TEXTAINER FINANCIAL SERVICES CORPORATION
                        650 California Street, 16th Floor
                             San Francisco, CA 94108



November 12, 2003

Securities and Exchange Commission
Washington, DC  20549

Ladies and Gentlemen:

Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  we are
submitting  herewith for filing on behalf of Textainer Equipment Income Fund IV,
L.P. (the "Partnership") the Partnership's Quarterly Report on Form 10-Q for the
Third Quarter ended September 30, 2003.

This filing is being effected by direct  transmission to the Commission's  EDGAR
System.

Sincerely,

Nadine Forsman
Controller

<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                               Washington DC 20549



                                    FORM 10-Q



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


                For the quarterly period ended September 30, 2003


                         Commission file number 0-21228


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


                California                                    94-3147432
       (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 [ ]

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act).

                                 Yes [ ] No [X]


<PAGE>
<TABLE>
<CAPTION>

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

Quarterly Report on Form 10-Q for the
Quarter Ended September 30, 2003

Table of Contents
-----------------------------------------------------------------------------------------------------------------



                                                                                                             Page
<S>                                                                                                           <C>
Part I    Financial Information

    Item 1.   Financial Statements (unaudited)

          Balance Sheets - September 30, 2003
          and December 31, 2002.............................................................................    3


          Statements of Operations for the three and nine months
          ended September 30, 2003 and 2002.................................................................    4


          Statements of Partners' Capital for the nine months
          ended September 30, 2003 and 2002.................................................................    5


          Statements of Cash Flows for the nine months
          ended September 30, 2003 and 2002.................................................................    6


          Notes to Financial Statements.....................................................................    8


    Item 2.   Management's Discussion and Analysis of Financial Condition
              and Results of Operations.....................................................................   14


    Item 3.   Quantitative and Qualitative Disclosures about Market Risk....................................   22


    Item 4.   Controls and Procedures.......................................................................   22


Part II   Other Information

    Item 6.   Exhibits and Reports on Form 8-K..............................................................   23
</TABLE>



<PAGE>
<TABLE>
<CAPTION>

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

Balance Sheets

September 30, 2003 and December 31, 2002
(Amounts in thousands)
(unaudited)
------------------------------------------------------------------------------------------------------------------

                                                                                2003                    2002
                                                                          ----------------        ----------------
<S>                                                                      <C>                     <C>
Assets
Container rental equipment, net of accumulated
   depreciation of $52,376, (2002:  $51,768) (note 4)                     $        36,302         $        41,630
Cash                                                                                3,269                   2,339
Accounts receivable, net of allowance for doubtful
   accounts of $210, (2002:  $164)                                                  2,947                   3,107
Due from affiliates, net (note 2)                                                     247                      84
Prepaid expenses                                                                        -                      40
                                                                          ----------------        ----------------

                                                                          $        42,765         $        47,200
                                                                          ================        ================

Liabilities and Partners' Capital
Liabilities:
   Accounts payable                                                       $           358         $           296
   Accrued liabilities                                                                366                     430
   Accrued damage protection plan costs                                               357                     246
   Warranty claims                                                                    186                     232
   Accrued recovery costs                                                             189                     184
   Deferred quarterly distributions                                                    85                      83
   Container purchases payable                                                      1,055                       -
                                                                          ----------------        ----------------

      Total liabilities                                                             2,596                   1,471
                                                                          ----------------        ----------------

Partners' capital:
   General partners                                                                     -                       -
   Limited partners                                                                40,169                  45,729
                                                                          ----------------        ----------------

      Total partners' capital                                                      40,169                  45,729
                                                                          ----------------        ----------------


                                                                          $        42,765         $        47,200
                                                                          ================        ================

See accompanying notes to financial statements
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

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

Statements of Operations

For the three and nine months ended September 30, 2003 and 2002
(Amounts in thousands except for unit and per unit amounts)
(unaudited)
------------------------------------------------------------------------------------------------------------------------------------


                                                           Three months        Three months        Nine months        Nine months
                                                              Ended               Ended               Ended              Ended
                                                          Sept. 30, 2003      Sept. 30, 2002      Sept. 30, 2003     Sept. 30, 2002
                                                         ----------------    ----------------    ----------------   ----------------
<S>                                                     <C>                 <C>                  <C>               <C>
Rental income                                            $         3,236     $         3,088     $         9,947    $         8,362
                                                         ----------------    ----------------    ----------------   ----------------

Costs and expenses:
   Direct container expenses                                         899                 997               2,460              3,198
   Bad debt expense                                                   18                  23                  84                 17
   Depreciation (note 4)                                           1,825               1,975               5,590              5,020
   Write-down of containers (note 4)                                  62                 345                 281              1,646
   Professional fees                                                   7                  13                  26                 41
   Management fees to affiliates (note 2)                            298                 235                 901                748
   General and administrative costs to
     affiliates (note 2)                                             154                 149                 471                489
   Other general and administrative costs                             35                  75                 104                228
   Loss on sale of containers (note 4)                               348                 266                 431              1,065
                                                         ----------------    ----------------    ----------------   ----------------

                                                                   3,646               4,078              10,348             12,452
                                                         ----------------    ----------------    ----------------   ----------------

   Loss from operations                                             (410)               (990)               (401)            (4,090)
                                                         ----------------    ----------------    ----------------   ----------------

Interest income                                                        5                   6                  17                 26
                                                         ----------------    ----------------    ----------------   ----------------

   Net loss                                              $          (405)    $          (984)    $          (384)   $        (4,064)
                                                         ================    ================    ================   ================

Allocation of net loss (note 2):
   General partners                                      $            17     $            18     $            51    $            53
   Limited partners                                                 (422)             (1,002)               (435)            (4,117)
                                                         ----------------    ----------------    ----------------   ----------------

                                                         $          (405)    $          (984)    $          (384)   $        (4,064)
                                                         ================    ================    ================   ================
Limited partners' per unit share
   of net loss                                           $         (0.07)    $         (0.15)    $         (0.07)   $         (0.62)
                                                         ================    ================    ================   ================

Limited partners' per unit share
   of distributions                                      $          0.25     $          0.25     $          0.75    $          0.75
                                                         ================    ================    ================   ================

Weighted average number of limited
   partnership units outstanding                               6,505,846           6,568,245           6,511,252          6,661,859
                                                         ================    ================    ================   ================

See accompanying notes to financial statements

</TABLE>


<PAGE>
<TABLE>
<CAPTION>

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

Statements of Partners' Capital

For the nine months ended September 30, 2003 and 2002
(Amounts in thousands)
(unaudited)
------------------------------------------------------------------------------------------------------------------------

                                                                                     Partners' Capital
                                                                 -------------------------------------------------------
                                                                     General               Limited             Total
                                                                 --------------        --------------     --------------
  <S>                                                            <C>                  <C>                 <C>
Balances at January 1, 2002                                      $           -         $      57,145      $      57,145

Distributions                                                              (53)               (5,009)            (5,062)

Redemptions (note 5)                                                         -                  (767)              (767)

Net earnings (loss)                                                         53                (4,117)            (4,064)
                                                                 --------------        --------------     --------------

Balances at September 30, 2002                                   $           -         $      47,252      $      47,252
                                                                 ==============        ==============     ==============

Balances at January 1, 2003                                      $           -         $      45,729      $      45,729

Distributions                                                              (51)               (4,887)            (4,938)

Redemptions (note 5)                                                         -                  (238)              (238)

Net earnings (loss)                                                         51                  (435)              (384)
                                                                 --------------        --------------     --------------

Balances at September 30, 2003                                   $           -         $      40,169      $      40,169
                                                                 ==============        ==============     ==============


See accompanying notes to financial statements

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

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

Statements of Cash Flows

For the nine months ended September 30, 2003 and 2002
(Amounts in thousands)
(unaudited)
-------------------------------------------------------------------------------------------------------------------------

