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 333-96121

                           CRUSADE MANAGEMENT LIMITED
      In its capacity as Manager of the Crusade Global Trust No. 1 of 2001
                      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$813,100,000 Class a Mortgage Backed Floating Rate Notes due
2032 (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|



                                       i
<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 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


                                      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....................................................................................10

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


PART III

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


EXHIBITS

Exhibit 13.1:  Noteholders Report for the October 22, 2001 payment date
Exhibit 13.2:  Noteholders Report for the January 22, 2002 payment date
Exhibit 13.3:  Noteholders Report for the April 22, 2002 payment date
Exhibit 13.4:  Noteholders Report for the July 22, 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
</TABLE>


                                       iv


<PAGE>

                                     PART 1

         This Annual Report on Form 20-F relates to the Crusade Global Trust No.
1 of 2001 (the "Trust") and the Class A-1 (now paid out), and Class A-2 Mortgage
Backed  Floating Rate Notes (the "Notes") issued pursuant to the Note Trust Deed
dated as of  February  26,  2001 (the  "Note  Trust  Deed"),  between  Perpetual
Trustees Consolidated Limited, as issuer trustee (the "Issuer Trustee"); Crusade
Management Limited (the "Manager"), as Manager; and Wilmington Trust Company, as
note trustee (the "Note Trustee").  Capitalized terms used in this Form 20-F and
not defined have the same meanings  given to them in the  Prospectus  Supplement
relating to the Notes.

         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.

         o  Noteholders Report for the October 22, 2001 Payment date

         o  Noteholders Report for the January 22, 2002  Payment date

         o  Noteholders Report for the April 22, 2002 Payment date

         o  Noteholders Report for the July 22, 2002 Payment date
<PAGE>

The Manager also attaches  hereto,  as Exhibits  13.5,  Exhibit 99.4 and Exhibit
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;


                                                                               3
<PAGE>

         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:

         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.



                                                                               9
<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.



                                                                              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 October 22, 2001 Payment Date

2.     Exhibit 13.2: Noteholders Report for the January 22, 2002 Payment Date

3.     Exhibit 13.3: Noteholders Report for the April 22, 2002 Payment Date

4.     Exhibit 13.4: Noteholders Report for the July 22, 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 2001;

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 October 22, 2001 Payment Date

      13.2         Noteholders Report for the January 22, 2002 Payment Date

      13.3         Noteholders Report for the April 22, 2002 Payment Date

      13.4         Noteholders Report for the July 22, 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 OCTOBER 22, 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 October 22, 2001

                           Crusade Management Limited,
                           --------------------------
              as manager of the Crusade Global Trust No. 1 of 2001
             (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 October 22, 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  2001,  by the  undersigned,
thereunto duly authorized.


                                         Crusade Management Limited,
                                            as Trust Manager for the Crusade
                                            Global Trust No. 1 of 2001,
                                            --------------------------------
                                            (Registrant)



Dated: October 28, 2001                  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
                   October 22, 2001






                                        4

<PAGE>
                                                                    EXHIBIT 99.1

                               Noteholders Report
                        Crusade Global Trust No.1 of 2001
                      Coupon Period Ending 22 October 2001

-----------------
|    OMITTED    |
| Crusade Trust |
|     LOGO      |
-----------------

<TABLE>
<CAPTION>

USD 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              3,333,793.70        1.852108%     3.74000%           752,704.34    73,743,679.15       0.00
Class A2 Notes            633,100,000.00      100.000000%     3.95000%         6,529,723.06             0.00       0.00



                                                                             Coupon Payments     Principal      Charge Offs
                        FV Outstanding (USD)  Bond Factor      Coupon Rate        (AUD)        Payments (AUD)      (AUD)
                        --------------------  -----------    --------------  ---------------   --------------   -----------

Class A3 Notes            200,000,000.00      100.000000%     5.42610%         2,794,813.15             0.00       0.00
Class B Notes              33,600,000.00      100.000000%     Not Disclosed   Not Disclosed             0.00       0.00
Class C Notes               4,500,000.00      100.000000%     Not Disclosed   Not Disclosed             0.00       0.00
</TABLE>



                                                                    30-Sep-01
Pool Summary                                                           AUD
------------                                                    ----------------

Outstanding Balance - Variable Rate Housing Loans                  1,222,265,947
Outstanding Balance - Fixed Rate Loans                               222,658,368
Number of Loans                                                           14,616
Weighted Average Current LVR                                              60.33%
Average Loan Size                                                         98,859
Weighted Average Seasoning                                             36.2 mths
Weighted Average Term to Maturity                                       255 mths


