<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)


   X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-------  EXCHANGE ACT OF 1934


For the quarterly period ended March 31, 2001


                                       OR


____   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934


                         Commission File Number 1-13237


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
         (Exact name of Registrant as specified in its Trust Agreement)



                Delaware                                           13-3949418
-------------------------------------------                  -----------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)



625 Madison Avenue, New York, New York                                   10022
--------------------------------------                               -----------
   (Address of principal executive offices)                          (Zip Code)



Registrant's telephone number, including area code (212) 421-5333



       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 past 90 days. Yes X No ___


<PAGE>
                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                                     ------------ ------------
                                                        March 31,   December 31,
                                                         2001           2000
                                                     -------------  -----------
                                                     (Unaudited)
ASSETS
Revenue bonds-at fair value                          $841,367,698 $845,405,056
Temporary investments                                   1,000,000            0
Cash and cash equivalents                              29,759,312   36,116,481
Interest receivable, net                                5,070,340    5,202,999
Promissory notes receivable                            10,410,934    9,909,933
Deferred costs, net                                    23,981,155   24,201,342
Goodwill, net                                           3,671,274    3,792,959
Other assets                                              314,930       607,095
                                                   ----------------------------
Total assets                                         $915,575,643 $925,235,865
                                                      ===========  ===========

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
   Secured borrowings                                $101,507,980 $110,026,031
   Interest rate swaps                                  1,366,541            0
   Accounts payable, accrued expenses and
     other liabilities                                  2,847,861    2,835,144
   Due to Manager and affiliates                        1,639,657    1,598,921
   Distributions payable to preferred shareholders
     of subsidiary                                      2,961,625    2,961,625
   Distributions payable to convertible CRA
     shareholders                                         712,249      558,250
   Distributions payable to common shareholders         6,242,587    6,242,046
                                                    --------------------------
Total liabilities                                     117,278,500  124,222,017
                                                      -----------  -----------

Minority interest in subsidiary
   (subject to mandatory redemption)                  275,000,000  275,000,000
                                                      -----------  -----------
Preferred shares of subsidiary (subject to mandatory
   repurchase)                                        169,000,000  169,000,000
                                                      -----------  -----------
Commitments and contingencies

Shareholders' equity:
   Beneficial owners' equity - convertible CRA share-
     holders (2,590,000 shares issued and outstanding  34,400,652   34,397,168
   Beneficial owner's equity-manager                      792,425      715,342
   Beneficial owners' equity-other common shareholders
     (50,000,000 shares authorized; 22,708,740 issued
     and 22,700,340 outstanding and 22,706,739
     shares issued and 22,698,339 outstanding in
     2001 and 2000, respectively)                     345,508,072  344,870,761
   Treasury shares of beneficial interest (8,400 shares) (103,359)    (103,359)
   Accumulated other comprehensive loss               (26,300,647) (22,866,064)
                                                      -----------  -----------
Total shareholders' equity                            354,297,143  357,013,848
                                                      -----------  -----------
Total liabilities and shareholders' equity           $915,575,643 $925,235,865
                                                      ===========  ===========


<PAGE>


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)

                                                           Three Months Ended
                                                               March 31,
                                                         2001           2000
                                                        -----------------------
Revenues:
   Interest income:
     Revenue bonds                                    $16,340,627 $11,341,104
     Temporary investments                                224,578    467,654
     Promissory notes                                     256,934    242,211
                                                     -----------------------
     Total revenues                                    16,822,139 12,050,969
                                                       ---------- ----------

Expenses:
   Interest expense                                     1,273,373    914,275
   Recurring fees relating to the
     Private Label Tender Option
     Program                                              564,573    426,978
   Bond servicing                                         541,886    396,504
   General and administrative                             742,279    448,199
   Amortization                                           198,574     110,699
                                                     ------------------------
     Total expenses                                     3,320,685  2,296,655
                                                      ----------------------

Income before gain on repayment
   of revenue bonds                                    13,501,454  9,754,314

Gain on repayment of revenue bonds                        136,864       0
                                                     ---------------------

Income  before minority interests                      13,638,318  9,754,314

   Income allocated to preferred
     shareholders of subsidiary                        (2,961,625)(1,490,625)
   Minority interest in income of
     subsidiary                                        (2,140,485) (1,693,300)
                                                      ----------- -----------
Net income                                           $  8,536,208$  6,570,389
                                                      =========== ===========

Allocation of net income to:
   Special distribution to Manager                    $   827,652$    594,756
                                                       ========== ===========
   Manager                                           $     77,086$      59,756
                                                      =========== ============
   Common shareholders                                 $6,849,905 $5,915,877
   Convertible CRA shareholders                           781,565         0
                                                      ----------------------
     Total for shareholders                            $7,631,470 $5,915,877
                                                        =========  =========

Net income per share
   Basic                                               $       .30   $    .29
                                                       =========== ===========

   Diluted                                            $        .30   $    .29
                                                      ============ ===========

Weighted average shares
   outstanding :

   Basic                                               25,289,651 20,581,805
                                                       ========== ==========

   Diluted                                             25,350,314 20,581,805
                                                       ========== ==========


See accompanying notes to consolidated financial statements
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CHANGES IN
                              SHAREHOLDERS' EQUITY
                                   (Unaudited)

<TABLE>
<CAPTION>


                                      Beneficial                Beneficial                              Accumulated
                                       Owners'     Beneficial     Owners'      Treasury                    Other
                                       Equity -      Owner's      Equity-      Shares of                  Compre-
                                  Convertible CRA   Equity -       Other      Beneficial   Comprehensive  hensive
                                     Shareholders    Manager   Shareholders    Interest       Income        Loss         Total
                                     -----------     -------   ------------    --------       ------        ----         -----


