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, 1999 to September 30, 2000.
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
    Transactions                                           and 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





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<PAGE>

Part II

13. Defaults, Dividend Arrearages and Delinquencies        Defaults and
                                                           Delinquencies

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




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<PAGE>


TABLE OF CONTENTS
Part I

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

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

Item 4: Property..............................................................1

Item 7: Interest of Management and Related Parties in Transactions............2

Item 9: Markets...............................................................2

Item 10: Exchange Controls, Taxation, Legal Proceedings, Holders of Notes.....2

Item 11: Market Risks.........................................................3


Part II

Item 13: Defaults and Delinquencies...........................................7

Item 14: Material Modification to Rights of Security Holders..................7

Part III

Item 19: Financial Statements and Exhibits....................................7


Exhibits

Exhibit 13.1: Noteholders Report for the November 15, 1999 payment date

Exhibit 13.2: Noteholders Report for the February 15, 1999 payment date

Exhibit 13.3: Noteholders Report for the May 15, 2000 payment date

Exhibit 13.4: Noteholders Report for the August 15, 2000 payment date

Exhibit 13.5: Aggregate Totals for Fiscal Year

Exhibit 99.1: The Manager Officer's Certificate of Compliance

Exhibit 99.2: Custodial Services Audit Report

Exhibit 99.3: KPMG Consent to Publish Letter

Exhibit 99.4: Financial Report of the Trust for the Period Ending
              September 30, 2000


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<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, 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.

              INCORPORATION 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 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.

     o Noteholders Report for the November 15, 1999 Payment date

     o Noteholders Report for the February 15, 2000 Payment date

     o Noteholders Report for the May 15, 2000 Payment date

     o Noteholders Report for the August 15, 2000 Payment date


                                   1

<PAGE>


The Trust Manager also attaches hereto, as Exhibits 13.5, Exhibit 99.2 and
Exhibits 99.4 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, 2000.

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
August 14, 2001 was US$0.5201=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 the currency swap. Please refer to Note 1(e) of
the Financial Report of the Trust for the Period Ending September 30, 2001,
attached as Exhibit 99.4.

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, 2000,
attached as Exhibit 99.4.

         Additionally, an Officer's Certificate of Compliance, executed by
a director of the Manager is filed herewith as Exhibit 99.1. Such statement
certifies that the Manager and the Issuer Trustee, in such capacities, have
complied with all conditions and covenants under the Transaction Documents
for the issuance of the Notes by the Trust.


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

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

St George Bank 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. The Notes are listed and exchanged on the London Stock
Exchange.


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<PAGE>


Item 10. EXCHANGE CONTROLS, TAXATION, LEGAL PROCEEDINGS, HOLDERS OF NOTES

EXCHANGE CONTROLS

         The Australian Banking (Foreign Exchange) Regulations and other
Australian legislation and regulations control and regulate or permit the
control and regulation of a broad range of payments and transactions
involving non-residents of Australia. Pursuant to certain general and
specific exemptions, authorities and approvals, however, the Manager and
the Issuer Trustee are not restricted from transferring funds from
Australia or placing funds to the credit of non-residents of Australia
subject to:

         (i)      withholding taxes (see "Item 7. Taxation" below) in relation
                  to remittances of interest payments;

         (ii)     a restriction on making payments from Australia to the
                  Government of Iraq, its agencies or nationals; and

         (iii)    a restriction on transactions involving the transfer of
                  funds or payments to or from, by the order of, or on
                  behalf of the authorities in the Federal Republic of
                  Yugoslavia (Serbia and Montenegro), or their agencies,
                  who are not residents of Australia; and

         (iv)     a restriction on transactions involving the transfer of
                  funds or payments to, by the order of, or on behalf of:

                  o    the Government of Libya or a public authority of Libya;

                  o    any commercial, industrial or public utility
                     undertaking owned or controlled, directly or
                     indirectly, by the Government of Libya, or by a public
                     authority of Libya, or by an entity that is owned or
                     controlled by the Government of Libya or a public
                     authority of Libya;

                  o    any person acting for or on the behalf of the Government
                     of Libya or a public authority of Libya or an undertaking
                     or entity as described above; or

                  o    UNITA or the Taliban (which includes the Islamic
                     Emirates of Afghanistan) and certain of their
                     associated entities and people.

         Notwithstanding the restrictions referred to in paragraphs (ii),
(iii) and (iv) above, the Reserve Bank of Australia may approve certain
transactions in circumstances it deems appropriate.

         Effectively, the only exchange controls limiting the purchase of
domestic securities by non-residents retained in terms of the Manager or
the Trust are the Foreign Exchange Regulations relating to the requirement
of the Reserve Bank of Australia approval for investment in Australia by
central banks, foreign governments and foreign government agencies, which
are holders of the official exchange reserves of their country and do not
act independently of their government with respect to investment decisions.


