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

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

                                    FORM 10-Q

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

                  For the quarterly period ended March 31, 2003

                         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.)

                            High Cash Partners, L.P.
                           c/o Pembroke Companies Inc
                          70 East 55th Street 7th Floor
                            New York, New York 10022
                    (Address of principal executive offices)

                                 (212) 350-9900
              (Registrant's telephone number, including area code)

                                      None
              (Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by checkmark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                             Yes  X       No
                                 -----       -----

Indicate by checkmark whether the registrant is an accelerated filer (as defined
in Rule 12b-2 under the Securities Exchange Act of 1934.

                             Yes          No   X
                                 -----       -----

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


<PAGE>



                            HIGH CASH PARTNERS, L.P.

                           FORM 10-Q - March 31, 2003

                                      INDEX



PART I - FINANCIAL INFORMATION
         ITEM 1    -  FINANCIAL STATEMENTS

              BALANCE SHEETS - March 31, 2003 and December 31, 2002............1

              STATEMENTS OF OPERATIONS - For the three months ended
                  March 31, 2003 and 2002......................................2

              STATEMENT OF PARTNERS' DEFICIT - For the three months ended
                  March 31, 2003...............................................3

              STATEMENTS OF CASH FLOWS - For the three months ended
                  March 31, 2003 and 2002......................................4

              NOTE TO FINANCIAL STATEMENTS.....................................5

         ITEM 2    -  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS......................6


         ITEM 4    -  CONTROLS AND PROCEDURES..................................8


PART II - OTHER INFORMATION

         ITEM 6    -  EXHIBITS AND REPORTS ON FORM 8-K.........................9

SIGNATURES....................................................................10





<PAGE>


     This report contains statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Those statements appear in a number of places herein and include statements
regarding the intent, belief or current expectations of High Cash Partners, L.P.
(the "Partnership"), primarily with respect to the future operating performance
of the Partnership or related developments. Any such forward-looking statements
are not guarantees of future performance and involve risks and uncertainties,
and actual results and developments may differ from those described in the
forward-looking statements as a result of various factors, many of which are
beyond the control of the Partnership.

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

                            HIGH CASH PARTNERS, L.P.

                                 BALANCE SHEETS
<TABLE>
<CAPTION>


                                                         March 31,
                                                           2003                   December 31,
                                                        (unaudited)                   2002
                                                   -------------------        -------------------
<S>                                                <C>                        <C>

ASSETS
   Real estate, net                                $               --         $      14,162,257
   Cash and cash equivalents                                  713,488                   794,022
   Tenant receivables, net                                         --                   314,010
   Other assets                                                    --                   281,327
                                                   -------------------        -------------------
                                                   $          713,488         $      15,551,616
                                                   ===================        ===================

LIABILITIES AND PARTNERS' DEFICIT

Liabilities
   Mortgage loan payable                           $              --          $       6,500,000
   Deferred interest payable                                      --                 20,856,117
   Distribution payable                                       511,594                        --
   Accounts payable and accrued expenses                      201,894                    39,980
   Tenants' security deposits payable                            --                      66,648
                                                   -------------------        -------------------
                                                              713,488                27,462,745

Commitments and contingencies

Partners' deficit
   Limited partners' deficit (96,472 units
        issued and outstanding)                                  --                 (11,792,016)
      General partners' deficit                                  --                    (119,113)
                                                   -------------------        -------------------
         Total partners' deficit                                 --                 (11,911,129)
                                                   -------------------        -------------------


                                                  $           713,488         $      15,551,616
                                                  ====================        ===================
</TABLE>


See note to financial statements.



