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


May 11, 2001


Securities and Exchange Commission
Washington, DC  20549

Gentlemen:

Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  we are
submitting  herewith  for  filing on behalf of TCC  Equipment  Income  Fund (the
"Partnership")  the  Partnership's  Quarterly  Report on Form 10-Q for the First
Quarter ended March 31, 2001.

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 March 31, 2001


                          Commission file number 0-17688


                            TCC EQUIPMENT INCOME FUND
                        A California Limited Partnership
            (Exact name of Registrant as specified in its charter)


           California                                           94-3045888
  (State or other jurisdiction                                 (IRS Employer
of incorporation or organization)                            Identification No.)

   650 California Street, 16th Floor
         San Francisco, CA                                          94108
(Address of Principal Executive Offices)                          (ZIP Code)

                                 (415) 434-0551
               (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                 Yes [X] No [ ]

<PAGE>


TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Quarterly Report on Form 10-Q for the
Quarter Ended March 31, 2001

Table of Contents
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                                                      Page

<S>                                                                                                   <C>

Item 1.   Financial Statements

          Balance Sheets - March 31, 2001
          and December 31, 2000 (unaudited).....................................................         3



          Statements of Earnings for the three months
          ended March 31, 2001 and 2000 (unaudited).............................................         4



          Statements of Partners' Capital for the three months
          ended March 31, 2001 and 2000 (unaudited).............................................         5



          Statements of Cash Flows for the three months
          ended March 31, 2001 and 2000 (unaudited).............................................         6



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



Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations.............................................................        13


</TABLE>

<PAGE>
<TABLE>
<CAPTION>

TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Balance Sheets

March 31, 2001 and December 31, 2000
(Amounts in thousands)
(unaudited)
--------------------------------------------------------------------------------------------------------

                                                                             2001              2000
                                                                         -------------      ------------
<S>                                                                        <C>                  <C>

Assets
Container rental equipment, net of accumulated
   depreciation of  $7,597, (2000:  $7,677) (note 4)                     $      8,524       $     8,897
Cash                                                                              521               713
Net investment in direct finance leases (note 3)                                   32                37
Accounts receivable, net of allowance for doubtful
   accounts of $69, (2000:  $103)                                                 496               518
Due from affiliates, net (note 2)                                                 214               126
Prepaid expenses                                                                    2                 3
                                                                         -------------      ------------

                                                                         $      9,789       $    10,294
                                                                         =============      ============

Liabilities and Partners' Capital
Liabilities:
   Accounts payable                                                      $        134       $       139
   Accrued liabilities                                                             55                57
   Accrued recovery costs                                                          40                38
   Accrued damage protection plan costs                                            58                64
   Warranty claims                                                                  -                 5
                                                                         -------------      ------------

       Total liabilities                                                          287               303
                                                                         -------------      ------------

Partners' capital:
   General partners                                                                 -                 -
   Limited partners                                                             9,502             9,991
                                                                         -------------      ------------

       Total partners' capital                                                  9,502             9,991
                                                                         -------------      ------------


                                                                         $      9,789       $    10,294
                                                                         =============      ============

</TABLE>

See accompanying notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Statements of Earnings

For the three months ended March 31, 2001 and 2000
(Amount in thousands except for unit and per unit amounts)
(unaudited)
----------------------------------------------------------------------------------------------------------------

                                                                              2001                     2000
                                                                       ----------------         ----------------
<S>                                                                        <C>                      <C>
Rental income                                                          $           608          $           772
                                                                       ----------------         ----------------

Costs and expenses:
   Direct container expenses                                                       176                      133
   Bad debt (benefit) expense                                                       (2)                       7
   Depreciation (note 4)                                                           235                      270
   Professional fees                                                                 9                       16
   Management fees to affiliates (note 2)                                          (65)                      83
   General and administrative costs to affiliates (note 2)                          30                       36
   Other general and administrative costs                                           12                       11
   Loss on sale of containers                                                        1                       12
                                                                       ----------------         ----------------

                                                                                   396                      568
                                                                       ----------------         ----------------

