SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

                   Annual Report Under Section 13 or 15(d) of
                        the Securities Exchange Act of 1934

For the Fiscal Year Ended                                      Commission File
December 31, 2002                                               Number 0-16856

                   RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.
       -------------------------------------------------------------------
                  (Name of Small Business Issuer in Its Charter)

           DELAWARE                                              13-3368726
---------------------------------                           -------------------
 (State or Other Jurisdiction of                               (IRS Employer
  Incorporation or Organization)                            Identification No.)


    1175 W. MOANA LANE, RENO, NEVADA                               89509
-----------------------------------------                     ----------------
 (Address of Principal Executive Offices)                         (Zip Code)

(Issuer's Telephone Number, Including Area Code)                 775-825-3355
                                                               ----------------

            Securities registered under Section 12(b) of the Exchange Act:

                                       NONE

            Securities registered under Section 12(g) of the Exchange Act:

                       UNITS OF LIMITED PARTNERSHIP INTEREST

     Check whether the issuer: (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months, and (2)
has been subject to such filing requirements for the past 90 days.

                    YES    X                     NO
                       -----                      -----

     There is no public market for the Limited Partnership Units.  Accordingly,
information with respect to the aggregate market value of Limited Partnership
Units held by non-affiliates of Registrant has not been supplied.

     Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B is not contained in this form, 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-KSB or any
amendment to this Form 10-KSB [X].

     Issuer's revenues for its most recent fiscal year were $10,817,793.


                    DOCUMENTS INCORPORATED BY REFERENCE
                    -----------------------------------
                                   None

  Transitional Small Business Disclosure Format:  Yes ____;  No    x  .





                                   PART I

ITEM 1. DESCRIPTION OF BUSINESS

GENERAL

     Resources Accrued Mortgage Investors 2, L.P. (the "Registrant"), formerly
Resources Accrued Mortgage Investors L.P. Series 87 and Resources Accrued
Mortgage Investors L.P. Series 88, was organized as a Delaware limited
partnership on August 14, 1986.  Until January 1, 2002, the general partners of
the Registrant were RAM Funding, Inc. ("RAM Funding") and Presidio AGP Corp.
("Presidio AGP").  Effective January 1, 2002, the managing general partner
interest and the associate general partner interest were acquired by Maxum LLC,
a Nevada limited liability company (the "General Partner").  See "Change in
Control" below.

     In 1988, the Registrant sold, pursuant to a registration statement filed
with the Securities and Exchange Commission, 187,919 units of limited
partnership interest (the "Units") for gross proceeds aggregating $46,979,750.
Pursuant to the terms of the Registrant's partnership agreement, any
subscription proceeds not invested by April 12, 1990 were required to be
returned to the investors. At April 12, 1990, the Registrant had not invested
$18,405,847 of the original gross proceeds. Accordingly, such amount was
returned to the investors.

CHANGE IN CONTROL

     As of January 1, 2002, the General Partner acquired both the managing
general partner interest and the associate general partner interest in the
Registrant from RAM Funding and Presidio AGP, respectively, pursuant to the
General and Limited Partner Interest Assignment Agreement (the "Assignment
Agreement"), dated as of October 10, 2001, between the General Partner, Western
Real Estate Investments, LLC, a Delaware limited liability company (as of
January 1, 2003, Western is a Nevada limited liability company) and an
affiliate of the General Partner ("Western"), RAM Funding and Presidio AGP as
well as Presidio Capital Investment Company LLC, Presidio Partnership II Corp.
and Bighorn Associates LLC, each of which is affiliated with RAM Funding and
Presidio AGP Corp. and was a limited partner of the Registrant prior to January
1, 2002 (the "Former LPs").  Also pursuant to the Assignment Agreement, as of
January 1, 2002, Western purchased all of the Units owned by the Former LPs
("Former LP Units").

     As a result of the transactions described above, the General Partner owns
100% of the general partner interests in the Registrant, and Western
beneficially owns approximately 41.4% of the outstanding Units on the date
hereof.  In addition, Virginia Springs Limited Liability Company, a Nevada
limited liability company and an affiliate of the General Partner ("Virginia
Springs"), is currently conducting a tender offer for 12,000 Units
(approximately 6.4% of the outstanding Units) at a price of $68 per Unit.  The
tender offer is scheduled to expire on April 23, 2003, subject to extension by
Virginia Springs.  See "Tender Offers" below.  Further, as of January 1, 2002,
an affiliate of the General Partner was appointed as the managing agent at the
Sierra Property (as hereinafter defined), replacing an affiliate of RAM
Funding, Presidio AGP and the Former LPs.  See "Item 5. Market for Common
Equity and Related Stockholder Matters" for information relating to the cash
distribution made by the Registrant upon completion of this transaction.

     Pursuant to the Assignment Agreement, RAM Funding was admitted as a non-
equity special manager of the General Partner whose only right was to have the
sole and exclusive authority to settle the class action litigation involving
the Registrant (see "Item 3. Legal Proceedings"); however, RAM Funding was not
entitled to enter into any settlement agreement with respect to the class
action if the Registrant would have been required to make any settlement
payment unless the General Partner agreed to such proposed payment by the
Registrant. On June 4, 2002, the class action was dismissed, and RAM Funding
was subsequently removed as the special manager.

                                     -2-
     In connection with the transfer of the Registrant's general partner
interests to the General Partner, the principal executive offices of the
Registrant have been moved to 1175 W. Moana Lane, Reno, Nevada  89509, and the
Registrant's telephone number has been changed to (775) 825-3355.

     The General Partner does not believe that the transfer of the general
partner interests in the Registrant will have a material effect on the
operations of the Registrant.

MANAGEMENT/EMPLOYEES

     The Registrant has one employee and the employee works part time.  The
business of the Registrant is managed by the General Partner and its affiliates
and agents.


INVESTMENTS OF REGISTRANT

     The Registrant originally invested 100% of the non-returned portion of its
net proceeds in four Mortgage Loans, one of which was still outstanding at
December 31, 2002.  In June 1992, the senior mortgage lender on one of the
Registrant's investments, the Promenade Loan, foreclosed on the property
securing its loan and the Registrant lost its entire investment.  During 1999,
the Registrant received proceeds in settlement of its loans to Harborista
Associates, L.P. and Twin Oak Plaza Associates.  As of December 31, 2002, the
Registrant had one remaining investment in a Mortgage Loan (the "Sierra Loan")
issued on February 10, 1989 in the amount of $6,500,000 to High Cash Partners,
L.P. (the "Sierra Borrower"), a public limited partnership originally sponsored
by Integrated Resources, Inc., which declared bankruptcy in 1994.  The total
amount, including fees, allocated to the Sierra Loan from the gross proceeds of
the Registrant's offering was $7,715,134 including payment to RAM Funding of a
mortgage placement fee of $385,757.  Commencing on March 1, 2001, the
Registrant began receiving interest payments on the Sierra Loan, which payments
represented 16% of the Registrant's 2002 revenue.  On March 3, 2003, the
Registrant acquired the deed to the property securing the Sierra Loan, a
shopping center commonly known as the Sierra Marketplace located in Reno,
Nevada (the "Sierra Property"), in lieu of foreclosing on the Sierra Loan.  The
Sierra Property consists of approximately 233,000 square feet of net rentable
area and occupies 18.67 acres, consisting of two main buildings and three
anchor tenant buildings with surface parking for 1,184 automobiles.

     The Sierra Loan, which bore interest at a rate of 11.22% per annum,
compounded monthly and was scheduled to mature on February 28, 2001, at which
time a balloon payment of $24,966,653, together with additional interest (as
described below) if any, was due and payable, was modified on December 21,
2000.  One of the provisions of the Sierra Loan stated that if the sum of (i)
the principal balance of the Sierra Loan plus all other then outstanding
indebtedness secured by the Sierra Property plus (ii) all accrued and unpaid
interest in excess of 5% per annum of the principal balance of such mortgages,
exceed 85% of the current appraised value, the Sierra Borrower would have been
immediately obligated to pay such excess. In the event that such excess became
due, the Sierra Borrower may not have had sufficient liquidity to satisfy its
obligation to the Registrant. If this were to occur, Sierra Borrower could have
been forced to sell the Sierra Property or seek other relief, including
protection under the bankruptcy laws.

