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


March 25, 2004


Securities and Exchange Commission
Washington, DC 20549

Ladies & Gentlemen:

Pursuant to the requirements of the Securities Exchange Act of 1934, we are
submitting herewith for filing on behalf of Textainer Equipment Income Fund IV,
L.P. (the "Partnership") the Partnership's Annual Report on Form 10-K for the
fiscal year ended December 31, 2003.

The financial statements included in the enclosed Annual Report on Form 10-K do
not reflect a change from the preceding year in any accounting principles or
practices, or in the method of applying any such principles or practices.

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

Sincerely,

Nadine Forsman
Controller






UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington DC 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2003

Commission file number 0-21228

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

California 94-3147432
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)

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


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

Securities registered pursuant to Section 12(b) of the Act:

NONE

Securities registered pursuant to Section 12(g) of the Act:

LIMITED PARTNER INTERESTS
(Title of Class)

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. [ X ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes __ No X
-
State the aggregate market value of the voting and non-voting common equity held
by nonaffiliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked prices of such common equity, as of
the last business day of the registrant's most recently completed second fiscal
quarter. Not Applicable.
--------------
Documents Incorporated by Reference

Incorporated into Part IV of this report, the Registrant's limited partnership
agreement, Exhibit A to the Prospectus as filed with the Commission on April 10,
1992, as supplemented by Post-Effective Amendment No. 3 filed under The
Securities Act of 1933 on May 25, 1993 and as supplemented by Supplement No. 8
as filed under Rule 424(b) of the Securities Act of 1933 on March 1, 1994.





PART I

ITEM 1. DESCRIPTION OF BUSINESS

(a) General Development of Business

The Registrant is a California Limited Partnership ("the Partnership")
formed on October 30, 1991 to purchase, own, operate, lease, and sell
equipment used in the containerized cargo shipping industry. The
Registrant commenced offering units representing limited partnership
interests (Units) to the public on April 30, 1992 in accordance with
its Registration Statement and ceased to offer such Units as of April
30, 1994. The Registrant raised a total of $136,918,060 from the
offering and invested a substantial portion of the money raised in
equipment. The Registrant has since engaged in leasing this and other
equipment in the international shipping industry.

The Registrant is a finite life entity, with a term ending on December
31, 2011. The Registrant's business plan calls for it to begin
liquidating its fleet of containers at some time during or after its
ninth full year of operations, calculated from the end of its public
offering. See the discussion below under "Narrative Description of
Business."

See Item 10 herein for a description of the Registrant's General
Partners. See Item 7 herein for a description of current market
conditions affecting the Registrant's business.

(b) Financial Information About Industry Segments

Inapplicable.

(c) Narrative Description of Business

(c)(1)(i) A container leasing company generally, and the Registrant
specifically, is an operating business comparable to a
rental car business. A customer can lease a car from a bank
leasing department for a monthly charge which represents the
cost of the car, plus interest, amortized over the term of
the lease; or the customer can rent the same car from a
rental car company at a much higher daily lease rate. The
customer is willing to pay the higher daily rate for the
convenience and value-added features provided by the rental
car company, the most important of which is the ability to
pick up the car where it is most convenient, use it for the
desired period of time, and then drop it off at a location
convenient to the customer. Rental car companies compete
with one another on the basis of lease rates, availability
of cars, and the provision of additional services. They
generate revenues by maintaining the highest lease rates and
the highest utilization that market conditions will allow,
and by augmenting this income with proceeds from sales of
insurance, drop-off fees, and other special charges. A large
percentage of lease revenues earned by car rental companies
are generated under corporate rate agreements wherein, for a
stated period of time, employees of a participating
corporation can rent cars at specific terms, conditions and
rental rates.

Container leasing companies and the Registrant operate in a
similar manner by owning a worldwide fleet of transportation
containers and leasing these containers to international
shipping lines hauling various types of goods among numerous
trade routes. All lessees pay a daily rental rate and in
certain markets may pay special handling fees and/or
drop-off charges. In addition to these fees and charges, a
lessee must either provide physical damage and liability
insurance or purchase a damage waiver from the Registrant,
in which case the Registrant agrees to pay the cost of
repairing certain physical damage to containers. (This later
arrangement is called the "Damage Protection Plan.") The
Registrant, and not the lessee, is responsible for
maintaining the containers and repairing damage caused by
normal deterioration of the containers. This maintenance and
repair, as well as any repairs required under the Damage
Protection Plan, are performed in depots in major port areas
by independent agents retained for the Registrant by the
General Partners. These same agents handle and inspect
containers that are picked up or redelivered by lessees, and
these agents store containers not immediately subject to
re-lease.

Container leasing companies compete with one another on the
basis of lease rates, fees charged, services provided and
availability of equipment. By maintaining the highest lease
rates and the highest equipment utilization allowed by
market conditions, the Registrant attempts to generate
revenue and profit.

The majority of the Registrant's equipment is leased under
master operating leases, which are comparable to the
corporate rate agreements used by rental car companies. The
master leases provide that the lessee, for a specified
period of time, may rent containers at specific terms,
conditions and rental rates. Although the terms of the
master lease governing each container under lease do not
vary, the number of containers in use can vary from time to
time within the term of the master lease. The terms and
conditions of the master lease provide that the lessee pays
a daily rental rate for the entire time the container is in
the lessee's possession (whether or not it is actively
used), is responsible for certain types of damage, and must
insure the container against liabilities.

Equipment not subject to master leases may instead be leased
under long-term lease agreements. Unlike master lease
agreements, long-term lease agreements provide for
containers to be leased for periods of between three to five
years. Such leases are generally cancelable with a penalty
at the end of each twelve-month period. Another type of
lease, a direct finance lease, currently covers a minority
of the Partnership's equipment. Under direct finance leases,
the containers are usually leased from the Partnership for
the remainder of the container's useful life with a purchase
option at the end of the lease term.

Leases specify an array of port locations where the lessee
may pick up or return the containers. The Registrant incurs
expenses in repositioning containers to a better location
when containers are returned to a location that has an
over-supply. Sales of containers in these low demand
locations can occur, if a sale is judged a better
alternative to repositioning and re-leasing the container.

The Registrant also sells containers in the course of its
business as opportunities arise, at the end of a container's
useful life, or if market and economic conditions indicate
that a sale would be beneficial. Sales are generally made
when a container comes off lease. Additionally, when a
lessee loses or completely damages a container, the
Registrant is reimbursed by the lessee for the value of that
container. See Item 7 herein.

The Registrant also buys containers, primarily with the
proceeds from the sale of containers. The Registrant plans
to stop buying containers after the first quarter of 2004,
and begin its liquidation phase in April, 2004. Regular
leasing operations will continue during this phase, but the
Registrant will allow its fleet to permanently diminish
through sales of containers. Once the Registrant has sold
substantially all of its fleet and the liquidation phase has
been completed (which may take six years or longer,
depending on market conditions), the Registrant will begin
its final dissolution and the winding up of its business.

(c)(1)(ii) Inapplicable.

(c)(1)(iii) Inapplicable.

(c)(1)(iv) Inapplicable.

(c)(1)(v) Inapplicable.

(c)(1)(vi) Inapplicable.

(c)(1)(vii) During the year ended December 31, 2003, no single lessee
generated lease revenue which was 10% or more of the total
revenue of the Registrant.

(c)(1)(viii) Inapplicable.

(c)(1)(ix) Inapplicable.

(c)(1)(x) Among the various container leasing companies, the top ten
control approximately 86% of the total equipment held by all
container leasing companies. The top two container leasing
companies combined control approximately 26% of the total
equipment held by all container leasing companies. Textainer
Equipment Management Limited, an Associate General Partner
of the Registrant and the manager of its marine container
equipment, is the largest standard dry freight container
leasing company and manages approximately 14% of the
equipment held by all container leasing companies. The
customers for leased containers are primarily international
shipping lines. The Registrant alone is not a material
participant in the worldwide container leasing market. The
principal methods of competition are price, availability and
the provision of worldwide service to the international
shipping community. Competition in the container leasing
market has increased over the past few years. Since 1996,
shipping alliances and other operational consolidations
among shipping lines have allowed shipping lines to begin
operating with fewer containers, thereby decreasing the
demand for leased containers and allowing lessees to gain
concessions from lessors about price, special charges or
credits and, in certain markets, the age specification of
the containers leased. Furthermore, primarily as a result of
lower new container prices and low interest rates, shipping
lines now own, rather than lease, a higher percentage of
containers. The decrease in demand from shipping lines,
along with the entry of new leasing company competitors
offering low container rental rates, has increased
competition among container lessors such as the Registrant.

Furthermore, changes in worldwide demand for shipping have
placed additional strains on competition. Utilization of
containers can be maximized if containers that come
off-lease can be re-leased in the same location. If demand
for containers is strong in some parts of the world and weak
in others, containers that come off-lease may have to be
repositioned, usually at the Registrant's expense, before
they can be re-leased. Over the last several years, demand
for goods brought into Asia has been lower than demand for
goods brought out of Asia. This imbalance has created low
demand locations in certain areas of international shipping
routes, where containers coming off-lease after the delivery
of goods cannot quickly be re-leased. Shipping lines have an
advantage over container leasing companies with respect to
these low demand locations, because the shipping lines can
frequently reposition their own containers, while leasing
companies have to find alternative ways of repositioning
their containers, including offering incentives to shipping
lines or paying directly for the repositioning.

(c)(1)(xi) Inapplicable.

(c)(1)(xii) Inapplicable.

(c)(1)(xiii) The Registrant has no employees. Textainer Financial
Services Corporation (TFS), a wholly owned subsidiary of
Textainer Capital Corporation (TCC), and the Managing
General Partner of the Registrant, is responsible for the
overall management of the business of the Registrant and at
December 31, 2003 had 3 employees. Textainer Equipment
Management Limited (TEM), an Associate General Partner, is
responsible for the management of the leasing operations of
the Registrant and at December 31, 2003 had a total of 149
employees.

(d) Financial Information about Foreign and Domestic Operations and Export
Sales.

The Registrant is involved in the leasing of shipping containers to
international shipping lines for use in world trade and approximately
11%, 7% and 12% of the Registrant's rental revenue during the years
ended December 31, 2003, 2002 and 2001, respectively, was derived from
operations sourced or terminated domestically. These percentages do
not reflect the proportion of the Partnership's income from operations
generated domestically or in domestic waterways. Substantially all of
the Partnership's income from operations is derived from assets
employed in foreign operations. For a discussion of the risks of
leasing containers for use in world trade, see "Risk Factors and
Forward-Looking Statements" in Item 7 herein.


ITEM 2. PROPERTIES

As of December 31, 2003, the Registrant owned the following types and quantities
of equipment:

20-foot standard dry freight containers 10,192
40-foot standard dry freight containers 9,966
40-foot high cube dry freight containers 6,764
------
26,922

During December 2003, approximately 83% of these containers were on lease to
international shipping lines, and the balance were being stored primarily at a
large number of storage depots located worldwide. Generally, the Partnership
sells containers when (i) a container reaches the end of its useful life or (ii)
an analysis indicates that the sale is warranted based on existing market
conditions and the container's age, location and condition. At December 31,
2003, approximately 7% of the Partnership's off-lease equipment had been
identified as being for sale. Some containers identified for sale have been
written down, as described below in Item 7, "Results of Operations."

See Item 7, "Results of Operations" for more information about changes in the
size of the Registrant's container fleet, container sales and write-downs, as
well as the location of the Registrant's off-lease containers.



ITEM 3. LEGAL PROCEEDINGS

The Registrant is not subject to any legal proceedings.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

Inapplicable.

PART II


ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

Part 201:
(a) Market Information.

(a)(1)(i) The Registrant's limited partnership Units are not publicly
traded and there is no established trading market for such Units.
The Registrant has a program whereby limited partners may redeem
Units for a specified redemption price. The program operates only
when the Managing General Partner determines, among other
matters, that payment for redeemed units will not impair the
capital or operations of the Registrant.

(a)(1)(ii) Inapplicable.

(a)(1)(iii) Inapplicable.

(a)(1)(iv) Inapplicable.

(a)(1)(v) Inapplicable.

(a)(2) Inapplicable.

(b) Holders.

(b)(1) As of January 1, 2004, there were 7,737 holders of record of
limited partnership interests in the Registrant.

(b)(2) Inapplicable.

(c) Dividends.


For the years ended December 31, 2003 and 2002 the Registrant was paying
distributions at an annualized rate equal to 5% of a Unit's initial cost, or
$1.00 per Unit per year. For information about the amount of distributions paid
during the five most recent fiscal years, see Item 6, "Selected Financial Data."
Distributions are made monthly by the Registrant to its limited partners.

Part 701: Inapplicable.