<S>                                  <C>            <C>        <C>           <C>            <C>         <C>          <C>
Balance at January 1, 2001           $34,397,168    $715,342   $344,870,761  $(103,359)                 $(22,866,064)$357,013,848
Comprehensive income:
Net income                               781,565     904,738     6,849,905           0      $8,536,208           0     8,536,208
                                                                                             ---------
Other comprehensive (gain) loss:
  Net unrealized loss on                                                                    (1,366,541)
   interest rate swaps
  Net unrealized loss on revenue bonds:
  Net unrealized holding loss arising                                                       (1,931,178)
   during the period
  Add:  Reclassification adjustment
for                                                                                           (136,864)
   net gain included in net income
Other comprehensive loss                                                                    (3,434,583) (3,434,583)  (3,434,583)
                                                                                            ----------
Comprehensive income                                                                        $5,101,625
                                                                                             =========
Costs of issuance of convertible CRA     (65,831)                                                                        (65,831)
shares
Issuance of common shares                      0           0        30,000           0                           0        30,000
Distributions                           (712,250)   (827,655)   (6,242,594)             0                         0    (7,782,499)
                                    -------------   --------   -----------   ------------                  --------    ----------


Balance at March 31, 2001            $34,400,652    $792,425   $345,508,072  $(103,359)                 $(26,300,647)$354,297,143
                                      ==========     =======    ===========   ========                   ============ ===========
</TABLE>



<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                     --------------------------
                                                       Three Months Ended
                                                            March 31,
                                                          2001          2000
                                                     -----------   ------------
Cash flows from operating activities:
   Net income                                         $ 8,536,208 $  6,570,389
   Adjustments to reconcile net income to net cash
     provided by operating activities:
   Gain on repayment of revenue bonds                    (136,864)           0
   Other amortization                                     199,757      110,699
   Amortization of goodwill                               121,685       85,829
   Amortization of bond selection costs                   416,724      176,079
   Accretion of deferred income and purchase
     accounting adjustment                               (109,121)     (16,547)
   Income allocated to preferred shareholders
     of subsidiary                                      2,961,625    1,490,625
   Changes in operating assets and liabilities:
     Interest receivable                                  132,659     (193,032)
     Other assets                                         151,118        3,048
     Accounts payable, accrued expenses and
       other liabilities                                   22,656      106,922
     Due to Manager and
       affiliates                                         203,165      108,026
                                                     ------------ ------------
Net cash provided by operating activities              12,499,612    8,442,038
                                                       ----------  -----------

Cash flows from investing activities:
   Proceeds from repayment of revenue bonds            12,855,000        7,937
   Periodic principal payments of revenue bonds           331,426            0
   Purchase of revenue bond                           (11,000,000)  (5,600,000)
   Increase in deferred bond selection costs             (344,861)    (205,670)
   Net (purchase) sale of temporary investments        (1,000,000)  12,341,000
   Increase in other deferred costs                             0     (174,039)
   Loan made to property                                 (550,000)           0
   Principal payments received from loans made to
     properties                                            48,999       63,999
                                                    --------------------------
Net cash provided by investing activities                 340,564    6,433,227
                                                     ------------  -----------
                                                                    (continued)
<PAGE>


Cash flows from financing activities:
   Distributions paid to the Manager and Common
     shareholders                                      (7,043,337)  (6,038,340)
   Distributions paid to preferred shareholders
     of subsidiary                                     (2,961,625)  (1,490,625)
   Distributions paid to Convertible CRA
     shareholders                                        (558,251)           0
   Principal repayments of secured borrowings          (8,518,051)           0
   Increase in cash and cash equivalents - restricted           0     (578,016)
   Increase in deferred costs relating to the
     Private Label Tender Option Program                  (50,250)     (38,004)
   Increase in deferred costs relating to
     the issuance of preferred stock of subsidiary              0       (3,827)
   Increase in other deferred costs                             0      (71,516)
   Increase in costs of Convertible CRA Shares            (65,831)            0
                                                   -------------- -----------
Net cash used in financing activities                 (19,197,345)  (8,220,328)
                                                      -----------  -----------

Net (decrease) increase in cash and
   cash equivalents                                    (6,357,169)   6,654,937
Cash and cash equivalents at the
   beginning of the period                             36,116,481    8,653,503
                                                       ----------  -----------
Cash and cash equivalents at the
   end of the period                                  $29,759,312  $15,308,440
                                                       ==========   ==========

Supplemental information:
   Interest paid                                     $  1,187,010   $  943,117
                                                      =========== ============


<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (Unaudited)

NOTE 1 - General

Charter  Municipal  Mortgage  Acceptance  Company (the  "Company") is a Delaware
business trust principally engaged in the acquisition and ownership (directly or
indirectly) of tax-exempt  multifamily  housing revenue bonds ("Revenue  Bonds")
and other investments that produce tax-exempt income, issued by various state or
local governments, agencies, or authorities. Revenue Bonds are primarily secured
by  participating  and  non-participating  first  mortgage  loans on  underlying
properties ("Underlying Properties").

The Company is governed by a board of trustees  comprised  of three  independent
managing  trustees and four managing  trustees who are  affiliated  with Related
Capital Company ("Related"), a nationwide, fully integrated real estate services
firm. The Company has engaged Related Charter L.P. (the "Manager"), an affiliate
of Related, to manage its day-to-day affairs.

The consolidated  financial  statements  include the accounts of the Company and
four majority owned  subsidiary  business  trusts which it controls:  CM Holding
Trust,  Charter Mac Equity Issuer  Trust,  Charter Mac  Origination  Trust I and
Charter Mac Owner Trust I. All intercompany  accounts and transactions have been
eliminated in  consolidation.  Unless  otherwise  indicated,  the "Company",  as
hereinafter used, refers to Charter Municipal  Mortgage  Acceptance  Company and
its consolidated subsidiaries.

