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, 1999

                                       OR

[ ]TRANSITION REPORT PURSUANT TO SECTION
   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 Colliers International
   5310 Kietzke Lane, Suite 105
   RENO, NEVADA                                                         89511
--------------------------------------                                ----------
(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 [33]  tenants.  Each of three  tenants,  Smith's
Management  Corp.,  a grocery  and drug  store,  Good  Guys,  Inc.,  a  consumer
electronics  store, and Bell Furniture,  Inc., a furniture store,  accounted for
approximately 19%, 18% and 20%, respectively,  of the Partnership's total rental
income  revenues  in 1999.  The  Property  is  subject to a  mortgage,  which is
described  in  Item  7,  "Management's  Discussion  and  Analysis  of  Financial
Condition and Results of Operations - Liquidity and Capital Resources" below.

Until  November  1997,  Levitz  Furniture  Corporation  ("Levitz")  had occupied
approximately  53,000  square  feet at  Sierra  Marketplace  under a lease  that
extended  through  2008.   Levitz  accounted  for   approximately   16%  of  the
Partnership's  total rental income revenues in 1997.  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 with a then  existing  tenant at an annual
rent  materially  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.  See Item 7,  "Management's  Discussion  and
Analysis of  Financial  Condition  and  Results of  Operations  - Liquidity  and
Capital Resources" below.

LOCALE AND COMPETITION

The  Partnership  believes  there are  approximately  8.8 million square feet of
retail space in the Reno area,  in a total of 72 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. Although there is little room
for significant new competing development in the immediate geographical vicinity
of the Property,  the competition for tenants (including  existing tenants whose
leases expire) is strong among existing centers.  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"
below.


                                       I-1

<PAGE>



EMPLOYEES

The  Partnership  does not have any  employees.  Services are  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.
Certain   services  are  performed  for  Pembroke   Realty  by  Colliers  Nevada
Management,  LLC, an unaffiliated management company ("Colliers").  See 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" below.


ITEM 2.   PROPERTIES

See Item 1, "Business" above.


ITEM 3.   LEGAL PROCEEDINGS

See Item 7,  "Management's  Discussion  and Analysis of Financial  Condition and
Results of  Operations - Liquidity and Capital  Resources"  below with regard to
Levitz.


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 1999.


                                       I-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 22, 2000, there were 1,362 holders of Units,  owning an aggregate of
96,472 Units.

There were no distributions  made during 1997 or 1998. In May 1999, October 1999
and January 2000, the Partnership  effected cash  distributions of approximately
$4,100,000,  $700,00 and $700,000,  respectively, or $42.07, $7.18 and $7.18 per
Unit,  respectively,  to Unitholders of record on May 11, 1999, October 20, 1999
and January 1, 2000, respectively.

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



                                      II-1

<PAGE>



ITEM 6.   SELECTED FINANCIAL DATA


<TABLE>
<CAPTION>

                                                           Year ended December 31,
                           --------------------------------------------------------------------------------
                              1999            1998             1997             1996             1995
                           -------------   -------------   --------------   -------------    --------------
<S>                        <C>             <C>            <C>               <C>              <C>

Revenues                   $  2,521,650    $  2,479,904    $   2,686,095    $   2,637,022    $   2,632,230
Net Loss (1)               $ (1,147,548)   $   (925,947)   $  (7,238,860)   $    (640,184)   $    (442,098)
Net (Loss) Per Unit (1)(2) $     (11.78)   $   (   9.50)   $      (74.29)   $       (6.57)   $       (4.54)
Distributions Per Unit (2) $       49.25   $       -       $       -        $       12.52    $       12.52
Long-term Obligations (3)  $  21,935,131   $  19,617,279   $  17,540,481    $  15,691,865    $  14,030,719
Total Assets               $  16,192,632   $  19,834,203   $  18,716,205    $  24,485,903    $  24,652,234
</TABLE>

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

(1) The 1997 amount  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) Consisting of the principal amount of the RAM 2 loan plus deferred  interest
on that  loan,  which are  described  in Item 7,  "Management's  Discussion  and
Analysis of  Financial  Condition  and  Results of  Operations  - Liquidity  and
Capital Resources" below.

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

LIQUIDITY AND CAPITAL RESOURCES


The Partnership uses working capital reserves set aside from the proceeds of its
public  offering  in 1989 and  undistributed  cash flow from  operations  as its
primary measure of liquidity.  At December 31, 1999,  working  capital  reserves
amounted to approximately $1,000,000.  Such reserves may be used to fund capital
expenditures,  insurance,  real estate taxes and loan payments. All expenditures
during 1999 were funded from cash flow from operations.

