<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                               Washington DC 20549



                                    FORM 10Q


                 QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996

                         COMMISSION FILE NUMBER 0-19145

                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
             (Exact name of Registrant as specified in its charter)


          CALIFORNIA                                          94-3097644
 (State or other jurisdiction                                (IRS Employer
of incorporation or organization)                          Identification No.)

  650 CALIFORNIA STREET, 16TH FLOOR
          SAN FRANCISCO, CA                                        94108
(Address of Principal Executive Offices)                         (ZIP Code)

                                 (415) 434-0551
              (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
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

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

                                TABLE OF CONTENTS



<TABLE>
<CAPTION>
                                                                                         PAGE
<S>                                                                                      <C>
ITEM 1.   FINANCIAL STATEMENTS

          Balance Sheets - September 30, 1996 (unaudited) and December 31, 1995 ....       3

          Statements of Earnings for the nine and three months
          ended September 30, 1996 and 1995 (unaudited) ............................       4

          Statements of Partners' Capital for the nine months
          ended September 30, 1996 and 1995 (unaudited) ............................       5

          Statements of Cash Flows for the nine months
          ended September 30, 1996 and 1995 (unaudited) ............................       6

          Notes to Financial Statements (unaudited) ................................       8

ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          AND RESULTS OF OPERATIONS ................................................      12
</TABLE>



                                       2
<PAGE>   3
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                    September 30, 1996 and December 31, 1995
                             (Amounts in thousands)

<TABLE>
<CAPTION>
                                                         1996          1995
                                                       --------       -------
                                                      (Unaudited)
<S>                                                   <C>            <C>
ASSETS
Container rental equipment, net of accumulated
   depreciation of $27,403 (1995: $22,117)             $ 97,351       102,147
Cash                                                      1,097         1,293
Accounts receivable, net of allowance for
   doubtful accounts of $1,436 (1995: $1,349)             5,284         6,191
Due from affiliates (note 4)                                382            --
Organization costs, net of accumulated
   amortization of $208 (1995: $173)                         28            63
Prepaid expenses                                             --            46
                                                       --------       -------
                                                       $104,142       109,740
                                                       ========       =======
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accounts payable                                    $    613           457
   Accrued liabilities                                      248           277
   Deferred quarterly distribution                          223           234
   Accrued damage protection plan costs (note 2)            543           556
   Due to affiliates (note 4)                                85           941
   Equipment purchases payable                               --           349
                                                       --------       -------
        Total liabilities                                 1,712         2,814
                                                       --------       -------
Partners' capital:
    General partners                                         --            --
    Limited partners                                    102,430       106,926
                                                       --------       -------
        Total partners' capital                         102,430       106,926
                                                       --------       -------

                                                       $104,142       109,740
                                                       ========       =======

</TABLE>

See accompanying notes to financial statements



                                       3
<PAGE>   4
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                             STATEMENTS OF EARNINGS

         For the nine and three months ended September 30, 1996 and 1995
       (Dollar amounts in thousands except for unit and per unit amounts)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                  NINE MONTHS     THREE MONTHS      NINE MONTHS     THREE MONTHS
                                                        ENDED            ENDED            ENDED            ENDED
                                               SEPT. 30, 1996   SEPT. 30, 1996   SEPT. 30, 1995   SEPT. 30, 1995
                                               --------------   --------------   --------------   --------------
<S>                                              <C>              <C>              <C>              <C>
Rental income                                      $   18,026            5,810           20,087            6,709
                                                   ----------       ----------       ----------       ----------
Costs and expenses:
      Direct container expenses                         2,985              985            2,163              562
      Bad debt provision                                  196               81              510              212
      Depreciation and amortization                     5,698            1,892            5,595            1,908
      Professional fees                                    24                7               45                7
      Management fees to affiliates (note 4)            1,707              556            1,846              621
      General and administrative costs
        to affiliates (note 4)                          1,059              315            1,349              446
      Other general and administrative costs              228               64              234               67
                                                   ----------       ----------       ----------       ----------
                                                       11,897            3,900           11,742            3,823
                                                   ----------       ----------       ----------       ----------
      Income from operations                            6,129            1,910            8,345            2,886
                                                   ----------       ----------       ----------       ----------
Other income:
      Interest income                                      61               14               47               14
      Gain on sales of equipment                          267              106              362              222
                                                   ----------       ----------       ----------       ----------
                                                          328              120              409              236
                                                   ----------       ----------       ----------       ----------
      Net earnings                                 $    6,457            2,030            8,754            3,122
                                                   ==========       ==========       ==========       ==========
Allocation of net earnings (note 4):
      General partners                             $      113               37              104               36
      Limited partners                                  6,344            1,993            8,650            3,086
                                                   ----------       ----------       ----------       ----------
                                                   $    6,457            2,030            8,754            3,122
                                                   ==========       ==========       ==========       ==========
Limited partners' per unit share
  of net earnings                                  $     0.93       $     0.29       $     1.26       $     0.45
Limited partners' per unit share
  of distributions                                 $     1.58       $     0.53       $     1.50       $     0.52