     In 1997, RAM Funding prepared a valuation of the Sierra Property and based
on that valuation, no additional amounts were then presently due. However, as a
result of such valuation, the Sierra Borrower wrote the Sierra Property down on
its books to what its management believed to be its estimated fair market value
of $15,875,000.  RAM Funding performed its own evaluation and determined that
this estimate was a fair representation of the property value at that time.
The balance of the Sierra Loan at December 31, 1996 was approximately
$15,979,000 and the then general partners of the Registrant determined that it
was unlikely that any additional interest accrued on the Sierra Loan would
ultimately be recovered from the value of the underlying

                                   -3-
property. Consequently, as of January 1, 1997, the Registrant ceased accruing
interest on the Sierra Loan.

     The Sierra Borrower advised the Registrant in 2000 that it believed that
the value of the Sierra Property had increased since the beginning of 1997 and
that, depending on the results of the appraisal of the Sierra Property required
to be made in connection with the modification of the Sierra Loan, the value of
the Sierra Loan may have exceeded the value at which the Sierra Loan was then
being carried on the Registrant's financial statements.  The Sierra Borrower
also requested that the Sierra Loan be restructured prior to its maturity
(February 1, 2001).  After extensive negotiations, on December 21, 2000, the
Registrant and the Sierra Borrower agreed to modify the Sierra Loan as follows:

     1. The term of the Loan was extended until February 28, 2003.

     2. The Sierra Borrower placed in escrow a deed as well as documents
        necessary to convey the Sierra Property, which documents were to be
        released to the Registrant on the earlier (A) of March 1, 2003, (B) at
        such time as a third-party purchaser was identified to acquire the
        Sierra Property or (C) at any time after March 1, 2002 if the
        Registrant deemed it necessary to protect its economic interest.

     3. The Sierra Borrower was required to pay to the Registrant to be
        applied towards the Sierra Loan all cash flow generated from the
        Sierra Property in excess of $100,000 per year.

     4. The Sierra Borrower was required to have an appraisal prepared on the
        Sierra Property to determine if an excess payment, as described above,
        was due and, if such a payment was due, to make such payment.  On
        March 27, 2001, the Registrant received an appraisal from the Sierra
        Borrower which valued the Sierra Property at $20,000,000.  As a
        result, based on current information available to the Registrant, no
        excess payment was required.

     5. The Sierra Borrower had the right to prepay the Sierra Loan by paying
        to the Registrant the sum of the then unpaid principal balance of the
        Sierra Loan together with accrued  interest and other charges due
        under the Sierra Loan and 66% of the value of the Sierra Property in
        excess of such amount.

     In addition, the Registrant obtained significantly more input over the
operation of the Sierra Property including the selection of the management
company, leasing programs and capital improvements.  In this regard, an
affiliate of RAM Funding, Presidio AGP and the Former LPs began providing
property management services at the Sierra Property effective March 2001 and,
effective January 1, 2002, property management services are being provided by
an affiliate of the General Partner. As stated above, on March 3, 2003, the
Registrant acquired the deed to the Sierra Property in accordance with the
provisions of the December 21, 2000 modification of the Sierra Loan. In an
effort to maximize the financial viability of the Sierra Property, the
Registrant intends to remodel and renovate the Property and attempt to create
synergies between the Sierra Property and the property adjacent to the Sierra
Property which is controlled by an affiliate of the General Partner.  Another
affiliate of the General Partner oversees the management of the Sierra
Property.  See "Item 2.  Description of Property."











                                   -4-
TENDER OFFERS

     On January 17, 2001, Bighorn Associates I, LLC ("Bighorn"), an affiliate
of Presidio, commenced a tender offer to acquire up to 57,000 Units for a price
of $90 per Unit. Subsequent to Bighorn's offer, Western commenced an offer to
acquire up to 40,000 Units for a price of $97 per Unit.  After a series of
amendments, both the Bighorn purchase price and the Western purchase price were
increased to $127 per Unit. On March 15, 2001, Western's offer expired and on
March 16, 2001, Bighorn's offer expired.  Based on its filings with the
Securities and Exchange Commission, Bighorn acquired 22,636 Units in its offer,
representing approximately 12.05% of the total outstanding Units (all of which
it subsequently sold to Western pursuant to the Assignment Agreement) and
Western acquired 6,678 Units in its offer representing approximately 3.555% of
the total outstanding Units.

     On March 29, 2002, Virginia Springs, an affiliate of the General Partner,
commenced a tender offer to purchase 28,000 Units, representing approximately
15% of the total outstanding Units, for a price of $80 per Unit. On April 24,
2002, Virginia Springs increased its offer price to $95 per Unit. The tender
offer terminated on August 14, 2002 and 9,703 Units were tendered to Virginia
Springs.

     On October 14, 2002, Western commenced a tender offer to purchase 21,000
Units, representing approximately 11% of the total outstanding Units, for a
price of $70 per Unit. The tender offer was to expire on December 10, 2002.  On
December 9, 2002, Western terminated its tender offer.

     On February 18, 2003, Virginia Springs commenced a tender offer to
purchase 12,000 additional Units, representing approximately 6.4% of the total
outstanding Units, for a price of $68 per Unit.  The tender offer is scheduled
to expire on April 23, 2003, subject to extension by Virginia Springs.


ITEM 2. DESCRIPTION OF PROPERTY

     The Registrant's sole property is the Sierra Property, located at South
Virginia Street and East Moana Lane, one of the busiest intersections in Reno,
Nevada.  The Registrant owns the Sierra Property in fee simple and the Property
is not subject to any mortgages, liens or other encumbrances. The General
Partner believes that the Sierra Property is adequately covered by insurance.

     Until November 1997, Levitz Furniture Corporation ("Levitz") had occupied
approximately 23% of the space of the Sierra 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 previous owner as of April 2, 1998. The vacancy at
the Levitz space resulted in a loss of income to the previous owner and may
have adversely affected the surrounding tenants and the previous owner's
ability to attract new tenants. During 1999, in order to maximize cash flow
from the Sierra Property, the previous owner entered into a short-term lease,
terminable by the previous owner upon written notice to the tenant, for the
Levitz space at an annual rent substantially less than under the Levitz lease.
The previous owner'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.








                                   -5-
     The previous owner'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 Sierra Property. In addition, a portion of the land available
for development in the immediate geographic vicinity of the Sierra Property had
recently been developed by centers predominantly occupied by large anchor
tenants, which created additional competition for the Sierra 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 previous owner's entry into a new lease of the
space on terms comparable to the Levitz lease. The previous owner's inability
to enter into such a lease impaired its efforts to increase the cash flow
generated by the Sierra Property and resulted in a significant diminution in
the value of the Sierra Property.

     The Good Guys, another anchor tenant of the Sierra Property, occupies
16,961 square feet of the shopping center.  In 1999, Good Guys vacated its
premises. In April 2001, the previous owner agreed to consent to Good Guys'
sublet of its premises.  The Good Guys' lease terminates on November 30, 2003;
management does not believe it will be successful in renting the space at the
current rate subsequent to lease termination.  The subleasee of the space is
currently paying less than 33% of the total rent; the balance is being paid by
Good Guys.

     The lease of Smith's Food King, the last anchor tenant, who occupies
68,972 square feet, terminates on August 31, 2008.

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

     As a result of these events, on March 3, 2003, the Registrant foreclosed
on the property in total satisfaction of its debt owed the Registrant.

     In an effort to maximize the financial viability of the Sierra Property,
the Registrant intends to remodel and renovate the Sierra Property and to
attempt to create synergies between the Sierra Property and the property
adjacent to the Sierra Property which is controlled by an affiliate of the
General Partner.  The estimate for the initial phase of renovation is
approximately $1,000,000 to be paid from the Registrant's working capital.

     As of March 25, 2003, 97.2% of the Sierra Property's rentable square
footage was occupied. The average effective annual rent is $0.87 per occupied
square foot. The following table details the number of tenants whose leases
will expire for each of the next ten years and related information:












                                   -6-
<TABLE>
<CAPTION>

                              Total Sq. Ft.    Annual Rent of      % of Gross Annual
          Number of Leases    of Expiring      Expiring Leases     Rent of Expiring
Year      Expiring            Leases           at Current Rates    Leases
----      ----------------    -------------    ----------------    -----------------
<C>       <C>                 <C>              <C>                 <C>
2003            11               97,319         $1,029,898.80            44.1%
2004             7               19,110            280,098.00            12.0%
2005             1                1,700             34,230.72             1.5%
2006             2                2,250             45,892.56             2.0%
2007             4               14,831            215,391.84             9.2%
2008             2               72,222            484,544.64            20.7%
2009             1                2,125             29,257.80             1.3%
2010
and thereafter   -                   -                  -                 -
</TABLE>


     An affiliate of the General Partner oversees the management of the Sierra
Property. An entity affiliated with the General Partner began leasing space at
the Sierra Property from the previous owner in March 1992 and currently leases
approximately 5,100 square feet of retail space at the Sierra Property at a
monthly rent of approximately $4,400.