At December 31, 1999, the total amount outstanding on the Partnership's mortgage
loan  payable to  Resources  Accrued  Mortgage  Investors  2 L.P.  ("RAM 2") was
$21,935,131,  which included deferred interest payable of $15,435,131.  From and
after March 1, 1999,  the mortgage loan may be prepaid,  in whole only,  without
penalty  or  premium.  At March 1, 2000,  the total  amount  outstanding  on the
mortgage was approximately  $22,333,584.  The Partnership  believes that, in the
present  circumstances,  it would not be able to  refinance  the  mortgage.  The
mortgage  matures  on  February  28,  2001.  At  that  time,  the  total  amount
outstanding on the mortgage is expected to be approximately $25,000,000.  If the
value of the Property at that time does not exceed $25,000,000,  the Partnership
may lose its entire  investment in the  Property.  At present,  the  Partnership
believes that, unless conditions change materially, the value of the Property at
February 28, 2001 will be significantly  less than $25,000,000.  See "Write-Down
for Impairment" below.

The mortgage  further  requires the  Partnership to provide RAM 2 with a current
appraisal of the Property upon RAM 2's request. If it is 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 at 6.22% per
annum,  compounded monthly (that sum, the "Measurement Amount"),  exceeds 85% of
the appraised value, an amount equal to such excess would become immediately due
and payable to RAM 2.

To date,  the lender has not requested an  appraisal.  There can be no assurance
that, if the lender requests an appraisal, 85% of the appraised value will equal
the  Measurement  Amount.  At December  31,  1999,  the  Measurement  Amount was
approximately $12,774,000, which was approximately $720,000 less than 85% of the
$15,875,000 value to which the Property was written down in the first quarter of
1997. As interest on the mortgage accrues, the Measurement Amount will increase,
and, therefore, unless the value of the Property

                                      II-2

<PAGE>



is shown to be greater  than the value to which it was written down in the first
quarter of 1997, the  Measurement  Amount will exceed 85% of the appraised value
of the Property during the year 2000.

Management is evaluating  its  alternatives  with respect to the mortgage  loan.
Such  alternatives  are limited due to the fact that the  principal and deferred
interest on the mortgage loan significantly  exceed the fair market value of the
Property.  There can be no assurance that the Partnership  will be successful in
pursuing  any of its  alternatives.  If the  Partnership  is not  successful  in
pursuing any of its  alternatives,  the Partnership  will likely lose its entire
interest in the Property.

Until November 1997,  Levitz had occupied  approximately 23% of the space at the
Property (i.e., approximately 53,000 out of approximately 233,000 square feet of
net  leasable  area).  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  vacancy  at the  Levitz  space  has  resulted  in a loss of  income  to the
Partnership.  The  vacancy  at the  Levitz  space,  as well as a  vacancy  in an
additional,  significant  space previously  occupied by Good Guys, also 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.
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 make substantial  expenditures in order to secure the
substitute tenant and in connection with a new lease.

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

The level of leasing activity cannot be predicted,  particularly in light of the
Levitz and Good Guys situations,  and, therefore,  the amount of further capital
expenditures  arising  from  leasing  activity  is  uncertain.  There  can be no
assurance  the  Partnership  will have  sufficient  liquidity  both to make such
capital  expenditures,  and to make the payments that may be required  under the
terms  of the  RAM 2  loan.  If  there  is a  default  on the  RAM 2  loan,  the
Partnership would be materially and adversely affected.

REAL ESTATE MARKET

A substantial  decline in 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 at the Property
(including   the  Levitz  space)  has  only  limited   visibility  to  the  main
thoroughfare  and the fact that the space  previously  occupied  by Good Guys is
vacant and is being  marketed for sublet by Good Guys have hindered the lease-up
of new space. As a result,  the  Partnership's  investment in the Property is at
risk.

WRITE-DOWN FOR IMPAIRMENT

The value of the Property is reflected in the Partnership's financial statements
at the lower of  depreciated  cost or estimated  fair value.  A  write-down  for
impairment  with respect to the Property may be recorded from time to time based
upon periodic  reviews of the Property.  In performing  this review,  management
considers the  estimated  fair value of the Property  based upon cash flows,  as
well as other  factors,  such as the current  occupancy,  the  prospects for the
Property and the economic situation in the region where the Property is located.
Because this determination of estimated fair value is based upon future economic
events, the

                                      II-3

<PAGE>



amounts ultimately reflected in an appraisal or realized upon a disposition of
the Property may differ materially from the value reflected in the Partnership's
financial statements.

