UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                               ___________________
                                    FORM 10-K


     [X]       ANNUAL  REPORT  PURSUANT  TO  SECTION  13  OR  15(D)  OF  THE
               SECURITIES EXCHANGE  ACT  OF  1934
               FOR  THE  FISCAL  YEAR  ENDED  DECEMBER  31,  2002.

     [  ]      TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15(D) OF THE
               SECURITIES EXCHANGE  ACT  OF  1934
               FOR  THE  TRANSITION  PERIOD  FROM              TO

                         COMMISSION FILE NUMBER 0-18789
                             _______________________


                          PLM EQUIPMENT GROWTH FUND IV
             (Exact name of registrant as specified in its charter)


                     CALIFORNIA                          94-3090127
            (State or other jurisdiction of          (I.R.S. Employer
            incorporation or organization)           Identification No.)

             235 3RD STREET SOUTH, SUITE 200
                  ST. PETERSBURG, FL                       33701
       (Address of principal executive offices)          (Zip code)


        Registrant's telephone number, including area code (727) 803-1800
                             _______________________

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

Aggregate  market  value  of  voting  stock:  N/A
                                              ---

An  index  of  exhibits  filed  with  this  Form  10-K  is  located  on page 21.

Total  number  of  pages  in  this  report:  57.

<PAGE>
                                     PART I
ITEM  1.     BUSINESS
             --------
(A)     Background

In  March  1989,  PLM  Financial  Services, Inc. (FSI or the General Partner), a
wholly  owned subsidiary of PLM International, Inc. (PLM International or PLMI),
filed  a  Registration  Statement  on  Form S-1 with the Securities and Exchange
Commission  with respect to a proposed offering of 8,750,000 limited partnership
units  (including  1,250,000  option  units) (the units) in PLM Equipment Growth
Fund  IV,  a  California  limited  partnership (the Partnership or EGF IV).  The
Partnership's  offering  became  effective  on  May  23,  1989.  FSI, as General
Partner,  owns a 5% interest in the Partnership.  The Partnership engages in the
business  of investing in a diversified equipment portfolio consisting primarily
of  used,  long-lived,  low-obsolescence  capital  equipment  that  is  easily
transportable  by  and  among  prospective  users.

The  Partnership's  primary  objectives  are:

(1)     to  maintain  a diversified portfolio of low-obsolescence equipment with
long  lives  and high residual values which were purchased with the net proceeds
of the initial partnership offering, supplemented by debt financing, and surplus
     operating  cash  during  the  reinvestment  phase  of  the  Partnership;

     (2)     to  generate  sufficient  net  operating  cash  flow  from  lease
operations  to meet liquidity requirements and to generate cash distributions to
the  limited  partners  until  such  time  as  the General Partner commences the
orderly  liquidation  of  the  Partnership  assets  or unless the Partnership is
terminated  earlier  upon  sale  of all Partnership property or by certain other
events;

     (3)     to  selectively  sell  equipment  when the General Partner believes
that,  due  to  market  conditions,  market prices for equipment exceed inherent
equipment  values or that expected future benefits from continued ownership of a
particular  asset  will  have  an  adverse  affect  on  the Partnership.  As the
Partnership  is  in  the  liquidation phase, proceeds from these sales, together
with  excess  net  operating  cash  flows  from  operations,  are  used  to  pay
distributions  to  the  partners;  and

     (4)     to  preserve and protect the value of the portfolio through quality
management,  maintaining diversity, and constantly monitoring equipment markets.

The  offering  of  the units of the Partnership closed on March 28, 1990.  As of
December  31,  2002, there were 8,628,420 limited partnership units outstanding.
The  General Partner contributed $100 for its 5% general partner interest in the
Partnership.

The  Partnership  has  entered  its liquidation phase and the General Partner is
actively  pursuing  the  sale  of  all  of  the Partnership's equipment with the
intention  of  winding up the Partnership and distributing all available cash to
the  Partners.  The  liquidation phase will end on December 31, 2009, unless the
Partnership  is  terminated  earlier  upon  sale  of  all of the equipment or by
certain  other  events.

<PAGE>
Table  1,  below,  lists the equipment and the original cost of equipment in the
Partnership's  portfolio  and  the Partnership's proportional share of equipment
owned by an unconsolidated special-purpose entity (USPE) as of December 31, 2002
(in  thousands  of  dollars):

                                     TABLE 1
                                     -------
<TABLE>
<CAPTION>

<S>      <C>                                      <C>                     <C>
Units. .  Type                                     Manufacturer            Cost
--------------------------------------------------------------------------------
Owned equipment held for operating leases:

267. . .  Pressurized tank railcars                Various              $  8,118
20 . . .  Woodchip gondola railcars                General Electric          478
24 . . .  Nonpressurized tank railcars             Various                   501
4. . . .  Refrigerated marine containers           Various                    91
81 . .    Various marine containers                Various                   291
                                                                        ---------
    Total owned equipment held for operating leases                     $  9,479 1
                                                                        =========

Equipment owned by an unconsolidated special-purpose entity:

0.35 ..  Equipment on direct finance lease:
           Two DC-9 stage III commercial aircraft  McDonnell-Douglas    $  4,025 1,2
                                                                        =========
</TABLE>


Equipment  is  generally  leased under operating leases for a term of one to six
years.  The  Partnership's  marine  containers  are  leased  to  operators  of
utilization-type  leasing  pools,  which include equipment owned by unaffiliated
parties.  In  such  instances, revenues received by the Partnership consist of a
specified  percentage  of  revenues generated by leasing the pooled equipment to
sublessees,  after  deducting  certain  direct  operating expenses of the pooled
equipment.  Rents  for  all  other  equipment  are  based  on  fixed  rates.

(B)     Management  of  Partnership  Equipment

The  Partnership  has  entered  into  an equipment management agreement with PLM
Investment  Management,  Inc.  (IMI),  a wholly owned subsidiary of FSI, for the
management  of  the  Partnership's  equipment.  The  Partnership's  management
agreement  with  IMI is to co-terminate with the dissolution of the Partnership,
unless  the  limited partners vote to terminate the agreement prior to that date
or  at  the  discretion  of  the General Partner.  IMI has agreed to perform all
services  necessary  to manage the equipment on behalf of the Partnership and to
perform  or  contract for the performance of all obligations of the lessor under
the Partnership's leases.  In consideration for its services and pursuant to the
partnership  agreement, IMI is entitled to a monthly management fee (see Notes 1
and  2  to  the  financial  statements).








1     Includes  equipment  and  investments  purchased  with  the  proceeds from
capital  contributions, undistributed cash flow from operations, and Partnership
borrowings invested in equipment.  Includes costs capitalized, subsequent to the
date  of  acquisition  and equipment acquisition fees paid to PLM Transportation
Equipment  Corporation  (TEC),  a wholly owned subsidiary of FSI.  All equipment
was  used  equipment  at  the  time  of  purchase.
2     Jointly  owned:  EGF  IV  and  two  affiliated  partnerships.

<PAGE>

(C)     Competition

(1)     Operating  Leases  versus  Full  Payout  Leases

Generally,  the  equipment  owned by or invested in by the Partnership is leased
out  on  an  operating lease basis wherein the rents received during the initial
noncancelable  term  of  the lease are insufficient to recover the Partnership's
purchase  price  of  the  equipment.  The short- to mid-term nature of operating
leases generally commands a higher rental rate than the longer-term, full payout
leases  and  offers  lessees relative flexibility in their equipment commitment.
In  addition,  the  rental  obligation  under  an  operating  lease  need not be
capitalized  on  the  lessee's  balance  sheet.

The  Partnership  encounters  considerable competition from lessors that utilize
full  payout  leases  on new equipment, i.e. leases that have terms equal to the
expected  economic  life  of  the  equipment.  While  some  lessees  prefer  the
flexibility  offered by a shorter-term operating lease, other lessees prefer the
rate  advantages  possible with a full payout lease.  Competitors may write full
payout  leases  at  considerably  lower  rates  and  for  longer  terms than the
Partnership offers, or larger competitors with a lower cost of capital may offer
operating  leases at lower rates, which may put the Partnership at a competitive
disadvantage.

(2)     Manufacturers  and  Equipment  Lessors

The Partnership competes with equipment manufacturers who offer operating leases
and  full  payout leases.  Manufacturers may provide ancillary services that the
Partnership  cannot  offer,  such as specialized maintenance services (including
possible  substitution  of equipment), training, warranty services, and trade-in
privileges.

The  Partnership  also  competes  with  many  equipment  lessors,  including ACF
Industries, Inc. (Shippers Car Line Division), General Electric Railcar Services
Corporation,  General  Electric Capital Aviation Services Corporation, and other
investments  programs  that  lease  the  same  types  of  equipment.

(D)     Demand

The  Partnership currently operates in the following operating segments: railcar
leasing, marine container leasing, and aircraft leasing.  Each equipment leasing
segment  engages  in  short-term  to  mid-term  operating leases to a variety of
customers  except  for  the Partnership's investment in two aircraft on a direct
finance  lease.  The  Partnership's equipment and investments are primarily used
to  transport materials and commodities, except for aircraft leased to passenger
air  carriers.

The  following section describes the international and national markets in which
the  Partnership's  capital  equipment  operates:

(1)     Railcars

(a)  Pressurized  Tank  Railcars

Pressurized  tank  railcars  are used to transport liquefied petroleum gas (LPG)
and  anhydrous ammonia (fertilizer).  The North American markets for LPG include
industrial  applications,  residential  use,  electrical  generation, commercial
applications,  and transportation.  LPG consumption is expected to grow over the
next few years as most new electricity generation capacity is expected to be gas
fired.  Within  any  given  year,  consumption is particularly influenced by the
severity  of  winter  temperatures.

Within  the  fertilizer  industry,  demand  is  a  function  of several factors,
including the level of grain prices, status of government farm subsidy programs,
amount  of  farming  acreage and mix of crops planted, weather patterns, farming
practices,  and  the  value of the United States (US) dollar.  Population growth
and  dietary  trends  also  play  an  indirect  role.

On  an  industry-wide  basis,  North American carloadings of the commodity group
that  includes  petroleum  and  chemicals  decreased  over 2% in 2002 after a 5%
decline  in  2001.  Even with this further decrease in industry-wide demand, the
utilization  of  pressurized tank railcars across the Partnership was in the 85%
range  during the year.  The desirability of the railcars in the Partnership was
affected by the advancing age of this fleet and related corrosion issues on foam
insulated  railcars.

<PAGE>
(b)  Woodchip  Gondolas  Railcars

These  railcars  are  used  to  transport woodchips from sawmills to pulp mills,
where the woodchips are converted into pulp.  Thus, demand for woodchip railcars
is  directly  related  to  demand  for paper, paper products, particleboard, and
plywood.

(c)  General  Purpose  (Nonpressurized)  Tank  Railcars

General  purpose tank railcars are used to transport bulk liquid commodities and
chemicals  not  requiring  pressurization,  such  as certain petroleum products,
liquefied  asphalt,  lubricating  oils,  molten sulfur, vegetable oils, and corn
syrup.  The  overall  health  of  the  market  for these types of commodities is
closely  tied  to both the US and global economies, as reflected in movements in
the Gross Domestic Product, personal consumption expenditures, retail sales, and
currency  exchange rates. The manufacturing, automobile, and housing sectors are
the  largest  consumers  of chemicals. Within North America, 2002 carloadings of
the  commodity  group  that  includes  chemicals and petroleum products reversed
previous  declines  and  rose 4% after a fall of 5% during 2001.  Utilization of
the  Partnership's  nonpressurized  tank railcars has been increasing reflecting
this  market  condition  and  presently  stands  at  about  75%.

(2)  Marine  Containers

Marine  containers  are  used  to  transport  a variety of types of cargo.  They
typically  travel  on  marine vessels but may also travel on railroads loaded on
certain  types  of  railcars  and  highways  loaded  on  a  trailer.

The Partnership's fleet of dry, refrigerated and other specialized containers is
in  excess  of  13  years of age, and is generally no longer suitable for use in
international  commerce,  either  due to its specific physical condition, or the
lessees' preferences for newer equipment.  As individual containers are returned
from  their  specific  lessees,  they  are being marketed for sale on an "as is,
where  is"  basis.  The  market  for  such  sales  is  highly dependent upon the
specific  location  and  type  of  container.  The  Partnership has continued to
experience  reduced  residual  values  on  the  sale  of refrigerated containers
primarily  due  to  technological  obsolescence associated with this equipment's
refrigeration  machinery.

(3)     Commercial  Aircraft

The  Partnership  owns  35% of two DC-9 commercial aircraft that are on a direct
finance lease.  This lease has been renegotiated and the resulting incoming cash
flow  has  been  severely  reduced.

Since  the  terrorist  events  of  September  11,  2001, the commercial aviation
industry  has  experienced  significant  losses  that  escalated with a weakened
economy.  This  in  turn  has led to the bankruptcy filing of two of the largest
airlines  in  the United States, and to an excess supply of commercial aircraft.
The current state of the aircraft industry, with significant excess capacity for
both  new  and  used aircraft continues to be extremely weak, and is expected by
the  General  Partner  to  remain  weak.

(E)     Government  Regulations

The  use,  maintenance,  and  ownership  of  equipment are regulated by federal,
state,  local, or foreign governmental authorities.  Such regulations may impose
restrictions  and financial burdens on the Partnership's ownership and operation
of  equipment.  Changes  in  government  regulations,  industry  standards,  or
deregulation  may  also  affect  the  ownership,  operation,  and  resale of the
equipment.  Substantial  portions  of  the Partnership's equipment portfolio are
either registered or operated internationally.  Such equipment may be subject to
adverse  political,  government,  or  legal  actions,  including  the  risk  of
expropriation  or  loss  arising from hostilities.  Certain of the Partnership's
equipment  is  subject  to extensive safety and operating regulations, which may
require  its removal from service or extensive modification of such equipment to
meet  these  regulations,  at  considerable  cost  to  the  Partnership.  Such
regulations  include  but  are  not  limited  to:

1)          the US Department of Transportation's Aircraft Capacity Act of 1990,
which  limits  or  eliminates the operation of commercial aircraft in the United
States  that  do  not  meet  certain  noise,  aging, and corrosion criteria.  In
addition,  under  US  Federal  Aviation Regulations, after December 31, 1999, no
person  may  operate an aircraft to or from any airport in the contiguous United
States  unless  that  aircraft  has  been  shown  to comply with Stage III noise
levels.  The cost to install a hushkit to meet quieter Stage III requirements is
approximately  $1.5 million, depending on the type of aircraft.  The Partnership
has  an  interest  in  two  Stage  II  aircraft  that  do  not  meet  Stage  III
requirements.  These  Stage II aircraft are scheduled to be sold or re-leased in
countries  that  do  not  require  this  regulation;

(2)     the Montreal Protocol on Substances that Deplete the Ozone Layer and the
U.S.  Clean  Air Act Amendments of 1990, which call for the control and eventual
replacement  of  substances  that  have  been  found  to  cause  or  contribute
significantly  to harmful effects on the stratospheric ozone layer and which are
used  extensively  as  refrigerants  in  refrigerated  marine  cargo;  and

(3)     the  US  Department  of Transportation's Hazardous Materials Regulations
regulates  the  classification and packaging requirements of hazardous materials
that  apply  particularly  to Partnership's tank railcars.  The Federal Railroad
Administration  has  mandated that effective July 1, 2000 all tank railcars must
be  re-qualified  every  ten  years  from  the  last test date stenciled on each
railcar  to  insure tank shell integrity.  Tank shell thickness, weld seams, and
weld  attachments  must be inspected and repaired if necessary to re-qualify the
tank  railcar  for  service.  The  average cost of this inspection is $3,600 for
jacketed  tank railcars and $1,800 for non-jacketed tank railcars, not including
any necessary repairs.  This inspection is to be performed at the next scheduled
tank  test  and  every ten years thereafter.  The Partnership currently owns 220
jacketed  tank  railcars  and  24  non-jacketed  tank  railcars  that  will need
re-qualification.  As  of  December  31,  2002, 27 jacketed tank railcars and 10
non-jacketed  tank railcars of the fleet will need to be re-qualified in 2003 or
2004.