Principal Collections                                                  AUD
---------------------                                           ----------------

Scheduled Principal Payments                                      11,732,592.81
Unscheduled Principal Payments                                   137,141,482.10
Redraws                                                           10,356,727.58

Principal Collections                                            138,517,347.33


Total Available Principal                                              AUD
-------------------------                                       ----------------
Principal Collections                                            138,517,347.33
Principal Charge Offs                                                      0.00
Pay Back of Principal Draw                                         1,946,803.44
Total Available Principal                                        140,464,150.77

Outstanding Principal Draws From Previous Period                  (5,523,721.83)

Principal Distributed                                            140,464,150.77
Principal Retained                                                         0.00


Total Available Funds                                                  AUD
---------------------                                           ----------------

Available Income                                                  28,272,034.26
Principal Draw                                                             0.00
Liquidity Draw                                                             0.00

Total Available Funds                                             28,272,034.26


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


CPR
---
                                             Jul-01       Aug-01        Sep-01
                        --------------------------------------------------------
                        1 mth CPR            30.19%       29.42%        25.83%
                        --------------------------------------------------------


ARREARS
-------
                        % of pool (by number)
                        --------------------

31 - 59 days                   0.41%
60 - 89 days                   0.09%

90+ days                       0.09%
Defaults                        Nil
Losses                          Nil




<PAGE>
                                                                    EXHIBIT 13.2


            NOTEHOLDERS REPORT FOR THE JANUARY 22, 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 January 22, 2002

                           Crusade Management Limited,
              as manager of the Crusade Global Trust No. 1 of 2001
             (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 January  22,  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  2001,  by the  undersigned,
thereunto duly authorized.


                                        Crusade Management Limited,
                                        as Trust Manager for the Crusade Global
                                        Trust No. 1 of 2001,
                                        (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 January 22, 2002



                                        4

                                                                    EXHIBIT 99.1

                               Noteholders Report
                        Crusade Global Trust No.1 of 2001
                      Coupon Period Ending 22 January 2002

USD 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%       3.74000%          20,191.68        3,333,793.70        0.00
Class A2 Notes    571,406,343.14       90.255306%       3.95000%       4,174,239.33       61,693,656.86        0.00
</TABLE>


<TABLE>
<CAPTION>
                  FV Outstanding      Bond Factor     Coupon Rate      Coupon Payments  Principal Payments   Charge Offs
                       (AUD)                                                (AUD)             (AUD)            (AUD)
<S>              <C>                 <C>              <C>               <C>             <C>                 <C>
Class A3 Notes    200,000,000.00      100.000000%       4.75500%        2,397,041.10           0.00            0.00
Class B Notes      33,600,000.00      100.000000%     Not Disclosed     Not Disclosed          0.00            0.00
Class C Notes       4,500,000.00      100.000000%     Not Disclosed     Not Disclosed          0.00            0.00
</TABLE>

                                                           30Dec01
Pool Summary                                                 AUD
- ------------
Outstanding Balance - Variable Rate Housing Loans      1,127,937,130
Outstanding Balance - Fixed Rate Loans                   195,655,088
Number of Loans                                               13,728
Weighted Average Current LVR                                  60.03%
Average Loan Size                                             96,416
Weighted Average Seasoning                                38.75 mths
Weighted Average Term to Maturity                           254 mths

Principal Collections                                         AUD
- ---------------------
Scheduled Principal Payments                           12,040,679.62
Unscheduled Principal Payments                        119,440,961.03
Redraws                                                10,052,448.50

Principal Collections                                 121,429,192.15

Total Available Principal                                     AUD
- -------------------------
Principal Collections                                 121,429,192.15
Principal Charge Offs                                           0.00
Pay Back of Principal Draw                              2,432,618.43
Total Available Principal                             123,861,810.58

Outstanding Principal Draws From Previous Period       (3,091,103.40)

Principal Distributed                                 123,861,810.58
Principal Retained                                              0.00

Total Available Funds                                         AUD
- ---------------------
Available Income                                       24,391,517.16
Principal Draw                                                  0.00
Liquidity Draw                                                  0.00

Total Available Funds                                  24,391,517.16

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

CPR
- ---
                                          Oct-01          Nov-01          Dec-01
                                          ------          ------          ------
                     1 mth CPR            27.89%          26.73%          26.82%

Arrears
- -------
                        % of pool
                       (by number)
                       -----------
31 - 59 days              0.41%
60 - 89 days              0.17%
90+ days                  0.07%
Defaults                  1.00%
Losses                     Nil


                                    Exh-99.1
<PAGE>

                                                                    EXHIBIT 13.3



             NOTEHOLDERS REPORT FOR THE APRIL 22, 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 April 22, 2002

                           Crusade Management Limited,
              as manager of the Crusade Global Trust No. 1 of 2001
             (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 April 22, 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  2001,  by the  undersigned,
thereunto duly authorized.