A  write-down  for  impairment  is  inherently  subjective  and  is  based  upon
management's best estimate of current  conditions and assumptions about expected
future conditions. The Partnership may provide for additional write-downs in the
future and such  write-downs  could be material.  In the first  quarter of 1997,
management determined that the aggregate undiscounted future cash flows from the
Property  over the  anticipated  holding  period  were  below  the  value of the
Property reflected in the Partnership's  financial  statements at March 31, 1997
and, therefore,  an impairment existed.  At that time,  Management  performed an
internal  analysis of the Property,  which  indicated an estimated fair value of
approximately  $15,875,000.   Consequently,   a  write-down  for  impairment  of
$6,475,500  was  recorded  at March  31,  1997.  No  additional  write-down  for
impairment was required during 1999 or 1998.

RESULTS OF OPERATIONS

1999 VS. 1998

The Partnership  realized a net loss of $1,147,548 for 1999, compared with a net
loss of $925,947 for 1998, a change of $221,601.  The change primarily  resulted
from an increase in mortgage loan interest expense.

Revenues increased from 1998 to 1999 due to an increase in base rentals.

Costs and expenses  increased  from 1998 to 1999 primarily due to an increase in
mortgage loan interest expense.

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

1998 VS. 1997

The  Partnership  realized a net loss of $925,947 for 1998,  compared with a net
loss of $7,238,860 for 1997, a change of $6,312,913.  The change was primarily a
result of the write-down  for impairment  recorded in March 1997 with respect to
the Property. See "Write-Down for Impairment" above.

Revenues  decreased from 1997 to 1998 due to the loss of Levitz as a tenant,  as
well as other decreases in base rentals.  See "Liquidity and Capital  Resources"
above.

Costs and expenses  decreased  from 1997 to 1998 primarily due to the write-down
for impairment  recorded in March 1997.  Decreases in operating and depreciation
expenses were partially offset by an increase in mortgage loan interest expense.
Operating  expenses  decreased  as a result of lower  insurance  and repairs and
maintenance costs.  Depreciation expense decreased as a result of the impairment
recorded in March 1997.  Mortgage  loan  interest  expense  increased due to the
compounding  effect of the  deferral  of  interest  expense  on the zero  coupon
mortgage.



                                      II-4

<PAGE>



INFLATION

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

YEAR 2000

Costs associated with the year 2000 conversion did not have a material effect on
the Partnership.

ITEM 7A   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.


                                      II-5

<PAGE>



ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA



                                      INDEX

                                                                     Page
                                                                     NUMBER
                                                                     ------

Independent Auditor's Report                                           F-1

    Financial statements - years ended
       December 31, 1999, 1998 and 1997 =

          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-15

    Schedule III:

      Real estate and accumulated depreciation                         F-16

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.

                                      II-6

<PAGE>



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

None.




                                      II-7

<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,  1999  and  1998,  and  the  related
statements of operations,  partners' equity (deficit) and cash flows for each of
the three years in the period ended  December 31, 1999. 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  generally   accepted  auditing
standards.  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, 1999 and 1998, and the results of its operations and its cash flows
for each of the three years in the period ended  December 31, 1999 in conformity
with  generally  accepted  accounting  principles.  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  $21,935,131  at December 31, 1999,  matures on February 28, 2001. If
the Partnership is unable to refinance or otherwise restructure this outstanding
indebtedness,  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



March 1, 2000
New York, New York

                                       F-1

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                                 BALANCE SHEETS



                                                    December 31,
                                            ----------------------------
                                               1999           1998
                                            -------------   ------------
ASSETS
   Real estate, net                          $ 15,040,394   $ 15,358,165
   Cash and cash equivalents                      957,503      4,270,688
   Other assets                                    99,967        114,174
   Tenant receivables, net                         66,632         63,653
   Prepaid insurance premiums                      28,136         27,523
                                             ------------   ------------

                                             $ 16,192,632   $ 19,834,203
                                             ============   ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

LIABILITIES
   Mortgage loan payable                     $  6,500,000   $  6,500,000
   Deferred interest payable                   15,435,131     13,117,279
   Accounts payable and accrued expenses           69,681         93,429
   Due to affiliates                                1,542             --
   Tenants' security deposits payable              68,867         58,867
                                             ------------   ------------

       Total liabilities                       22,075,221     19,769,575
                                             ------------   ------------

Commitments and contingencies (Notes 3, 4, 5 and 9)

PARTNERS' EQUITY (DEFICIT)
   Limited partners' equity (deficit)
   (96,472 units issued and outstanding)      (5,823,761)         63,981
   General partners' equity (deficit)            (58,828)            647
                                             ------------   ------------

       Total partners' equity (deficit)       (5,882,589)         64,628
                                             ------------   ------------

                                             $ 16,192,632   $ 19,834,203


See notes to financial statements.