Weighted average number of limited
  partnership units outstanding                     6,837,460        6,835,188        6,845,903        6,845,903
                                                   ----------       ----------       ----------       ----------

</TABLE>

See accompanying notes to financial statements


                                       4
<PAGE>   5
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                         STATEMENTS OF PARTNERS' CAPITAL

              For the nine months ended September 30, 1996 and 1995
                             (Amounts in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                             PARTNERS' CAPITAL
                                    -----------------------------------
                                    GENERAL       LIMITED         TOTAL
                                    -----------------------------------
<S>                                 <C>          <C>            <C>
Balances at January 1, 1995          $  --        109,574        109,574
Distributions                        $(104)       (10,269)       (10,373)
Net earnings                           104          8,650          8,754
                                     -----        -------        -------
Balances at September 30, 1995       $  --        107,955        107,955
                                     =====        =======        =======

Balances at January 1, 1996          $  --        106,926        106,926
Distributions                         (113)       (10,769)       (10,882)
Redemptions (note 6)                    --            (71)           (71)
Net earnings                           113          6,344          6,457
                                     -----        -------        -------
Balances at September 30, 1996       $  --        102,430        102,430
                                     =====        =======        =======
</TABLE>


See accompanying notes to financial statements



                                       5
<PAGE>   6
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

              For the nine months ended September 30, 1996 and 1995
                             (Amounts in thousands)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                    1996           1995
                                                                  --------        -------
<S>                                                              <C>             <C>
Cash flows from operating activities:
    Net earnings                                                  $  6,457          8,754
Adjustments to reconcile net earnings to  net cash
provided by operating activities:
    Depreciation                                                     5,663          5,560
    Increase in allowance for doubtful accounts                         87            184
    Amortization of organization costs                                  35             35
    Gain on sales of container rental equipment                       (267)          (362)
    Changes in assets and liabilities:
       Decrease in accounts receivable                                 837            424
       (Increase) decrease in due from affiliates, net              (1,218)         1,143
       Increase in accounts payable and accrued liabilities            127            224
       Decrease in damage protection plan costs                        (13)          (194)
       Decrease in prepaid expenses                                     46             50
                                                                  --------        -------
           Net cash provided by operating activities                11,754         15,818
                                                                  --------        -------
Cash flows from investing activities:
    Proceeds from sales of container rental equipment                1,188          1,491
    Equipment purchases                                             (2,083)        (7,675)
                                                                  --------        -------
           Net cash used in investing activities                      (895)        (6,184)
                                                                  --------        -------
Cash flows from financing activities:
    Redemptions                                                        (71)            --
    Distributions to partners                                      (10,984)       (10,362)
                                                                  --------        -------
           Net cash used in financing activities                   (11,055)       (10,362)
                                                                  --------        -------
Net decrease in cash                                                  (196)          (728)
Cash at beginning of period                                          1,293          1,547
                                                                  --------        -------
Cash at end of period                                             $  1,097            819
                                                                  ========        =======

</TABLE>

See accompanying notes to financial statements



                                       6
<PAGE>   7
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                       STATEMENTS OF CASH FLOWS--CONTINUED

              For the nine months ended September 30, 1996 and 1995
                             (Amounts in thousands)
                                   (unaudited)

SUPPLEMENTAL DISCLOSURES:

Supplemental schedule of non-cash investing and financing activities:

The following table summarizes the amounts of equipment purchases, distributions
to partners, and proceeds from sale of Equipment which had not been paid or
received as of September 30, 1996 and 1995, and December 31, 1995 and 1994,
resulting in differences in amounts recorded and amounts of cash disbursed or
received by the Partnership, as shown in the Statements of Cash Flows for the
nine-month periods ended September 30, 1996 and 1995.

