31,995,048.32
Unscheduled Principal Payments                               249,892,960.20
Redraws                                                       26,670,917.76

Principal Collections                                        255,217,090.76


TOTAL AVAILABLE PRINCIPAL IN AUD

Principal Collections                                        255,217,090.76
Principal Charge Offs                                                  0.00
Principal Draw                                                         0.00

Total Available Principal                                    255,217,090.76

Principal Distributed                                        255,217,090.76
Principal Retained                                                     0.00


TOTAL AVAILABLE FUNDS IN AUD

Available Income                                              51,889,418.52
Principal Draw                                                         0.00
Liquidity Draw                                                         0.00

Total Available Funds                                         51,889,418.52


REDRAW & LIQUIDITY FACILITIES IN AUD

Redraw Shortfall                                                       0.00
Redraw Carryover Charge Offs                                           0.00

Liquidity Draw                                                         0.00
Liquidity Shortfall                                                    0.00



<PAGE>

                                                                    EXHIBIT 99.1

                      CRUSADE MANAGEMENT LIMITED (MANAGER)
                       OFFICER'S CERTIFICATE OF COMPLIANCE


     The undersigned  officer of Crusade Management Limited, a company organized
under the laws of New South Wales, Australia ("CML"), hereby certifies on behalf
of CML and on his own behalf for  purposes of the Crusade  Global Trust No. 1 of
1999 Class A Mortgage Backed Floating Rate Notes (the "Notes"), as follows:

     1.    I am a duly appointed, qualified and acting Officer of CML,

     2.    I  am  duly   authorized  to  execute  and  deliver  this   Officer's
           Certificate on behalf of CML; and

     3.    To the best of my knowledge, the Issuer Trustee has complied with all
           conditions and covenants  under the  Transaction  Documents,  for the
           Crusade  Global  Trust No. 1 of 1999  issue of Notes  for the  period
           between  October 1, 2001 and the end of the Manager's  fiscal year on
           September 30, 2002.

     Capitalized  terms used and not  defined  herein  shall  have the  meanings
assigned  to such terms in the Note Trust Deed  related to the  above-referenced
issue of Notes.

     IN WITNESS WHEREOF, I have signed my name as of March 25, 2003.




                                                      /S/ G. M. BARTLETT
                                                     ---------------------------
                                                     By:     G. M. Bartlett
                                                     Title:  Director


                                                                              20

<PAGE>
                                                                    EXHIBIT 99.2


                        ST.GEORGE BANK LIMITED (SERVICER)
                       OFFICER'S CERTIFICATE OF COMPLIANCE

         The  undersigned,  a duly authorized  representative  of St.George Bank
Limited,  as  Servicer  ("St.George  Bank" or the  "Servicer"),  pursuant to the
agreement  between  Perpetual  Trustees  Consolidated  Limited,  St.George  Bank
Limited  and  Crusade  Management  Limited,  dated as of  March  25,  2003  (the
"Agreement"), does hereby certify that:

               1.   Capitalized  terms used but not  defined  in this  Officer's
                    Certificate have their respective  meanings set forth in the
                    Agreement,  unless the context requires  otherwise or unless
                    otherwise defined in the Officer's Certificate.

               2.   As of the date  hereof,  St.George  Bank is the  Servicer of
                    Crusade Global Trust No. 1 of 1999.

               3.   This  Officer's  Certificate  is  delivered  pursuant to the
                    Agreement.

               4.   A  review  of the  activities  of the  Servicer  during  the
                    calendar   year  ended   September   30,  2002  and  of  its
                    performance  under the pooling and  servicing  agreement  or
                    similar agreements was made under my supervision.

               5.   Based on such  review,  to my  knowledge,  the  Servicer has
                    fulfilled  its  obligations  under the pooling and servicing
                    agreement  or  similar  agreements  relating  to  the  Trust
                    (including  the Master Trust Deed dated March 14, 1998,  The
                    Crusade Euro Trust Servicing  Agreement dated March 19, 1998
                    and the Supplementary Terms Notice dated September 22, 1999)
                    throughout  such calendar  year and,  except as set forth in
                    paragraph 6 below.

               6.   The  following  is  a  description   of  any  exceptions  to
                    paragraph  5  above:-  No  significant   deficiencies   were
                    detected.


         IN WITNESS WHEREOF,  the undersigned,  a duly authorized officer of the
Servicer,  has duly executed this  Officer's  Certificate  this 25 day of March,
2003.


                                            ST.GEORGE BANK LIMITED,
                                            as Servicer



                                            /S/ G. M. BARTLETT
                                           -------------------------------------
                                            Name:  G. M. Bartlett
                                            Title: Group Executive


                                                                              21

<PAGE>
                                                                    EXHIBIT 99.3


INDEPENDENT AUDITOR'S ANNUAL SERVICER COMPLIANCE CERTIFICATE
TO THE DIRECTORS OF CRUSADE MANAGEMENT LIMITED


SCOPE

We have reviewed St.George Bank Limited's (the "Servicer's")  activities for the
purpose of determining its compliance with the servicing  standards contained in
the Master  Trust Deed dated 14 March  1998,  the Crusade  Euro Trust  Servicing
Agreement dated 19 March 1998, and the Supplementary Terms Notice  (collectively
the  "Documents"),  attached as  Appendix  1, in relation to the Crusade  Global
Trust  No.1 of 1999 (the  "Trust")  for the year  ended 30  September  2002,  in
accordance  with the  statement  by the Division of  Corporation  Finance of the
Securities  and Exchange  Commission  dated 21 February 2003, and our engagement
letter dated 25 March 2003.

We have reviewed the servicing standards contained in the Documents to enable us
to report on whether those servicing standards are similar to those contained in
the Uniform Single Attestation  Program for Mortgage Bankers ("USAP"),  attached
as Appendix 2, which  establishes  a minimum  servicing  standard  for the asset
backed securities  market in the United States of America.  No equivalent of the
USAP exists in Australia.

The  management  of the Servicer is  responsible  for  maintaining  an effective
internal control  structure  including  internal control policies and procedures
relating to the servicing of mortgage  loans.  We have  conducted an independent
review of the servicing  standards included in Appendix 1, in order to express a
statement on the Servicer's compliance with them to Crusade Management Limited.

Our review of the  servicing  standards has been  conducted in  accordance  with
Australian  Auditing Standards  applicable to performance audits and accordingly
included  such  tests  and   procedures  as  we  considered   necessary  in  the
circumstances.  In conducting our review we have also had regard to the guidance
contained in the USAP.  These  procedures  have been  undertaken to enable us to
report on whether  anything has come to our attention to indicate that there has
been  significant  deficiencies in the Servicer's  compliance with the servicing
standards contained in the Documents for the year ended 30 September 2002.

Our review did not  include  an  assessment  of the  adequacy  of the  servicing
standards themselves.

This statement has been prepared for the use of Crusade Management Limited as at
30 September 2002 in accordance  with the  requirements  of the statement by the
Division of Corporation  Finance of the Securities and Exchange Commission dated
21 February 2003, and the engagement letter dated 25 March 2003. We disclaim any
assumption of responsibility  for any reliance on this review statement,  to any
person other than Crusade Management Limited.


                                                                              22
<PAGE>


STATEMENT

Based on our review;

| |  nothing  has come to our  attention  to  indicate  that  there has been any
     significant  deficiencies  in St.George Bank Limited's  compliance with the
     servicing standards contained in the Master Trust Deed dated 14 March 1998,
     the Crusade Euro Trust  Servicing  Agreement  dated 19 March 1998,  and the
     Supplementary  Terms  Notice,  attached  as  Appendix  1, in respect of the
     Crusade  Global  Trust  No.1 of 1999 (the  "Trust")  for the year  ended 30
     September 2002;

| |  the servicing  standards  contained in the Master Trust Deed dated 14 March
     1998, the Crusade Euro Trust  Servicing  Agreement dated 19 March 1998, and
     the  Supplementary  Terms  Notice  are  similar  to the  minimum  servicing
     standards  contained in the Uniform Single Attestation Program for Mortgage
     Bankers ("USAP"), except for the following:

     -    Section III of USAP sets  minimum  servicing  standards  in respect of
          Disbursements.   In  respect  of  the  Trust,  this  function  is  the
          responsibility of the Trust Manager.




