<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996

                                       OR

[ ]     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 0-27496

                       CRONOS GLOBAL INCOME FUND XVI, L.P.
             (Exact name of registrant as specified in its charter)


          California                                            94-3230380
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

         444 Market Street, 15th Floor, San Francisco, California 94111
               (Address of principal executive offices) (Zip Code)

                                 (415) 677-8990
              (Registrant's telephone number, including area code)


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     .
                                       ----      ----
<PAGE>   2
                       CRONOS GLOBAL INCOME FUND XVI, L.P.


                      REPORT ON FORM 10-Q FOR THE QUARTERLY
                         PERIOD ENDED SEPTEMBER 30, 1996

                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                                                               PAGE
<S>                                                                                                                            <C>
PART I - FINANCIAL INFORMATION

  Item 1.     Financial Statements

              Balance Sheets - September 30, 1996 (unaudited) and December 31, 1995                                               4

              Statements of Operations for the three-month period ended September 30, 1996 and the period
              March 29, 1996 (Commencement of Operations) to September 30, 1996 (unaudited)                                       5

              Statement of Cash Flows for the period March 29, 1996, (Commencement of Operations)
              to September 30, 1996 (unaudited)                                                                                   6

              Notes to Financial Statements (unaudited)                                                                           7

  Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations                              11


PART II - OTHER INFORMATION

  Item 5.     Other Materially Important Events                                                                                  14

  Item 6.     Exhibits and Reports on Form 8-K                                                                                   15
</TABLE>

                                       2
<PAGE>   3
                         PART I - FINANCIAL INFORMATION


Item 1.       Financial Statements

              Presented herein are the Registrant's balance sheets as of
              September 30, 1996 and December 31, 1995, statements of operations
              for the three months ended September 30, 1996 and the period March
              29, 1996 (commencement of operations) to September 30, 1996, and
              statement of cash flows for the period March 29, 1996
              (commencement of operations) to September 30, 1996.

                                       3
<PAGE>   4
                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                                 BALANCE SHEETS

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                           September 30,      December 31,
                                                                               1996               1995
                                                                           ------------       ------------
                           Assets
<S>                                                                       <C>                <C>
        Current assets:
              Cash, includes $553,834 at September 30, 1996 and $100
                    at December 31, 1995 in interest-bearing accounts      $    805,109       $        100
              Net lease receivables due from Leasing Company
                    (notes 1 and 2)                                             260,523                 --
                                                                           ------------       ------------

                          Total current assets                                1,065,632                100
                                                                           ------------       ------------

        Container rental equipment, at cost                                  23,304,430                 --
              Less accumulated depreciation                                     545,765                 --
                                                                           ------------       ------------
                    Net container rental equipment                           22,758,665                 --
                                                                           ------------       ------------

        Organizational costs, net                                             1,077,407                 --
                                                                           ------------       ------------

                                                                           $ 24,901,704       $        100
                                                                           ============       ============

              Liabilities and Partners' Capital

        Current liabilities:
              Due to general partner (notes 1 and 3)                       $    103,202       $         --
              Due to manufacturers                                            1,980,660                 --
                                                                           ------------       ------------

                          Total current liabilities                           2,083,862                 --
                                                                           ------------       ------------

        Partners' capital (deficit):
              General partner                                                      (409)                --
              Limited partners                                               22,818,251                100
                                                                           ------------       ------------

                          Total partners' capital                            22,817,842                100
                                                                           ------------       ------------

                                                                           $ 24,901,704       $        100
                                                                           ============       ============
</TABLE>

         The accompanying notes are an integral part of these statements

                                       4
<PAGE>   5
                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)





<TABLE>
<CAPTION>
                                                               Three             For the Period March 29, 1996
                                                            Months Ended         (Commencement of Operations)
                                                         September 30, 1996       through September 30, 1996
                                                         ------------------      -----------------------------


<S>                                                       <C>                             <C>
Net lease revenue (notes 1 and 4)                             $474,803                        $685,769

Other operating expenses:
      Depreciation and amortization                            408,993                         591,295
      Other general and administrative expenses                  6,591                          12,003
                                                              --------                        --------
                                                               415,584                         603,298
                                                              --------                        --------

            Earnings from operations                            59,219                          82,471

Other income:
      Interest income                                           12,663                          40,537
                                                              --------                        --------

            Net earnings                                      $ 71,882                        $123,008
                                                              ========                        ========

