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 June 30, 1998


                                       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 charter)



                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 SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                       June 30,     December 31,
                                                         1998          1997
                                                     ------------   ------------
<S>                                                  <C>            <C>
ASSETS
Participating first mortgage bonds-at fair value     $376,620,228   $346,300,000
Temporary investments                                   8,250,000      3,500,000
Cash and cash equivalents                               1,396,518      2,296,899
Interest receivable                                     1,018,695        879,519
Promissory notes receivable                             7,513,987      7,080,265
Deferred costs, net                                     4,386,136      2,292,409
Other assets                                               75,316         41,471
                                                     ------------   ------------

Total assets                                         $399,260,880   $362,390,563
                                                     ============   ============


LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
   Note payable                                      $          0   $ 21,445,340
   Accounts payable, accrued expenses and
      other liabilities                                   892,509        635,691
   Due to affiliates                                      933,680        674,946
   Distributions payable                                4,735,205      4,735,120
   Excess of acquired net assets over cost              3,065,561      3,231,267
                                                     ------------   ------------

Total liabilities                                       9,626,955     30,722,364
                                                     ------------   ------------

Minority interest in subsidiary
   (subject to mandatory redemption)                   58,000,000              0
                                                     ------------   ------------

Commitments and Contingencies

Shareholders' equity:
   Beneficial owner's equity-manager                      125,770         24,788
   Beneficial owners' equity-other shareholders
   (50,000,000 shares authorized;
   20,587,837 and 20,587,465 shares issued
   and outstanding, respectively)                     311,840,509    311,322,765
   Accumulated other comprehensive income:
   Net unrealized gain on first mortgage bonds         19,667,646     20,320,646
                                                     ------------   ------------

Total shareholders' equity                            331,633,925    331,668,199
                                                     ------------   ------------

Total liabilities and shareholders' equity           $399,260,880   $362,390,563
                                                     ============   ============
</TABLE>

                See accompanying notes to financial statements.

                                       2
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (unaudited)

<TABLE>
<CAPTION>
                                   Three Months Ended         Six Months Ended
                                        June 30,                   June 30,
                                -----------------------   ------------------------
                                   1998          1997         1998          1997
                                ----------   ----------   -----------   ----------
<S>                             <C>          <C>          <C>           <C>
Revenues:

   Interest income:
      Participating first
         mortgage bonds         $6,561,808   $2,937,554   $12,452,072   $5,654,579
      Temporary investments         62,868       40,854       104,394       73,146
      Promissory notes             144,631       10,249       290,430       18,079
                                ----------   ----------   -----------   ----------

      Total revenues             6,769,307    2,988,657    12,846,896    5,745,804
                                ----------   ----------   -----------   ----------


Expenses:

   Interest expense                328,875            0       673,645            0
   Management fees                       0      202,656             0      405,312
   Loan servicing fees             233,604      101,051       451,578      200,991
   General and administrative      347,854      107,158       567,881      193,234
   Amortization                     74,134       46,181       120,990       92,361
   Minority interest in
      income of subsidiary         256,757            0       256,757            0
                                ----------   ----------   -----------   ----------

      Total expenses             1,241,224      457,046     2,070,851      891,898
                                ----------   ----------   -----------   ----------

Net Income                      $5,528,083   $2,531,611   $10,776,045   $4,853,906
                                ==========   ==========   ===========   ==========
</TABLE>


                See accompanying notes to financial statements.

                                       3
<PAGE>


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                      CONSOLIDATED STATEMENT OF CHANGES IN
                              SHAREHOLDERS' EQUITY
                                   (unaudited)


<TABLE>
<CAPTION>
                                           Beneficial     Net Unrealized 
                              Beneficial     Owners'      Gain (Loss) on 
                               Owner's       Equity -      Participating 
                               Equity -       Other         First Mort-  
                               Manager     Shareholders     gage Bonds          Total
                             ---------    -------------    ------------    -------------
<S>                          <C>          <C>              <C>             <C>          
Balance at January 1, 1998   $  24,788    $ 311,322,765    $ 20,320,646    $ 331,668,199
Net Income                     778,354        9,997,691               0       10,776,045
Issuance of shares of                0            5,000               0            5,000
   beneficial interest
Consolidation costs                  0          (14,628)              0          (14,628)
Distributions                 (677,372)      (9,470,319)              0      (10,147,691)
Net Change in Fair Value
   of Participating First
   Mortgage Bonds                    0                0        (653,000)        (653,000)
                             ---------    -------------    ------------    -------------
Balance at June 30, 1998     $ 125,770    $ 311,840,509    $ 19,667,646    $ 331,633,925
                             =========    =============    ============    =============
</TABLE>

