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

                                    FORM 10K


[ X ] ANNUAL  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
      EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1996 :

                                       OR


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

                         Commission File Number 0-16856

                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.
             (Exact name of registrant as specified in its charter)

          Delaware                                   13-3368726
(State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization)                    Identification No.)

 411 West Putnam Avenue, Greenwich, CT                 06830
 (Address or principal executive offices)            (Zip Code)

         Registrant's telephone number, including area code 203-862-7000

           Securities registered pursuant to Section 12(b) of the Act: 
                               
                                                      Name of each exchange on
Title of Each Class                                   which registered
-------------------                                   ----------------
      None                                                 None

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


              Units of Limited Partnership Interest, $250 per Unit
                                (Title of Class)

         Indicate  by check mark  whether  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the preceding 12 months (or for such shorter period that  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.    Yes [ X ]   No  [  ]

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

                      Exhibit Index set forth on page IV-1.
<PAGE>
PART I

Item 1.         Business

General

Registrant is a Delaware limited  partnership  formed as of August 14, 1986. RAM
Funding,  Inc., a Delaware  corporation  that is a  wholly-owned  subsidiary  of
Presidio Capital Corp.  ("Presidio"),  is Registrant's  managing general partner
("Managing  General  Partner").  RAM Funding Inc.,  was until November 3, 1994 a
wholly owned subsidiary of Integrated Resources Inc. (Integrated").  On November
3, 1994,  Integrated  consummated its plan of reorganization under Chapter 11 of
the United  States  Bankruptcy  Code,  at which  time,  pursuant to such plan of
reorganization,  the  newly  formed  Presidio  purchased  substantially  all  of
Integrated's  assets.  The other  General  Partner of Registrant is Presidio AGP
Corp., a Delaware corporation  ("Presidio AGP"), which replaced as the Associate
General  Partner Z Square G Partners  II, a New York general  partnership  whose
partners were previously associated with Integrated.

Effective with the consummation of Integrated's plan of reorganization, Presidio
entered  into  a  management  and  administrative   agreement  with  Concurrency
Management Corp. ("Concurrency").  Effective January 1, 1996, Wexford Management
Corp. (formerly  Concurrency)  assigned its agreement to provide  administrative
services to Presidio and its subsidiaries to Wexford Management LLC ("Wexford").

In December  1994, Z Square G Partners II notified  Registrant of its withdrawal
as the Associate General Partner of Registrant. The withdrawal became effective,
after 60 days prior written  notice to Limited  Partners,  on February 28, 1995.
Upon  the  effective  date  of  such  withdrawal,   Presidio  AGP,  which  is  a
wholly-owned  subsidiary of Presidio Capital Corp., became the Associate General
Partner.  (The  Managing  General  Partner  and  Associate  General  Partner are
hereinafter collectively referred to as the "General Partners").

Registrant  invested  primarily in "zero coupon" first and junior mortgage loans
("Mortgage Loans") on properties owned or acquired  principally by privately and
publicly syndicated limited  partnerships  originally sponsored by affiliates of
Integrated.  The Mortgage Loans had original terms of approximately twelve years
with all interest and principal due and payable at the maturity or prepayment of
the Mortgage Loan.

Registrant offered 400,000 units of limited  partnership  interest (the "Units")
pursuant to the Prospectus dated April 12, 1988 (the "Prospectus") of Registrant
which  was  filed  with  the  Securities  and  Exchange  Commission  as  part of
Post-Effective  Amendment No. 2 to Registrant's  Registration  Statement on Form
S-11,  Commission File No. 33-9705,  as amended (the "Registration  Statement").
The Prospectus was supplemented by supplements  dated August 12, 1988,  February
8,  1989,  March 10,  1989,  April 28,  1989 and June 26,  1989.  In June  1988,
Registrant  had its initial  admission  of limited  partners,  and its  offering
terminated on September 20, 1989. As of its final  admission on October 1, 1989,
Registrant had accepted  subscriptions  for 187,919 Units (including Units owned
by the initial limited partner) resulting in total gross proceeds of $46,979,750
of which  $18,405,847 of the offering  proceeds was not invested or committed by
April 12, 1990 and was  returned in  accordance  with the terms of  Registrant's
partnership  agreement  ("Partnership  Agreement").  In 1996, 1995 and 1994, the
percentage  of  Registrant's  revenue  attributable  to  interest  on short term
investments was 6.6%, 8.3% and 4.9%, respectively.  For the years ended December
31, 1996,  1995 and 1994,  the Sierra Loan  accounted for  approximately  91.1%,
90.7% and 85% respectively, of Registrant's revenues.
<PAGE>
Investments of Registrant

Registrant  originally  invested 100% of its net proceeds in four Mortgage Loans
in the original amount of $23,323,513,  including  interest of $23,513.  In June
1992,  the  senior  mortgage  lender  on one of  Registrant's  investments,  the
Promenade  Loan,  foreclosed on the property  securing its loan,  and Registrant
lost its entire investment.  As of March 1, 1997,  Registrant had investments in
the  remaining  three  Mortgage  Loans in the original  amounts of  $17,700,000,
including interest of $23,513.  All interest and principal is due and payable at
maturity and there are no current  payments  due on any of the  Mortgage  Loans.
Following is a description  of the status of  Registrant's  investments:  Sierra
Marketplace Loan

A $6,500,000 first Mortgage Loan (the "Sierra Loan") to High Cash Partners, L.P.
(the "Sierra Borrower"),  a public limited partnership  originally  sponsored by
Integrated,  which is secured by a shopping  center commonly known as the Sierra
Marketplace located in Reno, Nevada (the "Sierra Property"). The Sierra Property
consists of approximately 233,000 square feet of net rentable area. The shopping
center  occupies 18.67 acres,  consisting of two main buildings and three anchor
tenant buildings with surface parking for 1,184 automobiles.

The Sierra Loan was funded on February 10, 1989 and bears  interest at a rate of
11.22% per annum,  compounded  monthly and is due on February 28, 2001, at which
time a balloon  payment of $24,966,653,  together with  additional  interest (as
described  below) if any,  will be  payable.  Under  the terms of the loan,  the
Sierra  Borrower must  provide,  on request,  a current  appraisal of the Sierra
Property.  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  shall be immediately  obligated to pay such excess.  In the event that
such excess becomes due, the Sierra Borrower may not have  sufficient  liquidity
to satisfy its obligation to Registrant.  The Sierra Borrower could be forced to
sell  its  property  or  seek  other  relief,  including  protection  under  the
bankruptcy  laws.  Management has prepared a valuation of the Property and based
on that valuation,  no additional amounts are presently due. However, it appears
possible that the loan will accrue to a value in excess of the property's market
value within the next few years.  At that time it is likely that the  Registrant
may cease accruing  interest on this loan and a provision for loan losses may be
recorded against the loan value.

Registrant  is  entitled  to  additional  interest  equivalent  to  23.9% of the
appreciation  in the value of the Sierra  Property  after payment of a specified
return to the Sierra  Borrower.  The maximum annual rate of interest,  including
the additional interest,  cannot exceed 16% compounded annually.  It is unlikely
that  Registrant will realize any additional  interest from the  appreciation of
the property.

The total amount,  including  fees,  allocated to the Sierra Loan from the gross
proceeds  of  Registrant's  offering  was  $7,715,134  including  payment to the
Managing General Partner of a mortgage placement fee of $385,757.

Harborista Loan

A  $10,000,000  second  Mortgage  Loan (the  "Harborista  Loan")  to  Harborista
Associates  L.P. (the  "Harborista  Borrower"),  a private  limited  partnership
originally  sponsored by Integrated,  is secured by an office building  commonly
<PAGE>
known as the Harbor Plaza,  located in Boston,  Massachusetts  ("Harbor Plaza").
Harbor  Plaza  consists of a 13-story  office  building on .88 acres  containing
approximately  334,000 square feet of rentable space,  located in the Fort Point
Channel  section of downtown  Boston.  Harbor Plaza is 100% leased pursuant to a
master  net  lease  (the  "Master  Lease")  which,  subject  to a right of early
termination by the Harborista Borrower, expires on November 30, 1998.

The Harborista Loan was funded on February 13, 1989 and bears interest at a rate
of 13.307% per annum,  compounded  monthly and was originally due on December 1,
1998 at which time a balloon payment of $36,568,146 will be payable.

The total amount,  including fees, allocated to the loan from the gross proceeds
of  Registrant's  offering  was  $11,897,345  including  payment to the Managing
General Partner of a mortgage placement fee of $594,867.

Harbor  Plaza is also  encumbered  by a first  mortgage  loan in the  amount  of
$24,475,000  (the  "Northwestern  Mortgage")  held by  Northwestern  Mutual Life
Insurance Co.  ("Northwestern").  The Northwestern Mortgage was due to mature on
December 1, 1995, but was extended until December 1, 1999.

In 1993,  based  upon  information  that the cash flow from the tenant at Harbor
Plaza was far below the amount of rental  payments  due under the Master  Lease,
the  condition  of the Boston real  estate  market and the  likelihood  that the
public  works  construction  which had  adversely  affected  Harbor  Plaza would
continue for some time,  there was a substantial  likelihood that the Harborista
Borrower  would  not be able to  refinance  the  Northwestern  Mortgage  when it
matured. For these reasons,  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 was
$10,618,380. In addition, if 470 Atlantic Management Corp. was successful in the
lawsuit  referred to below, it may have resulted in an attempted  foreclosure by
Northwestern.  See Item 3, "Legal  Proceedings - Harbor Plaza  Litigation" for a
discussion of the litigation involving Harbor Plaza.

The Master  Lessee and  Registrant  consummated  an agreement  during the fourth
quarter  of 1995,  pursuant  to which  Registrant  received  $341,038  (which is
included in other income for the year ended  December 31,  1995).  In accordance
with this agreement, Registrant subordinated its lien to any new monies invested
in Harbor Plaza and extended its loan (as did the first  mortgagor)  until 1999,
among other things.  For additional  information  concerning the Harborista Loan
see Item 7,  "Management's  Discussion  and Analysis of Financial  Condition and
Results of Operations."