KPMG


/S/ A. J. YATES

Andrew Yates
Partner
Place:  Sydney, Australia
Date:  Mar 25,2003



<PAGE>

                                                                      APPENDIX 1

ST. GEORGE BANK LIMITED (THE "SERVICER") SERVICING STANDARDS

The following  servicing  standards are contained in the Master Trust Deed dated
14 March 1998, the Crusade Euro Trust  Servicing  Agreement dated 19 March 1998,
and the Supplementary Terms Notice.

1    General Undertakings

     1.   The Servicer must maintain all qualifications,  licenses,  filings and
          registrations  as may be required under any applicable law in order to
          properly service the Receivables.

     2.   The Servicer  must comply with all Laws in connection  with  servicing
          the  Receivables  and  Receivable  Rights where failure to do so would
          have a material adverse effect.

     3.   The  Servicer  must comply with the  Consumer  Credit  Legislation  in
          connection with servicing the Receivables and Receivable Rights.

     4.   The Servicer must promptly deliver Relevant Documents to the Custodian
          in accordance with the Custodian Agreement.

     5.   If a material  default  occurs the  Servicer  is required to take such
          action  in  accordance   with  the   Servicer's   normal   enforcement
          procedures.

     6.   The  Servicer  shall  set  the  interest  rate on the  Receivables  in
          accordance with the requirements of the Supplementary Terms Notice.

     7.   The Servicer must notify the Trustee and Manager of any event which it
          reasonably  believes  is  likely  to have a  material  adverse  effect
          promptly  after  becoming  aware of such  event;  and the  Manager  of
          anything  else which the Manager  reasonably  requires  regarding  any
          modification  to  any  Receivable  or  Receivable   Security  and  the
          Services.

     8.   The Servicer  must  provide  information  reasonably  requested by the
          Trustee  or  Manager.  9.  The  Servicer  must  comply  with  all  its
          obligations under any transaction document to which it is a party.

     10.  Subject  to  being   reimbursed  by  the  relevant  Obligor  or  being
          indemnified  by the  Trustee,  the  Servicer  shall pay all taxes that
          relate to the Services.

     11.  The Servicer shall not claim any Security Interest over any Asset.


<PAGE>


                                                              APPENDIX 1 (CONT.)

2    VARIATIONS

     1.   The  Servicer  must not consent to the  creation or  existence  of any
          Security  interest  in  favour  of a third  party in  relation  to any
          Mortgaged  Property in connection with a Receivable and the Receivable
          Rights unless the third party  acknowledges  that the  Receivable  and
          Receivable  Rights ranks ahead in priority to the third party Security
          Interest or which  would rank  before or pari passu with the  relevant
          Receivable and Receivable Rights.

     2.   Except as  required by law the  Servicer  shall not release an Obligor
          from any amount owing in respect of a Receivable.

     3.   The  Servicer  must attend to the  stamping  and  registration  of all
          relevant  documents for each Relevant  Trust  following any amendment,
          consolidation or other action. In relation to any Mortgage that is not
          registered  at the relevant  closing date,  the Servicer  shall ensure
          that it is lodged for  registration  not later than 120 days after the
          closing date.

     4.   The Servicer must not allow the interest rate on a Receivable which is
          a fixed  rate loan to be  re-fixed  at the end of its fixed term if it
          will result in a down grade or withdrawal of any Notes.

     5.   The Servicer  must not allow a Receivable to convert from a fixed rate
          loan to a floating rate loan, or vice versa, if that conversion  would
          result in a downgrade or withdrawal of any Notes.

     6.   The Servicer shall ensure that if the use of a mortgaged property that
          relates to a Receivable changes from owner occupied to investment,  or
          vice versa,  that the  relevant  Receivable  continues  to satisfy the
          eligibility criteria.

     7.   The Servicer shall not provide to any Obligor features in respect of a
          Receivable  which are  additional to those applied on the closing date
          unless  those  additional  features  would  not  affect  any  mortgage
          insurance  policy  relating  to  the  Receivables  or  result  in  the
          downgrade or withdrawal of the rating of any Notes.

3    MORTGAGE COLLECTIONS AND PAYMENTS

1.   The  Servicer  shall on the  behalf of the  Trustee  collect  the  mortgage
     payments. In discharging this duty the Servicer will act in accordance with
     the Procedures Manual, exercising the degree of diligence and care expected
     of an appropriately qualified lender.



<PAGE>
                                                              APPENDIX 1 (CONT.)


     2.   Mortgage  payments  shall be  remitted  into the  relevant  collection
          account within 5 days of receipt.

     3.   If a  collection  account is not  maintained  with the  Servicer,  the
          Servicer  shall  deposit all  mortgage  payments  into the  collection
          account no later than 2 business days following their receipt.  If the
          collection  account is with the Servicer then payments are required to
          be paid into the collection  account on the  remittance  date for that
          collection period if the Servicer has a short term rating of A-1+ from
          S&P and  interest  on the  collections  calculated  from the fifth day
          forward.  If the  Servicer  does not have a short term  rating of A-1+
          collections  must be paid into the  collections  account no later than
          two business days following their receipt.

     4.   The Servicer  shall pay to the relevant  collection  account all funds
          required  to be paid to the Trustee by wire  transfer or as  otherwise
          instructed by the Trustee.

     5.   If the Servicer  pays funds to the Trustee,  and the related  Obligors
          payment is then  dishonoured,  the  Servicer  is entitled to have this
          money returned from the Trustee.

     6.   All payments to the Trustee shall be paid under a transaction document
          no later than 4pm on the day when due.

     7.   The  Servicer  will not have a right to set off any funds  held in the
          Trust account for any amount owed to the Servicer.


4    DELINQUENCIES

     1.   At 1 day delinquent,  housing loans must be identified in the mortgage
          service system.

     2.   At 14 days  delinquent,  the housing loan must be  transferred  to the
          collection  system.  The collection  system provides detailed lists of
          accounts that are overdue and the follow up procedures that need to be
          taken.

     3.   The Servicer is required to issue legal notices and institute recovery
          action by enforcing the mortgage security if satisfactory arrangements
          can not be made to rectify a delinquent housing loan.

     4.   The Servicer shall report all actions that it takes on overdue housing
          loans to the  mortgage  insurer  in  accordance  with the terms of the
          mortgage insurance policies.



<PAGE>

                                                              APPENDIX 1 (CONT.)


5    INVESTOR ACCOUNTING AND REPORTING

     1.   The  Servicer  shall  maintain  a database  as a master  record of all
          mortgage loans in relation to each Trust.

     2.   The Servicer shall update the Receivables  Register within 3 months of
          the closing date for each Relevant  Trust; on the last business day of
          each calendar year,  (if the holding  company has a rating of not less
          than A-1+),  or (if the holding  company does not have such a rating),
          on the last business day of each calendar  quarter;  or within 30 days
          of a written request by the Trustee.

     3.   The Servicer  shall notify the Manager  immediately of each request by
          an Obligor to switch its Receivables to another product.

     4.   Each  Receivable  is to be  electronically  tagged so that all related
          collections for that mortgage can be readily identified.

     5.   On or before  each  determination  date for each Trust,  the  Servicer
          shall  prepare  and  submit  to the  Manager  and  Trustee a report on
          collections.

     6.   At the  end  of the  financial  year  the  Servicer  is to  produce  a
          certificate  for the Trustee and the Manager  containing a schedule of
          information agreed with the Trustee and the Manager.


6    INSURANCE POLICIES

     1.   The Servicer  shall act in  accordance  with the terms of any Mortgage
          Insurance Policy.

     2.   The  Servicer  shall  not do or  omit  to do  anything  which,  or the
          omission  of  which,  would  prejudicially  affect  the  rights of the
          Trustee in respect of a mortgage insurance policy.

     3.   The Servicer shall promptly make a claim under any mortgage  insurance
          policy in  accordance  with the  Procedures  Manual,  the  transaction
          documents and the terms of the mortgage insurance policy.

     4.   The  Servicer  shall notify the Manager  when any  circumstances  have
          arisen under which the Servicer intends to make a claim.

     5.   The  Servicer  shall  use   reasonable   endeavours  by  reference  to
          Australian  market practice to ensure that a current policy of general
          insurance is maintained in respect of each mortgaged Property.