                                       F-2

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS




                                          Year ended December 31,
                                 ----------------------------------------
                                    1999          1998           1997
                                 ------------  ------------  ------------
REVENUES
   Rental income                 $  2,420,332  $  2,306,202  $  2,573,611
   Other income                        12,526         2,217         5,966
   Interest income                     88,792       171,485       106,518
                                 ------------  ------------  ------------

                                    2,521,650     2,479,904     2,686,095
                                 ------------  ------------  ------------

COST AND EXPENSES
   Mortgage loan interest           2,317,852     2,076,798     1,848,616
   Operating                          510,366       508,467       617,589
   Depreciation and amortization      365,510       349,554       495,094
   Partnership management fees        301,475       301,475       301,475
   Administrative                     101,839       101,255       109,507
   Property management fees            72,156        68,302        77,174
   Write-down for impairment                -             -     6,475,500
                                 ------------  ------------  ------------

                                    3,669,198     3,405,851     9,924,955
                                 ------------  ------------  ------------

NET LOSS                         $(1,147,548)  $ ( 925,947)  $ (7,238,860)
                                 ============  ============  =============



NET LOSS ATTRIBUTABLE TO
   Limited partners              $(1,136,073)  $  (916,688)  $ (7,166,471)
   General partners                  (11,475)       (9,259)       (72,389)
                                 ------------  ------------  -------------

                                 $(1,147,548)  $  (925,947)  $ (7,238,860)
                                 ============  ============  =============



Net loss per unit of limited
    partnershipinterest
    (96,472 units outstanding)   $    (11.78)  $     (9.50)  $     (74.29)
                                 ============  ============  =============



See notes to financial statements.


                                       F-3

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                     STATEMENT OF PARTNERS' EQUITY (DEFICIT)

                  YEARS ENDED DECEMBER 31, 1997, 1998 AND 1999



                                General           Limited            Total
                               Partners'         Partners'         Partners'
                            Equity (Deficit)  Equity (Deficit)  Equity (Deficit)
                            ----------------  ----------------  ----------------

BALANCE, JANUARY 1, 1997    $     82,295      $   8,147,140     $   8,229,435
Net loss - 1997                  (72,389)        (7,166,471)       (7,238,860)
                            ----------------  ----------------  ----------------
BALANCE, DECEMBER 31, 1997         9,906            980,669           990,575
Net loss - 1998                   (9,259)          (916,688)         (925,947)
                            ----------------  ----------------  ----------------
BALANCE, DECEMBER 31, 1998           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)
                            ================  ================  ================




See notes to financial statements.


                                       F-4

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>



                                                                         Year ended December 31,
                                                         ----------------------------------------------------

                                                               1999                1998            1997
                                                         ------------------  ----------------  --------------
<S>                                                     <C>                 <C>               <C>

INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS

CASH FLOWS FROM OPERATING ACTIVITIES

   Net loss                                               $ (1,147,548)      $   (925,947)     $  (7,238,860)
   Adjustments to reconcile net loss to net cash
      provided by operating activities
         Write-down for impairment                                   -                  -          6,475,500
         Deferred interest expense                           2,317,852          2,076,798          1,848,616
         Depreciation and amortization                         365,510            349,554            495,094
   Changes in operating assets and liabilities
         Other assets                                          (26,182)           (84,813)            (7,330)
         Tenant receivables                                     (2,979)           (33,916)            49,192
         Prepaid insurance premiums                               (613)             1,988             43,883
         Accounts payable and accrued expenses                 (23,748)           (34,251)             2,160
         Due to affiliates                                       1,542             (2,890)           (75,927)
         Tenant's security deposits payable                     10,000              4,288               (680)
                                                          -----------------  ----------------  --------------

         Net cash provided by operating activities           1,493,834          1,350,811          1,591,648
                                                          -----------------  ----------------  --------------

CASH FLOWS FROM INVESTING ACTIVITIES
   Additions to real estate                                     (7,350)          (132,162)            (9,167)
                                                          -----------------  ----------------  --------------

CASH FLOWS FROM FINANCING ACTIVITIES
   Distributions to partners                                (4,799,669)                 -           (305,007)
                                                          -----------------  ----------------  --------------

NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS                                                 (3,313,185)         1,218,649          1,277,474

Cash and cash equivalents, beginning of year                 4,270,688          3,052,039          1,774,565
                                                          -----------------  ----------------  --------------

Cash and cash equivalents, end of year                    $    957,503       $  4,270,688      $   3,052,039
                                                          =================  ================  ==============
</TABLE>


See notes to financial statements.