                                       1
<PAGE>


                            HIGH CASH PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS

                                   (unaudited)



                                       ----------------------------------------
                                             For the three months ended
                                                      March 31,
                                       ----------------    --------------------
                                            2003                    2002
                                       ----------------    --------------------
Revenues
    Rental income                  $           428,703     $           661,168
    Interest income                              1,462                  13,126
                                   --------------------    --------------------
                                               430,165                 674,294
                                   --------------------    --------------------

Costs and expenses
    Mortgage loan interest                     496,818                 713,914
    Operating                                  115,851                 111,208
    Depreciation and amortization               65,830                 109,059
    Partnership management fees                 75,369                  75,369
    Property management fees                    12,861                  19,792
    General and administrative                 184,270                  13,333
                                   --------------------    --------------------
                                               950,999               1,042,675
                                   --------------------    ---------------------

(Loss) from operations before
gain on foreclosure of property              (520,834)                (368,381)

Gain on foreclosure of property            12,943,557                        --

Net Income (Loss)                   $      12,422,723       $         (368,381)
                                    ====================    ====================

Net Income (Loss) attributable to
    Limited partners                $      12,298,494       $         (364,697)
    General partners                          124,229                   (3,684)
                                    --------------------    --------------------
                                    $      12,422,723       $         (368,381)
                                    ====================    ====================

Net loss per unit of limited
partnership interest (96,472
units outstanding)

From operations                     $          (5.34)       $            (3.78)
                                    ====================    ====================
Gain on foreclosure of property               132.83                         --
                                    ====================    ====================
Total                               $         127.49        $            (3.78)
                                    ====================    ====================

See note to financial statements.



                                       2


<PAGE>


                            HIGH CASH PARTNERS, L.P.

                         STATEMENT OF PARTNERS' DEFICIT

                                   (unaudited)

<TABLE>
<CAPTION>


                                             General Partners'          Limited Partners'          Total Partners'
                                                  Deficit                    Deficit                   Deficit
                                           -----------------------    -----------------------   ------------------
<S>                                        <C>                        <C>                        <C>

Balance, January 1, 2003                   $       (119,113)          $   (11,792,016)           $   (11,911,129)

Net income for the three
months ended March 31, 2003                         124,229                12,298,494                 12,422,723

Distributions                                        (5,116)                 (506,478)                  (511,594)

                                           -----------------------    -----------------          -----------------
Balance, March 31, 2003                    $            --            $           --             $            --
                                           =======================    =================          =================

</TABLE>


See note to financial statements.



                                       3


<PAGE>


                            HIGH CASH PARTNERS, L.P.

                            STATEMENTS OF CASH FLOWS

                                   (unaudited)

<TABLE>
<CAPTION>


                                                                          For the three months ended
                                                                                   March 31,
                                                                      -------------------------------
                                                                            2003              2002
                                                                      --------------     ------------
<S>                                                                 <C>                 <C>
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

Cash flows from operating activities
  Net income (loss)                                                $  12,422,723          $  (368,381)
  Adjustments to reconcile net loss to net cash (used in)
      provided by operating activities
                Gain on foreclosure of property                      (12,943,557)                  --
                Deferred interest expense                                 99,635              211,514
                Depreciation and amortization                             65,830              109,059
  Changes in operating assets and liabilities
                Tenant receivables                                        14,876              (36,391)
                Other assets                                              94,391               41,418
                Prepaid expenses                                          58,106                   --
                Accounts payable and accrued expenses                    161,914              (19,874)
                Tenants' security deposits payable                       (54,452)               2,187

                Net cash (used in) provided by operating
                activities                                               (80,534)             (60,468)
                                                                   ---------------      --------------

Cash flows from investing activities
  Additions to real estate                                                    --               (6,250)
                                                                   ---------------      --------------

Net (decrease) in cash and cash equivalents                              (80,534)             (66,718)

Cash and cash equivalents, beginning of period                           794,022            1,100,234
                                                                   ---------------      --------------

Cash and cash equivalents, end of period                           $       713,488      $   1,033,516
                                                                   ---------------      --------------


Supplemental disclosure of cash flow information:
    Interest paid                                                  $       397,183      $     502,401
                                                                   ===============      =============

</TABLE>


Supplemental disclosure of non-cash investing and financing activities:
On March 3, 2003, the Partnership released the deed to the Partnership's sole
real estate asset to the Partnership's first mortgage lender, in lieu of
foreclosure, which resulted in gain of $12,943,557. The Partnership's
indebtedness to its first mortgage lender at that date was $27,455,752.





