UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934
     For the fiscal year ended December 31, 2001

                                       OR

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

                         Commission file number 0-17651


                            HIGH CASH PARTNERS, L.P.
            --------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                                         13-3347257
--------------------------------                  --------------------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                       Identification No.)

   c/o Pembroke Companies Inc.
   70 East 55th Street 7th Floor
   New York, New York                                      10022
-----------------------------------------             ----------------
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code:  212-350-9900
Securities registered pursuant to Section 12(b) of the Act:


                                               Name of each exchange on which
     Title of each class                                registered
--------------------------------             ----------------------------------
            None                                           None

Securities registered pursuant to Section 12(g) of the Act:


                      Units of Limited Partnership Interest
                     ---------------------------------------
                                (Title of class)

         Indicate  by check mark  whether  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  Registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes X No

         Indicate by check mark if disclosure of delinquent  filers  pursuant to
Item 405 of Regulation S-K is not contained  herein,  and will not be contained,
to the best of  Registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K. [X]


<PAGE>

PART I

ITEM 1.  BUSINESS

High Cash Partners,  L.P. (the  "Partnership") is a Delaware limited partnership
formed in 1986 for the primary purpose of investing in,  holding,  operating and
otherwise  acting with respect to office  buildings,  shopping centers and other
commercial and industrial properties.

In 1989, the  Partnership  used all the net proceeds from its public offering of
units of limited partnership interest ("Units") to acquire Sierra Marketplace, a
community retail shopping center completed in October 1988 and situated on 18.67
acres in the  southern  portion of Reno,  Nevada  ("Sierra  Marketplace"  or the
"Property.")  Sierra  Marketplace  consists of two main buildings and three "out
parcel" structures containing  approximately 233,000 square feet of net leasable
area.  Sierra  Marketplace  has 34 tenants.  Three tenants,  Smith's  Management
Corp.,  a grocery and drug store,  Good Guys,  Inc.  ("Good  Guys"),  a consumer
electronics  store, and Bell Furniture,  Inc., a furniture store,  accounted for
approximately 18%, 19% and 10%, respectively,  of the Partnership's total rental
income revenues in 2001.

The Property is subject to a mortgage  which  matured on February 28, 2001,  the
terms of which have been  modified,  pursuant  to a mortgage  loan  modification
agreement (the "Mortgage Loan Modification  Agreement")  between the Partnership
and the mortgagee,  Resources  Accrued Mortgage  Investors 2 L.P. ("RAM 2"). The
Mortgage Loan  Modification  Agreement became effective on January 31, 2001. The
mortgage and the Mortgage Loan  Modification  Agreement are described in Item 7,
"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations - Liquidity and Capital Resources."

Levitz Furniture Corporation ("Levitz") had occupied approximately 53,000 square
feet at Sierra  Marketplace  under a lease that extended  through  2008.  During
1997,  Levitz filed for  bankruptcy  protection  under  Chapter 11 of the United
States  Bankruptcy  Code. In November  1997,  Levitz  vacated its premises,  and
ceased  paying  rent  under  the lease as of April 2,  1998.  During  1999,  the
Partnership  entered  into a  short-term  lease on the Levitz space at an annual
rent substantially less than under the Levitz lease; this lease is terminable by
the Partnership upon written notice to the tenant,  in the event the Partnership
secures a  long-term,  creditworthy  tenant for the space.  The  Partnership  is
continuing to seek such a tenant.

In 1999,  Good Guys vacated its premises and ceased  paying rent under the lease
as of December 1, 2000. In April 2001, the Partnership agreed to consent to Good
Guys' sublet of its premises;  in connection  with this agreement Good Guys paid
all of its past due rent. See Item 7,  "Management's  Discussion and Analysis of
Financial   Condition   and  Results  of  Operations  -  Liquidity  and  Capital
Resources."

PROPERTY LOCATION AND COMPETITION

The  Partnership  believes  there are  approximately  9.3 million square feet of
retail space in the Reno area,  in a total of 78 regional  malls and  community,
neighborhood  and strip centers.  Sierra  Marketplace is located in the southern
section of Reno, which is well developed  commercially along major thoroughfares
with substantial  residential  development along secondary streets.  The primary
trade area is considered  affluent to middle class.  The competition for tenants
(including  existing  tenants  whose  leases  expire) is strong  among  existing
centers in the  vicinity of the  Property.  In  addition,  a portion of the land
available for development in the immediate  geographic  vicinity of the Property
recently has been  developed by centers  predominantly  occupied by large anchor
tenants,  which has created additional competition for the Property. See Item 7,
"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations - Liquidity and Capital Resources" and "Real Estate Market."


                                       1

<PAGE>


EMPLOYEES

The Partnership does not have any employees. Through December 31, 2001, services
were  performed for the  Partnership  by Pembroke  HCP,  LLC, the  Partnership's
Managing  General  Partner (the "Managing  General  Partner"),  Pembroke  Realty
Management  LLC  ("Pembroke  Realty"),  an  affiliate  of the  Managing  General
Partner,  and certain other parties that may be deemed to be affiliated with the
Managing  General  Partner.  Through  December 31, 2000,  certain  services were
performed  for  Pembroke   Realty  by  Colliers  Nevada   Management,   LLC,  an
unaffiliated  management company  ("Colliers").  In connection with its entering
into the Mortgage Loan Modification Agreement,  the Partnership retained Kestrel
Management  LP  ("Kestrel"),  an  affiliate  of RAM 2, to  manage  the  Property
commencing  on January 2, 2001.  Kestrel  has assumed  the  property  management
services previously  performed by Pembroke Realty and Colliers,  pursuant to the
terms  of a  management  agreement.  In  January  2002,  responsibility  for the
management of the Property was assigned by Kestrel to Pelican, LLC, an affiliate
of the  general  partner  of RAM 2. See  Item 7,  "Management's  Discussion  and
Analysis of  Financial  Condition  and  Results of  Operations  - Liquidity  and
Capital  Resources," Item 10, "Directors and Executive  Officers of Registrant,"
Item 11,  "Executive  Compensation,"  Item 12,  "Security  Ownership  of Certain
Beneficial  Owners and  Management,"  and Item 13,  "Certain  Relationships  and
Related Transactions."

ITEM 2.  PROPERTIES

See Item 1, "Business" above.

ITEM 3.  LEGAL PROCEEDINGS

The Partnership is not a party to any material pending legal proceedings,  other
than ordinary routine litigation incidental to its business.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No  matters  were  submitted  to a vote of  security  holders  during the fourth
quarter of 2001.

                                       2

<PAGE>

PART II

ITEM 5.  MARKET FOR REGISTRANT'S SECURITIES AND RELATED SECURITY HOLDER MATTERS

There is no  established  public  trading  market for the  Units,  and it is not
anticipated that such a market will develop.

There are certain restrictions in the Partnership's  Partnership  Agreement that
may limit the ability of a limited partner to transfer Units.  Such restrictions
could impair the ability of a limited partner to liquidate its investment in the
event of an emergency or for any other reason.

As of March 15, 2002 there were 1,346  holders of Units,  owning an aggregate of
96,472 Units.

In May 1999,  October 1999, January 2000 and May 2000, the Partnership paid cash
distributions  of  approximately  $4,100,000,  $700,000,  $700,000 and $750,000,
respectively,  or $42.07,  $7.18  $7.18,  and $7.70 per Unit,  respectively,  to
Unitholders of record on May 11, 1999, October 20, 1999, January 1, 2000 and May
30, 2000,  respectively.  There were no distributions made to Unitholders during
2001.

There are no material legal  restrictions on distributions in the  Partnership's
Partnership  Agreement.  See Item 7,  "Management's  Discussion  and Analysis of
Financial   Condition   and  Results  of  Operations  -  Liquidity  and  Capital
Resources,"  for a  discussion  of  financial  conditions  and the  terms of the
Mortgage Loan Modification  Agreement  restricting the Partnership's  ability to
make distributions.

ITEM 6.  SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>
                                                               Year ended December 31,
                                ------------------------------------------------------------------------------------
                                     2001             2000             1999             1998             1997
------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
<S>      <C>                    <C>              <C>              <C>              <C>              <C>
Revenues                        $     2,746,571  $     2,639,242  $     2,521,650  $    2,479,904   $    2,686,095
Net Loss (1)                    $   (1,537,134)  $   (1,297,109)  $   (1,147,548)  $    (925,947)   $  (7,238,860)
Net (Loss) Per Unit (1)(2)      $       (15.77)  $       (13.31)  $       (11.78)  $      ( 9.50)   $      (74.29)
Distributions Per Unit (2)      $       -        $         14.88  $         49.25  $       -        $       -
Long-term Obligations (3)       $    26,191,497  $    24,526,844  $    21,935,131  $   19,617,279   $   17,540,481
Total Assets                    $    16,146,414  $    16,119,572  $    16,191,090  $   19,834,203   $   18,716,205
</TABLE>

-----------------
(1)  Net loss for 1997 includes a write-down for impairment of $(6,475,500),  or
     $(66.45) per Unit.

(2)  Based upon the weighted average number of Units outstanding.