Twin Oak Loan

A  $1,200,000  second  Mortgage  Loan (the  "Twin  Oak  Loan") to Twin Oak Plaza
Associates (the "Twin Oak Borrower"), a limited partnership originally sponsored
by  Integrated,  is secured  by the Twin Oak  Shopping  Center,  located in Fort
Lauderdale, Florida (the "Twin Oak Property").

The property is a 113,217 square foot  community  retail  shopping  center which
includes the 15,000 square foot addition  built by the Twin Oak Borrower,  which
had been fully leased to McCrory until March 1995 at which time McCrory vacated.
McCrory filed a voluntary  petition for  reorganization  under Chapter 11 of the
United States  Bankruptcy  Code in February 1992. In July,  1993, the Bankruptcy
Court approved  McCrory's  application for a Lease Amendment which allowed for a
reduction  in its rental  rates to current  market  levels.  The tenant had been
current with its rent payments  since the  Bankruptcy  Court  hearing,  however,
<PAGE>
McCrory had petitioned  the Bankruptcy  Court to terminate its Lease and vacated
the  premises on March 31,  1995.  During  1996 the McCrory  space was leased to
Scotty's  Hardware,  who began  paying rent to the Twin Oak Borrower in February
1997.

The Twin Oak Loan was  funded on April 3, 1990 and bears  interest  at a rate of
12.23% per annum, compounded annually, and is due on May 1, 2002 at which time a
balloon payment of $4,843,839 will be payable.  Under the terms of the loan, the
Twin Oak Borrower must provide, at Registrant's  request, a current appraisal of
the Twin Oak Property.  If the sum of (i) the principal balances of the Twin Oak
Loan plus the first mortgage plus (ii) all accrued and unpaid interest in excess
of 5% per annum of the principal  balance of such  mortgages  exceeds 85% of the
then  current  appraised  value,  the Twin  Oak  Borrower  shall be  immediately
obligated to pay such excess.  Based on management's  cash flow  projections and
analyses,  the Twin Oak Borrower is currently failing this test. Registrant will
not take action against Twin Oak at this time as there is not an adequate remedy
for the  Registrant.  By Registrant  calling its  mortgage,  Twin Oak would most
likely seek protection  under Chapter 11 of the United States  Bankruptcy  Code.
Since the estimated value of the underlying property is currently  approximately
equal to the first mortgage plus the carrying value of Registrant's mortgage, by
calling its loan,  Registrant  would  jeopardize  its potential of realizing any
proceeds from the Twin Oak Loan.

The total amount,  including fees, allocated to the loan from the gross proceeds
of  Registrant's  offering  was  $1,424,332,  including  payment to the Managing
General Partner of a mortgage placement fee of $71,217.

The Twin Oak Property is also  encumbered  by a first  mortgage in the amount of
$4,250,000,  held  by  Southern  Life  Assurance  Company  (the  "Southern  Life
Mortgage"). The Southern Life Mortgage bears interest at a rate of 10% per annum
plus contingent  interest,  and is payable in 119 equal monthly  installments of
$36,550.  The maturity date of the Southern Life  Mortgage,  originally  July 1,
1993,  was  extended  by three years to July 1, 1996.  The Twin Oak  borrower is
currently negotiating an extension on the First Mortgage.  The Twin Oak borrower
has ceased  making  debt  service  payments on the first  mortgage  and is using
current  cash flow to repair  the Winn  Dixie  roof  while  negotiations  are in
progress. If negotiations are not successful, it is not possible to predict what
effect this will have on Registrant.

In January 1995, Registrant ceased accruing interest on the Twin Oak loan due to
the fact that McCrory, a tenant occupying approximately 13% of the retail space,
filed a voluntary  petition for  reorganization  under  Chapter 11 of the United
States  Bankruptcy Code which  significantly  reduced the value of the Property.
McCrory successfully petitioned the Court to terminate its lease and vacated the
premises in March 1995.

During the year ended 1996, a $1,515,000  provision for loan losses was recorded
on the Twin Oak Loan. As a result of the continued vacancy of the former McCrory
space and  uncertainties  regarding  its lease up, a decline in the  standard of
living in the surrounding  area of the Twin Oak Shopping Center and negotiations
with the first mortgage lender  regarding an extension of its loan which was due
July 1, 1996, cash flow  projections were performed during the second quarter of
1996 which  indicated that the estimated fair value of the Twin Oak property was
approximately  $4,530,000  at that time.  The  contractual  balance of the first
mortgage  at  June  30,  1996  was  approximately  $3,890,000,  necessitating  a
provision for loan losses of $1,515,000 to reduce the carrying value of the loan
to approximately $640,000.
<PAGE>
As of December 31, 1996, the McCrory space had been leased to Scotty's  Hardware
who will begin paying rent to the Twin Oak borrower in April 1997.

Employees

Registrant  does not have any employees.  Certain  services are performed by the
General  Partners and/or their  affiliates for Registrant in connection with the
servicing  of the Mortgage  Loans  pursuant to a mortgage  servicing  agreement.
Wexford currently performs accounting,  secretarial, transfer and administrative
services  for  Registrant  and  Registrant  pays for its pro rata amount of such
services.  Wexford also performs  similar  services for other  affiliates of the
General Partners.


Item 2.          Properties

None.


Item 3.          Legal Proceedings


None.


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

No  matters  were  submitted  to a vote of  security  holders  during the fourth
quarter of the fiscal year covered by this report  through the  solicitation  of
proxies or otherwise.

PART II

Item 5.          Market for Registrant's Securities and Related Security Holder
                 Matters

There is no established public trading market for the Units of Registrant.

There are  restrictions  set forth in the Partnership  Agreement which may limit
the ability of a limited  partner to transfer  units.  Such  restrictions  could
impair the ability of a limited partner to liquidate its investment in the event
of an emergency or for any other reason.

As of  March  1,  1997,  there  were  approximately  4,200  holders  of Units of
Registrant,  owning an aggregate of 187,919 Units  (including  Units held by the
initial limited partner).
<PAGE>
There are no material legal restrictions set forth in the Partnership  Agreement
upon  Registrant's   present  or  future  ability  to  make  distributions.   No
distributions  were made in 1996, 1995 and 1994. No distributions from cash flow
are  anticipated to be made in as much as all payments due from borrowers  under
the Mortgage  Loans are deferred and payable upon  maturity or prepayment of the
respective  Mortgage  Loans.  Where deemed  appropriate,  the  Managing  General
Partner will consider accepting  prepayments on a negotiated basis. During 1995,
Registrant  received $341,038 from the Harborista  settlement,  and is currently
holding the said settlement in reserves.

Item 6.  Selected Financial Data.
<TABLE>
<CAPTION>
                                                                     Year ended December 31,

                          1996               1995               1994            1993                1992
                     ---------------    ------------       ------------    ----------------    ------------
<S>                  <C>                <C>                <C>             <C>                 <C>
Revenues ........    $  1,794,213       $  1,946,240       $  1,885,747    $  1,797,318        $  1,353,217
Net Income (Loss)    $    123,888(2)    $  1,765,545       $  1,723,537    $ (9,056,306)(1)    $  1,151,537
Net Income (Loss)
    Per Unit ....    $        .64(2)    $       9.16       $       8.94    $     (46.99)(1)    $       5.97
Total Assets ....    $ 19,501,016       $ 19,346,908       $ 17,554,159    $ 15,853,759        $ 24,847,907


(1)    Net of provision for loan losses of $10,618,380 or $55.09 per Unit.
(2)    Net of provision for loan losses of $1,515,000 or $7.86 per Unit.
</TABLE>

Item 7.         Management's Discussion and Analysis of Financial Condition and 
                Results of Operations

Liquidity and Capital Resources

Registrant has invested the net proceeds of its public offering in "zero coupon"
first and junior  mortgage  loans secured by  properties  owned  principally  by
privately and publicly syndicated limited  partnerships  originally sponsored by
affiliates of Integrated.  The initial admission of limited partners occurred on
June 1, 1988 and as of the  termination  of its offering on  September  20, 1989
Registrant  had raised gross proceeds of  $46,979,750.  Since all gross proceeds
that were raised had not been invested or committed for  investment,  Registrant
was obligated under the terms of the Prospectus to return such uninvested funds.
The  Managing  General  Partner  distributed  these  proceeds  in the  amount of
$19,263,445 (including interest of $857,598) in August, 1990. This represented a
return of capital of $90.06 per unit and an  allocation  of  interest  earned on
uninvested  gross  proceeds,  ranging  from  $6.42 per unit to  $17.90  per unit
depending  on the  date of  admission.  Additionally,  Registrant  made a second
related distribution of $606,978, or $3.23 per unit, on October 30, 1990.

Registrant  had  invested  in  four  Mortgage  Loans  aggregating  approximately
$23,300,000 in principal.  In June,  1992  Registrant lost its investment in the
Promenade Loan which represented original loan proceeds of $5,600,000 leaving an
aggregate of original investments of approximately $17,700,000.
<PAGE>
Registrant  uses  working  capital  reserves  provided  from the proceeds of its
public offering and subsequent  settlement amounts,  and interest earned thereon
as its primary measure of liquidity.  Registrant does not anticipate  making any
distributions  from cash flow during its first 8 to 12 years of  operations,  or
until such time as the Mortgage  Loans mature or are  prepaid.  Working  capital
reserves  are  invested  in  short-term  instruments  and  are  expected  to  be
sufficient to pay administrative  expenses during the term of Registrant.  As of
December 31, 1996,  Registrant  had working  capital  reserves of  approximately
$2,873,000.

A portion of the Registrant's  Proof of Claim against  Integrated was allowed by
the Bankruptcy Court in the amount of $691,791. During 1994, a cash distribution
of  approximately  35.8 percent or $247,613 was made to the  Registrant  in full
settlement of this claim.  The Managing General Partner has added this amount to
Registrant's working capital reserves.

In February 1995, Registrant entered into an agreement in principle with respect
to the Harbor Plaza  litigation  which was  consummated  in accordance  with its
terms in  December  1995.  The  agreement  required a payment to  Registrant  of
approximately  $341,038  from the Master  Lessee of Harbor  Plaza.  The Managing
General Partner has added this amount to Registrant's  working capital reserves.
Except as discussed  above,  management  is not aware of any other known trends,
events,  commitments,  or uncertainties  that will have a significant  impact on
liquidity.