ITEM 6. SELECTED FINANCIAL DATA

(Amounts in thousands except for per unit amounts)
Years Ended December 31,
-------------------------------------------------------------------------
2003 2002 2001 2000 1999
---- ---- ---- ---- ----

Rental income........................... $13,113 $11,779 $13,693 $17,525 $17,256

(Loss) income from operations........... $ (572) $(3,870) $(2,124) $ 2,961 $ 434

Net (loss) earnings..................... $ (551) $(3,839) $(2,032) $ 3,182 $ 567

Net (loss) earnings per unit of
limited partner interest.............. $ (0.10) $ (0.59) $ (0.32) $ 0.45 $ 0.07

Distributions per unit of
limited partner interest.............. $ 1.00 $ 1.00 $ 1.23 $ 1.40 $ 1.68

Distributions per unit of limited
partner interest representing
a return of capital.................. $ 1.00 $ 1.00 $ 1.23 $ 0.95 $ 1.61

Total assets............................ $39,962 $47,016 $58,898 $70,983 $76,714








ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

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

The Financial Statements contain information which will assist in evaluating the
financial condition of the Partnership for the years ended December 31, 2003,
2002 and 2001. Please refer to the Financial Statements and Notes thereto in
connection with the following discussion.

Textainer Financial Services Corporation (TFS) is the Managing General Partner
of the Partnership and is a wholly-owned subsidiary of Textainer Capital
Corporation (TCC). Textainer Equipment Management Limited (TEM) and Textainer
Limited (TL) are Associate General Partners of the Partnership. The General
Partners manage and control the affairs of the Partnership.

Introduction

The Partnership is a finite-life entity whose principal business is to own a
fleet of containers for lease to the international shipping industry. The
Partnership's revenues come primarily from the rental income generated by leased
containers and, to a smaller extent, from services related to rental income,
such as handling charges paid by lessees. The Partnership's revenues are,
therefore, dependent on demand for leased containers. Demand for leased
containers drives not only the percentage of the Partnership's containers that
are on lease (utilization), but also, to a certain extent, the rental rates the
Partnership can charge under its leases. When demand declines, utilization
falls, and the Partnership has fewer containers on lease, often earning less
revenue, and more containers off-lease incurring storage expense. In times of
reduced demand, then, the Partnership has higher expenses and may have to offer
lessees incentives such as free rental periods or credits. The General Partners
try at all times to take advantage of the opportunities created by different
levels of demand for leased containers, either by changing services, lease terms
or lease rates offered to customers or by concentrating on different geographic
markets.

Demand for containers is driven by many factors, including the overall volume of
worldwide shipping, the number of containers manufactured, the number of
containers available for lease in specific locations and the capacity of the
worldwide shipping industry to transport containers on its existing ships. Since
many of the Partnership's customers are shipping lines that also own their own
containers, the price and availability of new containers directly affects demand
for leased containers. If shipping lines have the cash or financing to buy
containers and find that alternative attractive, demand for leased containers
will fall. Current demand and related market conditions for containers are
discussed below under "Comparative Results of Operations: Current Market
Conditions for Leased Containers." Competition for shipping lines' business has
increased in recent years due to operational consolidations among shipping lines
and the entry of new leasing companies that compete with entities like the
Partnership. This competition has generally driven down rental rates and allowed
shipping lines to obtain other favorable lease terms.

The Partnership also recognizes gains and losses from the sale of its
containers. Containers are generally sold either at the end of their useful
life, or when an economic analysis indicates that it would be more profitable to
sell the container rather than to continue to own it. An example of the latter
would be when re-leasing a container might be relatively expensive, either
because of expenses required to repair the container or to reposition the
container to a location where the container could be readily leased.

The sales price of used containers is affected by supply and demand for used
containers. The Partnership's containers are primarily sold to wholesalers who
subsequently sell to buyers such as mini-storage operators, construction
companies, farmers and other non-marine users. Additionally, if a container is
lost or completely damaged by a lessee, the Partnership receives proceeds from
the lessee for the value of the container. The Partnership counts these
transactions as sales, as well as the more traditional sales to wholesalers.
Generally, since 1998, used container prices have declined, causing the
Partnership to realize less from the sale of its used containers. Used container
sales prices appear to have stabilized in 2002 and 2003.

The Partnership's operations and financial results are also affected by the
price of new containers. The price for new containers has fallen since 1995.
This decrease has significantly depressed rental rates. This decrease has also
caused the Partnership to evaluate the carrying cost of its container fleet, and
has resulted in write-downs of some containers the Partnership has decided to
sell. These matters are discussed in detail below under the caption "Other
Income and Expenses: Write Down of Certain Containers Identified for Sale." The
decrease in new container prices has worked to the Partnership's advantage
though, when, from time to time, the Partnership has bought new containers. New
containers are bought primarily with a portion of the proceeds received from the
sale of containers. In the discussion below, this process is referred to as
reinvestment in containers.

Reinvestment in containers replaces some, but not all, of the containers sold by
the Partnership. Therefore, over time, the Partnership's container fleet
shrinks, and rental revenues decrease, because there are fewer containers
available for lease.

The Partnership's expects to stop reinvesting after the first quarter of 2004
and begin its liquidation phase in April 2004. The Partnership will then take a
substantial portion of proceeds from sales of containers, which would otherwise
have been reinvested, and distribute that money to the limited and general
partners. Regular leasing operations will continue during the liquidation phase,
but the Partnership will allow its fleet to permanently diminish through sales
of containers. Once the Partnership has sold substantially all of its fleet and
the liquidation phase has been completed (which may take up to six years or
longer, depending on market conditions), the Partnership will begin its final
dissolution and winding up of its business. The General Partners currently
estimate that the liquidation phase will be longer, rather than shorter, due to
the current market for, and opportunities to sell, used containers. Limited
partners will be notified once the Partnership enters its liquidation phase.


Liquidity and Capital Resources

Historical

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

Sources of Cash

Rental income and proceeds from container sales are the Partnership's principal
sources of liquidity, and the source of funds for distributions and
reinvestment. Rental income and container sales prices are affected by market
conditions for leased and used containers. Cash provided from these sources will
fluctuate based on demand for leased and used containers. Demand for leased and
used containers is discussed more fully in "Results of Operations." Cash
provided by operating activities is affected by rental income, operating
expenses and the timing of both payments received from lessees and payments made
by the Partnership for operating expenses. Additionally, a continued stream of
rental income is dependent partly on the Partnership's ability to re-lease
containers as they come off lease. See the discussion of "Utilization" below
under "Results of Operations." Cash provided by proceeds from container sales, a
component of cash from investing activities, is affected by the number of
containers sold, the sale price received on these containers, and the timing of
payments received for these sales. Previously reported cash from operations and
sales proceeds is not indicative of future cash flows as these amounts can
fluctuate significantly based on demand for new and used containers, fleet size
and timing of the payments made and received. Fluctuations in rental income,
operating expenses, and sale prices for used containers are discussed more fully
in "Results of Operations."

Operating and investing activities are discussed in detail below.


Cash from Operations

Net cash provided by operating activities for the years ended December 31, 2003
and 2002 was $8,143 and $5,625, respectively. The increase of $2,518, or 45%,
was primarily due to the improvement in net earnings (loss), adjusted for
non-cash transactions and fluctuations in due from affiliates, net, and accrued
damage protection plan costs. The increase was partially offset by fluctuations
in accounts receivable and accounts payable and accrued liabilities. Net
earnings (loss), adjusted for non-cash transactions, improved primarily due to
the increase in rental income and decrease in direct container expenses. These
income and expense items are discussed more fully under "Results of Operations."
The changes in due from affiliates, net, and accounts payable and accrued
liabilities between the periods resulted from timing differences in the payment
of expenses, fees, and distributions and the remittance of net rental revenues
and container sales proceeds, as well as in fluctuations in these amounts. The
increase in accrued damage protection plan costs during the year ended December
31, 2003 was primarily due to an increase in the number of containers covered
under the damage protection plan. The increase in gross accounts receivable of
$122 for the year ended December 31, 2003 was primarily due to the increase in
rental income. The decrease in gross accounts receivable of $179 for the year
ended December 31, 2002 was primarily due to the decrease in rental income,
offset by the increase in the average collection period of accounts receivable.

Cash from Sale of Containers

Current Uses: For the years ended December 31, 2003 and 2002, cash provided by
investing activities (the sale of containers) was $2,136 and $4,052. The
decrease of $1,916, or 47%, was primarily due to the Partnership selling fewer
containers during the year ended December 31, 2003, compared to the equivalent
period in 2002. The Partnership primarily sells containers when they come
off-lease, and an analysis indicates that the container should be sold.
Fluctuations between periods in the number of containers sold reflect the age
and condition of containers coming off-lease, the geographic market in which
they come off-lease, and other related market conditions. Fluctuations can also
be affected by the number of containers sold to lessees, who pay for any
containers that are lost or damaged beyond repair.

Effect of Market Conditions: Market conditions can affect the Partnership's
decision to sell an off-lease container by making it more likely that a
container will have to be repositioned before it can be re-leased. Existing
market conditions include a trade imbalance between Asia and the Americas and
Europe which has created locations with low demand for containers. The sale of
containers in these areas is discussed below under "Results of Operations: Sale
of Containers in Low Demand Locations Created by Current Market Conditions."

Effect of Container Sales on Future Cash Flows: The number of containers sold
both in low demand locations and elsewhere, as well as the amount of sales
proceeds, will affect how much the Partnership will reinvest and/or pay in
future distributions to Partners. Once the Partnership begins its liquidation
phase, which is expected to occur in 2004, sales of containers will permanently
reduce the Partnership's container fleet. Fewer containers will then be
available for lease and for the generation of rental income. The limited and
general partners will, however, receive more distributions from sales proceeds,
since these proceeds will no longer be used for reinvestment. As the container
fleet diminishes over the course of the liquidation phase, distributions are
expected to decline, as cash from operations and cash from sales proceeds
decrease along with the fleet.

Uses of Cash

Cash from operations is primarily used to pay distributions to partners and
redeem limited partnership units. Cash from operations may also be used to
purchase containers. The amount of cash from operations available to reinvest in
additional containers, is dependent on (i) operating results and timing of
payments made and received; (ii) the amount of distributions paid to partners;
(iii) the amount of redemptions and (iv) working capital. The amounts of
distributions, redemptions and working capital are subject to the General
Partners' authority to set these amounts as provided in the Partnership
Agreement.

The largest source of funds for the purchase of new containers (or reinvestment)
is the proceeds from the sale of the Partnership's containers. The number of
containers sold and the average sales price affect how much the Partnership can
reinvest in new containers.

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.

These activities are discussed in detail below.

Distributions: Limited partners are currently receiving monthly distributions in
an annualized amount equal to 5% of their original investment. During the year
ended December 31, 2003, the Partnership declared cash distributions to limited
partners pertaining to the period from December 2002 through November 2003, in
the amount of $6,511. On a cash basis, as reflected on the Statements of Cash
Flows, after paying redemptions and general partner distributions, all of these
distributions were from current year operating activities. On an accrual basis,
as reflected on the Statements of Partners' Capital, all of these distributions
were a return of capital.

Capital Commitments: Container purchases

For the years ended December 31, 2003 and 2002, cash used in investing
activities (the purchase of containers) was $3,890 and $1,602, respectively. The
increase of $2,288 was primarily due to the Partnership purchasing more
containers during the year ended December 31, 2003, compared to the equivalent
period in 2002. The average purchase price increased between the periods, as the
Partnership purchased larger, more expensive containers during 2003.
Fluctuations between the periods in the number of containers purchased reflect
(i) the amount of cash available to purchase containers; (ii) demand for leasing
new containers; (iii) the type of container purchased and (iv) the purchase
price of the container.

At December 31, 2003, the Partnership had no commitments to purchase containers.

Capital Commitments: Redemptions

During the year ended December 31, 2003, the Partnership redeemed 58,803 units
for a total dollar amount of $308. The Partnership also redeemed 25,023 units
for a total dollar amount of $123 in January 2004. 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.

Results of Operations

The Partnership's income from operations, which consists primarily of rental
income less costs and expenses (including container depreciation, direct
container expenses, management fees, and reimbursement of administrative
expenses) is primarily affected by the size of its container fleet, the number
of containers it has on lease (utilization) and the rental rates received under
its leases. The current status of each of these factors is discussed below.


Size of Container Fleet

The following is a summary of the container fleet (in units) available for lease
during the years ended December 31, 2003, 2002 and 2001:

2003 2002 2001
---- ---- ----

Beginning container fleet.......... 28,024 31,411 33,062
Ending container fleet............. 26,922 28,024 31,411
Average container fleet............ 27,473 29,718 32,237


The average container fleet decreased 8% from both the years ended December 31,
2002 to 2003 and December 31, 2001 to 2002, primarily due to sales of
containers. While the decline in container fleet resulted in lower rental
income, this decrease was more than offset by the improvement in utilization,
resulting in the increase in rental income from the year ended December 31, 2002
to the same period in 2003. An overall decline in rental income is expected to
continue in future years, as the size of the Partnership's container fleet
continues to decrease.

Utilization

Rental income and direct container expenses are also affected by the average
utilization of the container fleet, which was 82%, 65% and 60% on average during
the years ended December 31, 2003, 2002 and 2001, respectively. The remaining
container fleet is off-lease and is being stored primarily at a large number of
storage depots. At December 31, 2003, 2002 and 2001, utilization was 84%, 83%
and 55%, respectively, and the Partnership's off-lease containers (in units)
were located in the following locations:

2003 2002 2001
---- ---- ----

Americas 1,408 2,633 3,296
Europe 588 1,334 2,017
Asia 2,169 651 8,647
Other 80 110 189
----- ----- ------
Total off-lease containers 4,245 4,728 14,149
===== ===== ======

At December 31, 2003 and 2002 approximately 7% and 5%, respectively, of the
Partnership's off-lease containers had been specifically identified as for sale.