Allocation of net earnings:
      General partner                                         $ 10,025                        $ 11,796
      Limited partners                                          61,857                         111,212
                                                              --------                        --------
                                                              $ 71,882                        $123,008
                                                              ========                        ========
Limited partners' per unit
  share of net earnings                                       $    .06                        $    .15
                                                              ========                        ========
</TABLE>

         The accompanying notes are an integral part of these statements

                                       5
<PAGE>   6
                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                             STATEMENT OF CASH FLOWS

                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                  For the Period March 29, 1996,
                                                   (Commencement of Operations)
                                                    through September 30, 1996
                                                  ------------------------------

<S>                                                               <C>
Net cash provided by operating activities                         $    456,296
Cash flows used in investing activities:
   Purchase of container rental equipment                          (20,212,460)
   Acquisition fees to general partner                              (1,010,623)
                                                                  ------------
            Net cash used in investing activities                  (21,223,083)
                                                                  ------------

Cash flows provided by (used in) financing activities:
   Capital contributions                                            25,509,480
   Underwriting commissions                                         (2,550,858)
   Offering and organizational expenses                             (1,122,938)
   Distribution to partners                                           (263,888)
                                                                  ------------
            Net cash provided by financing activities               21,571,796
                                                                  ------------

Net increase in cash and cash equivalents                              805,009

Cash and cash equivalents at January 1                                     100
                                                                  ------------

Cash and cash equivalents at September 30                         $    805,109
                                                                  ============
</TABLE>

         The accompanying notes are an integral part of these statements

                                       6
<PAGE>   7
                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(1)     Summary of Significant Accounting Policies

        (a)   Nature of Operations

              Cronos Global Income Fund XVI, L.P. (the "Partnership") is a
              limited partnership organized under the laws of the State of
              California on September 1, 1995, for the purpose of owning and
              leasing marine cargo containers, special purpose containers and
              container-related equipment. Cronos Capital Corp. ("CCC") is the
              general partner and, with its affiliate Cronos Containers Limited
              (the "Leasing Company"), manages and controls the business of the
              Partnership.

        (b)   Leasing Company and Leasing Agent Agreement

              The Partnership has entered into a Leasing Agent Agreement whereby
              the Leasing Company has the responsibility to manage the leasing
              operations of all equipment owned by the Partnership. Pursuant to
              the Agreement, the Leasing Company is responsible for leasing,
              managing and re-leasing the Partnership's containers to ocean
              carriers and has full discretion over which ocean carriers and
              suppliers of goods and services it may deal with. The Leasing
              Agent Agreement permits the Leasing Company to use the containers
              owned by the Partnership, together with other containers owned or
              managed by the Leasing Company and its affiliates, as part of a
              single fleet operated without regard to ownership. Since the
              Leasing Agent Agreement meets the definition of an operating lease
              in Statement of Financial Accounting Standards (SFAS) No. 13, it
              is accounted for as a lease under which the Partnership is lessor
              and the Leasing Company is lessee.

              The Leasing Agent Agreement generally provides that the Leasing
              Company will make payments to the Partnership based upon rentals
              collected from ocean carriers after deducting direct operating
              expenses and management fees to CCC and the Leasing Company. The
              Leasing Company leases containers to ocean carriers, generally
              under operating leases which are either master leases or term
              leases (mostly two to five years). Master leases do not specify
              the exact number of containers to be leased or the term that each
              container will remain on hire but allow the ocean carrier to pick
              up and drop off containers at various locations; rentals are based
              upon the number of containers used and the applicable per-diem
              rate. Accordingly, rentals under master leases are all variable
              and contingent upon the number of containers used. Most containers
              are leased to ocean carriers under master leases; leasing
              agreements with fixed payment terms are not material to the
              financial statements. Since there are no material minimum lease
              rentals, no disclosure of minimum lease rentals is provided in
              these financial statements.

        (c)   Basis of Accounting

              The Partnership utilizes the accrual method of accounting. Revenue
              is recognized when earned.

              The Partnership has determined that for accounting purposes the
              Leasing Agent Agreement is a lease, and the receivables, payables,
              gross revenues and operating expenses attributable to the
              containers managed by the Leasing Company are, for accounting
              purposes, those of the Leasing Company and not of the Partnership.
              Consequently, the Partnership's balance sheets and statements of
              operations display the payments to be received by the Partnership
              from the Leasing Company as the Partnership's receivables and
              revenues.