<PAGE>

                                                                      APPENDIX 2

             Uniform Single Attestation Program for Mortgage Bankers




                                                                              23

<PAGE>
                                                                      APPENDIX 2

                     THE UNIFORM SINGLE ATTESTATION PROGRAM

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

ACKNOWLEDGEMENTS.............................................................ii

PREFACE.....................................................................iii

INTRODUCTION..................................................................1

MINIMUM SERVICING STANDARDS...................................................4

         I.       CUSTODIAL BANK ACCOUNTS.....................................4

         II.      MORTGAGE PAYMENTS...........................................4

         III.     DISBURSEMENTS...............................................4

         IV.      INVESTOR ACCOUNTING AND REPORTING...........................5

         V.       MORTGAGOR LOAN ACCOUNTING...................................5

         VI.      DELINQUENCIES...............................................5

         VII.     INSURANCE POLICIES..........................................6



EXHIBIT I     EXAMPLE MANAGEMENT ASSERTION

EXHIBIT II    EXAMPLE MANAGEMENT REPRESENTATION LETTER

EXHIBIT III   EXAMPLE CPA REPORT

APPENDIX A   GLOSSARY



                                       i
<PAGE>

                                ACKNOWLEDGEMENTS


         Several  years ago,  members of the  Mortgage  Bankers  Association  of
America's (MBA's) Audit & Internal Controls Subcommittee  undertook a project to
revise MBA's Uniform Single Audit Program for Mortgage  Bankers (USAP).  A "USAP
Working Group" was formed under the  leadership of then - Subcommittee  Chairman
Geoffrey A.  Oliver,  KPMG Peat Marwick LLP, to work with the staff of the AICPA
to produce a cost-effective  document that meets the needs of potential users of
the USAP Report.  The project was delayed  due, is part,  to the issuance of the
AICPA's  Statements on Standards for Attestation  Engagements  subsequent to the
publication of the last USAP in 1983. The USAP now complies with these standards
and had been  renamed  the  Uniform  Single  Attestation  Program  for  Mortgage
Bankers.

         In the years since the first USAP  Working  Group was formed,  numerous
individuals from industry and the accounting  profession have contributed  their
time and  expertise to reviewing and  commenting on various  drafts of the USAP.
Those  individuals have included mortgage company  presidents,  members of MBA's
Audit & Internal  Controls  Subcommittee,  leaders of MBA's Loan  Administrative
Committee,  members of the Affiliation of Mortgage  Banking  Auditors,  auditors
with the "Big Six" and other accounting firms,  representatives of the secondary
market agencies, and the staff of the AICPA. The MBA and the industry owes those
individuals a debt of gratitude.

         As Chairman  of the USAP  Working  Group  since  1992,  I would like to
express my  personal  appreciation  to J. Mark  Hanson,  Fleet  Mortgage  Corp.;
William Glasgow, Jr., CMB, BancBoston Mortgage Corp.; John J. duHadway, Deloitte
& Touche LLP;  Nicholas R.  Bottini,  Cortland L. Brovitz & Co. P.C.;  Robert G.
Arnall,  Arthur  Anderson  LLP;  Robert W. Swegle,  Ernst & Young LLP;  Laura A.
Pepthens,  Coopers & Lybrand  LLP;  Arlene K.  Spencer  and Steven F.  Eckstein,
Source One Mortgage  Services  Corp.;  Peter M. Hill,  North  American  Mortgage
Company,  Lawrence G. Roder, Fleet Mortgage Group, Inc.; Edward D. Hughes,  GMAC
Mortgage  Corporation;  James P. Gross, J. I. Kislak  Mortgage Corp.;  Robert B.
Kenyon,  First Union Mortgage Corp.; Eugene T. Ichner, Chase Manhattan Bank, and
Paul  Fender,  Kenneth  Leventhal  &  Co.  for  their  thoughtful  comments  and
suggestions.  In addition, I would like to express special thanks to Geoffrey A.
Oliver; Alison B. Utermehlen, Mortgage Bankers Association of America; and James
F. Green,  AICPA,  for the  countless  hours they spent working on all phases of
this latest USAP revision.



                                       DEAN F. FOX, CHAIRMAN, AUDIT & INTERNAL
                                       CONTROLS SUBCOMMITTEE (1992 - 1994) AND
                                       USAP WORKING GROUP (1992-1995),
                                       FINANCIAL MANAGEMENT COMMITTEE,
                                       MORTGAGE BANKERS ASSOCIATION OF AMERICA



                                       ii
<PAGE>

                                     PREFACE


         The Uniform Single Audit Program for Mortgage Bankers was introduced in
1965 by the  Mortgage  Bankers  Association  of America  (MBA) and  subsequently
revised in 1975 and 1983. The program has been revised again to reflect  changes
in the  mortgage  banking  industry and in  servicing  technology,  and has been
renamed the Uniform  Single  Attestation  Program for  Mortgage  Bankers  (USAP)
because it now involves an examination  engagement  performed in accordance with
Statements on Standards for Attestation Engagements (SSAE),  specifically,  SSAE
No. 3, COMPLIANCE ATTESTATION (AICPA,  PROFESSIONAL  STANDARDS,  vo1. 1, AT sec.
500).  The USAP was  rewritten in  cooperation  with the  American  Institute of
Certified Public Accountants (AICPA).

         The  purpose  of  the  revised  approach  is to  provide  investors  in
residential  mortgage  loans with  assurance  relating to  management's  written
assertion  about a SERVICING  ENTITY'S1  compliance  with the minimum  servicing
standards  set  forth  in the  USAP by the  MBA.  These  standards,  which  were
identified by members of MBA's Audit and Internal Controls Subcommittee with the
assistance of  representatives  from the secondary market agencies,  independent
CPAs, and industry  leaders,  establish the compliance  criteria against which a
servicing  entity's  management and the independent  certified public accountant
(CPA) will report.  Each standard represents a specific minimum requirement with
which a servicing entity is expected to be in MATERIAL COMPLIANCE.  The type and
extent  of  procedures  to be  performed  by the CPA to  examine  and  report on
management's  written assertion about a servicing entity's compliance with these
standards is the responsibility of the CPA.

         Potential users of the USAP REPORT include all parties with an interest
in management's assertion about a servicing entity's compliance with the minimum
servicing  standards and,  specifically,  those to whom the mortgage servicer is
obligated,  through  contractual  agreement,  to  furnish a copy of the  Report.
Reporting  under the USAP,  therefore,  is  mandated by the terms of a servicing
entity's agreements  including its investor servicing  agreements and, possibly,
agreements  with  creditors,  regulators  and  potential  acquirers  of mortgage
servicing rights.  However,  because these parties may have different  interests
and  concerns  about a servicing  entity's  operations,  the USAP was written to
address compliance criteria related to residential mortgage loan servicing.

         Because the minimum  servicing  standards in the USAP include many, but
not all, of the servicing requirements generally required by investors,  it does
not  purport  to  address  all  aspects  of an  entity's  servicing  operations.
Management  and CPA  reports  under the USAP,  therefore,  provide no  assurance
regarding a servicing  entity's  compliance  with any standards,  controls,  and
requirements that are not identified to the minimum servicing standards. Certain
investor and governmental requirements may either be more restrictive or involve
more areas of compliance


______
1   Terms defined in the glossary (Appendix A) are in boldface type the first
    time they appear in the Program.


                                      iii
<PAGE>


than the minimum servicing  standards.  However, the USAP standards are intended
to represent commonly required minimum servicing standards that: (1) satisfy the
primary  need of the user to  obtain a  minimum  level of  assurance  concerning
compliance  by a  servicing  entity with those  standards,  and (2) can serve as
criteria  for a management  assertion  that can be examined and reported on by a
CPA on a cost-effective basis.