Real Estate Market

The real estate  market  continues  to suffer from the effects of the  recession
which included a substantial decline in the market value of existing properties.
Market values have been slow to recover,  and while the pace of new construction
has slowed,  high vacancy rates  continue to exist in many areas.  These factors
may continue to reduce rental  rates.  As a result,  Registrant's  potential for
realizing the full value of its  investment  in certain  mortgages is considered
unlikely.

Allowance for Loan Losses

An allowance  for loan losses is  established  based upon a quarterly  review of
each of the mortgage loans in Registrant's  portfolio. In performing the review,
management  considers  the  estimated  net  realizable  value of the property or
collateral as well as other factors,  such as the current occupancy,  the amount
and status of senior  debt,  if any,  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  projection  of  future
economic events which are inherently subjective, the amounts ultimately realized
at disposition may differ materially from the carrying values as of December 31,
1996.

For the quarter ended June 30, 1996, a $1,515,000  allowance for loan losses was
recorded on the Twin Oak Loan. As a result of the vacancy of the former  McCrory
space and  uncertainties  regarding  its lease up, a decline in the  standard of
living in the surrounding  area of the Twin Oak Shopping Center and negotiations
with the first mortgage lender  regarding an extension of its loan which was due
July 1, 1996, cash flow projections were performed which indicated the estimated
fair value of the Twin Oak property to be  approximately  $4,530,000 at June 30,
1996.  The  contractual  balance  of the  first  mortgage  at June 30,  1996 was
approximately $3,890,000, necessitating a write-down of $1,515,000 to reduce the
carrying value of the loan to approximately $640,000.
<PAGE>
The  allowance  is  inherently  subjective  and is  based on  management's  best
estimate of current conditions and assumptions about expected future conditions.
Registrant may provide additional losses in subsequent years and such provisions
could be material.


Results of Operations

1996 vs. 1995

Net income  decreased  for the year  December  31, 1996  compared  to 1995.  The
decrease was primarily due to the provision for loan losses recorded on the Twin
Oak loan during the second quarter of 1996, as discussed above.

Revenues  decreased  compared  to the same  period  in 1995.  The  decrease  was
primarily a result of a decrease in other  income due to the receipt of $341,038
relating to the  settlement of the Harbor Plaza  Litigation  in 1995,  partially
offset by an  increase in the  contractual  value of the Sierra loan (due to the
deferral of interest) on which the mortgage interest income is calculated.

Costs and expense increased for the year ended December 31, 1996 compared to the
same period in 1995.  The increase was  primarily  due to the provision for loan
losses recorded on the Twin Oak loan,  partially offset by a decrease in general
and  administrative  expenses.  General and  administrative  expenses  decreased
primarily as a result of decreased payroll related costs

1995 vs. 1994

Net income  increased  during 1995  compared to 1994.  The  increase is due to a
greater  increase in revenues  than the  increase in expenses for the year ended
December 31, 1995 compared to 1994.

Revenues  increased  for the year ended  December 31, 1995 compared to 1994 as a
result of increases in other income and interest  income,  partially offset by a
decrease in  investment  income.  Other income  increased  primarily  due to the
receipt of $341,038 from the settlement of the Harborista litigation during 1995
as compared to the receipt in 1994 of approximately $247,000 from the Integrated
settlement.  Interest income increased when compared to the prior year due to an
increase in working  capital  reserves  combined  with an increase in short term
interest rates. Investment income decreased for the year ended December 31, 1995
compared to 1994 due to the  cessation  of the interest  accrual  related to the
Twin Oak loan.

Costs and expenses  increased  for the year ended  December 31, 1995 compared to
1994 due to an  increase  in general and  administrative  expenses.  General and
administrative  expenses increased  primarily due to an increase in the costs to
administer the legal affairs of the Partnership  partially  offset by a decrease
in payroll costs for 1995 versus 1994.

Other Legal Proceedings

None.
<PAGE>
Item 8.         Financial Statements and Supplementary Data

                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                              FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994


                                      INDEX



     Independent Auditor's Report              


     Independent Auditors' Report              


     Financial Statements - Years ended
      December 31, 1996, 1995 and 1994


           Balance sheets                    
     
           Statements of income              

           Statement of partners' equity     

           Statements of cash flows          

           Notes to financial statements     




All financial statement schedules are omitted because they are not applicable or
the required information is shown on the financial statements or notes thereto.
<PAGE>
Item 9.         Changes in and Disagreements with Accountants on Accounting and 
                Financial Disclosure.

None.

<PAGE>

To the Partners of
Resources Accrued Mortgage Investors 2 L.P.
Greenwich, Connecticut

                          INDEPENDENT AUDITOR'S REPORT

We have audited the  accompanying  balance sheets of Resources  Accrued Mortgage
Investors 2 L.P. ( a limited  partnership) as of December 31, 1996 and 1995, and
the related statements of income,  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  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Resources  Accrued  Mortgage
Investors  2 L.P.  as of  December  31,  1996 and 1995,  and the  results of its
operations  and its cash  flows  for the years  then  ended in  conformity  with
generally accepted accounting principles.


Hays & Company



February 21, 1997
New York, New York
<PAGE>

INDEPENDENT AUDITORS' REPORT


To the Partners of
Resources Accrued Mortgage Investors 2 L.P.  

We have audited the accompanying statements of operations,  partners' equity and
cash flows of Resources  Accrued  Mortgage  Investors 2 L.P. (a Delaware limited
partnership)  for the year ended December 31, 1994.  These financial  statements
are the responsibility of the Partnership's management. Our responsibility is to
express an opinion on these  financial  statements  and the financial  statement
schedule based on our audit.

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

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects, the results of operations and cash flows of Resources Accrued Mortgage
Investors  2 L.P.  for the year  ended  December  31,  1994 in  conformity  with
generally accepted accounting principles.

As more fully  described in Note 4, the  Partnership  provided  for  significant
losses on its investments in mortgage loans in 1993. As disclosed in Note 2, the
determination  of the  allowance  for loan losses is based upon  projections  of
future economic events which are inherently subjective.



  

March 16, 1995

Deloitte & Touche
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
                        RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                                       BALANCE SHEETS


                                                                     December 31,
                                                             -----------------------------
                                                                  1996             1995
                                                             ------------     ------------
<S>                                                          <C>              <C>
ASSETS

     Investments in mortgage loans (net of allowance
        for loan losses of $12,133,380 and $10,618,380 at
        December 31, 1996 and 1995) .....................    $ 16,616,033     $ 16,511,153
     Cash and cash equivalents ..........................       2,873,084        2,835,755
     Other receivable ...................................          11,899             --
                                                             ------------     ------------
                                                             $ 19,501,016     $ 19,346,908
                                                             ============     ============


LIABILITIES AND PARTNERS' EQUITY

Liabilities
     Accounts payable and accrued expenses ..............    $    130,798     $    100,578
                                                             ------------     ------------

Commitments and contingencies (Notes 3, 4, and 6)

Partners' equity
     Limited partners' equity (187,919 units issued
        and outstanding) ................................      19,619,745       19,498,954
     General partners' deficit ..........................        (249,527)        (252,624)
                                                             ------------     ------------

        Total partners' equity ..........................      19,370,218       19,246,330
                                                             ------------     ------------

                                                             $ 19,501,016     $ 19,346,908
                                                             ============     ============

                            See notes to financial statements.

</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                        RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                                    STATEMENTS OF INCOME

                                                      Year ended December 31,
                                              -------------------------------------
                                                 1996          1995           1994
                                              ----------    ----------    ----------
<S>                                           <C>           <C>           <C>
Revenues
     Mortgage loans interest income ......    $1,619,880    $1,455,616    $1,533,217
     Short term investment interest ......       144,945       133,136        92,233
     Other income ........................        29,388       357,488       260,297
                                              ----------    ----------    ----------

                                               1,794,213     1,946,240     1,885,747
                                              ----------    ----------    ----------

Costs and expenses
     General and administrative expenses .       155,325       180,695       162,210
     Provision for loan losses ...........     1,515,000          --            --
                                              ----------    ----------    ----------

                                               1,670,325       180,695       162,210
                                              ----------    ----------    ----------

Net income ...............................    $  123,888    $1,765,545    $1,723,537
                                              ==========    ==========    ==========


Net income attributable to
     Limited partners ....................    $  120,791    $1,721,406    $1,680,449
     General partners ....................         3,097        44,139        43,088
                                              ----------    ----------    ----------

                                              $  123,888    $1,765,545    $1,723,537
                                              ==========    ==========    ==========

Net income per unit of limited partnership
     interest (187,919 units outstanding)     $     0.64    $     9.16    $     8.94
                                              ==========    ==========    ==========


See notes to financial statements.

</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                            STATEMENT OF PARTNERS' EQUITY

                     YEARS ENDED DECEMBER 31, 1994, 1995 AND 1996




                                       General         Limited          Total
                                       Partners'       Partners'       Partners'
                                        Deficit         Equity          Equity
<S>                                 <C>              <C>             <C>
Balance, January 1, 1994 ......     $  (339,851)     $16,097,099     $15,757,248

Net income - 1994 .............          43,088        1,680,449       1,723,537
                                    -----------      -----------     -----------
Balance, December 31, 1994 ....        (296,763)      17,777,548      17,480,785

Net income - 1995 .............          44,139        1,721,406       1,765,545
                                    -----------      -----------     -----------

Balance, December 31, 1995 ....        (252,624)      19,498,954      19,246,330

Net income - 1996 .............           3,097          120,791         123,888
                                    -----------      -----------     -----------

Balance, December 31, 1996 ....     $  (249,527)     $19,619,745     $19,370,218
                                    ===========      ===========     ===========


                         See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                             RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                                      STATEMENTS OF CASH FLOWS



                                                                   Year ended December 31,
                                                         -------------------------------------------
                                                              1996           1995           1994
                                                         -----------     -----------     -----------
<S>                                                      <C>             <C>             <C>
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS

Cash flows from operating activities

     Net income .....................................    $   123,888     $ 1,765,545     $ 1,723,537

     Adjustments to reconcile net income to
       net cash provided by operating activities
        Provision for loan losses ...................      1,515,000            --              --
        Non-cash interest earned
            on mortgage loans .......................     (1,619,880)     (1,455,616)     (1,533,217)

     Changes in assets and liabilities
        Other receivables ...........................        (11,899)           --              --
        Accounts payable and accrued expenses .......         30,220          27,204         (23,137)
                                                         -----------     -----------     -----------
            Net cash provided by operating activities         37,329         337,133         167,183
                                                         -----------     -----------     -----------

Net increase in cash and cash equivalents ...........         37,329         337,133         167,183

Cash and cash equivalents, beginning of year ........      2,835,755       2,498,622       2,331,439
                                                         -----------     -----------     -----------

Cash and cash equivalents, end of year ..............    $ 2,873,084     $ 2,835,755     $ 2,498,622
                                                         ===========     ===========     ===========

                                 See notes to financial statements.
</TABLE>
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

1       ORGANIZATION

       Resources Accrued Mortgage Investors 2 L.P.  (formerly  Resources Accrued
       Mortgage  Investors  L.P.  - Series  87 and  Resources  Accrued  Mortgage
       Investors  L.P.  -  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"), the former parent of the General Partners.