<TABLE>
<CAPTION>
                                                        Sept. 30,   Dec. 31,  Sept. 30,   Dec. 31,
                                                          1996        1995      1995       1994
                                                        ---------   --------  ---------   --------
<S>                                                     <C>         <C>       <C>         <C>
Equipment purchases included in:
     Due to affiliates..............................      $  9         53        185         170
     Accounts Payable...............................        --         --          3          --
     Equipment purchases payable....................        --        349        925       1,191

Distributions to partners included in:
     Due to affiliates..............................        24        115         64          75
     Accounts payable and accrued liabilities.......       223        234        238         216

Proceeds from sale of Equipment included in:
     Due from affiliates............................       245        360        344         272
     Accounts receivable............................        --          2          2         212
</TABLE>

The following table summarizes the amounts of equipment purchases, distributions
to partners, and proceeds from sale of Equipment recorded by the Partnership and
the amounts paid or received as shown in the Statements of Cash Flows for the
nine-month periods ended September 30, 1996 and 1995.

<TABLE>
<CAPTION>
                                                        1996          1995
                                                      -------        ------
<S>                                                   <C>            <C>
Equipment purchases recorded.....................     $ 1,690         7,427
Equipment purchases paid.........................       2,083         7,675

Distributions to partners declared...............      10,882        10,373
Distributions to partners paid...................      10,984        10,362

Proceeds from sale of Equipment recorded.........       1,071         1,353
Proceeds from sale of Equipment received.........       1,188         1,491
</TABLE>


See accompanying notes to financial statements



                                       7
<PAGE>   8
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 1996
       (Dollar amounts in thousands except for unit and per unit amounts)
                                   (Unaudited)


NOTE 1.   GENERAL

      Textainer Equipment Income Fund IV, L.P. (the Partnership) is a California
      Limited Partnership formed in 1991. The Partnership owns and leases a
      fleet of intermodal marine cargo container equipment (the Equipment) to
      international shipping lines.

      The accompanying interim comparative financial statements have not been
      audited by an independent public accountant. However, all adjustments
      (which were only normal and recurring adjustments) which are, in the
      opinion of management, necessary to fairly present the financial position
      of the Partnership as of September 30, 1996 and December 31, 1995, and the
      results of its operations, changes in partners' capital and cash flows for
      the nine- and three-month periods ended September 30, 1996 and 1995, have
      been made.

      The financial information presented herein should be read in conjunction
      with the audited financial statements and other accompanying Notes
      included in the Partnership's annual audited financial statements as of
      December 31, 1995.

      Certain estimates and assumptions were made by the Partnership's
      management that affect the reported amounts of assets and liabilities and
      disclosures of contingent assets and liabilities at the date of the
      financial statements and the reported amounts of revenue and expenses
      during the reporting period. Actual results could differ from those
      estimates.

      Certain reclassifications of prior year amounts have been made in order to
      conform with the 1996 financial statement presentation.

NOTE 2.   DAMAGE PROTECTION PLAN

      The Partnership offers a Damage Protection Plan (the Plan) to lessees of
      its Equipment. Under the terms of the Plan, the Partnership earns
      additional revenues on a daily basis and, as a result, has agreed to bear
      certain repair costs. It is the Partnership's policy to recognize revenue
      when earned and to provide a reserve sufficient to cover the Partnership's
      obligation for estimated repair costs. At September 30, 1996 and December
      31, 1995, this reserve was equal to $543 and $556, respectively.

NOTE 3.   ACQUISITION OF EQUIPMENT

      During the nine-month periods ended September 30, 1996 and 1995, the
      Partnership purchased Equipment with a cost of $1,690 and $7,427,
      respectively.