As  of  December  31,  2002,  the  Partnership  was in compliance with the above
government  regulations.  Typically,  costs  related  to  extensive  equipment
modifications to meet government regulations are passed on to the lessee of that
equipment.

ITEM  2.     PROPERTIES
             ----------

The  Partnership neither owns nor leases any properties other than the equipment
it  has  purchased and its interest in an entity that owns equipment for leasing
purposes.  As  of  December  31,  2002,  the  Partnership  owned  a portfolio of
transportation  and related equipment and an investment in equipment owned by an
USPE  as  described in Item 1, Table 1.  The Partnership acquired equipment with
the  proceeds  of  the  Partnership offering of $174.8 million through the first
half  of  1990,  proceeds  from  the  debt  financing  of  $33.0 million, and by
reinvesting  a  portion  of  its  operating  cash  flow in additional equipment.

The  Partnership  maintains  its principal office at 235 3rd Street South, Suite
200,  St.  Petersburg,  FL  33701.

ITEM  3.     LEGAL  PROCEEDINGS
             ------------------

The Partnership, together with affiliates, initiated litigation in 2000 and 2001
in  various  official forums in the United States and India against a defaulting
Indian  airline  lessee to repossess Partnership property and to recover damages
for failure to pay rent and failure to maintain such property in accordance with
relevant  lease  contracts.  The Partnership has repossessed all of its property
previously  leased  to  such airline, and the airline has ceased operations.  In
response  to  the  Partnership's  collection  efforts, the airline lessees filed
counterclaims  against  the  Partnership  in  excess of the Partnership's claims
against  the  airline.  The  General  Partner  believes  that  the  airline's
counterclaims  are completely without merit, and the General Partner will defend
against  such  counterclaims.  During  2001,  the  General  Partner  decided  to
minimize  its  collection  efforts  from  the Indian lessee in order to save the
Partnership from additional expenses of trying to collect from a lessee that has
no  apparent  ability  to  pay.

During  2001,  an arbitration hearing was held between one Indian lessee and the
Partnership  and  the arbitration panel issued an award to the Partnership.  The
Partnership  initiated  proceedings in India to collect on the arbitration award
and  has  recently  been  approached again by the lessee to discuss a negotiated
settlement  of the Partnership's collection action.  The General Partner did not
accrue  the  arbitration  award  in  the  December 31, 2002 financial statements
because  the  likelihood  of  collection  of  the  award is remote.  The General
Partner  will  continue  to  try  to  collect the full amount of the settlement.

During 2001, the General Partner decided to minimize its collection efforts from
the  other  Indian  lessee  in  order  to  save  the  Partnership from incurring
additional  expenses associated with trying to collect from a lessee that has no
apparent  ability  to  pay.

The  Partnership  is involved as plaintiff or defendant in various legal actions
incidental  to  its  business.  Management  does  not  believe that any of these
actions  will be material to the financial condition or results of operations of
the  Partnership

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

No matters were submitted to a vote of the Partnership's limited partners during
the  fourth  quarter  of  its  fiscal  year  ended  December  31,  2002.

                                     PART II

ITEM  5.     MARKET  FOR THE PARTNERSHIP'S EQUITY AND RELATED UNITHOLDER MATTERS
             -------------------------------------------------------------------

Pursuant  to  the  terms  of  the  partnership agreement, the General Partner is
entitled to 5% of the profits, losses and distributions of the Partnership.  The
General  Partner  is the sole holder of such interests.  Net income is allocated
to  the  General  Partner to the extent necessary to cause the General Partner's
capital  account to equal zero.  The remaining interests in the profits, losses,
and cash distributions of the Partnership are allocated to the limited partners.
As  of December 31, 2002, there were 8,628 limited partners holding units in the
Partnership.

There  are  several  secondary markets in which limited partnership units trade.
Secondary markets are characterized as having few buyers for limited partnership
interests  and,  therefore  are  viewed  as inefficient vehicles for the sale of
limited partnership units.  Presently, there is no public market for the limited
partnership  units  and  none  is  likely  to  develop.

To  prevent the units from being considered publicly traded and thereby to avoid
taxation of the Partnership as an association treated as a corporation under the
Internal  Revenue  Code,  the limited partnership units will not be transferable
without  the  consent  of  the  General  Partner,  which  may be withheld at its
absolute  discretion.  The  General  Partner  intends  to  monitor  transfers of
limited  partnership  units  in  an effort to ensure that they do not exceed the
percentage  or  number  permitted  by  certain  safe  harbors promulgated by the
Internal  Revenue  Service.  A  transfer  may  be  prohibited  if  the  intended
transferee  is  not  an United States citizen or if the transfer would cause any
portion of the units of a "Qualified Plan" as defined by the Employee Retirement
Income  Security  Act  of 1974 and Independent Retirement Accounts to exceed the
limit  allowable.

<PAGE>
ITEM  6.     SELECTED  FINANCIAL  DATA
             -------------------------

Table  2,  below,  lists  selected  financial  data  for  the  Partnership:

                                     TABLE 2
                                     -------

                        For the Years Ended December 31,
         (In thousands of dollars, except weighted-average unit amounts)
<TABLE>
<CAPTION>


                                            2002       2001     2000      1999      1998

<S>                                       <C>         <C>      <C>       <C>       <C>
Operating results:
  Total revenues . . . . . . . . . . . .  $  2,809  $  6,816  $  4,847  $ 14,651  $ 10,768
  Gain on disposition of equipment . . .       778     3,560       316     6,646        77
  Loss on disposition of equipment . . .        --       (13)      (13)     (289)     (541)
  Impairment loss on equipment . . . . .       434        --       106        --        --
  Equity in net income (loss) of uncon-
    solidated special-purpose entities .       120    (1,049)      673     2,224       348
  Net income (loss). . . . . . . . . . .       899     3,247       897     6,408    (1,127)

At year-end:
  Total assets . . . . . . . . . . . . .  $ 10,772  $ 14,072  $ 12,863  $ 20,185  $ 31,250
  Notes payable. . . . . . . . . . . . .        --        --        --        --    12,750
  Total liabilities. . . . . . . . . . .       258       461       729       843    14,683

Cash distribution. . . . . . . . . . . .  $  3,996  $  1,770  $  3,564  $  3,633  $  3,533
Special cash distribution. . . . . . . .        --        --     4,541        --        --
                                          --------  --------  --------  --------  ---------
Total cash distribution. . . . . . . . .  $  3,996  $  1,770  $  8,105  $  3,633  $  3,533
                                          ========  ========  ========  ========  =========

Total cash distribution representing a
    return of capital to the limited
    partners . . . . . . . . . . . . . .  $  3,097  $     --  $  7,208  $     --  $  3,351

Per weighted-average limited
    partnership unit:

Net income (loss). . . . . . . . . . . .  $ 0.08 1  $ 0.37 1  $ 0.06 1  $ 0.72 1  $ (0.15)1

Cash distribution. . . . . . . . . . . .  $   0.46  $   0.19  $   0.39  $   0.40  $   0.39
Special cash distribution. . . . . . . .        --        --      0.50        --        --
                                          --------  --------  --------  --------  ---------

Total cash distribution. . . . . . . . .  $   0.46  $   0.19  $   0.89  $   0.40  $   0.39
                                          ========  ========  ========  ========  =========

Total cash distribution representing a
    return of capital to the limited
    partners . . . . . . . . . . . . . .  $   0.36  $     --  $   0.84  $     --  $   0.39
</TABLE>



1     After  the  increase  of  income  necessary to cause the General Partner's
capital  account  to  equal  zero  of  $0.2  million ($0.02 per weighted-average
limited  partnership  unit)  in  2002,  $0.1 million ($0.01 per weighted-average
limited  partnership  unit) in 2001, and after the reduction of income necessary
to  cause  the  General  Partner's capital account to equal zero of $0.4 million
($0.04  per  weighted-average  limited  partnership  unit) in 2000, $0.1 million
($0.02  per weighted-average limited partnership unit) in 1999, and $0.2 million
($0.03  per  weighted-average  limited  partnership  unit)  in 1998 representing
allocations  to  the  General  Partner (see Note 1 to the financial statements).

<PAGE>
ITEM  7.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
             -------------------------------------------------------------------
RESULTS  OF  OPERATIONS
    -------------------

(A)     Introduction

Management's  discussion  and  analysis  of  financial  condition and results of
operations  relates  to the financial statements of PLM Equipment Growth Fund IV
(the  Partnership).  The following discussion and analysis of operations focuses
on  the  performance  of  the Partnership's equipment in the various segments in
which  it  operates  and  its  effect  on  the  Partnership's  overall financial
condition.

(B)     Results  of  Operations  -  Factors  Affecting  Performance

(1)     Re-leasing  Activity  and  Repricing  Exposure  to  Current  Economic
Conditions

The  exposure  of the Partnership's equipment portfolio to repricing risk occurs
whenever the leases for the equipment expire or are otherwise terminated and the
equipment must be remarketed.  Major factors influencing the current market rate
for  the  Partnership's  equipment  include  supply  and  demand  for similar or
comparable  types  of  transport  capacity, desirability of the equipment in the
leasing  market,  market conditions for the particular industry segment in which
the  equipment  is  to  be  leased,  overall  economic  conditions,  and various
regulations  concerning the use of the equipment.  Equipment that is idle or out
of  service  between  the  expiration  of  one  lease  and  the  assumption of a
subsequent  lease  can result in a reduction of contribution to the Partnership.
The  Partnership  experienced  re-leasing  or repricing activity in 2002 for its
marine  container  and  railcar  portfolios:

(a)     Marine containers: All of the Partnership's marine containers are leased
     to  operators  of  utilization-type  leasing pools and, as such, are highly
exposed  to  repricing  activity.  The  Partnership's  marine  containers are in
excess  of  thirteen  years  of  age  and,  as  such,  in  limited  demand.

     (b)     Railcars:  This  equipment  experienced  significant  re-leasing
activity.  Lease rates in this market are showing signs of weakness and this has
led to lower utilization and lower lease revenues to the Partnership as existing
leases  expire  and  renewal  leases  are  negotiated.

(2)  Equipment  Liquidations

Liquidation  of  Partnership  equipment  and  of  investments  in unconsolidated
special-purpose  entities  (USPEs)  represents  a  reduction  in the size of the
equipment  portfolio  and  may  result  in  reduction  of  contribution  to  the
Partnership.  During  the  year,  the  Partnership  disposed railcars and marine
containers,  for  proceeds  of  $1.8  million.

(3)     Equipment  Valuation

In  accordance  with  Financial  Accounting Standards Board (FASB) Statements of
Financial Accounting Standards (SFAS) No. 121, "Accounting for the Impairment of
Long-Lived  Assets  and for Long-Lived Assets to Be Disposed Of" (SFAS No. 121),
the  General Partner reviewed the carrying values of the Partnership's equipment
portfolio  at  least  quarterly  and  whenever  circumstances indicated that the
carrying  value of an asset may not be recoverable due to expected future market
conditions.  If  the projected undiscounted cash flows and the fair value of the
equipment were less than the carrying value of the equipment, an impairment loss
was  recorded.

During  2000, a $0.1 million impairment loss was recorded to reduce the carrying
value  of  owned  trailer  equipment  to  their  fair value, and was included as
impairment  loss in the Partnership's 2000 statement of income.  The Partnership
leased  owned  trailer  equipment  to  lessees  domiciled  in  the United States
geographic  region.

During 2001, a USPE owning two Stage III commercial aircraft on a direct finance
lease  reduced  its  net  investment  in  the finance lease receivable, due to a
series  of  lease  amendments,  to  the  value  of  the  aircraft's  projected
undiscounted  cash  flows.  The  Partnership's  proportionate  share  of  this
writedown,  which  is included in equity in net income (loss) of the USPE in the
Partnerhship's  2001  statement  of  income,  was $1.4 million.  The Partnership
leased  the  two  aircraft to lessees domiciled in the Mexico geographic region.

In October 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal  of Long-Lived Assets" (SFAS No. 144), which replaces SFAS No. 121.  In
accordance  with  SFAS  No. 144, the Partnership evaluates long-lived assets for
impairment whenever events or circumstances indicate that the carrying values of
such  assets  may not be recoverable.  Losses for impairment are recognized when
the undiscounted cash flows estimated to be realized from a long-lived asset are
determined  to  be  less  than  the carrying value of the asset and the carrying
amount  of  long-lived  asset exceeds its fair value.  The determination of fair
value  for a given investment requires several considerations, including but not
limited  to,  income  expected  to  be  earned  from  the asset, estimated sales
proceeds, and holding costs excluding interest.  The Partnership applied the new
rules  on  accounting  for  the  impairment  or  disposal  of  long-lived assets
beginning  January  1,  2002.

During the fourth quarter of 2002, the Partnership reduced the net book value of
50  tankcars  in its railcar fleet to their fair value of $2000 per railcar, and
recorded  a $0.4 million impairment loss. The impairment was caused by a general
recall  due  to a manufacturing defect allowing extensive corrosion of railcars'
internal lining.  Repair of the railcars were determined to be cost prohibitive.
The  fair  value  of  railcars  with  this  defect was determined using industry
expertise.  The  railcars  were  used to conduct trade in both the United States
and  Canada.  There were no reductions to the carrying values of owned equipment
in  2001.  No  revaluations  to  owned  equipment  were  required  in 2001 or to
partially  owned  equipment  in  2002  and  2000.

(C)     Financial  Condition  --  Capital  Resources  and  Liquidity

The General Partner purchased the Partnership's initial equipment portfolio with
capital  raised  from  its initial equity offering and permanent debt financing.
No  further  capital contributions from the limited partners are permitted under
the  terms  of the Partnership's limited partnership agreement.  At December 31,
2002,  the  Partnership had no outstanding indebtedness.  The Partnership relies
on  operating  cash  flow  to  meet  its  operating  obligations  and  make cash
distributions  to  the  limited  partners.

For  the year ended December 31, 2002, the Partnership generated $0.5 million in
operating  cash  to  meet  its  operating  obligations, maintain working capital
reserves  and  make distributions (total for the year ended December 31, 2002 of
$4.0  million)  to  the  partners.

During  the  year  ended December 31, 2002, the Partnership disposed of railcars
and  marine  containers,  for  aggregate  proceeds  of  $1.8  million.

Investment  in an USPE decreased $0.3 million during the year ended December 31,
2002.  The  decrease  was  due  $0.4 million in distributions to the Partnership
from the USPE.  This decrease was partially offset by net income of $0.1 million
from  the  USPE  during  2002.

Accounts payable and accrued expenses decreased $0.2 million due to the decrease
in  the  size  of  the  equipment  portfolio.

The  General  Partner  has  not planned any expenditures, nor is it aware of any
contingencies  that  would  cause  it  to require any additional capital to that
mentioned  above.

(D)     Critical  Accounting  Policies  and  Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires the General Partner
to make estimates and assumptions that affect the reported amounts of assets and
liabilities  and the 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.  On a regular basis, the General Partner reviews
these estimates including those related to asset lives and depreciation methods,
impairment  of  long-lived  assets,  allowance  for  doubtful accounts, reserves
related  to legally mandated equipment repairs and contingencies and litigation.
These  estimates are based on the General Partner's historical experience and on
various  other  assumptions  believed  to be reasonable under the circumstances.
Actual  results  may  differ from these estimates under different assumptions or
conditions.  The  General  Partner  believes,  however,  that  the  estimates,
including  those  for  the  above-listed  items,  are reasonable and that actual
results  will  not  vary  significantly  from  the  estimated  amounts.