       The Partnership  originally offered 400,000 units of limited  partnership
       interest (the "Units")  pursuant to the  Prospectus  dated April 12, 1988
       (the  "Prospectus")  which was filed  with the  Securities  and  Exchange
       Commission as part of Post-Effective Amendment No. 2 to the Partnership's
       Registration  Statement on Form S-11,  Commission  File No.  33-9705,  as
       amended by supplements dated August 12, 1988, February 8, 1989, March 10,
       1989,  April 28, 1989 and June 26, 1989. In June 1988 the Partnership had
       its initial admission of limited partners, and its offering terminated on
       September  20,  1989.  As of its final  admission,  which  was  effective
       October 1, 1989, the Partnership had accepted  subscriptions  for 187,919
       Units (including Units owned by the initial limited partner) resulting in
       total gross proceeds of  $46,979,750.  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 Managing General Partner distributed these funds in
       the amount of  $19,263,445,  including  interest of $857,598,  in August,
       1990.

       In August 1986, the Partnership  admitted  Resources Capital Corp. as the
       Administrative  General  Partner;  RAM  Funding,  Inc. as the  Investment
       General  Partner;  and Z Square G Partners  II as the  Associate  General
       Partner.  In September,  1986, the  aforementioned  general partners made
       capital   contributions  to  the  Partnership  of  $960,  $20,  and  $20,
       respectively.  The  Administrative  General Partner,  Investment  General
       Partner and Associate General Partner were originally entitled to receive
       4.8%, .1% and .1%,  respectively,  of the Adjusted Cash From  Operations,
       Disposition  Proceeds  and  Allocations  of Net Income and Loss,  each as
       defined in the  Prospectus.  The initial  limited partner was admitted in
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

       August, 1986, and made a capital contribution of $2,500 for ten Units. In
       May 1987, RAM Funding,  Inc.  purchased from Resources  Capital Corp. its
       4.8% general  partner  interest in the Partnership for $960. RAM Funding,
       Inc. then became the Managing General Partner of the Partnership.  All of
       the undertakings  and  responsibilities  originally  assumed by Resources
       Capital Corp. were assumed by RAM Funding,  Inc. as the Managing  General
       Partner.  Integrated,  the parent of the Managing  General  Partner until
       November 3, 1994, agreed to such changes.

       In December  1987,  RAM Funding,  Inc. and Z Square G Partners II reduced
       their general partner interests from 4.9% and .1%, respectively, to 2.45%
       and .05%,  respectively;  accordingly,  RAM Funding,  Inc. and Z Square G
       Partners II were then entitled to receive  2.45% and .05%,  respectively,
       of Adjusted Cash From Operations, Disposition Proceeds and Allocations of
       Net Income and Loss.  In  addition,  the  Limited  Partners'  interest in
       Adjusted Cash from  Operations,  Disposition  Proceeds and Allocations of
       Net Income and Loss had increased from 95% to 97.5%.

2       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       Investments in mortgage loans

       The  Partnership  principally  invests in "zero coupon" senior and junior
       mortgage  loans on properties  owned or acquired by limited  partnerships
       originally  sponsored by affiliates of the General Partners.  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:

       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  this  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.  None of the  Partnership's  mortgage  loans are  currently
       recognizing revenue under the investment method.
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

2       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)


       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 quarterly 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.  Accordingly,
       the Partnership may provide for additional losses in subsequent years and
       such provisions could be material.

       Financial statements

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

       Cash and cash equivalents

       For  the  purpose  of the  statements  of  cash  flows,  the  Partnership
       considers all short-term  investments  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 include cash and cash equivalents and
       investments in mortgage loans. Unless otherwise disclosed, the fair value
       of financial instruments approximates their recorded values.
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

2       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

       Net income per unit of limited partnership interest

       Net income per unit of limited  partnership  interest is  computed  based
       upon the number of units  outstanding  (187,919),  during the years ended
       December 31, 1996, 1995, and 1994.

       Income taxes

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

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

       Reclassifications

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

       Estimates

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

3       CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES

       The Managing General Partner of the Partnership,  RAM Funding,  Inc., was
       until November 3, 1994 a  wholly-owned  subsidiary of Integrated at which
       time,   pursuant   to  the   consummation   of   Integrated's   Plan   of
       Reorganization,  the assets of Integrated  were sold to Presidio  Capital
       Corp.  ("Presidio").  As of February  28,  1995,  the  Associate  General
       Partner of the Partnership is Presidio AGP Corp., a Delaware  Corporation
       ("Presidio  AGP"),  which  replaced  Z Square G  Partners  II, a New York
       general  partnership  comprised of a general  partnership and individuals
       who were all former officers,  directors and significant  shareholders of
       Integrated.  The general  partners and certain  affiliates of the general
       partners,  are general  partners in several  other  limited  partnerships
       which  are also  affiliated  with  Presidio,  and which  are  engaged  in
       businesses that are, or may be in the future, in direct  competition with
       the Partnership.
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

3       CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES (continued)

       Wexford  Management  Corp.  had been  engaged to perform  management  and
       administrative   services  for  Presidio  and  its  direct  and  indirect
       subsidiaries as well as the  Partnership.  Wexford  Management  Corp. was
       engaged to perform similar  services for other similar  entities that may
       be in  competition  with the  Partnership.  Effective  January  1,  1996,
       Wexford Management Corp., formerly Concurrency Management Corp., assigned
       its  agreement  to provide  management  and  administrative  services  to
       Presidio and its  subsidiaries  to Wexford  Management  LLC  ("Wexford").
       During 1996 the  Partnership  paid  Wexford  $30,813 for  management  and
       administrative services rendered.

       Subject to the rights of the  Limited  Partners  under the  agreement  of
       limited  partnership  of  the  Partnership,   as  amended  (the  "Limited
       Partnership  Agreement"),  Presidio will control the Partnership  through
       its direct or  indirect  ownership  of all of the shares of the  Managing
       General  Partner,  and as of February 28,  1995,  the  Associate  General
       Partner.  Presidio  was  managed  by  Presidio  Management  Company,  LLC
       ("Presidio Management"),  a company controlled by a director of Presidio.
       Presidio  Management  is  responsible  for the  day-to-day  management of
       Presidio and among other things, has authority to designate  directors of
       the Managing General Partner and the Associate General Partner.  In March
       1996,  Presidio  Management  assigned  its  agreement  for the day to day
       management of Presidio to Wexford.

       Presidio is a liquidating company.  Although it has no immediate plans to
       do so, it will  ultimately  seek to dispose of the  interests it acquired
       from Integrated through liquidation;  however,  there can be no assurance
       of the  timing  of such  transaction  or the  effect  it may  have on the
       Partnership.

       Presidio  has elected new  directors  for the Managing  General  Partner.
       However,  one of its executive  officers  remains the same and certain of
       Integrated's  former employees who performed services with respect to the
       Partnership  are  employed  by  Wexford,  which  provides  administrative
       services to Presidio, its direct and indirect subsidiaries, as well as to
       the Partnership.

       The Partnership has invested  principally in mortgage loans on properties
       owned or acquired by privately syndicated limited partnerships originally
       sponsored   by   Integrated.   Transactions   entered  into  between  the
       Partnership   and  affiliates  of  Integrated  are  subject  to  inherent
       conflicts of interest.

4       INVESTMENTS IN MORTGAGE LOANS AND ALLOWANCE FOR LOAN LOSSES

       The  Partnership  invests in zero-coupon,  nonrecourse  senior and junior
       mortgage loans. Collection of the amounts due on the Partnership's junior
       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.
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
 

4       INVESTMENTS IN MORTGAGE LOANS AND ALLOWANCE FOR LOAN LOSSES (continued)

       All of the  Partnership's  mortgage  notes,  with  the  exception  of the
       Harborista  Loan,  contain a provision  which  requires the  borrowers to
       provide current appraisals based upon certain conditions or in some cases
       upon  request. 

       The  Partnership  has prepared  internal   appraisals from Twin Oak Plaza
       Associates ("Twin Oak"), High Cash Partners,  L.P. ("High Cash"), each of
       whose general  partners are affiliated with the Managing  General Partner
       of the Partnership. Additionally, all of the loans, with the exception of
       the  Harborista  Loan,  contain a  provision  that  requires  that if the
       appraisal  indicates  that the  value of all  indebtedness  senior to and
       including the  Partnership's  loan,  taking into account  principal  plus
       accrued  interest  in excess  of 5% per  annum,  exceeds  85% of the then
       current  appraisal,  the borrower must repay the  indebtedness to a point
       where the 85% loan to value ratio is restored. The Twin Oak and High Cash
       borrowers  may not have  sufficient  assets  available to restore the 85%
       loan to value ratio.

       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.

       Harborista Loan

       A $10,000,000  second mortgage loan (`the Harborista Loan") to Harborista
       Associates,  L.P. is 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 bears interest at the
       rate of 13.307% per annum,  compounded  monthly and was originally due on
       December  1,  1998,  at which  time a balloon  payment  of  approximately
       $36,000,000 would be due and payable.  Harbor Plaza is also encumbered by
       a first mortgage loan in the 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 December 1, 1999.
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

4       INVESTMENTS IN MORTGAGE LOANS AND ALLOWANCE FOR LOAN LOSSES (continued)

       Harborista Loan (continued)

       In 1993,  based  upon  information  that the cash flow from the tenant at
       Harbor  Plaza was far below the amount of rental  payments  due under the
       Master  Lease,  the  condition  of the Boston real estate  market and the
       likelihood  that  the  public  works  construction  which  had  adversely
       affected  Harbor  Plaza  would  continue  for  some  time,  there  was  a
       substantial likelihood that the Harborista Associates,  L.P. would not be
       able to refinance the  Northwestern  Mortgage when it matured.  For these
       reasons,   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.  In addition,  if 470 Atlantic  Management
       Corp.  ("470"),  the Master Lessee of Harbor Plaza, was successful in the
       lawsuit  referred  to  below,  it  may  have  resulted  in  an  attempted
       foreclosure by Northwestern.