                                       F-5

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


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.


                                       F-6

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

     WRITE-DOWN FOR IMPAIRMENT

     A write-down for impairment is recorded based upon a periodic review of the
     property in the Partnership's portfolio. Real estate property is carried at
     the lower of depreciated  cost or estimated fair value.  In performing this
     review, management considers the estimated fair value of the property based
     upon cash flows, as well as other factors,  such as the current  occupancy,
     the  prospects  for the property  and the economic  situation in the region
     where the property is located. Because this determination of estimated fair
     value  is  based  upon  future  economic  events,  the  amounts  ultimately
     reflected  in an  appraisal  or  realized  upon a  disposition  may  differ
     materially from the carrying value.

     A write-down is inherently  subjective and is based upon  management's best
     estimate  of current  conditions  and  assumptions  about  expected  future
     conditions.  The Partnership may provide for write- downs in the future and
     such write-downs could be material.

     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

     For the purpose of the statements of cash flows, the Partnership  considers
     all short-term investments that have original maturities of three months or
     less to be cash equivalents.

     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 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, 1999, 1998 and 1997.

     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.


                                       F-7

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

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

     A partnership  affiliated with the predecessor General Partners,  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.
     For the years  ended  December  31,  1996 and 1995,  XRC  earned  quarterly
     distributions from those Units of $104,680.  No distributions were declared
     during 1997.

     On June 13, 1997, RHC and AGP sold their general  partnership  interests to
     Pembroke HCP LLC ("Pembroke HCP") and Pembroke AGP Corp.  ("Pembroke AGP"),
     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 5,752 Units in the secondary market.

     Prior to the sale of the general partnership interest in the Partnership to
     Pembroke HCP and Pembroke  AGP,  Wexford  Management  LLC  ("Wexford")  had
     performed  management  and  administrative  services for Presidio,  XRC and
     XRC's direct and  indirect  subsidiaries,  as well as for the  Partnership.
     Following

                                       F-8

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

     the  sale,   an   affiliate   of  Pembroke   HCP  was  engaged  to  perform
     administrative  services  for  the  Partnership.  During  the  years  ended
     December 31, 1999 and 1998,  reimbursable expenses paid to the affiliate by
     the Partnership amounted to $42,000 and $36,000, 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  were  paid  to
     unaffiliated  management companies,  which had been engaged for the purpose
     of performing  the property  management  functions that were the subject of
     the supervisory management agreement. For the year ended December 31, 1997,
     Resources  Supervisory and Pembroke Realty were entitled to receive $35,245
     and $41,929,  respectively;  of these amounts,  which  aggregated  $77,174,
     $64,312 was paid to the unaffiliated  management  companies.  For the years
     ended December 31, 1999 and 1998,  Pembroke  Realty was entitled to receive
     $72,156 and $68,302, of which $58,513 and $56,918,  respectively,  was paid
     to the unaffiliated  management companies. No leasing activity compensation
     was paid to Resources  Supervisory  or Pembroke  Realty for the years ended
     December 31, 1999, 1998 and 1997.

     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.  For the year ended December 31, 1997, this fee was paid
     to the former and  current  Managing  General  Partners  in their  pro-rata
     shares. For the year-ended December 31, 1999 and 1998, the current Managing
     General Partner was paid this fee.

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

4    REAL ESTATE

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

                                       F-9

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997




                                               December 31,
                                 --------------------------------------
                                      1999                1998
                                 ------------------  ------------------

Land                             $    6,667,189     $    6,667,189
Building and improvements            12,940,226         12,932,876
                                 ------------------  ------------------
                                     19,607,415         19,600,065
Less accumulated depreciation        (4,567,021)        (4,241,900)
                                 ------------------  ------------------

                                 $   15,040,394     $   15,358,165
                                 ==================  ==================

          The land, building and improvements are collateralized by the mortgage
          payable.