   Income from operations                                                          212                      204
                                                                       ----------------         ----------------

Other income:
   Interest income                                                                   7                        9
                                                                       ----------------         ----------------

                                                                                     7                        9
                                                                       ----------------         ----------------

    Net earnings                                                       $           219          $           213
                                                                       ================         ================

Allocation of net earnings (note 2):
   General partners                                                    $             9          $            10
   Limited partners                                                                210                      203
                                                                       ----------------         ----------------

                                                                       $           219          $           213
                                                                       ================         ================
Limited partners' per unit share
   of net earnings                                                     $          0.14          $          0.14
                                                                       ================         ================

Limited partners' per unit share
   of distributions                                                    $          0.48          $          0.50
                                                                       ================         ================

Weighted average number of limited
   partnership units outstanding                                             1,454,813                1,467,029
                                                                       ================         ================


</TABLE>

See accompanying notes to financial statements

<PAGE>
<TABLE>
<CAPTION>

TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Statements of Partners' Capital

For the three months ended March 31, 2001 and 2000
(Amounts in thousands)
(unaudited)
----------------------------------------------------------------------------------------------------------------

                                                                            Partners' Capital
                                                        --------------------------------------------------------

                                                           General               Limited              Total
                                                        -------------         -------------        ------------
<S>                                                         <C>                 <C>                      <C>

Balances at January 1, 2000                             $          -          $     12,077         $     12,077

Distributions                                                    (10)                 (734)                (744)

Net earnings                                                      10                   203                  213
                                                        -------------         -------------        ------------

Balances at March 31, 2000                              $          -          $     11,546         $     11,546
                                                        =============         =============        ============

Balances at January 1, 2001                             $          -          $      9,991         $      9,991

Distributions                                                     (9)                 (692)                (701)

Redemptions (note 5)                                               -                    (7)                  (7)

Net earnings                                                       9                   210                  219
                                                        -------------         -------------        ------------

Balances at March 31, 2001                              $          -          $      9,502         $      9,502
                                                        =============         =============        ============




</TABLE>

See accompanying notes to financial statements

<PAGE>
<TABLE>
<CAPTION>
TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Statements of Cash Flows

For the three months ended March 31, 2001 and 2000
(Amounts in thousands)
(unaudited)
------------------------------------------------------------------------------------------------------------------


                                                                                       2001               2000
                                                                                   ------------       ------------
<S>                                                                                   <C>                <C>

Cash flows from operating activities:
     Net earnings                                                                  $       219        $       213
     Adjustments to reconcile net earnings to
       net cash provided by operating activities:
        Depreciation (note 4)                                                              235                270
        (Decrease) increase in allowance for doubtful accounts                             (34)                 5
        Loss on sale of containers                                                           1                 12
        (Increase) decrease in assets:
           Net investment in direct finance leases                                           5                  4
           Accounts receivable                                                              56                145
           Due from affiliates, net                                                        (89)               (61)
           Prepaid expenses                                                                  1                  2
        Increase (decrease) in liabilities:
           Accounts payable and accrued liabilities                                         (7)                 2
           Accrued recovery costs                                                            2                  2
           Damage protection plan costs                                                     (6)                (4)
           Warranty claims                                                                  (5)               (15)
                                                                                   ------------       ------------

                Net cash provided by operating activities                                  378                575
                                                                                   ------------       ------------

Cash flows from investing activities:
     Proceeds from sale of containers                                                      138                198
                                                                                   ------------       ------------

               Net cash provided by investing activities                                   138                198
                                                                                   ------------       ------------

Cash flows from financing activities:
     Redemptions of limited partnership units                                               (7)                 -
     Distributions to partners                                                            (701)              (744)
                                                                                   ------------       ------------

                Net cash used in financing activities                                     (708)              (744)
                                                                                   ------------       ------------

Net (decrease) increase in cash                                                           (192)                29

Cash at beginning of period                                                                713                862
                                                                                   ------------       ------------

Cash at end of period                                                              $       521        $       891
                                                                                   ============       ============

</TABLE>

See accompanying notes to financial statements

<PAGE>

<TABLE>
<CAPTION>

TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)


Statements Of Cash Flows--Continued

For the three months ended March 31, 2001 and 2000
(Amounts in thousands)
(unaudited)
----------------------------------------------------------------------------------------------------------------------

Supplemental Disclosures:

Supplemental schedule of non-cash investing and financing activities:

The following  table  summarizes  the amounts of  distributions  to partners and
proceeds from sale of containers which had not been paid or received as of March
31, 2001 and 2000,  and December 31, 2000 and 1999,  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 three-month periods ended March
31, 2001 and 2000.