       On  December  13,  1991 a Summons and  Complaint  was issued by 470.  The
       defendants in the lawsuit were Harborista  Associates L.P.,  Harbor Plaza
       Property  Credit Corp.,  an unsecured  lender to  Harborista  Associates,
       L.P., which was also an affiliate of Integrated,  and  Northwestern.  The
       Partnership  was not named as a defendant  in this  lawsuit.  Each of the
       defendants to this lawsuit had filed  separate  motions to dismiss.  In a
       joint hearing held in June 1992, the Court denied the motions to dismiss.
       An  attempt  was  made to join the  Commonwealth  of  Massachusetts  as a
       party-defendant in the lawsuit.  This attempt to join the Commonwealth to
       this action was dismissed by the Court in July,  1993. In its  complaint,
       470  requested  a  declaratory  judgment  that a  Substantial  Taking (as
       defined  in  the  Master  Lease)  of  Harbor  Plaza  had  occurred,  thus
       permitting 470 to terminate their Master Lease.

       Their complaint was as follows:

       1  That the  Commonwealth of  Massachusetts,  with respect to the Central
          Artery  Project and Third  Harbor  Tunnel  Project,  has  rendered the
          continued use of the building as an economically unsound office, so as
          to  constitute a  Substantial  Taking and  therefore,  that the Master
          Lease is terminated by its terms.

       2  That the essential  purpose of the Master Lease has been frustrated by
          the actions of the Commonwealth and therefore 470's  obligations under
          the Master Lease are discharged.

       In the complaint,  470 also sought a preliminary  injunction  prohibiting
       Harborista  Associates,  L.P.  from  declaring a default under the Master
       Lease so long as 470 pays its Master Lease rental payments into an escrow
       account or to the Court,  pending the final outcome of this  lawsuit.  In
       June,  1993 the Court  denied  470's  motion to have its rental  payments
       escrowed.
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

4       INVESTMENTS IN MORTGAGE LOANS AND ALLOWANCE FOR LOAN LOSSES (continued)

       Harborista Loan (continued)

       Since June 1993,  Northwestern and 470 had held private  discussions with
       the aim of  settling  this  matter  out of court.  Court  action had been
       stayed pending these discussions.

       In December 1995, this litigation was settled. As part of the settlement,
       the Partnership  received a payment of $341,038 (included in other income
       for 1995 in the accompanying  statement of income) in exchange for, among
       other things,  extending its mortgage  until 1999 and  subordinating  its
       lien to any new monies invested in the Harbor Plaza.

       Twin Oak loan

       The first  mortgage on this  property,  which is held by an  unaffiliated
       third  party,  was due to mature on July 1, 1993,  however,  during 1993,
       this loan was extended  for three years until July 1, 1996.  The Twin Oak
       borrower  is  negotiating  an  extension  of the  first  mortgage.  While
       negotiations  are in progress,  the Twin Oak  borrower has deferred  some
       debt service  payments on its first mortgage,  and is using the cash flow
       to make repairs to the property.  If negotiations are not successful,  it
       is not possible to predict what impact this will have on the Partnership.

       In January 1995, the Partnership ceased accruing interest on the Twin Oak
       loan due to the fact that McCrory,  a tenant occupying  approximately 13%
       of the retail space, filed a voluntary petition for reorganization  under
       Chapter  11 of the United  States  Bankruptcy  Code  which  significantly
       reduced the value of the property.  McCrory  successfully  petitioned the
       Court to terminate its lease and vacated the premises in March 1995.

       As a result of the  continued  vacancy  of the former  McCrory  space and
       uncertainties   regarding  its  lease-up,   a  decline  in  the  economic
       environment in the  surrounding  area of the Twin Oak Shopping Center and
       negotiations with the first mortgage lender regarding an extension of its
       loan which was due July 1, 1996,  cash flow  projections  were  performed
       during the second quarter of 1996 which indicated that the estimated fair
       value of the Twin Oak property was approximately $4,530,000 at that time.
       The  contractual  balance of the first mortgage loan at June 30, 1996 was
       approximately  $3,890,000,  necessitating  a provision for loan losses of
       $1,515,000  to reduce  the  carrying  value of the loan to  approximately
       $640,000.

       As of December  31, 1996,  the McCrory  space has been leased to Scotty's
       Hardware  who will begin  paying  rent to the Twin Oak  borrower in April
       1997.

       Information  with  respect  to  the   Partnership's   mortgage  loans  is
       summarized as follows:
<PAGE>
                   RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.

                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

4       INVESTMENTS IN MORTGAGE LOANS AND ALLOWANCE FOR LOAN LOSSES (continued)

       Twin Oak loan (continued)

       Interest  recognized  by year for each  mortgage  loan is  summarized  as
       follows:

<TABLE>
<CAPTION>
Year ended December 31,

Description                              1996            1995            1994
-----------                              ----            ----            ----
<S>                                   <C>             <C>             <C>
Shopping Centers 

Sierra Marketplace..............      $1,619,880      $1,455,616      $1,308,011
Reno, Nevada

Twin Oak
Ft. Lauderdale, Florida ........            --              --           225,206
                                      ----------      ----------      ----------
                                      $1,619,880      $1,455,616      $1,533,217
                                      ==========      ==========      ==========
</TABLE>
<PAGE>
                    RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

4       INVESTMENTS IN MORTGAGE LOANS AND ALLOWANCE FOR LOAN LOSSES (continued)


<TABLE>
<CAPTION>
                                                                                                                                   
                                                                                                                                   
                                                                                           Mortgage      Mortgage      Mortgage    
                                    Interest  Compound             Loan      Maturity       Amount      Purchased      Placement   
Description                          Rate %   Period    Type       Date        Date        Advanced      Interest        Fees      
-----------                          ------   ------    ----       ----        ----        --------      --------        ----      
<S>                                  <C>      <C>        <C>     <C>           <C>        <C>             <C>        <C>           
Office Building
  Harbor Plaza                       13.307   Monthly    2nd     13-Feb-89    1-Dec-98    $10,000,000     $23,513      $594,867    
  Boston, Mass (a)
 
Shopping Centers
  Sierra Marketplace (b)(c)          11.220   Monthly    1st     10-Feb-89    28-Feb-01     6,500,000          -        385,757    
  Reno, Nevada
 
  Twin Oak (b)                       12.280   Annually   2nd     3-Apr-90      1-May-02     1,200,000          -         71,218    
  Ft. Lauderdale, Florida
                                                                                          -----------     -------    ----------    
                                                                                          $17,700,000     $23,513    $1,051,842    
                                                                                          ===========     =======    ==========   

<PAGE>
<CAPTION>
                                                                                Carrying Value             Contractual Balance
                                                                        -----------------------------  ----------------------------
                              December 31,    1995 and                    December 31,   December 31,   December 31,   December 31,
Description                        1996        Prior       Reserves          1996           1995            1996            1995 
-----------                  ------------  -----------   ------------   --------------  -------------  -------------   ------------
<S>                          <C>           <C>           <C>            <C>             <C>            <C>             <C> 
Office Building
  Harbor Plaza ............  $       --    $       --    $(10,618,380)  $       --      $       --     $ 28,385,002    $ 24,866,545
  Boston, Mass (a)

Shopping Centers
  Sierra Marketplace (b)(c)     1,619,880     7,473,718          --       15,979,355     14,359,475      15,688,574      14,030,786
  Reno, Nevada

  Twin Oak (b) ............          --         880,460    (1,515,000)       636,678      2,151,678       2,614,938       2,329,981
  Ft. Lauderdale, Florida
                            -------------  ------------  ------------   ------------    -----------    ------------    ------------
                             $  1,619,880     8,354,178  $(12,133,380)  $ 16,616,033    $16,511,153    $ 46,688,514    $ 41,227,312 


</TABLE>
<PAGE>
                    RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

4       INVESTMENTS IN MORTGAGE LOANS AND ALLOWANCE FOR LOAN LOSSES (continued)

       A summary of mortgage loan activity is summarized as follows:
<TABLE>
<CAPTION>
                                   Investment      Interest
                                     Method         Method             Total
                                   ----------   ------------       ------------
<S>                                   <C>       <C>                <C>

Balance, January 1, 1994 .......      $--       $ 13,522,320       $ 13,522,320

Interest recognized ............       --          1,533,217          1,533,217
                                      ----      ------------       ------------

Balance, December 31, 1994 .....       --         15,055,537         15,055,537

Interest recognized ............       --          1,455,616          1,455,616
                                      ----      ------------       ------------

Balance, December 31, 1995 .....       --         16,511,153         16,511,153

Interest recognized ............       --          1,619,880          1,619,880

Provision for loan losses ......       --         (1,515,000)        (1,515,000)
                                      ----      ------------       ------------

Balance, December 31, 1996 .....      $--       $ 16,616,033       $ 16,616,033
                                      ====      ============       ============
</TABLE>
       Unaudited  financial  information  for Harbor Plaza,  which is a mortgage
       loan accounted for under the  investment  method which exceeds 10% of the
       Partnerships original capital contributions, is not presently available.

5       ACCOUNTS PAYABLE AND ACCRUED EXPENSES

       Accounts payable and accrued expenses consist of the following:
<TABLE>
<CAPTION>
                                                              December 31,
                                                     ---------------------------
                                                        1996               1995
                                                     --------           --------
<S>                                                  <C>                <C>
Overhead reimbursements ..................           $ 73,041           $ 53,913
Professional fees ........................             35,312             34,610
Printing charges .........................              8,466              8,846
Other ....................................             13,979              3,209
                                                     --------           --------
                                                     $130,798           $100,578
                                                     ========           ========
</TABLE>
<PAGE>
                    RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
                                                     

6       COMMITMENTS AND CONTINGENCIES

       Status of Integrated

       On February 13, 1990,  Integrated,  the sole  shareholder of the Managing
       General  Partner,  filed a voluntary  petition for  reorganization  under
       Chapter 11 of the  United  States  Bankruptcy  Code.  While  Integrated's
       Bankruptcy did not directly affect the Partnership's  operations,  it has
       resulted in certain changes.