ITEM 3. LEGAL PROCEEDINGS

     None.

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

     None.


                                   PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     There is no established public trading market for the Units of the
Registrant. As of March 1, 2003, there were approximately 2,250 holders of
Units owning an aggregate of 187,919 Units (including Units held by affiliates
of the General Partner).

     There are no material legal restrictions set forth in the Registrant's
partnership agreement upon the Registrant's present or future ability to make
distributions.  In December 2001, a distribution of $4,720,525 ($25.12 per
Unit) was made to the limited partners from the Registrant's reserves. On or
around September 30, 2002, an initial distribution of $33.79 per Unit was made
to the limited partners from the proceeds of the settlement of a class action
commenced in May 2000 against RAM Funding, Presidio AGP and certain of their
affiliates, and the Registrant as nominal defendant seeking, among other
things, monetary damages resulting from purported breaches of fiduciary duties
and breaches of the Registrant's partnership agreement in connection with the
March 1999 sale of the Registrant's loan to Harborista Associates, L.P. and the
marketing of Harbor Plaza which secured the Harborista loan (the "Class
Action").  In addition, the Class Action alleged breaches of fiduciary duty in
connection with the purported failure of the Registrant to distribute cash and
the purported failure of the Registrant to enforce the provisions of the Sierra
Loan.



                                   -7-
     On January 22, 2002, the parties entered into a Settlement Agreement (the
"Settlement Agreement") that (i) provided for a $9,000,000 payment by the
defendants to the Registrant and (ii) required that the Registrant distribute
to its partners the $9,000,000 payment, less fees and expenses awarded by the
court to plaintiff's counsel (which amount was not expected to exceed
approximately 20% of the settlement amount).  The Settlement Agreement was
subject to the approval of the court.  The objection period was scheduled to
expire April 1, 2002 and a hearing on the approval of the Settlement Agreement
was scheduled for April 15, 2002.

     At the hearing on April 15, 2002, due to objections to the proposed
settlement, the settlement was not approved by the court and a decision was
postponed to a later date.  On June 4, 2002, the court approved the settlement
agreement.   On or around December 11, 2002, the remainder of the Class Action
settlement distribution was made to the limited partners in the amount of $3.77
per Unit.


ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

     Certain statements in this "Management's Discussion and Analysis or Plan
of Operation" and elsewhere in this annual report on Form 10-KSB constitute
forward-looking statements.  These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the Registrant's
actual results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by these
forward-looking statements.  These factors include, among other things,
economic conditions; governmental regulations; operating and financing risks
with respect to the Sierra Property; variations in real estate values in the
Reno area; the failure of the Sierra Property to perform in accordance with
expectations; and other risks described in our filings with the Securities and
Exchange Commission.  These forward-looking statements reflect management's
judgment as of this date, and we assume no obligation to revise or update them
to reflect future events or circumstances.

LIQUIDITY AND CAPITAL RESOURCES

     Through December 31, 2001, the managing general partner of the Registrant
was RAM Funding and the associate general partner was Presidio AGP. Effective
January 1, 2002, pursuant to the Assignment Agreement, the managing general
partner interest and the associate general partner interest in the Registrant
were acquired by the General Partner. The General Partner does not believe that
this transaction will have a material effect on the operations of the
Registrant.

     The Registrant initially invested the net proceeds of its public offering
in four zero coupon first and junior Mortgage Loans aggregating $23,300,000.
These Loans were secured by properties owned principally by privately and
publicly syndicated limited partnerships originally sponsored by affiliates of
the former general partners. The Registrant retained an investment in the
Sierra Loan, one of the original four Mortgage Loans, which had an initial
principal balance of approximately $6,500,000, until March 3, 2003, at which
time it acquired the deed to the Sierra Property, the property securing the
Sierra Loan.  During the first quarter of 1997, the Sierra Borrower, the
obligor under the Sierra Loan, wrote the Sierra Property down to what its
management believed to be its estimated fair market value of $15,875,000.
Former management of the Registrant performed its own evaluation at that time
and determined that this amount was a fair estimate of the property value.  The
outstanding balance of the Sierra Loan at December 31, 1996 was approximately
$15,979,000 and the former general partners determined that it was unlikely
that any additional interest accrued on the Sierra Loan would ultimately be
recovered from the value of the underlying property.  Consequently, as of
January 1, 1997, the Registrant ceased accruing interest on the Sierra Loan.
At December 31, 2002, the contractual balance of principal and accrued interest
on the Sierra Loan was $27,356,117 and the Registrant reflected a carrying
value in this loan of $15,979,355.

                                   -8-
     The Sierra Loan contained a provision which required the Sierra Borrower
to provide a current appraisal of the Sierra Property based upon certain
conditions or, in some cases, upon request.  If an appraisal indicated the
value of all indebtedness senior to and including the Sierra Loan, taking into
account principal plus accrued interest in excess of 5% per annum, exceeded 85%
of the then current appraisal of the Sierra Property, the Sierra Borrower would
have to repay the indebtedness to a point where an 85% loan to value ratio is
restored.

     In December 2000, the Registrant and the Sierra Borrower agreed to modify
the Sierra Loan as follows:

     1. The term of the Sierra Loan was extended until February 28, 2003.

     2. The Sierra Borrower placed in escrow a deed as well as documents
        necessary to convey the Sierra Property, which documents were to be
        released to the Registrant on the earlier (A) of March 1, 2003, (B) at
        such time as a third-party purchaser was identified to acquire the
        Sierra Property or (C) at any time after March 1, 2002 if the
        Registrant deemed it necessary to protect its economic interest. As of
        December 31, 2002, the Partnership had not deemed it necessary to
        protect its economic interests and, therefore, the deed and documents
        remained in escrow.

     3. The Sierra Borrower was required to pay to the Registrant, to be
        applied towards the Sierra Loan, all cash flow generated from the
        Sierra Property in excess of $100,000 per year.

     4. The Sierra Borrower was required to have an appraisal prepared on the
        Sierra Property to determine if an excess payment was due and, if such
        a payment was due, to  make such payment. On March 27, 2001, the
        Registrant received an appraisal from the Sierra Borrower which valued
        the Sierra Property at $20,000,000. As a result, based on current
        information then available to the Partnership, no excess payment was
        required.

     5. The Sierra Borrower had the right to prepay the Sierra Loan by paying
        to the Registrant the sum of the then unpaid principal balance of the
        Sierra Loan together with accrued interest and other charges due under
        the Loan and 66% of the value of the Sierra Property in excess of such
        amount.

     During the year ended December 31, 2002, the Registrant received
$1,705,231 in excess cash flow from the Sierra Borrower, which was applied
against the outstanding contractual principal balance of the Sierra Loan.  See
"Item 7. Financial Statements - Note 4."

     On March 3, 2003, in lieu of foreclosure, the Registrant acquired the deed
to the Sierra Property in accordance with the provisions of the December 21,
2000 modification of the Sierra Loan. In an effort to maximize the financial
viability of the Sierra Property, the Registrant intends to remodel and
renovate the Property and to attempt to create synergies between the Sierra
Property and the property adjacent to the Sierra Property which is controlled
by an affiliate of the General Partner.

     The Registrant's level of liquidity based on cash and cash equivalents
increased by $1,428,786 to $2,182,922 during the year ended December 31, 2002
as compared to December 31, 2001.  The increase was due primarily to the excess
cash flow the Registrant received from the Sierra Borrower.  Cash and cash
equivalents are invested in short-term instruments and are expected to be
sufficient to pay administrative expenses.  As of December 31, 2002, the
Registrant had approximately $2,182,198 invested in a savings account. See
"Item 7. Financial Statements - Note 6."





                                   -9-
     During 2002, the Registrant distributed $7,058,039, or $37.56 per Unit, to
the limited partners.   This distribution was made from the proceeds of the
settlement of the Class Action. The Registrant does not anticipate making any
other distributions of net cash provided by operating activities in the near
future.

REAL ESTATE MARKET

     There has been substantial development of retail space in the Reno area
over the past few years especially in close vicinity to the Sierra Property. In
the past few years, the Sierra Property has lost two of its original anchor
tenants and has not been able to locate new anchor tenants with similar lease
terms; one of the spaces is currently being leased at a substantially reduced
rental rate.  The second space is currently being subleased by the original
lessee at a substantial discount to a tenant until November 30, 2003, the date
at which the lease expires.  The remaining anchor tenant's original lease
expires in August 2008.  Management does not currently expect this tenant to
exercise its renewal option at that time.  The Registrant's potential for
realizing the full value of its investment in the Sierra Property is currently
considered unlikely.