                                                                    (Continued)
                                       7
<PAGE>   8
                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


        (d)   Financial Statement Presentation

              These financial statements have been prepared without audit.
              Certain information and footnote disclosures normally included in
              financial statements prepared in accordance with generally
              accepted accounting procedures have been omitted. It is suggested
              that these financial statements be read in conjunction with the
              financial statements and accompanying notes in the Partnership's
              latest annual report on Form 10-K.

              The preparation of financial statements in conformity with
              generally accepted accounting principles (GAAP) requires the
              Partnership to make estimates and assumptions that affect the
              reported amounts of assets and liabilities and disclosure of
              contingent assets and liabilities at the date of the financial
              statements and the reported amounts of revenues and expenses
              during the reported period.

              The interim financial statements presented herewith reflect all
              adjustments of a normal recurring nature which are, in the opinion
              of management, necessary to a fair statement of the financial
              condition and results of operations for the interim periods
              presented.


(2)     Net Lease Receivables Due from Leasing Company

        Net lease receivables due from the Leasing Company are determined by
        deducting direct operating payables and accrued expenses, base
        management fees payable, and reimbursed administrative expenses payable
        to CCC, the Leasing Company, and its affiliates from the rental billings
        payable by the Leasing Company to the Partnership under operating leases
        to ocean carriers for the containers owned by the Partnership. Net lease
        receivables at September 30, 1996 and December 31, 1995 were as follows:

<TABLE>
<CAPTION>
                                                               September 30,       December 31,
                                                                   1996                1995
                                                               -------------       ------------
<S>                                                             <C>                 <C>
        Lease receivables, net of doubtful accounts
              of $6,955 at September 30, 1996                     $633,816            $  --
        Less:
        Direct operating payables and accrued expenses             244,431               --
        Damage protection reserve                                    5,800               --
        Base management fees                                        66,229               --
        Reimbursed administrative expenses                          56,833               --
                                                                  --------            -----
                                                                  $260,523            $  --
                                                                  ========            =====
</TABLE>

                                                                    (Continued)

                                       8
<PAGE>   9
                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(3)     Due to General Partner

        The amount due to CCC and its affiliates at September 30, 1996 consists
        of acquisition fees.


(4)     Net Lease Revenue

        Net lease revenue is determined by deducting direct operating expenses,
        management fees and reimbursed administrative expenses to CCC, the
        Leasing Company, and its affiliates from the rental revenue billed by
        the Leasing Company under operating leases to ocean carriers for the
        containers owned by the Partnership. Net lease revenue for the three
        months ended September 30, 1996 and the period March 29, 1996
        (commencement of operations) through September 30, 1996 was as follows:

<TABLE>
<CAPTION>
                                                            Three          For the Period March 29, 1996
                                                         Months Ended       (Commencement of Operations)
                                                      September 30, 1996     through September 30, 1996
                                                      ------------------   -----------------------------

<S>                                                        <C>                       <C>
        Rental revenue                                     $  702,215                $1,037,710
        Rental equipment operating expenses                   140,061                   223,262
        Base management fees                                   48,783                    71,846
        Reimburse administrative expenses                      38,568                    56,833
                                                           ----------                ----------
                                                           $  474,803                $  685,769
                                                           ==========                ==========
</TABLE>

                                                                    (Continued)

                                       9
<PAGE>   10
                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(5)     Equipment Purchases

        As of September 30, 1996, the Partnership had purchased the following
types of equipment:

<TABLE>
<CAPTION>
                                                          Purchased from
                                             Purchased      Container       Total
        Equipment Type                       from CCC     Manufacturers   Purchased
        --------------                       ---------    --------------  ---------

<S>                                          <C>          <C>            <C>
        Dry Cargo Containers:
              Twenty-foot                       -          3,477          3,477
              Forty-foot                        -            449            449
              Forty-foot high-cube              -            360            360
        Refrigerated Cargo Containers:
              Twenty-foot                       -             90             90
              Forty-foot high-cube              -            300            300
        Tank Containers:
              Twenty-foot                       -             52             52
</TABLE>

        The aggregate purchase price (excluding acquisition fees) of the
        equipment acquired by the Partnership through September 30, 1996 was
        $22,193,120, of which $20,212,460 was paid from the Net Proceeds of this
        offering, and $1,980,660 remained payable to equipment manufacturers.
        This equipment had been acquired from third-party container
        manufacturers located in Taiwan, South Korea, India, the People's
        Republic of China, Thailand, Germany, Mexico, and the United Kingdom. At
        September 30, 1996, the Partnership had committed to purchase from
        container manufacturers an additional 200 forty-foot and 100 forty-foot
        high-cube dry cargo containers, at an aggregate manufacturers' invoice
        cost of approximately $1,004,500. The Partnership expects to accept
        delivery of this new equipment during the fourth quarter of 1996. The
        Partnership's purchase obligations are conditional upon its raising
        sufficient gross proceeds from its offering to fund the purchases.