                                     Crusade Management Limited,
                                     as Trust Manager for the Crusade
                                     Global Trust No. 1 of 2001,
                                     (Registrant)



Dated: April 29, 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 April 22, 2002


                                        4

<PAGE>


                               Noteholders Report
                        Crusade Global Trust No.1 of 2001
                       Coupon Period Ending 22 April 2002

USD Notes
---------
<TABLE>
<CAPTION>
                     FV Outstanding       Bond Factor     Coupon Rate    Coupon Payments    Principal Payment    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       516,883,944.73      81.643334%        1.96000%        2,799,891.08    54,522,398.41             0.00


                     FV Outstanding      Bond Factor     Coupon Rate     Coupon Payments    Principal Payment    Charge Offs
                          (AUD)                                               (AUD)                (AUD)             (AUD)
                     --------------       -----------     -----------    ---------------    -----------------    -----------
Class A3 Notes       200,000,000.00      100.000000%       4.63610%        2,286,295.89            0.00              0.00
Class B Notes         33,600,000.00      100.000000%     Not Disclosed    Not Disclosed            0.00              0.00
Class C Notes          4,500,000.00      100.000000%     Not Disclosed    Not Disclosed            0.00              0.00
</TABLE>


                                                              31Mar02
Pool Summary                                                    AUD
------------                                                    ---
Outstanding Balance - Variable Rate Housing Loans         1,045,158,106
Outstanding Balance - Fixed Rate Loans                      176,654,498
Number of Loans                                                  12,876
Weighted Average Current LVR                                      59.17%
Average Loan Size                                                94,891
Weighted Average Seasoning                                   41.65 mths
Weighted Average Term to Maturity                              251 mths

Principal Collections                                           AUD
---------------------                                           ---
Scheduled Principal Payments                              11,813,369.58
Unscheduled Principal Payments                            99,840,927.57
Redraws                                                    9,911,379.66

Principal Collections                                    101,742,917.49

Total Available Principal                                       AUD
-------------------------                                       ---
Principal Collections                                    101,742,917.49
Principal Charge Offs                                              0.00
Pay Back of Principal Draw                                 2,109,269.96
Total Available Principal                                103,852,187.45

Outstanding Principal Draws From Previous Period            (981,833.44)

Principal Distributed                                    103,852,187.45
Principal Retained                                                 0.00

Total Available Funds                                           AUD
---------------------                                           ---
Available Income                                          18,920,456.20
Principal Draw                                                     0.00
Liquidity Draw                                                     0.00

Total Available Funds                                     18,920,456.20

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

CPR
---
                                Jan-02         Feb-02         Mar-02
                                ------         ------         ------
              1 mth CPR         24.70%         22.31%         26.88%


Arrears
-------
                            % of pool
                           (by number)
                           -----------
31 - 59 days                  0.52%
60 - 89 days                  0.20%
90+ days                      0.12%
Defaults                        2
Losses                         Nil


                                    Exh-99.1

<PAGE>
                                                                    EXHIBIT 13.4


              NOTEHOLDERS REPORT FOR THE JULY 22, 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 July 22, 2002

                           CRUSADE MANAGEMENT LIMITED,
              as manager of the Crusade Global Trust No. 1 of 2001
             ------------------------------------------------------
             (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 July 22, 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  2001,  by the  undersigned,
thereunto duly authorized.