Rental Rates

In addition to utilization, rental income is affected by daily rental rates. The
average daily rental rate for the Partnership's containers decreased 8% and 11%
from the years ended December 31, 2002 to 2003 and December 31, 2001 to 2002,
respectively. Average rental rates declined primarily due to the decline in long
term lease rates. The decline in average rental rates under master leases
between the periods was minor. The majority of the Partnership's rental income
was generated from master leases, but in the past several years an increasing
percentage of the Partnership's containers have been on lease under long term
leases. At December 31, 2003, 2002 and 2001, 39%, 29% and 30%, respectively, of
the Partnership's on-lease containers were on lease under long term leases. Long
term leases generally have lower rental rates than master leases because the
lessees have contracted to lease the containers for several years and cannot
return the containers prior to the termination date without a penalty.
Fluctuations in rental rates under either type of lease generally will affect
the Partnership's operating results.

Comparative Results of Operations

The following is a comparative analysis of the results of operations for the
years ended December 31, 2003, 2002 and 2001:


2003 2002 2001
---- ---- ----

Loss from operations $ 572 $ 3,870 $ 2,124
Rental income $13,113 $11,779 $13,693

Percent change from previous
year in
Utilization 26% 8% (22%)
Average container fleet ( 8%) ( 8%) ( 3%)
Average rental rates ( 8%) (11%) ( 2%)

The Partnership's rental income increased $1,334, or 11%, from the year ended
December 31, 2002 to the comparable period in 2003. The increase was
attributable to increases in income from container rentals and other rental
income, which is discussed below. Income from container rentals, the major
component of total revenue, increased $1,161, or 12%, from the year ended
December 31, 2002 to 2003 primarily due to the increase in average utilization,
offset by the declines in average container fleet and rental rates as detailed
in the above table.

The decrease in rental income of $1,914, or 14%, from the year ended December
31, 2001 to 2002 was attributable to decreases in both container rental income
and other rental income. Income from container rentals decreased $1,776, or 15%,
primarily due to decreases in average rental rates and the average container
fleet, offset by an increase in average on-hire utilization as detailed above.

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

Sale of Containers in Low Demand Locations Created by Current Market Conditions:
Although demand for leased containers has improved, the trade imbalance between
Asia and the Americas and Europe continues. As a result, a large portion of the
Partnership's off-lease containers are located in low demand locations in the
Americas and Europe as detailed above in "Utilization." For these and other
off-lease containers, the Partnership determines whether these containers should
be sold or held for continued use. The decision to sell containers is based on
the current expectation that the economic benefit of selling these containers is
greater than the estimated economic benefit of continuing to own these
containers. The majority of the containers sold in low demand locations are
older containers. The expected economic benefit of continuing to own these older
containers is significantly less than that of newer containers. This is due to
their shorter remaining marine life, the cost to reposition them, and the
shipping lines' preference for leasing newer containers when they have a choice.
Until demand for containers improves in certain low demand locations, the
Partnership plans to continue selling some of its containers that are off-lease
in these locations rather than incurring the expense of repositioning them.

Other Income and Expenses

The following is a discussion of other income earned by the Partnership and its
expenses:

Other Rental Income

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 year ended December 31, 2003, other rental income was $1,934, an
increase of $173 from the equivalent period in 2002. The increase in other
rental income was primarily due to increases in DPP and location income of $310
and $46, respectively, offset by a decrease in handling income of $207.

Other rental income was $1,760 for the year ended December 31, 2002, a decrease
of $138 from the equivalent period in 2001. The decrease was primarily due to
decreases in location and DPP income of $154 and $127, respectively, offset by
the increase in handling income of $144.

Direct Container Expenses

Direct container expenses decreased $620, or 16%, from the year ended December
31, 2002 to the equivalent period in 2003. The decrease was primarily due to
declines in storage and handling expenses of $1,191 and $115, respectively,
offset by increases in repositioning and DPP expenses of $487 and $202,
respectively. These changes are discussed in detail below.

Storage expense decreased due to (i) the increase in utilization noted above;
(ii) a decline in the average storage cost per container and (iii) a decline in
the average fleet size. The decrease in handling expense was primarily due to
the decline in container movement. Repositioning expense increased primarily due
to an increase in the average repositioning costs due to (i) expensive
repositioning moves related to one lessee who required containers to be
delivered to certain locations and (ii) longer average repositioning moves and
an increase in the number of containers repositioned. The increase in DPP
expense was primarily due to the increase in the number of containers covered
under DPP.

Direct container expenses decreased $1,658, or 30% from the year ended December
31, 2001, to the same period in 2002. The decrease was primarily due to
decreases in repositioning, storage, DPP and maintenance expenses of $833, $575,
$134 and $130, respectively.


Repositioning expense decreased primarily due to the decrease in the average
cost to reposition containers primarily due to shorter, less expensive
repositioning moves made during the year ended December 31, 2002 compared to the
same period in 2001. Storage expense decreased due to the increase in average
utilization noted above and a lower average storage cost per container. DPP
expense declined primarily due to the decrease in the average DPP repair cost
per container. Maintenance expense decreased due to the decrease in the number
of containers requiring maintenance and a decrease in the average maintenance
cost per container.

Bad Debt Expense or Benefit

Bad debt expense (benefit) was $102, $20 and ($25) for the years ended December
31, 2003, 2002 and 2001, respectively. Fluctuations in bad debt expense
(benefit) reflect the adjustments to the bad debt reserve, after deductions have
been taken against the reserve, and are based on management's then current
estimates of the portion of accounts receivable that may not be collected, and
which will not be covered by insurance. These estimates are based primarily on
management's current assessment of the financial condition of the Partnership's
lessees and their ability to make their required payments. See "Critical
Accounting Policies and Estimates" below. The expenses recorded during the years
ended December 31, 2003 and 2002 reflect a higher reserve estimate, after
deductions had been taken against the reserve, from December 31, 2002 and 2001.
The benefit recorded during the year ended December 31, 2001 reflects a lower
reserve estimate, after deductions had been taken against the reserve, from
December 31, 2000.

Depreciation Expense

The increases in depreciation expense of $351, or 5%, and $251, or 4%, from the
years ended December 31, 2002 to 2003 and December 31, 2001 to 2002,
respectively, were primarily due to the Partnership revising its estimate for
container salvage value in 2002. Effective July 1, 2002, the Partnership revised
its estimate for container salvage value from a percentage of equipment cost to
an estimated dollar residual value. The effect of this change resulted in an
increased rate of depreciation for the last half of 2002 and all of 2003. For a
further discussion of changes to depreciation, see "Critical Accounting Policies
and Estimates" below.

Write Down of Certain Containers Identified for Sale

New container prices steadily declined from 1995 through 1999 and have remained
low through 2003. As a result, the cost of new containers purchased in recent
years is significantly less than the average cost of containers purchased in
prior years. The Partnership evaluated the recoverability of the recorded amount
of container rental equipment at December 31, 2003 and 2002 for containers to be
held for continued use and determined that a reduction to the carrying value of
these containers was not required. The Partnership also evaluated the
recoverability of the recorded amount of containers identified for sale in the
ordinary course of business and determined that a reduction to the carrying
value of some of these containers was required. The Partnership wrote down the
value of these containers to their estimated net realizable value, which was
based on recent sales prices less cost to sell.

Write-down expense decreased $1,300, or 76%, from the year ended December 31,
2002 to 2003 primarily due to the decrease in the number of containers
identified for sale that required a write-down and a lower average required
write down. The number of containers identified for sale decreased primarily due
to the decline in the number of containers located in low demand locations as
detailed above. The decline in the average required write down was primarily a
result of the increased depreciation rate.

Write-down expense increased $761, or 80%, from the year ended December 31, 2001
to 2002 primarily due to the increase in the number of containers identified for
sale that required a write-down. See "Critical Accounting Policies and
Estimates" below.

Loss on Sale of Containers

The following details the loss on the sale of containers for the years ended
December 31, 2003, 2002 and 2001:

2003 2002 2001
---- ---- ----

Loss on written-down containers $ 55 $ 77 $ 39
Loss on other containers 670 1,031 466
--- ----- ---
Total loss on container sales $725 $1,108 $505
=== ===== ===


The loss recorded on the sale of written down containers for the years ended
December 31, 2003, 2002 and 2001, was due to the Partnership selling containers
for a lower price than the estimated sales proceeds used to determine the
write-down. For a further discussion of use of estimates, see "Critical
Accounting Policies and Estimates" below.

As the Partnership determines the number of containers identified for sale and
the related write-down amount on a monthly basis, some containers are sold
before they are written down. The loss on these containers is referred to in the
table above as "Loss on other containers." The amount of loss on the sale of
these other containers has fluctuated due to the specific conditions of the
containers sold, the types of container sold, the locations where the containers
were sold and their net book value, rather than any identifiable trend. In fact,
container sales prices appear to have stabilized, after declining for the past
several years, as the average sales price for containers sold by TEM on behalf
of the Partnership as well as other container owners was comparable for the
years ended December 31, 2003 and 2002.

Management Fees and General and Administrative Costs

Management fees to affiliates consist of equipment management fees, which are
primarily based on rental income, and incentive management fees, which are based
on the Partnership's limited and general partner distributions made from cash
from operations and partners' capital. The following details these fees for the
years ended December 31, 2003, 2002 and 2001:

2003 2002 2001
---- ---- ----

Equipment management fees $ 919 $ 822 $ 955
Incentive management fees 271 241 340
----- ----- -----
Management fees to affiliates $1,190 $1,063 $1,295
===== ===== =====

Equipment management fees fluctuated based on the fluctuations in rental income
and were approximately 7% of rental income for the years ended December 31,
2003, 2002 and 2001. Fluctuations in incentive management fees between the
periods were primarily due to fluctuations in the amount of distributions paid
from cash from operations.

General and administrative costs to affiliates decreased $27, or 4%, and $77, or
11%, from the years ended December 31, 2002 to 2003 and December 31, 2001 to
2002, respectively. These decreases were primarily due to decreases in the
allocation of overhead costs from TEM, as the Partnership represented a smaller
portion of the total fleet managed by TEM.

Other general and administrative costs decreased $171, from the year ended
December 31, 2002 to the same period in 2003 and increased $114, from the year
ended December 31, 2001 to 2002. These fluctuations were primarily due to
fluctuations in other service fees between the periods.

Contractual Obligations

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

Since the Partnership Agreement requires the Partnership to continue to pay
these fees and expenses to the General Partners and reimburse the General
Partners for expenses incurred by them or other service providers selected by
the General Partners, these payments are contractual obligations.






The following details the amounts payable at December 31, 2003 for these
obligations and for container purchases:

------------------------------------------------------------------------------------------------
Payments due by period
------------------------------------------------------------
Less
than 1 1-3 3-5 More than 5
Contractual Obligations Total year years years years
------------------------------------------------------------------------------------------------


Container purchases $292 $292 * * *

Acquisition fees 1 1 * * *
Equipment management fees 144 144 * * *
Incentive management fees 68 68 * * *
Equipment liquidation fee (1) - -
Reimbursement of general and
administrative costs to:
Affiliates 144 144 * * *
Other service providers 142 142 * * *
------------------------------------------------------------------------------------------------
Total $791 $791
------------------------------------------------------------------------------------------------

* The Partnership has not recorded liabilities for these fees and reimbursements
related to periods subsequent to December 31, 2003, as these fees and
reimbursements cannot be estimated as they are dependent on variable factors as
detailed below:

Acquisition fees 5% of equipment cost
Equipment management fee 7% of gross operating lease revenues
2% of gross full payout lease revenues
Incentive management fee 4% of distributable cash from operations
Reimbursements to affiliates Dependent on the amount of expenses incurred
and other service providers that are allocable to the Partnership
Service fee to other service Monthly fee dependent on the number of limited partners
provider


(1) The Partnership is required to pay the General Partners an equipment
liquidation fee, but this fee is payable only after limited partners receive a
certain amount of distributions from the Partnership. The Partnership does not
currently expect to pay this liquidation fee.

For the amount of fees and reimbursements made to the General Partners for the
years ended December 31, 2003, 2002 and 2001, see Note 2 to the Financial
Statements in Item 8. For the amount of fees and reimbursements made to other
service providers, see Other general and administrative expenses in the
Statements of Operations in Item 8.

Net Earnings or Loss per Limited Partnership Unit

2003 2002 2001
---- ---- ----
Net loss per limited
partnership unit $0.10 $ 0.59 $ 0.32
Net loss allocated
to limited partners $ 619 $3,908 $2,119


Net loss per limited partnership unit fluctuates based on fluctuations in net
loss allocated to limited partners as detailed above. The allocation of net loss
for the years ended December 31, 2003, 2002 and 2001 included a special
allocation of gross income to the General Partners of $74, $107, and $107,
respectively, in accordance with the Partnership Agreement.