The  General  Partner believes the following critical accounting policies affect
the  more  significant  judgments  and  estimates used in the preparation of the
Partnership's  financial  statements:

Asset  lives  and  depreciation  methods:  The  Partnership's  primary  business
involves  the  purchase  and  subsequent  lease of long-lived transportation and
related  equipment.  The General Partner has chosen asset lives that it believes
correspond  to  the economic life of the related asset.  The General Partner has
chosen  a  deprecation  method  that  it  believes  matches  the  benefit to the
Partnership from the asset with the associated costs.  These judgments have been
made based on the General Partner's expertise in each equipment segment that the
Partnership operates.  If the asset life and depreciation method chosen does not
reduce  the  book value of the asset to at least the potential future cash flows
from  the  asset to the Partnership, the Partnership would be required to record
an impairment loss.  Likewise, if the net book value of the asset was reduced by
an  amount greater than the economic value has deteriorated, the Partnership may
record  a  gain  on  sale  upon  final  disposition  of  the  asset.

Impairment  of long-lived assets:  Whenever circumstances indicate an impairment
may  exist,  the General Partner reviews the carrying value of its equipment and
investment  in  an USPE to determine if the carrying value of the assets may not
be  recoverable  due  to  the  current  economic  conditions.  This requires the
General  Partner  to make estimates related to future cash flows from each asset
as well as the determination if the deterioration is temporary or permanent.  If
these estimates or the related assumptions change in the future, the Partnership
may  be  required  to  record  additional  impairment  charges.

Allowance  for  doubtful  accounts:  The  Partnership  maintains  allowances for
doubtful  accounts  for  estimated  losses  resulting  from the inability of the
lessees  to make the lease payments.  These estimates are primarily based on the
amount  of  time  that has lapsed since the related payments were due as well as
specific  knowledge  related  to the ability of the lessees to make the required
payments.  If  the  financial  condition  of  the  Partnership's lessees were to
deteriorate,  additional  allowances could be required that would reduce income.
Conversely,  if  the  financial  condition  of the lessees were to improve or if
legal  remedies  to  collect past due amounts were successful, the allowance for
doubtful  accounts  may  need  to  be  reduced  and  income  would be increased.

Reserves  for  repairs:  The Partnership accrues for legally required repairs to
equipment  such as engine overhauls to aircraft engines over the period prior to
the  required  repairs.  The amount that is reserved for is based on the General
Partner's  expertise  in  each equipment segment, the past history of such costs
for  that  specific  piece  of equipment and discussions with independent, third
party  equipment  brokers.  If  the amount reserved for is not adequate to cover
the  cost  of  such repairs or if the repairs must be performed earlier than the
General  Partner  estimated,  the  Partnership would incur additional repair and
maintenance  or  equipment  operating  expenses.

Contingencies  and  litigation:  The Partnership is subject to legal proceedings
involving  ordinary  and  routine  claims related to its business.  The ultimate
legal  and  financial liability with respect to such matters cannot be estimated
with  certainty  and  requires the use of estimates in recording liabilities for
potential  litigation  settlements.  Estimates  for  losses  from litigation are
disclosed  if  considered  possible  and  accrued  if  considered probable after
consultation with outside counsel.  If estimates of potential losses increase or
the related facts and circumstances change in the future, the Partnership may be
required  to  record  additional  litigation  expense.

(E)     Recent  Accounting  Pronouncements

On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible Assets" (SFAS No.
142),  was  approved  by  the  FASB.  SFAS  No.  142  changes the accounting for
goodwill  and  other  intangible  assets determined to have an indefinite useful
life  from  an amortization method to an impairment-only approach.  Amortization
of  applicable  intangible  assets  ceased upon adoption of this statement.  The
Partnership  implemented  SFAS  No. 142 on January 1, 2002.  SFAS No. 142 had no
impact  on  the  Partnership's  financial  position  or  results  of operations.

In  April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements No.
4,  44,  and  64, Amendment of FASB No. 13, and Technical Corrections" (SFAS No.
145).  The  provisions  of SFAS No. 145 are effective for fiscal years beginning
after  May  15,  2002.

In  July  2002,  the  FASB issued SFAS No. 146, "Accounting for Costs Associated
with  Exit or Disposal Activities" (SFAS No. 146), which is based on the general
principle  that  a  liability  for  a  cost  associated with an exit or disposal
activity  should  be recorded when it is incurred and initially measured at fair
value.  SFAS  No. 146 applies to costs associated with (1) an exit activity that
does  not  involve  an entity newly acquired in a business combination, or (2) a
disposal activity within the scope of SFAS No. 146.  These costs include certain
termination benefits, costs to terminate a contract that is not a capital lease,
and  other  associated  costs  to  consolidate facilities or relocate employees.
Because the provisions of this statement are to be applied prospectively to exit
or disposal activities initiated after December 31, 2002, the effect of adopting
this  statement  cannot  be  determined.

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting
and  Disclosure  Requirements  for  Guarantees, Including Indirect Guarantees of
Indebtedness of Others" (FIN 45).  This interpretation requires the guarantor to
recognize  a  liability for the fair value of the obligation at the inception of
the  guarantee.  The provisions of FIN 45 will be applied on a prospective basis
to  guarantees  issued  after  December  31,  2002.

In  January  2003,  the  FASB  issued  Interpretation  No. 46, "Consolidation of
Variable  Interest  Entities"  (FIN  46). This interpretation clarifies existing
accounting  principles  related  to  the  preparation  of consolidated financial
statements  when  the  owners  of  an  USPE do not have the characteristics of a
controlling  financial interest or when the equity at risk is not sufficient for
the  entity  to finance its activities without additional subordinated financial
support  from  others.  FIN 46 requires the Partnership to evaluate all existing
arrangements  to  identify  situations  where  the  Partnership  has a "variable
interest,"  commonly evidenced by a guarantee arrangement or other commitment to
provide  financial  support,  in a "variable interest entity," commonly a thinly
capitalized  entity,  and further determine when such variable interest requires
the  Partnership  to  consolidate  the  variable  interest  entitie's  financial
statements with its own.  The Partnership is required to perform this assessment
by  September  30, 2003 and consolidate any variable interest entities for which
the  Partnership  will  absorb  a  majority  of the entities' expected losses or
receive  a  majority  of  the  expected  residual  gains.  The  Partnership  has
determined  that  it  is  not  reasonably  possible  that it will be required to
consolidate  or  disclose  information about a variable interest entity upon the
effective  date  of  FIN  46.

(F)     Results  of  Operations  -  Year-to-Year  Detailed  Comparison

(1)     Comparison  of  Partnership's  Operating  Results  for  the  Years Ended
December  31,  2002  and  2001

(a)      Owned  Equipment  Operations

Lease  revenues  less  direct  expenses  (defined  as  repairs  and maintenance,
equipment  operating  and  asset-specific insurance expenses) on owned equipment
decreased  during  the  year ended December 31, 2002 compared to 2001.  Gains or
losses  from  the  sale  of  equipment,  interest  and  other income and certain
expenses  such as management fees to affiliate, depreciation, impairment loss on
equipment,  general and administrative expenses, and provision for (recovery of)
bad  debts  relating  to  the  operating  segments  (see Note 5 to the financial
statements),  are  not  included  in  the  owned equipment operations discussion
because  they  are  indirect  in  nature and not a result of operations, but the
result  of  owning a portfolio of equipment.  The following table presents lease
revenues  less  direct  expenses  by  segment  (in  thousands  of  dollars):

<TABLE>
<CAPTION>

<S>                <C>        <C>
                        For the Years
                      Ended December 31,
                     2002          2001
                    --------------------
Railcars. . . . .  $   1,254  $   2,001
Marine containers         22         33
Marine vessel . .         --        (27)
Aircraft. . . . .         --         23
</TABLE>


Railcars:  Railcar lease revenues and direct expenses were $1.9 million and $0.6
million,  respectively,  for  the year ended December 31, 2002, compared to $2.6
million  and  $0.6 million, respectively, during the same period of 2001.  Lease
revenues decreased $0.8 million during the year ended December 31, 2002 compared
to  2001  due  to  the  disposition  of  railcars  during  2002  and  2001.

Marine  containers:  Marine  container  lease revenues were $22,000 for the year
ended  December  31,  2002,  compared  to  $33,000  during 2001.  Lease revenues
decreased  $11,000  due  to the disposition of marine containers during 2002 and
2001.

Marine vessel:  The Marine vessel reported direct expenses of $27,000 during the
year  ended  December 31, 2001 related to actual expenses from a previous period
being  lower  than had been estimated.  The Partnership's last marine vessel was
sold  in  1999.

Aircraft:     Aircraft  lease revenues and direct expenses were $0.2 million and
$0.2  million,  respectively,  for  the  year  ended  December  31,  2001.  The
Partnership's  wholly-owned  aircraft  was  sold  during  2001.

(b)     Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses  of  $1.4 million for the year ended December 31, 2002
decreased  from  $1.6  million for 2001.  Significant variances are explained as
follows:

(i)     A  $0.4  million  decrease  in  depreciation  expense  from  2001 levels
resulted  from  the  disposition  of  equipment  during  2002  and  2001;

     (ii)  A  $0.2  million decrease in administrative expenses from 2001 levels
resulted from a decrease of $0.2 million resulting from lower allocations by PLM
Financial  Services,  Inc.  (the  General  Partner) for office services and data
processing  services;

(ii)     A  $0.4  million  increase in 2002 in impairment loss resulted from the
reduction  to fair value of railcars due to a general recall for a manufacturing
defect.  There  was  no  similar  impairment  in  2001.

(c)     Interest  and  Other  Income

Interest  and  other  income decreased $0.3 million. A $0.2 million decrease was
due  to  lower cash balances on which interest income was earned.  A decrease of
$0.1  million  was  due  to the Partnership recognizing $0.1 of unused container
reserves  as  income  in  2001.  A  similar  event  did  not  occur  in  2002.

(d)     Gain  on  Disposition  of  Owned  Equipment

The  gain  on the disposition of owned equipment for the year ended December 31,
2002  totaled  $0.8  million,  and resulted from the sale of railcars and marine
containers  with  an  aggregate  net book value of $1.1 million, for proceeds of
$1.8  million.  The gain on disposition of equipment for the year ended December
31,  2001 totaled $3.5 million, which resulted from the sale of aircraft, marine
containers,  and  railcars with an aggregate net book value of $1.9 million, for
proceeds  of  $5.5  million.

(e)     Equity  in  Net Income (Loss) of Unconsolidated Special-Purpose Entities

Equity  in  net income (loss) of USPEs represents the Partnership's share of the
net  income  or  loss  generated  from  the  operation  of  jointly owned assets
accounted  for under the equity method of accounting.  These entities are single
purpose  and  have no debt or other financial encumbrances.  The following table
presents  equity  in  net  income  (loss)  by  equipment  type  (in thousands of
dollars):
<TABLE>
<CAPTION>

<S>                                         <C>     <C>
                                                For the Years
                                              Ended December 31,
                                              2002         2001
                                             -------------------
Aircraft . . . . . . . . . . . . . . . . .  $   120  $   (1,014)
Marine vessel. . . . . . . . . . . . . . .       --         (35)
                                            -------  -----------
      Equity in net income (loss) of USPEs  $   120  $   (1,049)
                                            =======  ===========
</TABLE>


The  following  USPE  discussion by equipment type is based on the Partnership's
proportional  share  of  revenues,  depreciation  expense,  direct expenses, and
administrative  expenses  in  the  USPEs:

Aircraft: As of December 31, 2002 and 2001, the Partnership had an interest in a
trust  that  owns  two  commercial  aircraft  on  direct  finance  lease.  The
Partnership's share of aircraft revenues and expenses were $0.2 million and $0.1
million,  respectively,  for  the year ended December 31, 2002, compared to $0.5
million  and  $1.5  million, respectively, during 2001.  Revenues decreased $0.3
million  due to the leases for the aircraft in the trust being renegotiated at a
lower  rate.  Expenses decreased $1.4 million due to a reduction to the carrying
value  of  the  trust's  two aircraft to their estimated net realizable value in
2001.  A  similar  event  did  not  occur  during  2002.

Marine  vessel:  As  of  December  31,  2002  and  2001,  the Partnership had no
remaining interest in entities that owned marine vessels.  During the year ended
December  31,  2001,  the  Partnership's share of the entity that owned a marine
vessel  reported  $35,000 in operating expenses due to actual operating expenses
in  2000  being  higher  than  previously  reported.

(f)     Net  Income

As  a  result  of the foregoing, the Partnership's net income for the year ended
December  31,  2002  was  $0.9  million,  compared to net income of $3.2 million
during  2001.  The Partnership's ability to operate and liquidate assets, secure
leases,  and  re-lease  those  assets  whose  leases  expire  is subject to many
factors.  Therefore,  the  Partnership's  performance in the year ended December
31,  2002  is  not  necessarily  indicative  of  future  periods.

(2)     Comparison  of  the  Partnership's Operating Results for the Years Ended
December  31,  2001  and  2000

(a)      Owned  Equipment  Operations

Lease  revenues  less  direct  expenses  (defined  as  repair  and  maintenance,
equipment  operating,  and asset-specific insurance expenses) on owned equipment
decreased  during  the  year  ended  December  31,  2001, compared to 2000.  The
following  table  presents  lease  revenues  less direct expenses by segment (in
thousands  of  dollars):
<TABLE>
<CAPTION>

<S>                <C>        <C>
                        For the Years
                     Ended December 31,
                     2001          2000
                    --------------------
Railcars. . . . .  $   2,001   $  2,202
Marine containers         33         72
Aircraft. . . . .         23        648
Trailers. . . . .         --        428
Other . . . . . .        (27)        --
</TABLE>


Railcars:  Railcar lease revenues and direct expenses were $2.6 million and $0.6
million,  respectively,  for  2001,  compared  to $2.9 million and $0.7 million,
respectively,  during  2000.  Lease revenues decreased $0.2 million due to lower
re-lease rates earned on railcars whose leases expired during 2001 and decreased
$0.1 million due to the increase in the number of railcars off-lease during 2001
compared  to  2000.  Direct expenses decreased $0.1 million due to fewer repairs
during  the  year  of  2001  compared  to  2000.

Marine  containers:     Marine container lease revenues and direct expenses were
$33,000  and  $-0-, respectively, for the year ended December 31, 2001, compared
to  $0.1  million and $6,000, respectively, during 2000.  The decrease in marine
container  contribution in the year ended December 31, 2001 compared to the same
period  of  2000  was  due  to  the  sale of marine containers in 2001 and 2000.

Aircraft:     Aircraft  lease revenues and direct expenses were $0.2 million and
$0.2 million, respectively, for 2001, compared to $0.8 million and $0.1 million,
respectively,  during  2000.  The  decrease in aircraft contribution in 2001 was
due  to  the  sale  of  the  Partnership's  aircraft  in  2001  and  2000.

Trailers:     Trailer  lease revenues and direct expenses were $-0- for the year
ended  December  31,  2001,  compared  to  $0.6  million  and  $0.2  million,
respectively, during 2000.  The decrease in trailer contribution in 2001 was due
to  the  sale  of  all  of  the  Partnership's  trailers  in  2000.

(b)     Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses  of  $1.6 million for the year ended December 31, 2001
decreased  from $3.5 million for the same period in 2000.  Significant variances
are  explained  as  follows:

     (i)     A  $1.7  million  decrease in depreciation expense from 2000 levels
resulted  from  a $1.5 million decrease due to the sale of certain assets during
2001  and  2000  and  a  $0.1  million  decrease  resulting  from the use of the
double-declining  balance  depreciation  method  which  results  in  greater
depreciation  the  first  years  an  asset  is  owned.

     (ii)     A  decrease of $0.3 million in general and administrative expenses
was  due  to  lower  costs  of  $0.2  million resulting from the sale of all the
Partnership's  trailers  during  2000  and  lower  administrative  costs of $0.1
million  due  to  the  reduction  of  the  size  of  the Partnership's equipment
portfolio.