                                  CRUSADE MANAGEMENT LIMITED,
                                      as Trust Manager for the Crusade Global
                                      Trust No. 1 of 2001,
                                  ---------------------------------------------
                                  (Registrant)




Dated: July __, 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
                     July 22, 2002






                                      -4-




<PAGE>
                                                                    EXHIBIT 99.1

                               NOTEHOLDERS REPORT
                        Crusade Global Trust No.1 of 2001
                        Coupon Period Ending 22 July 2002
<TABLE>
<CAPTION>


USD Notes
---------------------------------------------------------------------------------------------------------------------
                         FV OUTSTANDING                                  COUPON PAYMENTS    PRINCIPAL      CHARGE
                              (USD)         BOND FACTOR     COUPON RATE       (USD)       PAYMENTS (USD)  OFFS (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           462,770,906.77      73.096021%       2.13875%      2,794,421.77   54,113,037.96      0.00
--------------------------------------------------------------------------------------------------------------------

                         FV OUTSTANDING                                  COUPON PAYMENTS     PRINCIPAL     CHARGE
                              (AUD)         BOND FACTOR     COUPON RATE       (AUD)       PAYMENTS (AUD)  OFFS (AUD)
                         --------------     -----------  --------------  ---------------  --------------  ----------
Class A3 Notes           200,000,000.00     100.000000%        5.01440%     2,500,330.96            0.00      0.00
Class B Notes             33,600,000.00     100.000000%   Not Disclosed    Not Disclosed            0.00      0.00
Class C Notes              4,500,000.00     100.000000%   Not Disclosed    Not Disclosed            0.00       0.00
---------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                                    30Jun02
POOL SUMMARY                                                          AUD
                                                              ------------------

Outstanding Balance - Variable Rate Housing Loans                   956,989,158
Outstanding Balance - Fixed Rate Loans                              162,672,428
Number of Loans                                                          11,994
Weighted Average Current LVR                                             58.48%
Average Loan Size                                                        93,352
Weighted Average Seasoning                                           44.56 mths
Weighted Average Term to Maturity                                      248 mths

PRINCIPAL COLLECTIONS                                                 AUD
                                                              ------------------
Scheduled Principal Payments                                      10,458,061.90
Unscheduled Principal Payments                                   103,305,879.84
Redraws                                                           11,673,321.92

Principal Collection                                             102,090,619.82


TOTAL AVAILABLE FUNDS                                                 AUD
                                                              ------------------
Principal Collections                                            102,090,619.82
Principal Charge Offs                                                      0.00
Pay Back of Principal Draw                                           981,833.44
Total Available Principal                                        103,072,453.26

Outstanding Principal Draws From Previous Period                           0.00

Principal Distributed                                            103,072,453.26

Principal Retained                                                         0.00


TOTAL AVAILABLE FUNDS                                                 AUD
                                                              ------------------
Available Income                                                  20,025,636.61
Principal Draw                                                             0.00
Liquidity Draw                                                             0.00

Total Available Funds                                             20,025,636.61


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



CPR
----                                Apr-02         May-02          Jun-02
                                    ------         ------          ------
             1 mth CPR              24.54%         29.94%          26.25%


ARREARS
--------                    % OF POOL
                           (by number)
                           -----------

31 - 59 days                  0.36%
60 - 89 days                  0.11%
90+ days                      0.12%

DEFAULTS                        3


LOSSES                         Nil


                                                                    Page 1 of 1

<PAGE>

                                                                    EXHIBIT 13.5




                        AGGREGATE TOTALS FOR FISCAL YEAR

                                                                              19
<PAGE>
                                                                   Exhhibit 13.5
[CRUSADE TRUST
     LOGO]

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


NOTES
--------------------------------------------------------------------------------
                     FV Outstanding (USD)  Bond Factor as at   Coupon Rate as at
                     as at Sept 30, 2002     Sept 30, 2002       Sept 30, 2002
                     -------------------   -----------------   -----------------

Class A1 Notes                      0.00           0.000000%           0.000000%
Class A2 Notes            462,770,906.77          73.096021%           2.138750%
--------------------------------------------------------------------------------

                    ------------------------------------------------------------
                    FV Outstanding (AUD)   Bond Factor as at   Coupon Rate as at
                     as at Sept 30, 2002     Sept 30, 2002       Sept 30, 2002
                    --------------------   -----------------   -----------------

Class A3 Notes            200,000,000.00         100.000000%           5.014400%
Class B Notes              33,600,000.00         100.000000%       Not Disclosed
Class C Notes               4,500,000.00          100.000000%      Not Disclosed
--------------------------------------------------------------------------------


NOTES
--------------------------------------------------------------------------------
                       Coupon Payments       Principal
                             (USD)         Payments (USD)      Charge Offs (USD)
                       ---------------     --------------      -----------------
Class A1 Notes              772,896.02      77,077,472.85                   0.00
Class A2 Notes           16,298,275.24     170,329,093.23                   0.00
--------------------------------------------------------------------------------