Critical Accounting Policies and Estimates

Certain estimates and assumptions were made by the Partnership's management that
affect its financial statements. These estimates are based on historical
experience and on assumptions believed to be reasonable under the circumstances.
These estimates and assumptions form the basis for making judgments about the
carrying value of assets and liabilities. Actual results could differ.

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

Allowance for Doubtful Accounts: The allowance for doubtful accounts is based on
management's current assessment of the financial condition of the Partnership's
lessees and their ability to make their required payments. If the financial
condition of the Partnership's lessees were to deteriorate, resulting in an
impairment of their ability to make payments, additional allowances may be
required, which would adversely affect the Partnership's operating results.

The General Partners have established a Credit Committee, which actively manages
and monitors the collection of receivables on at least a monthly basis. This
committee establishes credit limits for every lessee and potential lessee of
equipment, monitors compliance with these limits, monitors collection
activities, follows up on the collection of outstanding accounts, determines
which accounts should be written-off and estimates allowances for doubtful
accounts. As a result of actively managing these areas, the Partnership's
allowance for bad debt as a percentage of accounts receivable has ranged from 5%
to 16% and has averaged approximately 8% over the last 5 years. These allowances
have historically covered all of the Partnership's bad debts.

Container Depreciation Estimates: The Partnership depreciates its container
rental equipment based on certain estimates related to the container's useful
life and salvage value. The Partnership estimates a container's useful life to
be 12 years, an estimate which it has used since the Partnership's inception.
Prior to July 1, 2002, the Partnership estimated salvage value as a percentage
of equipment cost. Effective July 1, 2002, the Partnership revised its estimate
for container salvage value to an estimated dollar residual value, reflecting
current expectations of ultimate residual values.

The Partnership will evaluate the estimated residual values and remaining
estimated useful lives on an on-going basis and will revise its estimates as
needed. The Partnership will revise its estimate of residual values if it is
determined that these estimates are no longer reasonable based on recent sales
prices and revised assumptions regarding future sales prices. The Partnership
will revise its estimate of container useful life if it is determined that the
current estimates are no longer reasonable based on the average age of
containers sold and revised assumptions regarding future demand for leasing
older containers.

As a result, depreciation expense could fluctuate significantly in future
periods as a result of any revisions made to these estimates. A decrease in
estimated residual values or useful lives of containers would increase
depreciation expense, adversely affecting the Partnership's operating results.
Conversely, any increase in these estimates would result in a lower depreciation
expense, resulting in an improvement in operating results. These changes would
not affect cash generated from operations, as depreciation is a non-cash item.

Container Impairment Estimates: Write-downs of containers are made when it is
determined that the recorded value of the containers exceeds their estimated
fair value. Containers held for continued use and containers identified for sale
in the ordinary course of business are considered to have different estimated
fair values.

In determining estimated fair value for a container held for continued use,
management must estimate the future undiscounted cash flows for the container.
Estimates of future undiscounted cash flows require estimates about future
rental revenues to be generated by the container, future demand for leased
containers, and the length of time for which the container will continue to
generate revenue. To date, management has not found the estimates of future
undiscounted cash flows to be less than the recorded value of the Partnership's
containers. Therefore, the Partnership has not recorded any write-downs of
containers to be held for continued use. Estimates regarding the future
undiscounted cash flows for these containers could prove to be inaccurate. If
these containers are sold prior to the end of their useful lives and before they
are written down, as a result of being identified as for sale, the Partnership
may incur losses on the sale of these containers.

In determining estimated fair value for a container identified for sale, the
current estimated sales price for the container, less estimated cost to sell, is
compared to its recorded value. This recorded value has been found to be less
than the estimated sales price, less cost to sell, for some containers and these
containers have been written down. See "Write Down of Certain Containers
Identified for Sale" above. The Partnership has, however, recorded some losses
on the sale of these previously written-down containers. Losses were recorded
because the estimated sales price was higher than the actual sales price
realized. Estimated sales prices are difficult to predict, and management's
estimates proved too high in these cases. See "Gain and Loss on Sale of
Containers" above.

The Partnership will continue to monitor the recoverability of its containers.
If actual market conditions for leased containers are less favorable than those
projected, if actual sales prices are lower than those estimated by the
Partnership, or if the estimated useful lives of the Partnership's containers
were shortened, additional write-downs may be required and/or losses may be
incurred. Any additional write-downs or losses would adversely affect the
Partnership's operating results.

Risk Factors and Forward Looking Statements

Although substantially all of the Partnership's income from operations is
derived from assets employed in foreign operations, virtually all of this income
is denominated in United States dollars. The Partnership's customers are
international shipping lines, which transport goods on international trade
routes. The domicile of the lessee is not indicative of where the lessee is
transporting the containers. The Partnership's business risk in its foreign
operations lies with the creditworthiness of the lessees, and the Partnership's
ability to keep its containers under lease, rather than the geographic location
of the containers or the domicile of the lessees. The containers are generally
operated on the international high seas rather than on domestic waterways. The
containers are subject to the risk of war or other political, economic or social
occurrence where the containers are used, which may result in the loss of
containers, which, in turn, may have a material impact on the Partnership's
results of operations and financial condition.

Other risks of the Partnership's leasing operations include competition, the
cost of repositioning containers after they come off-lease, the risk of an
uninsured loss, including bad debts, the risk of technological obsolescence,
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 "Critical Accounting
Policies and Estimates" above for information on the Partnership's critical
accounting policies and how changes in those estimates could adversely affect
the Partnership's results of operations.

The foregoing includes forward-looking statements and predictions about possible
or future events, results of operations and financial condition. These
statements and predictions may prove to be inaccurate, because of the
assumptions made by the Partnership or the General Partners or the actual
development of future events. No assurance can be given that any of these
forward-looking statements or predictions will ultimately prove to be correct or
even substantially correct. The risks and uncertainties in these forward-looking
statements include, but are not limited to, changes in demand for leased
containers, changes in global business conditions and their effect on world
trade, future modifications in the way in which the Partnership's lessees
conduct their business or of the profitability of their business, increases or
decreases in new container prices or the availability of financing, 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. The
Partnership does not undertake any obligation to update forward-looking
statements.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Exchange Rate Risk

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 does pay a small amount
of its expenses in various foreign currencies. For the year ended December 31,
2003, approximately 7% of the Partnership's expenses were paid in 17 different
foreign currencies. As there are no significant payments made in any one foreign
currency, the Partnership does not hedge these expenses.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA

Attached pages 22 to 34.





Independent Auditors' Report
----------------------------


The Partners
Textainer Equipment Income Fund IV, L.P.:

We have audited the accompanying balance sheets of Textainer Equipment Income
Fund IV, L.P. (a California limited partnership) as of December 31, 2003 and
2002, the related statements of operations, partners' capital and cash flows for
each of the years in the three-year period ended December 31, 2003. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Textainer Equipment Income Fund
IV, L.P. as of December 31, 2003 and 2002, and the results of its operations,
partners' capital and cash flows for each of the years in the three-year period
ended December 31, 2003 in conformity with accounting principles generally
accepted in the United States of America.



/s/ KPMG LLP



San Francisco, California
February 19, 2004






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

Balance Sheets

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

2003 2002
--------------- ----------------

Assets
Container rental equipment, net of accumulated
depreciation of $51,001 (2002: $51,952) (note1(e)) $ 34,518 $ 41,446
Cash 1,845 2,339
Accounts receivable, net of allowance
for doubtful accounts of $208 (2002: $164) 3,219 3,107
Due from affiliates, net (note 2) 338 84
Prepaid expenses 42 40
--------------- ----------------

$ 39,962 $ 47,016
=============== ================

Liabilities and Partners' Capital
Liabilities:
Accounts payable $ 303 $ 296
Accrued liabilities 385 430
Accrued damage protection plan costs (note 1(j)) 435 246
Warranty claims (note 1(k)) 170 232
Deferred quarterly distributions (note 1(g)) 86 83
Container purchases payable 292 -
--------------- ----------------

Total liabilities 1,671 1,287
--------------- ----------------

Partners' capital:
General partners - -
Limited partners 38,291 45,729
--------------- ----------------

Total partners' capital 38,291 45,729
--------------- ----------------


$ 39,962 $ 47,016
=============== ================

See accompanying notes to financial statements







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

Statements of Operations

Years ended December 31, 2003, 2002 and 2001
(Amounts in thousands except for unit and per unit amounts)
- ---------------------------------------------------------------------------------------------------------------------------

2003 2002 2001
----------------- ----------------- -----------------

Rental income $ 13,113 $ 11,779 $ 13,693
----------------- ----------------- -----------------

Costs and expenses:
Direct container expenses 3,191 3,811 5,469
Bad debt expense (benefit) 102 20 (25)
Depreciation (note 1(e)) 7,271 6,920 6,669
Write-down of containers (note 1(e)) 415 1,715 954
Professional fees 34 57 32
Management fees to affiliates (note 2) 1,190 1,063 1,295
General and administrative costs to affiliates (note 2) 619 646 723
Other general and administrative costs 138 309 195
Loss on sale of containers (note 1 (e)) 725 1,108 505
----------------- ----------------- -----------------

13,685 15,649 15,817
----------------- ----------------- -----------------

Loss from operations (572) (3,870) (2,124)
----------------- ----------------- -----------------

Interest income 21 31 92
----------------- ----------------- -----------------

Net loss $ (551) $ (3,839) $ (2,032)
================= ================= =================

Allocation of net earnings (loss) (note 1(g)):
General partners $ 68 $ 69 $ 87
Limited partners (619) (3,908) (2,119)
----------------- ----------------- -----------------

$ (551) $ (3,839) $ (2,032)
================= ================= =================
Limited partners' per unit share
of net (loss) earnings $ (0.10) $ (0.59) $ (0.32)
================= ================= =================

Limited partners' per unit share
of distributions $ 1.00 $ 1.00 $ 1.23
================= ================= =================

Weighted average number of limited
partnership units outstanding (note 1(l)) 6,506,325 6,633,981 6,718,741
================= ================= =================

See accompanying notes to financial statements








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

Statements of Partners' Capital

Years ended December 31, 2003, 2002 and 2001
(Amounts in thousands)
- -------------------------------------------------------------------------------------------------------------------------

Partners' Capital
-----------------------------------------------------
General Limited Total
-------------- -------------- --------------

Balances at December 31, 2000 $ - $ 67,788 $ 67,788

Distributions (87) (8,290) (8,377)

Redemptions (note 1(m)) - (234) (234)

Net earnings (loss) 87 (2,119) (2,032)
-------------- -------------- --------------

Balances at December 31, 2001 - 57,145 57,145
-------------- -------------- --------------

Distributions (69) (6,648) (6,717)

Redemptions (note 1(m)) - (860) (860)

Net earnings (loss) 69 (3,908) (3,839)
-------------- -------------- --------------

Balances at December 31, 2002 - 45,729 45,729
-------------- -------------- --------------

Distributions (68) (6,511) (6,579)

Redemptions (note 1(m)) - (308) (308)

Net earnings (loss) 68 (619) (551)
-------------- -------------- --------------

Balances at December 31, 2003 $ - $ 38,291 $ 38,291
============== ============== ==============


See accompanying notes to financial statements








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

Statements of Cash Flows

Years ended December 31, 2003, 2002 and 2001
(Amounts in thousands)
- ---------------------------------------------------------------------------------------------------------------------------

2003 2002 2001
-------------- ------------- --------------

Cash flows from operating activities:
Net (loss) earnings $ (551) $ (3,839) $ (2,032)
Adjustments to reconcile net (loss) earnings to
net cash provided by operating activities:
Depreciation and container write-down (note 1(e)) 7,686 8,635 7,623
Increase (decrease) in allowance for doubtful accounts 44 (54) (105)
Loss on sale of containers 725 1,108 505
Decrease (increase) in assets:
Accounts receivable (122) 179 816
Prepaid expenses (2) (22) (1)
Due from affiliates, net 274 (98) 786
(Decrease) increase in liabilities:
Accounts payable & accrued liabilities (38) (270) (76)
Accrued damage protection plan costs 189 47 (167)
Warranty claims (62) (61) (61)
-------------- ------------- --------------

Net cash provided by operating activities 8,143 5,625 7,288
-------------- ------------- --------------

Cash flows from investing activities:
Proceeds from sale of containers 2,136 4,052 1,709
Container purchases (3,890) (1,602) (1,687)
-------------- ------------- --------------

Net cash (used in) provided by investing activities (1,754) 2,450 22
-------------- ------------- --------------

Cash flows from financing activities:
Redemptions of limited partnership units (308) (860) (234)
Distributions to partners (6,575) (6,717) (8,418)
-------------- ------------- --------------

Net cash used in financing activities (6,883) (7,577) (8,652)
-------------- ------------- --------------

Net (decrease) increase in cash (494) 498 (1,342)

Cash at beginning of period 2,339 1,841 3,183
-------------- ------------- --------------

Cash at end of period $ 1,845 $ 2,339 $ 1,841
============== ============= ==============


See accompanying notes to financial statements






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

Statements of Cash Flows - Continued

Years ended December 31, 2003, 2002 and 2001
(Amounts in thousands)
- --------------------------------------------------------------------------------

Supplemental Disclosures:

Supplemental schedule of non-cash investing and financing activities:

The following table summarizes the amounts of container purchases, distributions
to partners and proceeds from sale of containers which had not been paid or
received by the Partnership as of December 31, 2003, 2002 and 2001, resulting in
differences in amounts recorded and amounts of cash disbursed or received by the
Partnership, as shown in the Statements of Cash Flows.

