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, 2000 to September 30, 2001.
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|



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                              CROSS-REFERENCE SHEET
<TABLE>
<CAPTION>

20-F ITEM NUMBERS AND CAPTION                                          LOCATION

PART I
<S> <C>                                                        <C>

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 Interest of
    Transactions                                               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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Part II

13. Defaults, Dividend Arrearages and Delinquencies           Defaults and Delinquencies

14. Material Modifications to Rights of Security              Material Modifications to Rights of
    Holders and Use of Proceeds                               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
</TABLE>





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<PAGE>


TABLE OF CONTENTS

<TABLE>
<CAPTION>

PART I
<S>     <C>                                                                                                            <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 Transaction...............................3

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

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

Item 11: Market Risks...................................................................................................7


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

Signatures..............................................................................................................9
</TABLE>


EXHIBITS

Exhibit 13.1:  Noteholders Report for the November 15, 2000 payment date

Exhibit 13.2:  Notification of the acquisition of AXA Trustees Limited by
               Perpetual Trustees Consolidated Limited, January 2001.

Exhibit 13.3:  Noteholders Report for the February 15, 2001 payment date

Exhibit 13.4:  Noteholders Report for the May 15, 2001 payment date

Exhibit 13.5:  Noteholders Report for the August 15, 2001 payment date

Exhibit 13.6:  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, 2001


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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 (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.


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<PAGE>


          o  Noteholders Report for the November 15, 2000 Payment date
          o  Noteholders Report for the February 15, 2001 Payment date
          o  Noteholders Report for the May 15, 2001 Payment date
          o  Noteholders Report for the August 15, 2001 Payment date

The Manager also attaches hereto, as Exhibit 13.2,  Exhibits 13.5,  Exhibit 99.2
and Exhibits 99.4 respectively, the following documents:-

          o  Notification of the acquisition  of AXA  Trustees by Perpetual
             Trustees Consolidated Limited,
          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, 2001.


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  April  4,  2002 was US$
0.5305=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, 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  13.5,  the  Aggregate
Totals for the Fiscal Year, attached as Exhibit 13.6 and the Financial Report of
the Trust for the Period Ending September 30, 2001, 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.



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<PAGE>


Item 7.  MAJOR SAHAREHOLDERS AND INTEREST OF MANAGEMENT AND RELATED
         PARTIES IN TRANSACTION

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


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 10. Taxation" below) in relation
               to remittances of interest payments;

         (ii)  restrictions on Australian residents to, or on behalf of the
               following payees:-

               o    the Government of Iraq or its agencies or nationals;

               o    the Government of Libya or any public authority or
                    controlled entity of the Government of Libya;

               o    known supporters of the former Milosevic regime in
                    the Republic of Yugoslavia;



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<PAGE>


               o    the Taliban (also known as the Islamic Emirate of
                    Afghanistan) or any undertaking owned or controlled,
                    directly or indirectly, by the Taliban;

               o    the  National Union for Total Independence of Angola
                    ("UNITA") as an organisation, senior officials of UNITA
                    or adult members of the immediate families of senior
                    officials of UNITA; or

               o    Osama bin Laden, the Al-Queda organisation and certain
                    other individuals and entities identified by the Reserve
                    Bank of Australia as being linked to terrorism.

         Notwithstanding  the restrictions  referred to in paragraph (ii) 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.


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.



                                       4
<PAGE>


         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.

         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.

         On August 29, 2001, the Australian  Federal  Government  announced that
the  interest  withholding  tax  exemptions  contained  in the 1936 Act would be
amended  in  certain  respect  with  effect  from  that  date  (  the  "proposed
amendments").  It is intended that the proposed amendments,  when enacted,  will
allow the Class A notes to be acquired by an associate of the issuer  trustee if
that associate is a resident of Australia or carries on business at or through a
permanent  establishment in Australia or is acting in the capacity of a clearing
house,  paying  agent,  custodian or fund manager  (although it is not yet clear
whether the proposed amendments will operate so that the exemption from interest
withholding  tax will apply to interest  actually paid to an off shore associate
acting in such capacity).

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.

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.


                                       6

<PAGE>


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, 2001 attached as Exhibit
99.4.



                                     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, 2000 Payment Date

     2.  Exhibit 13.2: Notification of the acquisition of AXA Trustees Limited
                       by Perpetual Trustees Consolidated Limited, January 2001

     3.  Exhibit 13.3: Noteholders Report for the February 15, 2001 Payment Date

     4.  Exhibit 13.4: Noteholders Report for the May 15, 2001 Payment Date

     5.  Exhibit 13.5: Noteholders Report for the August 15, 2001 Payment Date

     6.  Exhibit 13.6: Aggregate Totals for the Fiscal Year

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

     8.  Exhibit 99.2: Custodial Services Audit Report

     9.  Exhibit 99.3: KPMG Consent to Publish Audit Report

     10. Exhibit 99.4: Financial Report of the Trust for the Period Ending
                       September 30, 2001.



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<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: April 11, 2002






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<PAGE>



                                INDEX TO EXHIBITS


EXHIBIT NO.    DOCUMENT DESCRIPTION

    13.1:      Noteholders Report for the November 15, 2000 Payment Date

    13.2       Notification of the acquisition of AXA Trustees Limited by
               Perpetual Trustees Consolidated Limited, January 2001

    13.3:      Noteholders Report for the February 15, 2001 Payment Date

    13.4:      Noteholders Report for the May 15, 2001 Payment Date


    13.5:      Noteholders Report for the August 15, 2001 Payment Date

    13.6:      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, 2001








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