                 See accompanying notes to financial statements

                                       4
<PAGE>


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                           Six Months Ended
                                                                June 30,
                                                      ---------------------------
                                                          1998            1997
                                                      ------------    -----------
<S>                                                   <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                         $ 10,776,045    $ 4,853,906
                                                      ------------    -----------
   Adjustments to reconcile net income to net cash
      provided by operating activities:
   Amortization                                            120,990         92,361
   Amortization of excess of acquired net
      assets over cost                                    (165,706)             0
   Amortization of deferred income                         (33,106)       (33,106)
   Changes in assets and liabilities:
      (Increase) decrease in interest receivable          (139,176)       228,067
      (Increase) decrease in other assets                  (33,845)        23,775
      Increase (decrease) in accounts payable,
         accrued expenses and other liabilities            276,696        (43,585)
      Decrease in due from affiliates                            0         84,225
      Increase in due to affiliates                        238,908        336,222
                                                      ------------    -----------
   Total adjustments                                       264,761        687,959
                                                      ------------    -----------
Net cash provided by operating activities               11,040,806      5,541,865
                                                      ------------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of participating first mortgage bonds      (30,960,000)             0
   Increase in deferred bond selection costs              (644,787)             0
   Net purchase of temporary investments                (4,750,000)      (200,000)
   Loans made to properties                               (529,972)      (280,000)
   Principal payments received from loans made to
      properties                                            96,250         63,981
                                                      ------------    -----------
Net cash used in investing activities                  (36,788,509)      (416,019)
                                                      ------------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions paid                                  (10,127,780)    (4,855,961)
   Proceeds from note payable                           33,423,898              0
   Repayments of notes payable                         (54,869,238)             0
   Increase in deferred costs relating to the
      revolving credit enhanced facility                (1,569,930)             0
   Increase in minority interest                        58,000,000              0
   Issuance of shares of beneficial interest                 5,000              0
   Consolidation costs paid                                (14,628)             0
                                                      ------------    -----------
Net cash provided by (used in) financing activities     24,847,322     (4,855,961)
                                                      ------------    -----------
</TABLE>

                                                                     (continued)

                 See accompanying notes to financial statements

                                       5
<PAGE>


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                          Six Months Ended
                                                              June 30,
                                                    ---------------------------
                                                        1998             1997
                                                    ------------    -----------
<S>                                                 <C>             <C>
Net (decrease) increase in cash and
   cash equivalents                                     (900,381)       269,885
Cash and cash equivalents at the
   beginning of period                                 2,296,899        249,192
                                                    ------------    -----------
Cash and cash equivalents at the
   end of the period                                   1,396,518    $   519,077
                                                    ============    ===========

SUPPLEMENTAL INFORMATION:
   Interest paid                                    $    673,958    $         0
                                                    ============    ===========

SUPPLEMENTAL DISCLOSURE OF NONCASH
   FINANCING ACTIVITIES:

Distributions declared                              $(10,147,691)   $(4,855,961)
Increase in distributions payable to shareholders             85              0
Increase in special distribution payable
   to the Manager                                         19,826              0
                                                    ------------    -----------

Distributions paid                                  $(10,127,780)   $(4,855,961)
                                                    ============    ===========
</TABLE>

                 See accompanying notes to financial statements


                                       6
<PAGE>

                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)
NOTE 1 - General

Charter Municipal Mortgage Acceptance Company (the "Company") is a Delaware
business trust which is engaged in the acquisition and ownership (either
directly or indirectly) of tax-exempt participating and non-participating First
Mortgage Bonds ("FMBs") and other tax-exempt instruments issued by various state
or local governments or other agencies or authorities and secured by
participating and non-participating mortgage loans on the underlying properties.
As of June 30, 1998 the Company owned a portfolio of 37 FMBs.

The Company was formed by the consolidation (the "Consolidation"), on October 1,
1997, of Summit Tax Exempt Bond Fund, L.P., Summit Tax Exempt L.P. II ("Tax
Exempt II") and Summit Tax Exempt L.P. III, three publicly registered limited
partnerships (the "Partnerships") co-sponsored by affiliates of Related Capital
Company ("Related"), as part of the settlement of class action litigation
described below. Unless otherwise indicated, the "Company", as hereinafter used,
refers to Charter Municipal Mortgage Acceptance Company and, prior to October 1,
1997, Tax Exempt II. Pursuant to the Consolidation, the Company issued shares of
beneficial interest (the "Shares") to all partners in each of the Partnerships
in exchange for their interests in the Partnerships based upon each partner's
proportionate interest in the Shares issued to his or its Partnership in the
Consolidation.

The Company has engaged Related Charter LP, an affiliate of Related (the
"Manager"), to manage its day-to-day affairs.

For financial accounting and reporting purposes, the Consolidation was accounted
for using the purchase method of accounting. Under this method, the Partnership
with the investor group receiving the largest ownership in the Company, in this
case Tax Exempt II, is deemed to be the acquirer. As the surviving entity for
accounting purposes, Tax Exempt II's assets and liabilities were recorded by the
Company at their historical cost, with the assets and liabilities of the other
Partnerships recorded at their estimated fair values for each Partnership.
Results of operations and other operating financial data for the Company for the
three and six months ended June 30, 1997 is only with respect to Tax Exempt II.

The consolidated financial statements include the accounts of the Company and
its majority owned subsidiary business trust (see Note 5). All intercompany
accounts and transactions have been eliminated in consolidation.

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 June 30, 1998, the results of its
operations for the three and six months ended June 30, 1998 and 1997 and its
cash flows for the six months ended June 30, 1998 and 1997. 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 generally accepted accounting
principles have been condensed or omitted. It is suggested that these financial
statements should be read in conjunction with the


                                       7
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)

financial statements and notes thereto included in the Company's Form 10-K/A-1
for the year ended December 31, 1997.

Certain reclassifications have been made to prior year amounts to conform to the
current year's presentation.

NOTE 2 - Participating First Mortgage Bonds ("FMBs")

The Company accounts for its investments in the FMBs 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, investments in FMBs are carried at their
estimated fair values, with unrealized gains and losses reported in a separate
component of partners' capital.