2003 2002 2001
---- ---- ----

Container purchases included in:
Due to affiliates..................................................... $ 1 $ - $ 27
Container purchases payable........................................... 292 - -

Distributions to partners included in:
Due to affiliates..................................................... 6 5 7
Deferred quarterly distributions...................................... 86 83 81

Proceeds from sale of containers included in:
Due from affiliates................................................... 848 318 767

The following table summarizes the amounts of container purchases, distributions
to partners and proceeds from sale of containers recorded by the Partnership and
the amounts paid or received as shown in the Statements of Cash Flows for the
years ended December 31, 2003, 2002 and 2001.

2003 2002 2001
---- ---- ----

Container purchases recorded......................................... $4,183 $1,575 $ 616
Container purchases paid............................................. 3,890 1,602 1,687

Distributions to partners declared................................... 6,579 6,717 8,377
Distributions to partners paid....................................... 6,575 6,717 8,418

Proceeds from sale of containers recorded............................ 2,666 3,603 2,223
Proceeds from sale of containers received............................ 2,136 4,052 1,709

The Partnership has entered into direct finance leases, resulting in the
transfer of containers from container rental equipment to accounts receivable.
The carrying values of containers transferred during the years ended December
31, 2003, 2002 and 2001 were $34, $211 and $100, respectively.

See accompanying notes to financial statements





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

Notes to Financial Statements

Years ended December 31, 2003, 2002 and 2001
(Amounts in thousands except for unit and per unit amounts)
- --------------------------------------------------------------------------------


Note 1. Summary of Significant Accounting Policies

(a) Nature of Operations

Textainer Equipment Income Fund IV, L.P. (TEIF IV or the Partnership), a
California limited partnership, with a maximum life of 20 years, was formed
on October 30, 1991. The Partnership was formed to engage in the business
of owning, leasing and selling both new and used equipment related to the
international containerized cargo shipping industry, including, but not
limited to, containers, trailers and other container-related equipment.
TEIF IV offered units representing limited partnership interests (Units) to
the public until April 30, 1994, the close of the offering period, when a
total of 6,845,903 Units had been purchased for a total of $136,918.

Textainer Financial Services Corporation (TFS) is the managing general
partner of the Partnership. TFS is a wholly-owned subsidiary of Textainer
Capital Corporation (TCC). Textainer Equipment Management Limited (TEM) and
Textainer Limited (TL) are associate general partners of the Partnership.
The managing general partner and the associate general partners are
collectively referred to as the General Partners and are commonly owned by
Textainer Group Holdings Limited (TGH). The General Partners also act in
this capacity for other limited partnerships. The General Partners manage
and control the affairs of the Partnership.

(b) Basis of Accounting

The Partnership utilizes the accrual method of accounting. Revenue is
recorded when earned according to the terms of the container rental
contracts. These contracts are classified as operating leases or direct
finance based on the criteria of Statement of Financial Accounting
Standards No. 13: "Accounting for Leases."

(c) Critical Accounting Policies and Estimates

Certain estimates and assumptions were made by the Partnership's management
that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. The Partnership's management evaluates its estimates on
an on-going basis, including those related to the container rental
equipment, accounts receivable, and accruals.

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

The following critical accounting policies are used in the preparation of
its financial statements.

The Partnership maintains allowances for doubtful accounts for estimated
losses resulting from the inability of its lessees to make required
payments. These allowances are based on management's current assessment of
the financial condition of the Partnership's lessees and their ability to
make their required payments.

The Partnership depreciates its container rental equipment based on certain
estimates related to the container's useful life and salvage value.
Additionally, the Partnership writes down the value of its containers if an
evaluation indicates that the recorded amounts of containers are not
recoverable based on estimated future undiscounted cash flows and sales
prices. These estimates are based upon historical useful lives of
containers and container sales prices as well as assumptions about future
demand for leased containers and estimated sale prices.

(d) Fair Value of Financial Instruments

In accordance with Statement of Financial Accounting Standards No. 107,
"Disclosures about Fair Value of Financial Instruments," the Partnership
calculates the fair value of financial instruments and includes this
additional information in the notes to the financial statements when the
fair value is different than the book value of those financial instruments.
At December 31, 2003 and 2002, the fair value of the Partnership's
financial instruments (cash, accounts receivable and current liabilities)
approximates the related book value of such instruments.


(e) Container Rental Equipment

Container rental equipment is recorded at the cost of the assets purchased,
which includes acquisition fees, less accumulated depreciation charged.
Through June 30, 2002 depreciation of new containers was computed using the
straight-line method over an estimated useful life of 12 years to a 28%
salvage value. Used containers were depreciated based upon their estimated
remaining useful life at the date of acquisition (from 2 to 11 years).
Effective July 1, 2002, the Partnership revised its estimate for container
salvage value from a percentage of equipment cost to an estimated dollar
residual value, reflecting current expectations of ultimate residual
values. The effect of this change for the year ended December 31, 2002 was
an increase to depreciation expense of $1,011. When assets are retired or
otherwise disposed of, the cost and related accumulated depreciation are
removed from the equipment accounts and any resulting gain or loss is
recognized in income for the period.

In accordance with Statement of Financial Accounting Standards No. 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets" (SFAS
144), the Partnership periodically compares the carrying value of the
containers to expected future cash flows for the purpose of assessing the
recoverability of the recorded amounts. If the carrying value exceeds
expected future cash flows, the assets are written down to estimated fair
value. In addition, containers identified for sale are recorded at the
lower of carrying amount or fair value less cost to sell.

The Partnership evaluated the recoverability of the recorded amount of
container rental equipment at December 31, 2003 and 2002 for containers to
be held for continued use and determined that a reduction to the carrying
value of these containers was not required. The Partnership also evaluated
the recoverability of the recorded amount of containers identified for sale
in the ordinary course of business and determined that a reduction to the
carrying value of these containers 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 of sales. During the years ended
December 31, 2003, 2002 and 2001, the Partnership recorded write-down
expenses of $415, $1,715 and $954, respectively, on 985, 2,150 and 1,284
containers identified for sale and requiring a reserve. During the years
ended December 31, 2003 and 2002, the Partnership also transferred 34 and
503 containers from containers identified for sale to containers held for
continued use due to the improvement in demand for leased containers in
Asia. There were no transfers during the year ended December 31, 2001. At
December 31, 2003 and 2002, the net book value of the 318 and 244
containers identified as for sale was $258 and $233, respectively. These
containers are included in container rental equipment in the balance
sheets.

The Partnership sold 882, 2,234 and 612 of these previously written down
containers for losses of $55, $77 and $39 during the years ended December
31, 2003, 2002, and 2001, respectively.

The Partnership also sold containers that had not been written down and
recorded losses of $670, $1,031 and $466 during the years ended December
31, 2003, 2002 and 2001, respectively.

(f) Nature of Income from Operations

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 that 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 rather
than the geographic location of the containers or the domicile of the
lessees.

No single lessee generated lease revenue for the years ended December 31,
2003, 2002 and 2001 which was 10% or more of the total revenue of the
Partnership.

(g) Allocation of Net Earnings (Loss) and Partnership Distributions

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

Actual cash distributions to the Limited Partners differ from the allocated
net earnings (losses) as presented in these financial statements because
cash distributions are based on cash available for distribution. Cash
distributions are paid to the general and limited partners on a monthly
basis in accordance with the provisions of the Partnership Agreement. Some
limited partners have elected to have their distributions paid quarterly.
The Partnership has recorded deferred distributions of $86 and $83 at
December 31, 2003 and 2002, respectively.

(h) Income Taxes

The Partnership is not subject to income taxes. Accordingly, no provision
for income taxes has been made. The Partnership files federal and state
information returns only. Taxable income or loss is reportable by the
individual partners.

(i) Acquisition Fees

In accordance with the Partnership Agreement, acquisition fees equal to 5%
of the container purchase price were paid to TEM. These fees are
capitalized as part of the cost of the containers.

(j) Damage Protection Plan

The Partnership offers a Damage Protection Plan (DPP) to lessees of its
containers. Under the terms of DPP, the Partnership earns additional
revenues on a daily basis and, in return, has agreed to bear certain repair
costs. It is the Partnership's policy to recognize revenue when earned and
provide a reserve sufficient to cover the estimated future repair costs.
DPP expenses are included in direct container expenses in the Statements of
Operations and the related reserve at December 31, 2003 and 2002, was $435
and $246, respectively.

(k) Warranty Claims

During 1996 and 1995, the Partnership settled warranty claims against two
container manufacturers. The Partnership is amortizing the settlement
amounts over the remaining estimated useful lives of the applicable
containers (ten years), reducing maintenance and repair costs over that
time. At December 31, 2003 and 2002, the unamortized portion of the
settlement amount was $170 and $232, respectively.

(l) Limited Partners' Per Unit Share of Net Earnings (Loss) and
Distributions

Limited partners' per unit share of both net earnings (loss) and
distributions were computed using the weighted average number of units
outstanding during the years ended December 31, 2003, 2002 and 2001, which
were 6,506,325, 6,633,981, and 6,718,741, respectively.



(m) Redemptions

The following redemption offerings were consummated by the Partnership
during the years ended December 31, 2003, 2002 and 2001:

Units Average
Redeemed Redemption Price Amount Paid
-------- ---------------- -----------

Total Partnership redemptions as of
December 31, 2000..................... 103,775 $10.32 $1,071
------- -----

Year ended:
December 31, 2001................. 28,162 $ 8.31 234
December 31, 2002................. 163,618 $ 5.26 860
December 31, 2003................. 58,803 $ 5.24 308
------- -----
Total Partnership redemptions as of
December 31, 2003..................... 354,358 $ 6.98 $2,473
======= =====

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

(n) Reclassifications

Certain reclassifications, not affecting net earnings (loss), have been
made to prior year amounts in order to conform to the 2003 financial
statement presentation.

Note 2. Transactions with Affiliates

As part of the operation of the Partnership, the Partnership is to pay to
the General Partners an acquisition fee, an equipment management fee, an
incentive management fee and an equipment liquidation fee. These fees are
for various services provided in connection with the administration and
management of the Partnership. The Partnership capitalized $199, $75, and
$29 of container acquisition fees as a component of container costs during
the years ended December 31, 2003, 2002 and 2001, respectively. The
Partnership incurred $271, $241, and $340 of incentive management fees
during each of the three years ended December 31, 2003, 2002 and 2001,
respectively. There were no equipment liquidation fees incurred during
these periods.

The Partnership's containers are managed by TEM. In its role as manager,
TEM has authority to acquire, hold, manage, lease, sell and dispose of the
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 December 31, 2003 and 2002.

Subject to certain reductions, TEM receives a monthly equipment management
fee equal to 7% of gross lease revenues attributable to master operating
leases and 2% of gross revenues attributable to full payout net leases.
These fees totaled $919, $822 and $955, respectively for the years ended
December 31, 2003, 2002 and 2001.

Certain indirect general and administrative costs such as salaries,
employee benefits, taxes and insurance are incurred in performing
administrative services necessary to the operation of the Partnership.
These costs are incurred and paid by TFS and TEM. Total general and
administrative costs allocated to the Partnership were as follows:

2003 2002 2001
---- ---- ----

Salaries $357 $409 $432
Other 262 237 291
--- --- ---
Total general and
administrative costs $619 $646 $723
=== === ===

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 investors to the total number of investors
of all limited partnerships managed by TFS or equally among all the limited
partnerships managed by TFS. The General Partners allocated the following
general and administrative costs to the Partnership during the years ended
December 31, 2003, 3002 and 2001:

2003 2002 2001
---- ---- ----

TEM $ 529 $ 559 $ 632
TFS 90 87 91
--- --- ---
Total general and
administrative costs $ 619 $ 646 $ 723
=== === ===

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

At December 31, 2003 and 2002, due from affiliates, net, is comprised of:

2003 2002
---- ----
Due from affiliates:
Due from TEM.................... $419 $174
--- ---

Due to affiliates:
Due to TL....................... 1 1
Due to TCC...................... 9 18
Due to TFS...................... 71 71
--- ---
81 90
--- ---

Due from affiliates, net $338 $ 84
=== ===

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

Note 3. Lease Rental Income (unaudited)

Leasing income arises principally from the renting of containers to various
international shipping lines. Revenue is recorded when earned according to
the terms of the container rental contracts. These contracts are typically
for terms of five years or less. The following is the lease mix of the
on-lease containers (in units) at December 31, 2003, 2002 and 2001:


2003 2002 2001
---- ---- ----

On-lease under master leases 13,752 16,499 12,021
On-lease under long-term leases 8,925 6,797 5,241
------ ------ ------

Total on-lease containers 22,677 23,296 17,262
====== ====== ======

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

The remaining containers are off-lease and are being stored primarily at a
large number of storage depots. At December 31, 2003 and 2002 approximately
7% and 5%, respectively, of the Partnership's off-lease containers had been
specifically identified as for sale.