     (iii)     Impairment  loss  on equipment decreased $0.1 million during 2001
compared  to  the same period in 2000.  During 2000, the Partnership reduced the
carrying  value  of  its  trailers  to their estimated net realizable value.  No
impairment  of  owned  equipment  was  required  during  2001.

     (iv)     A  $0.1  million decrease in management fees to affiliate resulted
from the lower levels of lease revenues on owned equipment during 2001, compared
to  2000.

     (v)     The  $0.2  million  increase  in  bad  debt  expense was due to the
collection  of  a  $0.2  million  receivable  in  2000  that had previously been
reserved  for  as  bad  debts.  A  similar  recovery  did  not  occur  in  2001.

(c)     Gain  on  Disposition  of  Owned  Equipment

The  gain  on  disposition  of  equipment  for  the year ended December 31, 2001
totaled  $3.5  million,  which  resulted  from  the  sale  of  aircraft,  marine
containers,  and  railcars with an aggregate net book value of $1.9 million, for
proceeds  of  $5.5  million.  Included  in  the  gain  on sale are unused marine
container repair reserves of $0.1 million.  The gain on disposition of equipment
in 2000 totaled $0.3 million, which resulted from the sale of railcars, trailers
and  marine  containers  with  an  aggregate net book value of $1.6 million, for
proceeds  of  $1.9  million.

(d)     Equity  in  Net Income (Loss) of Unconsolidated Special-Purpose Entities

Equity  in  net income (loss) of USPEs represents the Partnership's share of the
net income (loss) generated from the operation of jointly owned assets accounted
for  under  the  equity method of accounting.  These entities are single purpose
and  have no debt or other financial encumbrances.  The following table presents
equity  in  net  income  (loss)  by  equipment  type  (in thousands of dollars):
<TABLE>
<CAPTION>

<S>                                         <C>        <C>
                                                For the Years
                                              Ended December 31,
                                              2001         2000
                                             -------------------
Aircraft . . . . . . . . . . . . . . . . .  $  (1,014)  $   538
Marine vessel. . . . . . . . . . . . . . .        (35)      135
                                            ----------  -------
      Equity in net income (loss) of USPEs  $  (1,049)  $   673
                                            ==========  =======
</TABLE>


The  following  USPE  discussion by equipment type is based on the Partnership's
proportional  share  of  revenues,  depreciation  expense,  direct expenses, and
administrative  expenses  in  the  USPEs:

Aircraft: As of December 31, 2001 and 2000, the Partnership had an interest in a
trust  that  owns  two  commercial  aircraft  on direct finance lease.  Aircraft
revenues  and expenses were $0.5 million and $1.5 million, respectively, for the
year  ended  December  31,  2001,  compared  to  $0.5  million  and  $(3,000),
respectively, during 2000.  The increase in expenses of $1.4 million during 2001
was  due  to  the reduction of the carrying value of the trust's two aircraft to
their  estimated  net  realizable  value.  A  similar event did not occur during
2000.

Marine  vessel:  As  of  December  31,  2001  and  2000,  the Partnership had no
remaining  interests  in  entities  that  owned  marine  vessels.  Marine vessel
revenues  and  expenses  were $-0- and $35,000, respectively, for the year ended
December  31,  2001 compared to $0.1 million and ($17,000), respectively, during
2000.  Revenues  decreased  $0.1 million during the year ended December 31, 2001
due  to  the  sale of the marine vessel entity in which the Partnership owned an
interest  during  1999  from  which the Partnership received $0.1 million for an
insurance  claim  during  the  year  ended  2000.  A similar event did not occur
during  2001.  Expenses  increased  $52,000 in 2001 due to payment of additional
marine  vessel  operating  expenses.

(e)     Net  Income

As  a result of the foregoing, the Partnership's net income was $3.2 million for
the  year ended December 31, 2001, compared to net income of $0.9 million during
2000.  The Partnership's ability to operate and liquidate assets, secure leases,
and  re-lease  those  assets whose leases expire is subject to many factors, and
the  Partnership's  performance  in  the  year  ended  December  31, 2001 is not
necessarily  indicative of future periods.  In the year ended December 31, 2001,
the  Partnership  distributed $1.7 million to the limited partners, or $0.19 per
weighted-average  limited  partnership  unit.

(G)     Geographic  Information

Certain  of  the  Partnership's  equipment  operates  in  international markets.
Although these operations expose the Partnership to certain currency, political,
credit, and economic risks, the General Partner believes these risks are minimal
or  has  implemented  strategies  to control the risks.  Currency risks are at a
minimum  because all invoicing, with the exception of a small number of railcars
operating in Canada, is conducted in United States dollars.  Political risks are
minimized generally through the avoidance of operations in countries that do not
have  a stable judicial system and established commercial business laws.  Credit
support  strategies  for  lessees  range  from letters of credit supported by US
banks  to  cash  deposits.  Although  these  credit support mechanisms generally
allow  the  Partnership  to maintain its lease yield, there are risks associated
with slow-to-respond judicial systems when legal remedies are required to secure
payment  or  repossess  equipment.  Economic  risks  are  inherent  in  all
international markets and the General Partner strives to minimize this risk with
market  analysis  prior to committing equipment to a particular geographic area.
Refer to Note 6 to the financial statements for information on the revenues, net
income  (loss),  and  net book value of equipment in various geographic regions.

Revenues  and  net  operating income (loss) by geographic region are impacted by
the time period the asset is owned and the useful life ascribed to the asset for
depreciation  purposes.  Net  income  (loss)  from  equipment  is  significantly
impacted  by  depreciation  charges,  which  are  greatest in the early years of
ownership due to the use of the double-declining balance method of depreciation.
The  relationships of geographic revenues, net income (loss), and net book value
of  equipment are expected to change significantly in the future, as assets come
off  lease  and  decisions  are  made  to either redeploy the assets in the most
advantageous  geographic  location,  or  sell  the  assets.

The  Partnership's  equipment  on  lease  to  US  domiciled  lessees consists of
railcars.  During  2002,  US  lease  revenues  accounted  for  29%  of the lease
revenues  while  this  region  reported  net  income  of  $0.1  million.

The  Partnership's  owned  equipment  on  lease  to  Canadian-domiciled  lessees
consists of railcars.  During 2002, Canadian lease revenues accounted for 70% of
the  total lease revenues while this region recorded net income of $0.9 million.

The  Partnership's  ownership  share  in  a  USPE consisted of two aircraft on a
direct  finance  lease  to  a  Mexican-domiciled lessee.  No lease revenues were
reported  in  this region while this region reported net income of $0.1 million.

The  Partnership's  owned equipment on lease to lessees in the rest of the world
consisted  of  marine containers.  During 2002, lease revenues for these lessees
accounted  for  1% of the total lease revenues.  Net income from this region was
$0.2  million.

(H)     Inflation

Inflation had no significant impact on the Partnership's operations during 2002,
2001,  or  2000.

(I)     Forward-Looking  Information

Except  for historical information contained herein, the discussion in this Form
10-K  contains  forward-looking statements that involve risks and uncertainties,
such  as  statements  of  the Partnership's plans, objectives, expectations, and
intentions.  The  cautionary statements made in this Form 10-K should be read as
being  applicable to all related forward-looking statements wherever they appear
in  this  Form  10-K.  The  Partnership's actual results could differ materially
from  those  discussed  here.

(J)     Outlook  for  the  Future

The  Partnership  is  in  its  liquidation  phase.  Given  the  current economic
environment  and  offers  received  for  similar types of equipment owned by the
Partnership,  the General Partner has determined it would not be advantageous to
sell  the  remaining  Partnership  equipment  at  the current time.  The General
Partner  will  continue to monitor the equipment markets to determine an optimal
time  to  sell.  In  the  meantime,  equipment  will  continue to be leased, and
re-leased  at  market  rates  as  existing  leases expire.  Although the General
Partner  estimates  that there will be distributions to the partners after final
disposal  of  assets  and  settlement  of  liabilities,  the  amounts  cannot be
accurately  determined  prior  to  actual  disposal  of  the  equipment.

Sale decisions may cause the operating performance of the Partnership to decline
over  the remainder of its life.  The liquidation phase will end on December 31,
2009,  unless  the  Partnership  is  terminated  earlier upon sale of all of the
equipment  or  by  certain  other  events.

Several  factors  may affect the Partnership's operating performance in 2003 and
beyond,  including  changes  in  the markets for the Partnership's equipment and
changes  in  the  regulatory  environment  in  which  that  equipment  operates.

Liquidation  of  the  Partnership's  equipment and its investment in a USPE will
cause  a  reduction  in  the size of the equipment portfolio and may result in a
reduction  of  contribution  to  the  Partnership.  Other  factors affecting the
Partnership's  contribution  in  the  year  2003  include:

(1)     The cost of new marine containers has been at historic lows for the past
several  years,  which  has caused downward pressure on per diem lease rates for
this  type  of  equipment.  The Partnership's marine containers are in excess of
thirteen  years  of  age  and  are  no  longer suitable for use in international
commerce either due to their specific physical condition or lessees, preferences
for  newer  equipment.  Demand  for  these marine containers will continue to be
weak  due  to  their  age;

(2)     Railcar  freight  loadings  in the United States and Canada decreased 1%
and  3%  respectively, through 2002.  There has been, however, a recent increase
for  some of the commodities that drive demand for those types of railcars owned
by  the Partnership.  It will be some time, however, before this translates into
new  leasing  demand by shippers since most shippers have idle railcars in their
fleets;

(3)     The  airline  industry  began to see lower passenger travel during 2001.
The  events  of  September 11, 2001, along with a recession in the United States
have  continued  to  adversely  affect  the  market demand for both new and used
commercial  aircraft  and to significantly weaken the financial position of most
major  domestic  airlines.  As  a  result  of  this,  the Partnership has had to
renegotiate  the lease on its partially owned aircraft on a direct finance lease
during  2001.  The  General  Partner  believes  that  there  is  a  significant
oversupply  of  commercial  aircraft  available  and  that  this oversupply will
continue  for  some  time.

(4)     The  General  Partner  has seen an increase in its insurance premiums on
its  equipment  portfolio  and is finding it more difficult to find an insurance
carrier  with which to place the coverage.  Premiums for aircraft have increased
over 50% and for other types of equipment the increases have been over 25%.  The
increase  in  insurance  premiums caused by the increased rate will be partially
mitigated by the reduction in the value of the Partnership's equipment portfolio
caused  by  the  events  of  September 11, 2001 and other economic factors.  The
General  Partner  has also experienced an increase in the deductible required to
obtain  coverage.  This  may  have  a  negative impact on the Partnership in the
event  of  an  insurance  claim.

Several  other factors may affect the Partnership's operating performance in the
year  2003  and  beyond,  including changes in the markets for the Partnership's
equipment  and  changes  in  the  regulatory environment in which that equipment
operates.  The  other  factors  affecting the Partnership's contribution in 2003
and  beyond  include:

(1)     Repricing  Risk

Certain  portions  of the Partnership's railcars and marine container portfolios
will  be  remarketed in 2003 as existing leases expire, exposing the Partnership
to  considerable  repricing  risk/opportunity.  Additionally,  the  Partnership
entered  its  liquidation  phase on January 1, 1999 and has commenced an orderly
liquidation  of  the  Partnership's  assets.  The  General  Partner  intends  to
re-lease  or  sell  equipment  at  prevailing market rates; however, the General
Partner  cannot  predict  these future rates with any certainty at this time and
cannot  accurately  assess  the  effect  of  such activity on future Partnership
performance.

(2)     Impact  of  Government  Regulations  on  Future  Operations

The  General  Partner  operates  the  Partnership's equipment in accordance with
current  applicable regulations (see Item 1, Section E, Government Regulations).
However, the continuing implementation of new or modified regulations by some of
the  authorities  mentioned  previously,  or  others,  may  adversely affect the
Partnership's  ability to continue to own or operate equipment in its portfolio.
Additionally,  regulatory  systems  vary  from  country  to  country,  which may
increase  the burden to the Partnership of meeting regulatory compliance for the
same  equipment  operated  between countries.  Ongoing changes in the regulatory
environment,  both  in  the US and internationally, cannot be predicted with any
accuracy  and  preclude  the General Partner from determining the impact of such
changes  on  Partnership  operations  or  the  sale  of  equipment.

The  US Department of Transportation's Hazardous Materials Regulations regulates
the  classification  and packaging requirements of hazardous materials and apply
particularly  to  the  Partnership's  tank  railcars.  The  Federal  Railroad
Administration  has  mandated that effective July 1, 2000 all tank railcars must
be  re-qualified  every  ten  years  from  the  last test date stenciled on each
railcar  to  insure tank shell integrity.  Tank shell thickness, weld seams, and
weld  attachments  must be inspected and repaired if necessary to re-qualify the
tank  railcar  for  service.  The  average cost of this inspection is $3,600 for
jacketed  tank railcars and $1,800 for non-jacketed tank railcars, not including
any necessary repairs.  This inspection is to be performed at the next scheduled
tank  test  and  every ten years thereafter.  The Partnership currently owns 220
jacketed  tank  railcars  and  24  non-jacketed  tank  railcars  that  will need
re-qualification.  As  of  December  31, 2002,  27 jacketed tank railcars and 10
non-jacketed tank railcars of the fleet will need to be re-qualified during 2003
or  2004.

Ongoing  changes  in  the  regulatory environment, both in the United States and
internationally,  cannot  be  predicted  with accuracy, and preclude the General
Partner from determining the impact of such changes on Partnership operations or
the  sale  of  equipment.

(3)     Distributions

During  the  active  liquidation  phase, the Partnership will use operating cash
flow  and  proceeds from the sale of equipment to meet its operating obligations
and,  to  the extent available, make distributions to the partners.  In the long
term,  changing market conditions and used-equipment values preclude the General
Partner from accurately determining the impact of future re-leasing activity and
equipment  sales  on  Partnership  performance and liquidity.  Consequently, the
General  Partner  cannot establish future distribution levels with any certainly
at  this  time.

(4)     Liquidation

Liquidation of the Partnership's equipment represents a reduction in the size of
the  equipment  portfolio  and  may result in a reduction of contribution to the
Partnership.

Since  the Partnership has entered the active liquidation phase, the size of the
Partnership's remaining equipment portfolio and, in turn, the amount of net cash
flows  from  operations  will continue to become progressively smaller as assets
are  sold.  Significant  asset sales may result in distributions to unitholders.

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

The  Partnership's  primary  market  risk  exposure  is  that  of currency risk.

During  2002,  71%  of  the  Partnership's total lease revenues from wholly- and
jointly  owned equipment came from non-United States-domiciled lessees.  Most of
the  Partnership's  leases  require  payment  in US currency.  If these lessees'
currency devalues against the US dollar, the lessees could potentially encounter
difficulty  in  making  the  US  dollar-denominated  lease  payment.

ITEM  8.     FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY  DATA
             -----------------------------------------------

The  financial  statements  for  the  Partnership  are  listed  in  the Index to
Financial  Statements included in Item 15(a) of this Annual Report on Form 10-K.

<PAGE>

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

(A)     Disagreements  with  Accountants on Accounting and Financial Disclosures

None

(B)     Changes  in  Accountants

In  September  2001,  the  General  Partner  announced  that the Partnership had
engaged  Deloitte  &  Touche LLP as the Partnership's auditors and had dismissed
KPMG  LLP.  KPMG  LLP  issued  an  unqualified  opinion  on  the  2000 financial
statements.  During  2000  and  the  subsequent  interim  period  preceding such
dismissal, there were no disagreements with KPMG LLP on any matter of accounting
principles  or  practices,  financial statement disclosure, or auditing scope or
procedure.