Because the FMBs are not readily marketable, the Company estimates fair value
for each bond as the present value of its expected cash flows using a discount
rate for comparable tax-exempt investments. This process is based upon
projections of future economic events affecting the real estate collateralizing
the bonds, such as property occupancy rates, rental rates, operating cost
inflation and market capitalization rates, and upon determination of an
appropriate market rate of interest, all of which are based on good faith
estimates and assumptions developed by the Company's management. Changes in
market conditions and circumstances may occur which would cause these estimates
and assumptions to change, therefore, actual results may vary from the estimates
and the variance may be material.

As of June 30, 1998, the Company owned 37 FMBs which are secured by mortgages on
apartment complexes in 12 different states across the continental United States.
The face amount of the FMBs ranges from $2,840,000 to $19,450,000 with carrying
amounts from $2,840,000 to $20,571,000. The FMBs have maturity dates from
December 2003 through May 2040, however, they are callable from June 1998 to
June 2010. The stated interest rates range from 4.87% to 8.5%. The weighted
average interest rate recognized on the face amount of the portfolio of FMBs for
the three and six months ended June 30, 1998 and 1997 was 7.02% and 7.25% and
6.89% and 6.98%, respectively.

The original obligors and owners of the Underlying Properties of ten of the
Company's FMBs have been replaced with affiliates of the Manager who have not
made equity investments. These entities have assumed the day to day
responsibilities and obligations of the Underlying Properties. These properties
are paying as interest an amount equal to the net cash flow generated by
operations which in some cases is not equal to the stated rate of the FMB. The
Company has no present intention of declaring a default under these FMBs.

Effective January 1, 1998 the Highland Ridge, Willow Creek, Bristol Village and
Thomas Lake FMBs were modified to reflect a change in their stated interest
rate, allow for deferred base and other interest accrued and unpaid through
December 1997 to be paid at maturity or upon event of sale or refinancing and
extend the mandatory call and prepayment lock-out dates. In addition, the
maturities of the Highland Ridge and Willow Creek FMBs were extended to 2017 and
the maturities of the Bristol Village and Thomas Lake FMBs were extended to 2027
with

                                       8
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)

mandatory call dates at January 2010. The Company is currently anticipating
modifying certain other FMBs, with terms generally similar to those above, where
appropriate.

In addition to the stated base rates of interest, each of the FMBs which have
not been modified provides for "contingent interest". During the six months
ended June 30, 1998 and 1997, five and three FMBs paid contingent interest
amounting to approximately $404,000 and $186,000, respectively.

Certain of the FMBs have been previously modified. These modifications have
generally encompassed an extension of the maturity together with a prepayment
lock out feature and/or prepayment penalties together with an extension of the
mandatory redemption feature (5-10 years from modification). Stated interest
rates have also been adjusted together with the participation and contingent
interest features. Base interest rates, contingent interest, prepayment
lock-outs, mandatory redemption features vary dependent on the facts of a
particular FMB, the developer, the property's performance and requirements of
bond counsel and local issuers.

From time to time, the Company enters into forbearance agreements and permanent
modifications with certain borrowers. The determination as to whether it is in
the best interest of the Company to enter into forbearance agreements on the
FMBs, advance second mortgages, or alternatively, to pursue its remedies under
the loan documents, including foreclosure, is based upon several factors. These
factors include, but are not limited to, property performance, owner cooperation
and projected costs of foreclosure and litigation. Payments under each of the
existing forbearance agreements are current as of June 30, 1998.

With respect to the FMBs which are subject to forbearance agreements with the
respective obligors, the difference between the stated interest rates and the
rates paid (whether deferred and payable out of available future cash flow or,
ultimately, from sale or refinancing proceeds) on FMBs is not accrued for
financial statement purposes. The accrual of interest at the stated interest
rate will resume once a property's ability to pay the stated rate has been
adequately demonstrated. Unrecorded contractual interest income was
approximately $1,670,000 and $777,000 for the six months ended June 30, 1998 and
1997, respectively.

From time to time the Company has advanced funds to owners of certain underlying
properties in the form of promissory notes in order to complete construction or
when properties have operating difficulties including past due real estate taxes
and/or deferred maintenance items. As of June 30, 1998, the face amount of
promissory notes outstanding was $12,746,528, and their carrying value was
$7,513,987, which is net of purchase accounting adjustments, and a reserve for
collectibility of $452,119.

                                       9
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)

During the period January 1, 1998 through June 30, 1998 the Company acquired
five FMBs for an aggregate purchase price of $30,960,000, not including bond
selection fees and expenses of approximately $619,000. The purchases were
financed entirely from borrowings under the Interim Credit Facility. Further
information regarding the five FMBs is as follows:

<TABLE>
<CAPTION>
                                                                            Stated              No. of
 Project                         Closing                   Face            Interest             Rental
  Name                             Date               Amount of Bond         Rate               Units
  ----                             ----               --------------         ----               -----
<S>                              <C>                   <C>                    <C>                 <C>
Ocean Air
   Norfolk, VA                   4/20/98               $10,000,000            7.25%               434

Phoenix
   Stockton, CA                  4/28/98                 3,250,000            7.125%              184

Stone Creek
   Watsonville, CA               4/28/98                 8,820,000            7.125%              120

Cedarbrook
   Hanford, CA                   4/28/98                 2,840,000            7.125%               70

Marsh Landings
   Portsmouth, VA                5/20/98                 6,050,000            7.25%               250
</TABLE>


The cost basis of the Company's portfolio of 37 and 32 FMBs at June 30, 1998 and
December 31, 1997 was $356,952,582 and $325,979,355, respectively. The net
unrealized gain on FMBs at June 30, 1998 consists of gross unrealized gains and
losses of $28,331,175 and $8,663,529, respectively. The net unrealized gain on
FMBs at December 31, 1997 consists of gross unrealized gains and losses of
$28,984,175 and $8,663,529, respectively.