                                                                                           2003                2002
                                                                                     ----------------    ----------------
<S>                                                                                 <C>                 <C>
Cash flows from operating activities:
   Net loss                                                                          $          (384)    $        (4,064)
   Adjustments to reconcile net loss to
      net cash provided by operating activities:
        Depreciation                                                                           5,590               5,020
        Write-down of containers (note 4)                                                        281               1,646
        Increase (decrease) in allowance for doubtful accounts                                    46                  (1)
        Loss on sale of containers                                                               431               1,065
        Decrease (increase) in assets:
            Accounts receivable                                                                  143                 163
            Due from affiliates, net                                                              30                (195)
            Prepaid expenses                                                                      40                  18
        (Decrease) increase in liabilities:
            Accounts payable and accrued liabilities                                              (2)                (52)
            Accrued recovery costs                                                                 5                 (34)
            Accrued damage protection plan costs                                                 111                  29
            Warranty claims                                                                      (46)                (46)
                                                                                     ----------------    ----------------

               Net cash provided by operating activities                                       6,245               3,549
                                                                                     ----------------    ----------------

Cash flows from investing activities:
   Proceeds from sale of containers                                                            1,453               3,224
   Container purchases                                                                        (1,595)             (1,598)
                                                                                     ----------------    ----------------

              Net cash (used in) provided by investing activities                               (142)              1,626
                                                                                     ----------------    ----------------

Cash flows from financing activities:
    Redemptions of limited partnership units                                                    (238)               (767)
    Distributions to partners                                                                 (4,935)             (5,062)
                                                                                     ----------------    ----------------

               Net cash used in financing activities                                          (5,173)             (5,829)
                                                                                     ----------------    ----------------

Net increase (decrease) in cash                                                                  930                (654)

Cash at beginning of period                                                                    2,339               1,841
                                                                                     ----------------    ----------------

Cash at end of period                                                                $         3,269     $         1,187
                                                                                     ================    ================



See accompanying notes to financial statements

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

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

Statements Of Cash Flows--Continued

For the nine months ended September 30, 2003 and 2002
(Amounts in thousands)
(unaudited)
--------------------------------------------------------------------------------

Supplemental Disclosures:

Supplemental schedule of non-cash investing and financing activities:

The following table summarizes the amounts of container purchases, distributions
to partners,  and proceeds  from sale of  containers  which had not been paid or
received as of  September  30, 2003 and 2002,  and  December  31, 2002 and 2001,
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, 2003 and 2002.

                                                               Sept. 30       Dec. 31         Sept. 30       Dec. 31
                                                                 2003           2002            2002           2001
                                                             -----------    -----------     -----------    -----------
<S>                                                          <C>            <C>               <C>            <C>
Container purchases included in:
     Due to affiliates..............................           $   51           $  -           $   -           $ 27
     Container purchases payable....................            1,055              -               -              -

Distributions to partners included in:
     Due to affiliates..............................                6              5               6              7
     Deferred quarterly distributions...............               85             83              82             81

Proceeds from sale of containers included in:
     Due from affiliates............................              563            318             552            767

The following table summarizes the amounts of container purchases, distributions
to partners and proceeds from sale of containers 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, 2003 and 2002.

                                                                                                2003           2002
                                                                                                ----           ----

Container purchases recorded....................................................              $2,701         $1,571
Container purchases paid........................................................               1,595          1,598

Distributions to partners declared..............................................               4,938          5,062
Distributions to partners paid..................................................               4,935          5,062

Proceeds from sale of containers recorded.......................................               1,698          3,009
Proceeds from sale of containers received.......................................               1,453          3,224

The  Partnership  has  entered  into direct  finance  leases,  resulting  in the
transfer of containers from container rental  equipment to accounts  receivable.
The carrying value of containers transferred during the nine-month periods ended
September 30, 2003 and 2002 was $29 and $144, respectively.

See accompanying notes to financial statements
</TABLE>

<PAGE>

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

Notes To Financial Statements

For the three and nine months ended September 30, 2003 and 2002
(Amounts in thousands except for unit and per unit amounts)
(unaudited)
--------------------------------------------------------------------------------

Note 1.   General

     Textainer  Equipment Income Fund IV, L.P. (the  Partnership),  a California
     limited  partnership  with a maximum life of 20 years,  was formed in 1991.
     The Partnership owns a fleet of intermodal marine cargo  containers,  which
     are leased 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, 2003 and December 31, 2002 and the
     results  of its  operations  for the three  and  nine-month  periods  ended
     September 30, 2003 and 2002 and changes in partners' capital and cash flows
     for the  nine-month  periods ended  September 30, 2003 and 2002,  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 and for the
     year ended December 31, 2002, in the Annual Report filed on Form 10-K.

     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. The Partnership's  management  evaluates its estimates on
     an  on-going  basis,  including  those  related  to  the  container  rental
     equipment, accounts receivable and accruals.

     These  estimates  are based on historical  experience  and on various other
     assumptions that are believed to be reasonable under the circumstances, the
     results of which form the basis for making judgments regarding the carrying
     values of assets and  liabilities.  Actual  results could differ from those
     estimates under different assumptions or conditions.

     The Partnership's  management  believes the following  critical  accounting
     policies  affect its more  significant  judgments and estimates used in the
     preparation of its financial statements.

     The Partnership  maintains  allowances for doubtful  accounts for estimated
     losses  resulting  from  the  inability  of its  lessees  to make  required
     payments.  These allowances are based on management's current assessment of
     the financial  condition of the Partnership's  lessees and their ability to
     make  their  required   payments.   If  the  financial   condition  of  the
     Partnership's  lessees were to  deteriorate,  resulting in an impairment of
     their ability to make payments, additional allowances may be required.


     The Partnership depreciates its container rental equipment based on certain
     estimates related to the container's  useful life and salvage value.  These
     estimates  are based  upon  assumptions  about  future  demand  for  leased
     containers  and the  estimated  sales  price at the end of the  container's
     useful life. The  Partnership  will evaluate the estimated  residual values
     and remaining  estimated  useful lives on an on-going basis and will revise
     its estimates as needed. As a result, depreciation expense may fluctuate in
     future periods based on fluctuations in these estimates.


     Additionally,  the  recoverability of the recorded amounts of containers to
     be held for continued use and identified for sale in the ordinary course of
     business are evaluated to ensure that containers held for continued use are
     not  impaired  and that  containers  identified  for sale are  recorded  at
     amounts  that do not exceed  the  estimated  fair value of the  containers.
     Containers  to be held for continued  use are  considered  impaired and are
     written down to estimated fair value when the estimated future undiscounted
     cash flows are less than the recorded  values.  Containers  identified  for
     sale are  written  down to  estimated  fair value when the  recorded  value
     exceeds the estimated  fair value.  In  determining  the  estimated  future
     undiscounted cash flows and fair value of containers,  assumptions are made
     regarding future demand and market conditions for leased containers and the
     sales prices for used  containers.  If actual  market  conditions  are less
     favorable  than those  projected  or if actual  sales prices are lower than
     those estimated by the Partnership,  additional write-downs may be required
     and/or losses may be realized.

     In June 2002, the FASB issued SFAS No. 146 "Accounting for Costs Associated
     With  Exit or  Disposal  Activities."  SFAS  No.  146  addresses  financial
     accounting  and  reporting  for  costs  associated  with  exit or  disposal
     activities and nullifies  Emerging  Issues Task Force (EITF) Issue No. 94-3
     "Liability  Recognition for Certain Employee Termination Benefits and Other
     Costs  to  Exit  an  Activity   (including  Certain  Costs  Incurred  in  a
     Restructuring)."  This  Statement  requires  that  a  liability  for a cost
     associated  with  an exit or  disposal  activity  be  recognized  when  the
     liability is incurred.  The Partnership  adopted SFAS No. 146 on January 1,
     2003 and  there  was no  material  impact  on the  Partnership's  financial
     condition, operating results or cash flow.