                                                               Mar. 31       Dec. 31         Mar. 31       Dec. 31
                                                                 2001          2000           2000           1999
                                                             -----------    -----------    -----------    -----------
<S>                                                               <C>           <C>             <C>            <C>

Distributions to partners included in:
     Due to affiliates..............................               $  3           $  3             $  3          $  3

Proceeds from sale of containers included in:
     Due from affiliates............................                 83             84              117           150

The following  table  summarizes  the amounts of  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  three-month
periods ended March 31, 2001 and 2000.

                                                                                                   2001          2000
                                                                                                   ----          ----

Distributions to partners declared................................................                 $701          $744
Distributions to partners paid....................................................                  701           744

Proceeds from sale of containers recorded.........................................                  137           165
Proceeds from sale of containers received.........................................                  138           198


See accompanying notes to financial statements


</TABLE>

<PAGE>


TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Notes To Financial Statements

For the three months ended March 31, 2001 and 2000
(Amounts in thousands except for unit and per unit amounts)
(unaudited)
--------------------------------------------------------------------------------


Note 1.   General

      TCC  Equipment  Income  Fund   (the  Partnership),  a  California  limited
      partnership  with  a  maximum life  of 20  years, was formed  in 1987. The
      Partnership owns a fleet of intermodal  marine cargo containers, which are
      leased to international shipping lines.

      In  January  1998,  the  Partnership ceased  purchasing containers  and in
      October 1998, the Partnership began its liquidation phase. This  phase may
      last up to six or more years depending  on whether the containers are sold
      (i) in one or more large transactions, or (ii) gradually as they reach the
      end of their useful marine lives or when an analysis  indicates that their
      sale is warranted  based on the  container's age, location  and condition.
      The  Partnership  anticipates  that all excess cash, after redemptions and
      working capital reserves, will be  distributed to the limited and  general
      partners on a quarterly basis.

      The final  termination   and winding   up of the Partnership, as   well as
      payment of  liquidating and/or final distributions, will  occur at the end
      of  the   liquidation  phase   when   all or   substantially all   of  the
      Partnership's  containers  have  been sold and the Partnership  begins its
      dissolution.

      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  March 31, 2001  and December 31, 2000  and the
      results of its operations, changes in partners' capital and cash flows for
      the three-month periods ended March 31, 2001 and 2000, 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, 2000, 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.  Actual results   could differ from those
      estimates.

      Certain  reclassifications, not affecting  net earnings, have been made to
      prior  year amounts in  order to   conform to the 2001 financial statement
      presentation.

Note 2.   Transactions with Affiliates

      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 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 3.11,
      net earnings or losses and distributions are generally allocated 1% to the
      General Partners and 99% to the Limited  Partners. Effective October 1998,
      the allocation of distributions to the General   Partners was increased to
      1.3% in accordance   with section 2.05 of the  Partnership   Agreement. In
      addition, if the allocation of distributions exceeds the allocation of net
      earnings and creates a deficit in the  General Partners' aggregate 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   incurred $16 and $31 of
      incentive management fees during the three-month periods   ended March 31,
      2001, and 2000, respectively. Additionally, during the three-month  period
      ended March 31, 2001, the   Partnership recorded an  adjustment of $121 to
      reduce   incentive management fees for overpayments made during 1999   and
      2000. There  were  no  acquisition   fees or  equipment  liquidation  fees
      incurred during the three-month periods ended March 31, 2001 and 2000.

      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
      March 31, 2001 and December 31, 2000.