         The  USAP  Report  differs  from a report  issued  under  Statement  on
Auditing  Standards  (SAS) No. 70, REPORTS ON THE PROCESSING OF  TRANSACTIONS BY
SERVICE ORGANIZATIONS (AICPA,  PROFESSIONAL STANDARDS, vol. 1, AU sec. 324), and
is not a  substitute  for such a report.  SAS No. 70  reports  are  intended  to
provide  CPAs of  investor  organizations  with  information  about a  servicing
entity's control structure policies and procedures that might affect an investor
organization's  financial  statements.  They provide  assurance that a servicing
entity's  description of its control structure policies and procedures is fairly
presented,  that the policies and procedures have been placed in operation as of
a specified date, and that the policies and procedures are suitably  designed to
achieve  specified  control  objectives.  Such  information  enables an investor
organization  CPA to obtain a sufficient  understanding  of the internal control
structure  of the  investor  organization  to plan the  audit.  Some SAS No.  70
reports  include a  description  of tests of the  operating  effectiveness  of a
servicing entity's control structure policies and procedures. When such policies
and procedures are operating  effectively,  the investor organization CPA may be
able to reduce his or her  assessment  of  control  risk for  certain  financial
statement  assertions.  In  contract,  USAP  Reports  are  intended  to  provide
investors  in loans  with  assurance  about  compliance  with  specific  minimum
residential loan servicing standards.


                                       iv
<PAGE>

                                  INTRODUCTION


1.       CONCEPT OF A UNIFORM SINGLE ATTESTATION PROGRAM

         The  concept  of a uniform  single  attestation  program  involves  the
acceptance  by different  users of a single CPA report on  management's  written
assertion  about a servicing  entity's  compliance  with the  minimum  servicing
standards  in the  USAP.  A  single  program  precludes  the  need  for  several
compliance reporting programs to be developed by a number of different users.

2.       MANAGEMENT'S REPRESENTATIONS

         SSAE No. 3 requires that the CPA obtain a written  assertion and letter
of  representation  from  management.  Management's  written  assertion  about a
servicing entity's  compliance with the minimum servicing  standards in the USAP
is the basis for testing and,  therefore,  is integral to the performance of the
engagement  and  the  CPA's  rendering  of an  opinion.  See  Exhibit  I for  an
illustrative  management assertion and Exhibit II for an illustrative management
representation letter.

3.       QUALIFICATIONS OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

         To be acceptable, the USAP must be performed by a CPA who complies with
the  applicable  provisions  of the  public  accountancy  law and  rules  of the
jurisdiction  in  which  the CPA is  licensed.  The  CPA  must  meet  applicable
continuing  professional  education  requirements and quality control standards,
must participate in a practice monitoring program comparable to those prescribed
by the AICPA,  and must be  independent  of the servicing  entity as defined and
interpreted under the Code of Professional Ethics of the AICPA.

4.       STANDARDS FOR ACCEPTABILITY

         The USAP must be performed by a CPA in  accordance  with SSAE No. 3. In
accepting the USAP Report,  each user  recognizes that it relates to a servicing
entity's  compliance with the minimum servicing standards in the USAP and not to
compliance  with  specific  servicing   agreements.   See  Exhibit  III  for  an
illustrative CPA report.

5.       REPORT TO USERS

         A  servicing  entity  shall send to each user a copy of the USAP Report
resulting  from the  performance  of the USAP.  The Report shall be submitted to
users within  ninety (90) days of the end of the  servicing  entity's  reporting
period.


                                       1
<PAGE>

         SSAE  No.  3  addresses  circumstances  in  which  noncompliance  by  a
servicing entity would require  modification of the CPA's report (see paragraphs
61 et. seq.).

6.       REPORTING EXCEPTIONS

         The CPA's report  pursuant to an examination  under SSAE No. 3 includes
an opinion on management's  assertion  regarding a servicing entity's compliance
with the  minimum  servicing  standards  in the  USAP.  Consequently,  unlike an
agreed-upon  procedures  engagement  under  SSAE No. 3,  specific  findings  (or
"exceptions")  are not  reported  under the USAP unless the CPA  concludes  that
management's assertion is not fairly stated in all material respects.

7.       SAMPLING

         In accordance  with SSAE No. 3, the CPA determines the procedures to be
performed  and  evaluates  the  sufficiency  of  the  evidence   obtained  using
professional  judgment.  When exercising such judgment, the CPA may consider the
guidance of SSAE No. 1 (AICPA,  PROFESSIONAL STANDARDS,  vol. 1 AT sec. 100) and
SAS No. 39, AUDIT SAMPLING (AICPA, PROFESSIONAL STANDARDS, vol. 1, AU sec. 350).

8.       TIMING

         Although  it is  intended  that the USAP Report will relate to a period
covering  twelve  months,  there may be  circumstances  in which a  twelve-month
period is not covered. The USAP Report could, for example,  relate to compliance
during an interim period between a servicing  entity's fiscal year-end and a new
USAP  reporting-period end in the year such a change is made. The period covered
by the USAP shall be stated in both management's assertion and the CPA's report.

9.       ROLE OF INTERNAL AUDITOR'S WORK

         The CPA's  examination  of  management's  assertion  under the USAP may
consider  evidence  produced  by the  internal  audit  function  to  the  extent
permitted  by SAS No. 65, THE  AUDITOR'S  CONSIDERATION  OF THE  INTERNAL  AUDIT
FUNCTION IN AN AUDIT OF FINANCIAL  STATEMENTS  (AICPA,  PROFESSIONAL  STANDARDS,
vol. 1 AU sec. 322).

10.      PLANNING CONSIDERATIONS

         SSAE No. 1 (AICPA,  PROFESSIONAL STANDARDS,  vol. 1, AT sec. 100.28-32)
provides  guidance  on  planning  attestation  engagements.  The CPA may wish to
consider the following matters when planning the engagement:

         o        Certain  populations  of  transactions  may be subject to more
                  than one minimum servicing  standard.  Accordingly,  it may be
                  more  efficient to apply related  procedures to the attributes
                  of a common sample of transactions.  For example,  selecting a
                  sample of mortgage  payments subject to the deposit,  posting,
                  allocation,  and  investor  remittance  process  might be more
                  efficient than selecting separate samples for each attribute.


                                       2
<PAGE>


         o        Efficiency  might be gained by performing  some portion of the
                  work at an interim date.  For example,  tests might be applied
                  to applicable  populations  of  transactions  as of an interim
                  test  date  with  additional  testing  through  the end of the
                  period covered by management's assertion.

11.      EFFECTIVE DATE

         The  effective  date  for  application  of the  USAP is for  management
assertions made about entities'  compliance with the minimum servicing standards
for  fiscal  periods  ending  on  or  after  December  15,  1995,  with  earlier
application encouraged.


                                       3
<PAGE>

                           MINIMUM SERVICING STANDARDS


I.       CUSTODIAL BANK ACCOUNTS

         1. Reconciliations  shall  be  prepared  on a  monthly  basis  for  all
            custodial  bank accounts and related bank clearing  accounts.  These
            reconciliation's shall:

            o    be mathematically accurate;

            o    be prepared within forty-five (45) calendar days after
                 the CUTOFF DATE;

            o    be reviewed and approved by someone other than the person
                 who prepared the reconciliation; and

            o    document explanations for reconciling items.  These
                 reconciling items shall be resolved within ninety (90)
                 calendar days of their original identification.


         2. Funds of the servicing entity shall be advanced in cases where there
            is an overdraft in an investor's or a mortgagor's account.

         3. Each  custodial  account shall be maintained at a federally  insured
            depository institution in trust for the applicable investor.

         4. Escrow funds held in trust for a mortgagor  shall be returned to the
            mortgagor within thirty (30) calendar days of payoff of the mortgage
            loan.

II.      MORTGAGE PAYMENTS

         1. Mortgage  payments  shall  be  deposited  into  the  custodial  bank
            accounts and related bank clearing accounts within two business days
            of receipt.

         2. Mortgage  payments  made in  accordance  with the  mortgagor's  loan
            documents shall be posted to the applicable mortgagor records within
            two business days of receipt.

         3. Mortgage  payments  shall  be  allocated  to  principal,   interest,
            insurance,  taxes  or other  escrow  items  in  accordance  with the
            mortgagor's loan documents.

         4. Mortgage  payments  identified as loan payoffs shall be allocated in
            accordance with the mortgagor's loan documents.

III.     DISBURSEMENTS

         1. Disbursements  made via wire  transfer on behalf of a  mortgagor  or
            investor shall be made only by authorized personnel.