Note 4. Income Taxes

At December 31, 2003, 2002 and 2001, there were temporary differences of
$26,437, $36,044, and $47,769, respectively, between the financial
statement carrying value of certain assets and liabilities and the federal
income tax basis of such assets and liabilities. The reconciliation of net
loss for financial statement purposes to net income for federal income tax
purposes for the years ended December 31, 2003, 2002 and 2001 is as
follows:

2003 2002 2001
---- ---- ----

Net loss per financial statements........................ $ (551) $(3,839) $(2,032)

Increase (decrease) in provision for bad debt............ 44 (54) (105)
Depreciation for federal income tax purposes less
than depreciation for
financial statement purposes............................ 5,994 6,904 5,324
Gain on sale of fixed assets for federal income
tax purposes in excess of gain/loss recognized
for financial statement purposes...................... 3,442 4,889 2,721
Increase (decrease) in damage protection plan costs...... 189 47 (167)
Warranty reserve income for tax purposes in excess
of financial statement purposes......................... (62) (61) (61)
----- ------ ------

Net income for federal income tax purposes............... $9,056 $ 7,886 $ 5,680
===== ====== ======










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

Selected Quarterly Financial Data (Unaudited)
- -----------------------------------------------------------------------------------------------------------------------

The following is a summary of selected quarterly financial data for the years ended
December 31, 2003 and 2002:

(Amounts in thousands)
2003 Quarters Ended
---------------------------------------------------------------
Mar. 31 June 30 Sept. 30 Dec. 31
---------------------------------------------------------------


Rental income $ 3,406 $ 3,305 $ 3,236 $3,166

(Loss) income from operations (1) $ 142 $ (132) $ (410) $ (172)

Net (loss) earnings $ 148 $ (127) $ (405) $ (167)

Limited partners' share of net (loss) earnings $ 131 $ (144) $ (422) $ (184)

Limited partners' share of distributions $ 1,631 $ 1,629 $ 1,627 $1,624

2002 Quarters Ended
---------------------------------------------------------------
Mar. 31 June 30 Sept. 30 Dec. 31
---------------------------------------------------------------

Rental income $ 2,642 $ 2,632 $ 3,088 $3,417

(Loss) income from operations $(2,098) $(1,003) $ (990) $ 221

Net (loss) earnings $(2,089) $ (993) $ (984) $ 227

Limited partners' share of net (loss) earnings $(2,107) $(1,010) $(1,002) $ 211

Limited partners' share of distributions $ 1,678 $ 1,677 $ 1,654 $1,639




(1) In the fourth quarter, the Partnership reduced it's estimate for recovery
costs as a result of defaults under it's leases that it expects to incur, which
are in excess of estimated insurance proceeds. The adjustment resulted in a
decrease of $134 in depreciation expense.



ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.

There have been none.

ITEM 9.A. CONTROLS AND PROCEDURES

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


PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The Registrant has no officers or directors.

The Registrant's three general partners are TFS, TEM and TL. TFS is the Managing
General Partner of the Partnership and is a wholly-owned subsidiary of TCC. TEM
and TL are Associate General Partners of the Partnership. The Managing General
Partner and Associate General Partners are collectively referred to as the
General Partners. TCC, TEM and TL are wholly-owned subsidiaries of Textainer
Group Holdings Limited (TGH). The General Partners act in this capacity for
other limited partnerships.

TFS, as the Managing General Partner, is responsible for managing the
administration and operation of the Registrant, and for the formulation and
administration of investment policies.

TEM, an Associate General Partner, manages all aspects of the operation of the
Registrant's equipment.

TL, an Associate General Partner, owns a fleet of container rental equipment,
which is managed by TEM. TL provides advice to the Partnership regarding
negotiations with financial institutions, manufacturers and equipment owners,
and regarding the terms upon which particular items of equipment are acquired.

Section 16(a) Beneficial Ownership Reporting Compliance.
- -------------------------------------------------------

Section 16(a) of the Securities Exchange Act of 1934 requires the Partnership's
General Partners, policy-making officials and persons who beneficially own more
than ten percent of the Units to file reports of ownership and changes in
ownership with the Securities and Exchange Commission. Copies of these reports
must also be furnished to the Partnership.

Based solely on a review of the copies of such forms furnished to the
Partnership or on written representations that no forms were required to be
filed, the Partnership believes that with respect to its most recent fiscal year
ended December 31, 2003, all Section 16(a) filing requirements were complied
with. No member of management, or beneficial owner, owned more than 10 percent
of limited partnership interest in the Partnership. None of the individuals
subject to Section 16(a) failed to file or filed late any reports of
transactions in the Units.



Code of Ethics
- --------------

The Registrant has adopted a code of ethics that applies to its principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions. The Registrant has posted
this code of ethics on its Internet website at the following address:
www.textainer.com/sharehld/codeofethics.pdf.
- --------------------------------------------


Directors and Executive Officers of the General Partners
- --------------------------------------------------------

The directors and executive officers of the General Partners are as follows:

Name Age Position
- ---- --- --------


Neil I. Jowell 70 Director and Chairman of TGH, TEM, TL, TCC and TFS
John A. Maccarone 59 President, CEO and Director of TGH, TEM, TL, TCC and TFS
James E. Hoelter 64 Director of TGH, TCC and TFS
Philip K. Brewer 47 Senior Vice President - Asset Management Group and Director of TL
Robert D. Pedersen 44 Senior Vice President - Leasing Group, Director of TEM
Ernest J. Furtado 48 Senior Vice President, CFO and Secretary of TGH, TEM, TL, TCC and TFS,
Director of TL, TCC and TFS
Gregory W. Coan 40 Vice President and Chief Information Officer of TEM
Wolfgang Geyer 50 Regional Vice President - Europe
Mak Wing Sing 46 Regional Vice President - South Asia
Masanori Sagara 48 Regional Vice President - North Asia
Stefan Mackula 51 Vice President - Equipment Resale
Anthony C. Sowry 51 Vice President - Corporate Operations and Acquisitions
Richard G. Murphy 51 Vice President - Risk Management
Janet S. Ruggero 55 Vice President - Administration and Marketing Services
Jens W. Palludan 53 Regional Vice President - Americas and Logistics
Isam K. Kabbani 69 Director of TGH
James A. C. Owens 64 Director of TGH, TEM and TL
S. Arthur Morris 70 Director of TGH, TEM and TL
Dudley R. Cottingham 52 Assistant Secretary, Vice President and Director of TGH, TEM and TL
Cecil Jowell 68 Director of TGH, TEM and TL
Henrick van der Merwe 56 Director of TGH, TEM and TL
James E. McQueen 59 Director of TGH, TEM and TL
Harold J. Samson 82 Director of TCC and TFS
Nadine Forsman 36 Controller of TCC and TFS


Unless otherwise noted, all directors have served as directors of the General
Partners as detailed above at least since 1993 when the reorganization of the
General Partners occurred, as described on the previous page.


Neil I. Jowell is Director and Chairman of TGH, TEM, TL, TCC and TFS and a
member of the Investment Advisory Committee and Audit Committee (see
"Committees" below). Mr. Jowell became Director and Chairman of TEM in 1994. He
has served on the Board of Trencor Ltd. (Trencor) since 1966 and as Chairman
since 1973. He is also a Director of Mobile Industries Ltd. (Mobile) (1969 to
present), which is the major shareholder in Trencor, a publicly traded company
listed on the JSE Securities Exchange South Africa. Trencor's core businesses
are the owning, financing, leasing and managing of marine cargo containers and
returnable packaging units worldwide, finance related activities and supply
chain management services. Other interests are the manufacture and export of
tank containers for international markets and road trailer manufacturing. He is
also a Director of a number of Mobile's and Trencor's subsidiaries. Mr. Jowell
became affiliated with the General Partners and its affiliates when Trencor
became, through its beneficial ownership in two controlled companies, a major
shareholder of TGH in 1992. Mr. Jowell has over 40 years' experience in the
transportation industry. He holds an M.B.A. degree from Columbia University and
Bachelor of Commerce and Ll.B. degrees from the University of Cape Town. Mr.
Neil I. Jowell and Mr. Cecil Jowell are brothers.

John A. Maccarone is President, CEO and Director of TGH, TEM, TL, TCC and
TFS. Mr. Maccarone became President, CEO of TGH, TL, TCC and TFS in 1998 and a
director of TEM in 1994. In this capacity, he is responsible for overseeing the
management of and coordinating the activities of Textainer's worldwide fleet of
marine cargo containers and the activities of TGH, TL, TCC and TFS.
Additionally, he is Chairman of the Equipment Investment Committee, the Credit
Committee and the Investment Advisory Committee (see "Committees", below). Mr.
Maccarone was instrumental in co-founding Intermodal Equipment Associates (IEA),
a marine container leasing company based in San Francisco, and held a variety of
executive positions with IEA from 1979 until 1987, when he joined the Textainer
Group. Mr. Maccarone was previously a Director of Marketing for Trans Ocean
Leasing Corporation in Hong Kong with responsibility for all leasing activities
in Southeast Asia. From 1969 to 1977, Mr. Maccarone was a marketing
representative for IBM Corporation. He holds a Bachelor of Science degree in
Engineering Management from Boston University and an M.B.A. from Loyola
University of Chicago.

James E. Hoelter is a director of TGH, TCC and TFS. In addition, Mr.
Hoelter is a member of the Equipment Investment Committee, the Investment
Advisory Committee and the Audit Committee (see "Committees", below). Mr.
Hoelter was the President and Chief Executive Officer of TGH and TL from 1993 to
1998 and was a director of TEM and TL until March 2003. Mr. Hoelter serves as a
consultant to Trencor (1999 to present). Mr. Hoelter became a director of
Trencor in December 2002 and he serves as a director of Trenstar Ltd., a Trencor
affiliate. Prior to joining the Textainer Group in 1987, Mr. Hoelter was
president of IEA. Mr. Hoelter co-founded IEA in 1978 with Mr. Maccarone and was
president from inception until 1987. From 1976 to 1978, Mr. Hoelter was vice
president for Trans Ocean Ltd., San Francisco, a marine container leasing
company, where he was responsible for North America. From 1971 to 1976, he
worked for Itel Corporation, San Francisco, where he was director of financial
leasing for the container division. Mr. Hoelter received his B.B.A. in finance
from the University of Wisconsin, where he is an emeritus member of its Business
School's Dean's Advisory Board, and his M.B.A. from the Harvard Graduate School
of Business Administration.

Philip K. Brewer is Senior Vice President - Asset Management Group and has
been such since 1999. Mr. Brewer has been a director of TL since 2000 and was a
director of TEM from August 2002 through March 2003. He was President of TCC and
TFS from January 1, 1998 to December 31, 1998 until his appointment as Senior
Vice President - Asset Management Group. As Senior Vice President, he is
responsible for optimizing the capital structure of and identifying new sources
of finance for Textainer, as well as overseeing the management of and
coordinating the activities of Textainer's risk management, logistics and the
resale divisions. Mr. Brewer is a member of the Equipment Investment Committee,
the Credit Committee and was a member of the Investment Advisory Committee
through December 31, 1998 (see "Committees" below). Prior to joining Textainer
in 1996, as Senior Vice President - Capital Markets for TGH and TL, Mr. Brewer
worked at Bankers Trust from 1990 to 1996, starting as a Vice President in
Corporate Finance and ending as Managing Director and Country Manager for
Indonesia; from 1989 to 1990, he was Vice President in Corporate Finance at
Jarding Fleming; from 1987 to 1989, he was Capital Markets Advisor to the United
States Agency for International Development; and from 1984 to 1987 he was an
Associate with Drexel Burnham Lambert in New York. Mr. Brewer holds an M.B.A. in
Finance from the Graduate School of Business at Columbia University, and a B.A.
in Economics and Political Science from Colgate University.

Robert D. Pedersen is Senior Vice-President - Leasing Group responsible for
worldwide sales and marketing related activities and operations since 1999. Mr.
Pederson has also served as a Director of TEM, since 1997. Mr. Pedersen is a
member of the Equipment Investment Committee and the Credit Committee (see
"Committees" below). He joined Textainer in 1991 as Regional Vice President for
the Americas Region. Mr. Pedersen has extensive experience in the industry
having held a variety of positions with Klinge Cool, a manufacturer of
refrigerated container cooling units (from 1989 to 1991), where he was worldwide
sales and marketing director, XTRA, a container lessor (from 1985 to 1988) and
Maersk Line, a container shipping line (from 1978 to 1984). Mr. Pedersen is a
graduate of the A.P. Moller shipping and transportation program and the Merkonom
Business School in Copenhagen, majoring in Company Organization.