      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 $40 and $52 for the three-month periods ended   March 31, 2001 and
      2000,   respectively. The Partnership's   containers  are leased by TEM to
      third party lessees on operating master leases, spot leases,   term leases
      and direct finance leases. The majority of the leases are operating master
      leases with limited terms and no purchase option.

      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   TEM and  TFS. Total general and
      administrative costs allocated to the   Partnership during the three-month
      periods ended March 31, 2001 and 2000 were as follows:

                                                              2001         2000
                                                              ----         ----
                       Salaries                                $17          $19
                       Other                                    13           17
                                                                --           --
                        Total general and
                          administrative costs                 $30          $36
                                                                ==           ==





      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 based on  the ratio   of the Partnership's   containers to the total
      container fleet of all limited  partnerships   managed by TFS. The General
      Partners allocated the following general and   administrative costs to the
      Partnership during the three-month periods ended March 31, 2001 and 2000:

                                                              2001         2000
                                                              ----         ----
                         TEM                                   $26          $31
                         TFS                                     4            5
                                                                --           --
                          Total general and
                            administrative costs               $30          $36
                                                                ==           ==

      At  March 31, 2001 and   December 31, 2000,   due from affiliates,  net is
      comprised of:

                                                            2001           2000
                                                            ----           ----
      Due from affiliates:
        Due from TEM................................        $114           $156
        Due from TFS................................         104              -
                                                             ---            ---
                                                             218            156
                                                             ---            ---

      Due to affiliates:
        Due to TCC..................................           4              4
        Due to TFS..................................           -             26
                                                             ---            ---
                                                               4             30
                                                             ---            ---

      Due from affiliates, net                              $214           $126
                                                             ===            ===

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

Note 3.   Direct Finance Leases

      The  Partnership  has leased containers under  direct finance leases  with
      terms ranging from two to five years. The components of the net investment
      in  direct finance leases at March 31, 2001 and  December 31, 2000  are as
      follows:

                                                            2001           2000
                                                            ----           ----

      Future minimum lease payments receivable.........     $ 37           $ 43
      Residual value...................................        -              -
      Less:  unearned income...........................       (5)            (6)
                                                             ---             --

      Net investment in direct finance leases..........     $ 32           $ 37
                                                             ===            ===

      The following is a schedule  by year of  minimum lease payments receivable
      under direct finance leases as of March 31, 2001:

      Year ending March 31:

      2002.............................................                    $ 18
      2003.............................................                      11
      2004.............................................                       6
      2005.............................................                       2
                                                                            ---

      Total minimum lease payments receivable..........                    $ 37
                                                                            ===

      Rental income for both  the three-month periods  ended  March 31, 2001 and
      2000 includes $1 of income from direct finance leases.

Note 4. Container Rental Equipment Write-Down

      New container prices  declined from 1995 through 1999. Although  container
      prices increased in 2000, these prices declined again in  the beginning of
      2001. 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 March 31, 2001 and 2000 for containers to
      be held for continued use as well as for containers identified for sale in
      the  ordinary  course  of business and determined that a  reduction to the
      carrying value of containers held for continued use  was not required, but
      that a write-down in  value of certain  containers identified for sale was
      required. The Partnership  wrote down  the  value of  these  containers to
      their  estimated fair value, which was  based on recent sales  prices less
      cost  to  sell. During the three-month  periods  ended  March 31, 2001 and
      2000, the Partnership recorded additional depreciation expense  of $10 and
      $15,  respectively on 32  and 42  containers  identified  as for sale  and
      requiring a reserve. At   March 31, 2001 and 2000, the  net book  value of
      containers identified as for sale was $132 and $144, respectively.

      The Partnership sold 21 of these previously  written down containers for a
      loss of $1 during the three-month period ended March 31, 2001  and sold 52
      previously written down containers for a gain of $1 during the same period
      in 2000.  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  writedowns,
      primarily due to unexpected declines in container sales prices.

      The Partnership also sold containers that had  not been written  down  and
      recorded losses of $0 and $13 during the three-month  periods  ended March
      31, 2001 and 2000, respectively.

