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


May 12, 2000


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, 2000.

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, 2000


                 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>
<TABLE>
<CAPTION>

TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Quarterly Report on Form 10-Q for the
Quarter Ended March 31, 2000

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



                                                                                                      Page

<S>                                                                                                   <C>

Item 1.   Financial Statements

          Balance Sheets - March 31, 2000 (unaudited)
          and December 31, 1999......................................................................    3



          Statements of Earnings for the three months
          ended March 31, 2000 and 1999 (unaudited)..................................................    4


          Statements of Partners' Capital for the three months
          ended March 31, 2000 and 1999 (unaudited)..................................................    5



          Statements of Cash Flows for the three months
          ended March 31, 2000 and 1999 (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, 2000 and December 31, 1999
(Amounts in thousands)
---------------------------------------------------------------------------------------------------------

                                                                              2000               1999
                                                                         -------------      -------------
                                                                           (unaudited)
<S>                                                                         <C>                <C>
Assets
Container rental equipment, net of accumulated
   depreciation of  $ 8,118, (1999:  $8,217) (note 5)                  $       10,225    $        10,675
Cash                                                                              891                862
Net investment in direct finance leases (note 4)                                   41                 42
Accounts receivable, net of allowance for doubtful
   accounts of $183, (1999:  $178)                                                601                751
Due from affiliates, net (note 2)                                                 158                130
Prepaid expenses                                                                    3                  5
                                                                         -------------      -------------

                                                                       $       11,919    $        12,465
                                                                         =============      =============

Liabilities and Partners' Capital
Liabilities:
   Accounts payable                                                    $          134    $           136
   Accrued liabilities                                                             50                 46
   Accrued recovery costs                                                          35                 33
   Accrued damage protection plan costs                                           101                105
   Warranty claims                                                                 53                 68
                                                                         -------------      -------------

       Total liabilities                                                          373                388
                                                                         -------------      -------------

Partners' capital:
   General partners                                                                 -                  -
   Limited partners                                                            11,546             12,077
                                                                         -------------      -------------

       Total partners' capital                                                 11,546             12,077
                                                                         -------------      -------------


                                                                       $       11,919    $        12,465
                                                                         =============      =============


See accompanying notes to financial statements
</TABLE>


<PAGE>
<TABLE>
<CAPTION>

TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Statements of Earnings

For the three months ended March 31, 2000 and 1999
(Amounts in thousands  except for unit and per unit amounts)
(unaudited)
--------------------------------------------------------------------------------------------------------------------

                                                                                2000                       1999
                                                                           --------------             --------------
<S>                                                                        <C>                           <C>
Rental income                                                             $          772              $         854
                                                                           --------------             --------------
Costs and expenses:
   Direct container expenses                                                         133                        184
   Bad debt expense                                                                    7                         29
   Depreciation (note 5)                                                             270                        310
   Professional fees                                                                  16                          9
   Management fees to affiliates (note 2)                                             83                        122
   General and administrative costs to affiliates (note 2)                            36                         55
   Other general and administrative costs                                             11                         11
                                                                           --------------             --------------

                                                                                     556                        720
                                                                           --------------             --------------

   Income from operations                                                            216                        134
                                                                           --------------             --------------

Other (expense) income:
   Interest income                                                                     9                         14
   Loss on sale of containers                                                        (12)                         -
                                                                           --------------             --------------

                                                                                      (3)                        14
                                                                           --------------             --------------

    Net earnings                                                          $          213              $         148
                                                                           ==============             ==============

Allocation of net earnings (note 2):
   General partners                                                       $           10              $           1
   Limited partners                                                                  203                        147
                                                                           --------------             --------------

                                                                          $          213              $         148
                                                                           ==============             ==============
Limited partners' per unit share
   of net earnings                                                        $         0.14              $        0.10
                                                                           ==============             ==============

Limited partners' per unit share
   of distributions                                                       $         0.50              $        1.00
                                                                           ==============             ==============

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


See accompanying notes to financial statements
</TABLE>


<PAGE>
<TABLE>
<CAPTION>

TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Statements of Partners' Capital

For the three months ended March 31, 2000 and 1999
(Amounts in thousands)
(unaudited)
------------------------------------------------------------------------------------------------------

                                                                  Partners' Capital
                                             ---------------------------------------------------------
                                                 General             Limited                Total
                                             --------------      ---------------       ---------------
<S>                                                <C>                <C>                   <C>