Note 2.   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.  The General Partners manage
     and control the affairs of the Partnership.

     In accordance with the Partnership  Agreement,  sections 3.08 through 3.12,
     net earnings or losses and distributions are generally  allocated 1% to the
     General  Partners and 99% to the Limited  Partners.  If the  allocation  of
     distributions  exceeds the allocation of net earnings and creates a deficit
     in a General Partner's capital account, the Partnership  Agreement provides
     for a special allocation of gross income equal to the amount of the deficit
     to be made to the General Partners.

     As part of the operation of the  Partnership,  the Partnership is to pay to
     the General  Partners an acquisition  fee, an equipment  management fee, an
     incentive 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 $129 and $75 of
     container  acquisition  fees as a component of  container  costs during the
     nine-month  periods ended  September 30, 2003 and 2002,  respectively.  The
     Partnership  incurred $69 and $203 of incentive  management fees during the
     three and nine-month  periods ended September 30, 2003,  respectively,  and
     $20 and $162, respectively,  for the comparable periods in 2002. There were
     no equipment liquidation fees incurred during these periods.

     The  Partnership's  container  fleet  is  managed  by TEM.  In its  role as
     manager,  TEM has  authority  to acquire,  hold,  manage,  lease,  sell and
     dispose of the  Partnership's  containers.  TEM holds,  for the  payment of
     direct operating  expenses,  a reserve of cash that has been collected from
     leasing  operations;  such cash is included in due from affiliates,  net at
     September 30, 2003 and December 31, 2002.

     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.  These fees
     totaled $229 and $698 for the three and nine-month  periods ended September
     30, 2003, respectively, and $215 and $586, respectively, for the comparable
     periods in 2002.

     Certain  indirect  general  and  administrative  costs  such  as  salaries,
     employee   benefits,   taxes  and  insurance  are  incurred  in  performing
     administrative  services  necessary to the  operation  of the  Partnership.
     These  costs  are   incurred   and  paid  by  TFS  and  TEM.   General  and
     administrative  costs  allocated  to the  Partnership  during the three and
     nine-month periods ended September 30, 2003 and 2002 were as follows:

                                            Three months        Nine months
                                           ended Sept. 30,    ended Sept. 30,
                                           ---------------    ---------------
                                           2003       2002    2003       2002
                                           ----       ----    ----       ----

          Salaries                         $ 80       $100    $255       $318
          Other                              74         49     216        171
                                            ---        ---     ---        ---
            Total general and
               administrative costs        $154       $149    $471       $489
                                            ===        ===     ===        ===

     TEM allocates these general and administrative  costs based on the ratio of
     the Partnership's interest in the managed containers to the total container
     fleet managed by TEM during the period.  TFS  allocates  these costs either
     based on the ratio of the  Partnership's  investors  to the total number of
     investors of all limited  partnerships  managed by TFS or equally among all
     the limited partnerships managed by TFS. The General Partners allocated the
     following general and  administrative  costs to the Partnership  during the
     three and nine-month periods ended September 30, 2003 and 2002:
<PAGE>

                                            Three months        Nine months
                                           ended Sept. 30,    ended Sept. 30,
                                           ---------------    ---------------
                                           2003       2002    2003       2002
                                           ----       ----    ----       ----

             TEM                           $131       $131    $407       $420
             TFS                             23         18      64         69
                                            ---        ---     ---        ---
               Total general and
                  administrative costs     $154       $149    $471       $489
                                            ===        ===     ===        ===

     The  General  Partners  may acquire  containers  in their own name and hold
     title on a temporary basis for the purpose of facilitating  the acquisition
     of such containers for the  Partnership.  The containers 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. One or more General Partners
     may also arrange for the purchase of containers in its or their names,  and
     the  Partnership may then take title to the containers by paying the seller
     directly. In addition,  the General Partners are entitled to an acquisition
     fee  for  containers  acquired  by  the  Partnership  under  any  of  these
     arrangements.


     At September 30, 2003 and December 31, 2002, due from  affiliates,  net was
     comprised of:

                                                               2003       2002
                                                               ----       ----
                  Due from affiliates:
                           Due from TEM.....................   $324       $174
                                                                ---        ---

                  Due to affiliates:
                           Due to TFS.......................     67         71
                           Due to TCC.......................      9         18
                           Due to TL........................      1          1
                                                                ---        ---
                                                                 77         90
                                                                ---        ---

                      Due from affiliates, net                 $247       $ 84
                                                                ===        ===


     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 remittance of expenses,
     fees and distributions described above and in the accrual and remittance of
     net rental revenues and container sales proceeds from TEM.

Note 3.  Lease Rental Income

     Leasing income arises principally from the renting of containers to various
     international  shipping lines. Revenue is recorded when earned according to
     the terms of the container rental contracts.  These contracts are typically
     for  terms of five  years or less.  The  following  is the lease mix of the
     on-lease containers (in units) at September 30, 2003 and 2002:

                                                       2003         2002
                                                       ----         ----

         On-lease under master leases                14,482       15,844
         On-lease under long-term leases              8,123        6,773
                                                     ------       ------

             Total on-lease containers               22,605       22,617
                                                     ======       ======

     Under  master  lease  agreements,  the lessee is not  committed  to lease a
     minimum number of containers from the Partnership during the lease term and
     may  generally  return  any  portion  or  all  of  the  containers  to  the
     Partnership  at any time,  subject  to  certain  restrictions  in the lease
     agreement. Under long-term lease agreements,  containers are usually leased
     from the  Partnership  for  periods of between  three to five  years.  Such
     leases  are  generally  cancelable  with  a  penalty  at the  end  of  each
     twelve-month  period.  Under direct  finance  leases,  the  containers  are
     usually leased from the  Partnership  for the remainder of the  container's
     useful life with a purchase option at the end of the lease term.

     The remaining  containers are off-lease and are being stored primarily at a
     large  number of  storage  depots.  At  September  30,  2003 and 2002,  the
     Partnership's off lease containers were in the following locations:
<PAGE>


                                                    2003             2002
                                                    ----             ----

          Americas                                 1,919            2,675
          Europe                                     696            1,408
          Asia                                     1,948            1,804
          Other                                      137              131
                                                   -----            -----

              Total off-lease containers           4,700            6,018
                                                   =====            =====

     At  September  30, 2003  approximately  5% of the  Partnership's  off-lease
     containers had been specifically identified as for sale.

Note 4.  Container Rental Equipment

     Effective July 1, 2002, the Partnership  revised its estimate for container
     salvage  value from a percentage of equipment  cost to an estimated  dollar
     residual value. The effect of this change for both the three and nine-month
     periods ended September 30, 2002 was an increase to depreciation expense of
     $515.  The  Partnership  will  evaluate the estimated  residual  values and
     remaining  estimated  useful lives on an on-going basis and will revise its
     estimates as needed.  As a result,  depreciation  expense may  fluctuate in
     future periods based on fluctuations in these estimates.