(3)  Consists of the principal  amount of the RAM 2 loan plus deferred  interest
     on that loan,  which are due on or before March 1, 2003,  and are described
     in Item 7, "Management's Discussion and Analysis of Financial Condition and
     Results of Operations - Liquidity and Capital Resources."


                                      1

<PAGE>



ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

The Partnership uses  undistributed  cash flow from  operations,  which excludes
cash held by the  Property  Manager,  as its primary  measure of  liquidity.  At
December  31,  2001,   working  capital   reserves   amounted  to  approximately
$1,214,000,  which does not include any amount  which may be  currently  payable
under the Partnership's  mortgage loan (the "Mortgage Loan") payable to RAM 2 or
deferred  interest  thereon,  which are due on or  before  March 1,  2003.  Such
reserves  may be used to fund  operating  expenses of the  Partnership,  capital
expenditures,  insurance,  real estate taxes and loan payments. All expenditures
during 2001 were funded from cash flow from operations.

At December 31,  2001,  the total amount  outstanding  on the Mortgage  Loan was
$26,191,497,  which included  deferred  interest of  $19,691,497.  The scheduled
maturity  date of the Mortgage Loan was  originally  February 28, 2001, at which
time the total amount outstanding on the mortgage was approximately $25,000,000.

Because  the  Partnership  believed  that it would be unable  either to repay or
refinance  the  Mortgage  Loan  at  that  time,  the  Managing  General  Partner
negotiated  and  caused  the   Partnership  to  enter  into  the  Mortgage  Loan
Modification  Agreement  with  RAM 2 in order to  effect a  modification  of the
Mortgage Loan and prevent the immediate foreclosure of the Mortgage Loan and the
consequent loss of the Property. The Mortgage Loan Modification Agreement became
effective on January 31, 2001.

Pursuant  to the  Mortgage  Loan  Modification  Agreement,  RAM 2 has  agreed to
forbear  for not less than one year and up to two years in the  exercise  of its
rights and remedies  under the  Mortgage  Loan  triggered  by the  Partnership's
failure to repay fully all amounts due and payable thereunder at maturity.

Under the Mortgage Loan Modification Agreement,  the deed to the Property, along
with a bill of sale,  assignment of leases and other  conveyance  documents (the
"Conveyance  Documents")  have been placed in escrow with  counsel to RAM 2. The
Conveyance  Documents  will not be released to RAM 2 until the earliest to occur
of (such date referred to herein as the "Extended Maturity Date"):

     (i)      any date on which any  action  taken or omitted to be taken by the
              Partnership  in bad  faith,  intended  to hinder or impede RAM 2's
              exercise of its rights or remedies under the terms of the Mortgage
              Loan Modification Agreement, remains uncured for more than 10 days
              after notice of same from RAM 2;

     (ii)     any date on or after March 1, 2002,  upon the closing  date of the
              sale or other conveyance of the Property (a) if RAM 2 identifies a
              bona fide third party purchaser to acquire the Property or (b) for
              any other reason deemed  reasonably  necessary by RAM 2 to avoid a
              material economic disadvantage to it; and

     (iii)    March 1, 2003.

Unless the Partnership is able to arrange alternate financing, of which there is
no guarantee,  the  Conveyance  Documents will be released to RAM 2 on or before
March 1,  2003,  at and after  which  the  Partnership  will no longer  have any
interest  in the  Property,  but there can be no  assurance  that RAM 2 will not
foreclose  earlier  under the other terms of the  Conveyance  Documents,  as set
forth above.

The Mortgage Loan  Modification  Agreement further provides that 100% of the net
operating  income  generated  by the  Property  allocable  to the period  ending
February 28, 2001,  the original  maturity  date of the Mortgage  Loan,  will be
retained by the Partnership.  During 2001, the Partnership  retained $451,000 of
net income allocable to the period ended February 28, 2001. From and after March
1, 2001 until such time as the  Conveyance  Documents  have been  released,  the
Partnership will be entitled to receive $100,000 per annum pro-rated monthly and
paid  monthly to the extent  cash flow  permits  and RAM 2 will

                                       2
<PAGE>

be entitled to receive the balance of the net operating  income generated by the
Property to be applied to current  interest and the  outstanding  principal  and
deferred  interest on the Mortgage  Loan.  For the ten months ended December 31,
2001,  the  Partnership  received  approximately  $83,000,  and  RAM 2  received
approximately  $1,182,000,  of net operating  income  generated by the Property,
which was utilized to pay interest on the Mortgage Loan.

Under the terms of the Mortgage Loan Modification Agreement, RAM 2 has agreed to
release the  Partnership  and its  affiliates  from all claims for  principal or
interest due under the Mortgage Loan  effective on the date that the  Conveyance
Documents  are released to RAM 2 or such other party as agreed to by RAM 2. Such
release will be effective  provided that the Partnership (i) does not become the
subject  of any  bankruptcy  proceeding  on or before  one year from the date of
release of the Conveyance  Documents and (ii) has not perpetrated any fraud upon
RAM 2. In  addition,  the  Partnership  became  entitled to a refund of expenses
previously  paid by it, to the  extent  that such  expenses  related to any time
period subsequent to February 28, 2001. During 2001, the Partnership  received a
refund of  approximately  $25,000 for expenses  previously  paid by it. From and
after  February  28,  2001,  the  Partnership  has used  its cash  flow and cash
reserves to fund the payment of Partnership fees and expenses. To the extent not
used to pay  Partnership  fees and  expenses,  these funds will be available for
distribution to the Limited  Partners.  However,  there can be no assurance that
the Partnership  will have excess cash available,  or that future  distributions
will be made to the Limited Partners.  At December 31, 2001, the Partnership had
cash and cash equivalents of $1,100,234.

Under the terms of the Mortgage Loan, the  Partnership  was obligated to provide
RAM 2 with a current  appraisal of the Property upon RAM 2's request.  If it was
determined,  based  upon  the  requested  appraisal,  that  the  sum of (i)  the
principal  balance  of  the  Mortgage  Loan  plus  all  other  then  outstanding
indebtedness secured by the Property and (ii) all accrued and unpaid interest on
the Mortgage  Loan  calculated at a rate of 6.22% per annum  compounded  monthly
through  the  date of such  appraisal  (that  sum,  the  "Measurement  Amount"),
exceeded 85% of the  appraised  value of the  Property,  an amount equal to such
excess (the "Excess Payment") would become immediately due and payable to RAM 2.
Any amount so paid by the Partnership would be applied first against accrued and
unpaid  interest on the  Mortgage  Loan,  and the balance,  if any,  against the
principal   thereof.   In  accordance  with  the  terms  of  the  Mortgage  Loan
Modification  Agreement,  RAM 2 was  entitled  to  request an  appraisal  of the
Property;  however,  if such appraisal indicated that no Excess Payment was due,
RAM 2 would have no further appraisal rights.  RAM 2 requested that the Property
be  appraised  by  Greenwich  Realty  Advisors,  a real  estate  appraisal  firm
unaffiliated  with the  Partnership,  the Managing General Partner or RAM 2. The
appraisal,  which was  performed  as of March 1, 2001,  indicated  a fair market
value of $20  million  for the  Property.  As of March 1,  2001 the  Measurement
Amount was $13,684,645. Because the Measurement Amount did not exceed 85% of the
appraised  value of the  Property  on that  date,  no Excess  Payment  was or is
payable  to  RAM  2.  Consequently,   under  the  terms  of  the  Mortgage  Loan
Modification Agreement, RAM 2 has no further appraisal right thereunder.

Under the Mortgage Loan Modification Agreement,  the Partnership will retain its
interest in the Property until and unless the Conveyance  Documents are released
to RAM 2 in accordance  with the terms thereof.  In addition,  prior to March 1,
2003,  until RAM 2 notifies the Partnership  that it has entered into a contract
to sell or convey the  Property,  the  Partnership  has the right to satisfy the
Mortgage  Loan for an amount  equal to the sum of (x) the then unpaid  principal
balance of the Mortgage Loan, and all accrued interest thereon and other charges
due  thereunder and (y) 66% of the value of the Property in excess of the amount
described in clause (x) above,  as additional  interest on the Mortgage Loan. If
the Mortgage Loan is satisfied, the Conveyance Documents will be returned to the
Partnership.

The accompanying  financial statements have been prepared on the assumption that
the Partnership will continue as a going concern. However, if the Partnership is
unable to refinance or otherwise restructure this outstanding indebtedness prior
to the Extended  Maturity Date of March 1, 2003, the  Partnership  will lose its
entire interest in its property.  These circumstances raise substantial doubt as
to the  Partnership's  ability to continue  as a going  concern.  The  financial
statements do not include any adjustments  that might result from the outcome of
this uncertainty.

                                       3

<PAGE>

In  connection   with  the   Partnership's   entering  into  the  Mortgage  Loan
Modification Agreement,  Lawrence J. Cohen, the sole shareholder and director of
Pembroke  Companies  Inc.,  which  is the sole  member  and the  manager  of the
Managing  General  Partner,  has executed an  unconditional  limited guaranty of
payment in the amount of the principal balance of the Mortgage Loan, all accrued
and unpaid interest  thereon and all other charges due thereunder,  that will be
effective only if Mr. Cohen or his affiliates  cause the Partnership to file for
bankruptcy or to commence a civil action seeking to hinder,  impede or delay RAM
2's exercise of any right or remedy available to it.