Balances at January 1, 1999                  $           -       $       15,873        $       15,873

Distributions                                          (20)              (1,469)               (1,489)

Redemptions (note 6)                                     -                  (15)                  (15)

Net earnings                                             1                  147                   148
                                             --------------      ---------------       ---------------

Balances at March 31, 1999                   $         (19)      $       14,536        $       14,517
                                             ==============      ===============       ===============

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
                                             ==============      ===============       ===============




See accompanying notes to financial statements
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Statements of Cash Flows

For the three months ended March 31, 2000 and 1999
(Amounts in thousands)
(unaudited)
---------------------------------------------------------------------------------------------------------------

                                                                                 2000                 1999
                                                                            --------------       --------------
<S>                                                                             <C>                   <C>
Cash flows from operating activities:
      Net earnings                                                           $        213         $        148
      Adjustments to reconcile net earnings to
        net cash provided by operating activities:
          Depreciation (note 5)                                                       270                  310
          Increase in allowance for doubtful accounts                                   5                   30
          Loss on sale of containers                                                   12                    -
          (Increase) decrease in assets:
             Net investment in direct finance leases                                    4                    4
             Accounts receivable                                                      145                   97
             Due from affiliates, net                                                 (61)                 (21)
             Prepaid expenses                                                           2                    2
          Increase (decrease) in liabilities:
             Accounts payable and accrued liabilities                                   2                  (12)
             Accrued recovery costs                                                     2                    3
             Damage protection plan costs                                              (4)                   3
             Warranty claims                                                          (15)                 (16)
                                                                            --------------       --------------


                Net cash provided by operating activities                             575                  548
                                                                            --------------       --------------

Cash flows from investing activities:
      Proceeds from sale of containers                                                198                  298
                                                                            --------------       --------------

                Net cash provided by investing activities                             198                  298
                                                                            --------------       --------------

Cash flows from financing activities:
      Redemptions of limited partnership units                                          -                  (15)
      Distributions to partners                                                      (744)              (1,488)
                                                                            --------------       --------------

                Net cash used in financing activities                                (744)              (1,503)
                                                                            --------------       --------------

Net  increase (decrease) in cash                                                       29                 (657)

Cash at beginning of period                                                           862                1,959
                                                                            --------------       --------------

Cash at end of period                                                        $        891         $      1,302
                                                                            ==============       ==============


See accompanying notes to financial statements
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


TCC EQUIPMENT INCOME FUND
(a California Limited Partnership)

Statements Of Cash Flows--Continued

For the three months ended March 31, 2000 and 1999
(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, 2000 and 1999,  and December 31, 1999 and 1998,  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, 2000 and 1999.

                                                               Mar. 31        Dec. 31          Mar. 31       Dec. 31
                                                                2000           1999             1999          1998
                                                             -----------    -----------    -------------    ----------
<S>                                                               <C>           <C>             <C>             <C>
Distributions to partners included in:
     Due to affiliates..............................                $  3           $  3             $  3          $  2

Proceeds from sale of containers included in:
     Due from affiliates............................                 117            150              131           204

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, 2000 and 1999.

                                                                                                    2000          1999
                                                                                                    ----          ----

Distributions to partners declared................................................                  $744        $1,489
Distributions to partners paid....................................................                   744         1,488

Proceeds from sale of containers recorded.........................................                   165           225
Proceeds from sale of containers received.........................................                   198           298


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, 2000 and 1999
(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 between two 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, 2000 and  December 31, 1999  and the
      results of its operations, changes in partners' capital and cash flows for
      the  three-month  periods  ended  March 31, 2000 and 1999, have been made.

      The financial  information  presented herein should be read in conjunction
      with  the  audited  financial  statements  and  other  accompanying  notes
      included in the Partnership's  annual audited  financial  statements as of
      December 31, 1999, 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.

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 $31 and $62 of
      incentive  management fees during the three-month  periods ended March 31,
      2000, and 1999, respectively.  There were no acquisition fees or equipment
      liquidation  fees incurred during the three-month  periods ended March 31,
      2000 and 1999.

      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, 2000 and December 31, 1999.