                                       4
<PAGE>

         2. Disbursements  made on behalf of a mortgagor  or  investor  shall be
            posted  within two business  days to the  mortgagor's  or investor's
            records maintained by the servicing entity.

         3. Tax and insurance payments shall be made on or before the penalty or
            insurance  policy  expiration  dates,  as indicated on tax bills and
            insurance premium notices, respectively,  provided that such support
            has been  received  by the  servicing  entity at least  thirty  (30)
            calendar days prior to these dates.

         4. Any late payment  penalties paid in conjunction  with the payment of
            any tax bill or  insurance  premium  notice  shall be paid  from the
            servicing  entity's funds and not charged to the  mortgagor,  unless
            the late payment was due to the mortgagor's error or omission.

         5. Amounts  remitted to investors per the servicer's  investor  reports
            shall agree with  cancelled  checks,  or other form of  payment,  or
            custodial bank statements.

         6. Unissued  checks shall be safeguarded so as to prevent  unauthorized
            access.

IV.      INVESTOR ACCOUNTING AND REPORTING

         1. The  servicing  entity's  investor  reports  shall  agree  with,  or
            reconcile to, investors'  records on a monthly basis as to the total
            unpaid  principal  balance  and  number  of  loans  serviced  by the
            servicing entity.

V.       MORTGAGOR LOAN ACCOUNTING

         1. The  servicing  entity's  mortgage loan records shall agree with, or
            reconcile to, the records of  mortgagors  with respect to the unpaid
            principal balance on a monthly basis.

         2. Adjustments  on ARM loans  shall be  computed  based on the  related
            mortgage note and any ARM rider.

         3. Escrow   accounts  shall  be  analyzed,   in  accordance   with  the
            mortgagor's loan documents, on at least an annual basis.

         4. Interest  on  escrow  accounts  shall  be  paid,  or  credited,   to
            mortgagors  in  accordance  with  the  applicable   state  laws.  (A
            compilation  of state laws  relating  to the  payment of interest on
            escrow  accounts  may be  obtained  through  the MBA's FAX ON DEMAND
            service. For more information, contact MBA.)

VI.      DELINQUENCIES

         1. Records  documenting  collection  efforts shall be maintained during
            the  period  a loan is in  default  and  shall be  updated  at least
            monthly.  Such records  shall  describe the entity's  activities  in
            monitoring  delinquent  loans including,  for example,  phone calls,
            letters and mortgage payment  rescheduling  plans in cases where the
            delinquency is deemed temporary (e.g., illness or unemployment).


                                       5
<PAGE>


VII.     INSURANCE POLICIES

         1. A fidelity-bond  and errors and omissions  policy shall be in effect
            on the  servicing  entity  throughout  the  reporting  period in the
            amount  of  coverage   represented  to  investors  in   management's
            assertion.


                                       6
<PAGE>
                                                                       EXHIBIT I

EXAMPLE MANAGEMENT ASSERTION1

                      [LETTERHEAD OF XYZ MORTGAGE COMPANY]

As of and for the [period] ended [date],  XYZ Mortgage  Company has complied2 in
all material  respects  with the minimum  servicing  standards  set forth in the
Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE  BANKERS.  As of and for this same period,  XYZ Mortgage Company had in
effect a fidelity bond and errors and omissions policy in the amount of [specify
amount].


                                                     ---------------------------
                                                     Name and Title(3)


                                                     ---------------------------
                                                     Date

_______
1    As  specified  in  paragraph  11a of SSAE No.  3, if the  CPA's  report  is
     intended for general use (including  "all investors in loans being serviced
     by a  servicing  entity"),  management's  assertion  should  be  both  in a
     representation  letter to the CPA  (Exhibit  II) and in a  separate  report
     (i.e.,  management's  assertion,  Exhibit I) that will  accompany the CPA's
     report. Management's assertion can set forth the specific minimum servicing
     standards  or  make  reference  to  the  document  containing  the  minimum
     servicing standards (that is, the MBA's USAP).

2    Management  should  appropriately  modify  its  assertion  for  matters  of
     material non-compliance and include a description of such non-compliance.

3    The assertion should be signed by members of management who are responsible
     for and  knowledgeable,  directly  or through  others in the  organization,
     about the matters covered by the assertion.  Normally,  the chief executive
     officer,  the chief financial  officer,  and/or the chief servicing officer
     should sign the assertion.

<PAGE>

                                                                      EXHIBIT II

                    EXAMPLE MANAGEMENT REPRESENTATION LETTER

                      [Letterhead of XYZ Mortgage Company]


[ADDRESSED TO CPA]

In connection with your  examination of our assertion that XYZ Mortgage  Company
complied  with  the  minimum   servicing   standards  in  the  Mortgage  Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(USAP) as of and for the [period]  ended  [date],  we recognize  that  obtaining
representations from us concerning the information contained in this letter is a
significant  procedure  in  enabling  you to express an opinion on  management's
assertion about compliance with the minimum servicing standards. Accordingly, we
make the following representations,  which are true to the best of our knowledge
and belief in all material respects:

1.       We are responsible for complying with the minimum  servicing  standards
         in the USAP.

2.       We are responsible for  establishing and maintaining an effect internal
         control structure over compliance with the minimum servicing standards.

3.       We have  performed an evaluation of XYZ Mortgage  Company's  compliance
         with the minimum servicing standards.

4.       As of and for the  [PERIOD]  ended  [DATE],  XYZ  Mortgage  Company has
         complied with the minimum servicing  standards.  [THIS ASSERTION SHOULD
         BE MODIFIED AS NECESSARY TO IDENTIFY ANY NONCOMPLIANCE.1

5.       We have  disclosed  to you all  known  noncompliance  with the  minimum
         servicing standards.

6.       We have made available to you all  documentation  related to compliance
         with the minimum servicing standards.

7.       We have made the  following  interpretation  of the  minimum  servicing
         standard  related  to...  [THIS  ASSERTION  SHOULD  STATE  MANAGEMENT'S
         INTERPRETATION  OF  ANY  COMPLIANCE   REQUIREMENTS  THAT  HAVE  VARYING
         INTERPRETATIONS.]

8.       We have disclosed any communications from regulator agencies,  internal
         auditors,  and other practitioners  concerning  possible  noncompliance
         with the minimum servicing standards, including communications received
         between  [specify  the  end of the  period  addressed  in  management's
         assertion and the date of the CPA's report].



_____
1   Any instances of material noncompliance should be explained here or in a
    separate addendum to this letter.

<PAGE>

9.       We have disclosed to you any known noncompliance  occurring  subsequent
         to [specify period covered by management's assertion].



                                                     ---------------------------
                                                     Name and Title(2)


                                                     ---------------------------
                                                     Date


_______
2    As specified in paragraph 9 of SAS No. 19, Client  Representations  (AICPA,
     Professional  Standards,  vol. 1, AU sec. 333), the  representation  letter
     should  be  signed by  members  of  management  whom the CPA  believes  are
     responsible  for and  knowledgeable,  directly  or  through  others  in the
     organization,  about the matters covered by the representations.  Normally,
     the chief executive officer, the chief financial officer,  and/or the chief
     servicing officer should sign the representation letter.
<PAGE>


                                                                     EXHIBIT III

                              EXAMPLE CPA REPORT(1)

                         Independent Accountant's Report

TO XYZ MORTGAGE COMPANY:

We have examined management's  assertion about XYZ Mortgage Company's compliance
with  the  minimum  servicing  standards  identified  in  the  Mortgage  Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(USAP) as of and for the  [period]  ended  [date]  included in the  accompanying
management  assertion.  Management  is  responsible  for XYZ Mortgage  Company's
compliance with those minimum  servicing  standards.  Our  responsibility  is to
express an opinion on management's assertion about the entity's compliance based
on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about XYZ Mortgage  Company's  compliance
with the minimum servicing  standards and performing such other procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on XYZ  Mortgage  Company's  compliance  with the  minimum
servicing standards.

In our opinion,  management's  assertion that XYZ Mortgage Company complied with
the aforementioned  minimum servicing standards as of and for the [period] ended
[date] is fairly stated, in all material respects.




______
1    Paragraphs 61 et seq. of SSAE No. 3 address circumstances in which the CPA
     should modify the standard report.