See note to financial statements.


                                       4

<PAGE>


                            HIGH CASH PARTNERS, L.P.

                          NOTE TO FINANCIAL STATEMENTS

                                   (unaudited)



1.   INTERIM FINANCIAL INFORMATION

     The summarized financial information contained herein is unaudited;
     however, in the opinion of management, all adjustments (consisting only
     of normal recurring accruals) necessary for a fair presentation of such
     financial information have been included. The accompanying financial
     statements, footnotes and discussions should be read in conjunction
     with the financial statements, related footnotes and discussions
     contained in the Partnership's Annual Report on Form 10-K for the year
     ended December 31, 2002.









                                       5


<PAGE>


ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

         WINDING UP OF THE PARTNERSHIP'S BUSINESS

         On March 3, 2003, the Partnership's deed to the Partnership's sole real
         estate  asset,  the Sierra  Marketplace,  a community  retail  shopping
         center located in Reno,  Nevada (the  "Property"),  was released to the
         Partnership's   first  mortgage  lender,   Resources  Accrued  Mortgage
         Investors 2 L.P.  ("RAM 2") in lieu of  foreclosure  under the terms of
         the  Mortgage  Loan  Modification  Agreement  entered  into between the
         Partnership  and RAM 2, effective  January 31, 2001,  and, as a result,
         the   Partnership   no  longer  has  an  interest   in  the   Property.
         Consequently,  in  accordance  with the  provisions  of its Amended and
         Restated Agreement of Limited  Partnership,  the Partnership intends to
         discontinue  operations  and will  proceed to wind up its  business and
         distribute its remaining assets to its partners.

         In  connection  with  the  winding  up of the  Partnership's  business,
         Pembroke  HCP,  LLC  (the  "Managing   General   Partner") expects to
         distribute cash, after paying Partnership expenses and establishing
         such reserves for contingencies as the Managing General Partner
         considers  necessary,  during the second quarter  of 2003 in the
         amount of  approximately  $5.25 per Unit.  The total expected
         distribution of $511,594,  which includes $5,116 payable to the
         Managing  General Partner and Pembroke AGP Corp.
         (collectively, the "General Partners"), is accrued at March 31, 2003.

         LIQUIDITY AND CAPITAL RESOURCES

         At March 31, 2003, cash and cash equivalents  amounted to approximately
         $713,488.  A portion of such cash and cash  equivalents will be used to
         fund  expenses  incurred  in  connection  with  the  winding  up of the
         Partnership.  The balance will be used to fund distributions payable to
         the partners of $511,594.

         MORTGAGE LOAN MODIFICATION AGREEMENT

         Until  November  1997,  Levitz  Furniture  Corporation  ("Levitz")  had
         occupied  approximately  23%  of  the  space  of  the  Property  (i.e.,
         approximately  53,000 out of  approximately  233,000 square feet of net
         leasable  area) under a lease that  extended  through 2008. 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  vacancy  at the  Levitz  space
         resulted in a loss of income to the  Partnership and may have adversely
         affected  the  surrounding  tenants  and the  Partnership's  ability to
         attract new tenants.  During 1999,  in order to maximize cash flow from
         the  Property,   the  Partnership  entered  into  a  short-term  lease,
         terminable by the  Partnership  upon written notice to the tenant,  for
         the Levitz  space at an annual rent  substantially  less than under the
         Levitz  lease.  The  Partnership's  entry into this lease enabled it to
         continue to actively seek a long-term,  creditworthy  substitute tenant
         for the Levitz space at a higher rent.