                                       10
<PAGE>   11
Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.

1)      Material changes in financial condition between September 30, 1996 and
        December 31, 1995.

            The Registrant's primary objective is to generate cash flow from
            operations for distribution to its Limited Partners. Aside from the
            initial working capital reserve retained from Gross Proceeds (equal
            to approximately 1% of such Proceeds), the Registrant relies
            primarily on net lease revenue receipts to meet this objective.

            The Registrant commenced offering limited partnership interests to
            the public on December 28, 1995. The Registrant commenced operations
            on March 29, 1996 when the minimum subscription proceeds of
            $2,000,000 were obtained from at least 100 subscribers (excluding
            from such count, Pennsylvania residents, the General Partner, and
            affiliates of the General Partner). At September 30, 1996, the
            Registrant had raised $25,508,580 through the offering of limited
            partnership interests, from which it had paid brokerage commissions,
            reimbursed the General Partner for public offering expenses, and
            purchased equipment. The offering of the Partnership interests shall
            continue until no later than December 27, 1997, or until all of the
            units are sold, whichever first occurs.

            The Registrant's cash balances as of September 30, 1996 included the
            unused proceeds of the offering, together with interest earned
            thereon and amounts reserved as working capital. The following table
            sets forth the use of said subscription proceeds as of September 30,
            1996.

<TABLE>
<CAPTION>
                                                                                  Percentage of
                                                                  Amount          Gross Proceeds
                                                                  ------          --------------

<S>                                                             <C>                  <C>
            Gross Subscription Proceeds                         $25,508,580          100.0%

            Public Offering Expenses:
                  Underwriting Commissions                        2,550,858           10.0%
                  Offering and Organizational Expenses            1,122,938            4.4%
                                                                -----------          -----

                        Total Public Offering Expenses            3,673,796           14.4%
                                                                -----------          -----

            Net Proceeds                                         21,834,784           85.6%

            Acquisition Fees                                      1,010,623            4.0%

            Working Capital Reserve                                 255,086            1.0%

            Unexpended Proceeds                                     356,615            1.4%
                                                                -----------          -----

            Gross Proceeds Invested in Equipment                $20,212,460           79.2%
                                                                ===========          =====
</TABLE>


            Net lease receivables due from the Leasing Company are determined by
            deducting direct operating payables and accrued expenses, base
            management fees payable, and reimbursed administrative expenses
            payable to CCC and its affiliates from the rental billings payable
            by the Leasing Company to the Registrant. During the Registrant's
            first year of operations, and pending the build-up of the
            Registrant's fleet of Equipment, the General Partner and its

                                       11
<PAGE>   12
            affiliates have agreed to defer the deduction of all base management
            fees and reimbursable administrative expenses from the leasing
            receivables due to the Registrant. At September 30, 1996, these
            deferred fees and expenses totaled $123,062.

            At September 30, 1996, the Registrant had committed to purchase from
            container manufacturers an additional 200 twenty-foot and 100
            forty-foot high-cube dry cargo containers at an aggregate
            manufacturers' invoice cost of approximately $1,004,500. The
            Registrant expects to accept delivery of this new Equipment during
            the fourth quarter of 1996. The Registrant's purchase obligations
            are conditional upon its raising sufficient gross proceeds from its
            offering to fund the purchases. To date, the Registrant has not
            sought a bridge loan. The Registrant may secure a bridge loan from
            one or more unaffiliated commercial lending sources to allow the
            Registrant to take advantage of Equipment purchasing opportunities
            during the remaining period of time that the units of the Registrant
            are offered and sold to the public.