The accompanying  financial  statements have been prepared without audit. In the
opinion  of  management,   the  financial  statements  contain  all  adjustments
(consisting of only normal  recurring  adjustments)  necessary to present fairly
the  financial  position  of the Company as of March 31, 2001 and the results of
its  operations and its cash flows for the three months ended March 31, 2001 and
2000.  However,  the  operating  results  for  the  interim  periods  may not be
indicative of the results for the full year.

Certain  information  and  footnote  disclosures  normally  included  in  annual
financial statements prepared in accordance with accounting principles generally
accepted  in the  United  States of  America  ("GAAP")  have been  condensed  or
omitted.  It is  suggested  that these  financial  statements  should be read in
conjunction  with the financial  statements  and notes  thereto  included in the
Company's Form 10-K for the year ended December 31, 2000.

The  consolidated  financial  statements  of the Company are prepared  using the
accrual method of accounting in conformity with GAAP, which requires the Manager
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent  assets and liabilities at the date
of the  financial  statements  as well as the  reported  amounts of revenues and
expenses  during the reporting  period.  Actual  results could differ from those
estimates.  Significant  estimates  in  the  financial  statements  include  the
valuation of the Company's investments in Revenue Bonds and interest rate swaps.

Certain  amounts in the 2000  financial  statements  have been  reclassified  to
conform to the 2001 presentation.


NOTE 2 - Revenue Bonds

The Company accounts for its investments in Revenue Bonds as  available-for-sale
debt  securities  under the  provisions  of Statement  of  Financial  Accounting
Standards  No.  115,  "Accounting  for  Certain  Investments  in Debt and Equity
Securities"  ("SFAS 115").  Accordingly,  the Revenue Bonds are carried at their
estimated  fair  values,  with  unrealized  gains and losses  reported  in other
comprehensive income.

The  weighted  average  interest  rates  recognized  on the face  amount  of the
portfolio  of Revenue  Bonds for the three  months ended March 31, 2001 and 2000
were 7.34% and 7.37%,  respectively,  based on weighted  average face amounts of
approximately $890,036,000 and $608,242,000, respectively.

The amortized  cost basis of the  Company's  portfolio of Revenue Bonds at March
31, 2001 and December 31, 2000 was $866,301,804 and $868,278,491,  respectively.
The net  unrealized  loss on Revenue Bonds in the amount of $24,934,106 at March
31,  2001  consisted  of gross  unrealized  gains and losses of  $6,656,252  and
$31,590,358,   respectively.  The  net  unrealized  loss  on  Revenue  Bonds  of
$22,873,435 at December 31, 2000 consisted of gross  unrealized gains and losses
of $6,835,510 and $29,708,945, respectively.

2001 Transactions
-----------------

On  February  28 and  March  30,  2001,  the  Company  acquired  an $11  million
subordinate  Revenue Bond (Draper Lane), in two installments of $9.5 million and
$1.5 million  respectively.  The Revenue  Bond bears  interest at 10% per annum,
matures  on  March 1,  2040 and is  secured  by a third  mortgage  on a 406 unit
affordable multifamily property, located in Silver Spring, MD.

During the first  quarter of 2001,  one Revenue Bond was repaid and one RITE was
terminated. The Revenue Bond (Greenway) had a face amount of $12.85 million, and
a  carrying  value of  $12.7  million.  The  Company  recognized  a gain on this
transaction  of  $105,557.  The RITE had a face  amount  and  carrying  value of
$5,000. The Company recognized a gain of $31,307 on this transaction.


NOTE 3 - Deferred Costs

The components of deferred costs are as follows:
                                                      March 31,     December 31,
                                                          2001         2000
                                                   --------------  -----------

Deferred bond selection costs                       $16,605,406     $16,260,545
Deferred costs relating to the Private Label
Tender Option Program                                 5,965,516       5,915,266
Deferred costs relating to the issuance of preferred
shares of subsidiary                                  6,490,989       6,490,989
                                                    -----------     -----------
                                                     29,061,911      28,666,800

Less: Accumulated amortization                       (5,080,756)     (4,465,458)
                                                    -----------     -----------

                                                    $23,981,155     $24,201,342
                                                     ==========      ==========


NOTE 4 - Related Party Transactions

Pursuant  to the  management  agreement  and  other  servicing  agreements  with
subsidiaries,  the  Manager  receives  (inclusive  of fees paid  directly to the
Manager by subsidiaries of the Company) certain fees for its ongoing  management
and operations of the Company and subsidiaries as follows:
<TABLE>
<CAPTION>

    Fees                   Computation
    ----                   -----------
<S>                         <C>
  I. Bond selection fees    2% of the principal amount of each Revenue Bond or other investment upon acquisition.
 II. Special distributions  .375% per annum of the Total Invested Assets of the Company.
III. Bond servicing fees    .25% per annum of the outstanding principal amount of Revenue Bonds.
IV.  Liquidation fees        1.5% based on the gross sales price of assets sold by the Company.
 V.  Expense reimbursement   reimbursement  of certain  administrative  costs incurred by the Manager and its affiliates on
                             behalf of the Company.
</TABLE>

Fees  payable to the Manager  which are based on Revenue  Bonds or assets of the
Company  include such Revenue Bonds or assets which are held either  directly by
the Company or held by other entities to which the Company has transferred  such
Revenue  Bonds or assets to  facilitate  financing.  In  addition,  the  Manager
receives  bond  placement  fees directly from the borrower in an amount equal to
1.0% to 1.5% of the principal  amount of each Revenue Bond or other  investment.
In  addition,  affiliates  of the Manager are part of a joint  venture  that has
development   services   agreements  with  the  owners  of  certain   Underlying
Properties.