<PAGE>


                                                                      APPENDIX A

                                    GLOSSARY

CUTOFF DATE

         The date as of which a bank account is reconciled  every month. It may,
         or may not,  coincide  with a prescribed  investor  reporting  date but
         shall be consistent from period to period.

MATERIAL COMPLIANCE

         Paragraphs 35 and 36 of SSAE No. 3 provide  guidance on the factors the
         CPA should take into  account when making  judgments  about an entity's
         compliance with the minimum servicing standards in the USAP.

SERVICING ENTITY

         An entity  that is engaged in  servicing  residential  mortgage  loans.
         Residential  mortgage loan servicing  involves  performing certain loan
         administration  functions,   including  collecting  mortgage  payments,
         disbursing  principal and interest  payments to investors,  maintaining
         tax and insurance  escrow accounts,  and managing  delinquent loans and
         foreclosed properties. The entity performs these functions for a fee on
         behalf  of  investors  in loans,  pursuant  to its  investor  servicing
         agreements.

USAP REPORT

         The report that shall be furnished to investors upon  completion of the
         USAP engagement and is comprised of management's assertion (see Exhibit
         I) and the CPA's report (see Exhibit III).


<PAGE>
                                                                    EXHIBIT 99.4


                        CUSTODIAL SERVICERS AUDIT REPORT


                                     Our ref   20-F Sept 2002 No.1 of 1999 edgar
                                               version 25 Mar 03.doc

                                     Contact   Kim McManus 9335-8639


Mr. Roger Desmarchelier
Executive Manager Securitisation
Crusade Management Limited
55 Market Street
Sydney NSW 2000


25 March 2003


Dear Roger

AGREED UPON PROCEDURES - CRUSADE GLOBAL TRUST NO. 1 OF 1999

St.  George  Custodial  Pty Ltd required an audit to be performed in  accordance
with the Crusade  Global  Trust No. 1 of 1999  Custodian  Agreement  (`Custodian
Agreement').

Our  engagement  was  undertaken in  accordance  with the basic  principles  and
general guidance set out in Australian Auditing Standard AUS 904 "Engagements to
Perform Agreed-upon Procedures".

PROCEDURES

In  accordance  with the  requirements  set out in  Schedule 1 of the  Custodian
Agreement, an audit of the custodial role with respect to the Relevant Documents
for Crusade Global Trust No. 1 of 1999 was performed.  The following  procedures
were undertaken to perform the audit:

a) Through  management  inquiry and observation,  ensured adequate  controls and
   procedures are in place to:

     i)   segregate relevant documents from other mortgage title documents held
          by the Custodian; and

     ii)  safeguard the relevant documents from being removed or tampered
          without appropriate authorisation.

b) Through discussions with management ensured there is an appropriate  security
   packet tracking system to identify:

     i)   the relevant documents as separate and distinct from other mortgage
          title documents held by the custodian; and
<PAGE>

    ii)   identify the location of the relevant documents at any time.

(c) A random sample of 10 security packets was selected.  For each security pack
    in the sample we cited the following relevant documents:

     i)    Mortgage Deed;

     ii)   Certificate of Title; and

     iii)  Loan application signed by the borrower, or loan contract signed
           by the borrower for loans originated on or after November 1996.

(d) For each security  pack in the sample we traced the pack's  actual  storage
    location to the location information contained on the system.

FINDINGS

No exceptions were noted for the procedures performed above.


STATEMENT

Based on the results of the  procedures  performed in accordance  with steps (a)
through (d), we grade the custodial  performance of St. George Custodial Pty Ltd
as "Good."


DISCLAIMER

The  foregoing  procedures  do  not  constitute  an  audit  in  accordance  with
Australian  Auditing  Standards or a review made in accordance  with  Australian
Auditing Standard AUS 902 "Review of Financial Reports."

This letter is solely for the  information  of the addressee in connection  with
the role of St. George  Custodial Pty Ltd as custodian for Crusade  Global Trust
No. 1 of 1999. It is not to be used,  circulated,  quoted or otherwise  referred
to, in whole or in part for any other purpose without our written consent.


Yours sincerely


/S/  JOHN TEER
John Teer
Partner



<PAGE>
                                                                    EXHIBIT 99.5


                      KPMG CONSENT TO PUBLISH AUDIT REPORT


                                     Our Ref: 20-F Sept 2002 No.1 of 1999 edgar
                                              version 25 Mar 03.doc


The Directors
St George Bank Limited
Level 4
4-16 Montgomery Street
Kogarah NSW 2217

17 March 2003


Dear Sirs


CRUSADE GLOBAL TRUSTS

This consent is given by KPMG concerning the submission of the 20F report to the
SEC for the year ended 30 September 2002 in respect of Crusade Global Trust No.1
of 1999,  Crusade  Global Trust No.1 of 2001,  and Crusade  Global Trust No.2 of
2001.

KPMG  consents to its agreed upon  procedures  letters,  dated 18 April 2002, in
respect of the Crusade  Global Trust No.1 of 1999,  Crusade Global Trust No.1 of
2001 and  Crusade  Global  Trust No.2 of 2001,  for the year ended 30  September
2002, being included in the submission of the 20F report.


Your faithfully


/S/ A. J. YATES

A. J. Yates
Partner
                                                                              25
<PAGE>


                                                                    EXHIBIT 99.6


    FINANCIAL REPORT OF THE TRUST FOR THE PERIOD ENDING SEPTEMBER 30, 2002.






                        CRUSADE GLOBAL TRUST NO.1 OF 1999
                                FINANCIAL REPORT
                      FOR THE YEAR ENDED 30 SEPTEMBER 2002

                               ABN 65 766 913 410



                                                                              26
<PAGE>
CRUSADE GLOBAL TRUST NO.1 OF 1999
MANAGER'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2002


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 AND
FOREIGN EXCHANGE RISK.

REVIEW OF OPERATIONS

The distributions paid/payable to the beneficiary of the Trust for the financial
year ended 30 September 2002 were $6,552,807 (2001: $4,295,214).

STATE OF AFFAIRS

In the opinion of the Manager there were no significant  changes on the state of
affairs of the Trust during the financial year.


FOR AND BEHALF OF THE MANAGER






/S/ G. M. BARTLETT

Director

Crusade Management Limited


November 25, 2002


                                                                               1

<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 30 SEPTEMBER 2002


<TABLE>
<CAPTION>

                                                           ----------------------------------
                                                                2002              2001
                                                   NOTE           $                $
                                                           ---------------- -----------------
<S>                                                  <C>        <C>               <C>
Revenue from ordinary activities
    Interest income                                  2          45,510,905        81,749,716
    Fees                                             2           1,057,141         1,438,961
    Other                                            2             478,770           447,259
                                                           ---------------- -----------------
                                                                47,046,816        83,635,936
Expenses from ordinary activities
    Interest expense                                 2          36,458,816        73,703,328
    Custodian fees                                   10            109,241           152,835
    Servicing fees                                   10          2,913,092         4,075,590
    Manager fees                                     10            638,627           917,008
    Trustee fees                                     10            233,902           322,254
    Other expenses                                                 140,331           169,707
                                                           ---------------- -----------------
                                                                40,494,009        79,340,222

                                                           ---------------- -----------------
RESULT FROM ORDINARY ACTIVITIES (EXCESS INCOME)                  6,552,807         4,295,714
                                                           ================ =================
</TABLE>





THE STATEMENT OF FINANCIAL  PERFORMANCE  SHOULD BE READ IN CONJUNCTION  WITH THE
ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS ON PAGES 6 TO 12.


                                                                               2
<PAGE>

CRUSADE GLOBAL TRUST NO.1 OF 1999
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2002

<TABLE>
<CAPTION>

                                                    ----------------------------------
                                                         2002              2001
                                     NOTE                  $                $
                                                    ---------------- -----------------
<S>                                   <C>                <C>               <C>
ASSETS
    Cash and liquid assets            3                  40,201,395        62,685,371
    Receivables                       4                 114,622,647       268,372,957
    Investments                       5                 566,366,351       801,770,692

                                                    ---------------- -----------------
TOTAL ASSETS                                            721,190,393     1,132,829,020
                                                    ---------------- -----------------

LIABILITIES
    Accounts payable                  6                   9,649,393        13,099,343
    Mortgage backed bonds                               711,540,990     1,119,729,667

                                                    ---------------- -----------------
TOTAL LIABILITIES                                       721,190,383     1,132,829,010
                                                    ---------------- -----------------

                                                    ---------------- -----------------
NET ASSETS                                                       10                10
                                                    ================ =================

UNITHOLDER'S FUNDS
    Unit on issue                     7                          10                10

                                                    ---------------- -----------------
TOTAL UNITHOLDER'S FUNDS                                         10                10
                                                    ================ =================
</TABLE>





THE  STATEMENT  OF FINANCIAL  POSITION  SHOULD BE READ IN  CONJUNCTION  WITH THE
ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS ON PAGES 6 TO 12.