                                       8
<PAGE>   9
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS--CONTINUED


NOTE 4.   TRANSACTIONS WITH AFFILIATES

      Textainer Financial Services Corporation (TFS) is the managing general
      partner of the Partnership. TFS is a wholly-owned subsidiary of Textainer
      Capital Corporation (TCC). Textainer Equipment Management Limited (TEM)
      and Textainer Limited (TL) are associate general partners of the
      Partnership. The managing general partner and the associate general
      partners are collectively referred to as the General Partners and are
      commonly owned by Textainer Group Holdings Limited (TGH). The General
      Partners also act in this capacity for other limited partnerships.
      Textainer Acquisition Services Limited (TAS) is an affiliate of the
      General Partners which performs services relative to the acquisition of
      Equipment outside the United States on behalf of the Partnership. TCC
      Securities Corporation (TSC), a licensed broker and dealer in securities
      and an affiliate of the General Partners, was the managing sales agent for
      the offering of Units for sale.

      In accordance with the Partnership Agreement, net earnings or losses,
      syndication and offering costs and partnership distributions are allocated
      1% to the general partners and 99% to the limited partners, with the
      exception of gross income, as defined in the Partnership agreement. Gross
      income is allocated to the General Partners to the extent that their
      partners' capital accounts' show a deficit.

      As part of the operation of the Partnership, the Partnership is to pay to
      the General Partners or TAS an incentive management fee, an acquisition
      fee, an equipment management fee and an equipment liquidation fee. These
      fees are for various services provided in connection with the
      administration and management of the Partnership. The Partnership
      capitalized equipment acquisition fees totaling $99 and $366 as a
      component of Equipment costs during the nine-month periods ended September
      30, 1996 and 1995, respectively. The Partnership incurred $453 and $151 of
      incentive management fees during the nine- and three-month periods ended
      September 30, 1996, respectively, and $440 and $151 for the comparable
      periods ended September 30, 1995. No equipment liquidation fees were
      incurred during either period.

      The Equipment is managed by TEM. In its role as manager, TEM has authority
      to acquire, hold, manage, lease, sell and dispose of the Equipment.
      Additionally, TEM holds, for payment of direct operating expenses, a
      reserve of cash that has been collected from Equipment leasing operations;
      such cash is included in the amount due from affiliates at September 30,
      1996.

      Subject to certain reductions, TEM receives a monthly Equipment management
      fee equal to 7% of gross revenues attributable to operating leases and 2%
      of gross revenues attributable to full payout net leases. For the nine-
      and three-month periods ended September 30, 1996, these fees totaled
      $1,254 and $405, respectively, and $1,406 and $470 for the comparable
      periods ended September 30, 1995. The Equipment is leased by TEM to third
      party lessees on operating master leases, spot leases and term leases. The
      majority of the Equipment is leased under operating leases with limited
      terms and no purchase option.

      Certain indirect general and administrative costs incurred in performing
      administrative services necessary to the operation of the Partnership are
      borne by TEM and are allocated to the Partnership based on the ratio of
      the Partnership's interest in managed Equipment to the total equipment
      managed by TEM. Indirect general and administrative costs allocated to the
      Partnership were $932 and $277 for the nine- and three-month periods ended
      September 30, 1996, respectively, and $1,138 and $380 for the comparable
      periods ended September 30, 1995.

      TFS, in its capacity as managing general partner, also incurred general
      and administrative costs of $127 and $38 for the nine- and three-month
      periods ended September 30, 1996, respectively, and $211 and $66 for the
      comparable periods ended September 30, 1995, which were reimbursed by the
      Partnership.




                                       9
<PAGE>   10
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS--CONTINUED

      The General Partners or TAS may acquire Equipment in their own name and
      hold title on a temporary basis for the purpose of facilitating the
      acquisition of such Equipment for the Partnership. The Equipment may then
      be resold to the Partnership on an all-cash basis at a price equal to the
      actual cost, as defined in the Partnership Agreement. In addition, the
      General Partners or TAS are entitled to an acquisition fee for any
      Equipment resold to the Partnership.