Ernest J. Furtado is Senior Vice President, CFO and Secretary of TGH, TEM,
TL, TCC and TFS and has been such since 1999. Mr. Furtado is a Director of TCC
and TFS, and has served as such since 1997. He was a director of TEM from 2002
through March 2003 and became a director of TL in March 2003. As Senior Vice
President, CFO and Secretary, he is responsible for all accounting, financial
management, and reporting functions for TGH, TEM, TL, TCC and TFS. Additionally,
he is a member of the Investment Advisory Committee for which he serves as
Secretary, the Equipment Investment Committee and the Credit Committee (see
"Committees", below). Prior to these positions, he held a number of accounting
and financial management positions at Textainer, of increasing responsibility.
Prior to joining Textainer in May 1991, Mr. Furtado was Controller for Itel
Instant Space and manager of accounting for Itel Containers International
Corporation, both in San Francisco, from 1984 to 1991. Mr. Furtado's earlier
business affiliations include serving as audit manager for Wells Fargo Bank and
as senior accountant with John F. Forbes & Co., both in San Francisco. He is a
Certified Public Accountant and holds a B.S. in business administration from the
University of California at Berkeley and an M.B.A. in information systems from
Golden Gate University.

Gregory W. Coan is Vice President and Chief Information Officer of TEM and
has served as such since 2001. In this capacity, Mr. Coan is responsible for the
worldwide information systems of Textainer. He also serves on the Credit
Committee (see "Committees", below). Prior to these positions, Mr. Coan was the
Director of Communications and Network Services from 1995 to 1999, where he was
responsible for Textainer's network and hardware infrastructure. Mr. Coan holds
a Bachelor of Arts degree in political science from the University of California
at Berkeley and an M.B.A. with an emphasis in telecommunications from Golden
Gate University.

Wolfgang Geyer is based in Hamburg, Germany and is Regional Vice President
- - Europe, responsible for coordinating all leasing activities in Europe, Africa
and the Middle East/Persian Gulf and has served as such since 1997. Mr. Geyer
joined Textainer in 1993 and was the Marketing Director in Hamburg through July
1997. From 1991 to 1993, Mr. Geyer most recently was the Senior Vice President
for Clou Container Leasing, responsible for its worldwide leasing activities.
Mr. Geyer spent the remainder of his leasing career, 1975 through 1991, with
Itel Container, during which time he held numerous positions in both operations
and marketing within the company.

Mak Wing Sing is based in Singapore and is the Regional Vice President -
South Asia, responsible for container leasing activities in North/Central
People's Republic of China, Hong Kong, South China (PRC), Southeast Asia and
Australia/New Zealand and has served as such since 1996. Mr. Mak most recently
was the Regional Manager, Southeast Asia, for Trans Ocean Leasing, from 1994 to
1996. From 1987 to 1994, Mr. Mak worked with Tiphook as their Regional General
Manager, and with OOCL from 1976 to 1987 in a variety of positions, most
recently as their Logistics Operations Manager.

Masanori Sagara is based in Yokohama, Japan and is the Regional Vice
President - North Asia, responsible for container leasing activities in Japan,
Korea, and Taiwan and has served as such since 1996. Mr. Sagara joined Textainer
in 1990 and was the company's Marketing Director in Japan through 1996. From
1987 to 1990, he was the Marketing Manager at IEA. Mr. Sagara's other experience
in the container leasing business includes marketing management at Genstar from
1984 to 1987 and various container operations positions with Thoresen & Company
from 1979 to 1984. Mr. Sagara holds a Bachelor of Science degree in Economics
from Aoyama Bakuin University.

Stefan Mackula is Vice President - Equipment Resale, responsible for
coordinating the worldwide sale of equipment into secondary markets and has
served as such since 1993. Mr. Mackula also served as Vice President - Marketing
from 1989 to 1991 where he was responsible for coordinating all leasing
activities in Europe, Africa, and the Middle East. Mr. Mackula joined Textainer
in 1983 as Leasing Manager for the United Kingdom. Prior to joining Textainer,
Mr. Mackula held, beginning in 1972, a variety of positions in the international
container shipping industry.

Anthony C. Sowry is Vice President - Corporate Operations and Acquisitions
and has served as such since 1996. He is also a member of the Equipment
Investment Committee and the Credit Committee (see "Committees", below). Mr.
Sowry supervises all international container operations, maintenance and
technical functions for the fleets under Textainer's management. In addition, he
is responsible for the acquisition of all new and used containers for the
Textainer Group. He began his affiliation with Textainer in 1982, when he served
as Fleet Quality Control Manager for Textainer Inc. until 1988. From 1980 to
1982, he was operations manager for Trans Container Services in London; and from
1978 to 1982, he was a technical representative for Trans Ocean Leasing, also in
London. He received his B.A. degree in business management from the London
School of Business. Mr. Sowry is a member of the Technical Committee of the
International Institute of Container Lessors and a certified container
inspector.

Richard G. Murphy is Vice President - Risk Management, responsible for all
credit and risk management functions and has served as such since 1996. He also
supervises the administrative aspects of equipment acquisitions. He is a member
of and acts as secretary to the Equipment Investment and Credit Committees (see
"Committees", below). He has held a number of positions at Textainer, including
Director of Credit and Risk Management from 1989 to 1991 and as Controller from
1988 to 1989. Prior to the takeover of the management of the Interocean Leasing
Ltd. fleet by TEM in 1988, Mr. Murphy held various positions in the accounting
and financial areas with that company from 1980, acting as Chief Financial
Officer from 1984 to 1988. Prior to 1980, he held various positions with firms
of public accountants in the U.K. Mr. Murphy is an Associate of the Institute of
Chartered Accountants in England and Wales and holds a Bachelor of Commerce
degree from the National University of Ireland.

Janet S. Ruggero is Vice President - Administration and Marketing Services
and has served as such since 1993. Ms. Ruggero is responsible for the tracking
and billing of fleets under TEM management, including direct responsibility for
ensuring that all data is input in an accurate and timely fashion. She assists
the marketing and operations departments by providing statistical reports and
analyses and serves on the Credit Committee (see "Committees", below). Prior to
joining Textainer in 1986, Ms. Ruggero held various positions with Gelco CTI
over the course of 15 years, the last one as Director of Marketing and
Administration for the North American Regional office in New York City. She has
a B.A. in education from Cumberland College.

Jens W. Palludan is based in Hackensack, New Jersey and is the Regional
Vice President - Americas and Logistics, responsible for container leasing
activities in North/South America and for coordinating container logistics and
has served as such since 2001. He joined Textainer in 1993 as Regional Vice
President - Americas/Africa/Australia, responsible for coordinating all leasing
activities in North and South America, Africa and Australia/New Zealand. Mr.
Palludan spent his career from 1969 through 1992 with Maersk Line of Copenhagen,
Denmark in a variety of key management positions in both Denmark and overseas.
Mr. Palludan's most recent position at Maersk was that of General Manager,
Equipment and Terminals, where he was responsible for the entire managed fleet.
Mr. Palludan holds an M.B.A. from the Centre European D'Education Permanente,
Fontainebleau, France.

Sheikh Isam K. Kabbani is a director of TGH and was a director of TL
through March 2003. He is Chairman and principal stockholder of the IKK Group,
Jeddah, Saudi Arabia, a manufacturing and trading group which is active both in
Saudi Arabia and internationally. In 1959 Sheikh Isam Kabbani joined the Saudi
Arabian Ministry of Foreign Affairs, and in 1960 moved to the Ministry of
Petroleum for a period of ten years. During this time he was seconded to the
Organization of Petroleum Exporting Countries (OPEC). After a period as Chief
Economist of OPEC, in 1967 he became the Saudi Arabian member of OPEC's Board of
Governors. In 1970 he left the Ministry of Petroleum to establish his own
business, the National Marketing Group, which has since been his principal
business activity. Sheikh Kabbani holds a B.A. degree from Swarthmore College,
Pennsylvania, and an M.A. degree in Economics and International Relations from
Columbia University.

James A. C. Owens is a director of TGH and TL, and beginning in March 2003,
a director of TEM. Mr. Owens has been associated with the Textainer Group since
1980. In 1983 he was appointed to the Board of Textainer Inc., and served as
President of Textainer Inc. from 1984 to 1987. From 1987 to 1998, Mr. Owens
served as an alternate director on the Boards of TI, TGH and TL and has served
as director of TGH and TL since 1998. Apart from his association with the
Textainer Group, Mr. Owens has been involved in insurance and financial
brokerage companies and captive insurance companies. He is a member of a number
of Boards of Directors of non-U.S. companies. Mr. Owens holds a Bachelor of
Commerce degree from the University of South Africa.

S. Arthur Morris is a director of TGH, TEM and TL. Mr. Morris became a
director of TL and TGH in 1993 and became a director of TEM in 1994. He is a
founding partner in the firm of Morris and Kempe, Chartered Accountants
(1962-1977) and currently functions as a correspondent member of a number of
international accounting firms through his firm Arthur Morris and Company (1977
to date). He is also President and director of Continental Management Limited
(1977 to date) and Continental Trust Corporation Limited (1994 to date).
Continental Management Limited is a Bermuda corporation that provides corporate
representation, administration and management services and Continental Trust
Corporation Limited is a Bermuda Corporation that provides corporate and
individual trust administration services. He has also served as a director of
Turks & Caicos First Insurance Company Limited since 1993. Mr. Morris has over
30 years experience in public accounting and serves on numerous business and
charitable organizations in the Cayman Islands and Turks and Caicos Islands.


Dudley R. Cottingham is Assistant Secretary, Vice President and a director
of TGH, TEM and TL. Mr. Cottingham became a director of TEM in 1994 and has
served in these other positions since 1993. He is a partner with Arthur Morris
and Company (1977 to date) and a Vice President and director of Continental
Management Limited (1978 to date) and Continental Trust Corporation Limited,
which are all in the Cayman Islands and Turks and Caicos Islands. Continental
Management Limited is a Bermuda corporation that provides corporate
representation, administration and management services and Continental Trust
Corporation Limited is a Bermuda corporation that provides corporate and
individual trust administration services. He has also served as a director of
Turks & Caicos First Insurance Company Limited since 1993. Mr. Cottingham has
over 20 years experience in public accounting with responsibility for a variety
of international and local clients.

Cecil Jowell is a director of TGH, TEM and TL and has been such since March
2003. Mr. Jowell is also a Director and Chairman of Mobile Industries Ltd.
(Mobile), which is a public company, quoted on the JSE Securities Exchange South
Africa. Mr. Jowell has been a Director of Mobile since 1969 and was appointed
Chairman in 1973. It is the major shareholder in Trencor Ltd. (Trencor), a
publicly traded company listed on the JSE Securities Exchange South Africa.
Trencor's core businesses are the owning, financing, leasing and managing of
marine cargo containers and returnable packaging units worldwide, finance
related activities and supply chain management services. Other interests are the
manufacture and export of tank containers for international markets and road
trailer manufacturing. He is an Executive Director of Trencor and has been an
executive in that group for over 40 years. Mr. Jowell is also a Director of a
number of Mobile's and Trencor's subsidiaries as well as a Director of
Scientific Development and Integration (Pty) Ltd, a scientific research company.
Mr. Jowell was a Director and Chairman of WACO International Ltd., an
international industrial group listed on the JSE Securities Exchange South
Africa, and with subsidiaries listed on the Sydney and London Stock Exchanges
from 1997 through 2000. Mr. Jowell holds a Bachelor of Commerce and Ll.B.
degrees from the University of Cape Town and is a graduate of the Institute of
Transport. Mr. Cecil Jowell and Mr. Neil I. Jowell are brothers.

Hendrik R. van der Merwe is a Director of TGH, TEM and TL and has served as
such since March 2003. Mr. van der Merwe is also an Executive Director of
Trencor Ltd. (Trencor) and has served as such since 1998. In this capacity, he
is responsible for certain operating entities and strategic and corporate
functions within the Trencor group of companies. Trencor is a publicly traded
company listed on the JSE Securities Exchange South Africa. Its core businesses
are the owning, financing, leasing and managing of marine cargo containers and
returnable packaging units worldwide, finance related activities and supply
chain management services. Other interests are the manufacture and export of
tank containers for international markets and road trailer manufacturing. Mr.
van der Merwe is currently also Chairman of TrenStar, Inc., based in Denver,
Colorado and a Director of various companies in the TrenStar group and other
companies in the wider Trencor group and has been such since 2000. Mr. van der
Merwe served as Deputy Chairman for Waco International Ltd., an international
industrial group listed on the JSE Securities Exchange South Africa and with
subsidiaries listed on the Sydney and London Stock Exchanges from 1991 to 1998,
where he served on the Boards of those companies. From 1990 to 1991, he held
various senior executive positions in the banking sector in South Africa, lastly
as Chief Executive Officer of Sendbank, the corporate/merchant banking arm of
Bankorp Group Ltd. Prior to entering the business world, Mr. van der Merwe
practiced as an attorney at law in Johannesburg, South Africa. Mr. van der Merwe
holds a Bachelor of Arts and Ll.B. degrees from the University of Stellenbosch
and an Ll.M (Taxation) degree from the University of the Witwatersrand.