Until  November  1997,  Levitz had  occupied  approximately  23% of the Property
(i.e.,  approximately  53,000 out of  approximately  233,000  square feet of net
leasable area). In November 1997,  Levitz,  which had filed for protection under
Chapter 11 of the Bankruptcy Code, vacated its space.  Levitz ceased paying rent
to the Partnership as of April 2, 1998. The  Partnership  pursued a claim in the
Levitz  bankruptcy  proceedings and was awarded a general unsecured claim and an
administrative  expense  claim in 2001.  The Company is currently  attempting to
collect such claims, though there can be no assurance that it will be able to do
so.

In 1999,  Good Guys vacated its premises and ceased  paying rent under the lease
as of December 1, 2000. In April 2001, the Partnership agreed to consent to Good
Guys' sublet of its premises;  in connection  with this agreement Good Guys paid
all of its past due rent.

The  vacancy  at the  Levitz  space  has  resulted  in a loss of  income  to the
Partnership.  This vacancy may have adversely  affected the surrounding  tenants
and the Partnership's  ability to attract new tenants,  particularly in light of
the limited  visibility those tenants have to the main  thoroughfare.  See "Real
Estate  Market"  below.   The  Partnership  is  actively  seeking  a  long-term,
creditworthy  substitute tenant for the Levitz space.  However,  there can be no
assurance  the  Partnership  will succeed in finding a  long-term,  creditworthy
substitute  tenant  promptly  or on terms  comparable  to those under the Levitz
lease. In addition, if a substitute tenant is obtained,  the Partnership expects
to have to make capital expenditures to secure such tenant.

During 1999,  the  Partnership  entered  into a short-term  lease for the Levitz
space with a then  existing  tenant at an annual  rent  substantially  less than
under the Levitz lease.  The  Partnership  has the right to terminate this lease
upon  written  notice in the event  that the  Partnership  secures a  long-term,
creditworthy tenant for the space.

The level of leasing activity cannot be predicted,  particularly in light of the
Levitz situation,  and,  therefore,  the amount of further capital  expenditures
arising from leasing  activity is uncertain.  There can be no assurance that the
Partnership will have sufficient liquidity to make such capital expenditures.

REAL ESTATE MARKET

The market value of the Property  reflects real estate market  conditions in the
vicinity of Sierra Marketplace.  Recently built shopping centers in the vicinity
have increased competition for tenants.  This competitive factor,  together with
the fact that much of the unleased  space in the Property  (including the Levitz
space) has only limited  visibility to the main  thoroughfare,  has hindered the
leasing of new space.

RESULTS OF OPERATIONS

2001 vs. 2000

The  Partnership  realized a net loss of  $1,537,134  ($15.77 per Unit) for 2001
compared to a net loss of  $1,297,109  ($13.31 per Unit) for 2000,  an increased
loss of $240,025.  The  increased  loss was primarily a result of an increase in
mortgage  loan interest  expense  coupled with an increase in  depreciation  and
amortization, partially offset by an increase in rental income.

                                       4
<PAGE>

Revenues  increased  from 2000 to 2001 due to  increases in base  rentals.  Base
rentals increased as a result of scheduled increases in existing leases.

Costs and expenses  increased  from 2000 to 2001 primarily due to an increase in
mortgage  loan  interest  expense  coupled with an increase in the  amortization
portion of depreciation and amortization.

Mortgage loan interest expense increased due to the compounding  effect from the
deferral  of  the  interest  expense  on the  Mortgage  Loan.  Depreciation  and
amortization  increased due to the  amortization  of costs  associated  with the
Mortgage Loan Modification  Agreement,  and tenant leasing commissions  incurred
during 2001.

2000 vs. 1999

The  Partnership  realized a net loss of  $1,297,109  ($13.31 per Unit) for 2000
compared to a net loss of  $1,147,548  ($11.78 per Unit) for 1999,  an increased
loss of $149,561.  The  increased  loss was primarily a result of an increase in
mortgage  loan  interest  expense,  partially  offset by an  increase  in rental
income.

Revenues increased from 1999 to 2000 due to increases in base rentals, primarily
due to the signing of new leases.  The increase in rental  income was  partially
offset by a decrease in  interest  income due to the  distributions  made by the
Partnership.

Costs and expenses  increased  from 1999 to 2000 primarily due to an increase in
mortgage  loan  interest  expense,  partially  offset by  decreases in operating
expenses.

Mortgage loan interest expense increased due to the compounding  effect from the
deferral of the interest expense on the zero coupon mortgage.

INFLATION

Inflation  has not had a  material  impact on the  Partnership's  operations  or
financial  condition  in recent  years and is not  expected  to have a  material
impact in the foreseeable future.

ITEM 7A.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Our financial  instruments  consist solely of money market  accounts  maintained
with international financial institutions.  All of our accounts pay market rates
of  interest  and are  insured by federal  deposit  insurance  which  eliminates
certain of the risks  associated  with these  investments,  except to the extent
that the amounts  contained  in any accounts  exceed  dollar  limits  imposed by
federal deposit insurance.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This document and the documents  incorporated  by reference into this Form 10-K,
including Item 7, "Management's  Discussion and Analysis of Financial  Condition
and Results of  Operations  - Liquidity  and Capital  Resources,"  contain  both
historical and forward-looking  statements. All statements other than statements
of  historical  fact are,  or may be deemed  to be,  forward-looking  statements
within the meaning of section 27A of the  Securities Act of 1933 and section 21E
of  the   Securities   Exchange  Act  of  1934  (the  "Exchange   Act").   These
forward-looking statements are not based on historical facts, but rather reflect
the  Partnership's  current  expectations  concerning future results and events.
These  forward-looking   statements  generally  can  be  identified  by  use  of
statements  that include  phrases  such as  "believe,"  "expect,"  "anticipate,"
"intend," "plan," "foresee," "likely," "will" or other similar words or phrases.
Similarly, statements that describe the Partnership's objectives, plans or goals
are or may  be  forward-looking  statements.  These  forward-looking  statements
involve known and unknown risks, uncertainties and other factors which may cause
the  actual  results,  performance  or  achievements  of the  Partnership  to be
different from any future  results,  performance and  achievements  expressed or
implied by these statements.

                                       5

<PAGE>

ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                                      INDEX

                                                                       Page
                                                                      Number
                                                                      ------

Independent Auditor's Report                                           F-1

    Financial statements:

              Balance sheets                                           F-2

              Statements of operations                                 F-3

              Statement of partners' equity (deficit)                  F-4

              Statements of cash flows                                 F-5

              Notes to financial statements                            F-6

    Schedule II:

        Valuation and qualifying accounts                              F-14

    Schedule III:

        Real estate and accumulated depreciation                       F-15


All  other  financial  statement  schedules  are  omitted  because  they are not
applicable or the required  information is presented in the financial statements
or notes thereto.

ITEM 9.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
         FINANCIAL DISCLOSURE.

None.

                                       6

<PAGE>

To the Partners of
High Cash Partners, L.P.



                          INDEPENDENT AUDITOR'S REPORT

We have audited the accompanying  balance sheets of High Cash Partners,  L.P. (a
limited  partnership)  as of  December  31,  2001  and  2000,  and  the  related
statements of operations,  partners' equity (deficit) and cash flows for each of
the three years in the period ended  December 31, 2001. Our audits also included
the  financial  statement  schedules  listed in the Index at Item 14(a)2.  These
financial   statements   and  the   financial   statement   schedules   are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on the financial  statements and financial  statement schedules based
on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of High Cash Partners,  L.P. as of
December 31, 2001 and 2000, and the results of its operations and its cash flows
for each of the three years in the period ended  December 31, 2001 in conformity
with accounting  principles  generally accepted in the United States of America.
Also, in our opinion,  such financial  statement  schedules,  when considered in
relation to the basic financial  statements taken as a whole,  present fairly in
all material respects the information set forth therein.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will  continue as a going  concern.  As  discussed in Note 5 to the
financial statements,  the Partnership's mortgage loan, which had an outstanding
balance of $26,191,497 at December 31, 2001, was scheduled to mature on February
28, 2001.  The  Partnership  entered  into an  agreement  with the holder of the
mortgage loan which extended the maturity date to a date not later than March 1,
2003  assuming  the  Partnership  complies  with  all of the  provisions  of the
agreement.  The agreement also requires that  substantially all of the cash flow
generated from the Partnership's  property be remitted to the mortgage holder to
be  applied  against  outstanding   principal  and  deferred  interest.  If  the
Partnership  is unable to refinance or otherwise  restructure  this  outstanding
indebtedness  prior  to the  extended  maturity  date  of  March  1,  2003,  the
Partnership will lose its entire interest in its property.  These  circumstances
raise substantial  doubt as to the Partnership's  ability to continue as a going
concern.  Management's  plans in regard to these  matters are also  described in
Note 5. The  financial  statements  do not  include any  adjustments  that might
result from the outcome of this uncertainty.