          In  performing  an  impairment  review  of  the  Property,  management
          determined  that  the  aggregate  undiscounted  cash  flows  from  the
          Property  over the  anticipated  holding  period  were  below  its net
          carrying  value as of March 31,  1997 and,  therefore,  an  impairment
          existed.  At that  time,  management  estimated  the fair value of the
          Property to be approximately $15,875,000.  Consequently, a write- down
          for impairment of $6,475,500 was recorded as of March 31, 1997.

          Depreciation  expense for the years ended December 31, 1999,  1998 and
          1997  amounted  to  $325,121,  $325,176  and  $447,994,  respectively.
          Included in depreciation  expense for the year ended December 31, 1997
          is $87,190, which represents the net book value of improvements to the
          space formerly  occupied by Levitz Furniture Store,  which vacated its
          space in November 1997.

          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.

          During 1998, each of three tenants  accounted for more than 10% of the
          Partnership's   rental   revenues.    Such   tenants   accounted   for
          approximately  22%,  20%  and  13% of  rental  revenues,  with  leases
          expiring in the years 2008, 2003 and 2001, respectively.  During 1997,
          each of three tenants accounted for more than 10% of the Partnership's
          rental revenues. Such tenants accounted for approximately 22%, 22% and
          16% of the Partnership's rental revenues. One of those tenants, Levitz
          Furniture Store,  which accounted for 16% of the Partnership's  rental
          revenues in 1997, filed for bankruptcy  protection under Chapter 11 of
          the United  States  Bankruptcy  Code in 1997 and  vacated its space in
          November 1997. Levitz ceased paying rent as of April 2, 1998.


                                      F-10

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

          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,  1999 are as
          follows:



               Year ending December 31,
                    2000                          $    2,051,284
                    2001                               1,816,355
                    2002                               1,422,037
                    2003                               1,331,326
                    2004                                 991,766
                    Thereafter                         2,160,949
                                                  ------------------
                                                  $    9,773,717
                                                  ==================


5    MORTGAGE LOAN PAYABLE

     The mortgage loan payable 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 approximately  $21,935,000 at December 31,
     1999, and will aggregate approximately  $25,000,000 at maturity on February
     28, 2001.  From and after March 1, 1999,  the mortgage loan may be prepaid,
     in whole only,  without  penalty or premium.  However,  the  principal  and
     deferred interest on the mortgage loan  significantly  exceed the estimated
     fair market value of the Property.

     In accordance with the terms of the mortgage loan,  additional interest may
     be payable equal to 23.9% of the  appreciation in the value of the property
     after payment of a specified return to the Partnership.  The maximum annual
     rate of interest,  including the additional interest,  is not to exceed 16%
     compounded  annually and is due on the earlier of the maturity  date or the
     date the mortgage loan is prepaid. No additional interest has been recorded
     by the Partnership.

     Additionally,  the terms of the mortgage  loan require the  Partnership  to
     provide  RAM 2 with a  current  appraisal  of the  property  upon  RAM  2's
     request. If it is determined, based upon the requested appraisals, 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 at 6.22% per annum, compounded monthly
     (that sum, the "Measurement  Amount"),  exceeds 85% of the appraised value,
     an amount equal to such excess shall become  immediately due and payable to
     RAM 2. In the event that RAM 2 insisted upon such payment,  the Partnership
     might not have the  liquidity  to make such  payment.  In such  event,  the
     Partnership would attempt to negotiate terms for such payment, but could be
     forced to sell the  property  or seek other  relief,  including  protection
     under the  bankruptcy  laws,  and in any event  might  ultimately  lose its
     investment in the property.


                                      F-11

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

     To  date,  RAM 2 has  not  requested  an  appraisal,  and  there  can be no
     assurance that, if the lender  requests an appraisal,  85% of the appraised
     value at that time will equal the Measurement Amount. At December 31, 1999,
     the   Measurement   Amount  was   approximately   $12,774,000,   which  was
     approximately  $720,000 less than 85% of the $15,875,000 value to which the
     property was written down in the first  quarter of 1997. As interest on the
     mortgage accrues,  the Measurement  Amount will increase,  and,  therefore,
     unless the value of the Property  determined by an appraisal is shown to be
     greater than the value to which it was written down in the first quarter of
     1997, the Measurement  Amount will exceed 85% of the appraised value of the
     property during the year 2000.

     In light of the above  circumstances,  management  has  estimated  the fair
     value of the mortgage loan to  approximate  the value to which the Property
     was written down during 1997.