<PAGE>
                                    PART III

ITEM  10.     DIRECTORS  AND  EXECUTIVE OFFICERS OF PLM FINANCIAL SERVICES, INC.
              ------------------------------------------------------------------

As  of  the  date of this annual report, the directors and executive officers of
PLM  Financial  Services,  Inc. (and key executive officers of its subsidiaries)
are  as  follows:
<TABLE>
<CAPTION>


Name              Age  Position
-------------------------------------------------------------------------------
<S>               <C>   <C>


Gary D. Engle  . 53   Director, PLM Financial Services, Inc., PLM Investment
                      Management Inc., and PLM Transportation Equipment Corp.

James A. Coyne   42   Director, Secretary and President, PLM Financial
                      Services, Inc. and PLM Investment Management, Inc.,
                      Director and Secretary, PLM Transportation Equipment Corp.

Richard K Brock  40   Director and Chief Financial Officer, PLM Financial
                      Services Inc., PLM Investment Management, Inc. and PLM
                      Transportation Equipment Corp.
</TABLE>


Gary  D.  Engle  was  appointed  a  Director  of PLM Financial Services, Inc. in
January  2002.  He  was  appointed  a  director  of  PLM  International, Inc. in
February 2001.  He is a director and President of MILPI Holdings, LLC ("MILPI").
Since  November 1997, Mr. Engle has been Chairman and Chief Executive Officer of
Semele Group Inc. ("Semele"), a publicly traded company.  Mr. Engle is President
and Chief Executive Officer of Equis Financial Group ("EFG"), which he joined in
1990 as Executive Vice President.  Mr. Engle purchased a controlling interest in
EFG  in  December  1994.  He  is  also  President  of  AFG  Realty,  Inc.

James A. Coyne was appointed President of PLM Financial Services, Inc. in August
2002.  He was appointed a Director and Secretary of PLM Financial Services, Inc.
in  April  2001.  He  was  appointed  a  director  of PLM International, Inc. in
February  2001.  He  is  a director, Vice President and Secretary of MILPI.  Mr.
Coyne has been a director, President and Chief Operating Officer of Semele since
1997.  Mr.  Coyne  is Executive Vice President of Equis Corporation, the general
partner of EFG.  Mr. Coyne joined EFG in 1989, remained until 1993, and rejoined
in  November  1994.

Richard  K  Brock  was  appointed  a Director and Chief Financial Officer of PLM
Financial  Services,  Inc.  in August 2002.  From June 2001 through August 2002,
Mr.  Brock was a consultant to various leasing companies including PLM Financial
Services, Inc.  From October 2000 through June 2001, Mr. Brock was a Director of
PLM  Financial  Services, Inc.  Mr. Brock was appointed Vice President and Chief
Financial Officer of PLM International, Inc. and PLM Financial Services, Inc. in
January  2000,  having  served as Acting Chief Financial Officer since June 1999
and  as  Vice  President and Corporate Controller of PLM International, Inc. and
PLM  Financial  Services,  Inc.  since June 1997.  Prior to June 1997, Mr. Brock
served  as  an  accounting  manager at PLM Financial Services, Inc. beginning in
September  1991  and as Director of Planning and General Accounting beginning in
February  1994.

The directors of PLM Financial Services, Inc. are elected for a one-year term or
until their successors are elected and qualified.  No family relationships exist
between  any  director or executive officer of PLM Financial Services, Inc., PLM
Transportation  Equipment  Corp.,  or  PLM  Investment  Management,  Inc.

ITEM  11.     EXECUTIVE  COMPENSATION
              -----------------------

The  Partnership  has no directors, officers, or employees.  The Partnership has
no  pension, profit sharing, retirement, or similar benefit plan in effect as of
December  31,  2002.

<PAGE>

ITEM  12.     SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL OWNERS AND MANAGEMENT
              ------------------------------------------------------------------

(A)     Security  Ownership  of  Certain  Beneficial  Owners

The  General  Partner  is generally entitled to a 5% interest in the profits and
losses  (subject  to  certain  allocations  of  income) and distributions of the
Partnership.  As  of  December  31,  2002,  no investor was known by the General
Partner to beneficially own more than 5% of the limited partnership units of the
Partnership.

     (B)     Security  Ownership  of  Management

Neither  the  General  Partner  and  its affiliates nor any executive officer or
director  of  the General Partner and its affiliates own any limited partnership
units  of  the  Partnership  as  of  December  31,  2002.

ITEM  13.     CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS
              --------------------------------------------------

          Transactions  with  Management  and  Others

During  2002,  management  fees  to  IMI  were  $0.1  million.  During 2002, the
Partnership  reimbursed  FSI  or  its affiliates $0.1 million for administrative
services  and  data  processing expenses performed on behalf of the Partnership.

During  2002,  the  USPE,  partially  owned  by the Partnership, paid FSI or its
affiliates  $2,000  for administrative and data processing services.  Management
fees  of  $8,000  were  paid  by  the  USPE  in  2002.

The balance due to affiliates as of December 31, 2002 and 2001 was $0.2 million.
The  balance  included  $14,000  and  $21,000  due to FSI and its affiliates for
management  fees  for 2002 and 2001, respectively, and $0.1 million due to UPSEs
for  2002  and  2001.

ITEM  14.     CONTROLS  AND  PROCEDURES
              -------------------------

Based on their evaluation as of a date within 90 days of the filing of this Form
10-K,  the Partnership's principal Executive Officer and Chief Financial Officer
have  concluded  that  the  Partnership's disclosure controls and procedures are
effective  to  ensure  that  information required to be disclosed in the reports
that  the Partnership files or submits under the Securities Exchange Act of 1934
is  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified  in  the  Securities and Exchange Commission's rules and forms.  There
have  been  no  significant changes in the Partnership's internal controls or in
other  factors  that could significantly affect those controls subsequent to the
date  of  their  evaluation.


<PAGE>
                                     PART IV

ITEM  15.     EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES AND REPORTS ON FORM 8-K
              ------------------------------------------------------------------

     (A)     1.          Financial  Statements

The  financial  statements  listed  in  the  accompanying  Index  to  Financial
Statements  are  filed  as  part  of  this  Annual  Report  on  Form  10-K.

          2.     Financial  Statements  required  under Regulation S-X Rule 3-09

The  following  financial statements are filed as exhibits of this Annual Report
on  Form  10-K:

a.     Aero  California  Trust  (A  Trust)


(B)     Financial  Statement  Schedules

               Schedule  II  Valuation  and  Qualifying  Accounts

All  other  financial  statement  schedules  have  been omitted, as the required
information  is  not  pertinent to the registrant or is not material, or because
the  information  required  is  included  in  the financial statements and notes
thereto.

     (C)     Reports  on  Form  8-K

None.

     (D)     Exhibits

4.     Limited Partnership Agreement of Registrant, incorporated by reference to
the  Partnership's Registration Statement on Form S-1 (Reg. No. 33-27746), which
became  effective  with  the Securities and Exchange Commission on May 23, 1989.

10.1     Management Agreement between Partnership and PLM Investment Management,
Inc.,  incorporated  by reference to the Partnership's Registration Statement on
Form  S-1  (Reg.  No.  33-27746), which became effective with the Securities and
Exchange  Commission  on  May  23,  1989.

Financial  Statements  required  under  Regulation  S-X  Rule  3-09:

99.1     Aero  California  Trust.



<PAGE>

CONTROL  CERTIFICATION
----------------------



I,  James  A.  Coyne,  certify  that:

1.     I  have  reviewed this annual report on Form 10-K of PLM Equipment Growth
Fund  IV.

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

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

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

a)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this  annual  report  is prepared;

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

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

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

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

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

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




Date:  March  26,  2003     By:     /s/  James  A.  Coyne
                                    ---------------------
                                    James  A.  Coyne
                                    President
                                   (Principal  Executive  Officer)


<PAGE>

CONTROL  CERTIFICATION
---------------------



I,  Richard  K  Brock,  certify  that:

1.     I  have  reviewed this annual report on Form 10-K of PLM Equipment Growth
Fund  IV.

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

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

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

a)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this  annual  report  is prepared;

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

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

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

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

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

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




Date:  March  26,  2003     By:     /s/  Richard  K  Brock
                                    ----------------------
                                    Richard  K  Brock
                                    Chief  Financial  Officer
                                   (Principal  Financial  Officer)





<PAGE>

                                   SIGNATURES

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

The Partnership has no directors or officers.  The General Partner has signed on
behalf  of  the  Partnership  by  duly  authorized  officers.


Dated:  March  26,  2003     PLM  EQUIPMENT  GROWTH  FUND  IV
     PARTNERSHIP

     By:     PLM  Financial  Services,  Inc.
          General  Partner


     By:     /s/  James  A.  Coyne
             ---------------------
             James  A.  Coyne
             President

     By:     /s/  Richard  K  Brock
             ----------------------
             Richard  K  Brock
             Chief  Financial  Officer

CERTIFICATION

The undersigned hereby certifies, in their capacity as an officer of the General
Partner  of  PLM  Equipment  Growth  Fund  IV (the Partnership), that the Annual
Report  of  the  Partnership  on Form 10-K for the year ended December 31, 2002,
fully complies with the requirements of Section 13(a) of the Securities Exchange
Act  of  1934 and that the information contained in such report fairly presents,
in  all material respects, the financial condition of the Partnership at the end
of such period and the results of operations of the Partnership for such period.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has  been  signed  below by the following directors of the Partnership's General
Partner  on  the  dates  indicated.


Name                         Capacity     Date
----                         --------     ----




/s/  Gary  D.  Engle_________
-----------------------------
Gary  D.  Engle          Director,  FSI     March  26,  2003




/s/  James  A.  Coyne_______
----------------------------
James  A.  Coyne          Director,  FSI     March  26,  2003




/s/  Richard  K  Brock______
----------------------
Richard  K  Brock          Director,  FSI     March  26,  2003




<PAGE>
                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          INDEX TO FINANCIAL STATEMENTS


                                  (Item 15(a))


                                                                     Page
                                                                     ----

Independent  auditors'  reports                                      ----

Balance  sheets  as  of  December  31,  2002  and  2001                --

Statements  of  income  for  the  years  ended
     December  31,  2002,  2001,  and  2000                            --

Statements  of  changes  in  partners'  capital  for  the  years
     ended  December  31,  2002,  2001,  and  2000                     --

Statements  of  cash  flows  for  the  years  ended
     December  31,  2002,  2001,  and  2000                            --

Notes  to  financial  statements                                    -----

Independent  auditors'  reports  on  financial  statement  schedule  ----

Schedule  II  valuation  and  qualifying  accounts                     --

<PAGE>








INDEPENDENT  AUDITORS'  REPORT


The  Partners
PLM  Equipment  Growth  Fund  IV:

We  have audited the accompanying balance sheets of PLM Equipment Growth Fund IV
(the  "Partnership"),  as  of  December  31,  2002  and  2001,  and  the related
statements of income, changes in partners' capital, and cash flows for the years
then  ended.  These  financial  statements  are  the  responsibility  of  the
Partnership's  management.  Our responsibility is to express an opinion on these
financial  statements  based  on  our  audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  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  provides  a
reasonable  basis  for  our  opinion.

In  our  opinion,  such  financial  statements  present  fairly, in all material
respects,  the financial position of the Partnership as of December 31, 2002 and
2001,  and  the  results of its operations and its cash flows for the years then
ended  in conformity with accounting principles generally accepted in the United
States  of  America.

As  described  in  Note  1  to  the  financial  statements,  the Partnership, in
accordance with the limited partnership agreement, entered its liquidation phase
on  January  1, 1999 and has commenced an orderly liquidation of the Partnership
assets.  The  Partnership will terminate on December 31, 2009, unless terminated
earlier  upon  sale  of  all  equipment or by certain other events.  The General
Partner anticipates that the liquidation of Partnership assets will be completed
by  the  end  of  the  year  2006.




/s/  Deloitte  &  Touche  LLP
Certified  Public  Accountants

Tampa,  Florida
March  7,  2003



<PAGE>








INDEPENDENT  AUDITORS'  REPORT



The  Partners
PLM  Equipment  Growth  Fund  IV:

We  have  audited  the  accompanying  statements of income, changes in partners'
capital  and  cash flows of PLM Equipment Growth Fund IV ("the Partnership") for
the  year  ended  December  31,  2000.  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  audit.

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

In  our  opinion,  the financial statements referred to above present fairly, in
all material respects, the results of operations and cash flows of PLM Equipment
Growth  Fund  IV  for  the  year  ended  December  31,  2000, in conformity with
accounting  principles  generally  accepted  in  the  United  States of America.




/s/  KPMG  LLP

SAN  FRANCISCO,  CALIFORNIA
March  2,  2001

<PAGE>

                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                                 BALANCE SHEETS
                                  DECEMBER 31,
                 (in thousands of dollars, except unit amounts)

<TABLE>
<CAPTION>



                                                          2002      2001
                                                        -------------------
ASSETS
<S>                                                     <C>       <C>
Equipment held for operating leases, at cost . . . . .  $ 9,479   $ 15,811
Less accumulated depreciation. . . . . . . . . . . . .   (7,351)   (11,918)
                                                        --------  ---------
    Net equipment. . . . . . . . . . . . . . . . . . .    2,128      3,893


Cash and cash equivalents. . . . . . . . . . . . . . .    7,599      8,879
Accounts receivable, less allowance for doubtful
    accounts of $20 in 2002 and $45 in 2001. . . . . .       94         82
Investment in unconsolidated special-purpose entity. .      896      1,197
Prepaid expenses and other assets. . . . . . . . . . .       55         21
                                                        --------  ---------
      Total assets . . . . . . . . . . . . . . . . . .  $10,772   $ 14,072
                                                        ========  =========

LIABILITIES AND PARTNERS' CAPITAL

Liabilities
Accounts payable and accrued expenses. . . . . . . . .  $    84   $    289
Due to affiliates. . . . . . . . . . . . . . . . . . .      161        168
Lessee deposits and reserve for repairs. . . . . . . .       13          4
                                                        --------  ---------
  Total liabilities. . . . . . . . . . . . . . . . . .      258        461
                                                        --------  ---------

Commitments and contingencies

Partners' capital
Limited partners (8,628,420 limited partnership units
    as of December 31, 2002 and 2001). . . . . . . . .   10,514     13,611
General Partner. . . . . . . . . . . . . . . . . . . .       --         --
                                                        --------  ---------
  Total partners' capital. . . . . . . . . . . . . . .   10,514     13,611
                                                        --------  ---------

      Total liabilities and partners' capital. . . . .  $10,772   $ 14,072
                                                        ========  =========
</TABLE>



















                 See accompanying notes to financial statements.

<PAGE>

                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                              STATEMENTS OF INCOME
                        FOR THE YEARS ENDED DECEMBER 31,
         (in thousands of dollars except weighted-average unit amounts)

<TABLE>
<CAPTION>


                                                    2002      2001     2000
                                                   --------------------------
REVENUES
<S>                                                <C>      <C>       <C>
Lease revenue . . . . . . . . . . . . . . . . . .  $1,883   $ 2,837   $4,385
Interest and other income . . . . . . . . . . . .     148       432      159
Gain on disposition of equipment. . . . . . . . .     778     3,560      316
Loss on disposition of equipment. . . . . . . . .      --       (13)     (13)
                                                   -------  --------  -------
  Total revenues. . . . . . . . . . . . . . . . .   2,809     6,816    4,847
                                                   -------  --------  -------

EXPENSES

Depreciation. . . . . . . . . . . . . . . . . . .     280       663    2,320
Repairs and maintenance . . . . . . . . . . . . .     589       753      982
Equipment operating expenses. . . . . . . . . . .      --        28       34
Insurance expenses. . . . . . . . . . . . . . . .      82       135       85
Management fees to affiliate. . . . . . . . . . .     136       187      274
General and administrative expenses to affiliates      93       241      395
Other general and administrative expenses . . . .     441       472      609
(Recovery of) provision for bad debts . . . . . .     (25)       41     (182)
Impairment loss on equipment. . . . . . . . . . .     434        --      106
                                                   -------  --------  -------
      Total expenses. . . . . . . . . . . . . . .   2,030     2,520    4,623
                                                   -------  --------  -------

Equity in net income (loss) of unconsolidated
    special-purpose entities. . . . . . . . . . .     120    (1,049)     673
                                                   -------  --------  -------

      Net income. . . . . . . . . . . . . . . . .  $  899   $ 3,247   $  897
                                                   =======  ========  =======

PARTNERS' SHARE OF NET INCOME

Limited partners. . . . . . . . . . . . . . . . .  $  699   $ 3,157   $  492
General Partner . . . . . . . . . . . . . . . . .     200        90      405
                                                   -------  --------  -------

      Total . . . . . . . . . . . . . . . . . . .  $  899   $ 3,247   $  897
                                                   =======  ========  =======

Limited partners' net income per weighted-average
  limited partnership unit. . . . . . . . . . . .  $ 0.08   $  0.37   $ 0.06
                                                   =======  ========  =======
</TABLE>














                 See accompanying notes to financial statements.