     An affiliate of the General Partner controls the property next to the
Sierra Property.  The General Partner, with its affiliate, is looking for
options to create synergy if possible to improve the financial viability of the
Sierra Property.

     Inflation has not had a material effect on the Registrant's recent
operations or financial condition and is not expected to have a material effect
in the future.

RESULTS OF OPERATIONS

2002 as compared to 2001

     Net income increased by $7,402,046 to $8,588,655 for the year ended
December 31, 2002 as compared to 2001, due to the Registrant's receipt of
proceeds from the settlement of the Class Action. Revenues increased by
$9,339,933 to $10,817,793 for the year ended December 31, 2002 as compared to
the same period in 2001 due primarily to proceeds from the Class Action
settlement as well as increases in mortgage loan interest income, which were
partially offset by decreases in short-term investment interest due to a
decline in interest rates.  Interest income on mortgage loans increased
starting March 1, 2001 because excess cash flows from the Sierra Property were
paid to the Registrant in the form of interest payments due to the modification
of certain of the terms of the Sierra Loan.

     Costs and expenses increased by $1,937,887 for the year ended December 31,
2002, as compared to the same period in the prior year, due primarily to an
increase in professional fees related to the Class Action settlement.


















                                   -10-
ITEM 7.  FINANCIAL STATEMENTS


                         INDEPENDENT AUDITORS' REPORT


TO THE PARTNERS
RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.:


     We have audited the accompanying balance sheets of Resources Accrued
Mortgage Investors 2, L.P. (a limited partnership) (the "Partnership") as of
December 31, 2002 and 2001, and the related statements of operations, partners'
equity and cash flows for the years then ended.  These financial statements are
the responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.

     We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audits 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 Resources Accrued Mortgage
Investors 2, L.P. (a limited partnership) as of December 31, 2002 and 2001, and
the results of its operations and cash flows for the years then ended in
conformity with accounting principles generally accepted in the United States
of America.




                                           /s/ Imowitz Koenig & Co., LLP



New York, New York
March 4, 2003























                                    -11-
                  RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.
                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                       December 31,
                                               -------------------------
                                                   2002         2001
                                               ------------ ------------
<S>                                          <C>           <C>
ASSETS

  Investment in mortgage loan................. $ 15,979,355  $ 15,979,355
  Cash and cash equivalents...................    2,182,922       754,136
  Capital improvements........................       29,864            -
                                               ------------  ------------
     Total assets............................. $ 18,192,141  $ 16,733,491
                                               ============  ============

LIABILITIES AND PARTNERS' EQUITY

  Liabilities

    Accounts Payable and accrued expenses..... $     52,181  $    124,147
                                               ------------  ------------
  Total Liabilities...........................       52,181       124,147
                                               ------------  ------------

  Commitments and contingencies

    Partners' equity

    Limited partners' equity (187,919 units)
     issued outstanding.......................   17,686,497    16,194,146
    General partners' equity..................      453,463       415,198
                                               ------------  ------------
  Total partners' equity......................   18,139,960    16,609,344
                                               ------------  ------------
     Total liabilities and partners' equity... $ 18,192,141  $ 16,733,491
                                               ============  ============
</TABLE>



The accompanying Notes to Financial Statements are an integral part of these
statements.




















                                    -12-
                 RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.
                           STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                          Years ended December 31,
                                         ---------------------------
                                              2002           2001
                                         ------------   ------------
<S>                                      <C>            <C>
Revenues
  Mortgage loan interest income......... $  1,705,231   $  1,283,920
  Short term investment interest........      107,962        174,790
  Proceeds from settlement..............    9,000,000             -
  Other income..........................        4,600         19,150
                                         ------------   ------------
     Net revenues.......................   10,817,793      1,477,860
                                         ------------   ------------
Costs and Expenses

  General and administrative............    2,229,138        291,251
                                         ------------   ------------
     Total costs and expenses...........    2,229,138        291,251
                                         ------------   ------------
     Net income (loss).................. $  8,588,655   $  1,186,609
                                         ============   ============

Net income attributable to:

     Limited partners................... $  8,550,390   $  1,156,944

     General partners...................       38,265         29,665
                                         ------------   ------------
                                         $  8,588,655   $  1,186,609
                                         ============   ============


NET INCOME PER UNIT OF LIMITED PARTNERSHIP
    INTEREST (187,919 UNITS OUTSTANDING)
     Attributed to operations........... $       7.94    $      6.16
     Attributed to settlement...........        37.56           0.00
                                         ------------   ------------
     Total.............................. $      45.50    $      6.16
                                         ============   ============

DISTRIBUTION PER UNIT OF LIMITED
    PARTNERSHIP INTEREST................ $      37.56    $     25.12
                                         ============   ============
</TABLE>



The accompanying Notes to Financial Statements are an integral part of these
statements.













                                    -13-
                RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.
                      STATEMENTS OF PARTNERS' EQUITY
                   YEARS ENDED DECEMBER 31, 2002 AND 2001


<TABLE>
<CAPTION>

                               Limited         General          Total
                              Partners'       Partners'        Partners'
                                Equity         Equity           Equity
                           --------------   --------------   -----------
<S>                        <C>              <C>              <C>
Balance, January 1, 2001   $ 19,757,727     $    506,583     $20,264,310
  Net income..............    1,156,944           29,665       1,186,609

  Distribution to partners   (4,720,525)        (121,050)    (4,841,575)
                           --------------   --------------   -----------
Balance, December 31, 2001   16,194,146          415,198      16,609,344
  Net income..............    8,550,390           38,265       8,588,655

  Distribution to partners   (7,058,039)              -       (7,058,039)
                           --------------   --------------   -----------
Balance, December 31, 2002 $ 17,686,497     $    453,463     $18,139,960
                           ==============   ==============   ===========
</TABLE>


The accompanying Notes to Financial Statements are an integral part of these
statements.





































                                    -14-
                RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.
                          STATEMENTS OF CASH FLOWS



<TABLE>
<CAPTION>
                                                Years ended December 31,
                                                ------------------------
                                                    2002         2001
                                                ------------ -----------
<S>                                             <C>          <C>
Cash flows from operating activities:
  Net income ..................................  $ 8,588,655  $1,186,609
  Changes in operating assets and liabilities:
  Other assets.................................      (29,864)         -
  Accounts payable and accrued expenses........      (71,966)     66,832
                                                ------------ -----------
    Net cash provided by
      operating activities.....................    8,486,825   1,253,441
                                                ------------ -----------

Cash flows from financing activities:
  Distribution to limited partners.............   (7,058,039) (4,841,575)
                                                ------------ -----------
     Net cash used in financing activities.....   (7,058,039) (4,841,575)
                                             ------------ -----------

Net increase (decrease) in cash..............      1,428,786 (3,588,134)

Cash and cash equivalents, beginning of period.      754,136   4,342,270
                                                ------------ -----------
Cash and cash equivalents, end of period.......  $ 2,182,922 $   754,136
                                                ============ ===========
</TABLE>



The accompanying Notes to Financial Statements are an integral part of these
statements.



























                                    -15-
RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.
NOTES TO FINANCIAL STATEMENTS


NOTE 1. ORGANIZATION AND SUBSEQUENT EVENT

     Resources Accrued Mortgage Investors 2, L.P. (formerly Resources Accrued
Mortgage Investors L.P. Series 87 and Resources Accrued Mortgage Investors
Series 88, a Delaware limited partnership (the "Partnership"), was formed in
August 1986 under the Delaware Revised Uniform Limited Partnership Law for the
purpose of investing primarily in senior and junior accrued interest mortgage
loans on properties owned or acquired principally by publicly or privately
syndicated limited partnerships sponsored by affiliates of Integrated
Resources, Inc. ("Integrated"). During 1994, Integrated's indirect ownership of
the managing general partner was purchased by Presidio Capital Corp.
("Presidio").  Through December 31, 2001, the managing general partner of the
Partnership was RAM Funding, Inc. and the associate general partner was
Presidio AGP Corp., which are wholly-owned subsidiaries of Presidio. Effective
January 1, 2002, pursuant to the General and Limited Partner Interest
Assignment Agreement (the "Assignment Agreement"), the managing general partner
and associate general partner interests in the Partnership were acquired by
Maxum LLC ("Maxum" or the "General Partner").  The General Partner does not
believe that this transaction will have a material effect on the operations of
the Partnership.