                                                                               3
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2002

<TABLE>
<CAPTION>

                                                                    ----------------------------------
                                                                         2002             2001
                                                    NOTE                  $                 $
                                                                    ---------------- -----------------
<S>                                                                      <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Interest received                                                    46,195,316        86,232,652
    Fees received                                                         1,057,141         1,438,961
    Interest paid                                                      (38,432,838)      (82,439,506)
    Expenses paid                                                       (4,168,455)       (6,005,824)
    Distributions paid                                                  (7,801,160)       (3,736,542)

                                                                    ---------------- -----------------
NET CASH USED IN OPERATING ACTIVITIES               (b)                 (3,149,996)       (4,510,259)
                                                                    ---------------- -----------------

CASH FLOWS FROM INVESTING ACTIVITIES
    Proceeds from loan repayments                                       235,883,111       297,444,436

                                                                    ---------------- -----------------
NET CASH PROVIDED BY INVESTING ACTIVITIES                               235,883,111       297,444,436
                                                                    ---------------- -----------------

CASH FLOWS FROM FINANCING ACTIVITIES
    Repayment of mortgage backed bonds                                (255,217,091)     (307,392,105)

                                                                    ---------------- -----------------
NET CASH USED IN FINANCING ACTIVITIES                                 (255,217,091)     (307,392,105)
                                                                    ---------------- -----------------

                                                                    ---------------- -----------------
NET DECREASE IN CASH HELD                                              (22,483,976)      (14,457,928)
                                                                    ---------------- -----------------

CASH AT THE BEGINNING OF THE YEAR                                        62,685,371        77,143,299

                                                                    ---------------- -----------------
CASH AT THE END OF THE YEAR                         (a)                  40,201,395        62,685,371
                                                                    ================ =================
</TABLE>





THE STATEMENT OF CASH FLOWS SHOULD BE READ IN CONJUNCTION  WITH THE ACCOMPANYING
NOTES TO THE  STATEMENT  OF CASH FLOWS ON PAGE 5 AND THE NOTES TO THE  FINANCIAL
STATEMENTS ON PAGES 6 TO 12.


                                                                               4
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2002

<TABLE>
<CAPTION>

                                                                                     --------------------------------
                                                                                           2002            2001
                                                                                            $                $
                                                                                     ----------------- --------------
<S>                                                                                        <C>            <C>
(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                                                               40,201,395     62,685,371

                                                                                     ----------------- --------------
      TOTAL CASH                                                                           40,201,395     62,685,371
                                                                                     ================= ==============

(b)   RECONCILIATION OF UNDISTRIBUTED INCOME TO NET CASH USED IN OPERATING
      ACTIVITIES


      Undistributed income                                                                          -              -

      Decrease in:
        Accounts payable                                                                  (3,449,950)    (8,451,623)
      (Increase)/decrease in:
        Receivables                                                                           684,411      4,482,936
        Sundry debtors                                                                         94,313       (94,313)

      Profit on discharges                                                                  (478,770)      (447,259)

                                                                                     ----------------- --------------
      Net cash used in operating activities                                               (3,149,996)    (4,510,259)
                                                                                     ================= ==============
</TABLE>

                                                                               5
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002


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  purpose  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.1 of 1999  ("the
Trust") and the provisions of the Trust Deed.

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.

b)    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.

c)    REVENUE RECOGNITION

Interest and fee income is recognised as it accrues.

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.

Unrealised  profits and losses arising on the foreign  currency  revaluations of
the  Mortgage  Backed  Bonds  are  recognised  in  the  Statement  of  Financial
Performance. These profits or losses are offset by the revalued foreign currency
hedges in place and therefore have no net effect on the result.

d)    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.

e)    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.  The difference
between the cost and the market value of the  investments on the day of purchase
is accounted for as a premium.

f)    MORTGAGE BACKED BONDS

Mortgage  Backed  Bonds held in foreign  currencies  are shown in the  financial
statements  at the  exchange  rate  prevailing  at balance  date.  The Bonds are
recorded net of  repayments.  Interest  payments due in foreign  currencies  are
hedged by a Currency Swap.  Therefore  these payments do not expose the Trust to
any foreign currency fluctuation risk. These Bonds mature in February 2030.


                                                                               6
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002



1.    STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


h)    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.
<TABLE>
<CAPTION>

                                                                                       -------------------------------
                                                                                            2002            2001
                                                                                              $              $
                                                                                       -------------------------------
<S>                                                                                         <C>            <C>
2.   RESULT FROM ORDINARY ACTIVITIES BEFORE INCOME TAX

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

REVENUE
Interest income
   - related party                                                                             519,115      1,284,471
   - other party                                                                            44,991,790     80,465,245
Fee income                                                                                   1,057,141      1,438,961
Profit on discharges                                                                           478,770        447,259
                                                                                       ===============================

EXPENSE
Interest expense
   - other party                                                                            36,458,816     73,703,328
Auditors remuneration                                                                           12,808         10,450
                                                                                       ===============================

3.   CASH AND LIQUID ASSETS

Cash at bank - St.George Bank Limited                                                          183,060      2,197,430
Liquidity deposit - ANZ                                                                      1,505,870      2,150,032
Deposits at call - ANZ                                                                      38,512,465     58,337,909

                                                                                       -------------------------------
                                                                                            40,201,395     62,685,371
                                                                                       ===============================
MATURITY ANALYSIS
At Call                                                                                     40,201,395     62,685,371
                                                                                       -------------------------------
                                                                                            40,201,395     62,685,371
                                                                                       ===============================

4.    RECEIVABLES

Accrued Interest:
   - Bank deposits                                                                             117,559        187,931
   - Loans secured by mortgage                                                               1,398,484      2,012,523
Currency swap receivable                                                                   113,106,604    266,078,190
Sundry debtors                                                                                       -         94,313

                                                                                       -------------------------------
                                                                                           114,622,647    268,372,957
                                                                                       ===============================

                                                                               7
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002

                                                                                       -------------------------------
                                                                                            2002            2001
                                                                                              $              $
                                                                                       -------------------------------
5.   INVESTMENTS

Loans secured by mortgage                                                                  568,070,651    803,953,762
Discount on loans secured by mortgage                                                      (1,704,300)    (2,183,070)

                                                                                       -------------------------------
                                                                                           566,366,351    801,770,692
                                                                                       ===============================

MATURITY ANALYSIS
within 1 year                                                                               62,027,544     36,262,544
between 1 and 5 years                                                                       48,435,154    135,993,559
greater than 5 years                                                                       455,903,653    629,514,590

                                                                                       -------------------------------
                                                                                           566,366,351    801,770,692
                                                                                       ===============================

6.   ACCOUNTS PAYABLE

Accrued expenses                                                                               536,217        763,792
Distributions payable                                                                        5,109,624      6,357,977
Interest payable - Mortgage backed bonds                                                     2,003,021      5,752,858
                 - Swaps                                                                     2,000,531        224,716

                                                                                       -------------------------------
                                                                                             9,649,393     13,099,343
                                                                                       ===============================

7.   TRUST UNITS

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

8.   UNDISTRIBUTED INCOME

Undistributed income at the beginning of the financial year                                          -              -

Plus: Result from ordinary activities (excess income)                                        6,552,807      4,295,214

Less: Distributions paid during the year                                                     7,801,160      3,736,542
      Increase/(decrease) in Distributions payable                                         (1,248,353)        558,672

                                                                                       -------------------------------
Undistributed income at the end of the financial year                                                -              -
                                                                                       ===============================
</TABLE>



                                                                               8
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002



9.    SUPPORT FACILITIES

In  accordance  with 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 GE Mortgage Insurance Pty Limited.

b)    LIQUIDITY RESERVE

The Trustee maintains a liquidity account with St.George Bank Limited,  which is
reduced each quarter to equal 0.25% of the aggregate  principal  outstanding  of
the Loans Secured by Mortgages.