NOTE 3 - Deferred Costs

The components of deferred costs are as follows:

<TABLE>
<CAPTION>
                                                    June 30,     December 31,
                                                      1998           1997
                                                  -----------    -----------
<S>                                               <C>            <C>        
Deferred bond selection costs                     $ 4,401,751    $ 3,756,964
Deferred costs relating to the revolving credit
  enhanced facility (see Note 4)                    2,112,157        542,227
                                                  -----------    -----------
                                                    6,513,908      4,299,191

Less:  Accumulated amortization                    (2,127,772)    (2,006,782)
                                                  -----------    -----------

                                                  $ 4,386,136    $ 2,292,409
                                                  ===========    ===========
</TABLE>


                                       10
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)

NOTE 4 - Minority Interest In Subsidiary

On May 21, 1998 the Company closed its revolving credit enhanced facility (the
"Facility") in order to raise additional capital of up to $150 million to
acquire additional First Mortgage Bonds ("FMBs"). The initial transaction with
respect to the Facility involved the contribution by the Company of thirteen
issues of FMBs owned by the Company in the aggregate principal amount of
$144,625,000 to a Delaware business trust (the "Origination Trust"), a wholly
owned subsidiary of the Company, which immediately contributed the same FMBs to
another Delaware business trust (the "Owner Trust") , a wholly owned subsidiary
of the Origination Trust. The Owner Trust issued two certificates: a Senior
Certificate, with an outstanding face amount of $58,000,000, which was itself
deposited into another Delaware business trust (the "Certificate Trust") which
issued and sold Floater Certificates representing proportional interests in the
Senior Certificate to new investors; and a Residual Certificate representing the
remaining beneficial ownership interest in the FMBs, which was issued to the
Origination Trust, whose sole owner is the Company. At the same time, the Owner
Trust acquired a municipal bond insurance policy from MBIA to credit enhance
Certificate distributions for the benefit of the holders of the Floater
Certificates and also arranged for a liquidity facility, issued by a consortium
of highly rated European banks, with respect to the Floater Certificates. The
Floater Certificates were privately placed raising $58,000,000, which proceeds
were used by the Company to repay outstanding debt under the Interim Credit
Facility and to acquire additional FMBs.

The end result of the transaction is that a portion of the interest received by
the Owner Trust on the FMBs is distributed through the Senior Certificate to the
holders of the Floater Certificates in an amount determined each week by the
remarketing agent ("Goldman Sachs & Co."), as the distribution amount that is
necessary (but not greater than necessary) to enable the remarketing agent to
sell the Floater Certificates at par on any weekly determination date.

For financial accounting and reporting purposes, the Senior Certificate is
classified as "Minority interest in subsidiary (subject to mandatory
redemption)" in the accompanying consolidated balance sheets. Income is
allocated first to the minority interest in an amount equal to the distribution
through the Senior Certificate to the holders of the Floater Certificates. Such
special allocation of income is classified as "minority interest in income of
subsidiary" in the accompanying consolidated statements of income. Deferred
costs relating to the Facility are being amortized using the straight line
method over 10 years, which approximates the average remaining term to maturity
of the FMBs expected to be contributed to the Owner Trust.

It is anticipated that when the Company has need of additional capital it will
either: (1) cause the Owner Trust to increase the outstanding face amount of the
Senior Certificate from $58,000,000 to no more than $72,312,000 (50% of the
value of the FMBs currently owned by the Owner Trust); or (2) contribute
additional FMBs to the Owner Trust and cause an increase in the outstanding face
amount of the Senior Certificate to an amount that will then be no more than 50%
of the aggregate value of the FMBs then owned by the Owner Trust. The maximum
amount of Floater Certificates that may be issued to raise capital under the
Facility is up to $150 million.

                                       11
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)

NOTE 5 - Note Payable

Until the Company causes the Owner Trust to increase the outstanding face amount
of the Senior Certificate, an interim credit facility with Goldman Sachs &
Company (the "Interim Credit Facility") is available to the Company at
prevailing rates of interest for such accounts. At June 30, 1998, the
outstanding balance was $0. Any outstanding balance under the Interim Credit
Facility, which is secured by certain of the Company's FMBs, will be repaid with
proceeds from the Facility, however it is payable on demand.

The outstanding face amount of the Senior Certificate and indebtedness under the
Interim Credit Facility, together with any other leveraging of the Company, will
not exceed 50% of the Company's total market value as of the date incurred.

NOTE 6 - Related Parties

Charter Municipal Mortgage Acceptance Company (After the Consolidation)
Pursuant to the Management Agreement, the Manager receives (i) bond selection
fees equal to 2% of the principal amount of each FMB or other tax-exempt
instrument acquired or originated by the Company; (ii) special distributions
equal to .375% of total invested assets of the Company; (iii) loan servicing
fees equal to .25% of the outstanding principal amount of FMBs; (iv) a
liquidation fee based on the gross sales price of assets sold by the Company in
connection with a liquidation of the Company's assets; and (v) reimbursement of
certain administrative costs incurred by the Manager on behalf of the Company.

Each independent trustee is entitled to receive compensation for serving as a
trustee at the rate of $5,000 per year in cash and shares of beneficial interest
having an aggregate value of $10,000, based on the fair market value at the date
of issuance. On June 4, 1998, 186 shares, having an aggregate value of $2,500,
were issued to each independent trustee relating to their services for the
quarter ended December 31, 1997.