     Management  is  evaluating  its  alternatives  with respect to the mortgage
     loan. Such  alternatives are limited due to the fact that the principal and
     deferred interest on the mortgage loan significantly exceed the fair market
     value of the Property.  There can be no assurance that the Partnership will
     be successful in pursuing any of its  alternatives.  If the  Partnership is
     not successful in pursuing any of its  alternatives,  the Partnership  will
     likely lose its entire interest in the Property.  The financial  statements
     do not include any  adjustments  that might result from the outcome of this
     uncertainty.

6    DUE TO AFFILIATES

     The amounts due to affiliates are as follows:


                                                         December 31,
                                                  --------------------------
                                                     1999           1998
                                                  -----------     ----------

Supervisory Management Fee                        $  1,542        $     -
                                                  ===========     ==========



7     DISTRIBUTIONS

     In May 1999,  the  Partnership  declared  and paid a cash  distribution  of
     approximately   $4,100,000  in  the  aggregate,  or  $42.07  per  Unit,  to
     Unitholders of record on May 11, 1999. On October 20, 1999, the Partnership
     declared  and paid a cash  distribution  of $700,000 in the  aggregate,  or
     $7.18 per Unit,  to  Unitholders  of record on October 20, 1999. On January
     28,  2000,  the  Partnership  declared  and  paid  a cash  distribution  of
     approximately $700,000 in the aggregate,  or $7.18 per Unit, to Unitholders
     of record on January 1, 2000.

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

     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

                                      F-12

<PAGE>



accordance with generally accepted  accounting  principles.  A reconciliation of
net loss per financial statements to the tax basis of accounting is as follows:



                                           Year ended December 31,
                                  ------------------------------------------
                                     1999           1998           1997
                                  ------------  -------------  -------------

      Net loss per financial
      statements                  $(1,147,548)   $  (925,947)   $(7,238,860)
                                  ------------  -------------  -------------

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

      Tax depreciation and
      amortization in excess
      of financial statement
      depreciation and
      amortization                   (221,800)      (228,353)       (76,908)
                                  ------------  -------------  -------------

      Net loss per tax basis      $(1,369,348)   $(1,154,300)   $  (840,268)
                                  ============  =============  =============


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



                                                        December 31,
                                                -----------------------------
                                                    1999           1998
                                                --------------  -------------

          Net assets per financial statements   $  (5,882,589)  $     64,628

          Cumulative tax depreciation and
          amortization in excess of financial
          statement depreciation                   (1,206,097)      (984,297)

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

          Syndication costs                         2,712,993      2,712,993
                                                --------------  -------------

          Net assets per tax basis              $   2,099,807   $  8,268,824
                                                ==============  =============


9    TENANT BANKRUPTCY

     Until  November  1997,  Levitz  Department  Store  ("Levitz")  had occupied
     approximately 23% of the space at the property (i.e.,  approximately 53,000
     out of approximately  233,000 square feet of net leasable area). 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.

     During  1999,  the  Partnership  entered  into a  short-term  lease with an
     existing  tenant at an annual  rent  materially  less than under the Levitz
     lease; this lease is terminable by the Partnership upon written

                                      F-13

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997

     notice to the tenant,  in the event the  Partnership  secures a  long-term,
     creditworthy tenant for the space.

     The  vacancy  at the  Levitz  space  resulted  in a loss of  income  to the
     Partnership.  The 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 substitute
     tenant.  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 the  substitute  tenant and in  connection
     with the new lease.


                                      F-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 OF     COSTS AND       OTHER                  END OF
      DESCRIPTION                PERIOD        EXPENSES      ACCOUNTS   DEDUCTIONS    PERIOD
----------------------------  -----------   --------------  ----------  ----------  -----------
<S>                          <C>           <C>             <C>         <C>         <C>


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


Year ended December 31, 1998
       Reno, Nevada
    Sierra Marketplace        $ 6,475,500   $           --  $       --  $       --  $ 6,475,500
                              ===========   ==============  ==========  ==========  ===========


Year ended December 31, 1997
       Reno, Nevada
    Sierra Marketplace        $        --   $ 6,475,500(A)  $       --  $       --  $ 6,475,500
                              ===========   ==============  ==========  ==========  ===========

</TABLE>


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







See notes to financial statements.

                                      F-15

<PAGE>



                            HIGH CASH PARTNERS, L.P.