            Cash distributions from operations are allocated 5% to the General
            Partner and 95% to the Limited Partners. Distribution of sales
            proceeds are allocated 1% to the General Partner and 99% to the
            Limited Partners. This sharing arrangement will remain in place
            until the Limited Partners receive aggregate distributions in an
            amount equal to their capital contributions plus an 8% cumulative,
            compounded (daily) annual return on their adjusted capital
            contributions. Thereafter, all distributions will be allocated 15%
            to the General Partner and 85% to the Limited Partners.
            Distributions are paid monthly, based upon cash flow from operations
            and cash generated from container sales proceeds. During its initial
            years of operations and at the discretion of the General Partner,
            the Registrant will use cash generated from sales proceeds to
            purchase and replace Equipment which have been lost or damaged
            beyond repair. During the period from March 29, 1996 through
            September 30, 1996, the Registrant provided cash from operations in
            the amount of $456,296 and distributed $250,683 and $13,205 to the
            Limited Partners and the General Partner, respectively.


2)      Material changes in the results of operations between the three-month
        periods ended September 30, 1996 and September 30, 1995, the period
        ended March 29, 1996 (commencement of operations) to September 30, 1996
        and the nine-month period ended September 30, 1995.

            The Registrant did not commence operations until March 29, 1996,
            therefore a discussion of comparative periods cannot be made. For
            the period March 29, 1996 to September 30, 1996, the Registrant's
            net earnings were $123,008, comprised of net lease revenue, less
            depreciation and amortization of $591,295, as well as other general
            and administrative expenses and interest income.

            The Registrant's net lease revenue is determined by deducting direct
            operating expenses, management fees and reimbursed administrative
            expenses from the rental revenues billed by the Leasing Company from
            the leasing of the Registrant's containers. The Registrant's net
            lease revenue is directly related to the size of its fleet as well
            as the utilization and lease rates of the equipment owned by the
            Registrant. Direct operating expenses include repositioning costs,
            storage and handling expenses, agent fees and insurance premiums, as
            well as provisions for doubtful accounts and repair costs for
            containers covered under damage protection plans. Direct operating
            costs are affected by the quantity of off-hire containers as well as
            the frequency at which the containers are redelivered. During the
            build-up phase of the Registrant's fleet, direct operating costs may
            be greater if containers purchased directly from container
            manufacturers experience an off-hire period while they are marketed
            and repositioned for initial lease-out. During that period, the
            Registrant incurs storage, handling and repositioning costs. At the
            same time, direct operating costs may be lessened with respect to
            containers purchased directly from the General Partner. Such
            containers are generally on-hire and generating revenues at the time
            of purchase.

                                       12
<PAGE>   13
            The Registrant's fleet size, as measured in twenty-foot equivalent
            units ("TEU"), and average utilization rates at March 31, 1996, June
            30, 1996 and September 30, 1996 were as follows:


<TABLE>
<CAPTION>
                                               March 31,        June 30,        September 30,
                                                 1996             1996               1996
                                             -------------    -------------     -------------
<S>                                           <C>             <C>               <C>
        Fleet size (measured in twenty-
          foot equivalent units (TEU)):

              Dry cargo containers               600             4,386             5,095
              Refrigerated containers            235               490               690
              Tank containers                     17                48                52
        Average utilization:
              Dry cargo containers               15.5%            63.4%             70.4%
              Refrigerated containers            - %              88.7%             52.3%
              Tank containers                    - %              75.0%             88.5%
</TABLE>


        The Registrant commenced its operations during a period of general
        softening within the container leasing market. At September 30, 1996,
        container inventories industry wide remained at larger-than-usual
        levels, resulting in lower utilizations. One positive effect of these
        excess inventories is that the Registrant has acquired containers from
        manufacturers at favorable prices. Market conditions have subjected base
        per-diem rental rates to downward pressures. Since the first quarter of
        1996, the Leasing Company has implemented various market strategies,
        including but not limited to, offering incentives to shipping companies
        and repositioning containers to higher demand locations in order to
        counter these market conditions. Ancillary revenues have fluctuated,
        favoring a downward trend. At the same time, incentives offered to
        shipping companies in the form of free days have risen. Currently, there
        are no visible signs of improvement in the leasing market and hence
        further downward pressure on rental rates can be expected in ensuing
        quarters. These leasing market conditions should restrain the
        Registrant's results from operations during its build-up phase of
        operations during 1996 and 1997.