      At September 30, 1996 and December 31, 1995, due from and to affiliates
      are comprised of:

<TABLE>
<CAPTION>
                                                              1996        1995
                                                              ----        ----
<S>                                                           <C>         <C>
                    Due from affiliates:
                             Due from TEM ...........         $382          --
                                                              ====         ===
                    Due to affiliates:
                             Due to TFS .............         $ 61          87
                             Due to TGH .............           --           1
                             Due to TAS .............            1          31
                             Due to TCC .............           21          16
                             Due to TEM .............           --         795
                             Due to TL ..............            2          11
                                                              ----         ---
                                                              $ 85         941
                                                              ====         ===
</TABLE>

      These amounts receivable from and payable to affiliates were incurred in
      the ordinary course of business between the Partnership and its affiliates
      and represent timing differences in the accrual and payment of expenses
      and fees described above or in the accrual and collection of net rental
      revenues from TEM.


NOTE 5.   RENTALS UNDER OPERATING LEASES

      The following is a schedule by year of minimum future rentals receivable
      on noncancelable operating leases as of September 30, 1996:

<TABLE>
<CAPTION>
                  Year ending September 30:
<S>                                                                      <C>
                  1997 ........................................          $1,772
                  1998 ........................................             211
                  1999 ........................................               9
                  2000 ........................................               3
                                                                         ------

                  Total minimum future rentals receivable .....          $1,995
                                                                         ======
</TABLE>





                                       10
<PAGE>   11
                    TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS--CONTINUED



NOTE 6.   REDEMPTIONS

      The following redemption offerings were consummated by the Partnership
      during the nine-month period ended September 30, 1996:

<TABLE>
<CAPTION>
                                                                        AVERAGE
                                                  UNITS REDEEMED    REDEMPTION PRICE   AMOUNT PAID
                                                  --------------    ----------------   -----------
<S>                                               <C>               <C>                <C>
            Balance at December 31, 1995              6,025            $15.70            $ 95

                Quarter ended :
                  March 31, 1996.............         2,068            $15.60              32
                  September 30,1996..........         2,622            $14.87              39
                                                     ------                              ----

            Balance at September 30, 1996 ...        10,715            $15.48            $166
                                                     ======                              ====
</TABLE>

      The redemption price is fixed by formula and varies depending on the
      length of time the units have been outstanding.


                                       11
<PAGE>   12
ITEM 2 -  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

       (Dollar amounts in thousands except for unit and per unit amounts)

The Financial Statements contain information which will assist in evaluating the
financial condition of the Partnership for the nine- and three-month periods
ended September 30, 1996 and 1995. Please refer to the Financial Statements and
Notes thereto in connection with the following discussion.

LIQUIDITY AND CAPITAL RESOURCES

From April 30, 1992 until April 30, 1994 the Partnership was involved in the
offering of limited partnership interests to the public. On April 30, 1994, the
Partnership had received a total subscription amount of $136,918.

The Partnership has set up a program whereby limited partners may redeem units
for a specified redemption value. The redemption price is set by formula and
varies depending on length of time the units are outstanding. Up to 2% of the
Partnership's outstanding units may be redeemed each year, although the 2% limit
may be exceeded at the Managing General Partner's discretion. All redemptions
are subject to the Managing General Partner's good faith determination that
payment for the redeemed units will not (i) cause the Partnership to be taxed as
a corporation, (ii) impair the capital or operations of the Partnership, or
(iii) impair the ability of the Partnership to pay distributions in accordance
with its distribution policy. The Partnership redeemed 4,690 units for a total
dollar amount of $71, representing an average redemption price of $15.19 during
the nine-month period ended September 30, 1996. From the inception of the
Partnership through September 30, 1996, the Partnership has redeemed a total of
10,715 units for $166, representing an average redemption price of $15.48 per
unit. The Partnership has used cash flow from operations to pay for the redeemed
units. Based on these factors, the Managing General Partner determined not to
redeem units for the redemption offer that would otherwise have been made in
October, 1996.

The Partnership invests working capital and cash flows from operations in
short-term, highly liquid investments prior to distribution or reinvestment in
additional Equipment. It is the policy of the Partnership to maintain a minimum
working capital reserve in an amount which is the lesser of (i) 1% of capital
contributions, or (ii) $100. At September 30, 1996, the Partnership's cash of
$1,097 was invested in a market-rate account.