     New  container  prices  steadily  declined  from 1995 through 1999 and have
     remained  low  through  2003.  As a  result,  the  cost  of new  containers
     purchased  in recent years is  significantly  less than the average cost of
     containers  purchased  in  prior  years.  The  Partnership   evaluated  the
     recoverability  of the  recorded  amount of container  rental  equipment at
     September 30, 2003 and 2002 for containers to be held for continued use and
     determined  that a reduction to the carrying value of these  containers was
     not required.  The  Partnership  also evaluated the  recoverability  of the
     recorded amount of containers identified for sale in the ordinary course of
     business and  determined  that a reduction to the carrying value of some of
     these  containers  was required.  The  Partnership  wrote down the value of
     these containers to their estimated net realizable  value,  which was based
     on recent sales  prices less cost to sell.  During the  nine-month  periods
     ended  September 30, 2003 and 2002,  the  Partnership  recorded  write-down
     expenses  of $281 and  $1,646,  respectively,  on 568 and 2,015  containers
     identified for sale and requiring a reserve. During the three-month periods
     ended  September 30, 2003 and 2002,  the  Partnership  recorded  write-down
     expenses  of  $62  and  $345,  respectively,  on  228  and  396  containers
     identified  for sale and  requiring  a  reserve.  Additionally,  during the
     nine-month  periods  ended  September  30, 2003 and 2002,  the  Partnership
     reclassified 30 and 226 containers  from containers  identified for sale to
     containers  held for  continued  use due to the  improvement  in demand for
     leased  containers in Asia.  At September  30, 2003 and 2002,  the net book
     value of the 254 and 626 containers  identified for sale was $230 and $543,
     respectively.

     The Partnership  sold 541 previously  written down containers for a loss of
     $49 during the  nine-month  period ended  September 30, 2003 and sold 2,005
     previously written down containers for a loss of $96 during the same period
     in 2002.  During the  three-month  period ended  September  30,  2003,  the
     Partnership  sold 173 previously  written down  containers for a loss of $9
     and sold 570  previously  written down  containers for a loss of $24 during
     the same period in 2002.  The  Partnership  incurred  losses on the sale of
     some containers previously written down as the actual sales prices received
     on these containers were lower than the estimates used for the write-downs.

     The  Partnership  also sold  containers  that had not been written down and
     recorded  losses  of $382 and $969  during  the  nine-month  periods  ended
     September 30, 2003 and 2002,  respectively.  During the three-month periods
     ended September 30, 2003 and 2002 the  Partnership  recorded losses of $339
     and $242, respectively, on the sale of containers that had not been written
     down.

     As more  containers  are  subsequently  identified for sale or if container
     sales prices decline,  the Partnership may incur additional  write-downs on
     containers  and/or  may  incur  losses  on  the  sale  of  containers.  The
     Partnership  will continue to evaluate the  recoverability  of the recorded
     amounts of container rental equipment.
<PAGE>
<TABLE>
<CAPTION>

Note 5.   Redemptions

     The following  redemptions were  consummated by the Partnership  during the
     nine-month periods ended September 30, 2003 and 2002:


                                                           Units                Average
                                                          Redeemed          Redemption Price          Amount Paid
                                                          --------          ----------------          -----------
<S>                                                      <C>               <C>                        <C>
     Total Partnership redemptions as of
        December 31, 2001.....................             131,937                 $9.89                 $1,305

     Nine-month period ended
        September 30, 2002....................             145,721                 $5.26                    767
                                                           -------                                        -----

     Total Partnership redemptions as of
        September 30, 2002....................             277,658                 $7.46                 $2,072
                                                           =======                                        =====


     Total Partnership redemptions as of
        December 31, 2002.....................             295,555                 $7.33                 $2,165

     Nine-month period ended
        September 30, 2003....................              44,502                 $5.35                    238
                                                           -------                                        -----

     Total Partnership redemptions as of
        September 30, 2003....................             340,057                 $7.07                 $2,403
                                                           =======                                        =====


     The redemption price is fixed by formula in accordance with the Partnership
     Agreement.

</TABLE>

<PAGE>

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

(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 three and  nine-month  periods
ended September 30, 2003 and 2002. Please refer to the Financial  Statements and
Notes thereto in connection with the following discussion.

Textainer  Financial Services  Corporation (TFS) is the Managing General Partner
of the  Partnership  and  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 General
Partners manage and control the affairs of the Partnership.

Liquidity and Capital Resources

From  May 1,  1992  until  April  30,  1994,  the  Partnership  offered  limited
partnership  interests  to the  public.  The  Partnership  received  its minimum
subscription  amount  of  $5,000  on June 11,  1992 and on  April  30,  1994 the
Partnership had received a total subscription amount of $136,918.

The Partnership  invests working  capital,  cash flow from operating  activities
prior to its distribution to the partners and proceeds from container sales that
have not been used to purchase  containers in  short-term,  liquid  investments.
Rental income is the Partnership's  principal source of liquidity and provides a
major  source of funds for  distributions.  Rental  income is affected by market
conditions for leased containers.  Market conditions are discussed more fully in
"Results of Operations." The Partnership's  cash is affected by cash provided by
or used in operating,  investing and financing activities.  These activities are
discussed in detail below.

Limited partners are currently receiving monthly  distributions in an annualized
amount equal to 5% of their original  investment.  During the nine-month  period
ended September 30, 2003, the Partnership declared cash distributions to limited
partners  pertaining to the period from December 2002 through August 2003 in the
amount of $4,887. On a cash basis, as reflected on the Statements of Cash Flows,
after  paying  redemptions  and  general  partner  distributions,  all of  these
distributions were from current year operating activities.  On an accrual basis,
as reflected on the Statements of Partners' Capital,  all of these distributions
were a return of capital.

From time to time,  the  Partnership  redeems units from limited  partners for a
specified  redemption  value,  which  is  set  by  formula.  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.  During the nine-month period ended September 30,
2003, the  Partnership  redeemed 44,502 units for a total dollar amount of $238.
The Partnership used cash flow from operating activities to pay for the redeemed
units.

Net cash  provided by operating  activities  for the  nine-month  periods  ended
September 30, 2003 and 2002 was $6,245 and $3,549, respectively. The increase of
$2,696,  or 76%, was primarily  attributable  to the  fluctuations  in net loss,
adjusted  for non-cash  transactions,  in due from  affiliates,  net and accrued
damage  protection  plan costs.  Net loss,  adjusted for non-cash  transactions,
decreased  primarily due to the increase in rental income and decrease in direct
container  expenses.  These  items  are  discussed  more  fully in  "Results  of
Operations." The fluctuations in due from affiliates,  net, resulted from timing
differences  in  the  payment  of  expenses,  fees  and  distributions  and  the
remittance  of net rental  revenues and  container  sales  proceeds,  as well as
fluctuations  in these amounts.  The increase in accrued damage  protection plan
costs during the nine month period ended September 30, 2003 was primarily due to
an increase in the number of containers covered under the plan.

At  September  30,  2003,  the   Partnership  had  no  commitments  to  purchase
containers.

For the nine-month  period ended  September 30, 2003, net cash used in investing
activities  (the purchase and sale of containers)  was $142 compared to net cash
provided by investing  activities of $1,626 for the  comparable  period in 2002.
The decrease of $1,768 was due to decreases in proceeds  from  container  sales.
Cash used for container purchases was comparable between the periods,  primarily
due to  timing  differences  in the  accrual  and  payment  of these  purchases.
Proceeds from container sales decreased primarily due to the Partnership selling
fewer containers  during the nine-month  period ended September 30, 2003 than in
the same  period in 2002.  Some  containers  were sold in low demand  locations.
Until  demand for  containers  improves  in certain  low demand  locations,  the
Partnership  plans to continue selling some of its containers that are off-lease
in these locations rather than incurring the expense of repositioning  them. The
number of containers sold, both in low demand  locations and elsewhere,  as well
as the average sales price, will affect how much the Partnership can reinvest in
new containers.

