EXHIBIT 13.2


                       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 month of January 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-_________________.




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OTHER EVENTS

         As of December 11, 2000 all of the shares in AXA Trustees Limited,  the
issuer trustee,  have been acquired by Perpetual Trustees Australia Limited.  As
set out in the  original  offering  circular,  the notes have been issued by AXA
Trustees Limited in its capacity as trustee of the Trust and the personal assets
of the issuer are not available for recourse to investors.

         As a result  of the  change  in  ownership,  the  name of AXA  Trustees
Limited  will  be  changed  to  Perpetual  Trustees  Consolidated  Limited.  The
directors of the issuer trustee as of today are:



NAME                    BUSINESS ADDRESS                    PRINCIPAL ACTIVITIES

Graham Bradley          Level 7, 39 Hunter Street           Director
                        Sydney, New South Wales 2000
                        Australia

Gai McGrath             Level 7, 39 Hunter Street           Director
                        Sydney, New South Wales 2000
                        Australia

Michael Stefanovski     Level 7, 39 Hunter Street           Director
                        Sydney, New South Wales 2000
                        Australia

Andrew McKee            Level 7, 39 Hunter Street           Director
                        Sydney, New South Wales 2000
                        Australia




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                                   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: January __, 2001                  By:  /s/  Roger Desmarchelier
                                            ------------------------------------
                                            Name:  Roger Desmarchelier
                                            Title: Executive Manager






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