/s/ Hays & Company LLP



March 18, 2002
New York, New York


                                       1

<PAGE>



                            HIGH CASH PARTNERS, L.P.

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                     December 31,
                                                                    -------------------------------------------
                                                                             2001                   2000
                                                                    ---------------------   -------------------
<S>                                                                 <C>                     <C>
ASSETS
            Real estate, net                                        $          14,433,815   $        14,722,456
            Cash and cash equivalents                                           1,100,234             1,103,651
            Other assets                                                          441,920               173,206
            Tenant receivables, net                                               112,339                86,896
            Prepaid expenses                                                       58,106                33,363
                                                                    ---------------------   -------------------
                    Total assets                                    $          16,146,414   $        16,119,572
                                                                    =====================   ===================

LIABILITIES AND PARTNERS' DEFICIT


LIABILITIES
            Mortgage loan payable                                   $           6,500,000   $         6,500,000
            Deferred interest payable                                          19,691,497            18,026,844
            Accounts payable and accrued expenses                                  57,134               154,300
            Tenants' security deposits payable                                     64,618                68,129
                                                                    ---------------------   -------------------

                    Total liabilities                                          26,313,249            24,749,273
                                                                    ---------------------   -------------------
Commitments and contingencies (Notes 3, 4, 5 and 8)

PARTNERS' DEFICIT
            Limited partners' deficit
            (96,472 units issued and outstanding)                            (10,065,165)           (8,543,402)

            General partners' deficit                                           (101,670)              (86,299)
                                                                    ---------------------   -------------------

                                                                             (10,166,835)           (8,629,701)
                                                                    ---------------------   -------------------

                                                                    $          16,146,414   $        15,119,572
                                                                    =====================   ===================
</TABLE>




See notes to financial statements.


                                       2

<PAGE>



                            HIGH CASH PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                        Year ended December 31,
                                                   -------------------------------------------------------------------
                                                            2001                 2000                    1999
                                                   ---------------------- --------------------- ----------------------
<S>                                                <C>                    <C>                   <C>
REVENUES
      Rental income                                $       2,711,685      $       2,604,141     $       2,420,332
      Other Income                                                --                     --                12,526
      Interest Income                                         34,886                 35,101                88,792
                                                   ---------------------- --------------------- ----------------------
                                                           2,746,571              2,639,242             2,521,650
                                                   ---------------------- --------------------- ----------------------
COST AND EXPENSES
      Mortgage loan interest                               2,846,172              2,591,713             2,317,852
      Operating                                              503,992                488,600               510,366
      Depreciation and amortization                          430,124                366,176               365,510
      Partnership management fees                            301,475                301,475               301,475
      General and Administrative                             121,186                111,106               101,839
      Property management fees                                80,756                 77,281                72,156
                                                   ---------------------- --------------------- ----------------------
                                                           4,283,705              3,936,351             3,669,198
                                                   ---------------------- --------------------- ----------------------
NET LOSS                                           $     (1,537,134)      $     (1,297,109)     $     (1,147,548)
                                                   ====================== ===================== ======================

NET LOSS ATTRIBUTABLE TO
      Limited partners                             $     (1,521,763)      $     (1,284,138)     $     (1,136,073)
      General partners                                      (15,371)               (12,971)              (11,475)
                                                   ---------------------- --------------------- ----------------------
                                                   $     (1,537,134)      $     (1,297,109)     $     (1,147,548)
                                                   ====================== ===================== ======================


     Net loss per unit of limited partnership
     interest (96,472 units outstanding)           $        (15.77)       $         (13.31)     $         (11.78)
                                                   ====================== ===================== ======================
</TABLE>




See notes to financial statements.


                                       3

<PAGE>



                            HIGH CASH PARTNERS, L.P.


                     STATEMENT OF PARTNERS' EQUITY (DEFICIT)

              PERIOD FROM JANUARY 1, 1999 THROUGH DECEMBER 31, 2001


<TABLE>
<CAPTION>
                                                              General              Limited                Total
                                                             Partners'            Partners'              Partners'
                                                          Equity (Deficit)      Equity (Deficit)      Equity (Deficit)
                                                       --------------------- --------------------- ---------------------
<S>                                                    <C>                  <C>                    <C>
Balance, January 1, 1999                               $           647     $          63,981      $         64,628

Net loss - 1999                                                (11,475)          (1,136,073)            (1,147,548)

Distributions                                                  (48,000)          (4,751,669)            (4,799,669)
                                                       --------------------- --------------------- ---------------------

Balance, December 31, 1999                                     (58,828)          (5,823,761)            (5,882,589)

Net loss - 2000                                                (12,971)          (1,284,138)            (1,297,109)

Distributions                                                  (14,500)          (1,435,503)            (1,450,003)
                                                       --------------------- --------------------- ---------------------
Balance, December 31, 2000                                     (86,299)          (8,543,402)            (8,629,701)

Net loss - 2001                                                (15,371)          (1,521,763)            (1,537,134)
                                                       --------------------- --------------------- ---------------------
Balance, December 31, 2001                             $      (101,670)      $  (10,065,165)       $   (10,166,835)
                                                       ===================== ===================== =====================
</TABLE>







See notes to financial statements.

                                       4

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                   Year ended December 31,
                                                              -----------------------------------------------------------------
                                                                      2001                  2000                  1999
                                                              --------------------- --------------------- ---------------------
<S>                                                           <C>                   <C>                   <C>
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS

CASH FLOWS FROM OPERATING ACTIVITIES

       Net loss                                               $      (1,537,134)    $      (1,297,109)    $      (1,147,548)
       Adjustments to reconcile net loss to net cash
          provided by operating activities
             Deferred interest expense                                 1,664,653             2,591,713             2,317,852
             Depreciation and amortization                               430,124               366,176               365,510
       Changes in operating assets and liabilities
             Leasing commissions paid                                   (51,294)               (1,969)              (27,504)
             Other assets                                              (269,171)              (21,050)                 2,864
             Tenant receivables, net                                    (25,443)              (20,264)               (2,979)
             Prepaid expenses                                           (24,743)               (5,227)                 (613)
             Accounts payable and accrued expenses                        14,604              (15,381)              (23,748)
             Tenants' security deposits payable                          (3,511)                 (738)                10,000
                                                              --------------------- --------------------- ---------------------

                 Net cash provided by operating
                    activities                                           198,085             1,596,151             1,493,834
                                                              --------------------- --------------------- ---------------------

CASH FLOWS FROM INVESTING ACTIVITIES
       Additions to real estate                                         (25,719)                    --               (7,350)
                                                              --------------------- --------------------- ---------------------

CASH FLOWS FROM FINANCING ACTIVITIES
      Deferred financing costs paid                                    (175,783)                    --                    --
     Distributions to partners                                                --           (1,450,003)           (4,799,669)
                                                              --------------------- --------------------- ---------------------
       Net cash used in financing activities                           (175,783)           (1,450,003)           (4,799,669)
                                                              --------------------- --------------------- ---------------------

NET (DECREASE) INCREASE IN CASH AND CASH                                 (3,417)               146,148           (3,313,185)

Cash and cash equivalents, beginning of year                           1,103,651               957,503             4,270,688
                                                              --------------------- --------------------- ---------------------
Cash and cash equivalents, end of year                        $        1,100,234    $        1,103,651    $          957,503
                                                              ===================== ===================== =====================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
       Interest Paid                                          $        1,181,519    $              ---    $               --
                                                              ===================== ===================== =====================
</TABLE>

See notes to financial statements.


                                       5

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

1        ORGANIZATION

         High Cash Partners,  L.P.  (formerly High Income Partners L.P. - Series
         87) (the "Partnership") was formed in May 1986 pursuant to the Delaware
         Revised  Uniform  Limited  Partnership Act for the purpose of acquiring
         and operating real estate.  The Partnership  will terminate on December
         31,  2030 or  sooner,  in  accordance  with its  Amended  and  Restated
         Agreement of Limited Partnership (the "Limited Partnership Agreement").
         The  Partnership  filed a Form  S-11  registration  statement  with the
         Securities and Exchange Commission,  which became effective on June 29,
         1988,  covering  an  offering  of  400,000  limited  partnership  units
         (subject to increase, if the Underwriter exercised its right to sell an
         additional 200,000 units) at $250 per unit.

         The Partnership's public offering terminated on June 29, 1990, at which
         time the  Partnership  had accepted  subscriptions  for 77,901  limited
         partnership  units  (including  those units sold to the initial limited
         partner) for aggregate net proceeds of $17,284,566  (gross  proceeds of
         $19,475,250,   less   organization   and  offering  costs   aggregating
         $2,190,684).   The   Partnership   received   $2,500   and  $1,000  for
         contributions  to the Partnership  from the initial limited partner and
         the general partners,  respectively. The Partnership had committed 100%
         of its net proceeds  available for investment to the Sierra Marketplace
         acquisition, a retail shopping center.