       On  August  8,  1994,   the   Bankruptcy   Court   confirmed  a  Plan  of
       Reorganization (the "Steinhardt Plan") proposed by Steinhardt  Management
       Company, Inc. and the Official Committee of Subordinated  Bondholders and
       on  November  3,  1994  the  Steinhardt  Plan was  consummated.  Presidio
       purchased  substantially  all of the assets of Integrated,  including its
       interest in the Managing  General  Partner.  Presidio is a British Virgin
       Islands corporation owned 12% by IR Partners, a general partnership,  and
       88% by former creditors of Integrated.

       The  Partnership  filed  a  Proof  of  Claim  against  Integrated  in the
       Integrated's  Chapter 11 proceeding with respect to certain potential and
       unliquidated claims and disputes involving Integrated and its affiliates.
       These claims and disputes  have not  resulted in any  adjustments  to the
       accompanying  financial  statements,  nor is it possible to  determine at
       this time whether  such  adjustments  may be  warranted in the future.  A
       portion of this claim has been allowed in the amount of  $691,791.  Under
       the Steinhardt Plan, a cash distribution equal to approximately  35.8% of
       the allowed  claim was made to the  Partnership.  In December  1994,  the
       Partnership  received  $247,613 in full settlement of the portion of this
       allowed  claim,  which is included in other  income in the  statement  of
       income for the year ended December 31, 1994.

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

       The Partnership files its tax returns on an accrual basis.  Additionally,
       the  Partnership  presently  recognizes  interest  income  on  all of its
       investments in mortgage loans using the interest method for tax purposes.
       For financial statement purposes,  mortgage loans accounted for under the
       investment method recognize income as described in Note 2.
<PAGE>
                    RESOURCES ACCRUED MORTGAGE INVESTORS 2 L.P.


                          NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994

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

                                                 Year ended December 31

                                             1996          1995          1994
                                          ----------    ----------    ----------
<S>                                       <C>           <C>           <C>
Net income per
   financial statements ..............    $  123,888    $1,765,545    $1,723,537

Interest income recognized for tax
   purposes in excess of amounts
   recognized for financial statements     3,682,033     3,249,413     2,642,468

Provision for loan losses ............     1,515,000          --            --
                                          ----------    ----------    ----------

Net income per tax basis .............    $5,320,921    $5,014,958    $4,366,005
                                          ==========    ==========    ==========

</TABLE>

7       RECONCILIATION OF NET INCOME AND NET ASSETS PER FINANCIAL STATEMENTS TO 
        TAX BASIS (continued)

       The  differences  between  the  Partnership's  net assets  per  financial
       statements and tax basis of accounting are as follows:
<TABLE>
<CAPTION>
                                                              December 31
                                                      --------------------------
                                                          1996           1995
                                                      -----------    -----------
<S>                                                   <C>            <C>                                                       
Net assets per financial statements ..............    $19,370,218    $19,246,330

Interest income recognized for tax purposes
  in excess of amounts recognized for financial
  statements .....................................     18,602,113     14,920,080

Allowance for loan losses ........................     12,133,380     10,618,380

Syndication costs ................................      2,230,944      2,230,944
                                                      -----------    -----------

Net assets per tax basis .........................    $52,336,655    $47,015,734
                                                      ===========    ===========
</TABLE>
<PAGE>

PART III

Item 10.        Directors and Executive Officers of Registrant.

There are no officers or directors of Registrant.  The Managing  General Partner
has overall  administrative  responsibility for Registrant's  operations and for
the selection,  evaluation,  negotiation and disposition of Mortgage Loans.  The
Associate  General  Partner will not devote any material  amount of its business
time and attention to the affairs of Registrant. The Managing General Partner is
a  wholly-owned  subsidiary  of  Presidio  and was  incorporated  in Delaware in
September  1985.  The Managing  General  Partner  also serves as the  investment
general partner of Resources  Accrued Mortgage  Investor L.P. -- Series 86 ("RAM
86").

Based  on a  review  of  Forms  3 and  4 and  amendments  thereto  furnished  to
Registrant  pursuant to Rule 16a-3(e) under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"),  during its most recent fiscal year and Forms 5
and amendments  thereto  furnished to Registrant with respect to its most recent
fiscal year and written  representations  received pursuant to Item 405(b)(2)(i)
of Regulation S-K, none of the directors or officers of the General Partners, or
beneficial owners of more than 10% of the Units failed to file on a timely basis
reports  required by Section  16(a) of the  Exchange  Act during the most recent
fiscal or prior fiscal years. However, no written  representations were received
from the partners of the former Associate General Partner.

As of March 15, 1997,  the names and ages of, as well as the positions  held by,
the officers and directors of the Managing General Partner were as follows:
<TABLE>
<CAPTION>
                                                                                  Has served as a
                                                                                  Director and/or
     Name                Age             Position                                 Officer since
     ----                ---             --------                                 -------------
<S>                      <C>        <C>                                           <C>
  Frank Goveia           50         Director                                      October  1986
-------------------------------- --------------------------------------------- --------------------
  Frederick Simon        42         President                                     February 1996
-------------------------------- --------------------------------------------- --------------------
  Jay L. Maymudes        36         Director, Vice President, Secretary and       November 1994
                                      Treasurer
-------------------------------- --------------------------------------------- --------------------
  Arthur H. Amron        40         Vice President and Assistant Secretary        November 1994
-------------------------------- --------------------------------------------- --------------------
  Robert Holtz           29         Vice President                                November 1994
-------------------------------- --------------------------------------------- --------------------
  Mark Plaumann          41         Vice President                                March   1995
---------------------------------- ---------- -----------------------------------------------------
</TABLE>
<PAGE>
Frank Goveia has served as Chief Operating  Officer and Senior Vice President of
Wexford since January 1996.  From July 1994 to December  1995,  Mr. Goveia was a
Vice  President of Wexford  Management  Corp.  Mr.  Goveia was  associated  with
Integrated  from February 1983 to November 1994, and was a Senior Vice President
since 1990, primarily involved in financial reporting and controls.

Frederick  Simon was a Senior Vice President of Wexford  Management  Corp.  from
November 1995 to December 1995.  Since January 1996, Mr. Simon has been a Senior
Vice President of Wexford. He is also a Vice President of Resurgence  Properties
Inc.  ("Resurgence"),  a company engaged in diversified real estate  activities.
From January 1994  through  November  1995,  Mr. Simon was an  independent  real
estate investor.  From 1984 through 1993, Mr. Simon was Executive Vice President
and a Partner of Greycoat  Real  Estate  Corporation,  the United  States arm of
Greycoat PLC, a London stock  exchange real estate  investment  and  development
company.

Jay L.  Maymudes has been the Chief  Financial  Officer,  a Vice  President  and
Treasurer of Presidio since its formation in August 1994 and the Chief Financial
Officer  and a Vice  President  of  Resurgence  since  July 1994,  Secretary  of
Resurgence since January 1995 and Assistant  Secretary from July 1994 to January
1995.  Since January 1, 1996, Mr. Maymudes has been the Chief Financial  Officer
and a Senior Vice President of Wexford and was the Chief Financial Officer and a
Vice President of Wexford Management Corp. from July 1994 to December 1995. From
December 1988 through June 1994,  Mr.  Maymudes was the Secretary and Treasurer,
and since  February  1990 was the Senior Vice  President of Dusco,  Inc., a real
estate investment advisor.

Arthur H. Amron has been a Vice  President of certain  subsidiaries  of Presidio
since  November  1994.  Since  January  1996,  Mr.  Amron has been a Senior Vice
President  and the  General  Counsel of Wexford.  Also,  from  November  1994 to
December 1995,  Mr. Amron was the General  Counsel and, since March 1995, a Vice
President of Wexford Management Corp. From 1992 through November 1994, Mr. Amron
was an attorney with the law firm of Schulte,  Roth and Zabel.  Previously,  Mr.
Amron was an attorney with the law firm of Debevoise & Plimpton.

Robert  Holtz has been a Vice  President  and  Secretary  of Presidio  since its
formation  in  August  1994 and a Vice  President  and  Assistant  Secretary  of
Resurgence  since its formation in March 1994.  Since January 1, 1996, Mr. Holtz
has been a Senior Vice  President and member of Wexford and was a Vice President
of Wexford  Management  Corp.  from May 1994 to December 1995. From 1989 through
May 1994,  Mr. Holtz was employed  by, and since 1993 was a Vice  President  of,
Bear Stearns Real Estate Group,  Inc.,  where he was  responsible  for analysis,
acquisitions  and management of the assets owned by Bear Stearns Real Estate and
its clients.

Mark Plaumann has served as Director and Vice  President of Presidio since March
1995.  Mr.  Plaumann has been a Senior Vice  President of Wexford  since January
1996.  From February 1995 through  December 1995, Mr. Plaumann had been a Senior
Vice President of Wexford  Management Corp. Mr. Plaumann was employed by Alvarez
and Marsel, Inc. as a Managing Director from February 1990 through January 1995,
by American Healthcare Management Inc. from February 1985 to January 1990 and by
Ernst & Young from January 1973 to February 1985.
 
There are no family  relationships  between any executive  officer and any other
executive officer or director of the Managing General Partner.
<PAGE>
In December  1994, Z Square G Partners II notified  Registrant of its withdrawal
as the Associate General Partner of Registrant. The withdrawal became effective,
after 60 days prior written  notice to Limited  Partners,  on February 28, 1995.
Upon the effective date of such withdrawal,  Presidio  Associate GP Corp. became
the Associate General Partner. As of March 15, 1997 the names of, as well as the
positions held by the officers and directors of the Associate  General  Partner,
were as follows:
<TABLE>
<CAPTION>
                                                                                     Has served as a
                                                                                     Director and/or 
        Name               Age            Position                                   Officer since
        ----               ---            --------                                   -------------
<S>                       <C>     <C>                                                   <C>         
 Robert Holtz              29     Director and President                                March 1995
 ----------------------------------------------------------------------------------------------------
 Mark Plaumann             41     Director and Vice President                           March 1995
 ----------------------------------------------------------------------------------------------------
 Jay L. Maymudes           36     Vice President, Secretary and Treasurer               March 1995
 ----------------------------------------------------------------------------------------------------
 Arthur H. Amron           40     Vice President and Assistant Secretary                March 1995
 ----------------------------------------------------------------------------------------------------
</TABLE>
See the  biographies  of the above named officers and directors in the preceding
section.