Consistent  with its  investment  objectives  and  subject  to its  distribution
policy,  the  Partnership  intends  to  continue  to  reinvest  both  cash  from
operations  available for reinvestment and all, or a significant  amount of, the
proceeds from container sales in additional containers. Reinvestment is expected
to  continue  until the  Partnership  begins  its  liquidation  phase,  which is
estimated to begin in 2004. Cash from operations  available for  reinvestment is
generally equal to cash provided by operating activities, less distributions and
redemptions  paid, which are subject to the General  Partners'  authority to set
these  amounts  (and modify  reserves and working  capital),  as provided in the
Partnership  Agreement.  Although  the  Partnership  had  cash  from  operations
available to reinvest in  additional  containers  during the  nine-month  period
ended  September  30,  2003,  there was no cash  from  operations  available  to
reinvest in additional  containers  during the years ended December 31, 2002 and
2001.   Sales  proceeds,   rather  than  cash  from  operations   available  for
reinvestment,  have  been the  primary  source  of  funds  for  reinvestment  in
additional containers.  The amount of sales proceeds will fluctuate based on the
number of containers  sold and the sales price received.  The Partnership  sells
containers  when (i) a  container  reaches the end of its useful life or (ii) an
analysis  indicates  that  the  sale  is  warranted  based  on  existing  market
conditions and the container's age, location and condition.

Both cash from  operations  available for  reinvestment  and sales proceeds have
been  adversely  affected by market  conditions  in recent  years.  These market
conditions  have  resulted in a slower than  anticipated  rate of  reinvestment.
Market  conditions  are discussed  more fully under  "Results of  Operations." A
slower rate of reinvestment has affected the size of the Partnership's container
fleet. Furthermore, even with reinvestment,  the Partnership is not likely to be
able to replace all the  containers  it sells,  since new  container  prices are
usually  higher  than the  average  sales  price for a used  container,  and the
majority of cash available for reinvestment is from sales proceeds.

Results of Operations

The  Partnership's  income from operations,  which consists  primarily of rental
income  less  costs  and  expenses  (including  container  depreciation,  direct
container  expenses,   management  fees,  and  reimbursement  of  administrative
expenses)  was directly  related to the size of the  container  fleet during the
nine-month  periods ended  September 30, 2003 and 2002, as well as certain other
factors as discussed  below.  The following is a summary of the container  fleet
(in units) available for lease during those periods:

                                                        2003        2002
                                                        ----        ----

          Beginning container fleet...............    28,024      31,411
          Ending container fleet..................    27,305      28,635
          Average container fleet.................    27,665      30,023

The average  container  fleet  decreased  8% from the  nine-month  period  ended
September 30, 2002 to the comparable  period in 2003,  primarily due to sales of
containers.  As noted,  above,  when containers are sold, sales proceeds are not
likely to be sufficient to replace all of the containers sold,  resulting in the
continuing  decline in the average  container  fleet.  This trend is expected to
continue.  Other factors related to this trend are discussed above in "Liquidity
and Capital Resources." The Partnership's  primary source of funds for container
purchases is these sales proceeds. The rate of decline in average fleet size may
fluctuate due to timing  differences  in the purchase and sale of containers and
fluctuations in container sale and purchase prices during each period.

Rental income and direct container expenses are also affected by the utilization
of the container  fleet,  which was 81% and 59% on average during the nine-month
periods ended September 30, 2003 and 2002, respectively. The remaining container
fleet is off-lease  and is being  stored  primarily at a large number of storage
depots.  At  September  30,  2003  and  2002,   utilization  was  83%  and  79%,
respectively, and the Partnership's off-lease containers (in units) were located
in the following locations:

                                                   2003               2002
                                                   ----               ----

         Americas                                 1,919              2,675
         Europe                                     696              1,408
         Asia                                     1,948              1,804
         Other                                      137                131
                                                  -----              -----

             Total off-lease containers           4,700              6,018
                                                  =====              =====

At September 30, 2003 approximately 5% of the Partnership's off-lease containers
had been specifically identified as for sale.

In addition to utilization, rental income is affected by daily rental rates. The
average daily rental rate for the Partnership's  containers decreased 8% between
the periods.  Average rental rates declined primarily due to the decline in long
term lease  rates.  The  decline in average  rental  rates under  master  leases
between the periods was minor. The majority of the  Partnership's  rental income
was  generated  from  leasing  of  the  Partnership's  containers  under  master
operating leases, but in the past several years an increasing  percentage of the
Partnership's containers have been on lease under long term leases. At September
30, 2003 and 2002,  36% and 30%,  respectively,  of the  Partnership's  on-lease
containers were on lease under long term leases. Long term leases generally have
lower rental rates than master  leases  because the lessees have  contracted  to
lease the containers for several years and cannot return the containers prior to
the  termination  date  without a penalty.  Fluctuations  in rental  rates under
either type of lease generally will affect the Partnership's operating results.

The  following is a comparative  analysis of the results of  operations  for the
nine-month periods ended September 30, 2003 and 2002.

The  Partnership's  loss  from  operations  for  the  nine-month  periods  ended
September 30, 2003 and 2002 was $401 and $4,090, respectively,  on rental income
of $9,947 and $8,362, respectively.  The increase in rental income of $1,585, or
19%,  from the  nine-month  period ended  September  30, 2002 to the  comparable
period in 2003 was  attributable  to increases in  container  rental  income and
other rental income,  which is discussed below.  Income from container  rentals,
the major component of total revenue, increased $1,414, or 20%, primarily due to
an increase in the average  on-hire  utilization of 37%, offset by the decreases
in average rental rates of 8% and average fleet size of 8%.

Beginning  in March 2002,  utilization  began to improve and  improved  steadily
through the end of 2002.  Utilization  declined slightly in the first quarter of
2003, which is traditionally a slow period for container demand, improved during
the second quarter and was stable in the third quarter of 2003.  Utilization has
remained  relatively strong due to a large volume of export cargo out of Asia, a
larger percentage of containers under long term lease and efforts by the General
Partners to reduce the  quantities of containers  that can be redelivered in low
demand  locations.  However,  rental rates continued to slowly decline primarily
due to low new  container  prices,  low interest  rates and low rates offered by
competitors.  The  General  Partners  are  cautiously  optimistic  that  current
utilization  levels can be maintained  during the next several months.  However,
the General Partners caution that market  conditions could deteriorate again due
to global economic and political conditions.  Demand for leased containers could
therefore  weaken  again and result in a decrease  in  utilization  and  further
declines in lease rates and  container  sale  prices,  adversely  affecting  the
Partnership's operating results.

Although demand for leased containers has improved,  the trade imbalance between
Asia  and  the  Americas  continues.  As  a  result,  a  large  portion  of  the
Partnership's  off-lease  containers are located in low demand  locations in the
Americas  as  detailed  in the  above  chart.  For  these  and  other  off-lease
containers,  the Partnership  determines whether these containers should be sold
or held for  continued  use.  The  decision to sell  containers  is based on the
current  expectation  that the economic  benefit of selling these  containers is
greater  than  the  estimated  economic  benefit  of  continuing  to  own  these
containers.  The  majority  of the  containers  sold are older  containers.  The
expected  economic  benefit  of  continuing  to own these  older  containers  is
significantly  less than that of newer containers.  This is due to their shorter
remaining  marine life,  the cost to reposition  them,  and the shipping  lines'
preference for leasing newer containers when they have a choice.

Once the decision is made to sell  containers,  the Partnership  writes down the
value of these  specifically  identified  containers  when the carrying value is
greater than the container's  estimated net realizable value,  which is based on
recent sales prices less cost of sales.  Container  sales prices  appear to have
stabilized  as the average sales price for  containers  sold by TEM on behalf of
the  Partnership  as well as  other  container  owners  was  comparable  for the
nine-month  periods ended  September 30, 2003 and 2002.  Fluctuations in average
sales prices between the periods are primarily due to the type of container sold
as well as the location of the container.