                       ---------------------------------------------------------
                       Coupon Payments       Principal
                             (USD)         Payments (USD)      Charge Offs (USD)
                       ---------------     --------------      -----------------
Class A3 Notes            9,978,481.10               0.00                   0.00
--------------------------------------------------------------------------------



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

Scheduled Principal Payments                                       46,044,703.91
Unscheduled Principal Payments                                    459,729,250.54
Redraws                                                            41,993,877.66

Principal Collections                                             463,780,076.79


TOTAL AVAILABLE PRINCIPAL IN AUD

Principal Collections                                             463,780,076.79
Principal Charge Offs                                                       0.00
Principal Draw
Pay back of Principal Draws                                         7,470,525.27
Total Available Principal                                         471,250,602.06

Principal Distributed                                             471,250,602.06
Principal Retained                                                          0.00


TOTAL AVAILABLE FUNDS IN AUD

Available Income                                                   91,609,644.23
Principal Draw                                                              0.00
Liquidity Draw                                                              0.00

Total Available Funds                                              91,609,644.23


REDRAW & LIQUIDITY FACILITIES IN AUD

Redraw Shortfall                                                            0.00
Redraw Carryover Charge Offs                                                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 2001 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 2001  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 2001.

         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 February 27, 2001) 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.


                                         ST.G EORGE BANK LIMITED,
                                         as Servicer



                                         By:   /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 2001 (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;


 o   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 2001 (the  "Trust")  for the year  ended 30
     September 2002;

 o   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:    March 25, 2003




                                                                              23
<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.


                                                                              24
<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.



                                                                              25
<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.


                                                                              26

<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.

                                                                              27
<PAGE>


                                                                      APPENDIX 2

             UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS




                                                                              28
<PAGE>





                     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 (seeP.P. 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

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 2001 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 2001

St.  George  Custodial  Pty Ltd required an audit to be performed in  accordance
with the Crusade  Global  Trust No. 1 of 2001  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 2001 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 with,
          except with 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

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

                                                                              29
<PAGE>


(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 2001. 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


                                                                              30
<PAGE>

                                                                    EXHIBIT 99.5


                      KPMG CONSENT TO PUBLISH AUDIT REPORT

                                     Our ref   20-F Sept 2002 No.1 of 2001 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.


Yours faithfully,


/S/ A. J. Yates

Andrew Yates
Partner


                                                                              31
<PAGE>


                                                                    EXHIBIT 99.6


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














                        CRUSADE GLOBAL TRUST NO.1 OF 2001
                                FINANCIAL REPORT
                      FOR THE YEAR ENDED 30 SEPTEMBER 2002

                               ABN 64 878 644 611


                                                                              32
<PAGE>

CRUSADE GLOBAL TRUST NO.1 OF 2001
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 period
ended 30 September 2002 were $5,906,625 (2001: $3,669,255).


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 2001
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 30 SEPTEMBER 2002



                                                      --------------------------
                                                                    21 FEBRUARY
                                                                    2001 TO 30
                                                         2002     SEPTEMBER 2001
                                              NOTE         $            $
                                                      ------------ ------------

Revenue from ordinary activities
    Interest income                             2      81,302,438   67,938,923
    Fees                                        2       1,784,126    1,362,194
    Other income                                          569,120      264,446
                                                      ------------ ------------
                                                      ------------ ------------
                                                       83,655,684   69,565,563
Expenses from ordinary activities
    Interest expense                            2      70,161,934   59,977,589
    Custodian fees                              10        196,838      158,141
    Servicing fees                              10      5,249,020    4,217,102
    Manager fees                                10      1,153,837      948,848
    Trustee fees                                10        367,611      295,051
    Other expenses                                         50,699       35,131
    Loss on discharges                                    569,120      264,446
                                                      ------------ ------------
                                                       77,749,059   65,896,308
                                                      ------------ ------------

RESULT FROM ORDINARY ACTIVITIES (EXCESS INCOME)         5,906,625    3,669,255
                                                      ============ ============






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 2001
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2002


                                               --------------------------------
                                                   2002              2001
                                       NOTE          $                $
                                               ---------------- ---------------
ASSETS
    Cash and liquid assets              3         116,148,314      166,251,278
    Receivables                         4           2,664,057       92,736,686
    Investments                         5       1,025,925,623    1,448,733,696
                                               ---------------- ---------------
TOTAL ASSETS                                    1,144,737,994    1,707,721,660
                                               ---------------- ---------------
LIABILITIES
    Accounts payable                    6           55,235,593      28,222,273
    Mortgage backed bonds                        1,089,502,391   1,679,499,377
                                               ---------------- ---------------