      As more containers are subsequently identified as for sale or if container
      sales  prices  continue  to  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 and cautions  that a
      write-down   of  container rental   equipment   and/or an  increase in its
      depreciation rate may be required in future periods for some or all of its
      container rental equipment.
<PAGE>

<TABLE>
<CAPTION>


Note 5.   Redemptions

      The   following redemption  offering   was consummated  by the Partnership
      during the three-month period ended March 31, 2001:


                                                            Units                Average            Amount
                                                          Redeemed           Redemption Price        Paid
                                                          --------           ----------------       ------
<S>                                                          <C>                <C>                  <C>
          Total Partnership redemptions as of
            December 31, 2000....................           18,575              $   7.56             $ 140

          Quarter ended:
           March 31, 2001........................            1,166              $   6.03             $   7
                                                            ------                                     ---
          Total Partnership redemptions as of
           March  31, 2001.......................           19,741              $   7.48             $ 147
                                                            ======                                     ===

      The  Partnership  did not  redeem any  units during the three-month period
      ended March 31, 2000. The redemption price is fixed by formula.


</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 as of and for the three-month periods
ended March 31, 2001 and 2000.  Please  refer to the  Financial  Statements  and
Notes thereto in connection with the following discussion.

Liquidity and Capital Resources

From  October  1987  until  October  1989,  the   Partnership   offered  limited
partnership  interests  to the  public.  The  Partnership  received  its minimum
subscription  amount of $1,000 on April 8, 1988,  and on October 26,  1989,  the
Partnership's offering of limited partnership interests was closed at $29,491.

In October 1998, the Partnership  entered its liquidation  phase, which may last
up to six or more years  depending on whether the containers are sold (i) in one
or more large  transactions or (ii)  gradually,  either as they reach the end of
their  useful  marine  lives or when an  analysis  indicates  that their sale is
warranted based on existing market  conditions and the container's age, location
and  condition.   The  Partnership  anticipates  that  all  excess  cash,  after
redemptions and working capital reserves, will be distributed to the general and
limited partners on a quarterly basis. These  distributions will consist of cash
from operations and/or cash from sales proceeds. As the Partnership's  container
fleet decreases,  cash from operations is expected to decrease,  while cash from
sales proceeds is expected to fluctuate  based on the number of containers  sold
and the actual sales price per container received. Consequently, the Partnership
anticipates that a large portion of all future distributions will be a return of
capital.

To date, the Partnership  has sold  containers  only  gradually,  rather than in
large transactions.

The final  termination and winding up of the Partnership,  as well as payment of
liquidating and/or final distributions, will occur at the end of the liquidation
phase when all or substantially  all of the  Partnership's  containers have been
sold and the Partnership begins its dissolution.

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  three-month  period ended March 31,
2001, the Partnership  redeemed 1,166 units for a total dollar amount of $7. The
Partnership used cash flow from operations to pay for the redeemed units.

The  Partnership  invests  working  capital  and cash flow from  operations  and
investing  activities  prior to its  distribution to the partners in short-term,
liquid  investments.  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.

During the  three-month  period ended March 31, 2001, the  Partnership  declared
cash distributions to limited partners  pertaining to the fourth quarter of 2000
in the amount of $692.  This amount  represents  $0.48 per unit,  or 2.4% of the
Limited  Partner's   original   investment.   On  a  cash  basis,  after  paying
redemptions,  $362 of  distributions  was from  operations and the balance was a
return of capital.  On a GAAP basis,  $210 of distributions  was from net income
and the remainder was a return of capital.

Net cash  provided by operating  activities  for the  three-month  periods ended
March 31, 2001 and 2000, was $378 and $575, respectively.  The decrease of $197,
or 34%, was primarily attributable to the decrease in net earnings, adjusted for
non-cash  transactions  and fluctuations in accounts  receivable.  Net earnings,
adjusted for non-cash  transactions,  decreased primarily due to the decrease in
rental  income,  the increase in direct  container  expenses, and  was partially
offset by the decrease in management fees to affiliates.  These fluctuations are
discussed  more fully in  "Results  of  Operations".  The  decrease  in accounts
receivable  of $56  during  the  three-month  period  ended  March 31,  2001 was
primarily  due to the  decrease in rental  income and the  write-off  of certain
receivables  that had been  previously  reserved  for.  The decrease in accounts
receivable of $145 during the comparable period in 2000 was primarily due to the
decreases  in rental  income  and the  average  collection  period  of  accounts
receivable.