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
Basis Swap will also cover the Purchased  Mortgages,  which convert from a fixed
rate of interest to a variable  interest  rate.  The  Trustee  also  maintains a
Standby  Basis Swap with the Sydney Branch of Deutsche Bank AG. 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,
Bankers Trust Corporation New York, to hedge its foreign currency exposure.


                                                                               9
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002



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 LIMITED   CRUSADE MANAGEMENT LTD   PERPETUAL TRUSTEES     ST.GEORGE CUSTODIAL
                                                                               CONSOLIDATED LTD          PTY LIMITED

                           ------------------------- ---------------------- ---------------------- -----------------------
                              2002         2001         2002       2001        2002        2001       2002        2001
                                $            $           $           $           $          $           $           $
-------------------------- ----------- ------------- ---------- ----------- ----------- ---------- ----------- -----------

<S>                        <C>            <C>         <C>         <C>          <C>        <C>         <C>         <C>
 Manager fee(1)                     -             -    638,627     917,008           -          -           -           -
 Trustee fee(2)                     -             -          -           -     233,902    322,254           -           -
 Servicing fee(3)           2,913,092     4,075,590          -           -           -          -           -           -
 Custodian fee(4)                    -             -          -           -           -          -     109,241     152,835
 Basis Swap interest(5)     (519,115)   (1,165,879)          -           -           -          -           -           -
 Redraw facility fee(6)        13,743        19,340          -           -           -          -           -           -
</TABLE>

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 0.03%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 or (received/receivable).

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


                                                                              10
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002


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 2002
---------------------------- ------------ --------------------------------------- ------------- -------------- -----------
                                FLOATING        FIXED INTEREST RATE MATURING IN:           NON                 WEIGHTED
                                INTEREST                                              INTEREST                 AVERAGE
                                    RATE                                               BEARING          TOTAL        RATE
                                          ---------------------------------------
                                             1-3 MTHS     3-12 MTHS      1-5 YRS
                                       $            $             $            $             $              $           %
---------------------------- ------------ ------------ ------------- ------------ ------------- -------------- -----------
<S>                          <C>            <C>          <C>          <C>          <C>            <C>          <C>
FINANCIAL ASSETS
   Cash & liquid assets       40,018,335            -             -            -       183,060     40,201,395        4.76
   Receivables                         -            -             -            -   114,622,647    114,622,647           -
   Investments               459,934,133    6,215,979    55,992,412   45,928,127             -    568,070,651        6.42
   Discount                            -            -             -            -   (1,704,300)    (1,704,300)           -
---------------------------- ------------ ------------ ------------- ------------ ------------- -------------- -----------
Total                        499,952,468    6,215,979    55,992,412   45,928,127   113,101,407    721,190,393
---------------------------- ------------ ------------ ------------- ------------ ------------- -------------- -----------
FINANCIAL LIABILITIES
   Accounts payable                    -            -             -            -     9,649,393      9,649,393           -
   Mortgage backed bonds
                                       -    711,540,990           -            -             -    711,540,990        2.16

---------------------------- ------------ ------------ ------------- ------------ ------------- -------------- -----------
Total                                  -    711,540,990           -            -     9,649,393    721,190,383
---------------------------- ------------ ------------ ------------- ------------ ------------- -------------- -----------

INTEREST RATE SWAP           (478,937,994)  585,069,753 (58,305,943) (47,825,816)
==========================================================================================================================

AS AT 30 SEPTEMBER 2001
---------------------------- ------------ -------------- ------------- ------------ ------------- -------------- -----------
                                FLOATING        FIXED INTEREST RATE MATURING IN:           NON                 WEIGHTED
                                INTEREST                                              INTEREST                 AVERAGE
                                    RATE                                               BEARING          TOTAL        RATE
                                          -------------- ------------- ------------
                                             1-3 MTHS     3-12 MTHS      1-5 YRS
                                       $            $             $            $             $              $            %
---------------------------- ------------ -------------- ------------- ------------ ------------- -------------- -----------
FINANCIAL ASSETS
   Cash & liquid assets       60,487,942            -              -            -     2,197,429     62,685,371         4.50
   Receivables                         -            -              -            -   268,372,957    268,372,957            -
   Investments               639,686,552    7,268,399     23,012,218  133,988,593             -    803,953,762         6.40
   Discount                            -            -              -            -    (2,183,070)    (2,183,070)           -
---------------------------- ------------ -------------- ------------- ------------ ------------- -------------- -----------
Total                        700,174,494    7,268,399     23,010,218  133,988,594   268,387,316  1,132,829,020
---------------------------- ------------ -------------- ------------- ------------ ------------- -------------- -----------
FINANCIAL LIABILITIES
   Accounts payable                    -            -              -            -    13,099,343      13,099,343           -
   Mortgage backed bonds
                                       -  1,119,729,667            -            -             -   1,119,729,667        3.90
---------------------------- ------------ -------------- ------------- ------------ ------------- -------------- -----------
Total                                  -  1,119,729,667            -            -    13,099,343   1,132,829,010
---------------------------- ------------ -------------- ------------- ------------ ------------- -------------- -----------
INTEREST RATE SWAP          (669,933,599)  834,358,063  (24,100,332) (140,324,132)
============================================================================================================================
</TABLE>


                                                                              11
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002



11.   ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE (CONTINUED)

(b)   NET FAIR VALUES

All  financial  assets  and  liabilities  are  carried  at net fair value in the
Statement  of Financial  Position  with the  exception  of the Loans  Secured by
Mortgage with are recorded at the recoverable amount as stated in the accounting
policies  in Note 1. The  fair  value of  these  loans  is  $568,513,512  (2001:
$805,307,502).

The net fair value of fixed rate loans that reprice within six months of balance
date is the carrying value at 30 September.  For other fixed rate loans, the net
fair value was calculated by discounting  the estimated  future cash flows using
current market rates.

(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 and to protect  the Trust from  fluctuation  in exchange
rates.

An interest rate swap is an agreement  between two parties to exchange  interest
obligations  periodically  based on an underlying  notional  principal.  A cross
currency  swap  involves a  principal  exchange of amounts in one  currency  for
another  currency and a re-exchange of the same  principal  amounts at maturity.
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.



                                                                              12
<PAGE>

CRUSADE GLOBAL TRUST NO. 1 OF 1999
MANAGER'S STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2002


In the opinion of the Manager:

     (i)  the  Statement  of Financial  Performance  is drawn up so as to give a
          true and fair view of the result of the Trust for the period  ended 30
          September 2002;

     (ii) the  Statement of Financial  Position is drawn up so as to give a true
          and fair view of the state of affairs of the Trust as at 30  September
          2002;

    (iii) the  Statement of Cash Flows is drawn up so as to give a true and fair
          view of the cash flows of the Trust for the period  ended 30 September
          2002; and

     (iv) at the date of this statement, there are reasonable grounds to believe
          the Trust will be able to pay it debts as and when they fall due.

It is also the opinion of the Manager that the accompanying financial statements
are  drawn up in  accordance  with  Australian  Accounting  Standards  and other
mandatory professional reporting requirements.




/S/ G. M. BARTLETT

Signed

Crusade Management Limited


Sydney

November 25, 2002

                                                                              13
<PAGE>


INDEPENDENT AUDIT REPORT
TO THE UNITHOLDERS OF CRUSADE GLOBAL TRUST NO.1 OF 1999


SCOPE

We have audited the financial  statements  of Crusade  Global Trust No.1 of 1999
for the year ended 30 September  2002,  consisting of the statement of financial
performance,  statement of  financial  position,  statement  of cash flows,  the
manager's  statement  and the  accompanying  notes set out on pages 2 to 13. 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 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.1 of 1999
for the year ended 30 September 2002 are properly drawn up:

(a)  so as to give a true and fair view of the  Trust's  state of  affairs at 30
     September  2002 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. J. YATES

A. J. Yates
Partner
45 Clarence Street,
Sydney, NSW 2000
November 25, 2002