TOTAL LIABILITIES                                1,144,737,984   1,707,721,650
                                               ---------------- ---------------
NET ASSETS                                                  10              10
                                               ================ ===============

UNITHOLDER'S FUNDS
    Unit on issue                       7                   10              10
                                               ---------------- ---------------
TOTAL UNITHOLDER'S FUNDS                                    10              10
                                               ================ ===============





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>

<TABLE>
<CAPTION>

CRUSADE GLOBAL TRUST NO.1 OF 2001
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2002
                                                                              ----------------------------------------
                                                                                                     21 FEBRUARY
                                                                                                      2001 TO 30
                                                                                     2002           SEPTEMBER 2001
                                                                  NOTE                 $                  $
                                                                               ------------------- ------------------
   <S>                                                            <C>                <C>             <C>

CASH FLOWS FROM OPERATING ACTIVITIES
    Interest received                                                                  82,789,301         63,788,003
    Fees received                                                                       1,784,126          1,362,194
    Interest paid                                                                     (76,585,527)       (41,356,681)
    Expenses paid                                                                      (7,640,488)        (3,530,120)
    Distributions paid                                                                 (1,438,727)                 -
                                                                               ------------------- ------------------
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES               (b)                  (1,091,315)        20,263,396
                                                                               ------------------- ------------------

CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of loans secured by mortgage                                                       -     (1,791,028,923)
    Proceeds from loan repayments                                                     422,238,953        342,030,781
                                                                               ------------------- ------------------
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES                                   422,238,953     (1,448,998,142)
                                                                               ------------------- ------------------

CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from issue of Mortgage backed bonds                                                -      1,786,956,520
    Repayments of Mortgage backed bonds                                              (471,250,602)      (196,042,909)
      Proceeds from loan from St.George Bank Limited                                            -          4,072,403
      Proceeds from issue of unit trust                                                         -                 10
                                                                               ------------------- ------------------
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES                                  (471,250,602)     1,594,986,024
                                                                               ------------------- ------------------
NET (DECREASE)/INCREASE IN CASH HELD                                                  (50,102,964)       166,251,278
                                                                               ------------------- ------------------

CASH AT THE BEGINNING OF THE YEAR                                                     166,251,278                  -
                                                                               ------------------- ------------------
CASH AT THE END OF THE YEAR                                       (a)                 116,148,314        166,251,278
                                                                               =================== ==================

</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>

<TABLE>
<CAPTION>

CRUSADE GLOBAL TRUST NO.1 OF 2001
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2002
                                                                                    ---------------------------------------
                                                                                                          21 FEBRUARY
                                                                                                           2001 TO 30
                                                                                           2002          SEPTEMBER 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                                                               116,148,314        166,251,278
                                                                                     ------------------ ------------------
      TOTAL CASH                                                                           116,148,314        166,251,278
                                                                                     ================== ==================


(B)   RECONCILIATION  OF UNDISTRIBUTED  INCOME TO NET CASH PROVIDED BY OPERATING
      ACTIVITIES


      Undistributed income                                                                          --                 --

      (Decrease)/increase in:
        Accounts payable                                                                    (2,578,178)        24,414,316
      Decrease/(increase) in:
        Interest receivable                                                                  1,486,863         (4,150,920)

                                                                                     ------------------ ------------------
      Net cash (used in)/provided by operating activities                                   (1,091,315)        20,263,396
                                                                                     ================== ==================
</TABLE>



                                       5
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 2001
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 2001  ("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 on 20 January 2032.


                                       6
<PAGE>

CRUSADE GLOBAL TRUST NO.1 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002


1.    STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


g)    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.

h)    COMPARATIVE DATA

The Trust was constituted on 21 February 2001, consequently any comparative data
relates to the period 21 February 2001 to 30 September 2001.