The original  term of each  management  agreement  will  terminate on October 1,
2001,  thereafter  each  management  agreement  will  be  renewed,   subject  to
evaluation of the  performance of the Manager by the relevant  entity's board of
trustees.  Each management  agreement may be terminated (i) without cause by the
Manager, or (ii) for cause by a majority of such entity's independent  trustees,
in each case without  penalty and each upon 60 days prior written  notice to the
non-terminating  party.  Neither the Company nor its  subsidiaries may terminate
its  respective  management  agreement  prior to  October 1, 2001 other than for
cause. If the Manager terminates an entity's management  agreement,  such entity
may not be able to find an adequate replacement manager.

The costs,  expenses and the special  distributions  incurred to the Manager and
its  affiliates  for the three  months  ended  March  31,  2001 and 2000 were as
follows:

                               Three Months Ended
                                   March 31,
                                                         2001         2000
                                                        --------------------

Bond selection fees                                   $   190,000$   112,000
Expense reimbursement                                     165,369    133,085
Bond servicing fees                                       541,886    396,504
Special distribution                                      827,652    594,756
                                                       ---------- ----------
                                                       $1,724,907  $1,236,345
                                                       ==========  ==========

NOTE 5 - Earnings Per Share

Net income per share is computed  in  accordance  with  Statement  of  Financial
Accounting  Standards  ("SFAS") No. 128,  Earnings  Per Share.  Basic income per
share is calculated by dividing  income  allocated to common and convertible CRA
shareholders  ("shareholders")  by the  weighted  average  number of common  and
convertible CRA shares outstanding during the period. The convertible CRA shares
are included in both the basic and dilutive  calculation  of shares because they
are entitled to the same  economic  benefits as common  shareholders,  including
receipt of the same  dividends  per share pari passu with  common  shareholders.
Diluted  income per share is  calculated  using the weighted  average  number of
shares  outstanding  during the period plus the  additional  dilutive  effect of
common stock  equivalents.  The dilutive effect of outstanding  stock options is
calculated  using the treasury stock method.  Because each convertible CRA share
is convertible into less than one common share,  the potential  conversion would
be antidilutive.

Pursuant to the Company's  Trust  Agreement and the  management  agreement,  the
Manager is entitled, in its capacity as the general partner of the Company, to a
special  distribution  equal to .375% per annum of the Company's  total invested
assets   (which   equals  the  face  amount  of  the  Revenue  Bonds  and  other
investments),  payable quarterly. After allocation of the special distributions,
the net  remaining  profits or losses,  after a special  allocation of 1% to the
Manager,  are then allocated to shareholders in accordance with their percentage
interests.


                                         Three Months Ended March 31, 2001
                                         ---------------------------------
                                         Income        Shares     Per Share
                                       Numerator    Denominator     Amount

Net income allocable to shareholders
   (Basic EPS)                         $7,631,470      25,289,651 $    .30
                                                                   =======
   Effect of dilutive securities
     297,830 stock options                      -          60,663
                                       ----------       ---------
Diluted net income allocable to share-
   holders (Diluted EPS)               $7,631,470      25,350,314 $    .30
                                        =========      ==========  =======


                                              Three Months Ended March 31, 2000
                                              ---------------------------------
                                         Income          Shares     Per Share
                                       Numerator      Denominator    Amount

Net income allocable to shareholders
   (Basic EPS)                         $5,915,877      20,581,805   $    .29
                                                                      =======
   Effect of dilutive securities -- None
                                               -              -
                                         ----------     -----------
Diluted net income allocable to share-
   holders (Diluted EPS)               $5,915,877      20,581,805   $    .29
                                        =========      ==========     =======


NOTE 6 - Commitments and Contingencies

The  Company is subject to routine  litigation  and  administrative  proceedings
arising in the  ordinary  course of business.  Management  does not believe that
such  matters will have a material  adverse  impact on the  Company's  financial
position, results of operations or cash flows.


NOTE 7 - Financial Risk Management and Derivatives

The Company's  Revenue Bonds generally bear fixed rates of interest income,  but
the P-FLOATS and TOP financing programs incur interest expense at variable rates
re-set  weekly,  thus the  Company is exposed to interest  rate  risks.  Various
financial  vehicles exist which would allow Company  management to hedge against
the  impact of  interest  rate  fluctuations  on the  Company's  cash  flows and
earnings. Prior to December 31, 2000, upon management's analysis of the interest
rate environment and the costs and risks of such strategies, the Company had not
engaged in any of these hedging strategies.

Subsequent  to December 31,  2000,  the Company  entered into two interest  rate
swaps in order to reduce the  Company's  growing  exposure to  increases  in the
floating  interest  rate on its TOP and P-FLOATS  programs.  Under such interest
rate swap  agreements,  the Company is required  to pay  Merrill  Lynch  Capital
Services  (the  "Counterparty")  a fixed rate on a notional  amount of debt.  In
return,  the Counterparty will pay the Company a floating rate equivalent to the
BMA Municipal Swap Index, an index of weekly tax-exempt  variable rate issues on
which the Company's  variable rate financing  programs are based.  On January 5,
2001, the Company entered into a five-year interest rate swap that fixes the BMA
index to 3.98% on a notional  amount of $50.0 million.  On February 5, 2001, the
Company entered into a three-year interest rate swap that fixes the BMA index to
3.64% on an additional notional amount of $100.0 million.