<PAGE>

                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
              FOR THE YEARS ENDED DECEMBER 31, 2002, 2001, AND 2000
                            (in thousands of dollars)


<TABLE>
<CAPTION>


                                              Limited     General
                                              Partners    Partner    Total
                                             -------------------------------
<S>                                          <C>         <C>        <C>
  Partners' capital as of December 31, 1999  $  19,342   $     --   $19,342

Net income. . . . . . . . . . . . . . . . .        492        405       897

Cash distribution . . . . . . . . . . . . .     (3,386)      (178)   (3,564)

Special cash distribution . . . . . . . . .     (4,314)      (227)   (4,541)
                                             ----------  ---------  --------

  Partners' capital as of December 31, 2000     12,134         --    12,134

Net income. . . . . . . . . . . . . . . . .      3,157         90     3,247

Cash distribution . . . . . . . . . . . . .     (1,680)       (90)   (1,770)
                                             ----------  ---------  --------

  Partners' capital as of December 31, 2001     13,611         --    13,611

Net income. . . . . . . . . . . . . . . . .        699        200       899

Cash distribution . . . . . . . . . . . . .     (3,796)      (200)   (3,996)
                                             ----------  ---------  --------

  Partners' capital as of December 31, 2002  $  10,514   $     --   $10,514
                                             ==========  =========  ========
</TABLE>



























                 See accompanying notes to financial statements.

<PAGE>

                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                        FOR THE YEARS ENDED DECEMBER 31,
                            (in thousands of dollars)

<TABLE>
<CAPTION>

<S>                                                        <C>       <C>       <C>
                                                              2002      2001      2000
                                                           ----------------------------
OPERATING ACTIVITIES
Net income. . . . . . . . . . . . . . . . . . . . . . . .  $   899   $ 3,247   $   897
Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
  Depreciation. . . . . . . . . . . . . . . . . . . . . .      280       663     2,320
  Net gain on disposition of equipment. . . . . . . . . .     (778)   (3,547)     (303)
  Impairment loss on equipment. . . . . . . . . . . . . .      434        --       106
  Equity in net (income) loss of unconsolidated special-
    purpose entities. . . . . . . . . . . . . . . . . . .     (120)    1,049      (673)
  Changes in operating assets and liabilities:
    Accounts receivable, net. . . . . . . . . . . . . . .      (12)       90       269
    Prepaid expenses and other assets . . . . . . . . . .      (34)       16        11
    Accounts payable and accrued expenses . . . . . . . .     (205)      103      (106)
    Due to affiliates . . . . . . . . . . . . . . . . . .       (7)       (6)      (37)
    Lessee deposits and reserve for repairs . . . . . . .        9      (305)       29
                                                           --------  --------  --------
      Net cash provided by operating activities . . . . .      466     1,310     2,513
                                                           --------  --------  --------

INVESTING ACTIVITIES
Restricted cash . . . . . . . . . . . . . . . . . . . . .       --       272      (125)
Purchase of capital repairs . . . . . . . . . . . . . . .       (1)       (1)       (7)
Proceeds from disposition of equipment. . . . . . . . . .    1,830     5,429     1,934
Distribution from unconsolidated special-purpose entities      421       897       945
                                                           --------  --------  --------
      Net cash provided by investing activities . . . . .    2,250     6,597     2,747
                                                           --------  --------  --------

FINANCING ACTIVITIES
Cash distribution paid to limited partners. . . . . . . .   (3,796)   (1,680)   (7,700)
Cash distribution paid to General Partner . . . . . . . .     (200)      (90)     (405)
                                                           --------  --------  --------
      Net cash used in financing activities . . . . . . .   (3,996)   (1,770)   (8,105)
                                                           --------  --------  --------

Net (decrease) increase in cash and cash equivalents. . .   (1,280)    6,137    (2,845)

Cash and cash equivalents at beginning of year. . . . . .    8,879     2,742     5,587
                                                           --------  --------  --------

Cash and cash equivalents at end of year. . . . . . . . .  $ 7,599   $ 8,879   $ 2,742
                                                           ========  ========  ========
</TABLE>













                 See accompanying notes to financial statements.

<PAGE>
                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

1.     Basis  of  Presentation
       -----------------------

Organization
------------

PLM  Equipment  Growth  Fund  IV,  a  California  limited  partnership  (the
Partnership),  was  formed on March 25, 1989.  The Partnership engages primarily
in the business of owning, leasing, or otherwise investing in predominately used
transportation  and  related  equipment.  The  Partnership commenced significant
operations in September 1989.  PLM Financial Services, Inc. (FSI) is the General
Partner  of  the  Partnership.  FSI  is  a  wholly  owned  subsidiary  of  PLM
International,  Inc.  (PLM  International).

The  Partnership,  in accordance with its limited partnership agreement, entered
its  liquidation  phase  on  January  1,  1999,  and  has  commenced  an orderly
liquidation  of  the  Partnership's  assets  (see  Note 9). The Partnership will
terminate  on  December  31,  2009,  unless  terminated earlier upon sale of all
equipment  or  by  certain  other  events.  The  General  Partner  may no longer
reinvest  cash  flows and surplus funds in equipment.  All future cash flows and
surplus  funds  after  payment of operating expenses, if any, are to be used for
distributions  to  partners,  except  to  the extent used to maintain reasonable
reserves.  During  the liquidation phase, the Partnership's assets will continue
to  be  recorded  at the lower of the carrying amount or fair value less cost to
sell.

FSI  manages  the  affairs  of  the  Partnership.  The cash distributions of the
Partnership  are  generally  allocated 95% to the limited partners and 5% to the
General  Partner (see Net Income and Distributions per Limited Partnership Unit,
below).  Net  income is allocated to the General Partner to the extent necessary
to  cause  the  General  Partner's  capital  account to equal zero.  The General
Partner  is  also  entitled  to  a  subordinated  incentive fee equal to 7.5% of
surplus  distributions,  as  defined  in  the  limited  partnership  agreement,
remaining  after  the  limited  partners have received a certain minimum rate of
return.  The  General  Partner does not anticipate that this fee will be earned.

Estimates
---------

The accompanying financial statements have been prepared on the accrual basis of
accounting  in  accordance  with accounting principles generally accepted in the
United  States  of  America.  This  requires  management  to  make estimates and
assumptions  that  affect  the  reported  amounts  of  assets  and  liabilities,
disclosures  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.

Operations
----------

The  equipment  of  the  Partnership  is  managed, under a continuing management
agreement by PLM Investment Management, Inc. (IMI), a wholly owned subsidiary of
FSI.  IMI  receives  a  monthly management fee from the Partnership for managing
the  equipment  (see  Note 2).  FSI, in conjunction with its subsidiaries, sells
equipment  to  investor  programs  and third parties, manages pools of equipment
under  agreements  with the investor programs, and is a general partner of other
programs.

Accounting  for  Leases
-----------------------

The  Partnership's  leasing  operations  generally  consist of operating leases.
Under  the  operating  lease method of accounting, the lessor records the leased
asset  at  cost and depreciates the leased asset over its estimated useful life.
Rental  payments  are  recorded  as  revenue  over  the  lease term as earned in
accordance  with  Statement  of  Financial  Accounting  Standards (SFAS) No. 13,
"Accounting  for Leases" (SFAS No. 13).  Lease origination costs are capitalized
and  amortized over the term of the lease.  Periodically, the Partnership leases
equipment  with lease terms that qualify for direct finance lease classification
as  required  by  SFAS  No.  13.

Depreciation
------------

  Depreciation of transportation equipment held for operating leases is computed
   on the double-declining balance method, taking a full month's depreciation in
                 the month of acquisition, based upon estimated

<PAGE>


                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

1.     Basis  of  Presentation  (continued)
       -----------------------

Depreciation
------------

useful lives of 15 years for railcars and 12 years for other types of equipment.
The  depreciation  method  changes to straight-line when the annual depreciation
expense  using  the  straight-line  method  exceeds  that  calculated  by  the
double-declining balance method.  Acquisition fees have been capitalized as part
of  the  cost  of the equipment.  Major expenditures that are expected to extend
the  useful  lives  or  reduce  future  operating  expenses  of  equipment  are
capitalized  and  amortized  over the estimated remaining life of the equipment.

Equipment
---------

Equipment  held  for  operating  leases  is  stated  at  cost.

 In  accordance  with SFAS No. 121, "Accounting for the Impairment of Long-Lived
Assets  and  Long-Lived  Assets  to be Disposed of," (SFAS No. 121), the General
Partner  reviewed the carrying value of the Partnership's equipment portfolio at
least  quarterly and whenever circumstances indicated that the carrying value of
an  asset  may  not be recoverable due to expected future market conditions.  If
the  projected  undiscounted cash flows and the fair value of the equipment were
less  than the carrying value of the equipment, an impairment loss was recorded.

During  2000, a $0.1 million impairment loss was recorded to reduce the carrying
value  of  owned  trailer  equipment  to  their  fair value, and was included as
impairment  loss  in the 2000 statement of income.  The Partnership leased owned
trailer  equipment  to lessees domiciled in the United States geographic region.

During  2001,  a  unconsolidated  special-purpose entity (USPE) trust owning two
Stage  III  commercial  aircraft  on  a  direct  finance  lease  reduced its net
investment in the finance lease receivable, due to a series of lease amendments,
to  the  value  of  the  aircraft's  projected  undiscounted  cash  flows.  The
Partnership's proportionate share of this writedown, which is included in equity
in  net  income (loss) of the USPE in the accompanying 2001 statement of income,
was  $1.4 million.  The Partnership leased the two aircraft to lessees domiciled
in  the  Mexico  geographic  region.

In October 2001, the Financial Accounting Standards Board (FASB) issued SFAS No.
144,  "Accounting for the Impairment or Disposal of Long-Lived Assets" (SFAS No.
144), which replaces SFAS No. 121.  In accordance with SFAS No. 144, the Company
evaluates  long-lived  assets  for  impairment  whenever events or circumstances
indicate that the carrying values of such assets may not be recoverable.  Losses
for  impairment  are recognized when the undiscounted cash flows estimated to be
realized  from  a  long-lived  asset are determined to be less than the carrying
value  of the asset and the carrying amount of long-lived asset exceeds its fair
value.  The  determination of fair value for a given investment requires several
considerations,  including but not limited to, income expected to be earned from
the  asset, estimated sales proceeds, and holding costs excluding interest.  The
Partnership  applied  the new rules on accounting for the impairment or disposal
of  long-lived  assets  beginning  January  1,  2002.

During the fourth quarter of 2002, the Partnership reduced the net book value of
50  tankcars in its railcar fleet to their fair value of $2,000 per railcar, and
recorded  a $0.4 million impairment loss. The impairment was caused by a general
recall  due  to a manufacturing defect allowing extensive corrosion of railcars'
internal lining.  Repair of the railcars were determined to be cost prohibitive.
The  fair  value  of  railcars  with  this  defect was determined using industry
expertise.  The  railcars  were  used to conduct trade in both the United States
and  Canada.

Investment  in  an  Unconsolidated  Special-Purpose  Entity
-----------------------------------------------------------

The  Partnership  has  an  interest in an USPE that owns two aircraft. This is a
single  purpose  entity that does not have any debt.  This interest is accounted
for  using the equity method.  The Partnership's investment in the USPE includes
acquisition  and lease negotiation fees paid by the Partnership to PLM Worldwide
Management  Services  (WMS),  a  wholly  owned  subsidiary  of  PLM

<PAGE>


                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

1.     Basis  of  Presentation  (continued)
       -----------------------

International.  The  Partnership's  interest in the USPE is managed by IMI.  The
Partnership's  equity interest in the net income (loss) of the USPE is reflected
net  of  management  fees  paid  or  payable  to  IMI  and  the  amortization of
acquisition  and  lease  negotiation  fees  paid  to  WMS.

Repairs  and  Maintenance
-------------------------

Repairs  and  maintenance  costs  to  railcars are usually the obligation of the
Partnership.  Maintenance  costs for the marine containers are the obligation of
the  lessee.  To  meet  the  repair  requirements  of certain marine containers,
reserve  accounts are prefunded by the lessee.  If an asset is sold and there is
a  balance  in the reserve account for repairs to that asset, the balance in the
reserve account is reclassified as additional gain on disposition.  During 2001,
the  General  Partner  determined  that there would be no future repairs made to
certain marine containers and reclassified the remaining balance of $0.1 million
in  marine  container  repair  reserves  to  interest  and  other  income on the
accompanying  statement  of  income.

Net  Income  and  Distributions  per  Limited  Partnership  Unit
----------------------------------------------------------------

Cash  distributions  are  allocated  95%  to  the limited partners and 5% to the
General  Partner  and  may  include amounts in excess of net income. The limited
partners' net income is allocated among the limited partners based on the number
of  limited partnership units owned by each limited partner and on the number of
days  of  the year each limited partner is in the Partnership.  During 2002, the
General  Partner  received  a special income allocation of $0.1 million to bring
its capital account to zero.  During 2001 the General Partner received a special
loss  allocation of $0.2 million, and during 2000 the General Partner received a
special  income allocation of $0.4 million to bring its capital account to zero.

Cash distributions are recorded when declared.  Cash distributions are generally
paid  in  the  same quarter they are declared.  For the years ended December 31,
2002,  2001  and 2000, cash distributions totaled $4.0 million, $1.8 million and
$3.6 million, respectively, or $0.44, $0.19 and $0.39 per weight-average limited
partnership  unit,  respectively.

The  Partnership declared and paid a special distribution of $4.3 million during
2000  to  the  Limited Partners, or $0.50 per weight-average limited partnership
unit.  No  special  distributions  were  declared  during  2002  or  2001.

Cash  distributions  related  to  the  fourth quarter 2002 of $-0-, 2001 of $4.0
million  and  2000  of  $0.9  million,  were  declared and paid during the first
quarter  of  2003,  2002,  and  2001,  respectively.

Cash  distributions to investors in excess of net income are considered a return
of  capital.  Cash distributions to the limited partners of $7.2 million in 2000
were  deemed  to  be a return of capital.  None of the cash distributions during
2002  or  2001  were  deemed  a  return  of  capital.

Net  Income  Per  Weighted-Average  Limited  Partnership  Unit
--------------------------------------------------------------

Net  income  per  weighted-average  limited  partnership  unit  was  computed by
dividing  net  income  attributable  to limited partners by the weighted-average
number  of  limited  partnership units deemed outstanding during the period. The
weighted-average  number  of limited partnership units deemed outstanding during
the  years  ended  December  31,  2002,  2001,  and  2000  was  8,628,420.

Cash  and  Cash  Equivalents
----------------------------

The Partnership considers highly liquid investments that are readily convertible
to  known  amounts  of  cash with original maturities of three months or less as
cash  equivalents.  The  carrying  amount  of cash equivalents approximates fair
value  due  to  the  short-term  nature  of  the  investments.