2.   RESULT FROM ORDINARY ACTIVITIES BEFORE INCOME TAX

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

                                                 -------------------------------
                                                                21 FEBRUARY 2001
                                                                 TO 30 SEPTEMBER
                                                      2002              2001
                                                       $                   $
                                                 -------------- ----------------
REVENUE
Interest income
   - other party                                     81,302,438      67,938,923
Fee income                                            1,784,126       1,362,194
                                                 ============== ================


EXPENSE
Interest expense
   - related party                                    6,030,337       5,935,870
   - other party                                     64,131,597      54,041,719
                                                 ============== ===============



3.   CASH AND LIQUID ASSETS
                                                 --------------   --------------
                                                     2002             2001
                                                       $               $
                                                 --------------   --------------

Cash at bank - St.George Bank Limited                 1,526,852       5,059,885
Collections A/C - ANZ Bank                          114,621,462     161,191,393

                                                 --------------   --------------
                                                    116,148,314     166,251,278
                                                 ==============   ==============


MATURITY ANALYSIS
At Call                                             116,148,314     166,251,278
                                                 --------------   --------------
                                                    116,148,314     166,251,278
                                                 ==============   ==============


                                       7


<PAGE>
CRUSADE GLOBAL TRUST NO.1 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002

<TABLE>
<CAPTION>
                                                                          ------------------------------------
                                                                             2002               2001
                                                                               $                  $
                                                                          ----------------- ------------------
  <S>                                                                     <C>                   <C>

4.   RECEIVABLES

Accrued Interest:
   - Bank deposits                                                                 163,312            538,371
   - Loans secured by mortgage                                                   2,500,745          3,612,549
Currency swap receivable                                                                 -         88,585,766
                                                                          ----------------- ------------------
                                                                                 2,664,057         92,736,686
                                                                          ================= ==================

5.  INVESTMENTS

Loans secured by mortgage                                                    1,022,686,786      1,444,925,739
Premium on loans secured by mortgage                                             3,238,837          3,807,957
                                                                          ----------------- ------------------
                                                                             1,025,925,623      1,448,733,696
                                                                          ================= ==================
MATURITY ANALYSIS
within 1 year                                                                   57,435,608         55,979,960
between 1 and 5 years                                                           90,825,304        169,962,607
greater than 5 years                                                           877,664,711      1,222,791,129
                                                                          ----------------- ------------------
                                                                             1,025,925,623      1,448,733,696
                                                                          ================= ==================

6.   ACCOUNTS PAYABLE
Accrued expenses                                                                 1,501,670          2,124,153
Distributions payable                                                            8,137,153          3,669,255
Amount payable - St. George Bank Limited                                         3,238,837          3,807,957
Interest payable - Mortgage backed bonds                                         5,934,599         14,073,001
                 - Swaps                                                         6,262,716          4,547,907
Currency swap payable                                                           30,160,618                  -
                                                                         ------------------ ------------------
                                                                                55,235,593         28,222,273
                                                                         ================== ==================

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 create the Trust.                                                   10                 10
                                                                         ================== ==================

8.    UNDISTRIBUTED INCOME

Undistributed income at the beginning of the period                                      -                  -

PLUS: Result from ordinary activities (excess income)                            5,906,625          3,669,255

LESS: Distributions paid during the year                                         1,438,727                  -
      Movement in Distributions payable                                          4,467,898          3,669,255
                                                                         -----------------   -----------------
                                                                                 5,906,625          3,669,255
                                                                         ------------------  -----------------
Undistributed income at the end of the financial year                                    -                  -
                                                                         ==================  ==================
</TABLE>


                                       8
<PAGE>

CRUSADE GLOBAL TRUST NO.1 OF 2001
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 period.

a)    MORTGAGE INSURANCE POLICY

The  Trustee  has been  insured  against  losses  in  respect  of the  Purchased
Mortgages  with St.  George  Insurance Pte Ltd, PMI Mortgage  Insurance  Ltd, GE
Mortgage Insurance Pty Ltd and Commonwealth of Australia.

b)    LIQUIDITY RESERVE

No liquidity  account is required to be maintained  under the terms of the Trust
Deed.

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 Credit Suisse First Boston  International.  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, Credit
Suisse First Boston International, to hedge its foreign currency exposure.


                                       9
<PAGE>

CRUSADE GLOBAL TRUST NO.1 OF 2001
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   ST.GEORGE     CRUSADE       CRUSADE     PERPETUAL     PERPETUAL    ST. GEORGE     ST.GEORGE
                       e BANK     e BANK      MANAGEMENT    MANAGEMENT    TRUSTEES      TRUSTEES    CUSTODIAL     CUSTODIAL
                      LIMITED     LIMITED        LTD           LTD      CONSOLIDATED  CONSOLIDATED PTY LIMITED   PTY LIMITED
                                                                             LTD           LTD
                    ----------- ----------- ------------- ------------ ------------- ------------- ------------ -------------
                       2002        2001         2002          2001          2002         2001          2002         2001
                         $           $            $             $            $             $            $             $
------------------- ----------- ----------- ------------- ------------- ------------ ------------- ------------ -------------
<S>                  <C>       <C>          <C>            <C>           <C>          <C>           <C>          <C>

 Manager fee1           -           -        1,153,837      948,848          -            -             -            -
 Trustee fee2           -           -            -             -          367,611      295,051          -            -
 Servicing fee3     5,249,020   4,217,102        -             -             -            -             -            -
 Custodian fee4         -           -            -             -             -            -          196,838      158,141
 Basis Swap
 interest5          6,030,337   5,935,870        -             -             -            -             -            -
 Redraw facility
 fee6                 25,610      12,008         -             -             -            -             -            -

</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 0.0275%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.