The  average  BMA rate for the  quarter  ended March 31, 2001 and the year ended
December 31, 2000 was 3.17% and 4.12%, respectively.  Net swap payments received
by the Company, if any, will be taxable income to the Company and,  accordingly,
to  shareholders.  A  possible  risk of such  swap  agreements  is the  possible
inability  of the  Counterparty  to meet  the  terms of the  contracts  with the
Company; however, there is no current indication of such an inability.

The Company  adopted  statement of Financial  Accounting  Standards  No. 133, as
amended  on January  1,  2001.  Accordingly,  the  Company  has  documented  its
established policy for risk management and its objectives and strategies for the
use of derivative instruments to potentially mitigate such risks. Currently, the
Company  has a strategy  to reduce its  interest  rate risk  through  the use of
interest rate swaps. At inception,  the Company  designated  these interest rate
swaps as cash flow hedges on the variable interest payments on its floating rate
financing.  Accordingly,  the  interest  rate swaps are  recorded  at their fair
market  values each  accounting  period,  with  changes in market  values  being
recorded in other comprehensive income to the extent that the hedge is effective
in achieving offsetting cash flows. The Company assesses,  both at the inception
of the hedge and on an ongoing  basis  whether  the swap  agreements  are highly
effective in offsetting  changes in the cash flows of the hedged financing.  Any
ineffectiveness in the hedging  relationship is recorded in earnings.  There was
no ineffectiveness in the hedging relationship during the first quarter of 2001,
and the  Company  expects  that  these  hedging  relationships  will  be  highly
effective in achieving  offsetting  changes in cash flow throughout their terms.
Net amounts  payable or  receivable  under the swap  agreements  are recorded as
adjustments to interest expense.

At March 31, 2001, the combined fair market value of the two interest rate swaps
was  a  liability  of  $1,366,541,  included  in  interest  rate  swaps  on  the
consolidated  balance sheet.  Interest  payable under the terms of the swaps, of
$187,452, is included in interest expense.


NOTE 8 - Subsequent Events

On April 24,  2001,  the Company  acquired a tax-exempt  rehabilitation  Revenue
Bond,  in the face  amount  of  $4,100,000,  secured  by a  149-unit  affordable
multifamily  apartment  complex  located in Tampa,  FL,  known as Sherwood  Lake
Apartments.  The stated  interest  rate on this Revenue Bond is 8.45% during the
first 18 months  and 7.45%  thereafter.  The bond  matures  September  1,  2037,
however the obligor may prepay the bond without penalty beginning on November 1,
2017.

On April 26, 2001, the Company  acquired a tax-exempt new  construction  Revenue
Bond  and a  taxable  Revenue  Bond  in the  face  amounts  of  $12,500,000  and
$1,000,000, respectively, secured by a 250-unit affordable multifamily apartment
complex located in Covington,  GA., to be known as Magnolia Arbors.  These bonds
bear interest at annual rates of 7.50% and 8.95% and mature on April 1, 2043 and
July 1, 2018,  respectively.  Each bond may be prepaid without penalty beginning
on April 1, 2008.

On May 3, 2001, the Company acquired a tax-exempt new construction  Revenue Bond
in the face amount of $10,700,000 secured by a 250-unit  affordable  multifamily
property in Denton,  TX, to be known as  Bluffview  Senior  Housing.  The stated
annual interest rate on this Revenue Bond is 8.6% during  construction  and 7.6%
thereafter.  The bond matures May 1, 2041,  however,  it may be prepaid  without
penalty beginning on May 1, 2018.

On May 3, 2001, the Company acquired a tax-exempt new construction  Revenue Bond
in the face amount of $13,750,000 secured by a 264-unit  affordable  multifamily
property in Denton,  TX, to be known as  Knollwood  Villas.  This stated  annual
interest  rate  on  this  Revenue  Bond is 8.6%  during  construction  and  7.6%
thereafter.  The bond matures May 1, 2041,  however,  it may be prepaid  without
penalty beginning on May 1, 2018.

On May 11, 2001, the Company  announced the public offering of 7,900,000  common
shares of  beneficial  interest at a price of $14.64 per share.  Net proceeds of
the offering to the Company will be approximately $109 million. The underwriters
have  an  option  to  purchase   an   additional   1,185,000   shares  to  cover
over-allotments.  If the option is  exercised  in full,  the net proceeds to the
Company would then be approximately $125 million. The proceeds from the offering
will be used to pay down outstanding debt and fund new investments. The offering
is expected to close on May 15, 2001.



<PAGE>




Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations.

General
-------

Charter  Municipal  Mortgage  Acceptance  Company (the  "Company") is a Delaware
business trust  principally  engaged in the  acquisition  and ownership  (either
directly  or  indirectly)  of  tax-exempt   multifamily  housing  revenue  bonds
("Revenue Bonds") and other instruments that produce tax-exempt  income,  issued
by various state or local governments,  agencies, or authorities.  Revenue Bonds
are secured by  participating  and  non-participating  first  mortgage  loans on
underlying properties ("Underlying Properties").

In order to generate increased  tax-exempt income and, as a result,  enhance the
value of the  Company's  shares,  the  Company  intends  to invest in or acquire
additional   tax-exempt   Revenue  Bonds   secured  by  affordable   multifamily
properties. The Company believes that it can earn above market rates of interest
on its bond  acquisitions  by  focusing  its  efforts  primarily  on  affordable
housing.   The  Manager  estimates  that  nearly  50%  of  all  new  multifamily
development contains an affordable component which produces tax credits pursuant
to Section 42 of the Internal Revenue Code. The Company's Manager has designed a
Direct Purchase  Program  specifically  designed to appeal to developers of such
properties.   In  general,   these   properties  are  smaller  than  traditional
multifamily housing  properties,  averaging 150 units. The traditional method of
financing tax-exempt  properties requires the involvement of credit enhancement,
rating  agencies and investment  bankers.  Therefore,  the up-front cost of such
financing  is  generally  much higher than  traditional  multifamily  financing.
Through  its Direct  Purchase  Program,  the  Company  will invest in or acquire
tax-exempt  bonds without the cost  associated with credit  enhancement,  rating
agencies and  investment  bankers.  The Company  believes that the up-front cost
savings to the developer will translate into a higher than market  interest rate
on the Revenue Bonds acquired by the Company.