         Because the Managing  General Partner  anticipated that the Partnership
         would be unable  either to repay or refinance  its first  mortgage loan
         (the "Mortgage Loan") at the Mortgage Loan's original  maturity date of
         February  28,  2001  and in  order  to  provide  the  Partnership  with
         additional time to maximize the Property's  value, the Managing General
         Partner  caused  the  Partnership  to  enter  into  the  Mortgage  Loan
         Modification  Agreement


                                       6

<PAGE>

         with RAM 2,  effective  January  31,  2001.  Under  the  Mortgage  Loan
         Modification Agreement,  RAM 2 agreed to forbear, for not less than one
         year and up to two years, the exercise of its rights and remedies under
         the Mortgage  Loan for the  Partnership's  failure to repay all amounts
         due and payable  thereunder at the original maturity date.  Pursuant to
         the terms of 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") were placed in escrow
         with counsel to RAM 2. The Conveyance Documents were not to be released
         to RAM 2 until the earliest to occur of certain events specified in the
         Mortgage Loan Modification  Agreement and March 1, 2003. Prior to March
         1, 2003, the Partnership  retained the right (unless  notified by RAM 2
         that RAM 2 had entered into a contract to sell or convey the  Property)
         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.

         The  Partnership's  search  for a  long-term,  creditworthy  substitute
         tenant for the  Levitz  space and its  ability  to  attract  additional
         tenants  at higher  rents was  impeded by the  strong  competition  for
         tenants (including existing tenants whose leases expire) among existing
         shopping  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 had  recently  been  developed by
         centers predominantly  occupied by large anchor tenants,  which created
         additional  competition  for the  Property.  This  competitive  factor,
         together  with the fact  that much of the  space  (including  the space
         previously  occupied by Levitz) had only limited visibility to the main
         thoroughfare,  hindered the Partnership's entry into a new lease of the
         space  on terms  comparable  to the  Levitz  lease.  The  Partnership's
         inability  to enter into such a lease  impaired its efforts to increase
         the cash flow  generated by the Property and resulted in a  significant
         diminution in the value of the Property.

         Both prior to and after the Partnership's  entry into the Mortgage Loan
         Modification   Agreement,   the  Managing   General  Partner  sought  a
         long-term, creditworthy anchor tenant for the space that was previously
         occupied by Levitz.  The Managing General Partner also explored options
         for a  sale  or  refinancing  of the  Property.  However,  despite  the
         Managing  General  Partner's  continuing  efforts,  the Partnership was
         unable to increase the value of the Property, thereby precluding a sale
         or  refinancing  of  the  Mortgage  Loan  on  terms  favorable  to  the
         Partnership.

         U.S. FEDERAL INCOME TAX CONSEQUENCES OF CONVEYANCE OF PROPERTY TO RAM 2

         The  conveyance  of the Property to RAM 2 on March 3, 2003  resulted in
         the Partnership  recognizing gain for federal income tax purposes in an
         amount equal to  approximately  $8,800,000,  representing the excess of
         the  outstanding  amount of the mortgage loan to which the Property was
         subject,  over the Partnership's  tax basis in the Property.  This gain
         will be  recognized  in 2003.  A portion  of the gain is subject to the
         federal  income tax rate of 25% on gain  attributable  to  depreciation
         recapture and the balance is subject to a tax rate of 20%. In addition,
         registration  costs paid by the Partnership at its inception may result
         in a taxable loss,  which may offset a portion of the gain.

         The  amount  of  gain  and  the  portion  of  such  gain  that  will be
         attributable to depreciation  recapture for each limited partner in the
         Partnership  (a "Limited  Partner")  will vary depending on a number of
         factors,  including  whether the Limited Partner  purchased its


                                       7
<PAGE>


         limited  partnership  interest at the initial offering or at some later
         time,  the price paid for the  Limited  Partner's  limited  partnership
         interest and the nature of the Limited  Partner (for  example,  whether
         the Limited Partner is an individual, corporation or tax-exempt entity,
         such as an individual  retirement account,  Keogh plan or other pension
         plan). The ability of a Limited Partner to offset all or any portion of
         the gain will similarly  vary,  including  based on whether the Limited
         Partner has  passive  losses  from this or any other  investment.  Each
         Limited  Partner,  therefore,  should  consult  with his or her own tax
         advisor  to  ascertain  the tax  liability  arising  from such  Limited
         Partner's interest in the Partnership.