For the three-month  periods ended March 31, 2001 and 2000, net cash provided by
investing  activities (the sale of containers) was $138 and $198,  respectively.
The decrease of $60 was due to the Partnership  selling fewer containers  during
the three-month  period ended March 31, 2001,  compared to the equivalent period
in 2000. Some of the containers sold during the three-month  periods ended March
31,  2001 and 2000 were  located in low demand  locations,  and these sales were
driven not only by the liquidation  plans discussed  above,  but also by adverse
market conditions in these locations.  Despite a slight improvement in the sales
price recently  realized on container sales, the sales price for containers sold
in these low demand  locations has continued to be adversely  affected by market
conditions.  The sale of  containers in these  locations and the related  market
conditions are discussed more fully under "Results of Operations".

Due, in part,  to these  market  conditions  and their effect on demand for used
containers,  the Partnership has been primarily  selling  containers only if the
containers  are at the end of their useful lives or if they are located in these
low  demand  locations.  Therefore,  and as noted  above,  the  Partnership  has
implemented its liquidation phase to date by selling containers  gradually.  The
Partnership will continue to evaluate its options for selling  containers in the
context of both these market conditions and the Partnership's liquidation plans.

Results of Operations

The  Partnership's  income from operations,  which consists  primarily of rental
income, container depreciation,  direct container expenses, management fees, and
reimbursement of administrative expenses was directly related to the size of the
container fleet during the three-month periods ended March 31, 2001 and 2000, 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:


                                                     2001       2000
                                                     ----       ----
      Beginning container fleet...............      5,119      5,771
      Ending container fleet..................      4,986      5,606
      Average container fleet.................      5,053      5,689

The average  container  fleet  decreased 11% from the  three-month  period ended
March 31, 2000 to the equivalent  period in 2001 due to the  continuing  sale of
containers  (i) that had reached the end of their  useful  lives or (ii) that an
analysis had indicated that their sale was otherwise warranted. Included in this
second group were containers  located in low demand  locations.  The Partnership
expects that the size of its container  fleet will further decline as additional
containers  are sold for these  reasons  and as the  Partnership  continues  its
liquidation  plan.  The decline in the  container  fleet has  contributed  to an
overall  decline in rental  income from the  three-month  period ended March 31,
2000 to the equivalent  period in 2001.  This decline is expected to continue in
future years,  as the size of the  Partnership's  container  fleet  continues to
decrease.

Rental income and direct container expenses are also affected by the utilization
of the container fleet,  which was 74% and 78% on average during the three-month
periods ended March 31, 2001 and 2000, respectively.  In addition, rental income
is affected by daily rental rates.


The  following is a comparative  analysis of the results of  operations  for the
three-month periods ended March 31, 2001 and 2000.

The  Partnership's  income from  operations for the  three-month  periods ending
March 31,  2001 and 2000 was $212 and $204,  respectively,  on rental  income of
$608 and $772, respectively. The decrease in rental income of $164, or 21%, from
the three-month period ended March 31, 2000 to the comparable period in 2001 was
attributable  to  decreases  in income from  container  rentals and other rental
income.  Income from container  rentals,  the major  component of total revenue,
decreased  $155,  or 22%,  primarily  due to decreases in the average  container
fleet of 11% and in average on-hire utilization of 5%.

In the fourth quarter of 2000, utilization began to decline and has continued to
decline  through the first  quarter of 2001.  This decline was  primarily due to
lower overall  demand for leased  containers  as a result of the slowing  United
States  economy and the resulting  decline in exports out of Asia.  The price of
new  containers  also declined in 2001,  reflecting,  in part,  lower demand for
containers.