The Company  believes that it is well  positioned to market its Direct  Purchase
Program as a result of the Manager's  affiliation  with Related  Capital Company
("Related"),  a nationwide,  fully integrated real estate services firm, because
the Manager is able to utilize  Related's  resources  and  relationships  in the
multifamily affordable housing finance industry to source potential borrowers of
Revenue  Bonds.  Related  and its  predecessor  companies  have  specialized  in
offering  debt  and  equity  products  to  mid-market   multifamily  owners  and
developers  for  over 26  years.  According  to the 2000  National  Multihousing
Council  survey,  Related is the third largest owner of apartments in the United
States.

Liquidity and Capital Resources
-------------------------------

In order for the Company to fund its investments in Revenue Bonds and facilitate
growth,  the Company has primarily  used two sources of capital:  collateralized
debt  securitization  and  equity  offerings.  To date,  the  primary  source of
long-term  liquidity  has come from the  Company's  Private  Label Tender Option
Program (TOP) and preferred equity offerings by the Company or a subsidiary, the
issuance of Convertible CRA Shares,  and the Merrill Lynch Pierce Fenner & Smith
Incorporated P-FLOATS/RITES program.

The Company  intends to continue to use these same sources of capital.  On March
21, 2001, the Company filed a shelf registration  statement on Form S-3 with the
Securities  and Exchange  Commission in the amount of  $250,000,000,  which will
allow the Company to offer Common Shares from time to time. On May 11, 2001, the
Company  announced the public offering of 7,900,000  common shares of beneficial
interest at a price of $14.64 per share.  Net  proceeds  of the  offering to the
Company will be approximately  $109 million.  The underwriters have an option to
purchase an additional 1,185,000 shares to cover over-allotments.  If the option
is  exercised  in  full,   the  net  proceeds  to  the  Company  would  then  be
approximately  $125 million.  The proceeds from the offering will be used to pay
down  outstanding  debt and fund new  investments.  The  offering is expected to
close on May 15, 2001.

During the three  months ended March 31, 2001 cash and cash  equivalents  of the
Company and its consolidated  subsidiaries decreased  approximately  $6,357,000.
The decrease was primarily due to cash provided by operating  activities  ($12.5
million)  and  proceeds  from the  repayment  of a Revenue  Bond and RITE ($13.2
million) less funds used to purchase a Revenue Bond ($11  million),  a loan made
to  property  (.6  million),  principal  payments  of secured  borrowings  ($8.5
million) and distributions to common, convertible CRA and preferred shareholders
($10.6 million).

In April  and May  2001,  distributions  declared  in March  2001  were  paid to
preferred  shareholders  of  subsidiary  Series A, A-1 and B in the  amounts  of
$1,490,625 ($33,125 per preferred share), $426,000 ($8,875 per preferred share),
and  $1,045,000  ($9,500  per  preferred  share),  respectively.  Also paid were
distributions  of  $6,242,606  ($.275  per  share)  to  holders  of  common  and
convertible  CRA  shares.  All  distributions  were  paid  from  cash  flow from
operations for the quarter ended March 31, 2001.

Management is not aware of any trends or events,  commitments or  uncertainties,
which  have not  otherwise  been  disclosed  that  will or are  likely to impact
liquidity in a material way.

Acquisitions
------------

During the period January 1, 2001 through May 12, 2001 the Company acquired five
Revenue Bonds for an aggregate purchase price of approximately $53,050,000,  not
including bond selection fees and expenses of approximately $1,031,000.

Results of Operations
---------------------

For the three months ended March 31, 2001 as compared to 2000,  total  revenues,
total expenses and net income increased due to the net result of the acquisition
of 45 Revenue  Bonds  during 2001 and 2000,  and the  repayment  of four Revenue
Bonds.

Interest  income from Revenue Bonds increased  approximately  $5,000,000 for the
three  months  ended  March 31,  2001 as compared  to 2000.  This  increase  was
primarily  due to an increase in interest  income of  $5,391,000  on new Revenue
Bonds  acquired  during  2000 and 2001,  partially  offset by a decrease  due to
Revenue Bond  repayments  of  $664,000.  Also  contributing  to the increase was
$294,000 which consisted primarily of a one time charge of $413,000 taken in the
first quarter of 2000 with respect to a certain Revenue Bond.

Total  revenues  for the  three  months  ended  March  31,  2001,  increased  by
approximately  $4,771,000,  including  the  increases  in  interest  income from
Revenue  Bonds noted above,  partially  offset by a decrease in interest  income
from temporary  investments of  approximately  $243,000,  primarily due to lower
cash balances.

Interest  expense and recurring  fees increased  approximately  $497,000 for the
three months ended March 31, 2001 as compared to 2000 primarily due to increased
secured  borrowings,  a higher  outstanding  balance of the TOP during 2001, and
interest accrued under the terms of the interest rate swaps.

Bond servicing and asset  management fees increased  approximately  $145,000 for
the three months ended March 31, 2001 as compared to 2000  primarily  due to new
acquisitions  and the  corresponding  increase  in the  Revenue  Bond  portfolio
serviced.