Other rental income consists of other lease-related items, primarily income from
charges to lessees for dropping off containers in surplus locations less credits
granted to lessees for  leasing  containers  from  surplus  locations  (location
income),  income  from  charges to lessees for  handling  related to leasing and
returning  containers (handling income) and income from charges to lessees for a
Damage  Protection  Plan (DPP).  For the nine-month  period ended  September 30,
2003,  other rental income was $1,494,  an increase of $171 from the  equivalent
period in 2002.  The increase was primarily due to increases in DPP and location
income of $221 and $72,  offset by the decrease in handling  income of $147. DPP
income  increased  primarily  due to an  increase  in the  number of  containers
covered under DPP.  Location income  increased  primarily due to the increase in
charges  to one lessee who  required  containers  to be  delivered  to  specific
locations.  Handling income decreased  primarily due to the decline in container
movement.

Direct  container  expenses  decreased  $738, or 23% from the nine-month  period
ended September 30, 2002, to the same period in 2003. The decrease was primarily
due  to  decreases  in  storage  and  handling  expenses  of  $1,170  and  $105,
respectively, offset by increases in repositioning  and DPP expenses of $381 and
$132,  respectively.  Storage expense decreased primarily due to the increase in
utilization  noted  above  and the  decrease  in the  average  storage  cost per
container.  The decline in handling  expense was primarily due to the decline in
container  movement.  Repositioning  expense increased due to an increase in the
average  repositioning cost due to (i) expensive  repositioning moves related to
one lessee who  required  containers  to be  delivered  to certain  locations as
discussed above and (ii) longer average repositioning moves. The increase in DPP
expense was  primarily  due to an increase in the number of  containers  covered
under DPP.

Bad debt expense was $84 and $17 for the nine-month  periods ended September 30,
2003 and  2002,  respectively.  Fluctuations  in bad debt  expense  reflect  the
adjustments to the bad debt reserve,  after  deductions  have been taken against
the reserve, and are based on management's then current estimates of the portion
of accounts receivable that may not be collected,  and which will not be covered
by  insurance.  These  estimates  are based  primarily on  management's  current
assessment of the  financial  condition of the  Partnership's  lessees and their
ability  to make their  required  payments.  The  expenses  recorded  during the
nine-month  periods  ended  September 30, 2003 and 2002 reflect  higher  reserve
estimates,  after  deductions had been taken against the reserve,  from December
31, 2002 and 2001.

Depreciation  expense  increased  $570, or 11% from the nine-month  period ended
September 30, 2002 to the comparable  period in 2003. The increase was primarily
due to an  increase  in the  depreciation  rate as a result  of the  Partnership
revising its estimate for container salvage value from a percentage of equipment
cost  to an  estimated  dollar  residual  value  effective  July  1,  2002.  The
Partnership will evaluate the estimated residual values and remaining  estimated
useful lives on an on-going basis and will revise its estimates as needed.  As a
result,   depreciation   expense  may  fluctuate  in  future  periods  based  on
fluctuations in these estimates.

New container prices steadily  declined from 1995 through 1999 and have remained
low through 2003. As a result,  the cost of new  containers  purchased in recent
years is  significantly  less than the average cost of  containers  purchased in
prior years. The Partnership evaluated the recoverability of the recorded amount
of container  rental  equipment at September 30, 2003 and 2002 for containers to
be held for continued use and determined  that a reduction to the carrying value
of these  containers  was not  required.  The  Partnership  also  evaluated  the
recoverability  of the recorded amount of containers  identified for sale in the
ordinary  course of business  and  determined  that a reduction  to the carrying
value of some of these containers was required.  The Partnership  wrote down the
value of these  containers to their  estimated net realizable  value,  which was
based on recent sales prices less cost to sell.  During the  nine-month  periods
ended September 30, 2003 and 2002, the Partnership  recorded write-down expenses
of $281 and $1,646,  respectively,  on 568 and 2,015  containers  identified for
sale and requiring a reserve. Additionally,  during the nine-month periods ended
September 30, 2003 and 2002, the Partnership  reclassified 30 and 226 containers
from containers  identified for sale to containers held for continued use due to
the  improvement in demand for leased  containers in Asia. At September 30, 2003
and 2002, the net book value of the 254 and 626  containers  identified for sale
was $230 and $543, respectively.

The  Partnership  sold 541 previously  written down containers for a loss of $49
during the nine-month  period ended September 30, 2003 and sold 2,005 previously
written down  containers  for a loss of $96 during the same period in 2002.  The
Partnership  incurred losses on the sale of some containers  previously  written
down as the actual sales prices received on these containers were lower than the
estimates used for the write-downs.

The Partnership also sold containers that had not been written down and recorded
losses of $382 and $969 during the nine-month  periods ended  September 30, 2003
and 2002, respectively.

As more  containers are  subsequently  identified for sale or if container sales
prices decline,  the Partnership may incur additional  write-downs on containers
and/or may incur losses on the sale of containers. The Partnership will continue
to evaluate  the  recoverability  of the recorded  amounts of  container  rental
equipment.

Management fees to affiliates increased $153, or 20%, from the nine-month period
ended  September 30, 2002 to the  comparable  period in 2003 due to increases in
both  equipment  and  incentive   management  fees.  Equipment  management  fees
increased  due to the  increase  in rental  income,  upon  which  these fees are
primarily  based.  These fees were  approximately  7% of rental  income for both
periods. Incentive management fees, which are based on the Partnership's limited
and general partner  distributions  made from cash from operations and partners'
capital, increased primarily due to the increase in these distributions.

General and  administrative  costs to affiliates  decreased $18, or 4%, from the
nine-month  period  ended  September  30, 2002 to the same  period in 2003.  The
decrease was primarily due to the decrease in the  allocation of overhead  costs
from TEM, which  decreased as the  Partnership  represented a smaller portion of
the total fleet managed by TEM.

The  Partnership  Agreement  provides  for the  ongoing  payment to the  General
Partners of the management fees and the reimbursement of the expenses  discussed
above.  Since these fees and expenses are  established  by the  Agreement,  they
cannot be considered the result of arms' length negotiations with third parties.
The Partnership Agreement was formulated at the Partnership's  inception and was
part of the terms  upon which the  Partnership  solicited  investments  from its
limited partners. The business purpose of paying the General Partners these fees
is to  compensate  the  General  Partners  for the  services  they render to the
Partnership.  Reimbursement  for  expenses  is made to offset  some of the costs
incurred by the General  Partners in managing the  Partnership and its container
fleet.  More details about these fees and expenses are included in footnote 2 to
the Financial Statements.

Other general and administrative costs decreased $124 from the nine-month period
ended  September 30, 2002 to the same period in 2003. The decrease was primarily
due to decreases in other service fees between the periods.

Loss on sale of  containers  decreased  $634 from the  nine-month  period  ended
September  30,  2002 to the same  period in 2003.  The  decrease  was due to the
decrease in the number of containers sold and a decrease in the average loss per
container.

Net loss per limited  partnership  unit  decreased  from $0.62 to $0.07 from the
nine-month  period ended  September 30, 2002 to the  equivalent  period in 2003,
respectively,  reflecting the decrease in net loss allocated to limited partners
from $4,117 to $435, respectively. The allocation of net loss for the nine-month
periods  ended  September  30, 2003 and 2002,  included a special  allocation of
gross income to the General Partners of $55 and $94, respectively, in accordance
with the Partnership Agreement.

The  following is a comparative  analysis of the results of  operations  for the
three-month periods ended September 30, 2003 and 2002.

The  Partnership's  loss  from  operations  for the  three-month  periods  ended
September 30, 2003 and 2002 was $410 and $990, respectively, on rental income of
$3,236 and $3,088,  respectively.  The increase in rental income of $148, or 5%,
from the three-month period ended September 30, 2002 to the comparable period in
2003 was  attributable to increases in container  rental income and other rental
income. Income from container rentals increased $144, or 6%, primarily due to an
increase  in  average  on-hire  utilization  of  17%,  partially  offset  by the
decreases  in  average  rental  rates of 6% and  average  container  fleet of 6%
between the periods.