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

7    The Trust  received part  forgiveness  for the loan owing to St.George Bank
     Limited - 2002: $569,120 (2001: $264,446).


                                       10
<PAGE>
CRUSADE GLOBAL TRUST NO.1 OF 2001
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
------------------------------------------------------------------------------------------------------------------------------
                                                                                          NON                       WEIGHTED
                             FLOATING                                                   INTEREST                     AVERAGE
                           INTEREST RATE      FIXED INTEREST RATE MATURING IN:          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      114,621,462            -             -                -      1,526,852    116,148,314        4.72
   Receivables                         -            -             -                -      2,664,057      2,664,057           -
   Investments               876,875,685    8,932,358    48,317,845       88,560,898              -  1,022,686,786        6.45
   Premium                             -            -             -                -      3,238,837      3,238,837           -

-------------------------- -------------- ------------  ------------  ---------------  ------------- -------------- -----------
Total                        991,497,147    8,932,358    48,317,845       88,560,898      7,429,746  1,144,737,994
-------------------------- -------------- ------------  ------------  ---------------  ------------- -------------- -----------

FINANCIAL LIABILITIES
   Accounts payable                    -            -             -                -     55,235,593     55,235,593           -
   Mortgage backed bonds               -  1,089,502,391           -                -              -  1,089,502,391        2.78
-------------------------- -------------- -------------  -----------  --------------  ------------- -------------- -----------
Total                                  -  1,089,502,391           -                -     55,235,593  1,144,737,984
-------------------------- -------------- -------------  ------------ --------------- ------------- -------------- -----------

INTEREST RATE SWAP          (940,326,802) 1,087,110,152 (51,814,146)     (94,969,204)
=============================================================================================================================
</TABLE>

<TABLE>
<CAPTION>

AS AT 30 SEPTEMBER 2001
-------------------------- -------------- ------------------------------------------    ------------- --------------- ----------
                             FLOATING         FIXED INTEREST RATE MATURING IN:              NON                        WEIGHTED
                                                                                          INTEREST                     AVERAGE
                           INTEREST 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      161,191,393                -              -              -     5,059,885     166,251,278       4.56
   Receivables                         -                -              -              -    92,736,686      92,736,686          -
   Investments             1,230,288,739       11,108,998     36,415,473    167,112,529             -   1,444,925,739       6.72
   Premium                             -                -              -              -     3,807,957       3,807,957          -

-------------------------- -------------- ------------     -------------- -------------- ------------- --------------- ----------

Total                      1,391,480,132       11,108,998     36,415,473    167,112,529   101,604,528   1,707,721,660
-------------------------- --------------   -------------  -------------- -------------- ------------- --------------- ----------

FINANCIAL LIABILITIES
   Accounts payable                    -                -              -              -    28,222,273      28,222,273          -
   Mortgage backed bonds               -    1,679,499,377              -              -             -   1,679,499,377       4.14

-------------------------- --------------   ------------   -------------- -------------- ------------- --------------- ----------

Total                                  -    1,679,499,377              -              -    28,222,273   1,707,721,650
-------------------------- --------------   ------------   -------------- -------------- ------------- --------------- ----------

INTEREST RATE SWAP         (1,317,579,139)  1,535,547,687    (38,999,193)  (178,969,355)
=================================================================================================================================
</TABLE>


                                       11
<PAGE>
CRUSADE GLOBAL TRUST NO.1 OF 2001
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002


12.   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  $1,023,870,087  (2001:
$1,447,786,375).

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 2001
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

Date:  November 25,2002




                                       13
<PAGE>


INDEPENDENT AUDIT REPORT
TO THE UNITHOLDERS OF CRUSADE GLOBAL TRUST NO.1 OF 2001



SCOPE

We have audited the financial  statements  of Crusade  Global Trust No.1 of 2001
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 2001
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


                                       14