The costs, expenses and the special distribution incurred to the Manager for the
three and six months ended June 30, 1998 were as follows:

<TABLE>
<CAPTION>
                    Three Months Ended     Six Months Ended
                       June 30, 1998        June 30, 1998
                        ----------           ---------- 
<S>                     <C>                  <C>        
Bond selection fees     $  619,200           $  619,200 
Expense reimbursement      114,000              162,734 
Loan servicing fees        233,604              451,578 
Special distribution       350,406              677,367 
Trustee fees                 7,500               22,500 
                        ----------           ---------- 
                        $1,324,710           $1,933,379 
                        ==========           ========== 
</TABLE>


Tax Exempt II (Prior to the Consolidation)
Prior to the Consolidation, the general partners of Tax Exempt II were Related
Tax Exempt Associates II, Inc., a Delaware corporation (the "Related General
Partner"), and Prudential

                                       12
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)

Bache Properties, Inc. ("PBP"), together the "General Partners". The General
Partners managed and controlled the affairs of Tax Exempt II prior to the
Consolidation.

The General Partners and their affiliates performed services for Tax Exempt II
which included, but were not limited to: accounting and financial management;
registrar, transfer and assignment functions; asset management; investor
communications; printing and other administrative services. The General Partners
and their affiliates received reimbursements for costs incurred in connection
with these services, the amount of which was limited by the provisions of the
partnership agreement of Tax Exempt II. The General Partners were paid, in
aggregate, an annual management fee equal to .5% of the total invested assets
(which equaled the total original face amount of the FMBs). An affiliate of the
Related General Partner received loan servicing fees in an amount of .25% per
annum of the principal amount outstanding on mortgage loans serviced by the
affiliate.

The costs and expenses incurred to related parties for the three and six months
ended June 30, 1997 were as follows:

<TABLE>
<CAPTION>
                          Three Months Ended  Six Months Ended
                             June 30, 1997     June 30, 1997
                             -------------     -------------
<S>                             <C>               <C>
PBP and affiliates
   General and administrative   $ 17,276          $ 34,722 
   Management fee                101,328           202,656 
                                --------          -------- 
                                 118,604           237,378 
                                --------          -------- 
Related General Partner                                    
   and affiliates                                          
   General and administrative     19,000            31,309 
   Management fee                101,328           202,656 
   Loan servicing fee            101,051           200,991 
                                --------          -------- 
                                 221,379           434,956 
                                --------          -------- 
                                $339,983          $672,334 
                                ========          ======== 
</TABLE>

General
The original obligors of the Suntree, Players Club and River Run FMBs are
affiliates of the Manager.

As of June 30, 1998, the original owners of the underlying properties and
obligors of the Cedar Creek, Cypress Run, Highpointe, Greenway Manor, Sunset
Terrace, Pelican Cove, Loveridge, Sunset Downs, Sunset Creek and Sunset Village
FMBs had been replaced with affiliates of the Manager who have not made equity
investments. These entities have assumed the day-to-day responsibilities and
obligations of the Underlying Properties. Buyers are being sought who would make
equity investments in the underlying properties and assume the nonrecourse
obligations for the FMB.

NOTE 7 - Comprehensive Income

The Company adopted Statement of Financial Accounting Standards No. 130,
"Reporting Comprehensive Income" in the first quarter of 1998. The Company's
only element of other

                                       13
<PAGE>
                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                 AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (unaudited)

comprehensive income is the change in the unrealized gain or loss on the
Company's FMBs. Thus, comprehensive income, which consists of net income plus or
minus other comprehensive income, for the three and six months ended June 30,
1998 and 1997 was $5,528,083 and $2,531,611 and $10,123,045 and $4,853,906
respectively.

NOTE 8 - Earnings Per Share

Basic income per share in the amount of $.25 and $.49 is computed based on the
net income for the three and six months ended June 30, 1998 ($5,528,083 and
$10,776,045, respectively), less the special allocations to the Manager
($402,183 and $778,354, respectively), divided by the weighted average number of
shares outstanding for the period (20,587,575 and 20,587,520, respectively). Net
income per unit information for 1997 is not presented because it is not
indicative of the Company's continuing capital structure.

As the Company has only one type of security at June 30, 1998, diluted net
income per share is the same as basic net income per share.

NOTE 9 - Subsequent Events

During the period July 1, 1998 through August 14, 1998 the Company acquired two
FMBs for an aggregate purchase price of $13,600,000, not including bond
selection fees and expenses of approximately $272,000. The purchases were
financed primarily from borrowings under the Interim Credit Facility. Further
information regarding the two FMBs is as follows:

<TABLE>
<CAPTION>
                                                           Stated         No. of
 Project              Closing             Face            Interest        Rental
  Name                  Date         Amount of Bond          Rate          Units
  ----                  ----         --------------          ----          -----
<S>                   <C>            <C>                     <C>          <C>
Gulfstream
   Dania, FL          7/23/98          $3,500,000            7.25%          96

College Park
   Naples, FL         7/15/98         $10,100,000            7.25%         210
</TABLE>



                                       14
<PAGE>

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

When used in this quarterly report on form 10-Q, the words "believes,"
"anticipates," "expects" and similar expressions are intended to identify
forward-looking statements. Statements looking forward in time are included in
this quarterly report on form 10-Q pursuant to the "safe harbor" provision of
the private securities litigation reform act of 1995. Such statements are
subject to certain risks and uncertainties which could cause actual results to
differ materially, including, but not limited to, those set forth in
"management's discussion and analysis of financial condition and results of
operations." Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The company
undertakes no obligation to publicly revise these forward-looking statements to
reflect events or circumstances occurring after the date hereof or to reflect
the occurrence of unanticipated events.