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION


<TABLE>
<CAPTION>
                                                                                             GROSS AMOUNT AT WHICH CARRIED
                                            INITIAL COST (1)         COSTS CAPITALIZED                    AT
                                         ----------------------     -------------------     --------------------------------
                                                     BUILDING                                           BUILDING
                                                       AND          IMPROVE-   CARRYING                   AND
    DESCRIPTION         ENCUMBRANCES     LAND      IMPROVEMENTS      MENTS       COST       LAND      IMPROVEMENTS     TOTAL
    -----------         ------------     ----      ------------     -------    --------     ----      ------------     -----

<S>                     <C>            <C>          <C>            <C>         <C>       <C>          <C>           <C>
Sierra Marketplace
  Retail Shopping
  Center
    Reno, Nevada        $21,935,131    $8,868,859   $16,494,467    $ 719,589   $    --   $6,667,189   $12,940,226   $19,607,415
                        -----------    ----------   -----------    ---------   -------   ----------   -----------   -----------


                                                                                        LIFE ON WHICH
                                                                                       DEPRECIATION IN
                                                                                        LATEST INCOME
                        ACCUMULATED            DATE OF               DATE               STATEMENT IS
    DESCRIPTION         DEPRECIATION        CONSTRUCTION           ACQUIRED               COMPUTED
    -----------         ------------        ------------           --------            ---------------

Sierra Marketplace
  Retail Shopping                                                                        Straight-line
  Center                                                                                   method 40
    Reno, Nevada        $4,567,021             10/88                 2/89                    years
                        ----------          ------------           --------              -------------
</TABLE>


                                                   YEAR ENDED DECEMBER 31,
                                             ---------------------------------
                                              1997          1998         1999
                                             ------        ------       ------
(A) RECONCILIATION OF REAL ESTATE
OWNED

Balance at beginning of year              $25,934,236   $19,467,903   19,600,065

Subtractions during year
   Write-down for impairment                6,475,500            --           --
                                          -----------   -----------   ----------
                                           19,458,736    19,467,903   19,600,065

Additions during year
   Improvements                                 9,167       132,162        7,350
                                          -----------   -----------   ----------

Balance at end of
year                                      $19,467,903   $19,600,065   19,607,415
                                          -----------   -----------   ----------



                                      F-16

<PAGE>


                                                   YEAR ENDED DECEMBER 31,
                                             ---------------------------------
                                              1997          1998         1999
                                             ------        ------       ------
(B) RECONCILIATION OF
ACCUMULATED DEPRECIATION

Balance at beginning of year               $3,468,730    $3,916,724    4,241,900

Additions during the year
   Depreciation                               447,994       325,176      325,121
                                          -----------   -----------   ----------

Balance at end of year                     $3,916,724    $4,241,900    4,567,021



(1) The aggregate  cost for income tax purposes is  $26,082,913  at December 31,
    1999.



See notes to financial statements.


                                      F-17


<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 Securities  Exchange Act
of 1934 (the "Act"),  none of the Managing General  Partner,  the sole member or
the officers of the Managing  General Partner or beneficial  owners of more than
10% of the Units  failed to file on a timely basis  reports  required by Section
16(a) of the Act during 1999 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  and  1999  resulting  in  PC's
acquisition of an aggregate of 5,752 Units.

Lawrence J. Cohen,  age 44, is, and for more than five 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" below.

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 14,113 Units and
8,998  Units,  respectively,  which are 14.6%  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 14,113 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.



                                      III-1


<PAGE>


ITEM 13.       CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

During 1999,  the General  Partners  and their  respective  affiliates  received
compensation or payments for services from or with respect to the Partnership as
follows:

            NAME                  CAPACITY IN WHICH SERVED         COMPENSATION

Pembroke HCP, LLC                 Managing General Partner         $ 301,475 (1)
Pembroke AGP, LLC                 Associate General Partner             -    (2)
Pembroke Realty Management LLC    Supervisory Property Manager     $  13,643 (3)

(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 1999,  $13,780 of the  Partnership's tax
     loss and $47,520 of  distributions  were 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
     1999, $137 of the  Partnership's  tax loss and $480 of  distributions  were
     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,  $58,513 was paid to CB  Commercial  Real Estate
     Group, Inc. and Colliers,  unaffiliated  property management companies that
     performed services for the Partnership.


                                      III-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. I 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-1 1.

     (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 1
          0.(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 I0B 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.


                                      IV-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 1 O-K 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.

(b)       REPORT ON FORM 8-K:
          -------------------

          Registrant  filed the  following  reports  on Form 8-K during the last
          quarter of the fiscal year:

          None.


                                      IV-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 30, 2000                        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 30, 2000                        /S/  LAWRENCE J. COHEN
                                              ----------------------
                                              Lawrence J. Cohen



                                      IV-3