General and  administrative  expenses increased  approximately  $294,000 for the
three  months  ended  March 31, 2001 as  compared  to 2000  primarily  due to an
increase in expense  reimbursements to the Manager and its affiliates due to the
2001 and 2000 Revenue Bond acquisitions.

Income  allocated to preferred  shareholders  of subsidiary for the three months
ended  March  31,  2001  increased  approximately  $1,471,000,  related  to  the
preferred offerings consummated on June 29, 1999 and July 21, 2000.

Minority interest in income of subsidiary increased  approximately  $447,000 for
the three  months  ended March 31, 2001 as compared to 2000  primarily  due to a
higher outstanding balance of the TOP in 2001.

Forward-Looking Statements
--------------------------

Certain   statements  made  in  this  report  may  constitute   "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking  statements include statements  regarding the intent,  belief or
current  expectations  of the Company and its  management  and involve known and
unknown  risks,  uncertainties  and other  factors  which  may cause the  actual
results,  performance or achievements of the Company to be materially  different
from any future  results,  performance or  achievements  expressed or implied by
such forward-looking  statements.  Such factors include, among other things, the
following:  general  economic and business  conditions,  which will, among other
things,  affect the availability and  creditworthiness  of prospective  tenants,
lease rents and the terms and availability of financing;  adverse changes in the
real estate  markets  including,  among  other  things,  competition  with other
companies;  risks  of real  estate  development  and  acquisition;  governmental
actions  and  initiatives;  and  environment/safety  requirements.  Readers  are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof.

Inflation
---------

Inflation did not have a material effect on the Company's results for the
periods presented.

Quantitative and Qualitative Disclosures About Market Risk
----------------------------------------------------------

The  nature  of the  Company's  investments  and the  instruments  used to raise
capital  for their  acquisition  expose  the  Company to gains and losses due to
fluctuations  in  market  interest  rates.  Market  interest  rates  are  highly
sensitive  to  many  factors,  including  governmental  policies,  domestic  and
international  political  considerations and other factors beyond the control of
the Company.

Revenue Bonds generally bear interest at fixed rates, or pay interest  according
to the cash flows of the  Underlying  Properties,  which do not  fluctuate  with
changes in market interest rates. In contrast,  payments  required under the TOP
program and on the secured  borrowings  under the P-FLOATS program vary based on
market  interest  rates  based on the Bond  Market  Association  ("BMA") and are
re-set weekly.

Subsequent  to December 31, 2000,  with respect to the portion of the  Company's
floating  rate  financing  programs  which are not hedged,  a change in BMA rate
would result in increased or decreased  payments  under the financing  programs,
without a  corresponding  change in cash flows from the  investments  in Revenue
Bonds. For example,  based on the unhedged $227 million  outstanding under these
financing  programs at March 31, 2001, the Company estimates that an increase of
1.0%  in the  BMA  rate  would  decrease  annual  net  income  by  approximately
$2,265,000.  Conversely,  a decrease in market  interest  rates would  generally
benefit the Company in the same amount  describe above, as a result of decreased
allocations to the minority interest and interest expense without  corresponding
decreases in interest received on the Revenue Bonds.

Various  financial  vehicles  exist  which  would allow  Company  management  to
mitigate the impact of interest rate  fluctuations  on the Company's  cash flows
and earnings.  Prior to December 31, 2000,  management  did not engage in any of
these hedging  strategies.  However,  beginning in 2001,  and upon  management's
analysis  of the  interest  rate  environment  and the  costs  and risks of such
strategies,  the Company  entered into two interest rate swaps in order to hedge
against  increases  in the  floating  interest  rate  on its  TOP  and  P-FLOATS
programs.  Under such interest rate swap agreements,  the Company is required to
pay  Merrill  Lynch  Capital  Services  (the  "Counterparty")  a fixed rate on a
notional  amount of debt.  In return,  the  Counterparty  will pay the Company a
floating rate  equivalent to the BMA  Municipal  Swap Index,  an index of weekly
tax-exempt  variable rate issues on which the Company's  variable rate financing
programs  are based.  On January 5, 2001,  the Company  entered into a five-year
interest  rate swap that  fixes the BMA index to 3.98% on a  notional  amount of
$50.0  million.  On February  5, 2001,  the Company  entered  into a  three-year
interest rate swap that fixes the BMA index to 3.64% on an  additional  notional
amount of $100.0 million. This effectively fixes $50 million and $100 million of
the Company's secured  borrowings at 3.98% and 3.64%,  respectively,  protecting
the Company in case the BMA  Municipal  Swap Index rises.  For the quarter ended
March 31, 2001,  the Company's cost to borrow funds through the TOP and P-FLOATS
programs averaged 3.99% and 4.06%, respectively.

Changes in market  interest  rates would also impact the estimated fair value of
the Company's  portfolio of Revenue Bonds. The Company  estimates the fair value
for each Revenue Bond as the present value of its expected  cash flows,  using a
discount  rate for  comparable  tax-exempt  investments.  Therefore,  as  market
interest rates for tax-exempt  investments increase, the estimated fair value of
the Company's  Revenue Bonds will generally  decline,  and a decline in interest
rates would be expected to result in an increase in the  estimated  fair values.
For  example,  the  Company  projects  that a 1%  increase  in market  rates for
tax-exempt  investments would decrease the estimated fair value of its portfolio
of Revenue Bonds from its March 31, 2001 value of $841,368,000 to  approximately
$746,489,000.  A 1% decline in interest  rates would  increase  the value of the
March 31, 2001 portfolio to approximately $965,362,000. Changes in the estimated
fair value of the Revenue Bonds do not impact the Company's reported net income,
earnings per share,  distributions or cash flows, but are reported as components
of other comprehensive income and affect reported shareholders' equity.