Many of the above  officers and  directors of the Managing  General  Partner and
Associate  General  Partner are also  officers  and/or  directors of the general
partners of other public  partnerships  affiliated  with  Presidio or of various
subsidiaries of Presidio.

Item 11.         Executive Compensation.

Registrant is not required to and did not pay  remuneration  to the officers and
directors of the Managing  General Partner or the general partners of the former
Associate  General  Partner.  Certain  officers  and  directors  of the Managing
General Partner receive  compensation  from the Managing  General Partner and/or
its  affiliates  (but not from  Registrant)  for services  performed for various
affiliated  entities,  which may  include  services  performed  for  Registrant;
however,   the  Managing   General  Partner   believes  that  any   compensation
attributable to services performed for Registrant is not material.  See Item 13,
"Certain Relationships and Related Transactions."

Item 12.         Security Ownership of Certain Beneficial Owners and Management.

As of March 1, 1997, only the following entity was known by Registrant to be the
beneficial owner of more than 5% of the Units of Registrant.
<TABLE>
<CAPTION>
                                           Number of Units  Percentage of Units
Limited Partner                               Owned           Outstanding
---------------                               -----           -----------
<S>                                           <C>                <C>
Los Angeles County                            12,000             6.39%
Painting Industry Pension Trust Fund
P.O. Box 7887
3601 Alameda Avenue #300
Burbank, CA  91510
</TABLE>
<PAGE>
As of March 1, 1997,  neither of the General  Partners  nor their  officers  and
directors  was  known by  Registrant  to  beneficially  own  Units or  shares of
Presidio, the parent of the General Partners.

As of March 1, 1997 there were  outstanding  8,766,569  shares of Class A common
stock of  Presidio  (the  "Shares").  The  following  table sets  forth  certain
information  known to  Registrant  with respect to  beneficial  ownership of the
Shares of Presidio as of March 1, 1997, by each person who beneficially  owns 5%
or more of the Class A Shares,  U.S.  $.01 par  value.  The  holders  of Class A
Shares are  entitled  to elect three out of the five  members of the  Presidio's
Board of Directors with the remaining two directors  being elected by holders of
the Class B Shares, U.S. $.01 par value of Presidio.
<TABLE>
<CAPTION>
                                          Beneficial       Ownership Number of
Name of Beneficial Owner                   Shares         Percentage Outstanding
------------------------                   ------         ----------------------
<S>                                      <C>                      <C>
Thomas F. Steyer/Fleur A. Fairman        4,553,560(1)             51.8%

John M. Angelo/Michael L. Gordon         1,231,762(2)             14.0%

Intermarket Corp.                        1,000,918(3)             11.4%

M. H.Davidson & Co.                        474,205(4)              5.4%


(1)    As the  managing  partners of each of  Farallon  Capital  Partners,  L.P.
       ("FCP"), Farallon Capital Institutional Partners, L.P. ("FCIP"), Farallon
       Capital Institutional Partners II, L.P. ("FCIP II") and Tinicum Partners,
       L.P. ("Tinicum"),  (collectively, the "Farallon Partnerships"),  may each
       be deemed to own  beneficially for purposes of Rule 13d-3 of the Exchange
       Act  the   1,397,318,   1,610,730,   607,980  and  241,671  shares  held,
       respectively, by each of such Farallon Partnerships.

       Farallon Capital  Management,  LLC ("FCMLLC"),  the investment advisor to
       certain discretionary accounts which collectively hold 695,861 shares and
       Enrique H.  Boilini,  David I. Cohen,  Joseph F.  Downes,  Jason M. Fish,
       Andrew B. Fremder, William F. Mellin, Steven L. Millham, Meridee A. Moore
       and Thomas F. Steyer, as a managing member of FCMLLC  (collectively,  the
       "Managing  Members") may be deemed to be the  beneficial  owner of all of
       the shares owned by such discretionary accounts. FCMLLC and each Managing
       Member disclaims any beneficial ownership of such shares.

       Farallon Partners,  LLC ("FPLLC") (the general partner of FCP, FCIP, FCIP
       II and Tinicum),  and each of Fleur A. Fairman,  Mr. Boilini,  Mr. Cohen,
       Mr. Downes, Mr. Fish, Mr. Fremder, Mr. Mellin, Mr. Millham, Ms. Moore and
       Mr. Steyer, each as managing member of FPLLC (collectively, the "Managing
       Members"),  may be deemed to be the beneficial owner of all of the shares
       owned by FCP, FCIP,  FCIP II and Tinicum.  FPLLC and each managing Member
       disclaims any beneficial ownership of such shares.
<PAGE>
(2)    John  M.  Angelo  and  Michael  L.  Gordon,   the  general  partners  and
       controlling persons of AG Partners, L.P., which is the general partner of
       Angelo,  Gordon & Co., L.P., may be deemed to have  beneficial  ownership
       under  Section 13(d) of the Exchange Act of the  securities  beneficially
       owned by Angelo, Gordon & Co., L.P. and its affiliates.  Angelo, Gordon &
       Co., L.P., a registered investment advisor,  serves as general partner of
       various  limited  partnerships  and as investment  advisor of third party
       accounts with power to vote and direct the  disposition of Class A Shares
       owned by such limited partnerships and third party accounts.
 
(3)    Intermarket   Corp.   serves  as  General  Partner  for  certain  limited
       partnerships  and as  investment  advisor  to  certain  corporations  and
       foundations. As a result of such relationships,  Intermarket Corp. may be
       deemed  to have the  power to vote and the  power to  dispose  of Class A
       shares held by such partnerships, corporations and foundations.

(4)    Marvin H. Davidson,  Thomas L. Kempner Jr.,  Stephen M. Dowicz,  Scott E.
       Davidson  and  Michael J.  Leffell,  the  general  partners,  members and
       stockholders of certain  entities that are general partners or investment
       advisors of Davidson Kempner Endowment  Partners,  L.P., Davidson Kempner
       Partners,  L.P.,  Davidson  Kempner  Institutional  Partners,  L.P., M.H.
       Davison and Co. Davidson Kempner  International Ltd.  (collectively,  the
       "Investment  Funds"),  may be deemed to be the  beneficial  owners  under
       Sections 13(d) of the Exchange Act of the securities  beneficially  owned
       by the Investment Funds and their affiliates.

       In  addition,   Mr.  Kempner  owns  800  shares  and  may  be  deemed  to
       beneficially  own  certain  securities  held by certain  foundations  and
       trusts. Mr. Kempner disclaims beneficial ownership of such shares.
</TABLE>

All of Presidio's  Class B Shares are owned by IR Partners.  Such Class B Shares
are convertible in certain circumstances into 1,200,000 Class A Shares; however,
such shares are not convertible at present. IR Partners is a general partnership
whose general partners are Steinhardt Management,  certain of its affiliates and
accounts  managed by it and Roundhill  Associates.  Roundhill  Associates,  is a
limited partnership whose general partner is Charles E. Davidson,  the principal
of Presidio  Management,  the  Chairman of the Board of Presidio and a Member of
Wexford. Joseph M. Jacobs, the Chief Executive Officer and President of Presidio
and a Member and the President of Wexford,  has a limited partner's  interest in
Roundhill  Associates.  Pursuant to Rule 13d-3 under the Exchange  Act,  each of
Michael H. Steinhardt,  the controlling person of Steinhardt  Management and its
affiliates and Charles E. Davidson may be deemed to be beneficial owners of such
1,200,000 shares.

Shares  held by each Class A Director  of  Presidio  were  issued  pursuant to a
Memorandum  of  Understanding  Regarding  Compensation  of Class A Directors  of
Presidio. (See "Executive Compensation - Compensation of Directors.")

The address of Thomas F. Steyer and the other individuals  mentioned in footnote
1 to the table above  (other  than Fleur A.  Fairman)  is c/o  Farallon  Capital
Partners,  L.P., One Maritime  Plaza,  San Francisco,  California  94111 and the
address of Fleur A. Fairman is c/o Farallon Capital Management,  Inc., 800 Third
Avenue,  40th Floor, New York, New York 10022.  The address of Angelo,  Gordon &
Co., L.P. and its affiliates is 245 Park Avenue,  26th Floor, New York, New York
10167.  The address for Intermarket  Corp. Is 667 Madison Avenue,  New York, New
York 10021.  The address for M. H.  Davidson  and Co. is 885 Third  Avenue,  New
York, New York, 10022.
<PAGE>

Item 13.        Certain Relationships and Related Transactions.

The General Partners,  during  Registrant's year ended December 31, 1996, earned
or  received  compensation  or payments  for  services  from or with  respect to
Registrant (or Integrated or Presidio) as follows:
<TABLE>
<CAPTION>
                                    Capacity in Which Served 
     Name of Recipient             or Services Performed           Compensation
     -----------------             ---------------------           ------------
<S>                              <C>                                  <C>
RAM Funding, Inc.                Managing General Partner             (1)

Presidio AGP Corp.               Associate General Partner            (1)

<PAGE>

(1)        The General  Partners  were not  entitled to any payment for services
           from or with respect to Registrant,  Integrated or Presidio. However,
           the General  Partners,  pursuant to the  Partnership  Agreement,  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  Registrant's
           cash flow from operations and disposition  proceeds. No distributions
           are expected to be made from operations  inasmuch as all interest and
           principal  due on the  Mortgage  Loans is  deferred  until  maturity,
           unless there are  prepayments of Mortgage  Loans.  For the year ended
           December 31, 1996,  the General  Partners were allocated an aggregate
           of $133,023  of taxable  income  ($130,362  to the  Managing  General
           Partner and $2,661 to the Associate General Partner).
</TABLE>

In addition,  certain  officers and  directors of the General  Partners  receive
compensation  from the General  Partners  and/or their  affiliates (but not from
Registrant) for services  performed for various affiliated  entities,  which may
include services performed for Registrant.
<PAGE>
PART IV

Item 14.   Exhibits, Financial Statements Schedules and Reports on Form 8-K

(a)(1)     Financial Statements
            See Item 8, "Financial Statements and Supplementary Data."