         The Partnership sold 18,571  unregistered  limited partnership units to
         Integrated  Resources,  Inc.  ("Integrated"),  the former parent of the
         original Managing General Partner of the Partnership, for aggregate net
         proceeds of $4,120,441 (gross proceeds of $4,642,750, less organization
         and offering costs aggregating  $522,309).  Simultaneously,  Integrated
         sold these units to the Partnership's three bank creditors. The sale of
         the  aforementioned  units,  effective  January 1, 1991,  was part of a
         transaction  that enabled the  Partnership to repay its unsecured loans
         on December 19, 1990.

2        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         LEASES

         The  Partnership  accounts for its leases under the  operating  method.
         Under this method,  revenue is recognized as rentals become due, except
         for stepped  leases,  where revenue is  recognized  on a  straight-line
         basis over the life of the lease.

         DEPRECIATION

         Depreciation  is  computed  using  the  straight-line  method  over the
         estimated useful life of the property, which is approximately 40 years.
         The cost of the Property represents the initial cost of the Property to
         the  Partnership  plus  acquisition  and  closing  costs.  Repairs  and
         maintenance are charged to operations as incurred.

         FINANCIAL STATEMENTS

         The financial  statements  include only those assets,  liabilities  and
         results of operations that relate to the business of the Partnership.

         CASH AND CASH EQUIVALENTS

         The Partnership considers all short-term investments that have original
         maturities  of  three  months  or  less  to be  cash  equivalents.  The
         Partnership's cash balances are held at various financial institutions,
         however, at times, cash balances may exceed insured limits.

                                       6

<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


         FAIR VALUE OF FINANCIAL INSTRUMENTS

         The fair value of financial  instruments  is determined by reference to
         market  data  and  other  valuation  techniques  as  appropriate.   The
         Partnership's  financial  instruments  consist  principally of cash and
         cash  equivalents,  tenant  receivables,  accounts  payable and accrued
         expenses and a mortgage loan payable.  Unless otherwise disclosed,  the
         fair value of financial instruments approximates their recorded values.

         NET LOSS AND DISTRIBUTIONS PER UNIT OF LIMITED PARTNERSHIP INTEREST

         Net loss and distributions per unit of limited partnership interest are
         computed based upon the number of units outstanding (96,472) during the
         years ended December 31, 2001, 2000 and 1999.

         DEFERRED FINANCING COSTS

         Costs  incurred  in  connection  with  obtaining   long-term  debt  are
         capitalized and amortized over the life of the debt.

         INCOME TAXES

         No provisions have been made for federal, state and local income taxes,
         since they are the personal responsibility of the partners.

         The income tax returns of the Partnership are subject to examination by
         federal,  state and local taxing  authorities.  Such examinations could
         result in  adjustments to  Partnership  losses,  which could affect the
         income tax liability of the individual partners.

         RECLASSIFICATIONS

         Certain  reclassifications  have been made to the financial  statements
         shown for the prior  years in order to  conform to the  current  year's
         classifications.

         ESTIMATES

         The  preparation of financial  statements in conformity with accounting
         principles  generally accepted in the United States of America requires
         management to make estimates and  assumptions  that affect the reported
         amounts of assets and liabilities  and disclosure of contingent  assets
         and  liabilities  at the  date  of the  financial  statements  and  the
         reported amounts of revenues and expenses during the reporting  period.
         Actual results could differ from those estimates.

3        CHANGE  IN  GENERAL  PARTNER  OWNERSHIP,   CONFLICTS  OF  INTEREST  AND
         TRANSACTIONS WITH RELATED PARTIES

         Until June 13, 1997, the Managing  General  Partner of the  Partnership
         was Resources High Cash, Inc. ("RHC"). RHC was, until November 3, 1994,
         a wholly-owned subsidiary of Integrated, at which time, pursuant to the
         consummation of Integrated's Plan of Reorganization,  substantially all
         the  assets  of  Integrated,  but not the  stock of RHC,  were  sold to
         Presidio  Capital  Corp.   ("Presidio").   RHC  became  a  wholly-owned
         subsidiary of XRC Corp. ("XRC"), which is a subsidiary of Presidio. The
         other  general  partner of the  Partnership  was,  until June 13, 1997,
         Presidio  AGP  Corp.   ("AGP"),  a  Delaware   Corporation  that  is  a
         wholly-owned  subsidiary  of Presidio.  Presidio  also is the parent of
         other entities that were, or may have been,  engaged in

                                       7
<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

         businesses  that may have  been in  competition  with the  Partnership.
         Accordingly,   conflicts  of  interest  may  have  arisen  between  the
         Partnership and such other businesses.

         Resources  Accrued Mortgage  Investors 2 L.P. ("RAM 2"), whose managing
         general partner is owned by Presidio, made a zero coupon first mortgage
         loan to the Partnership (Note 5).

         Effective  April  1,  1991,  Integrated  purchased,  in an  arms-length
         transaction from an unaffiliated third party, 8,361 limited partnership
         units   ("Units").   Effective   January  1,  1995,   pursuant  to  the
         consummation of Integrated's Plan of  Reorganization,  these Units were
         transferred to XRC.

         On June 13, 1997, RHC and AGP sold their general partnership  interests
         in the  Partnership to Pembroke HCP LLC  ("Pembroke  HCP") and Pembroke
         AGP Corp.  ("Pembroke  AGP")  (collectively,  the "General  Partners"),
         respectively.  In the same  transaction,  XRC sold its  8,361  Units to
         Pembroke  Capital II, LLC, an  affiliate  of Pembroke  HCP and Pembroke
         AGP.   Subsequently,   Pembroke  Capital  II  LLC  acquired  beneficial
         ownership of an aggregate of an additional 6,277 Units in the secondary
         market.

         Following  the sale on June 13, 1997,  an affiliate of Pembroke HCP was
         engaged to perform administrative services for the Partnership.  During
         the years ended December 31, 2001, 2000 and 1999 reimbursable  expenses
         paid to the affiliate by the Partnership  amounted to $48,000,  $48,000
         and $42,000 respectively.

         The Partnership had been a party to a supervisory  management agreement
         with Resources Supervisory Management Corp. ("Resources  Supervisory"),
         an affiliate of RHC and AGP,  pursuant to which  Resources  Supervisory
         performed certain property management functions.  Resources Supervisory
         performed such services through June 13, 1997. Effective June 13, 1997,
         the  Partnership  terminated  this agreement and entered into a similar
         agreement with Pembroke Realty Management LLC ("Pembroke  Realty"),  an
         affiliate of Pembroke  HCP and Pembroke  AGP. A portion of the property
         management  fees payable to Resources  Supervisory  and Pembroke Realty
         was  paid to  unaffiliated  local  management  companies  that had been
         engaged for the purpose of performing the property management functions
         that were the subject of the supervisory management agreement.  For the
         years ended  December 31, 2001,  2000,  and 1999,  Pembroke  Realty was
         entitled to receive  $13,002,  $77,281 and  $72,156,  respectively,  of
         which  $10,033,  $51,961  and  $58,513,  respectively,  was paid to the
         unaffiliated management companies. No leasing activity compensation was
         paid to Pembroke  Realty for the years ended  December 31, 2001,  2000,
         and 1999.

         In connection  with its entering  into the Mortgage  Loan  Modification
         Agreement  with RAM 2, which became  effective on January 31, 2001, the
         Partnership retained Kestrel Management LP ("Kestrel"), an affiliate of
         RAM 2, to perform property management  functions  commencing on January
         2, 2001. Kestrel assumed all management services  previously  performed
         by Pembroke Realty and the unaffiliated management company, pursuant to
         the terms of a management agreement. As compensation for its management
         services,  Kestrel is entitled to receive a management  fee equal to 3%
         of the cash collected in respect of revenues generated by the Property.
         For the year ended  December 31, 2001,  Kestrel earned a management fee
         of $67,754.

         For  managing  the affairs of the  Partnership,  the  Managing  General
         Partner is  entitled  to  receive a  partnership  management  fee in an
         annual amount equal to $301,475.

         The General  Partners  are  allocated 1% of the net income or losses of
         the Partnership and are also entitled to receive 1% of distributions.

                                       8

<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

4        REAL ESTATE, NET

         Real estate assets represent the Partnership's  principal asset, Sierra
         Marketplace,  a  community  marketplace  located in Reno,  Nevada  (the
         "Property").  The Property was purchased by the Partnership on February
         10, 1989, and is summarized as follows:

<TABLE>
<CAPTION>
                                                                               December 31,
                                                            ----------------------------------------------------
                                                                      2001                       2000
                                                            -------------------------- -------------------------
<S>                                                         <C>                        <C>
          Land                                              $         6,667,189        $         6,667,189
          Building and improvements                                  12,965,945                 12,940,226
                                                            -------------------------- -------------------------
                                                                     19,633,134                 19,607,415
          Less accumulated depreciation                              (5,199,319)                (4,884,959)
                                                            -------------------------- -------------------------

                                                            $        14,433,815        $        14,722,456
                                                            ========================== =========================
</TABLE>

         Depreciation  expense for the years ended December 31, 2001,  2000, and
         1999 was $314,360, $317,938 and $325,121, respectively.