Other rental  income was $492 for the  three-month  period ended  September  30,
2003,  an increase of $4 from the  equivalent  period in 2002.  The increase was
primarily  due to an increase in DPP income of $102,  offset by the  decrease in
handling income of $94. DPP income increased primarily due to an increase in the
number of containers covered under DPP while handling income decreased primarily
due to the decline in container movement.

Direct  container  expenses  decreased $98, or 10%, from the three-month  period
ended September 30, 2002, to the same period in 2003. The decrease was primarily
due to decreases in storage and handling expenses of $229 and $62, respectively,
offset  by  increases  in  repositioning  and  DPP  expenses  of $148  and  $53,
respectively. Storage expense decreased due to the increase in utilization noted
above and the decrease in the average  storage costs per container.  The decline
in handling  expense was  primarily  due to the decline in  container  movement.
Repositioning  expense increased due to an increase in the average repositioning
costs due to longer average repositioning moves and an increase in the number of
containers  repositioned.  The increase in DPP expense was  primarily  due to an
increase in the number of containers covered under DPP.

Bad debt expense was $18 and $23 for the three-month periods ended September 30,
2003 and 2002,  respectively.  The  expenses  recorded  during  the  three-month
periods ended  September 30, 2003 and 2002,  reflect higher  reserve  estimates,
after  deductions  had been taken  against the  reserve,  from June 30, 2003 and
2002.

Depreciation  expense  decreased $150, or 8%, from the three-month  period ended
September 30, 2002 to the comparable  period in 2003 primarily due to decline in
average fleet size between the periods.

During  the  three-month   periods  ended  September  30,  2003  and  2002,  the
Partnership recorded write-down expenses of $62 and $345,  respectively,  on 228
and 396  containers  identified  for sale and  requiring  a reserve.  During the
three-month period ended September 30, 2003, the Partnership sold 173 previously
written down  containers for a loss of $9 and sold 570  previously  written down
containers  for a loss of $24  during  the  same  period  in  2002.  During  the
three-month periods ended September 30, 2003 and 2002, the Partnership also sold
containers  that had not been written down and recorded losses of $339 and $242,
respectively.

Management fees to affiliates increased $63, or 27%, from the three-month period
ended  September 30, 2002 to the comparable  period in 2003, due to increases in
both incentive and equipment  management fees.  Incentive management fees, which
are based on the Partnership's  limited and general partner  distributions  made
from cash from operations and partners' capital,  increased primarily due to the
increase in these distributions.  Equipment management fees increased due to the
increase in rental income and were 7% of rental income for both periods.

General and administrative  costs to affiliates were comparable at $154 and $149
for the three-month periods ended September 30, 2003 and 2002, respectively.

Other general and administrative costs decreased $40 from the three-month period
ended  September 30, 2002 to the same period in 2003. The decrease was primarily
due to decreases in other service fees between the periods.

Loss on sale of  containers  increased  $82 from the  three-month  period  ended
September  30, 2002 to the same period in 2003.  Although the  Partnership  sold
fewer  containers  during the  three-month  period ended September 30, 2003, the
average  loss  incurred on these sales  increased,  resulting in the increase in
loss on container sales between the periods.

Net loss per limited  partnership  unit  decreased  from $0.15 to $0.07 from the
three-month  period ended  September 30, 2002 to the equivalent  period in 2003,
respectively,  reflecting the decrease in net loss allocated to limited partners
from $1,002 to $422,  respectively.  The allocation of loss for the  three-month
periods  ended  September  30, 2003 and 2002,  included a special  allocation of
gross  income  to the  General  Partners  in  accordance  with  the  Partnership
Agreement.
<PAGE>

Critical Accounting Policies and Estimates

The Partnership's discussion and analysis of its financial condition and results
of operations are based upon the Partnership's financial statements,  which have
been prepared in accordance with accounting principles generally accepted in the
United States of America.  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. The Partnership's management evaluates its estimates on an
on-going  basis,  including  those  related to the container  rental  equipment,
accounts receivable and accruals.

These  estimates  are  based  on  historical  experience  and on  various  other
assumptions  that are believed to be  reasonable  under the  circumstances,  the
results of which  form the basis for making  judgments  regarding  the  carrying
values of assets  and  liabilities.  Actual  results  could  differ  from  those
estimates under different assumptions or conditions.

The Partnership's management believes the following critical accounting policies
affect its more  significant  judgments and estimates used in the preparation of
its financial statements.

The Partnership  maintains allowances for doubtful accounts for estimated losses
resulting  from the  inability of its lessees to make required  payments.  These
allowances  are  based  on  management's  current  assessment  of the  financial
condition of the Partnership's  lessees and their ability to make their required
payments.  If the  financial  condition  of the  Partnership's  lessees  were to
deteriorate,  resulting  in an  impairment  of their  ability to make  payments,
additional  allowances  may  be  required,  which  would  adversely  affect  the
Partnership's operating results.

The  Partnership  depreciates  its container  rental  equipment based on certain
estimates  related to the  container's  useful  life and  salvage  value.  These
estimates are based upon assumptions  about future demand for leased  containers
and the  estimated  sales  price  at the  end of the  container's  useful  life.
Effective  July 1, 2002,  the  Partnership  revised its estimate  for  container
salvage  value  from a  percentage  of  equipment  cost to an  estimated  dollar
residual value. The Partnership will evaluate the estimated  residual values and
remaining  estimated  useful  lives on an  on-going  basis and will  revise  its
estimates as needed. As a result,  depreciation  expense may fluctuate in future
periods based on fluctuations  in these  estimates.  If the estimates  regarding
residual  value and  remaining  useful life of the  containers  were to decline,
depreciation  expense would  increase,  adversely  affecting  the  Partnership's
operating results.

Additionally,  the  recoverability  of the recorded  amounts of containers to be
held for  continued  use and  identified  for  sale in the  ordinary  course  of
business are evaluated to ensure that  containers held for continued use are not
impaired and that containers identified for sale are recorded at amounts that do
not exceed the estimated fair value of the containers. Containers to be held for
continued  use are  considered  impaired and are written down to estimated  fair
value  when the  estimated  future  undiscounted  cash  flows  are less than the
recorded  values.  Containers  identified for sale are written down to estimated
fair  value when the  recorded  value  exceeds  the  estimated  fair  value.  In
determining  the  estimated  future  undiscounted  cash  flows and fair value of
containers,  assumptions are made regarding future demand and market  conditions
for leased containers and the sales prices for used containers. If actual market
conditions are less favorable than those projected or if actual sales prices are
lower than those  estimated by the  Partnership,  additional  write-downs may be
required  and/or losses may be realized.  Any  additional  write-downs or losses
would adversely affect the Partnership's operating results.

Risk Factors and Forward Looking Statements

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  containers.  The  Partnership's  business risk in its foreign
operations lies with the  creditworthiness of the lessees, and the Partnership's
ability to keep its containers under lease,  rather than the geographic location
of the  containers or the domicile of the lessees.  The containers are generally
operated on the international high seas rather than on domestic  waterways.  The
containers are subject to the risk of war or other political, economic or social
occurrence  where  the  containers  are used,  which  may  result in the loss of
containers,  which,  in turn,  may have a material  impact on the  Partnership's
results of operations and financial condition.

Other risks of the Partnership's  leasing  operations include  competition,  the
cost of  repositioning  containers  after  they come  off-lease,  the risk of an
uninsured loss, including bad debts,  increases in maintenance expenses or other
costs of  operating  the  containers,  and the effect of world  trade,  industry
trends  and/or  general  business  and  economic  cycles  on  the  Partnership's
operations. See "Risk Factors" in the Partnership's Prospectus, as supplemented,
for additional information on risks of the Partnership's business. See "Critical
Accounting  Policies and Estimates"  above for information on the  Partnership's
critical  accounting policies and how changes in those estimates could adversely
affect the Partnership's results of operations.