(a)(2)     Financial Statement Schedules
            None.

           All schedules have been omitted because they are  inapplicable,  not
           required,  or the information is included in the Financial Statements
           or Notes thereto.


(a)(3)     Exhibits
3.         Certificate   of  Limited   Partnership   filed   August   14,   1986
           (incorporated  by  reference  to  Exhibit  3B as  filed  as  part  of
           Pre-Effective  Amendment No. 1 filed on May 14, 1987  ("Pre-Effective
           Amendment")  to  the   Registration   Statement)  and  Amendments  to
           Certificate  of Limited  Partnership  filed on March 12, 1987, May 7,
           1987  (incorporated  by reference  as filed as part of  Pre-Effective
           Amendment  to  the  Registration  Statement)  and  February  5,  1988
           (incorporated by reference to  Post-Effective  Amendment No. 2 to the
           Registration Statement).

4.

(A)        Amended and Restated Agreement of Limited  Partnership  (incorporated
           by  reference  to  Exhibit  3A as  filed  as part  of  Post-Effective
           Amendment  No. 2 filed on March 23, 1988  ("Post-Effective  Amendment
           No. 2") to the Registration Statement).

(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
           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 as filed pursuant to Rules 424(b)(3) and 424(c).

10.

(A)        Agreement  with  Associate  General  Partner dated as of May 17, 1988
           among  Integrated,  RAM  Funding,  Inc.  and Z Square G Partners  II,
           incorporated by reference to Exhibit 10(B) of the 1988 10-K.

(B)        Mortgage  Services  Agreement  dated as of  April  12,  1988  between
           Registrant  and RAM  Funding,  Inc.,  incorporated  by  reference  to
           Exhibit 10(C) of the 1988 10-K.

(C)        Deed of Trust,  Assignment  of Rents,  Fixture  Filing  and  Security
           Agreement among High Cash Partners,  L.P., Truster;  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) of  Registrant's  Current  Report  on Form  8-K  dated
           February 13, 1989  (hereinafter  referred to as the February 13, 1989
           Form 8-K)).
<PAGE>
(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) of the February 13, 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) of the February 13, 1989
           Form 8-K).

(F)        Power of Sale  Mortgage,  Assignment of Rents and Security  Agreement
           (also constituting a financing statement) from Harborista  Associates
           Limited   Partnership   Mortgagor,   to  Resources  Accrued  Mortgage
           Investors 2 L.P.  Mortgagee,  dated January 31, 1989 (incorporated by
           reference to Exhibit 10(d) of the February 13, 1989 Form 8-K).

(G)        Note among Harborista  Associates  Limited  Partnership and Resources
           Accrued   Mortgage   Investors   2  L.P.   dated   January  31,  1989
           (incorporated  by reference to Exhibit 10(e) of the February 13, 1989
           Form 8-K).

(H)        Assignment  of Leases and Rents from  Harborista  Associates  Limited
           Partnership  Assigns to Resources Accrued Mortgage  Investors 2 L.P.,
           Assignee,  dated  January  31, 1989  (incorporated  by  reference  to
           Exhibit 10(f) of the February 13, 1989 Form 8-K).

(I)        Mortgage,  Assignment  of Rents and  Security  Agreement  dated as of
           April 1, 1990 between Twin Oak Plaza  Associates,  L.P. and Resources
           Accrued  Mortgage  Investors 2 L.P.  (incorporated  by  reference  to
           Exhibit 10(A) of the April 3, 1990 Form 8K).

(J)        Note as of April 3, 1990 between Twin Oak Plaza Associates,  L.P. and
           Resources  Accrued  Mortgage   Investors  2  L.P.   (incorporated  by
           reference to Exhibit 10(B) of the April 3, 1990 Form 8K).

(K)        Loan  Commitment  dated as of April 11, 1990  between  Twin Oak Plaza
           Associates,  L.P. and Resources Accrued Mortgage  Investitures 2 L.P.
           (incorporated by reference to Exhibit 10(D) of the April 3, 1990 Form
           8K).

(L)        Amendment  to Agreement  dated as of June 20, 1990 among  Registrant,
           the  Managing  General  Partner and  Rosenberg  and  Rosenberg,  Ltd.
           (incorporated  by reference to Exhibit 10(O) to  Registrant's  Annual
           Report on Form 10-K for the fiscal year ended December 31, 1990.)

(M)        Amended and Restated Intercreditor Agreement between The Northwestern
           Mutual Life Insuance Company and Registrant,  dated as of November 1,
           1994.

(N)        Amendment  of  Mortgage,   Note  and  Other  Loan  Documents  between
           Harborista Associates Limited Partnership and Registrant, dated as of
           November 1, 1994.


(b)        Reports on Form 8-K 

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

           None.
<PAGE>


                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  Registrant  has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized, on the 29th day of March, 1997.

RESOURCES ACCRUED MORTGAGE
INVESTORS 2 L.P.


By:      RAM FUNDING, INC.,
         Managing General Partner
                                                                 

By:      /s/Frederick Simon                      Date:  March 29, 1997
         ------------------
         Frederick Simon
         President


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

   Signature                     Title                               Date
   ---------                     -----                               ----


/s/Frank Goveia             Director and Vice President          March 29, 1997
Frank Goveia                (Principal Executive Officer)

/s/Jay L. Maymudes          Director, Vice President,            March 29, 1997
------------------
Jay L. Maymudes             Secretary and Treasurer
                            (Principal Financial Officer
                            and Principal Accounting Officer)
<PAGE>

                                  EXHIBIT INDEX



Exhibit  
-------  

3.         Certificate   of  Limited   Partnership   filed   August   14,   1986
           (incorporated  by  reference  to  Exhibit  3B as  filed  as  part  of
           Pre-Effective  Amendment No. 1 filed on May 14, 1987  ("Pre-Effective
           Amendment")  to  the   Registration   Statement)  and  Amendments  to
           Certificate  of Limited  Partnership  filed on March 12, 1987, May 7,
           1987  (incorporated  by reference  as filed as part of  Pre-Effective
           Amendment  to  the  Registration  Statement)  and  February  5,  1988
           (incorporated by reference to  Post-Effective  Amendment No. 2 to the
           Registration Statement).

4.

(A)        Amended and Restated Agreement of Limited  Partnership  (incorporated
           by  reference  to  Exhibit  3A as  filed  as part  of  Post-Effective
           Amendment  No. 2 filed on March 23, 1988  ("Post-Effective  Amendment
           No. 2") to the Registration Statement).

(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
           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 as filed pursuant to Rules 424(b)(3) and 424(c).

10.

(A)        Agreement  with  Associate  General  Partner dated as of May 17, 1988
           among  Integrated,  RAM  Funding,  Inc.  and Z Square G Partners  II,
           incorporated by reference to Exhibit 10(B) of the 1988 10-K.

(B)        Mortgage  Services  Agreement  dated as of  April  12,  1988  between
           Registrant  and RAM  Funding,  Inc.,  incorporated  by  reference  to
           Exhibit 10(C) of the 1988 10-K.

(C)        Deed of Trust,  Assignment  of Rents,  Fixture  Filing  and  Security
           Agreement among High Cash Partners,  L.P., Truster;  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) of  Registrant's  Current  Report  on Form  8-K  dated
           February 13, 1989  (hereinafter  referred to as the February 13, 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) of the February 13, 1989 Form 8-K).  \pnf5
           (E) \pnf5Assignment 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) of the February 13,
           1989 Form 8-K).
<PAGE>
(F)        Power of Sale  Mortgage,  Assignment of Rents and Security  Agreement
           (also constituting a financing statement) from Harborista  Associates
           Limited   Partnership   Mortgagor,   to  Resources  Accrued  Mortgage
           Investors 2 L.P.  Mortgagee,  dated January 31, 1989 (incorporated by
           reference to Exhibit 10(d) of the February 13, 1989 Form 8-K).

(G)        Note among Harborista  Associates  Limited  Partnership and Resources
           Accrued   Mortgage   Investors   2  L.P.   dated   January  31,  1989
           (incorporated  by reference to Exhibit 10(e) of the February 13, 1989
           Form 8-K).

(H)        Assignment  of Leases and Rents from  Harborista  Associates  Limited
           Partnership  Assigns to Resources Accrued Mortgage  Investors 2 L.P.,
           Assignee,  dated  January  31, 1989  (incorporated  by  reference  to
           Exhibit 10(f) of the February 13, 1989 Form 8-K).

(I)        Mortgage,  Assignment  of Rents and  Security  Agreement  dated as of
           April 1, 1990 between Twin Oak Plaza  Associates,  L.P. and Resources
           Accrued  Mortgage  Investors 2 L.P.  (incorporated  by  reference  to
           Exhibit 10(A) of the April 3, 1990 Form 8K).

(J)        Note as of April 3, 1990 between Twin Oak Plaza Associates,  L.P. and
           Resources  Accrued  Mortgage   Investors  2  L.P.   (incorporated  by
           reference to Exhibit 10(B) of the April 3, 1990 Form 8K).

(K)        Loan  Commitment  dated as of April 11, 1990  between  Twin Oak Plaza
           Associates,  L.P. and Resources Accrued Mortgage  Investitures 2 L.P.
           (incorporated by reference to Exhibit 10(D) of the April 3, 1990 Form
           8K).

(L)        Amendment  to Agreement  dated as of June 20, 1990 among  Registrant,
           the  Managing  General  Partner and  Rosenberg  and  Rosenberg,  Ltd.
           (incorporated  by reference to Exhibit 10(O) to  Registrant's  Annual
           Report on Form 10-K for the fiscal year ended December 31, 1990.)

(M)        Amended and Restated Intercreditor Agreement between The Northwestern
           Mutual Life Insuance Company and Registrant,  dated as of November 1,
           1994.

(N)        Amendment  of  Mortgage,   Note  and  Other  Loan  Documents  between
           Harborista Associates Limited Partnership and Registrant, dated as of
           November 1, 1994.


*          Filed herewith