During the nine-month period ended September 30, 1996, the Partnership declared
cash distributions to limited partners pertaining to the period from December
1995 through August 1996, in the amount of $10,769. These distributions
represent a return of 10.5% of original capital (measured on an annualized
basis) on each unit. On a GAAP basis $4,425 of these distributions was a return
of capital and the balance was from net earnings. On a cash basis all of these
distributions were from operations. Beginning with the cash distribution to
limited partners for the month of October 1996, payable November 1996, the
Partnership has made distributions at an annualized rate of 9.5% on each unit.
This reduction in the Partnership's distribution rate is a result of the decline
in market conditions for the leasing of the Partnership's container rental fleet
during the fourth quarter of 1995 and the first three quarters of 1996, which is
discussed in detail below.

For the nine-month period ended September 30, 1996, the Partnership had net cash
provided by operating activities of $11,754, compared with $15,818 for the same
period in 1995. This decrease was attributable to a decrease in net earnings and
an increase in net due from affiliates, tempered by a decrease in accounts
receivable from operations. The decrease in net earnings resulted from a decline
in rental income of $2,061, or 10%, and an increase in direct operating expenses
of $822, or 38%, which resulted primarily from a lower utilitzation rate and
drop in rental rates for the Partnership Equipment. The increase in net due from
affiliates reflects timing differences in the accrual and payment of net rental
revenues, fees and other expenses to or from TEM and affiliates. The decrease in
accounts receivable from operations was due to the decline in rental revenue 
and an improvement of two days in



                                       12
<PAGE>   13
the average collection period from 104 days for the nine-month period ended
September 30, 1995 to 102 days for the comparable period in 1996.

The Partnership's principal lessees, shipping lines, are currently experiencing
over-capacity, in part due to the delivery of new, large capacity ships. This
over-capacity has caused shipping lines to reduce freight rates and has affected
the profitability of their business, resulting in the need to reduce costs. This
is producing downward pressure on lease rates. Delays in the remittance of
rental payments, and in extreme cases, bankruptcy of some shipping lines may
occur if profitability continues to erode. As noted above and discussed more
fully below under "Results of Operations", utilization rates have reflected a
lower demand for containers, and this over-capacity could also further affect
utilization.

Net cash used in investing activities for the nine-month period ended September
30, 1996 was $895 compared to $6,184 for the same period in 1995. This
difference is primarily due to the fact that, on a cash basis, the Partnership
purchased less Equipment in 1996 than in the same period in 1995. The General
Partners believe that these differences reflect normal fluctuations in equipment
sales and purchases. In addition, the Partnership has used Equipment in its
portfolio and expects to sell this Equipment periodically when it reaches the
end of its useful marine life. Consistent with its investment objectives and the
General Partners' determination that Equipment can be profitably sold or bought
at any time, the Partnership intends to reinvest all or a significant amount of
proceeds from future Equipment sales in additional Equipment.

RESULTS OF OPERATIONS

The Partnership's operations, which consist of rental income, Equipment
depreciation, direct operating expenses, management fees, and reimbursement of
administrative expenses, were directly related to the size of the Equipment
fleet (inventory) during the nine-month periods ended September 30, 1996 and
1995, as well as certain other factors as discussed below. The following is a
summary of the Equipment (in units) available for lease during those periods:

<TABLE>
<CAPTION>
                                                    1996       1995
                                                    ----       ----
<S>                                                <C>       <C>
                   Opening inventory ..........    36,297     35,132
                   Closing inventory ..........    35,998     36,398
                   Average ....................    36,148     35,765
</TABLE>

The average container fleet increased by 1.1% from the nine-month period ended
September 30, 1995 to the same period in 1996 primarily due to reinvestment of
proceeds from the sale of used Equipment.

Rental income and direct container expenses are affected by lease utilization
percentages for the Equipment, which were 84% and 93% on average during the
nine-month period ended September 30, 1996 and 1995, respectively. In addition,
rental income is affected by daily rental rates which have also decreased as
discussed below.

The following is a comparative analysis of the results of operations for the
nine-month periods ended September 30, 1996 and 1995.

The Partnership's income from operations for the nine-month period ended
September 30, 1996 was $6,129 on gross rental income of $18,026, compared to
$8,345 on gross rental income for $20,087 for the same period in 1995. The
decrease in rental income of $2,061 between periods was primarily attributable
to income from Equipment rentals, the major component of total rental income,
which decreased by $1,758, or 10%. Income from Equipment rentals is largely
dependent upon three factors: average on-hire (utilization) percentage,
Equipment available for lease (average inventory), and average daily rental
rates. Average utilization decreased by 10%, and average daily rental rates
decreased by 2.2%; these decreases were tempered by an increase in average
inventory of 1.1%.