Liquidity and Capital Resources
Charter Municipal Mortgage Acceptance Company (the "Company") is a Delaware
business trust which is engaged in the acquisition and ownership (either
directly or indirectly) of tax-exempt participating and non-participating First
Mortgage Bonds ("FMBs") and other tax-exempt instruments issued by various state
or local governments or other agencies or authorities and secured by
participating and non-participating mortgage loans on the underlying properties.
As of June 30, 1998, the Company owned 37 FMBs and had net assets of
approximately $331,324,000.

The Company was formed by the consolidation (the "Consolidation"), on October 1,
1997, of Summit Tax Exempt Bond Fund, L.P. ("Tax Exempt I"), Summit Tax Exempt
L.P. II ("Tax Exempt II") and Summit Tax Exempt L.P. III ("Tax Exempt III"),
three publicly registered limited partnerships (the "Partnerships") co-sponsored
by affiliates of Related Capital Company ("Related").

In order to generate increased tax exempt income and as a result enhance the
value of the Company's stock, the Company intends to originate and acquire
additional tax-exempt bonds secured by 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 Manager also believes that each year a growing number
of these properties are financed with tax-exempt bonds. The Company 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 originate and 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 bonds acquired by the Company.

On May 21, 1998 the Company closed its revolving credit enhanced facility (the
"Facility") in order to raise additional capital of up to $150 million to
acquire additional First Mortgage Bonds ("FMBs"). The initial transaction with
respect to the Facility involved the contribution by the Company of thirteen
issues of FMBs owned by the Company in the aggregate principal

                                       15
<PAGE>

amount of $144,625,000 to a Delaware business trust (the "Origination Trust"), a
wholly owned subsidiary of the company, which immediately contributed the same
FMBs to another Delaware business trust (the "Owner Trust") , a wholly owned
subsidiary of the Origination Trust. The Owner Trust issued two certificates: a
Senior Certificate, with an outstanding face amount of $58,000,000, which was
itself deposited into another Delaware business trust (the "Certificate Trust")
which issued and sold Floater Certificates representing proportional inter-ests
in the Senior Certificate to new investors; and a Residual Certificate
representing the re-maining beneficial ownership interest in the FMBs, which was
issued to the Origination Trust, whose sole owner is the Company. At the same
time, the Owner Trust acquired a municipal bond insurance policy from MBIA to
credit enhance Certificate distributions for the benefit of the holders of the
Floater Certificates and also arranged for a liquidity facility, issued by a
con-sortium of highly rated European banks, with respect to the Floater
Certificates. The Floater Certificates were privately placed raising
$58,000,000, which proceeds were used by the Com-pany to repay outstanding debt
under the Interim Credit Facility and to acquire additional FMBs.

The end result of the transaction is that a portion of the interest received by
the Owner Trust on the FMBs is distributed through the Senior Certificate to the
holders of the Floater Certifi-cates in an amount determined each week by the
remarketing agent ("Goldman Sachs & Co."), as the distribution amount that is
necessary (but not greater than necessary) to enable the re-marketing agent to
sell the Floater Certificates at par on any weekly determination date.

It is anticipated that when the Company has need of additional capital it will
either: (1) cause the Owner Trust to increase the outstanding face amount of the
Senior Certificate from $58,000,000 to no more than $72,312,000 (50% of the
value of the FMBs currently owned by the Owner Trust); or (2) contribute
additional FMBs to the Owner Trust and cause an increase in the outstanding face
amount of the Senior Certificate to an amount that will then be no more than 50%
of the aggregate value of the FMBs then owned by the Owner Trust. The maximum
amount of Floater Certificates that may be issued to raise capital under the
Facility is up to $150 million.

Until the Company causes the Owner Trust to increase the outstanding face amount
of the Senior Certificate, an interim credit facility with Goldman Sachs &
Company (the "Interim Credit Facility") is available to the Company at
prevailing rates of interest for such accounts. At June 30, 1998, the
outstanding balance was $0. Any outstanding balance under the Interim Credit
Facility, which is secured by certain of the Company's FMBs, will be repaid with
pro-ceeds from the Facility, however it is payable on demand.

Although the Facility may be increased, the Company's conservative financing
strategy dictates that the outstanding face amount of the Senior Certificate and
indebtedness under the Interim Credit Facility, together with any other
leveraging of the Company, will not exceed 50% of the Company's total market
value as of the date incurred.

During the period January 1, 1998 through August 14, 1998 the Company acquired
seven FMBs for an aggregate purchase price of $44,560,000, not including bond
selection fees and expenses of approximately $891,000. The purchases were
financed primarily from borrowings under the Interim Credit Facility.

During the six months ended June 30, 1998, cash and cash equivalents of the
Company decreased approximately $900,000. This decrease was primarily due to the
purchase of participating FMBs ($30,960,000), an increase in deferred bond
selection costs ($645,000), the net purchase of temporary investments
($4,750,000), loans made to properties ($530,000), net repay-

                                       16
<PAGE>

ments of notes payable ($21,445,000), an increase in deferred costs relating to
the revolving credit enhanced facility ($1,570,000) and distributions paid
($10,128,000) which exceeded cash provided by operating activities
($11,041,000), principal repayments received from loans made to properties
($96,000), an increase in minority interest ($57,743,000) and an increase in
distribution payable to minority interest ($257,000). Included in the
adjustments to reconcile the net income to cash provided by operating activities
is amortization in the amount of $78,000.