The  assumptions  related to the  foregoing  discussion  of market risk  involve
judgments   involving  future  economic  market  conditions,   future  corporate
decisions and other interrelating  factors, many of which are beyond the control
of the Company and all of which are  difficult  or  impossible  to predict  with
accuracy.  Although the Company  believes that the  assumptions  underlying  the
forward-looking  information  are reasonable,  any of the  assumptions  could be
inaccurate and,  therefore,  there can be no assurance that the  forward-looking
information  included  herein will prove to be accurate.  Due to the significant
uncertainties  inherent in  forward-looking  information,  the inclusion of such
information  should not be regarded as a representation  of the Company that the
objectives and plans of the Company would be achieved.



<PAGE>


                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings -

       The Company is not a party to any material pending legal proceedings.

Information Regarding Other Companies Managed by affiliates of our Manager.
-----------------------------------------------------------------------------

On or about  February  8, 2001,  a complaint  was filed in the New York  Supreme
Court,  County of New York,  against the external advisor of Aegis Realty,  Inc.
("Aegis").  Aegis is a public  company  which,  like the Company,  is externally
advised by affiliates of the Manager.  Also named as defendants in the suit were
certain affiliates of Aegis' advisor and Messrs.  Boesky, Hirmes, Ross, Brenner,
Allen and Fisch, each of whom is a trustee of the Company.  Aegis was also named
as a nominal  defendant.  The action is entitled Paul v. The Related  Companies,
L.P., et al.,  Index No.  01-600669,  and is  purportedly a class and derivative
action. On or about March 23, 2001 a second action,  entitled Schnipper v. Aegis
Realty,  Inc.,  et al.,  Case No.  219736-V,  was filed in the Circuit Court for
Montgomery  County,  Maryland  against  Aegis and each of Aegis' five  directors
(Messrs.  Boesky,  Brenner,  Hirmes, Allen and Fisch).  Schnipper is purportedly
brought as a class action.  On or about April 2, 2001 a third  action,  entitled
Opportunity Partners, L.P. v. Stuart J. Boesky, et al., Civ. No. 24-C-01-001579,
was filed in the Circuit Court for Baltimore  County,  Maryland  against,  among
others, Aegis, each of its five directors,  and Aegis' external advisors,  which
are affiliates of the Manager.  Opportunity  Partners is purportedly a class and
derivative action.

Each of these three actions challenges Aegis' proposed acquisition of a property
portfolio and  development  business owned by a third party,  which  transaction
also involves the termination by Aegis of its external advisory  agreements with
affiliates  of the Manager and the purchase by Aegis of various  assets owned by
those external  advisors.  Each suit alleges that the defendants  breached their
fiduciary duties to the Aegis  stockholders  by, among other things,  committing
Aegis to pay  unwarranted  fees and other  consideration  to  affiliates  of the
Manager. All three actions seek money damages, injunctive and declaratory relief
and  attorneys'  fees.  The  transaction  at issue in each  suit,  however,  was
approved by Aegis'  independent  director (Messrs.  Allen and Fisch),  who first
obtained  legal  advice and two fairness  opinions  from  nationally  recognized
investment baking firms before approving those  transaction.  Additionally,  the
transaction  at issue is  subject  to Aegis  stockholder  approval  after  proxy
materials   describing   that   transaction   are   disseminated  to  the  Aegis
stockholders. The defendants have advised the Company that they intend to defend
all three  actions  vigorously.  The  defendants  filed  motions to dismiss  the
complaint in Paul on or about April 16, 2001. The defendants' times to answer in
Schnipper and Opportunity Partners have not yet expired.


Item 2.    Changes in Securities and Use of Proceeds - None

Item 3.    Defaults Upon Senior Securities - None

Item 4.    Submission of Matters to a Vote of Security Holders - None

Item 5.    Other Information - None
           As set forth in the attached press release dated May 11, 2001.

     On May 11, 2001,  CharterMac announced the public offering 7,900,000 common
shares of  beneficial  interest at a price of $14.64 per share.  Net proceeds of
the offering to CharterMac will be approximately $109 million. The underwriters,
led by UBS Warburg,  also include  First Union  Securities,  Inc. and Legg Mason
Wood  Walker  Incorporated.  The  underwriters  have an  option to  purchase  an
additional 1,185,000 shares to cover over-allotments. If the option is exercised
in full,  the net  proceeds  to  CharterMac  would  then be  approximately  $125
million.  The proceeds  from the offering  will be used to pay down  outstanding
debt and fund new  investments.  The  offering  is  expected to close on May 15,
2001.

Item 6.    Exhibits and Reports on Form 8-K

       (a) Exhibits:

           99.3 Press release issued May 11, 2001, regarding public offering of
           7.900,000 common shares.

       (b) Reports on Form 8-K

           No reports on Form 8-K were filed during this quarter.



<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 by the
undersigned, thereunto duly authorized.


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                  (Registrant)




Date:  May 12, 2001                 By: ______________________________
                                        Stuart J. Boesky
                                        Managing Trustee, President and
                                        Chief Executive Officer




Date:  May 12, 2001                 By: ______________________________
                                        Michael I. Wirth
                                        Chief Financial Officer and Chief
                                        Accounting Officer








<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 by the
undersigned, thereunto duly authorized.


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                  (Registrant)




Date:  May 12, 2001                 By: /s/ Stuart J. Boesky
                                        --------------------
                                        Stuart J. Boesky
                                        Managing Trustee, President
                                        and Chief Executive Officer




Date:  May 12, 2001                 By: /s/ Michael I. Wirth
                                        --------------------
                                        Michael I. Wirth
                                        Chief Financial Officer and Chief
                                        Accounting Officer