         During 2001 each of three  tenants  accounted  for more than 10% of the
         Partnership's rental revenues. Such tenants accounted for approximately
         18%, 19% and 10% of rental revenue, with leases expiring in years 2008,
         2003 and 2002, respectively.

         During 2000,  each of three tenants  accounted for more than 10% of the
         Partnership's rental revenues. Such tenants accounted for approximately
         18% 19%,  and 14% of rental  revenues,  with  leases  expiring in years
         2002, 2008, and 2003, respectively.

         During 1999,  each of three tenants  accounted for more than 10% of the
         Partnership's rental revenues. Such tenants accounted for approximately
         20%, 19% and 18% of rental revenues, with leases expiring in 2002, 2008
         and 2003, respectively.


                                       9

<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


         Minimum  future  rental  payments   receivable,   excluding   operating
         escalations and other charges,  due from tenants  pursuant to the terms
         of  existing  noncancellable  leases  as of  December  31,  2001 are as
         follows:

<TABLE>
<CAPTION>

                       Year ending December 31,
<S>                              <C>                            <C>
                                 2002                           $          2,049,988
                                 2003                                      1,516,166
                                 2004                                        930,066
                                 2005                                        804,019
                                 2006                                        701,125
                              Thereafter                                     924,399
                                                            --------------------------------
                                                                $          6,925,763
                                                            ================================
</TABLE>


5        MORTGAGE LOAN PAYABLE

         The  mortgage  loan  payable (the  "Mortgage  Loan")  represents a zero
         coupon first mortgage loan held by RAM 2, a public limited  partnership
         sponsored by affiliates of the former  general  partners.  The Mortgage
         Loan  bears  interest  at the  rate of  11.22%  per  annum,  compounded
         monthly.  The principal balance,  along with deferred interest thereon,
         is  $26,191,497  at December 31,  2001,  and  aggregated  approximately
         $25,000,000  at its original  maturity date of February 28, 2001. As of
         December 31, 2001, the principal and deferred  interest on the Mortgage
         Loan exceeded the estimated fair market value of the Property.

         Effective  January 31, 2001,  the  Partnership  entered into a mortgage
         loan  modification  agreement  (referred  to  in  this  Note  5 as  the
         "Modification  Agreement")  with RAM 2.  Pursuant  to the  terms of the
         Modification  Agreement,  RAM 2 has agreed to forbear for not less than
         one  year  and up to two  years,  in the  exercise  of its  rights  and
         remedies under the Mortgage Loan triggered by the Partnership's failure
         to repay  fully all amounts due and  payable  thereunder  at  maturity.
         Under the Modification Agreement,  the deed to the Property, along with
         a bill of sale,  assignment  of leases and other  conveyance  documents
         (the "Conveyance Documents") have been placed in escrow with counsel to
         RAM 2. The Conveyance Documents will not be released to RAM 2 until the
         earliest to occur of (the "Extended Maturity Date"):

         I.   Any date on which any  action  taken or omitted to be taken by the
              Partnership  in bad  faith,  intended  to hinder or impede RAM 2's
              exercise  of  its  rights  or  remedies  under  the  terms  of the
              Modification  Agreement,  remains  uncured  for more  than 10 days
              after notice of same from RAM 2;

         II.  Any date on or after March 1, 2002,  upon the closing  date of the
              sale or other conveyance of the Property (a) if RAM 2 identifies a
              bona fide third party  purchaser to acquire the  Property,  or (b)
              for any other reason deemed reasonably necessary by RAM 2 to avoid
              a material economic disadvantage to it; and

         III. March 1, 2003.

                                       10

<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


         Unless the Partnership is able to arrange alternate financing, of which
         there is no guarantee, the Conveyance Documents will be released to RAM
         2 on or before March 1, 2003, at and after which the  Partnership  will
         no  longer  have any  interest  in the  Property,  but  there can be no
         assurance  that RAM 2 will not foreclose  earlier under the other terms
         of the Conveyance Documents, as set forth above.

         The  Modification  Agreement  further provides that from March 1, 2001,
         until such time as the Conveyance  Documents  have been  released,  the
         Partnership  will be entitled to retain  $100,000  per annum  pro-rated
         monthly  and RAM 2 will be  entitled  to receive the balance of the net
         operating  income  generated by the Property to be applied  against the
         outstanding  principal and deferred  interest on the Mortgage Loan. For
         the period after March 1, 2001, the Partnership retained  approximately
         $83,000, and RAM 2 received approximately  $1,182,000, of net operating
         income generated by the Property,  which was applied to interest on the
         Mortgage Loan.

         Under the terms of the  Modification  Agreement,  the Partnership  will
         retain its  interest in the  Property  until and unless the  Conveyance
         Documents are released to RAM 2 in accordance  with the terms  thereof.
         Prior to March 1, 2003,  until RAM 2 notifies the  Partnership  that it
         has  entered  into a  contract  to sell or  convey  the  Property,  the
         Partnership  will have the right to satisfy  the  Mortgage  Loan for an
         amount equal to the sum of (x) the then unpaid principal balance of the
         Mortgage Loan, and all accrued  interest  thereon and other charges due
         thereunder  and (y) 66% of the value of the  Property  in excess of the
         amount  described in clause (x) above,  as  additional  interest on the
         Mortgage  Loan.  If the  Mortgage  Loan is  satisfied,  the  Conveyance
         Documents will be returned to the  Partnership.  If the  Partnership is
         unable  to  refinance  or  otherwise   restructure   this   outstanding
         indebtedness  prior to the Extended Maturity Date of March 1, 2003, the
         Partnership will lose its entire interest in its property.

         Under the terms of the Mortgage Loan, the  Partnership was obligated to
         provide RAM 2 with a current  appraisal  of the  Property  upon RAM 2's
         request. If it was determined, based upon the requested appraisal, that
         the sum of (i) the  principal  balance  of the  Mortgage  Loan plus all
         other then  outstanding  indebtedness  secured by the Property and (ii)
         all accrued and unpaid  interest on the Mortgage  Loan  calculated at a
         rate of 6.22% per annum  compounded  monthly  through  the date of such
         appraisal,  exceeded 85% of the  appraised  value of the  Property,  an
         amount  equal  to such  excess  (the  "Excess  Payment")  would  become
         immediately  due and payable to RAM 2. In accordance  with the terms of
         the Modification Agreement,  RAM 2 was entitled to request an appraisal
         of the Property;  however,  if such appraisal  indicated that no Excess
         Payment was due, RAM 2 would have no further  appraisal  rights.  RAM 2
         requested that the Property be appraised by Greenwich  Realty Advisors,
         a real estate appraisal firm  unaffiliated  with the  Partnership,  the
         Managing  General Partner or RAM 2. The appraisal,  which was performed
         on March 1,  2001,  indicated  that an  Excess  Payment  was not due or
         payable  to RAM 2 at that  date.  Consequently,  under the terms of the
         Modification  Agreement,  RAM 2 has no further appraisal right pursuant
         to the terms of the Mortgage Loan.

6        DISTRIBUTIONS

         In May 1999,  October 1999, January 2000 and May 2000, the  Partnership
         paid  cash   distributions  of  approximately   $4,100,000,   $700,000,
         $700,000 and  $750,000,  respectively,  or $42.07,  $7.18,  $7.18,  and
         $7.70  per  Unit,  respectively,  to  Unitholders  of record on May 11,
         1999,   October  20,   1999,   January  1,  2000  and   May  30,  2000,
         respectively.  There  were no distributions  made to Unitholders during
         2001.

7        RECONCILIATION  OF NET LOSS AND NET ASSETS PER FINANCIAL  STATEMENTS TO
         TAX BASIS


                                       11
<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

         The  Partnership  files  its  tax  return  on  an  accrual  basis.  The
         Partnership  has  computed  depreciation  for tax  purposes  using  the
         Modified  Accelerated Cost Recovery System,  which is not in accordance
         with accounting  principles  generally accepted in the United States of
         America.  A reconciliation of net loss per financial  statements to the
         tax basis of accounting is as follows:






                                       12


<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999



<TABLE>
<CAPTION>
                                                                         Year ended December 31,
                                                      ---------------------------------------------------------------
                                                             2001                2000                  1999
                                                      ------------------- -------------------- ----------------------
<S>                                                   <C>                 <C>                  <C>
        Net loss per financial statements             $    (1,537,134)    $    (1,297,109)     $    (1,147,548)

        Tax depreciation and amortization
        in excess of financial statement
        depreciation and amortization                        (145,007)           (207,849)            (221,800)
                                                      ------------------- -------------------- ----------------------
        Net loss per tax basis                        $    (1,682,141)    $    (1,504,958)     $    (1,369,348)
                                                      =================== ==================== ======================
</TABLE>


         The  differences  between the  Partnership's  net assets per  financial
         statements and the tax basis of accounting are as follows:

<TABLE>
<CAPTION>
                                                                                         December 31,
                                                                    -------------------------------------------------
                                                                              2001                     2000
                                                                    ------------------------- -----------------------
<S>                                                                     <C>                       <C>
                  Net assets per financial statements                   $   (10,166,835)          $  (8,629,701)

                  Cumulative tax depreciation and
                  amortization in excess of financial
                  statement depreciation                                     (1,558,953)             (1,413,946)

                  Write-down for impairment                                   6,475,500               6,475,500

                  Syndication costs                                           2,712,993               2,712,993
                                                                    ------------------------- -----------------------
                  Net assets per tax basis                                $  (2,537,295)           $   (855,154)
                                                                    ========================= =======================
</TABLE>

8        TENANT DEFAULTS

         Until November 1997,  Levitz  Department  Store ("Levitz") had occupied
         approximately  23% of the space at the  Property.  Rent under the lease
         for  each of 1997  and  1996  was  approximately  $412,000,  which  was
         approximately 16% of the Partnership's  total rental income revenues in
         each  such  period.  In  November  1997,  Levitz,  which  had filed for
         protection under Chapter 11 of the Bankruptcy Code,  vacated its space.
         Levitz ceased paying rent as of April 2, 1998. The Partnership  pursued
         a claim in the Levitz bankruptcy  proceedings and was awarded a general
         unsecured  claim  and an  administrative  expense  claim in  2001.  The
         Company is currently  attempting  to collect such claims,  though there
         can be no assurance that it will be able to do so.