                                       13
<PAGE>   14
Utilization began to decrease in the last quarter of 1995 and has continued to
decline in the first three quarters of 1996. The General Partners believe that
this softening in demand has been due, in part, to a slow-down in activity in
the Asia-North America trade route. Additionally, as noted above, the
Partnership's principal lessees, shipping lines, are currently experiencing
over-capacity, which may adversely affect rental payments and/or rates and
utilization which is likely affecting rental rates. Rental rates have also been
restrained by quantity rate discounts granted to the Partnership's larger
Equipment lessees.

Substantially all of the Partnership's rental income was generated from the
leasing of the Equipment under short-term operating leases.

The balance of rental income consists of other lease-related items, primarily
income from charges to the lessees for pick-up of Equipment from prime locations
as adjusted by credits granted to lessees for leasing Equipment from less
desirable locations (location income), income for handling and returning
Equipment and income from charges to lessees for a damage protection plan. For
the nine-month period ended September 30, 1996, the total of these other revenue
items was $1,506, a decrease of $303 compared to the equivalent period in 1995.
The primary component of this net decrease was a decline in location income of
$338. This decline is mainly due to an increase in credits given to lessees for
pick-up of Equipment from less desirable locations, which was largely driven by
decreased demand. Location income also declined due to a decrease in drop-off
charges to lessees for Equipment at less desirable locations, which primarily
resulted from drop-off charges to a specific lessee in the first quarter of
1995, which did not re-occur in the same period in 1996.

Direct operating expenses, excluding bad debt expense, increased by $822, or
38%, from the nine-month period ended September 30, 1995, to the same period in
1996. The primary components of this increase were costs incurred for storage
which increased by $572 between periods mainly due to the decline in
utilization. Additionally, expenses under the damage protection plan increased
by $348 due to an increase in the number of units requiring repair under the
plan.

Bad debt expense decreased from $510 in the nine-month period ended September
30, 1995 to $196 in the same period of 1996. The decrease was primarily due to a
reduction in reserve requirements for a specific lessee during the first three
quarters in 1996.

Depreciation and amortization expense increased by $103, or 1.8%, from the
nine-month period ended September 30, 1995 to the same period in 1996,
reflecting the increase in the Partnership's average fleet size of 1.1% between
periods.

Management fees were 9.5% and 9.2% of gross revenue for the nine-month periods
ended September 30, 1996 and 1995, respectively. Incentive management fees,
which are based on the Partnership's limited and general partner distribution
percentage and capital raised, were 2.5% of gross revenue in the nine-months
ended September 30, 1996 and 2.2% of gross revenue in the comparative period in
1995. Equipment management fees were 7% of gross revenue for both periods.

General and administrative costs to affiliates decreased by 22%, or $290, from
the nine-month period ended September 30, 1995 to the same period in 1996. This
decrease was primarily the result of a decline in overhead costs allocated from
TEM.

Other income provided $328 of additional income for the nine-month period ended
September 30, 1996, representing a decrease of $81, or 20%, over the equivalent
period in 1995. The decrease was attributable to a $95 decline in gains from
sales of Equipment and a $14 increase in interest income.

Net earnings per limited partnership unit decreased from $1.26 for the
nine-month period ended September 30, 1995 to $0.93 for the nine-month period
ended September 30, 1996, reflecting the decrease in net earnings from $8,754
for the nine-month period ended September 30, 1995 to $6,457 for the same period
in 1996.



                                       14
<PAGE>   15
The following is a comparative analysis of the results of operations for the
three-month periods ended September 30, 1996 and 1995.

The Partnership's income from operations for the three-month period ended
September 30, 1996 decreased by $976, or 34%, compared to the same period in
1995, on rental income of $5,810 and $6,709, respectively. The decrease in total
rental income of $899, or 13%, between periods was primarily attributable to
income from Equipment rentals, the major component of total rental income, which
decreased by $953, or 15%, from 1995 to 1996. The decrease resulted from a 12%
decrease in utilization and a 3.3% decrease in average daily rental rates from
the three-month period ended September 30, 1995, to the comparable period ended
September 30, 1996; these decreases were tempered slightly by an increase in
average inventory of 1.1%.