                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

1.     Basis  of  Presentation  (continued)
       ------------------------------------

Comprehensive  Income
---------------------

The  Partnership's  comprehensive  income  was equal to net income for the years
ended  December  31,  2002,  2001,  and  2000.

New  Accounting  Standards
--------------------------

In  July  2002,  the  FASB issued SFAS No. 146, "Accounting for Costs Associated
with  Exit or Disposal Activities" (SFAS No. 146), which is based on the general
principle  that  a  liability  for  a  cost  associated with an exit or disposal
activity  should  be recorded when it is incurred and initially measured at fair
value.  SFAS  No. 146 applies to costs associated with (1) an exit activity that
does  not  involve  an entity newly acquired in a business combination, or (2) a
disposal activity within the scope of SFAS No. 146.  These costs include certain
termination benefits, costs to terminate a contract that is not a capital lease,
and  other  associated  costs  to  consolidate facilities or relocate employees.
Because  the provision of this statement are to be applied prospectively to exit
or disposal activities initiated after December 31, 2002, the effect of adopting
this  statement  cannot  be  determined.

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting
and  Disclosure  Requirements  for  Guarantees, Including Indirect Guarantees of
Indebtedness of Others" (FIN 45).  This interpretation requires the guarantor to
recognize  a  liability for the fair value of the obligation at the inception of
the  guarantee.  The provisions of FIN 45 will be applied on a prospective basis
to  guarantees  issued  after  December  31,  2002.

In  January  2003,  the  FASB  issued  Interpretation  No. 46, "Consolidation of
Variable  Interest  Entities"  (FIN 46).  This interpretation clarifies existing
accounting  principles  related  to  the  preparation  of consolidated financial
statements  when  the  owners  of  an  USPE do not have the characteristics of a
controlling  financial interest or when the equity at risk is not sufficient for
the  entity  to finance its activities without additional subordinated financial
support  from  others.  FIN 46 requires the Partnership to evaluate all existing
arrangements  to  identify  situations  where  the  Partnership  has a "variable
interest,"  commonly evidenced by a guarantee arrangement or other commitment to
provide  financial  support,  in a "variable interest entity," commonly a thinly
capitalized  entity,  and further determine when such variable interest requires
the  Partnership  to  consolidate  the  variable  interest  entities'  financial
statements with its own.  The Partnership is required to perform this assessment
by  September  30, 2003 and consolidate any variable interest entities for which
the  Partnership  will  absorb  a  majority  of the entities' expected losses or
receive  a  majority  of  the  expected  residual  gains.  The  Partnership  has
determined  that  it  is  not  reasonably  possible  that it will be required to
consolidate  or  disclose  information about a variable interest entity upon the
effective  date  of  FIN  46.

2.     Transactions  with  General  Partner  and  Affiliates
       -----------------------------------------------------

An  officer  of FSI contributed $100 of the Partnership's initial capital. Under
the  equipment  management  agreement,  IMI  receives  a  monthly management fee
attributable to either owned equipment or interests in equipment owned by a USPE
equal  to  the  lesser  of  (i)  5%  of  the  Gross  Revenues (as defined in the
agreement) or (ii) 2% of the gross lease revenues attributable to equipment that
is  subject  to full payout net leases, and (iii) 7% of the gross lease revenues
attributable  to equipment for which IMI provides both management and additional
services  relating  to  the continued and active operation of program equipment,
such  as on-going marketing and re-leasing of equipment, hiring or arranging for
the  hiring  of crew or operating personnel for equipment, and similar services.
The Partnership management fee in 2002, 2001 and 2000 was based on lease revenue
and  was  $0.1  million,  $0.2  million  and  $0.3  million,  respectively.  The
Partnership  reimbursed  FSI  and  its affiliates $0.1 million, $0.2 million and
$0.4 million in 2002, 2001, and 2000, respectively, for data processing expenses
and  administrative  services  performed  on  behalf  of  the  Partnership.  The
Partnership's  proportional  share  of USPE's administrative and data processing
expenses  reimbursed to FSI were $2,000, $15,000, and $17,000 during 2002, 2001,
and  2000,



                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

2.     Transactions  with  General  Partner  and  Affiliates  (continued)
       ------------------------------------------------------------------

respectively.  These  affiliated  expenses  reduced  the  Partnership's share of
equity  in  net  income  (loss)  of  the  USPEs.

The  balance due to affiliates as of December 31, 2002 and 2001 includes $14,000
and $21,000, respectively, due to FSI and its affiliates for management fees and
$0.1  million  due  to  an  affiliated  USPE  for  2002  and  2001.

3.     Equipment
       ---------

Owned  equipment held for operating leases is stated at cost.  The components of
owned  equipment  as  of  December  31 are as follows (in thousands of dollars):
<TABLE>
<CAPTION>


Equipment held for operating leases    2002      2001
--------------------------------------------------------
<S>                                  <C>       <C>
Railcars. . . . . . . . . . . . . .  $ 9,099   $ 13,239
Marine containers . . . . . . . . .      380      2,572
                                     --------  ---------
                                       9,479     15,811
Less accumulated depreciation . . .   (7,351)   (11,918)
                                     --------  ---------
  Net equipment . . . . . . . . . .  $ 2,128   $  3,893
                                     ========  =========
</TABLE>


Revenues  are  earned  by  placing  equipment  under  operating  leases.  The
Partnership's  marine  containers  are  leased  to operators of utilization-type
leasing  pools  that  include  equipment owned by unaffiliated parties.  In such
instances,  revenues  received  by  the  Partnership  consisted  of  a specified
percentage  of  revenues generated by leasing the equipment to sublessees, after
deducting  certain direct operating expenses of the pooled equipment.  Rents for
railcars  are  based  on  a  fixed  rate.

As of December 31, 2002, all owned equipment in the Partnership portfolio was on
lease,  except for 75 railcars with an aggregate net book value of $0.3 million.
As of December 31, 2001, all equipment in the Partnership portfolio was on lease
except  for  47  railcars  with  an  aggregate  net  book value of $0.3 million.

During  2002,  the  General  Partner  disposed of railcars and marine containers
owned  by the Partnership, with an aggregate net book value of $1.1 million, for
proceeds  of  $1.8  million.  During  2001,  the  General  Partner  disposed  of
aircraft,  marine  containers,  and railcars with an aggregate net book value of
$1.9  million,  for  proceeds of $5.5 million.  Included in the gain on sale are
unused  marine  container  repair  reserves  of  $0.1  million.

During the fourth quarter of 2002, the Partnership reduced the net book value of
50  tankcars  in  its  railcar fleet to their estimated fair value of $2,000 per
railcar, and recorded a $0.4 million impairment loss.  The impairment was caused
by  a  general recall due to a manufacturing defect allowing extensive corrosion
of railcars' internal lining.  Repair of the railcars were determined to be cost
prohibitive.  The  fair  value of railcars with this defect was determined using
industry  expertise.  The railcars were used to conduct trade in both the United
States  and  Canada.

There  were  no reductions to the carrying values of owned equipment in 2001.  A
$0.1  million  impairment  loss on the carrying value of owned trailer equipment
was  recorded  during  2000.

All owned equipment on lease is being accounted for as operating leases.  Future
minimum  rents  under  noncancelable  operating  leases  as of December 31, 2002
during  each  of  the  next five years are $1.7 million in 2003; $1.3 million in
2004;  $0.4 million in 2005; $0.3 million in 2006; and $0.1 million in 2007. Per
diem  and  short-term  rentals  consisting  of  utilization  rate lease payments
included in revenue amounted to approximately $22,000, $33,000, and $0.7 million
in  2002,  2001,  and  2000,  respectively.

4.     Investment  in  Unconsolidated  Special-Purpose  Entities
       ---------------------------------------------------------
The  Partnership  owns  equipment  jointly  with affiliated programs.  These are
single  purpose  entities  that  do  not  have  any  debt  or  other  financial
encumbrances.
                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

4.     Investment  in  Unconsolidated  Special-Purpose  Entities
       ---------------------------------------------------------

Ownership  interest  is based on the Partnership's contribution towards the cost
of  the  equipment in the USPEs.  The Partnership's proportional share of equity
in  income  (loss)  in  each entity is not necessarily the same as its ownership
interest.  The  primary  reason  for this difference has to do with certain fees
such  as management, acquisition and lease negotiation fees which vary among the
owners  of  the  USPEs.

The  table  below  sets forth 100% of the assets, liabilities, and equity of the
Aero  California  Trust  that owns two stage III commercial aircraft on a direct
finance  lease in which the Partnership has a 35% interest and the Partnership's
proportional  share of equity in the entity as of December 31, 2002 and 2001 (in
thousands  of  dollars):
<TABLE>
<CAPTION>


                                            2002    2001
                                           --------------
<S>                                        <C>     <C>
Assets
  Receivables . . . . . . . . . . . . . .  $  420     420
  Finance lease receivable. . . . . . . .   2,425   3,234
  Other assets. . . . . . . . . . . . . .     137     225
                                           ------  ------
    Total assets. . . . . . . . . . . . .  $2,982  $3,879
                                           ======  ======
Liabilities
  Due to affiliates . . . . . . . . . . .  $    3  $   39
  Lessee deposits and reserve for repairs     420     420
                                           ------  ------
    Total liabilities . . . . . . . . . .     423     459
                                           ------  ------

Equity. . . . . . . . . . . . . . . . . .   2,559   3,420
                                           ------  ------
    Total liabilities and equity. . . . .  $2,982  $3,879
                                           ======  ======

Partnership's share of equity . . . . . .  $  896  $1,197
                                           ======  ======
</TABLE>


The  tables below sets forth 100% of the revenues, direct and indirect expenses,
and  net  income  (loss)  of  the  Aero  California  Trust  and  the  Montgomery
Partnership,  an entity that owned a marine vessel, in which the Partnership had
a  50%  interest,  and  the Partnership's proportional share of income (loss) in
each  entity  for the years ended December 31, 2002, 2001 and 2000 (in thousands
of  dollars):
<TABLE>
<CAPTION>


                                             Aero          Aero
                                          California    California    Montgomery
                                             Trust        Trust       Partnership

For the years ended December 31,             2002                 2001                Total
-------------------------------------------------------------------------------------------
<S>                                       <C>          <C>           <C>            <C>
  Revenues . . . . . . . . . . . . . . .  $       496  $     1,336   $         --
  Less: Direct expenses. . . . . . . . .           24           16             68
            Indirect expenses. . . . . .          129          149             --
            Loss on revaluation. . . . .           --        4,069             --
                                          -----------  ------------  -------------
    Net income (loss). . . . . . . . . .  $       343  $    (2,898)           (68)
                                          ===========  ============  =============

Partnership's share of net income (loss)  $       120  $    (1,014)         (35)1   $(1,049)
                                          ===========  ============  =============  ========
</TABLE>


<TABLE>
<CAPTION>


                                         Aero
                                      California    Montgomery
For the year ended December 31, 2000     Trust      Partnership     Total
--------------------------------------------------------------------------
<S>                                   <C>          <C>            <C>
  Revenues . . . . . . . . . . . . .  $     1,528  $        237
  Less:  Direct expenses . . . . . .           19           (61)
             Indirect expenses . . .          158            27
                                      -----------  -------------
    Net income . . . . . . . . . . .  $     1,351           271
                                      ===========  =============

Partnership's share of net income. .  $       538          135 1  $   673
                                      ===========  =============  =======
</TABLE>


As  of  December  31,  2002  and  2001,  the  jointly  owned  equipment  in  the
Partnership's  USPE  portfolio  was  on  lease.

1     During  1999,  the  Partnership  sold  its  50% interest in the Montgomery
Partnership  that owned a bulk carrier.  During 2000 the Partnership received an
insurance  settlement  and  during  2000 and 2001 additional expenses related to
2000  and  1999  were  received.

<PAGE>
PLM  EQUIPMENT  GROWTH  FUND  IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

5.     Operating  Segments
       -------------------

The  Partnership  operates  or  operated  in  five  primary  operating segments:
aircraft  leasing,  marine  container  leasing,  marine  vessel leasing, trailer
leasing,  and  railcar  leasing.  Each  equipment  leasing  segment  engages  in
short-term  to  mid-term  operating  leases  to  a  variety  of  customers.

The General Partner evaluates the performance of each segment based on profit or
loss  from  operations  before  allocation of certain general and administrative
expenses and certain other expenses.  The segments are managed separately due to
different  business  strategies  for each operation.  The accounting policies of
the  Partnership's operating segments are the same as described in Note 1, Basis
of  Presentation.  There  were  no  intersegment  revenues  for  the years ended
December  31,  2002,  2001  and  2000.

The  following  tables present a summary of the operating segments (in thousands
of  dollars):

<TABLE>
<CAPTION>


                                                      Marine
                                          Aircraft   Container    Railcar
For the Year Ended December 31, 2002       Leasing    Leasing     Leasing    Other 1    Total
----------------------------------------------------------------------------------------------
<S>                                       <C>        <C>         <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . .  $      --  $       22  $  1,861   $     --   $ 1,883
  Interest and other income. . . . . . .         --          --        28        120       148
  Gain on disposition of equipment . . .         --         172       606         --       778
                                          ---------  ----------  ---------  ---------  --------
     Total revenues. . . . . . . . . . .         --         194     2,495        120     2,809
                                          ---------  ----------  ---------  ---------  --------

EXPENSES
  Operations support . . . . . . . . . .         --          --       607         64       671
  Depreciation . . . . . . . . . . . . .         --          26       254         --       280
  Management fees to affiliate . . . . .         --           2       134         --       136
  General and administrative expenses. .         --          --       119        415       534
  (Recovery of) provision for bad debts.         --          --       (26)         1       (25)
  Impairment loss on equipment . . . . .         --          --       434         --       434
                                          ---------  ----------  ---------  ---------  --------
     Total expenses. . . . . . . . . . .         --          28     1,522        480     2,030
                                          ---------  ----------  ---------  ---------  --------
Equity in net income of USPE . . . . . .        120          --        --         --       120
                                          ---------  ----------  ---------  ---------  --------
Net income (loss). . . . . . . . . . . .  $     120  $      166  $    973   $   (360)  $   899
                                          =========  ==========  =========  =========  ========

Total assets as of Dcember 31, 2002. . .  $     896  $       12  $  2,210   $  7,654   $10,772
                                          =========  ==========  =========  =========  ========
</TABLE>
















1    Includes certain assets not identifiable to a specific segment such as cash
and  prepaid  expenses.  Also  includes  net  gain  from  trailer  sales and the
recovery  of  certain  bad  debts,  certain  interest  income  and  costs  not
identifiable  to  a  particular  segment  such as certain operations support and
general  and  administrative  expenses.

<PAGE>
PLM  EQUIPMENT  GROWTH  FUND  IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

5.     Operating  Segments  (continued)
       -------------------

<TABLE>
<CAPTION>




                                                          Marine     Marine
                                             Aircraft   Container    Vessel     Railcar
For the Year Ended December 31, 2001         Leasing     Leasing     Leasing    Leasing    Other 1    Total
------------------------------------------------------------------------------------------------------------
<S>                                         <C>         <C>         <C>        <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $     185   $       33  $     --   $  2,619   $     --   $ 2,837
  Interest and other income. . . . . . . .         39          126        --          4        263       432
  Gain (loss) on disposition of equipment.      3,350          207        --        (13)         3     3,547
                                            ----------  ----------  ---------  ---------  ---------  --------
     Total revenues. . . . . . . . . . . .      3,574          366        --      2,610        266     6,816
                                            ----------  ----------  ---------  ---------  ---------  --------

EXPENSES
  Operations support . . . . . . . . . . .        162           --        27        618        109       916
  Depreciation . . . . . . . . . . . . . .        145          198        --        320         --       663
  Management fees to affiliate . . . . . .          2            2        --        183         --       187
  General and administrative expenses. . .        130           --        --        100        483       713
  Provision for (recovery of) bad debts. .         --           --        --         42         (1)       41
                                            ----------  ----------  ---------  ---------  ---------  --------
     Total expenses. . . . . . . . . . . .        439          200        27      1,263        591     2,520
                                            ----------  ----------  ---------  ---------  ---------  --------
Equity in net loss of USPE . . . . . . . .     (1,014)          --       (35)        --         --    (1,049)
                                            ----------  ----------  ---------  ---------  ---------  --------
Net income (loss). . . . . . . . . . . . .  $   2,121   $      166  $    (62)  $  1,347   $   (325)  $ 3,247
                                            ==========  ==========  =========  =========  =========  ========

Total assets as of Dcember 31, 2001. . . .  $   1,197   $       84  $     --   $  3,891   $  8,900   $14,072
                                            ==========  ==========  =========  =========  =========  ========
</TABLE>





























1    Includes certain assets not identifiable to a specific segment such as cash
and  prepaid  expenses.  Also  includes  net  gain  from  trailer  sales and the
recovery  of  certain  bad  debts,  certain  interest  income  and  costs  not
identifiable  to  a  particular  segment  such as certain operations support and
general  and  administrative  expenses.