         During 1999, the  Partnership  entered into a short-term  lease for the
         space formerly  occupied by Levitz with an existing tenant at an annual
         rent  substantially  less than  under the Levitz  lease;  this lease is
         terminable by the Partnership upon written notice to the tenant, in the
         event the Partnership secures a long-term,  creditworthy tenant for the
         space.


                                       13

<PAGE>

                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

         In 1999,  Good Guys vacated its  premises and ceased  paying rent under
         the lease as of December 1, 2000. In April 2001, the Partnership agreed
         to consent to Good Guys' sublet of its  premises;  in  connection  with
         this agreement Good Guys paid all of its past due rent.

         The vacancy at the Levitz space has resulted in a loss of income to the
         Partnership.   This  vacancy  also  may  have  adversely  affected  the
         surrounding  tenants,  particularly in light of the limited  visibility
         those  tenants  have  to the  main  thoroughfare.  The  Partnership  is
         actively seeking a long-term,  creditworthy  substitute  tenant for the
         Levitz space.  However,  there can be no assurance that the Partnership
         will succeed in finding a  long-term,  creditworthy  substitute  tenant
         promptly or on terms  comparable  to those under the Levitz  lease.  In
         addition, if such a tenant is obtained, the Partnership may be required
         to make  substantial  expenditures  in order to secure such  substitute
         tenant and in connection with the new lease.


                                       14

<PAGE>

                            HIGH CASH PARTNERS, L.P.

                 Schedule II - VALUATION AND QUALIFYING ACCOUNTS
<TABLE>
<CAPTION>
                                                                      ADDITIONS
                                                         ----------------------------------
                                         BALANCE AT        CHARGED TO          CHARGED TO                             BALANCE AT
                                         BEGINNING          COSTS AND            OTHER                                  END OF
               DESCRIPTION             OF PERIOD (A)        EXPENSES            ACCOUNTS          DEDUCTIONS            PERIOD
                                      --------------     ----------------    --------------     --------------      --------------
<S>                                   <C>                <C>                 <C>                <C>                 <C>
Year ended December 31, 2001
     Reno, Nevada
   Sierra Marketplace                 $  6,475,500       $            -      $           -      $          -        $    6,475,500
                                      ==============     ================    ==============     ==============      ==============

Year ended December 31, 2000
     Reno, Nevada
   Sierra Marketplace                 $  6,475,500       $            -      $           -      $          -        $    6,475,500
                                      ==============     ================    ==============     ==============      ==============

Year ended December 31, 1999
     Reno, Nevada
   Sierra Marketplace                 $  6,475,500       $            -      $           -      $          -        $    6,475,500
                                      ==============     ================    ==============     ==============      ==============
</TABLE>


(A)  Represents an allowance for impairment  provided on the Sierra  Marketplace
     property during 1997.



See notes to financial statements.


                                       14

<PAGE>

                            HIGH CASH PARTNERS, L.P.

            Schedule III - REAL ESTATE AND ACCUMMULATED DEPRECIATION

<TABLE>
<CAPTION>
                                       INITIAL COST (1)         COSTS CAPITALIZED        GROSS AMOUNT AT WHICH CARRIED AT
                                       ----------------         -----------------        --------------------------------

                                                 Building                                            Building
                                                   and                                                 and
                       Encum-                    Improve-      Improve-    Carrying                  Improve-
   Description         brances       Land          ments         ments       Costs       Land          ments         Total
------------------- ------------- ------------ ------------- ----------- ---------- ------------- ------------- -------------
<S>                 <C>           <C>          <C>           <C>         <C>        <C>           <C>           <C>
Sierra
Marketplace
Retail
Shopping
Center

Reno, Nevada        $26,191,497   $6,868,859   $16,494,467   $ 719,589   $    -     $6,667,189    $12,965,945   $19,633,134
                    ------------- ------------ ------------- ----------- ---------- ------------- ------------- -------------
</TABLE>


                                                              Life on which
                      Accumu-                                Depreciation in
                      lated         Date of                   Latest Income
                     Deprecia-     Construc-       Date       Statement is
                       tion           tion       Acquired       Computed
                    ------------- ------------ ------------- --------------
Sierra
Marketplace
Retail
Shopping
Center
                                                              Straight-line
Reno, Nevada        $ 5,199,319      10/88          2/89     method 40 years
                    ------------- ------------ ------------- ---------------

<TABLE>
<CAPTION>
                                                             Year ended December 31,
                                           ------------------------------------------------------------
                                                  1999                2000                2001
                                           ------------------- ------------------- --------------------
<S>                                        <C>                 <C>                 <C>
(A) RECONCILATION OF
REAL ESTATE OWNED

Balance at beginning of year               $    19,600,065     $    19,607,415     $    19,607,415

Subtractions during year
 Write-down for impairment                               -                   -                   -
                                           ------------------- ------------------- --------------------
                                                19,600,065          19,607,415          19,607,415
Additions during
 year improvements                                   7,350                   -              25,719
                                           ------------------- ------------------- --------------------

Balance at end of year                     $    19,607,415     $    19,607,415     $    19,633,134
                                           =================== =================== ====================
</TABLE>


                                       15

<PAGE>



<TABLE>
<CAPTION>

(B) RECONCILIATION OF                                           Year ended December 31,
ACCUMULATED                                ------------------------------------------------------------
DEPRECIATION
                                                  1999                2000                2001
                                           ------------------- ------------------- --------------------
<S>                                        <C>                 <C>                 <C>

Balance at beginning of year               $     4,241,900     $     4,567,021     $     4,884,959

Additions during the year
 Depreciation                                      325,121             317,938             314,360
                                           ------------------- ------------------- --------------------
Balance at end of year                     $     4,567,021        $  4,884,959        $  5,199,319
                                           =================== =================== ====================
</TABLE>




(1)  The aggregate  cost for income tax purposes is  $26,108,634 at December 31,
     2001.


See notes to financial statements.


                                       16

<PAGE>


PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT

The  Partnership  has no officers or directors.  Pembroke HCP, LLC, the Managing
General  Partner,  manages  and  controls  substantially  all the  Partnership's
affairs and has general  responsibility  and  ultimate  authority in all matters
affecting its business.  Pembroke AGP Corp., the Associate  General Partner,  in
its capacity as such,  does not devote a material amount of time or attention to
the Partnership's affairs.

Based on a review of the filings  under  Section 16(a) of the Exchange Act, none
of the Managing General Partner, the sole member or the officers of the Managing
General Partner or the beneficial owners of more than 10% of the Units failed to
file on a timely  basis  reports  required by Section  16(a) of the Exchange Act
during 2001 or prior years,  except for the failure by Pembroke  Capital II, LLC
("PC")  to  file  reports  on  Forms  4 and 5 in  respect  of  approximately  12
transactions in 1997, 1998, 1999, 2000 and 2001 resulting in PC's acquisition of
an aggregate of 6,277 Units.

Lawrence J. Cohen,  age 46, is, and for more than seven years has been, the sole
shareholder and director of Pembroke  Companies,  Inc., which is the sole member
and the  manager  of each of the  Managing  General  Partner  and the  Associate
General  Partner.  Pembroke  Companies,  Inc.  is  a  privately-held  investment
management company, which makes investments in, and provides management services
to, a variety of real estate-related businesses.

ITEM 11. EXECUTIVE COMPENSATION

The  Partnership  is not required to pay, and has not paid,  the  officers,  the
manager or the sole  member of the  Managing  General  Partner or the  Associate
General Partner, or the officers or directors of the sole member of the Managing
General Partner or the Assistant General Partner. Certain officers and directors
of the former managing general partner of the Partnership received  compensation
from the former  managing  general  partner or its affiliates  (but not from the
Partnership) for services performed for various affiliated  entities,  which may
have included  services  performed  for the  Partnership;  in addition,  certain
individuals  affiliated with the Managing  General Partner receive  compensation
from  the  Managing  General  Partner  or  its  affiliates  (but  not  from  the
Partnership) for services performed for various affiliated  entities,  which may
have included services for the Partnership.  See Item 13, "Certain Relationships
and Related Transactions."