     The Partnership originally offered 400,000 units of limited partnership
interest (the "Units") pursuant to the Prospectus dated April 12, 1988 (the
"Prospectus"). Since all gross proceeds that were raised had not been invested
or committed for investment, the Partnership was obligated, under the terms of
the Prospectus, to return such uninvested funds.  The Partnership distributed
these funds in the amount of $19,263,445, including interest of $857,598, in
August 1990.  Additionally, the Partnership made a second related distribution
of $606,978 on October 30, 1990.

     From October 21, 1999 through December 31, 2001, Presidio had entered into
a Services Agreement with AP-PCC III, L.P. (the "Agent") pursuant to which the
Agent was retained and was compensated by Presidio to provide asset management
and investor relation services to the Partnership and other entities affiliated
with the Partnership. Effective January 1, 2002, these services are being
provided by affiliates of the General Partner.

     On March 3, 2003, the Partnership acquired the deed to the Sierra Property
in lieu of foreclosing on the Sierra Loan (see Note 6).

     In accordance with the Partnership's Agreement of Limited Partnership (the
"Partnership Agreement"), net income and loss, adjusted cash from operations
and disposition proceeds are allocated 97.5% to the limited partners and 2.5%
to the General Partners.  However, income and distributions related to the
settlement of the class action lawsuit (see Note 6) were allocated only to the
limited partners.


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investment in mortgage loans

     The Partnership principally invested in zero coupon senior and junior
mortgage loans on properties owned or acquired by limited partnerships
originally sponsored by affiliates of Integrated.  These loans generally
contain provisions whereby the Partnership may be entitled to additional
interest represented by participation in the appreciation of the underlying
property.

     The Partnership accounts for its investments in mortgage loans under the
following methods:


                                   -16-
Investment Method

     Mortgage loans representing transactions in which the Partnership is
considered to have substantially the same risks and potential rewards as the
borrower are accounted for as investments in real estate rather than as loans.
Although the transactions are structured as loans, due to the terms of the zero
coupon mortgage, it is not readily determinable at inception that the borrower
will continue to maintain a minimum investment in the property.  Under the
method of accounting, the Partnership will recognize as revenue the lesser of
the amount of interest as contractually provided for in the mortgage loan, or
its pro rata share of the actual cash flow from operations of the underlying
property inclusive of depreciation and interest expense on any senior
indebtedness.

Interest Method

     Under this method of accounting, the Partnership recognizes revenue as
interest income over the term of the mortgage loan so as to produce a constant
periodic rate of return.  Interest income will not be recognized as revenue
during periods where there are concerns about the ultimate realization of the
interest or loan principal.

Allowance for Loan Losses

     An allowance for loan losses is established based upon a periodic review
of each of the mortgage loans in the Partnership's portfolio.  In performing
this review, management considers the estimated net realizable value of the
mortgage loan or collateral as well as other factors, such as the current
occupancy, the amount and status of any senior debt, the prospects for the
property and the economic situation in the region where the property is
located.  Because this determination of net realizable value is based upon
projections of future economic events which are inherently subjective, the
amounts ultimately realized at disposition may differ materially from the
carrying value at each year end.

     The allowance 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 losses in subsequent
periods and such provisions could be material.

Cash and Cash Equivalents

     For the purpose of the statements of cash flows, the Partnership considers
all short-term investments which have original maturities of three months or
less to be cash equivalents.  Substantially all of the Partnership's cash and
cash equivalents are held at one financial institution.

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 during fiscal years 2001 and 2002 include cash and cash
equivalents and an investment in a mortgage loan.  Unless otherwise disclosed,
the fair value of financial instruments approximates their recorded value.

Net Income Per Unit of Limited Partnership Interest

     Net income per Unit is computed based upon the number of units outstanding
(187,919) during the year.

Income Taxes

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



                                   -17-
     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 income, which changes could affect the tax liability
of the individual partners.

Estimates

     The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amount 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.

Recently Issued Accounting Standards

     In July 2001, the FASB issued SFAS No. 142 "Goodwill and Other Intangible
Assets". SFAS No. 142 addresses accounting and reporting for intangible assets
acquired, except for those acquired in a business combination.  SFAS No. 142
presumes that goodwill and certain intangible assets have indefinite useful
lives.  Accordingly, goodwill and certain intangibles will not be amortized but
rather will be tested at least annually for impairment.  SFAS No. 142 also
addresses accounting and reporting for goodwill and other intangible assets
subsequent to their acquisition.  SFAS No. 142 is effective for fiscal years
beginning after December 15, 2001.  This statement will not have a material
effect on the Partnership's financial statements.

     In August 2001, the FASB issued SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," which addresses financial
accounting and reporting for the impairment or disposal of long-lived assets.
This statement supersedes SFAS No. 121, "Accounting for the Impairment of Long-
Lived Assets and for Long-Lived Assets to be Disposed of" and the accounting
and reporting provisions of APB Opinion No. 30, "Reporting the Results of
Operations - Reporting the Effects of a Disposal of a Business and
Extraordinary, Unusual and Infrequently Occurring Events and Transactions," for
the disposal of a segment of a business. This Statement also amends ARB No. 51,
"Consolidated Financial Statements," to eliminate the exception to
consolidation for a subsidiary for which control is likely to be temporary.
SFAS No. 144 is effective for fiscal years beginning after December 15, 2001,
and interim periods within those fiscal years. The provisions of this Statement
generally are to be applied prospectively. The Partnership has not evaluated
the effect of this statement, however, it is not expected that this statement
will have a material effect on the Partnership's results of operations.

     In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB
Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13 and Technical
Corrections," which updates, clarifies and simplifies existing accounting
pronouncements. This statement rescinds SFAS No. 4, "Reporting Gains and Losses
from Extinguishment of Debt and amendment of Accounting Principles Board
Opinion ("APB") No. 30" Reporting the Results of Operations - Reporting the
Effects of a Disposal of a Business and Extraordinary, Unusual and Infrequently
Occurring Events and Transactions," for the disposal of a segment of a
business. As a result, the criteria in APB 30 will be used to classify those
gains and losses. FASB No. 64, "Extinguishments of Debts Made to Satisfy
Sinking-Fund Requirements (an amendment of FASB No. 4)" is no longer necessary
because FASB No. 4 has been rescinded.  FASB No. 44, "Accounting for Intangible
Assets of Motor Carriers" is no longer necessary since the transition to the
Motor Carrier Act of 1980 has been completed. FASB No. 145 amends FASB No. 13,
"Accounting for Leases" to require that certain lease modifications that have
economic effects similar to sale-leaseback transactions be accounted for in the
same manner as sale-leaseback transactions. FASB No. 145 also makes technical
corrections to existing pronouncements. While these corrections are not
substantive in nature, in some instances, they may change accounting practice.
FASB No. 145 will be effective

                                   -18-
for fiscal years beginning after May 15, 2002, with early adoption encouraged.
Upon adoption, enterprises must reclassify prior period items that do not meet
the extraordinary item classification criteria in APB 30.  The Partnership does
not expect that this statement will have a material effect on the Partnership's
financial statements.

     In July 2002, the FASB issued SFAS No. 146, "Accounting for Costs
Associated with Exit or Disposal Activities." SFAS No. 146 requires companies
to recognize costs associated with exit or disposal activities when they are
incurred rather than at the date of a commitment to an exit or disposal plan.
Examples of costs covered by the standard include lease termination costs and
certain employee severance costs that are associated with a restructuring,
discontinued operation, plant closing or other exit or disposal activity.  SFAS
No. 146 is effective prospectively for exit and disposal activities initiated
after December 31, 2002, with earlier adoption encouraged.  The Partnership
does not expect that this statement will have a material effect on the
Partnership's financial statements.

     In November 2002, the FASB issued Interpretation No. 45, Guarantors'
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others.  The Interpretation elaborates on the
disclosures to be made by a guarantor in its financial statements about its
obligations under certain guarantees that it has issued.  It also clarifies
that a guarantor is required to recognize, at the inception of a guarantee, a
liability for the fair value of the obligation undertaken in issuing the
guarantee.  This Interpretation does not prescribe a specific approach for
subsequently measuring the guarantor's recognized liability over the term of
the related guarantee.  The disclosure provisions of this Interpretation are
effective for the Partnership's December 31, 2002 financial statements.  The
initial recognition and initial measurement provisions of this Interpretation
are applicable on a prospective basis to guarantees issued or modified after
December 31, 2002.  This Interpretation had no effect on the Partnership's
financial statements.