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<PAGE>

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 existing Australian tax law, non-resident holders of Notes
or interests in any Global Note (other than persons holding such securities
or interest as part of a business carried on, at or through a permanent
establishment in Australia (an "Australian Establishment")) are not subject
to Australian income tax on payments of interest or amounts in the nature
of interest, including, subject to the fulfilment of all conditions
required by section 128F of the Australian Income Tax Assessment Act 1936
(the "Tax Act") as set forth below, interest withholding tax. Under Article
11 of the 1983 United States-Australia Tax Treaty, the maximum Australian
withholding rate on interest paid to United States residents who are
entitled to the benefit of such Treaty is 10%. Under Australian law, the
withholding rates for payments to other jurisdictions are currently 10% on
interest or amounts in the nature of interest paid on the Notes. A premium
on redemption would generally be treated as an amount in the nature of
interest for this purpose.

         Pursuant to section 128F of the Tax Act, an exemption from
Australian interest withholding tax applies provided all prescribed
conditions are met. Such conditions include the issue of the Notes in a way
that satisfies an objective public offer test. The Issuer Trustee will seek
to issue the Notes in a way that will satisfy such test and otherwise meet
the requirements of section 128F including by listing the Notes.

         The test will not be satisfied if the Issuer Trustee knew, or had
reasonable grounds to suspect, that the Notes were being or would later be
acquired either directly or indirectly by an associate of the Issuer
Trustee within the meaning of Section 128F of the Tax Act, other than in
the capacity of a dealer, Manager or underwriter in relation to the
placement of a Note.



                                     4

<PAGE>

         The exemption from Australian withholding tax will also not apply
to interest paid by the Issuer Trustee to an associate of the Issuer
Trustee within the meaning of section 128F if, at the time of the payment,
the Issuer Trustee knows, or has reasonable grounds to suspect, that the
person is an associate.

Profit on Sale

         Under current Australian law, non-resident holders of Notes will
not be subject to Australian income tax on profits derived from the sale or
disposal of Notes (but see below for discussion of Australia's capital
gains provisions):

         (1)      if the profits do not have an Australian source; or

         (2)      where the profits do have an Australian source, if the
                  holder is resident in a country with which Australia has
                  entered into a double tax treaty, is entitled to the
                  benefit of that treaty and the profits are business
                  profits for the purposes of the treaty which are not
                  attributable to a business carried on through an
                  Australian Establishment.

         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 an Australian Establishment, the
profit should not have an Australian source. There are, however, specific
withholding tax rules that can apply to treat a portion of the sale price
of Notes as interest for withholding tax purposes (and which amounts are
not covered by the exemption conditions in section 128F). These rules can
apply when:

         (1)      Notes are sold for an amount in excess of their issue price
                  prior to maturity; or

         (2)      Notes are sold to an Australian resident in connection with
                  a "washing arrangement" (as defined in the Tax Act).

         Under provisions for the taxation of capital gains, non-resident
holders of Notes would be subject to Australian tax on profits derived from
the sale or disposal of Notes if the Notes were at any time prior to the
sale or disposal held as part of a business carried on through an
Australian Establishment.



                                   5

<PAGE>

Other Taxes

         No stamp, issue, registration or similar taxes are payable in
Australia in connection with the issue of the Notes. Furthermore, a
transfer of, or agreement to transfer, Notes executed outside of Australia
will not be subject to Australian stamp duty.

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, 2000 attached as
Exhibit 99.4.







                                       6

<PAGE>



                                   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.

     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.


                                   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, 1999 Payment Date
2.   Exhibit 13.2: Noteholders Report for the February 15, 2000 Payment Date
3.   Exhibit 13.3: Noteholders Report for the May 15, 2000 Payment Date
4.   Exhibit 13.4: Noteholders Report for the August 15, 2000 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: Custodial Services Audit Report
8.   Exhibit 99.3: KPMG Consent to Publish Audit Report
9.   Exhibit 99.4: Financial Report of the Trust for the Period Ending
                   September 30, 2000.



                                     7

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                                 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: August 15, 2001













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                               INDEX TO EXHIBITS


Exhibit No.    Document Description
----------     --------------------

  13.1:        Noteholders Report for the November 15, 1999 Payment Date
  13.2:        Noteholders Report for the February 15, 2000 Payment Date
  13.3:        Noteholders Report for the May 15, 2000 Payment Date
  13.4:        Noteholders Report for the August 15, 2000 Payment Date
  13.5:        Aggregate Totals for the Fiscal Year
  99.1:        The Manager Officer's Certificate of Compliance
  99.2:        Custodial Services Audit Report
  99.3:        KPMG Consent to Publish Audit Report.
  99.4:        Financial Report of the Trust for the Period Ending
               September 30, 2000
















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