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

PC and  Equity  Resources  Fund XIV  Limited  Partnership  ("ERF")  are the only
persons known by the Partnership to be the beneficial  owners of more than 5% of
the Units. The Partnership believes PC and ERF beneficially own 14,638 Units and
8,998  Units,  respectively,  which are 15.2%  and  9.3%,  respectively,  of the
outstanding Units. Mr. Cohen is the sole member of PC, and, therefore, he may be
deemed to be the beneficial owner of PC's 14,638 Units. See Item 10,  "Directors
and Executive  Officers of Registrant"  above. The address of each of PC and Mr.
Cohen is Pembroke  Companies,  Inc.,  70 East 55th  Street,  New York,  New York
10022. The address of ERF is 14 Story Street, Cambridge, Massachusetts 02138.


                                        1

<PAGE>



ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

During 2001,  the General  Partners  and their  respective  affiliates  received
compensation or payments for services from or with respect to the Partnership as
follows:

<TABLE>
<CAPTION>

                NAME                     CAPACITY IN WHICH SERVED         COMPENSATION

<S>                                                                         <C>          <C>
Pembroke HCP, LLC                   Managing General Partner                $    301,475 (1)

Pembroke AGP, LLC                   Associate General Partner                        -   (2)

Pembroke Realty Management LLC      Supervisory Property Manager            $      2,969 (3)
</TABLE>


(1)      Represents a partnership  management fee earned by the Managing General
         Partner. Under the Partnership's Partnership Agreement, .99% of the net
         income,  net loss and distributions of the Partnership are allocated to
         the Managing General Partner.  For 2001,  $16,653 of the  Partnership's
         tax loss was allocated to the Managing General Partner.

(2)      Under the Partnership Agreement,  .01% of the Partnership's net income,
         net loss and  distributions  are  allocated  to the  Associate  General
         Partner.  For 2001, $168 of the Partnership's tax loss was allocated to
         the Associate General Partner.

(3)      This amount was earned pursuant to a supervisory  management  agreement
         with the Partnership for  performance of certain  functions  related to
         property  management.  In addition,  during  2001,  $10,033 was paid to
         Colliers Nevada Management,  LLC, an unaffiliated  property  management
         company that performed services for the Partnership.


                                       2

<PAGE>


PART IV

ITEM 14.      EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a)(1)        FINANCIAL STATEMENTS:  SEE "INDEX TO FINANCIAL STATEMENTS" IN ITEM
              8 ABOVE.

(a)(2)        FINANCIAL STATEMENT SCHEDULES: SEE "INDEX TO FINANCIAL STATEMENTS"
              IN ITEM 8 ABOVE.

(a)(3)        EXHIBITS:

3.            (a)     Second   Amended  and   Restated   Partnership   Agreement
                      ("Partnership  Agreement") of Registrant,  incorporated by
                      reference to Exhibit 3D to Amendment No. 2 to Registrant's
                      Registration Statement on Form S-11 filed on June 24, 1988
                      (Reg. No. 33-6412) (hereinafter the "Form S-11").

              (b)     Amended and Restated Certificate of Limited Partnership of
                      Registrant, incorporated by reference to Exhibit 3C to the
                      Form S-11.

              (c)     Amendment  to  Partnership   Agreement,   incorporated  by
                      reference  to  Supplement  No. 1 dated  August 19, 1988 to
                      Registrant's Prospectus filed pursuant to Rules 424(b) and
                      424(c) (Reg. No. 33-6412).

10.           (a)     Management   Services  Agreement  between  Registrant  and
                      Resources  Property  Management  Corp.,   incorporated  by
                      reference to Exhibit 1 OB to  Amendment  No. 2 to the Form
                      S-11.

              (b)     Acquisition  and  Disposition   Services  Agreement  among
                      Registrant,  Realty  Resources  Inc.,  and Resources  High
                      Cash, Inc., incorporated by reference to Exhibit 10.(b) of
                      Registrant's  Report  on  Form  10-K  for the  year  ended
                      December 31, 1988 (hereinafter the "1988 10-K").

              (c)     Agreement  among  Resources  High Cash,  Inc.,  Integrated
                      Resources, Inc. and Fourth Group Partners, incorporated by
                      reference to Exhibit 10.(c) of the 1988 10-K.

              (d)     Agreement of Purchase and Sale  between  Sierra  Virginia,
                      Inc.  and  Nevada  Corp.,  incorporated  by  reference  to
                      Exhibit  10A  to  Registrant's  Form  8  with  respect  to
                      Registrant's current report on Form 8-K dated February 10,
                      1989.

              (e)     Registered  Note by Registrant to RAM 2 in connection with
                      the  purchase  of  Sierra  Marketplace,   incorporated  by
                      reference  to  Exhibit  10B  to  Registrant's  Form 8 with
                      respect to  Registrant's  current report on Form 8-K dated
                      February  10, 1989,  incorporated  by reference to Exhibit
                      10(f) of  Registrant's  Report  on Form  10-K for the year
                      ended December 31, 1989 (hereinafter the "1989 10-K").

              (f)     Settlement   Agreement,   dated  October  17,  1990  among
                      Registrant,  Integrated,  First  Interstate Bank of Denver
                      N.A., First Interstate Bank of Washington,  N.A. and First
                      American  National  Bank,  Incorporated,  incorporated  by
                      reference to Exhibit 10(a) to Registrant's  Current Report
                      on Form 8-K dated December 19, 1990.


                                       1
<PAGE>


              (g)     Supervisory  Management  Agreement dated as of November 1,
                      1991  between   Registrant   and   Resources   Supervisory
                      Management   Corporation   incorporated  by  reference  to
                      Exhibit 10(g) to  Registrant's  Report on Form 10K for the
                      year ended December 31, 1991.

              (h)     Management  Agreement  dated as of  November 1, 1991 among
                      Registrant,  Resources Supervisory Management Corp. and CB
                      Commercial  Real  Estate  Group,  Inc.,   incorporated  by
                      reference to Exhibit 10(h) to Registrant's  Report on Form
                      10-K for the year ended December 31, 1991.

              (i)     Exclusive Leasing Listing Agreement dated as of January 1,
                      1993 between Resources Supervisory Management Corp. and CB
                      Commercial  Real  Estate  Group,  Inc.,   incorporated  by
                      reference to Exhibit 10(i) to Registrant's  Report on Form
                      10-K for the year ended December 31, 1993.

              (j)     First  Amendment to Exclusive  Leasing  Listing  Agreement
                      dated as of January 1, 1994 between Resources  Supervisory
                      Management  Corp.  and CB  Commercial  Real Estate  Group,
                      Inc.,   incorporated  by  reference  to  Exhibit  100   to
                      Registrant's  Report  on  Form  10-K  for the  year  ended
                      December 31, 1993.

              (k)     Second  Amendment  to  Management  Agreement  dated  as of
                      January 1, 1994 between Resources  Supervisory  Management
                      Corp.   and  CB  Commercial   Real  Estate  Group,   Inc.,
                      incorporated by reference to Exhibit 10(k) to Registrant's
                      Report on Form 10-K for the year ended December 31, 1993.

              (l)     Management  Agreement  dated  September  22, 1999  between
                      Pembroke Supervisory  Management,  LLC and Colliers Nevada
                      Management, LLC, incorporated by reference to Exhibit 10.1
                      to  Registrant's  Quarterly  Report  on Form  10-Q for the
                      fiscal quarter ended September 30, 1999.

              (m)     Exclusive  Leasing  Listing  Agreement  dated September 9,
                      1999  between  Pembroke  Supervisory  Management,  LLC and
                      Colliers Nevada Management, LLC, incorporated by reference
                      to Exhibit 10.2 to Registrant's  Quarterly  Report on Form
                      10-Q for the fiscal quarter ended September 30, 1999.

              (n)     Mortgage Loan  Modification  Agreement  dated December 21,
                      2000  between  High  Cash  Partners,  L.P.  and  Resources
                      Accrued  Mortgage   Investors  2  L.P.,   incorporated  by
                      reference to Exhibit 10.1 to  Registrant's  Current Report
                      on Form 8-K dated February 8, 2001.

(b)                   REPORT ON FORM 8-K:

                      No reports on Form 8-K were filed during the quarter ended
                      December 31, 2001.


                                       2

<PAGE>


                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) 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.

                                             HIGH CASH PARTNERS, L.P.


                                             By:   Pembroke HCP, LLC
                                                   Managing General Partner


Dated:  March  29, 2002                      By:   Pembroke Companies, Inc.
                                                   Managing Member


                                             By:  /s/  Lawrence J. Cohen
                                                --------------------------------
                                                   Lawrence J. Cohen


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of  Registrant  and in
the capacities  (with respect to the Managing  General  Partner) and on the date
indicated.


Dated:  March 29, 2002                       /s/  Lawrence J. Cohen
                                             -----------------------------------
                                             Lawrence J. Cohen