<PAGE>
                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

5.     Operating  Segments  (continued)
       -------------------
<TABLE>
<CAPTION>


                                                          Marine
                                             Aircraft    Container    Trailer    Railcar      All
For the Year Ended December 31, 2000         Leasing      Leasing     Leasing    Leasing    Other 2    Total
------------------------------------------------------------------------------------------------------------
<S>                                         <C>         <C>          <C>        <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $     784   $       78   $    635   $  2,888   $     --   $4,385
  Interest and other income. . . . . . . .          3           --         --         --        156      159
  Gain (loss) on disposition of equipment.         --          229         87        (13)        --      303
                                            ----------  -----------  ---------  ---------  ---------  -------
     Total revenues. . . . . . . . . . . .        787          307        722      2,875        156    4,847
                                            ----------  -----------  ---------  ---------  ---------  -------

EXPENSES
  Operations support . . . . . . . . . . .        136            6        207        686         66    1,101
  Depreciation . . . . . . . . . . . . . .      1,343          364        186        427         --    2,320
  Management fees to affiliate . . . . . .         16            4         49        205         --      274
  General and administrative expenses. . .        138            1        165        133        567    1,004
  Recovery of bad debts. . . . . . . . . .         (9)          --       (143)       (30)        --     (182)
  Loss on revaluation of equipment . . . .         --           --        106         --         --      106
                                            ----------  -----------  ---------  ---------  ---------  -------
     Total expenses. . . . . . . . . . . .      1,624          375        570      1,421        633    4,623
                                            ----------  -----------  ---------  ---------  ---------  -------
Equity in net income of USPEs. . . . . . .        538           --         --         --        135      673
                                            ----------  -----------  ---------  ---------  ---------  -------
Net income (loss). . . . . . . . . . . . .  $    (299)  $      (68)  $    152   $  1,454   $   (342)  $  897
                                            ==========  ===========  =========  =========  =========  =======
</TABLE>


6.     Geographic  Information
       -----------------------

The  Partnership  owns  certain  equipment  that  is  leased  and  operated
internationally.  A  limited  number  of  the  Partnership's  transactions  are
denominated  in  a  foreign  currency.  Gains  or  losses resulting from foreign
currency  transactions  are  included  in  the results of operations and are not
material.

The Partnership leases or leased its aircraft, railcars, and trailers to lessees
domiciled in four geographic regions: the United States, Canada, South Asia, and
Mexico.  Marine  containers  are  leased  to  multiple  lessees  worldwide.

The  table  below  sets  forth  lease  revenues  by  geographic  region  for the
Partnership's  owned  equipment  grouped by domicile of the lessee as of and for
the  years  ended  December  31  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                         Owned Equipment
                        ----------------
Region               2002     2001     2000
-------------------------------------------
<S>                <C>       <C>      <C>

Canada. . . . . .  $ 1,324  $ 2,002  $ 3,394
United States . .      537      802      913
Rest of the world       22       33       78
                   -------  -------  -------
   Lease revenues  $ 1,883  $ 2,837  $ 4,385
                   =======  =======  =======
</TABLE>









2.    Includes  certain  assets  not  identifiable to a specific segment such as
cash  and prepaid expenses.  Also includes certain interest income and costs not
identifiable  to  a  particular  segment  such as certain operations support and
general  and  administrative  expenses.

<PAGE>
                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

6.     Geographic  Information  (continued)
       ------------------------------------

The  following  table sets forth net income (loss) information by region for the
owned equipment and investment in USPE grouped by domicile of the lessee for the
years  ended  December  31  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                  Owned Equipment       Investments in USPEs
                                 ----------------      ----------------------
Region                       2002     2001     2000    2002     2001     2000
<S>                        <C>       <C>      <C>     <C>      <C>       <C>

Canada. . . . . . . . . .  $   882  $ 2,533  $ 1,267  $   --  $    --  $   --
United States . . . . . .       91      339     (498)     --       --      --
South Asia. . . . . . . .       --    1,614       --      --       --      --
Mexico. . . . . . . . . .       --       --       --     120   (1,014)    538
Rest of the world . . . .      166      139      (68)     --      (35)    135
                           -------  -------  -------  ------  --------  -----
   Regional net income. .    1,139    4,625      701     120   (1,049)    673
                           -------  -------  -------  ------  --------  -----
Administrative and other.     (360)    (329)    (477)     --       --      --
   Net income (loss). . .  $   779  $ 4,296  $   224  $  120  $(1,049)  $ 673
                           =======  =======  =======  ======  ========  =====
</TABLE>


The  net  book  value  of  these  assets  as  of  December 31 are as follows (in
thousands  of  dollars):
<TABLE>
<CAPTION>


                       Owned Equipment     Investment in USPE
                       ---------------    --------------------
Region                  2002      2001      2002      2001
-------------------------------------------------------------
<S>                   <C>       <C>        <C>       <C>

Canada . . . . . . .  $  1,508  $  2,868  $    --  $     --
United States. . . .       616       955       --        --
Mexico . . . . . . .        --        --      896     1,197
Rest of the world. .         4        70       --        --
                      --------  --------  -------  --------
 Total net book value $  2,128  $  3,893  $   896  $  1,197
                      ========  ========  =======  ========
</TABLE>


7.          Concentrations  of  Credit  Risk
            --------------------------------

No single lessee accounted for more than 10% of the revenues for the years ended
December  31,  2002  and  2001.  During  2002, however, Canadian Pacific Railway
purchased  railcars  and  the  gain from the disposal accounted for 11% of total
revenues  from  wholly  and  jointly  owned  equipment.

In  2001  the  Partnership  sold  two  aircraft.  The following is a list of the
buyers  and  the  percentage  of  the  gain from the sale of the total revenues:
Aergo  Capital  Limited  (24%)  and Cypress Equipment Fund III, LLC (22%).  Time
Air,  Inc.  accounted  for  14%  of the revenues for the year ended December 31,
2000.  No  other  lessee  accounted for more than 10% of lease revenues in 2000.

As  of  December 31, 2002 and 2001, the General Partner believes the Partnership
had  no  other  significant  concentrations  of  credit  risk  that could have a
material  adverse  effect  on  the  Partnership.

8.     Income  Taxes
       -------------

The  Partnership  is  not  subject  to  income  taxes,  as any income or loss is
included  in  the  tax  returns  of  the  individual  partners.  Accordingly, no
provision  for  income  taxes  has  been made in the financial statements of the
Partnership.

As  of  December  31,  2002,  the  federal  income tax basis was higher than the
financial  statement  carrying values of certain assets and liabilities by $20.9
million,  primarily  due  to  differences  in  depreciation methods, and the tax
treatment  of  underwriting  commissions  and  syndication  costs.

<PAGE>

                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

9.     Liquidation  and  Special  Distributions
       ----------------------------------------

On  January  1,  1999,  the  General  Partner began the liquidation phase of the
Partnership  and  commenced  an  orderly  liquidation of the Partnership assets.
Given the current economic environment, and offers received for similar types of
equipment  owned by the Partnership, the General Partner has determined it would
not  be  advantageous to sell the remaining Partnership equipment at the current
time.  The  General  Partner  will  continue to monitor the equipment markets to
determine  an optimal time to sell.  In the meantime, equipment will continue to
be  leased, and re-leased at market rates as existing leases expire. The amounts
reflected  for  assets and liabilities of the Partnership have not been adjusted
to  reflect  liquidation values. The equipment portfolio continues to be carried
at  the  lower of depreciated cost or fair value less cost to dispose.  Although
the General Partner estimates that there will be distributions after liquidation
of  assets and liabilities, the amounts cannot be accurately determined prior to
actual  liquidation  of  the equipment.  Upon final liquidation, the Partnership
will  be  dissolved.

A  special  distribution  of  $4.5  million  ($0.50 per weighted-average limited
partnership  unit) was paid in 2000.  No special distributions were paid in 2002
or  2001.  The  Partnership  is not permitted to reinvest proceeds from sales or
liquidations  of  equipment.  These  proceeds,  in  excess  of  operational cash
requirements,  are  periodically  paid  out  to  partners in the form of special
distributions.  The sales and liquidations occur because of the determination by
the General Partner that it is the appropriate time to maximize the return on an
asset through sale of that asset, and, in some leases, the ability of the lessee
to  exercise  purchase  options.

10.     Quarterly  Results  of  Operations  (unaudited)
        ----------------------------------

The  following  is a summary of the quarterly results of operations for the year
ended  December  31,  2002  (in thousands of dollars, except per share amounts):
<TABLE>
<CAPTION>


                                                 March   June   September    December
                                                  31,     30,      30,         31,      Total
---------------------------------------------------------------------------------------------
<S>                                              <C>     <C>    <C>         <C>         <C>
Operating results:
  Total revenues. . . . . . . . . . . . . . . .  $1,241  $ 523  $      507  $     538   $2,809
  Net income (loss) . . . . . . . . . . . . . .     919    123         108       (251)     899

Per weighted-average limited partnership unit:

Net income (loss) . . . . . . . . . . . . . . .  $ 0.08  $0.01  $     0.01  $   (0.02)  $ 0.08
</TABLE>


The  following  is  a  list  of the major events that affected the Partnership's
performance  during  2002:

(i)     In  the  first quarter of 2002, the Partnership sold railcars and marine
containers  for  a  gain  of  $0.6  million;

(ii)     In  the  fourth  quarter  of  2002,  a $0.4 million increase in 2002 in
impairment  loss  resulted from the reduction to fair value of railcars due to a
general  recall  for a manufacturing defect.  There was no similar impairment in
2001.









                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS

10.     Quarterly  Results  of  Operations  (unaudited)  (continued)
        ----------------------------------

The  following  is a summary of the quarterly results of operations for the year
ended  December  31,  2001  (in thousands of dollars, except per share amounts):
<TABLE>
<CAPTION>


                                                 March   June   September    December
                                                  31,     30,      30,         31,      Total
---------------------------------------------------------------------------------------------
<S>                                              <C>     <C>    <C>         <C>         <C>
Operating results:
  Total revenues. . . . . . . . . . . . . . . .  $4,403  $ 781  $      722  $     910   $6,816
  Net income (loss) . . . . . . . . . . . . . .   3,512    418         162       (845)   3,247

Per weighted-average limited partnership unit:

Net income (loss) . . . . . . . . . . . . . . .  $ 0.40  $0.04  $     0.02  $   (0.09)  $ 0.37
</TABLE>


The  following  is  a  list  of the major events that affected the Partnership's
performance  during  2001:

          (i)     In  the  first  quarter of 2001, the Partnership sold aircraft
and  marine  containers  for  a  total  gain  of  $3.4  million;

          (ii)     In  the second quarter of 2001, lease revenues decreased $0.3
million  and  expenses  decreased  $0.5  million  due  to  equipment  sales;

          (iii)     In  the third quarter of 2001, the Partnership incurred $0.2
million  in  higher  repair  expenses;  and

          (iv)     In  the  fourth  quarter  of 2001, the Partnership recorded a
$1.4  million impairment loss on the trust that owned two commercial aircraft on
a  direct  finance  lease.


<PAGE>
------




INDEPENDENT  AUDITORS'  REPORT




The  Partners
PLM  Equipment  Growth  Fund  IV:


We  have  audited  the financial statements of PLM Equipment Growth Fund IV (the
"Partnership")  as  of December 31, 2002 and 2001, and for each of the two years
in  the period ended December 31, 2002, and have issued our report thereon dated
March  7,  2003, which report includes an explanatory paragragh emphasizing that
the  Partnership  has  entered  its  liquidation  phase; such report is included
elsewhere  in  this Form 10-K.  Our audits also included the financial statement
schedules  of  PLM  Equipment  Growth  Fund  IV,  listed  in  Item 15(B).  These
financial  statement  schedules  are  the  responsibility  of  the Partnership's
management.  Our  responsibility  is  to express an opinion based on our audits.
In  our  opinion,  such  2002  and  2001  financial  statement  schedules,  when
considered  in  relation  to  the  basic  financial statements taken as a whole,
present  fairly  in  all  material  respects  the information set forth therein.






/s/  Deloitte  &  Touche  LLP
Certified  Public  Accountants

Tampa,  Florida
March  7,  2003


<PAGE>








INDEPENDENT  AUDITORS'  REPORT




The  Partners
PLM  Equipment  Growth  Fund  IV:


Under date of March 2, 2001, we reported on the statements of income, changes in
partners'  capital,  and cash flows of PLM Equipment Growth Fund IV for the year
ended December 31, 2000, as contained in the 2002 annual report to the partners.
These  financial  statements  and  our report thereon are included in the annual
report  on  Form  10-K for the year ended December 31, 2002.  In connection with
our  audit  of  the  aforementioned  financial  statements,  we also audited the
related financial statement schedule for the year ended December 31, 2000.  This
financial  statement  schedule  is  the  responsibility  of  the  Partnership's
management.  Our  responsibility  is  to  express  an  opinion on this financial
statement  schedule  based  on  our  audit.

In  our  opinion, such financial statement schedule, when considered in relation
to  the  basic  financial  statements  taken as a whole, presents fairly, in all
material respects, the information set forth therein for the year ended December
31,  2000.




/s/  KPMG  LLP

SAN  FRANCISCO,  CALIFORNIA
March  2,  2001

<PAGE>
                                                                     SCHEDULE II


                          PLM EQUIPMENT GROWTH FUND IV
                             (A LIMITED PARTNERSHIP)
                        VALUATION AND QUALIFYING ACCOUNTS

                  YEARS ENDED DECEMBER 31, 2002, 2001, AND 2000
                            (in thousands of dollars)

<TABLE>
<CAPTION>



                                       Balance at     Additions               Balance at
                                      Beginning of    Charged to                End of
                                          Year         Expense      Deductions   Year
---------------------------------------------------------------------------------------
<S>                                   <C>            <C>           <C>           <C>
Year Ended December 31, 2002
     Allowance for Doubtful Accounts  $          45  $       (25)  $        --   $  20
                                      =============  ============  ===========   =====
Year Ended December 31, 2001
     Allowance for Doubtful Accounts  $           5  $        41   $        (1)  $  45
                                      =============  ============  ===========   =====
Year Ended December 31, 2000
     Allowance for Doubtful Accounts  $       2,843  $        --   $    (2,838)  $   5
                                      =============  ============  ===========   =====

</TABLE>




<PAGE>
                          PLM EQUIPMENT GROWTH FUND IV

                                INDEX OF EXHIBITS


<TABLE>
<CAPTION>

<S>      <C>                                                         <C>
Exhibit                                                               Page
-------                                                               ----

4.. . .  Limited Partnership Agreement of Registrant                    *

10.1     Management Agreement between Registrant and                    *
         PLM Investment Management, Inc.

Financial Statements required under Regulation S-X Rule 3-09:

99.1     Aero California Trust.                                     47-57

</TABLE>


* Incorporated by reference. See page 21 of this report.