As a result of the lower  demand,  the trade  imbalance  between  Asia and North
America has eased and vessel  capacity  has become  available.  During the first
quarter of 2001, the  Partnership was able to reposition a large amount of newer
containers from low demand locations in North America to higher demand locations
in Asia. As a consequence,  the build-up of containers in North  America,  which
persisted in the past several years, has significantly eased.

Nevertheless,  the Partnership  continues to sell some containers located in low
demand  locations.  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 during the  three-month  periods ended March 31,
2001  and 2000  were  older  containers  as the  expected  economic  benefit  of
continuing to own these  containers  was  significantly  less than that of newer
containers  primarily due to their shorter  remaining  marine life,  the cost to
reposition  containers  and the shipping  lines'  preference  for leasing  newer
containers when demand is low.

Once the decision had been made to sell containers,  the Partnership  wrote down
the value of these  specifically  identified  containers to their estimated fair
value, which was based on recent sales prices. Due to unanticipated  declines in
container sales prices, the actual sales prices received on some containers were
lower than the estimates used for the  write-down,  resulting in the Partnership
incurring  losses  upon  the  sale of some of  these  containers.  Until  market
conditions improve,  the Partnership may incur further write-downs and/or losses
on the  sale of such  containers.  Should  the  decline  in  economic  value  of
continuing to own such containers turn out to be permanent,  the Partnership may
be required to increase its depreciation rate or write-down the value of some or
all of its container rental equipment.

Despite the declines in demand for leased  containers  and new  container  sales
prices discussed above,  the  stabilization of rental rates,  which began during
2000,  has  continued  into the first  quarter  of 2001.  Although  the  General
Partners do not foresee material  changes in existing market  conditions for the
near term, they are cautiously optimistic that lease rates may remain stable and
utilization  may  stabilize  or improve  slightly  as the peak  shipping  season
begins.

However,  the General Partners  caution that demand for leased  containers could
decline  further and result in a decline in lease rates and further  declines in
utilization  and container sale prices,  adversely  affecting the  Partnership's
operating results.

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 three-month  period ended March 31, 2001,
other rental income was $74 a decrease of $9 from the equivalent period in 2000.
The decrease in other rental  income was  primarily due to the decrease in fleet
size  and  additional  decreases  in DPP  and  handling  income  of $6  and  $5,
respectively.  DPP income  further  decreased due to a decrease in the number of
containers  carrying DPP, offset by an increase in the average DPP price charged
per container.  Handling  income further  declined due to decreases in container
movement and in the average  handling  price  charged per  container  during the
three-month  period ended March 31, 2001  compared to the  equivalent  period in
2000.

Direct  container  expenses  increased $43, or 32%, from the three-month  period
ending  March 31,  2000 to the  equivalent  period  in 2001.  The  increase  was
primarily due to increases in repositioning and maintenance  expenses of $28 and
$16,  respectively.  Repositioning  expense  increased due to an increase in the
number of containers  repositioned and the higher average repositioning cost per
container.  Maintenance  expense  increased due to the increase in the number of
containers  requiring  repair and an  increase  in the  average  repair cost per
container.

Bad debt  expense  decreased  from an expense of $7 for the  three-month  period
ended  March  31,  2000 to a  benefit  of $2 for the  comparable  period in 2001
primarily due to a smaller required reserve during the three-month  period ended
March 31, 2001 than in the same period in 2000.

Depreciation  expense  decreased $35, or 13%, from the three-month  period ended
March 31, 2000 to the comparable  period in 2001. The decrease was primarily due
to the decline in the  average  fleet size and due to certain  containers  which
were acquired used and have now been fully depreciated.