Future liquidity is expected to result from cash generated from the Company's
portfolio of FMBs and interest earned on funds invested in short-term tax-exempt
money market instruments. The Company has entered into forbearance agreements on
several FMBs and may be required to extend these agreements or enter into new
agreements in the future. Such agreements may adversely impact liquidity;
however interest payments from FMBs are anticipated to provide sufficient
liquidity to fund the Company's operating expenditures, debt service and
distributions in future years.

Effective January 1, 1998 the Highland Ridge, Willow Creek, Bristol Village and
Thomas Lake FMBs were modified to reflect a change in their stated interest
rate, allow for deferred base and other interest accrued and unpaid through
December 1997 to be paid at maturity or upon event of sale or refinancing and
extend the mandatory call and prepayment lock-out dates. In addition, the
maturities of the Highland Ridge and Willow Creek FMBs were extended to 2017 and
the maturities of the Bristol Village and Thomas Lake FMBs were extended to 2027
with mandatory call dates at January 2010. The Company is currently anticipating
modifying cer-tain other FMBs, with terms generally similar to those above,
where appropriate.

In August 1998 a distribution of $4,735,205 (.23 per share) which was declared
in June 1998 was paid to the shareholders from cash flow from operations for the
quarter ended June 30, 1998.


Cash Available for Distribution

The Company uses cash available for distribution ("CAD") as the primary measure
of its dividend paying ability. The difference between CAD and net income
results from slight variations between generally accepted accounting principles
("GAAP") and cash received. The primary difference between CAD and GAAP is the
amortization of loan origination costs, the costs of the Facility and the excess
of acquired assets over the cost. These amounts have been excluded from CAD due
to their noncash nature. The second difference is the noncash gain and loss
associated with bond impairments and sales for GAAP purposes, which are not
included in the calculation of CAD. During the three and six months ended June
30, 1998, there were no FMB impairments or sales. CAD should not be considered
an alternative to net income as a measure of the Company's financial performance
or to cash flow from operating activities (computed in accordance with GAAP) as
a measure of the Company's liquidity, nor is it necessarily indicative of
sufficient cash flow to fund all of the Company's needs.

Cash available for distribution ("CAD") for the three and six months ended June
30, 1998 is summarized in the following table:

                                           Three Months Ended   Six Months Ended
                                             June 30, 1998        June 30, 1998
                                           -------------------    -------------
Sources of Cash
Interest income:
Participating first mortgage bonds .......     $  6,561,808       $ 12,452,072
Temporary investments ....................           62,868            104,394
Promissory notes .........................          144,631            290,430
Less:  Amortization ......................          (99,406)          (198,812)
                                               ------------       ------------

Total sources of cash ....................        6,669,901         12,648,084
                                               ------------       ------------

Uses of Cash
Operating expenses .......................        1,241,224          2,070,851
Less:  Amortization ......................          (74,134)          (120,990)
                                               ------------       ------------

Total uses of cash .......................        1,167,090          1,949,861
                                               ------------       ------------

Cash available for distribution ..........     $  5,502,811       $ 10,698,223
                                               ============       ============

Actual distributions paid ................     $  5,062,081       $ 10,127,780
                                               ============       ============

Payout ratio .............................             92.0%              94.7%
                                               ============       ============
Cash flows from:
   Operating activities ..................     $  5,877,038       $ 11,040,806
                                               ============       ============

   Investing activities ..................     $(35,047,836)      $(36,788,509)
                                               ============       ============

   Financing activities ..................     $ 19,861,253       $ 24,847,322
                                               ============       ============





Results of Operations
For the three and six months ended June 30, 1998 as compared to 1997, total
revenues, total expenses and net income increased and the results of operations
are not comparable due to the Consolidation of Tax Exempt II with two other
Partnerships on October 1, 1997, which resulted in the formation of the Company,
and the acquisition of six FMBs after the Consolidation. The Company's results
of operations for the three and six months ended June 30, 1998 consisted
primarily of the results of the Company's investment in thirty seven FMBs. The
Company's results of operations for the three and six months ended June 30, 1997
consisted primarily of the results of Tax Exempt II's investment in fifteen
FMBs.

General
The determination as to whether it is in the best interest of the Company to
enter into forbearance agreements on the FMBs or, alternatively, to pursue its
remedies under the loan documents, including foreclosure, is based upon several
factors including, but not limited to, property performance, owner cooperation
and projected legal costs.

The difference between the stated interest rates and the rates paid by FMBs is
not accrued as interest income for financial reporting purposes. The accrual of
interest at the stated interest rate will resume once an underlying property's
ability to pay the stated rate has been adequately demonstrated. Interest income
of approximately $1,670,000 and $777,000 was not recognized for the six months
ended June 30, 1998 and 1997, respectively.


                                       17
<PAGE>

Recently Issued Accounting Standards

In June of 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities". This statement establishes accounting and reporting
standards for derivative instruments, including certain derivative instruments
embedded in other contracts, and for hedging activities. It is effective for all
fiscal quarters of fiscal years beginning after June 15, 1999. Because the
Company does not currently utilize derivatives or engage in hedging activities,
management does not anticipate that implementation of this statement will have a
material effect on the Company's financial statements.

Year 2000 Compliance
As the year 2000 approaches, an issue has emerged regarding how existing
application software programs and operating systems can accommodate this date
value. The Advisor is in the process of working with the Company's service
providers to prepare for the year 2000. Based on information currently
available, the Company does not expect that it will incur significant operating
expenses or be required to incur material costs to be year 2000 compliant.