      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 $52 and $60 for the  three-month  periods ended March 31, 2000 and
      1999,  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, 2000 and 1999 were as follows:

                                                       2000         1999
                                                       ----         ----
                  Salaries                              $19          $29
                  Other                                  17           26
                                                         --           --
                    Total general and
                       administrative costs             $36          $55
                                                         ==           ==


      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, 2000 and 1999:

                                                       2000         1999
                                                       ----         ----
                  TEM                                   $31          $49
                  TFS                                     5            6
                                                         --           --
                    Total general and
                       administrative costs             $36          $55
                                                         ==           ==

      At March 31, 2000 and  December  31,  1999,  due from  affiliates,  net is
      comprised of:


                                                             2000           1999
                                                             ----           ----
      Due from affiliates:
        Due from TEM...................................      $195           $161
                                                              ---            ---

      Due to affiliates:
        Due to TCC.....................................         6              3
        Due to TFS.....................................        31             28
                                                              ---            ---
                                                               37             31
                                                              ---            ---

      Due from affiliates, net                               $158           $130
                                                              ===            ===


      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.   Rentals Under Long-Term Operating Leases

      The following are the future rent receivables  under cancelable  long-term
      operating  leases at March 31,  2000.  Although  the leases are  generally
      cancelable  with a penalty  at the end of each  twelve-month  period,  the
      following schedule assumes that the leases will not be terminated.

      Year ending March 31:

      2001...............................................            $178
      2002...............................................              36
      2003...............................................              25
      2004...............................................              10
                                                                      ---

      Total future rentals receivable....................            $249
                                                                      ===


Note 4.   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, 2000 and  December 31, 1999 are as
      follows:

                                                               2000         1999
                                                               ----         ----

      Future minimum lease payments receivable............     $ 52        $ 49
      Residual value......................................        -           3
      Less:  unearned income..............................      (11)        (10)
                                                                ---         ---

      Net investment in direct finance leases.............     $ 41        $ 42
                                                                ===         ===


      The following is a schedule by year of minimum lease  payments  receivable
      under direct finance leases as of March 31, 2000:

      Year ending March 31:

      2001...............................................            $ 20
      2002...............................................              13
      2003...............................................              11
      2004...............................................               8
                                                                       --

      Total minimum lease payments receivable............            $ 52
                                                                       ==

      Rental  income for the  three-month periods ended  March 31, 2000 and 1999
      includes $1 and $2, respectively, of income from direct finance leases.

Note 5. Container Rental Equipment Write-Down

      New container  prices have been declining  since 1995, and the cost of new
      containers  at year-end  1998,  during 1999 and the  beginning of 2000 was
      significantly  less than the cost of containers  purchased in prior years.
      The  Partnership  evaluated the  recoverability  of the recorded amount of
      container  rental  equipment  at December  31, 1999 and March 31, 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  period  ended  March 31,  2000,  the  Partnership
      recorded a write-down of $15 on 42 containers identified for sale and sold
      52  previously  written  down  containers  for a gain  of $1.  During  the
      three-month  period  ended  March 31,  1999,  the  Partnership  recorded a
      write-down  of $13 on 139  containers  identified  for  sale  and  sold 99
      previously written down containers for a gain of $1. Additionally,  during
      the three  months  ended March 31,  2000 and 1999,  the  Partnership  sold
      containers that had not been  written-down  and incurred losses of $13 and
      $1, respectively.

      If 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>

Note 6.   Redemptions
<TABLE>
<CAPTION>

      The  following  redemption  offering was  consummated  by the  Partnership
      during the three-month period ended March 31, 1999:

                                                            Units            Average             Amount
                                                          Redeemed       Redemption Price         Paid
                                                          ----------     -----------------      ----------
<S>                                                         <C>             <C>                     <C>

      Total Partnership redemptions as of
       December 31, 1998....................                 5,775               $ 9.35            $54

      Quarter ended:
       March 31, 1999.......................                 1,750               $ 8.57             15
                                                             -----                                  --

      Total Partnership redemptions as of
       March  31, 1999......................                 7,525               $ 9.17            $69
                                                             =====                                  ==

      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, 2000 and 1999.  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
between two 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
investing  activities 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.

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,
2000, the Partnership did not redeem any 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, 2000, the  Partnership  declared
cash distributions to limited partners  pertaining to the fourth quarter of 1999
in the amount of $734.  This amount  represents  $0.50 per unit,  or 2.5% of the
Limited  Partner's  original  investment.   On  a  cash  basis,  $575  of  total
distributions was from operations and the balance was a return of capital.  On a
GAAP basis, $531 of total  distributions was a return of capital and the balance
was from net income.