NOTE 3. CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES

     Effective January 1, 2002, in accordance with the Assignment Agreement,
the Units previously held by affiliates of Presidio were acquired by affiliates
of Maxum, however, the affiliates of Presidio reserved their rights to the
proceeds from the settlement of the class action litigation described in Note 6
below.  Also during 2002, affiliates of Maxum acquired 10,389 Units of limited
partnership interest on the open market.  Another affiliate of
Maxum acquired 9,703 Units of limited partnership interest via a tender offer.
Accordingly, as of December 31, 2002, affiliates of Maxum own 77,831 Units,
which represent 41.4% of the issued and outstanding limited partnership units
of the Partnership.  Another affiliate of Maxum commenced a tender offer on
February 18, 2003 to acquire 12,000 Units.  This offer expires on April 23,
2003.

     During the year ended December 31, 2002, affiliates of the previous
general partners received approximately $2,165,790 and affiliates of Maxum
received approximately $753,651 of the distribution made to the limited
partners from the settlement proceeds of the class action litigation described
in Note 6 below.

     An affiliate of the General Partner controls the property next to the
Sierra property (see Note 4 below).  The General Partner, with its affiliate,
is looking for options to create synergy if possible to improve the financial
viability of the Sierra Property and the affiliate's property.







                                   -19-
NOTE 4. INVESTMENTS IN MORTGAGE LOAN AND ALLOWANCE FOR LOAN LOSSES

     The Partnership invested in zero-coupon, nonrecourse senior and junior
mortgage loans.  Collection of the amounts due on the Partnership's mortgage
loans is solely dependent upon the sale or refinancing of the underlying
properties at amounts sufficient to satisfy the Partnership's mortgage notes
after payment of the senior mortgage notes owned by unaffiliated third parties.

     The Partnership had one outstanding mortgage loan on December 31, 2002
(the "Sierra Loan").

     The Partnership's mortgage note contained a provision which required the
borrower to provide current appraisals based upon certain conditions or in some
cases upon request.

     On March 3, 2003, the Partnership acquired the deed to the Sierra Property
in lieu of foreclosing on the Sierra Loan.

     While there are risks inherent in a zero-coupon nonrecourse senior or
junior mortgage loan portfolio, the above described provisions were intended to
provide some mitigation of these risks.  However, in the event a borrower is
required to make a payment under such loan provisions, there can be no
assurance that the borrower will be able to make such payments.

Sierra Loan

     The Sierra Loan was a $6,500,000 first mortgage loan to High Cash
Partners, L.P. ("High Cash") secured by a shopping center located in Reno,
Nevada.  Interest on the Loan accrued at the rate of 11.22% per annum with no
payments due until maturity on February 28, 2001 (see below).

     During the first quarter of 1997, High Cash wrote the property down to
what its management believed to be its estimated fair market value of
$15,875,000.  Management of the Partnership performed its own evaluation at
that time and determined that this amount was a fair estimate of the property
value.  The outstanding balance of the loan at December 31, 1996 was
approximately $15,979,000 and it was unlikely that any additional interest
accrued on the Sierra Loan would ultimately be recovered from the value of the
underlying property.  Consequently, as of January 1, 1997 the Partnership
ceased accruing interest on the Sierra Loan.

     On June 13, 1997, the general partners of High Cash, who were formerly
affiliated with the former general partners, sold their general partner
interest to Pembroke HCP LLC and Pembroke AGP Corp., unaffiliated third
parties.

     In December 2000, the Partnership and High Cash agreed on an extension to
the loan as follows:

     1. To extend the term of the loan until February 28, 2003.

     2. The borrower placed in escrow a deed as well as documents necessary to
        convey the property, which documents were to be released to the
        Partnership on the earlier (A) March 1, 2003, (B) at such time as a
        third-party purchaser was identified to acquire the Sierra property or
        (C) at any time after March 1, 2002 if the Partnership deemed it
        necessary to protect its economic interest. As of December 31, 2002,
        Partnership had not deemed it necessary to protect its economic
        interests and, therefore, the deed and documents remained in escrow.

     3. The borrower was required to pay to the Partnership all cash flow
        generated from the Sierra Property in excess of $100,000 per year, to
        be applied towards the Sierra Loan.



                                   -20-
     4. The borrower was to have an appraisal prepared on the Sierra Property
        to determine if an excess payment was due and, if such a payment was
        due, to make such payment. On March 27, 2001, the Partnership received
        an appraisal from the borrower which valued the Sierra Property at
        $20,000,000. As a result, based on current information available to
        the Partnership on December 31, 2002, no excess payment was required.

     5. The borrower had the right to prepay the loan after the initial
        maturity date (February 2001) by paying to the Partnership the sum of
        the then unpaid principal balance of the loan together with accrued
        interest and other charges due under the loan and 66% of the value of
        the Sierra Property in excess of such amount.

     In addition, beginning on January 1, 2002 the Partnership had
significantly more input over the operation of the Sierra Property including
the selection of the management company, leasing programs and capital
improvements.  In this regard, an affiliate of the Agent began providing
property management services at the Sierra Property effective March 2001 and,
effective February 1, 2002, property management services were being provided by
an affiliate of the General Partner.

     During the year ended December 31, 2002, the Partnership had received
$1,705,231 in excess cash flow, which was applied against the outstanding
contractual principal balance.

     On March 3, 2003, the Partnership acquired the deed to the Sierra Property
in lieu of foreclosing on the Sierra Loan.


Harborista Loan

     A $10,000,000 second mortgage loan (the "Harborista Loan") to Harborista
Associates, L.P. was secured by an office building, commonly known as the
Harbor Plaza, located in Boston, Massachusetts (the "Harbor Plaza"). The
Harborista Loan was funded on February 13, 1989 and bore interest at the rate
of 13.307% per annum, compounded monthly and was originally due to mature on
December 1, 1998, at which time a balloon payment of approximately $36,000,000
would have been due and payable.  Harbor Plaza was also encumbered by a first
mortgage loan in the original amount of $24,475,000 held by Northwestern Mutual
Life Insurance Co. ("Northwestern").  The first mortgage was due to mature on
December 1, 1995, but was extended until January 1, 1999.

     During 1993, management determined that interest on the Harborista Loan
should cease to accrue and that an allowance for loan losses was necessary for
the entire carrying value of the Harborista Loan which amounted to $10,618,380.

     On February 9, 1999, 470 Atlantic Avenue Management Corp. ("470
Atlantic"), which had acquired Northwestern's first mortgage loan, filed a
motion for foreclosure on its mortgage

     On March 30, 1999, the Partnership sold its interest in the Harborista
Loan to 470 Atlantic for gross proceeds of $1,000,000, exclusive of legal and
other costs related to the transaction of $200,000.  Accordingly, the
Partnership recorded $800,000 of recovery of loan losses with respect to the
sale of this loan as of December 31, 1998.

     Following its acquisition of the Harborista Loan, 470 Atlantic foreclosed
on its interests in the two mortgages and acquired Harbor Plaza.  On March 29,
1999, 470 Atlantic entered into an agreement with Charbird Enterprises LLC
("Charbird"), an affiliate of NorthStar Capital Investment Corp. ("Northstar"),
an entity that indirectly controls Presidio, and the former general partners,
for the performance of services in connection with the marketing of Harbor
Plaza. Charbird assigned to NorthStar its right to receive a substantial
portion of amounts paid under the agreement and NorthStar agreed


                                   -21-
to indemnify Charbird for any liabilities under the agreement.  Harbor Plaza
was sold in December 1999 for approximately $50,500,000.  Charbird received a
fee of $14,050,884 under the agreement, $12,645,796 of which was paid to
NorthStar (see Note 6).































































                                    -22-

A summary of mortgage activity is as follows:

<TABLE>
<CAPTION>

                               Investment      Interest
                                 Method         Method         Total
                             -------------------------------------------
<S>                          <C>            <C>             <C>
Balance, December 31, 2000...           -    $  15,979,355   $15,979,355
  Interest recognized........           -              -             -
                             -------------- -------------- -------------
Balance, December 31, 2001...           -       15,979,355    15,979,355
  Interest recognized........           -              -             -
                             -------------- -------------- -------------
Balance, December 31, 2002... $         -    $  15,979,355   $15,979,355
                             ============== ============== =============
</TABLE>


     Information with respect to the Partnership's mortgage loan is as follows:

<TABLE>
<CAPTION>
                                                           Current   Mortgage    Mortgage    Mortgage
                        Interest  Compound        Loan     Maturity  Amount      Purchased   Placement
                        Rate %    Period   Type   Date     Date      Advanced    Interest    Fees
<S>                    <C>       <C>      <C>    <C>      <C>       <C>         <C>         <C>
Description             --------  -------- -----  -------  --------  ----------  ----------  ---------
Shopping Center
Sierra Marketplace
  Reno, Nevada          11.220    Monthly  1st    2/10/89  3/01/03   $6,500,000  $        -  $ 385,757
                                                                     ==========  ==========  =========
</TABLE>










                                                        -23-

<TABLE>
<CAPTION>
                   Interest Recognized                                 Carrying Value            Contractual balance
                 -------------------------                        --------------------------  --------------------------
                  December 31,   2001 and     Reserves/           December 31,  December 31,  December 31,  December 31,
                     2002         Prior      Write-offs  Proceeds     2002          2001          2002          2001
                 ------------ ------------   ----------  -------- ------------  ------------  ------------  ------------
<S>             <C>          <C>            <C>         <C>      <C>           <C>           <C>           <C>
Shopping Center
Marketplace
  Reno, Nevada   $1,705,231   $10,377,518     $      -   $     -   $15,979,355   $15,979,355   $27,356,117   $26,062,593
                 ==========   ===========     ========   =======   ===========   ===========   ===========   ===========
</TABLE>































                                                        -24-

NOTE 5. RECONCILIATION OF NET INCOME AND NET ASSETS PER FINANCIAL STATEMENTS
        TO TAX BASIS

A reconciliation of net income per financial statements to the tax basis of
accounting is as follows:

<TABLE>
<CAPTION>
                                         Year ended December 31,
                                       --------------------------
                                            2002         2001
                                       ------------- ------------
<S>                                    <C>           <C>
Net income per financial statements     $ 8,588,655   $ 1,186,609
Reconciliation of net income per books
  to tax basis accounting                (1,705,231)    1,480,417
                                       ------------- ------------
Net income per tax basis                $ 6,883,424   $ 2,667,026
                                       ============= ============
</TABLE>


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

<TABLE>
<CAPTION>
                                         Year ended December 31,
                                       --------------------------
                                            2002         2001
                                       ------------- ------------
<S>                                    <C>          <C>
Net assets per financial statements     $18,139,960   $16,609,344
Reconciliation of net income per books
  to tax basis accounting                 8,300,188    10,005,419
Syndication costs                         2,230,944     2,230,944
                                       ------------- ------------
Net assets per tax basis                $28,671,092   $28,845,707
                                       ============= ============
</TABLE>

NOTE 6. LITIGATION

     On or about May 19, 2000, Dr. Warren Heller, a limited partner, on behalf
of himself and all others similarly situated, commenced a punitive class action
and derivative lawsuit against RAM Funding Inc., Presidio AGP Corp., NorthStar
Capital Investment Corp. and Charbird Enterprises, LLC, defendants, and
Resources Accrued Mortgage Investors 2, L.P., as nominal defendant, in the
Delaware Chancery Court seeking, among other things, monetary damages resulting
from purported breaches of fiduciary duties and breaches of the Partnership's
partnership agreement in connection with the March 1999 sale of the Harborista
Loan and the marketing of the property which secured the Harborista Loan.  In
addition, the action alleged breaches of fiduciary duty in connection with the
purported failure of the Partnership to distribute cash and the purported
failure of the Partnership to enforce the provisions of the loan secured by the
Reno, Nevada property.

     On January 22, 2002, the parties entered into a settlement agreement (the
Settlement Agreement) that (i) provided for a $9,000,000 payment by the
defendants to the Partnership and (ii) required that the Partnership distribute
to its partners the $9,000,000 payment, less fees and expenses awarded by the
court to plaintiff's counsel (which amount is not expected to exceed
approximately 20% of the settlement amount).  The Settlement Agreement was
subject to the approval of the court.  The objection period was scheduled to
expire April 1, 2002 and a hearing on the approval of the Settlement Agreement
was scheduled for April 15, 2002.

                                   -25-
     At the hearing on April 15, 2002, due to objections to the proposed
settlement, the Settlement Agreement was not approved by the court and a
decision was postponed to a later date.  On June 4, 2002, the court approved
the Settlement Agreement.  From the settlement of this litigation, the
Partnership distributed the first installment to its limited partners as well
as other members of the plaintiffs' class in the amount of $33.79 per Unit.
The distribution was made on or around September 30, 2002.  The balance of the
settlement fund in the amount of $3.77 per Unit was distributed on or around
December 11, 2002.


ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

     None.


                                   PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
        COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

     The Registrant has no officers or directors.  The General Partner, Maxum
LLC, a Nevada limited liability company, has managed and controlled
substantially all of Registrant's affairs and has general responsibility and
ultimate authority in all matters affecting its business.  Mr. Ben Farahi has
been the sole manager of the General Partner since its formation in 2001 and,
as such, exercises the powers associated with the board of directors and
executive officers of a corporation

     Mr. Farahi, age 50, has been, for the past five years, Co-Chairman of the
Board, Chief Financial Officer, Secretary, and Treasurer of Monarch Casino
Resort which, through its wholly-owned subsidiary Golden Road Motor Inn, Inc.
("Golden Road"), a Nevada company, owns and operates the tropically themed
Atlantis Hotel Casino in Reno, Nevada. Since September 1, 1978 through December
31, 2002, Mr. Farahi was also a partner in Farahi Investment Company which was
involved in real estate investment and development. Mr. Farahi is also the
manager of the General Partner. Mr. Farahi holds a mechanical engineering
degree from the University of California at Berkeley and a MBA degree in
accounting from the California State University, Hayward.


ITEM 10. EXECUTIVE COMPENSATION

     Under the Registrant's partnership agreement, the General Partner is
entitled to receive 2.5% of the Registrant's income, loss, capital and
distributions, including without limitation the Registrant's cash flow from
operations and disposition proceeds.  For the fiscal year ended December 31,
2002, the General Partner received an aggregate of $38,265 of taxable income
from the Registrant.  See "Item 12. Certain Relationships and Related
Transactions" for information regarding amounts paid to affiliates of the
General Partner by the Registrant for services provided by them in fiscal year
2002.














                                   -26-
ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
         AND RELATED STOCKHOLDER MATTERS

     (a)  Security Ownership of Certain Beneficial Owners.

     Except as set forth below, no person or group is known by the Registrant
to be the beneficial owner of more than 5% of the outstanding Units at March 1,
2003:

<TABLE>
<CAPTION>
                                           Number of         % of
Name of Beneficial owners                  Units Owned       Class
------------------------------------------------------------------
<S>                                       <C>               <C>
Virginia Springs, Limited Liability
  Company(1)                                9,703             5.2%
Western Real Estate Investments, LLC(1)    68,084            36.2%
Ben Farahi(2)                              77,831(3)         41.4%
John Farahi(4)                             77,787(5)         41.4%
Bob Farahi(4)                              77,787(5)         41.4%
</TABLE>


       (1) The principal business address of Virginia Springs and Western,
           affiliates of the General Partner, is 1175 West Moana Lane, Suite
           200, Reno, Nevada 89509.
       (2) Mr. Farahi's principal business address is 1175 West Moana Lane,
           Suite 200, Reno, Nevada 89509.
       (3) Includes 44 Units held directly by Mr. Ben Farahi and 9,703 Units
           owned by Virginia Springs and 68,084 Units owned by Western with
           respect to which Mr. Farahi shares beneficial ownership due to his
           position as a general partner of FIC.
       (4) Messrs. John Farahi's and Bob Farahi's principal business address
           is 1175 West Moana Lane, Suite 200, Reno, Nevada 89509.
       (5) Represents 9,703 Units owned by Virginia Springs and 68,084 Units
           owned by Western with respect to which Messrs. Farahi share
           beneficial ownership due to their positions as general partners of
           FIC.

     (b)  Security Ownership of Management.

     At March 1, 2003, neither the General Partner nor its members, manager or
affiliates owned any Units except as indicated in (a) above.

     (c)  Changes in Control.

     There exists no arrangement known to the Registrant the operation of which
may at a subsequent date result in a change in control of the Registrant.

