New container prices declined from 1995 through 1999.  Although container prices
increased in 2000,  these prices  declined  again in the beginning of 2001. 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 March  31,  2001 and  2000 for  containers  to be held for
continued  use as well as for  containers  identified  for sale in the  ordinary
course of business and  determined  that a reduction  to the  carrying  value of
containers  held for continued  use was not  required,  but that a write-down in
value of certain  containers  identified for sale was required.  The Partnership
wrote down the value of these  containers to their  estimated fair value,  which
was based on recent  sales  prices  less cost to sell.  During  the  three-month
periods  ended  March 31, 2001 and 2000,  the  Partnership  recorded  additional
depreciation  expense  of $10  and  $15,  respectively  on 32 and 42  containers
identified as for sale and requiring a reserve.  At March 31, 2001 and 2000, the
net  book  value of  containers  identified  as for  sale  was  $132  and  $144,
respectively.

The Partnership sold 21 of these  previously  written down containers for a loss
of $1 during the three-month  period ended March 31, 2001 and sold 52 previously
written  down  containers  for a gain of $1 during the same period in 2000.  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  writedowns,  primarily  due to  unexpected  declines in
container sales prices.

The Partnership also sold containers that had not been written down and recorded
losses of $0 and $13 during the  three-month  periods  ended  March 31, 2001 and
2000, respectively.

As more containers are subsequently identified as for sale or if container sales
prices continue to 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 and cautions that a write-down of container  rental
equipment and/or an increase in its depreciation  rate may be required in future
periods for some or all of its container rental equipment.

Management fees to affiliates decreased $148 or 178% from the three-month period
ended March 31, 2000 to the same period in 2001 due to  decreases  in  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,  decreased $136 primarily due to an adjustment
of $121 to reduce incentive  management fees for  overpayments  made during 1999
and 2000.  Equipment  management fees decreased primarily due to the decrease in
rental income upon which equipment  management fees are primarily  based.  These
fees were approximately 7% of rental income for both periods.

General and  administrative  costs to affiliates  decreased $6, or 17%, from the
three-month  period  ended  March  31,  2000 to the  comparable  period  in 2001
primarily  due to the  decrease  in  overhead  costs  allocated  by TEM,  as the
Partnership represented a smaller portion of the total fleet managed by TEM.

Loss on sale of containers decreased $11 from the three-month period ended March
31,  2000 to the  comparable  period in 2001.  The  decrease  in loss on sale of
containers  was primarily due to the  Partnership  selling fewer  containers and
incurring  smaller  average  losses on the sale of these  containers  during the
three-month period ended March 31, 2001 than in the same period in 2000.

Net earnings per limited  partnership  unit was comparable at $0.14 for both the
three-month  periods ended March 31, 2000 and 2001, as net earnings allocated to
limited partners was comparable at $203 to $210, respectively. The allocation of
net earnings for the three-month  periods ended March 31, 2001 and 2000 included
a special  allocation  of gross  income to the  General  Partners  of $6 and $7,
respectively, in accordance with the Partnership Agreement.

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.  The General  Partners are not
aware of any conditions as of March 31, 2001,  which would result in such a risk
materializing.

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.

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  therefor,
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.


<PAGE>

<TABLE>
<CAPTION>



                                   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.


                          TCC EQUIPMENT INCOME FUND
                          A California Limited Partnership

                          By Textainer Financial Services Corporation
                          The Managing General Partner



                          By _______________________________
                             Ernest J. Furtado
                             Senior Vice President


Date:  May 11, 2001

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>


________________________                 Senior Vice President,                         May 11, 2001
Ernest J. Furtado                        (Principal Financial and
                                         Accounting Officer) and
                                         Secretary




________________________                 President (Principal Executive                 May 11, 2001
John A. Maccarone                        Officer)


</TABLE>
<PAGE>

<TABLE>
<CAPTION>



                                   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.


                          TCC EQUIPMENT INCOME FUND
                          A California Limited Partnership

                          By Textainer Financial Services Corporation
                          The Managing General Partner



                          By /s/Ernest J. Furtado
                             ______________________________
                             Ernest J. Furtado
                             Senior Vice President


Date:  May 11, 2001


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
_________________________               Senior Vice President,                         May 11, 2001
Ernest J. Furtado                       (Principal Financial and
                                        Accounting Officer) and
                                        Secretary



/s/John A. Maccarone
_________________________               President (Principal Executive                 May 11, 2001
John A. Maccarone                       Officer)

</TABLE>