The balance of rental income for the three months ended September 30, 1996 was
$481 compared to $427 for the same period in 1995, an increase of $54, or 13%.
The primary component of this net increase was an increase in damage protection
plan income of $103, partially offset by a decrease in location income of $78
from the three-month period ended September 30,1995 to the same period in 1996.
Damage protection plan income in 1995 included an adjustment for a retroactive
refund to a lessee who canceled this coverage. The decrease in location income
was due to an increase in credits given to lessees for pick-up of Equipment from
less desirable locations in the three-month period ended September 30, 1996,
which was largely driven by decreased demand for Equipment.

Direct operating expenses, excluding bad debt expense, increased by $423, or
75%, from the three-month period ended September 30, 1995, to the same period in
1996. The primary components of this increase were costs incurred for storage
which increased by $231 between periods mainly due to the decline in
utilization. Additionally, expenses under the damage protection plan increased
by $237 due to an increase in the number of units requiring repair under the
plan.

Bad debt expense decreased by $131 from the three-month period ended September
30, 1995 to the same period in 1996 due to lower overall reserve requirements
for the three-month period ended September 30, 1995.

Depreciation expense decreased by $16 from the three-month period ended
September 30, 1995 to the equivalent period in 1996.

Management fees to affiliates were lower by $65 in the three months ended
September 30, 1996 than in the same period in 1995. This decrease was due to the
decline in rental income between periods.

General and administrative costs to affiliates decreased by $131, or 29%, from
the three-month period ended September 30, 1995 to the same period in 1996. The
decrease was primarily the result of a decline in overhead costs allocated from
TEM.

Other income provided for $120 in additional income for the three-month period
ended September 30, 1996, representing a decrease of $116 or 49%. The decrease
was attributable to a decline in gains from sales of Equipment.

Net earnings per limited partnership unit decreased from $0.45 for the
three-month period ended September 30, 1995 to $0.29 for the three-month period
ended September 30, 1996 for the reasons noted above.

Although substantially all of the Partnership's income from operations is
derived from assets employed in foreign operations, virtually all of this income
is denominated in United States dollars. The Partnership's customers are
international shipping lines which transport goods on international trade
routes. The domicile of the lessee is not indicative of where the lessee is
transporting the Equipment. The Partnership's business risk in its foreign
operations lies with the creditworthiness of the lessees, and the


                                       15
<PAGE>   16
Partnership's ability to keep the Equipment under lease, rather than the
geographic location of the Equipment or the domicile of the lessees. The
Equipment is generally operated on the international high seas rather than on
the domestic waterways. The Equipment is subject to the risk of war or other
political, economic or social occurrence where the Equipment is used, which may
result in the loss of Equipment, which, in turn, may have a material impact on
the Partnership's results of operations and financial condition. The General
Partners are not aware of any conditions as of September 30, 1996 which would
result in such risk materializing.

Other risks of the Partnership's leasing operations include competition, the
cost of repositioning Equipment after it comes off-lease, the risk of an
uninsured loss, increases in maintenance expenses or other costs of operating
the Equipment, and the effect of world trade and/or general business and
economic cycles on the Partnership's operations.




                                       16
<PAGE>   17
                                   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.


                                  TEXTAINER EQUIPMENT INCOME FUND IV, L.P.
                                  (A California Limited Partnership)

                                  By Textainer Financial Services Corporation
                                  The Managing General Partner



                                  By /s/John R. Rhodes
                                     ------------------------
                                     John R. Rhodes
                                     Executive Vice President


Date:  November 14, 1996


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of Textainer Financial
Services Corporation, the Managing General Partner of the Registrant, in the
capacities and on the dates indicated:

<TABLE>
<CAPTION>
Signature                 Title                                Date
<S>                    <C>                               <C>
/s/James E. Hoelter    President (Principal Executive    November 14, 1996
--------------------   Officer) and Director
James E. Hoelter


/s/John R. Rhodes      Executive Vice President,         November 14, 1996
--------------------   (Principal Financial and
John R. Rhodes         Accounting Officer),
                       Secretary and Treasurer
</TABLE>




                                       17