                                    -27-
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     During the Registrant's fiscal years ended December 31, 2002 and 2001, the
Registrant's general partners were not entitled to any payment for services
from or with respect to Registrant.  However, pursuant to the Registrant's
Partnership Agreement the general partner(s) are entitled to receive 2.5% of
Registrant's income, loss, capital and distributions (2.45% to the managing
general partner and .05% to the associate general partner) including without
limitation the Registrant's cash flow from operations and disposition proceeds.
Accordingly, for the year ended December 31, 2001, the former general partners
were allocated $66,676 of income.  Based on the settlement agreement, however,
the former general partners were not entitled to any of the class action
settlement proceeds and were, accordingly, not allocated any taxable income
associated with the settlement proceeds.  For the year ended December 31, 2002,
the General Partner was allocated $38,265 of income from operations.

     An affiliate of the General Partner controls the property adjacent to the
Sierra Property.  Another affiliate of the General Partner oversees the
management of the Sierra Property. In order to increase traffic flow to the
Sierra Property, the management of the Sierra Property and the Registrant have
begun construction and development to make it easier for customers from the
adjacent property to visit the center.  A related party is also leasing
approximately 5,100 square feet of retail space at a monthly rent of
approximately $4,400 in the Sierra Property.


ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:

     The Exhibits listed on the accompanying Index to Exhibits are filed as
part of this Annual Report and incorporated in this Annual Report as set forth
in said Index.

     (b)  Reports on Form 8-K:

     None

ITEM 14. CONTROLS AND PROCEDURES
     Based on his evaluation as of a date within 90 days of the filing date of
this Annual Report on Form 10-KSB, the manager of the Registrant's General
Partner has concluded that the Registrant's disclosure controls and procedures
as defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), are effective to ensure that
information required to be disclosed by the Registrant in reports that it files
or submits under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in Securities and Exchange
Commission rules and forms.

     There were no significant changes in the Registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of his evaluation and up to the filing date of this Annual Report on
Form 10-KSB. There were no significant deficiencies or material weaknesses, and
therefore there were no corrective actions taken.

     It should be noted that any system of controls, however well designed and
operated, can provide only reasonable, and not absolute, assurance that the
objectives of the system are met. In addition, the design of any control system
is based in part upon certain assumptions about the likelihood of future
events. Because of these and other inherent limitations of control systems,
there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions, regardless of how remote.


                                   -28-
                                  SIGNATURES

     In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

RESOURCES ACCRUED MORTGAGE
INVESTORS 2, L.P.

By:  MAXUM LLC
     General Partner
                                                          Date

By:  /s/ Ben Farahi                                       March 28, 2003
     --------------
         Ben Farahi, Manager

     In accordance with the requirements of the Exchange Act, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.

     Signature                    Title                   Date

     /s/ Ben Farahi             Manager of                March 28, 2003
     --------------         the General Partner
         Ben Farahi


RESOURCES ACCRUED MORTGAGE INVESTORS 2, L.P.
FORM 10-KSB DECEMBER 31, 2002

CERTIFICATION

I, Ben Farahi, certify that:

     1. I have reviewed this annual report on Form 10-KSB of Resources
Accrued Mortgage Investors 2, L.P.;

     2. Based on my knowledge, this annual 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 annual report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this annual 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 annual report;

     4. I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and I have:

         a) designed such disclosure controls and procedures to ensure that
            material information relating to the registrant is made known to
            me, particularly during the period in which this annual 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 annual report (the "Evaluation Date"); and

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


                                   -29-
     5. I have disclosed, based on my most recent evaluation, to the
registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent functions):

         a) all significant deficiencies in the design or operation of
            internal controls and procedures which could adversely affect the
            registrant's ability to record, process, summarize and report
            financial data and 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. I have indicated in this annual 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 my most
recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.


                                          /s/ Ben Farahi
                                          --------------
                                              Ben Farahi
                                              Manager of
                                              the General Partner

                                              Date: 3/28/03





                                EXHIBIT INDEX

<TABLE>
<CAPTION>                                                                  Page
Exhibit   Description                                             Number
-------   -----------                                             ------
<S>       <C>                                                     <C>

2.        General and Limited Partner Interest Assignment
          Agreement, dated as of October 10, 2001, between
          Maxum LLC, Western Real Estate Investments, LLC,
          RAM Funding, Inc., Presidio AGP Corp., Presidio
          Capital Investment Company LLC, Presidio
          Partnership II Corp. and Bighorn Associates LLC
          (incorporated by reference to Exhibit 2.1 of the
          Registrant's Current Report on Form 8-K dated n
          (January 25, 2002).

3.

  (A)     Certificate of Limited Partnership filed on August
          14, 1986 with the State of Delaware (incorporated
          by reference to Exhibit 3B to Pre-Effective
          Amendment No. 1 to Registration Statement filed by
          the Registrant with the Securities and Exchange
          Commission on May 14, 1987 (the "Pre-Effective
          Amendment")).

  (B)     Amendment to Certificate of Limited Partnership
          filed on March 12, 1987 with the State of Delaware
          (incorporated by reference to the Pre-Effective
          Amendment).

                                   -30-
  (C)     Amendment to Certificate of Limited Partnership
          filed on May 7, 1987 with the State of Delaware
          (incorporated by reference to the Pre-Effective
          Amendment).

  (D)     Amendment to Certificate of Limited Partnership
          filed on February 5, 1988 with the State of
          Delaware (incorporated by reference to Post-
          Effective Amendment No. 2 to Registration Statement
          filed by the Registrant ("Post-Effective Amendment
          No. 2")).

  (E)     Certificate of Amendment to Certificate of Limited
          Partnership dated as of January 1, 2002, filed on
          January 29, 2002 with the State of Delaware.*

4.

  (A)     Amended and Restated Agreement of Limited
          Partnership of the Registrant (incorporated by
          reference to Exhibit 3A to  Post-Effective
          Amendment No. 2).

  (B)     Amendment No. 1 to Amended and Restated Partnership
          Agreement dated as of June 1, 1988 (incorporated by
          reference to Exhibit 4(B) of the Registrant's
          Annual Report on Form 10-K for the fiscal year 1988
          (the "1988 10-K")).

  (C)     Amendment No. 2 to Amended and Restated Partnership
          Agreement (incorporated by reference to Supplement
          No. 1 dated August 12, 1988 to the Prospectus filed
          by the Registrant with the Securities and Exchange
          Commission pursuant to Rules 424(b)(3) and 424(c)
          of the Securities Act of 1933).

  (D)     Amendment to Amended and Restated Agreement of
          Limited Partnership dated as of January 1, 2002.

  (E)     Amendment to Amended and Restated Agreement of
          Limited Partnership dated as of January 1, 2002.

10.

  (C)     Deed of Trust, Assignment of Rents, Fixture Filing
          and Security Agreement among High Cash Partners,
          L.P., Trustee; First Commercial Title, Inc.,
          Trustee; and Resources Accrued Mortgage Investors
          2, L.P., Beneficiary, dated February 10, 1989
          (incorporated by reference to Exhibit 10(a) to the
          Registrant's Current Report on Form 8-K filed with
          the Securities and Exchange Commission dated
          February 13, 1989 (the "1989 Form 8-K").

  (D)     Registered Note among High Cash Partners, L.P. and
          Resources Accrued Mortgage Investors 2, L.P., dated
          February 10, 1989 (incorporated by reference to
          Exhibit 10(b) to the 1989 Form 8-K).

  (E)     Assignment of Leases and Rents among High Cash
          Partners, L.P. and Resources Accrued Mortgage
          Investors 2, L.P., dated February 10, 1989
          (incorporated by reference to Exhibit 10(c) to the
          1989 Form 8-K).



                                   -31-
  (F)     Modification Agreement, dated as of December 21,
          2000, between High Cash Partners, L.P. and
          Resources Accrued Mortgage Investors 2, L.P.
          (incorporated by reference to Exhibit 10 to the
          Registrant's Current Report on Form 8-K filed with
          the Securities and Exchange Commission dated
          February 9, 2001).

99.       Certification pursuant to Section 906 of the
          Sarbanes-Oxley Act of 2002.
</TABLE>

*Filed herewith.


Exhibit 99

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the Annual Report of Resources Accrued Mortgage
Investors 2, L.P. (the "Partnership"), on Form 10-KSB for the fiscal year
ended December 31, 2002, as filed with the Securities and Exchange Commission
on the date hereof (the "Report"), the undersigned, in the capacities and on
the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and (2) the information contained in
the Report fairly presents, in all material respects, the financial condition
and results of operations of the Partnership.



Date:  March 28, 2003          /s/ Ben Farahi
                               --------------
                                  Ben Farahi,
                                  Manager of the General Partner































                                    -32-