                                       18
<PAGE>
                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings - None

Item 2.  Changes in Securities - None

Item 3.  Defaults Upon Senior Securities - None

Item 4.  Submission of Matters to a Vote of Security Holders -

         A proxy and proxy statement soliciting the vote of the Company's
shareholders for the Company's annual meeting of shareholders was sent to
shareholders on or about May 6, 1998. Such meeting was held on June 18, 1998.
Peter T. Allen, Arthur P. Fisch, J. Michael Fried, Stuart J. Boesky and Alan P.
Hirmes were reelected as trustees.

Item 5.  Other Information -

         Stuart J. Boesky ceased to serve as Chief Executive Officer and Alan P.
Hirmes ceased to serve as Chief Financial Officer and Chief Accounting Officer
effective June 18, 1998. Effective June 18, 1998, J. Michael Fried was elected
Chief Executive Officer and John B. Roche was elected Chief Financial Officer
and Chief Accounting Officer.

Item 6.  Exhibits and Reports on Form 8-K

<TABLE>
<CAPTION>
         (a)   Exhibits:                                                         Sequential Page
         ---   ---------                                                         ---------------
               <S>           <C>                                                  <C>
               10(aaan)      First Mortgage Bond, dated as of February 2, 1987,
                             with respect to the Highland Ridge Project in the
                             principal amount of $15,000,000 (incorporated by
                             reference to Exhibit 10 (aaan) in the Company's
                             March 31, 1998 Quarterly Report on Form 10-Q)

               10(aaao)      First Mortgage Bond, dated as of March 2, 1987,
                             with respect to the Mortenson I Project in the
                             principal amount of $6,100,000 (incorporated by
                             reference to Exhibit 10 (aaao) in the Company's
                             March 31, 1998 Quarterly Report on Form 10-Q)

               10(aaap)      First Mortgage Bond, dated as of September 2, 1986,
                             with respect to the Thomas Lake Place Apartments
                             Project in the principal amount of $12,975,000
                             (filed herewith)                                        22

               10(aaaq)      First Mortgage Bond, dated as of July 31, 1987,
                             with respect to the Bristol Village Apartments
                             Project in the principal amount of $17,000,000
                             (filed herewith)                                        38

               10(aaar)      First Mortgage Bond, dated as of April 20, 1998,
                             with respect to the Ocean Air Apartments Project in
                             the principal amount of $10,000,000 (filed
                             herewith)                                               53

               10(aaas)      First Mortgage Bond, dated as of April 28, 1998,
                             with respect to the Cedarbrook Apartments Project
                             in the principal amount of $2,840,000 (filed
                             herewith)                                               59

               10(aaat)      First Mortgage Bond, dated as of April 28, 1998,
                             with respect to the Phoenix Apartments Project in
                             the principal amount of $3,250,000 (filed herewith)     64

                                       19
<PAGE>

               10(aaau)      First Mortgage Bond, dated as of April 28, 1998,
                             with respect to the Stone Creek Project in the
                             principal amount of $8,820,000 (filed herewith)         69

               10(aaav)      First Mortgage Bond, dated as of May 20, 1998, with
                             respect to the Lee Hall Project (Marsh Landings) in
                             the principal amount of $6,050,000 (filed herewith)     74

               10(aaaw)      Contribution Agreement between CharterMac and
                             CharterMac Origination Trust ("Origination Trust")
                             dated as of May 21, 1998 (filed herewith)               80

               10(aaax)      Contribution Agreement between Origination Trust
                             and CharterMac Owner Trust ("Owner Trust") dated as
                             of May 21, 1998 (filed herewith)                        99

               10(aaay)      Insurance Agreement among MBIA, CharterMac,
                             Origination Trust, Owner Trust, CharterMac Floater
                             Certificate Trust ("Floater Certificate Trust"),
                             First Tennessee Bank National Association ("First
                             Tennessee"), Related Charter LP, and Bayerische
                             Landesbank Girozentrale, New York Branch
                             ("Bayerische") dated as of May 21, 1998 (filed
                             herewith)                                              119

               10(aaaz)      Liquidity Agreement among Owner Trust, Floater
                             Certificate Trust, First Tennessee, MBIA and
                             Bayerische dated as of May 21, 1998 (filed
                             herewith)                                              180

               10(aaaaa)     Liquidity Pledge and Security Agreement among  
                             Origination  Trust,  Owner Trust, Floater 
                             Certificate Trust, MBIA, First Tennessee and 
                             Bayerische dated as of May 21, 1998 
                             (filed herewith)                                       263

               10(aaaab)     Fee Agreement among Wilmington Trust Company,
                             Floater Certificate Trust and CharterMac dated as
                             of May 21, 1998 (filed herewith)                       286

               10(aaaac)     Certificate Placement Agreement (filed herewith)       290

               10(aaaad)     Remarketing Agreement (filed herewith)                 312

               27            Financial Data Schedule (filed herewith).              328
</TABLE>

         (b)   Reports on Form 8-K

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


                                       20
<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




Date:  August 13, 1998                 By:   /s/ Stuart J. Boesky
                                             --------------------
                                             Stuart J. Boesky
                                             Managing Trustee, President
                                             and Chief Operating Officer




Date:  August 13, 1998                 By:   /s/ John B. Roche
                                             -----------------
                                             John B. Roche
                                             Chief Financial Officer
                                             and Chief Accounting Officer