Front Cover   Timeline   Financial Highlights   Dear Fellow Shareholders   Selected Financial Data   Consolidated Balance Sheets   Consolidated Statements of Income   Consolidated Statements of Changes in Shareholders' Equity   Consolidated Statements of Cash Flows   Notes to Consolidated Financial Statements   + NOTE 1 - Organization and Significant Accounting Policies   + NOTE 2 - Acquisition of Related Capital Company   + NOTE 3 - Revenue Bonds   + NOTE 4 - Investment in Partnerships   + NOTE 5 - Other Investments   + NOTE 6 - Deferred Costs   + NOTE 7 - Financing Arrangements   + NOTE 8 - Notes Payable   + NOTE 9 - Notes Payable   + NOTE 10 - Income Taxes   + NOTE 11 - Convertible Community Reinvestment Act Preferred Share Offerings   + NOTE 12 - Related Parties   + NOTE 13 - Earnings per Share, Profit and Loss Allocations, and Distributions   + NOTE 14 - Capital Stock and Share Option Plan   + NOTE 15 - Selected Quarterly Financial Data (unaudited)   + NOTE 16 - Commitments and Contingencies   + NOTE 17 - Acquisition of PW Funding Inc.   + NOTE 18 - Financial Risk Management and Derivatives   + NOTE 19 - Business Segments   + NOTE 20 - Goodwill and Intangible Assets   + NOTE 21 - Dividends and Restricted Assets   + NOTE 22 - Mortgage Servicing Rights   + NOTE 23 - Subsequent Events   Independent Auditors' Report   Management's Discussion and Analysis   CharterMac Company Information   Back Cover