                                       13
<PAGE>   14
                           PART II - OTHER INFORMATION


Item 5. Other Materially Important Events

              Equipment Acquisitions

              Pursuant to the undertakings made in its Registration Statement
              No. 33-98290, Section 7.2 (h) of the Partnership Agreement, the
              Registrant had purchased the following types of equipment as of
              September 30, 1996:


<TABLE>
<CAPTION>
                                                                  Purchased                    Registrant's
                                             Purchased from     from Container      Total      Average Cost
            Equipment Type                 the General Partner  Manufacturers     Purchased    Per Container
            --------------                 -------------------  --------------    ---------    -------------

<S>                                         <C>                  <C>              <C>          <C>
              Dry Cargo Containers:
                    Twenty-foot                     -               3,477            3,477          $ 2,369
                    Forty-foot                      -                 449              449          $ 3,558
                    Forty-foot high-cube            -                 360              360          $ 4,001
              Refrigerated Cargo Containers:
                    Twenty-foot                     -                  90               90          $21,108
                    Forty-foot high-cube            -                 300              300          $25,655
              Tank Containers:
                    Twenty-foot                     -                  52               52          $25,393
</TABLE>

              The aggregate purchase price (excluding acquisition fees) of the
              equipment acquired by the Registrant through September 30, 1996
              was $22,193,120, of which $20,212,460 was paid from the Net
              Proceeds of this offering, and $1,980,660 remained payable to
              equipment manufacturers. This equipment had been acquired from
              third-party container manufacturers located in Taiwan, South
              Korea, India, the People's Republic of China, Thailand, Germany,
              Mexico, and the United Kingdom. At September 30, 1996, the
              Registrant had committed to purchase from container manufacturers
              an additional 200 forty-foot and 100 forty-foot high-cube dry
              cargo containers, at an aggregate manufacturers' invoice cost of
              approximately $1,004,500.

                                       14
<PAGE>   15
                           PART II - OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K

(a)     Exhibits



<TABLE>
<CAPTION>
   Exhibit
     No.                     Description                                      Method of Filing
   -------                   -----------                                      ----------------

<S>          <C>                                                              <C>
   3(a)      Limited Partnership Agreement of the Registrant, amended and
             restated as of December 28, 1995                                    *

   3(b)      Certificate of Limited Partnership of the Registrant                **

   10        Form of Leasing Agent Agreement with Cronos Containers              ***
             Limited

   27        Financial Data Schedule                                             Filed with this document
</TABLE>


(b)     Reports on Form 8-K

        In lieu of filing a current report on Form 8-K, the Registrant has
        provided in Part II, Item 5 hereof, a description of its purchase of
        marine cargo containers during the period March 29, 1996 (commencement
        of operations) to September 30, 1996.



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

*        Incorporated by reference to Exhibit "A" to the Prospectus of the
         Registrant dated December 28, 1995, included as part of Registration
         Statement on Form S-1 (No. 33-98290)

**       Incorporated by reference to Exhibit 3.2 to the Registration Statement
         on Form S-1 (No. 33-98290)

***      Incorporated by reference to Exhibit 10.2 to the Registration Statement
         on Form S-1 (No. 33-98290)

                                       15
<PAGE>   16
                                   SIGNATURES


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



                                  CRONOS GLOBAL INCOME FUND XVI, L.P.

                                  By  Cronos Capital Corp.
                                      The General Partner



                                  By  /s/ JOHN KALLAS
                                      --------------------------
                                      John Kallas
                                      Vice President, Treasurer
                                      Principal Financial & Accounting Officer



Date:  November 11, 1996

                                       16
<PAGE>   17
                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
   Exhibit
     No.                     Description                                      Method of Filing
   -------                   -----------                                      ----------------

<S>          <C>                                                              <C>
   3(a)      Limited Partnership Agreement of the Registrant, amended and
             restated as of December 28, 1995                                 *

   3(b)      Certificate of Limited Partnership of the Registrant             **

   10        Form of Leasing Agent Agreement with Cronos Containers           ***
             Limited

   27        Financial Data Schedule                                          Filed with this document
</TABLE>

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

*        Incorporated by reference to Exhibit "A" to the Prospectus of the
         Registrant dated December 28, 1995, included as part of Registration
         Statement on Form S-1 (No. 33-98290)

**       Incorporated by reference to Exhibit 3.2 to the Registration Statement
         on Form S-1 (No. 33-98290)

***      Incorporated by reference to Exhibit 10.2 to the Registration Statement
         on Form S-1 (No. 33-98290)