Net cash provided by operating activities for the three-month period ended March
31, 2000 and 1999, was $575 and $548, respectively.  The increase of $27, or 5%,
was  primarily  attributable  to  fluctuations  in  accounts  receivable  and an
increase in net  earnings,  adjusted  for non-cash  transactions,  offset by the
fluctuations in due from affiliates,  net. The decreases in accounts  receivable
of $145 and $97 for the three  month  periods  ended  March  31,  2000 and 1999,
respectively,  were  primarily  due to the  decreases  in rental  income and the
average  collection  period of  accounts  receivable  during  the  periods.  Net
earnings,  adjusted for non-cash  transactions,  increased  primarily due to the
decreases in direct container and other expenses, which are discussed more fully
in  "Results of  Operations".  The  fluctuations  in due from  affiliates,  net,
resulted  from  timing  differences  in  payment  of  expenses  and fees and the
remittance of net rental revenues.

For the three-month  periods ended March 31, 2000 and 1999, net cash provided by
investing  activities (the sale of containers) was $198 compared to $298 for the
comparable  period  in 1999.  The  decrease  of $100 was due to the  Partnership
selling fewer containers and receiving a lower average sales price per container
during the three-month  period ended March 31, 2000,  compared to the equivalent
period in 1999. The  Partnership has recently sold and plans to continue to sell
certain  containers in low demand  locations  (discussed below under "Results of
Operations").  These  sales have been driven not only by the  liquidation  plans
discussed above, but also by certain adverse market  conditions.  Current market
conditions  have also had an adverse  effect on the average sales price recently
realized on the sale of  containers.  The sale of  containers  and these  market
conditions are discussed more fully under "Results of Operations".

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, 2000 and 1999, 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:


                                                                2000       1999
                                                               -----      -----
                 Beginning container fleet...............      5,771      6,769
                 Ending container fleet..................      5,606      6,588
                 Average container fleet.................      5,689      6,679

The average  container  fleet  decreased 15% from the  three-month  period ended
March 31, 1999 to the equivalent  period in 2000 due to the  continuing  sale of
containers  (i) that had reached the end of their  useful lives and (ii) that an
analysis had indicated that their sale was warranted based on market  conditions
and the container's age,  location and condition.  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
plans.  The decline in the container fleet has contributed to an overall decline
in rental  income  from the  three-month  period  ended  March  31,  1999 to the
equivalent period in 2000. 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 78% and 72% on average during the three-month
periods ended March 31, 2000 and 1999, 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, 2000 and 1999.

The  Partnership's  income from  operations for the  three-month  periods ending
March 31,  2000 and 1999 was $216 and $134,  respectively,  on rental  income of
$772 and $854, respectively.  The decrease in rental income of $82, or 10%, from
the three-month period ended March 31, 1999 to the comparable period in 2000 was
attributable  to a decrease in income from  container  rentals and other  rental
income.  Income from container  rentals,  the major  component of total revenue,
decreased $57, or 8%, primarily due to decreases in the average  container fleet
of 15% and average rental rates of 5%, offset by the increase in average on-hire
utilization of 8%.

The  improvement in  utilization  was due to  improvements  in demand for leased
containers and in the trade balance, primarily as a result of the improvement in
certain  Asian  economies  and a related  increase  in  exports  out of  Europe.
Additionally,  the container surplus, which existed primarily as a result of the
lower  demand in the past  several  years,  has  eased as a result of  container
lessors selling older  containers in low demand locations and as a result of the
improvement in demand discussed above.

However, the trade imbalance between Asia and North America still exists, and as
a  consequence,  the  build-up of  containers  in North  America  persists.  The
Partnership has been unable to reposition a large number of newer  containers to
higher  demand  locations in Asia,  primarily  due to lack of  available  vessel
capacity.

Additionally,  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 1999 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  the trade
balance  between Asia and North  America  improves,  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 on some or all of its container rental equipment.

The decline in the purchase price of new  containers  and the container  surplus
mentioned  above have  resulted in the decline in rental rates in recent  years.
However,  as a result of the  improvement in demand and slight  increases in the
purchase price of new containers,  rental rates have stabilized during the first
quarter of 2000.

The General  Partners are  cautiously  optimistic  that rental rates will remain
stable and the current level of utilization  will be maintained  during 2000 and
may improve if demand for leased  containers  and the trade balance  continue to
improve. However, the General Partners caution that utilization, lease rates and
container sale prices could also decline,  adversely affecting the Partnership's
operating results.