         The  Partnership   intends  to  liquidate  prior  to  the  end  of  the
         Partnership's  taxable year. In such event, a Limited Partner who would
         have a loss upon  liquidation of his or her interest in the Partnership
         may be able to use such loss to offset such Limited  Partner's share of
         the gain.

         Each Limited  Partner should also consult his or her own tax advisor as
         to the state and local income tax consequences in the Limited Partner's
         state of residence of the  Partnership's  conveyance of the Property to
         RAM 2.

ITEM 4 - CONTROLS AND PROCEDURES

         Within 90 days prior to the date of this report,  the Managing  General
         Partner  carried out an evaluation,  under the supervision and with the
         participation  of Lawrence J. Cohen,  the  President,  chief  executive
         officer and chief financial  officer of the Managing General  Partner's
         sole member,  Pembroke  Companies  Inc.,  of the  effectiveness  of the
         design and  operation  of the  Partnership's  disclosure  controls  and
         procedures.  Based on that  evaluation,  Mr. Cohen  concluded  that the
         Partnership's  disclosure  controls  and  procedures  are  effective in
         timely alerting him to material information required to be disclosed by
         the  Partnership  in  reports  that  it  files  or  submits  under  the
         Securities Exchange Act of 1934.

         There have been no significant  changes in the  Partnership's  internal
         controls or in other  factors  that could  significantly  affect  those
         controls subsequent to the date of their last evaluation.



                                       8

<PAGE>


PART II - OTHER INFORMATION

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

         (a)  Exhibits:

         99.1 Certification pursuant to Section 906 of the Sarbanes-Oxley Act of
              2002 (attached).

         (b)  Reports on Form 8-K:

              March 3, 2003 - Items 2 and 7, disclosing the release of the
              Registrant's deed to Sierra Marketplace to Resources Accrued
              Mortgage Investors 2 L.P. ("RAM 2"), in lieu of foreclosure,
              under the terms of the Mortgage Loan Modification Agreement
              dated December 21, 2000 between Registrant and RAM 2.






                                       9

<PAGE>


                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                   HIGH CASH PARTNERS, L.P.



                                   By:     Pembroke HCP, LLC
                                           Managing General Partner

                                   By:     Pembroke Companies, Inc.
                                           Managing Member

Dated:  May 15, 2003               By:     /s/ Lawrence J. Cohen
                                           ---------------------
                                           President and Principal
                                           Financial and Accounting Officer










                                       10


<PAGE>


                                  CERTIFICATION

I, Lawrence J. Cohen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of High Cash Partners,
L.P.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

      a)    designed such disclosure controls and procedures to ensure that
            material information relating to the registrant, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            quarterly report is being prepared;

      b)    evaluated the effectiveness of the registrant's disclosure
            controls and procedures as of a date within 90 days prior to the
            filing date of this quarterly report (the "Evaluation Date"); and

      c)    presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based on
            our evaluation as of the Evaluation Date;

 5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
function):

      a)   all significant deficiencies in the design or operation of
           internal controls which could adversely affect the registrant's
           ability to record, process, summarize and report financial data
           and have identified for the registrant's auditors any material
           weaknesses in internal controls; and

      b)   any fraud, whether or not material, that involves management or
           other employees who have a significant role in the registrant's
           internal controls; and

 6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 15, 2003         By:    /s/ Lawrence J. Cohen
                                  --------------------------

                                  Lawrence J. Cohen,
                                  President, chief executive officer and chief
                                  financial officer of Pembroke Companies, Inc.,
                                  the sole member of Pembroke HCP, LLC,
                                  the managing general partner of High Cash
                                  Partners, L.P.








                                       11