The foregoing includes forward-looking statements and predictions about possible
or  future  events,  results  of  operations  and  financial  condition.   These
statements  and  predictions  may  prove  to  be  inaccurate,   because  of  the
assumptions  made by the  Partnership  or the  General  Partners  or the  actual
development  of  future  events.  No  assurance  can be given  that any of these
forward-looking statements or predictions will ultimately prove to be correct or
even substantially correct. The risks and uncertainties in these forward-looking
statements  include,  but are not  limited  to,  changes  in demand  for  leased
containers,  changes in global  business  conditions  and their  effect on world
trade,  future  modifications  in the way in  which  the  Partnership's  lessees
conduct their business or of the  profitability of their business,  increases or
decreases in new  container  prices or the  availability  of financing for them,
alterations in the costs of maintaining and repairing used containers, increases
in competition,  changes in the Partnership's  ability to maintain insurance for
its  containers  and its  operations,  the effects of  political  conditions  on
worldwide  shipping and demand for global trade or of other general business and
economic cycles on the  Partnership,  as well as other risks detailed herein and
from time to time in the Partnership's  filings with the Securities and Exchange
Commission.  The  Partnership  does  not  undertake  any  obligation  to  update
forward-looking statements.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk.

Inapplicable.

Item 4.  Controls and Procedures.

Based on an evaluation of the Partnership's  disclosure  controls and procedures
(as defined in Rules 13a-15 and 15d-15 of the Securities  Exchange Act of 1934),
the  managing  general  partner's  principal  executive  officer  and  principal
financial officer have found those controls and procedures to be effective as of
the end of the  period  covered by the  report.  There has been no change in the
Partnership's internal control over financial reporting that occurred during the
Partnership's most recent fiscal quarter, and which has materially affected,  or
is reasonably  likely materially to affect,  the Partnership's  internal control
over financial reporting.

<PAGE>
<TABLE>
<CAPTION>

Part II

Item 6.   Exhibits and Reports on Form 8-K.

    (a)   Exhibits  31.1 and 31.2  Certifications  pursuant  to Rules  13a-14 or
          15d-14 of the Securities and Exchange Act of 1934.

          Exhibits 32.1 and 32.2  Certifications  pursuant to 18 U.S.C.  Section
          1350, as adopted,  and regarding Section 906 of the Sarbanes-Oxley Act
          of 2002.

    (b)   Not applicable.




                                   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 ________________________________
                                        Ernest J. Furtado
                                        Chief Financial Officer


Date:  November 12, 2003

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:


Signature                                Title                                          Date
<S>                                     <C>                                            <C>




________________________________         Chief Financial Officer, Senior                November 12, 2003
Ernest J. Furtado                        Vice President and Secretary





________________________________         President                                      November 12, 2003
John A. Maccarone
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Part II

Item 6.   Exhibits and Reports on Form 8-K.

   (a)    Exhibits  31.1 and 31.2  Certifications  pursuant  to Rules  13a-14 or
          15d-14 of the Securities and Exchange Act of 1934.

          Exhibits 32.1 and 32.2  Certifications  pursuant to 18 U.S.C.  Section
          1350, as adopted,  and regarding Section 906 of the Sarbanes-Oxley Act
          of 2002.

   (b)    Not applicable.



                                   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/Ernest J. Furtado
                                        __________________________________
                                        Ernest J. Furtado
                                        Chief Financial Officer


Date:  November 12, 2003


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:


Signature                                Title                                          Date

<S>                                      <C>                                            <C>


/s/Ernest J. Furtado
_____________________________            Chief Financial Officer, Senior                November 12, 2003
Ernest J. Furtado                        Vice President and Secretary




/s/John A. Maccarone
_____________________________            President                                      November 12, 2003
John A. Maccarone

</TABLE>
<PAGE>

                                  EXHIBIT 31.1


CERTIFICATIONS

I, John A. Maccarone, certify that:

1.   I have reviewed this quarterly  report on form 10-Q of Textainer  Equipment
     Income Fund IV, L.P.;

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

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

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

     a.)  designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b.)  evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     c.)  disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent function):

     a.)  all significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b.)  any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

November 12, 2003

                                 /s/ John A. Maccarone
                                 ___________________________________
                                 John A. Maccarone
                                 President and Director of TFS


<PAGE>


                                  EXHIBIT 31.2


CERTIFICATIONS

I, Ernest J. Furtado, certify that:

1.   I have reviewed this quarterly  report on form 10-Q of Textainer  Equipment
     Income Fund IV, L.P.;

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

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

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

     a.)  designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b.)  evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     c.)  disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent function):

     a.)  all significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b.)  any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

November 12, 2003

                            /s/ Ernest J. Furtado
                            ____________________________________________________
                            Ernest J. Furtado
                            Chief Financial Officer, Senior Vice President,
                            Secretary and Director of TFS


<PAGE>


                                  EXHIBIT 32.1



                            CERTIFICATION PURSUANT TO
                               18 U.S.C. ss. 1350,
                        AS ADOPTED, REGARDING SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002



In connection with the Quarterly  Report of Textainer  Equipment Income Fund IV,
L.P., (the  "Registrant")  on Form 10-Q for the quarterly period ended September
30,  2003,  as filed on  November  12,  2003 with the  Securities  and  Exchange
Commission (the "Report"),  I, John A. Maccarone,  the President and Director of
Textainer Financial Services Corporation ("TFS") and Principal Executive Officer
of TFS, the Managing General Partner of the Registrant,  certify, pursuant to 18
U.S.C. ss. 1350, as adopted,  regarding Section 906 of the Sarbanes-Oxley Act of
2002, that:

(i)  The Report fully complies with the  requirements  of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

(ii) The information  contained in the Report fairly  presents,  in all material
     respects, the financial condition,  results of operations and cash flows of
     the Registrant.



November 12, 2003



                             By  /s/ John A. Maccarone
                                 _______________________________________
                                 John A. Maccarone
                                 President and Director of TFS




A signed  original of this  written  statement  required by Section 906 has been
provided to the  Registrant and will be retained by the Registrant and furnished
to the Securities and Exchange Commission or its staff upon request.




<PAGE>





                                  EXHIBIT 32.2



                            CERTIFICATION PURSUANT TO
                               18 U.S.C. ss. 1350,
                        AS ADOPTED, REGARDING SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002



In connection with the Quarterly  Report of Textainer  Equipment Income Fund IV,
L.P., (the  "Registrant")  on Form 10-Q for the quarterly period ended September
30,  2003,  as filed on  November  12,  2003 with the  Securities  and  Exchange
Commission (the "Report"), I, Ernest J. Furtado, Chief Financial Officer, Senior
Vice  President,   Secretary  and  Director  of  Textainer   Financial  Services
Corporation  ("TFS") and Principal  Financial and Accounting Officer of TFS, the
Managing General Partner of the Registrant,  certify,  pursuant to 18 U.S.C. ss.
1350, as adopted, regarding Section 906 of the Sarbanes-Oxley Act of 2002, that:

(i)  The Report fully complies with the  requirements  of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

(ii) The information  contained in the Report fairly  presents,  in all material
     respects, the financial condition,  results of operations and cash flows of
     the Registrant.



November 12, 2003



                             By  /s/ Ernest J. Furtado
                                 _______________________________________________
                                 Ernest J. Furtado
                                 Chief Financial Officer, Senior Vice President,
                                 Secretary and Director of TFS




A signed  original of this  written  statement  required by Section 906 has been
provided to the  Registrant and will be retained by the Registrant and furnished
to the Securities and Exchange Commission or its staff upon request.