The  balance of 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 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, 2000,
other  rental  income was $83, a decrease of $25 from the  equivalent  period in
1999.  The decrease in other rental  income was primarily due to the decrease in
fleet size and the decrease in location income of $14. Location income decreased
primarily due to a decrease in charges to lessees for dropping off containers in
certain locations.

Direct  container  expenses  decreased $51, or 28%, from the three-month  period
ending  March 31,  1999 to the  equivalent  period  in 2000.  The  decrease  was
primarily due to the decrease in the average  container  fleet and a decrease in
storage  expense of $41.  Storage  expense  decreased due to the  improvement in
utilization noted above and due to lower average storage costs per container.

Bad debt expense decreased $22 from the three-month  period ended March 31, 1999
to the comparable period in 2000 primarily due to a smaller required increase to
bad debt reserve in 2000.

Depreciation  expense  decreased $40, or 13%, from the three-month  period ended
March 31, 1999 to the comparable  period in 2000 primarily due to the decline in
average  fleet  size,  offset by the  additional  depreciation  charge of $15 to
write-down the value of containers identified for sale.

New  container  prices  have  been  declining  since  1995,  and the cost of new
containers  at  year-end  1998,  during  1999  and the  beginning  of  2000  was
significantly  less than the cost of  containers  purchased in prior years.  The
Partnership  evaluated the  recoverability  of the recorded  amount of container
rental  equipment at December 31, 1999 and March 31, 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  period ended March 31, 2000, the Partnership  recorded a
write-down  of $15 on 42 containers  identified  for sale and sold 52 previously
written down  containers for a gain of $1. During the  three-month  period ended
March 31, 1999, the  Partnership  recorded a write-down of $13 on 139 containers
identified for sale and sold 99 previously written down containers for a gain of
$1.  Additionally,  during the three months  ended March 31, 2000 and 1999,  the
Partnership  sold containers that had not been  written-down and incurred losses
of $13 and $1, 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.

Management fees to affiliates  decreased $39 or 32% from the three-month  period
ended March 31, 1999 to the same period in 2000 due to  decreases  in  incentive
and equipment management fees. Incentive management fees, which are based on the
Partnership's limited and general partner distribution  percentage and partners'
capital, decreased $31, or 50%, primarily due to lower distributions paid in the
three-month  period ended March 31, 2000 than in the equivalent  period in 1999.
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 $19, or 35%, from the
three-month  period  ended  March  31,  1999 to the  comparable  period  in 2000
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.

Other expense increased $17 from the three-month  period ended March 31, 1999 to
the comparable period in 2000,  primarily due to the increase in loss on sale of
containers of $12.

Net earnings per limited partnership unit increased from $0.10 to $0.14 from the
three-month  period ended March 31, 1999 to the same period in 2000,  reflecting
the increase in net earnings  allocated to limited  partners  from $147 to $203,
respectively.  The allocation of net earnings  included a special  allocation of
gross income to the General  Partners  made in accordance  with the  Partnership
Agreement.

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, 2000,  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,  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.

Effect of Date Crossing to Year 2000

There has been no material effect on the Partnership's  financial  condition and
results of  operations as a result of problems  arising from  computer  systems'
abilities to process dates beyond January 1, 2000.  The General  Partners do not
currently  expect any such problems to arise within their own computer  systems.
The  likelihood  that a failure in a third party's system would occur and have a
significant  adverse effect on the Partnership's  operations seems  increasingly
remote,  but no assurance can be given that,  due to  unforeseen  circumstances,
such an event could not occur.  Therefore,  the  Partnership's  contingency plan
remains in place;  that is, the General  Partners  continue to remain capable of
switching  temporarily to manual  operations in the event of a computer system's
failure. There can be no assurance, however, that switching to manual operations
would prevent all adverse effects of any future year 2000 problem.

Forward Looking Statements

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 12, 2000

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 12, 2000
Ernest J. Furtado                        (Principal Financial and
                                         Accounting Officer) and
                                         Secretary




________________________                 President (Principal Executive                 May 12, 2000
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 12, 2000


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 12, 2000
Ernest J. Furtado                        (Principal Financial and
                                         Accounting Officer) and
                                         Secretary



/s/John A. Maccarone
___________________________              President (Principal Executive                May 12, 2000
John A. Maccarone                        Officer)


</TABLE>