James E. McQueen is a Director of TGH, TEM and TL and has served as such
since March 2003. Mr. McQueen joined Trencor Ltd. (Trencor) in June 1976 and has
served on the Board of the company as Financial Director (CFO) since 1996.
Trencor is a publicly traded company listed on the JSE Securities Exchange South
Africa. Its core businesses are the owning, financing, leasing and managing of
marine cargo containers and returnable packaging units worldwide, finance
related activities and supply chain management services. Other interests are the
manufacture and export of road tank containers for international markets and
trailer manufacturing. Mr. McQueen is also a Director of a number of Trencor's
subsidiaries. Prior to joining Trencor, Mr. McQueen was an accountant in public
practice. He holds a Bachelor of Commerce degree from the University of Cape
Town and is a Chartered Accountant (South Africa).

Harold J. Samson is a director of TCC and TFS since 2003 and is a member of
the Investment Advisory Committee and the Audit Committee (see Committees",
below). He was a director of TGH and TL from 1993 and from 1994, respectively,
and through December 31, 2002. Mr. Samson served as a consultant to various
securities firms from 1981 to 1989. From 1974 to 1981 he was Executive Vice
President of Foster & Marshall, Inc., a New York Stock Exchange member firm
based in Seattle. Mr. Samson was a director of IEA from 1979 to 1981. From 1957
to 1984 he served as Chief Financial Officer in several New York Stock Exchange
member firms. Mr. Samson holds a B.S. in Business Administration from the
University of California, Berkeley and is a California Certified Public
Accountant.

Nadine Forsman is the Controller of TCC and TFS and has served as such
since 1996. Additionally, she is a member of the Investment Advisory Committee
and Equipment Investment Committee (See "Committees" below). As controller of
TCC and TFS, she is responsible for accounting, financial management and
reporting functions for TCC and TFS as well as overseeing all communications
with the Limited Partners and as such, supervises personnel in performing these
functions. Prior to joining Textainer in August 1996, Ms. Forsman was employed
by KPMG LLP, holding various positions, the most recent of which was manager,
from 1990 to 1996. Ms. Forsman is a Certified Public Accountant and holds a B.S.
in Accounting and Finance from San Francisco State University.

Committees

The Managing General Partner has established the following committees to
facilitate decisions involving credit and organizational matters, negotiations,
documentation, management and final disposition of equipment for the Partnership
and for other programs organized by the Textainer Group. Further, the Managing
General Partner has established an audit committee, as described below.


Equipment Investment Committee. The Equipment Investment Committee reviews
the equipment leasing operations of the Partnership on a regular basis with
emphasis on matters involving equipment purchases, equipment remarketing issues,
and decisions regarding ultimate disposition of equipment. The members of the
committee are John A. Maccarone (Chairman), James E. Hoelter, Anthony C. Sowry,
Richard G. Murphy (Secretary), Philip K. Brewer, Robert D. Pedersen, Ernest J.
Furtado and Nadine Forsman.

Credit Committee. The Credit Committee establishes credit limits for every
lessee and potential lessee of equipment and periodically reviews these limits.
In setting such limits, the Credit Committee considers such factors as customer
trade routes, country, political risk, operational history, credit references,
credit agency analyses, financial statements, and other information. The members
of the Credit Committee are John A. Maccarone (Chairman), Richard G. Murphy
(Secretary), Janet S. Ruggero, Anthony C. Sowry, Philip K. Brewer, Ernest J.
Furtado, Robert D. Pedersen, and Gregory W. Coan.

Investment Advisory Committee. The Investment Advisory Committee reviews
investor program operations on at least a quarterly basis, emphasizing matters
related to cash distributions to investors, cash flow management, portfolio
management, and liquidation. The Investment Advisory Committee is organized with
a view to applying an interdisciplinary approach, involving management,
financial, legal and marketing expertise, to the analysis of investor program
operations. The members of the Investment Advisory Committee are John A.
Maccarone (Chairman), James E. Hoelter, Ernest J. Furtado (Secretary), Nadine
Forsman, Harold J. Samson and Neil I. Jowell.

Audit Committee. The Managing General Partner has established an audit
committee to oversee the accounting and financial reporting processes and audits
of the financial statements of the Partnership as well as other partnerships
managed by the General Partners. The members of the audit committee are James E.
Hoelter, Neil I. Jowell and Harold J. Samson. The Managing General Partner's
board of directors has determined that the audit committee has a financial
expert serving on it. That member is Harold J. Samson and he is independent, as
that term is used in Item 7(d)(3)(iv) of Schedule 14A under the Securities
Exchange Act of 1934.

ITEM 11. EXECUTIVE COMPENSATION

The Registrant has no executive officers and does not reimburse TFS, TEM or TL
for the remuneration payable to their executive officers. For information
regarding reimbursements made by the Registrant to the General Partners, see
note 2 of the Financial Statements in Item 8. See also Item 13(a) below.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT


(a) Security Ownership of Certain Beneficial Owners

There is no person or "Group" who is known to the Registrant to be the
beneficial owner of more than five percent of the outstanding units of
limited partnership interest in the Registrant.

(b) Security Ownership of Management

As of January 1, 2004:




Number
Name of Beneficial Owner Of Units % All Units
------------------------ -------- ------------

James E. Hoelter....................... 10,995 0.1694%
John A. Maccarone...................... 5,500 0.0847%
------ -------

Directors, Officers and Management
as a Group.......................... 16,495 0.2541%
====== =======


(c) Changes in control.

Inapplicable.

PART 201 (d) Securities under Equity Compensation Plans.

Inapplicable.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

(Amounts in thousands)

(a) Transactions with Management and Others.

At December 31, 2003, due from affiliates, net, is comprised of:


Due from affiliates:
Due from TEM............................ $419
---

Due to affiliates:
Due to TL............................... 1
Due to TCC.............................. 9
Due to TFS.............................. 71
---
81
---

Due from affiliates, net $338
===


These amounts receivable from and payable to affiliates were incurred
in the ordinary course of business between the Partnership and its
affiliates and represent timing differences in the accrual and
remittance of expenses, fees and distributions or in the accrual and
remittance of net rental revenues and container sales proceeds from
TEM.

In addition, for the year ended December 31, 2003, the Registrant paid
or will pay the following amounts to the General Partners:

Acquisition fees in connection with the purchase of containers on
behalf of the Registrant:



TEM.................... $199
===

Management fees in connection with the operations of the Registrant:



TEM.................... $ 979
TFS.................... 211
-----

Total.................. $1,190
=====

Reimbursement for administrative costs in connection with the
operations of the Registrant:



TEM.................... $529
TFS.................... 90
---

Total.................. $619
===

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

For more information on these transactions, see Note 2 to the
Financial Statements in Item 8. The Registrant contemplates that
payments and reimbursements will be made to the General Partners under
these same arrangements in the current fiscal year.

(b) Certain Business Relationships.

Inapplicable.


(c) Indebtedness of Management.

Inapplicable.

(d) Transactions with Promoters.

Inapplicable.


ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Registrant incurred the following accounting fees from KPMG LLP during the years
ended December 31, 2003 and 2002:

2003 2002
---- ----

Audit fees......................... $28 $32
== ==


The Registrant first established its audit committee in 2002. The Registrant's
audit committee has approved the audit services for the preparation of the
Registrant's current year's financial statements and any related, underlying
business transactions, as well as tax consultation services up to a specified
dollar amount, all subject to ongoing reports made to the audit committee. The
committee has not otherwise authorized pre-approvals, or delegated its authority
to grant pre-approvals, of audit or non-audit services.


PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a) 1. Audited financial statements of the Registrant for the year ended
December 31, 2003 are contained in Item 8 of this Report.

2. Financial Statement Schedules.

(i) Independent Auditors' Report on Supplementary Schedule.

(ii) Schedule II - Valuation and Qualifying Accounts.

3. Exhibits

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

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

Exhibits Incorporated by reference

The Registrant's limited partnership agreement, Exhibit A to the
Prospectus, as contained in Pre-Effective Amendment No. 2 to the
Registrant's Registration Statement (No. 33-44687), as filed with
the Commission April 10, 1992, as supplemented by Post-Effective
Amendment No. 3 filed with the Commission under Section 8(c) of
the Securities Act of 1933 on May 25, 1993, and as supplemented
by Supplement No. 8 as filed under Rule 424(b) of the Securities
Act of 1933 on March 1, 1994.


(b) During the year ended 2003, no reports on Form 8-K have been filed by
the Registrant.








Independent Auditors' Report on Supplementary Schedule
------------------------------------------------------


The Partners
Textainer Equipment Income Fund IV, L.P.:

Under the date of February 19, 2004, we reported on the balance sheets of
Textainer Equipment Income Fund IV, L.P. (the Partnership) as of December 31,
2003 and 2002, and the related statements of operations, partners' capital and
cash flows for each of the years in the three-year period ended December 31,
2003, which are included in the 2003 annual report on Form 10-K. In connection
with our audit of the aforementioned financial statements, we also audited the
related financial statement schedule as listed in Item 15. This financial
statement schedule is the responsibility of the Partnership's management. Our
responsibility is to express an opinion on this financial statement schedule
based on our audits.

In our opinion, such schedule, when considered in relation to the basic
financial statements taken as a whole, presents fairly, in all material
respects, the information set forth therein.



/s/ KPMG LLP



San Francisco, California
February 19, 2004







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

Schedule II - Valuation and Qualifying Accounts

(Amounts in thousands)
- -------------------------------------------------------------------------------------------------------------------

Charged Balance
Balance at to Costs at End
Beginning and Of
of Period Expenses Deduction Period
--------- -------- --------- -------

For the year ended December 31, 2003:

Allowance for
doubtful accounts $164 $102 $ (58) $208
--- --- ---- ---

Accrued damage protection
plan costs $246 $454 $(265) $435
--- --- ---- ---

For the year ended December 31, 2002:

Allowance for
doubtful accounts $218 $ 20 $ (74) $164
--- --- ---- ---

Accrued damage protection
plan costs $199 $251 $(204) $246
--- --- ---- ---
Allowance for

For the year ended December 31, 2001:

doubtful accounts $323 $(25) $ (80) $218
--- --- ---- ---

Accrued damage protection
plan costs $366 $385 $(552) $199
--- --- ---- ---










SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

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

By Textainer Financial Services Corporation
The Managing General Partner

By
_____________________________________
Ernest J. Furtado
Chief Financial Officer

Date: March 25, 2004

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




__________________________________ Chief Financial Officer, Senior March 25, 2004
Ernest J. Furtado Vice President, Secretary and
Director (Chief Financial and
Principal Accounting Officer)





__________________________________ Chief Executive Officer, President March 25, 2004
John A. Maccarone and Director




__________________________________ Chairman of the Board and Director March 25, 2004
Neil I. Jowell












SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

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


By Textainer Financial Services Corporation
The Managing General Partner

By /s/Ernest J. Furtado
______________________________________________
Ernest J. Furtado
Chief Financial Officer

Date: March 25, 2004


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/Ernest J. Furtado
___________________________ Chief Financial Officer, Senior March 25, 2004
Ernest J. Furtado Vice President, Secretary and
Director (Chief Financial and
Principal Accounting Officer)


/s/John A. Maccarone
___________________________ Chief Executive Officer, President March 25, 2004
John A. Maccarone and Director



/s/Neil I. Jowell
___________________________ Chairman of the Board and Director March 25, 2004
Neil I. Jowell










EXHIBIT 31.1



CERTIFICATIONS

I, John A. Maccarone, certify that:

1. I have reviewed this annual report on Form 10-K of Textainer Equipment
Income Fund IV, L.P.;

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

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

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

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

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

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

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

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

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


March 25, 2004

/s/ John A. Maccarone
______________________________________
John A. Maccarone
Chief Executive Officer, President
and Director of TFS








EXHIBIT 31.2

CERTIFICATIONS

I, Ernest J. Furtado, certify that:

1. I have reviewed this annual report on Form 10-K of Textainer Equipment
Income Fund IV, L.P.;

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

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

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

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

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

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

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

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

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


March 25, 2004

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





EXHIBIT 32.1



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



In connection with the Annual Report of Textainer Equipment Income Fund IV,
L.P., (the "Registrant") on Form 10-K for the year ended December 31, 2003, as
filed on March 25, 2004 with the Securities and Exchange Commission (the
"Report"), I, John A. Maccarone, the Chief Executive Officer, President and
Director of Textainer Financial Services Corporation ("TFS") and Principal
Executive Officer of TFS, the Managing General Partner of the Registrant,
certify, pursuant to 18 U.S.C. ss. 1350, as adopted, regarding Section 906 of
the Sarbanes-Oxley Act of 2002, that:

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

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



March 25, 2004



By /s/ John A. Maccarone
_______________________________________
John A. Maccarone
Chief Executive Officer, President
and Director of TFS



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






EXHIBIT 32.2



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



In connection with the Annual Report of Textainer Equipment Income Fund IV,
L.P., (the "Registrant") on Form 10-K for the year ended December 31, 2003, as
filed on March 25, 2004 with the Securities and Exchange Commission (the
"Report"), I, Ernest J. Furtado, Chief Financial Officer, Senior Vice President,
Secretary and Director of Textainer Financial Services Corporation ("TFS") and
Principal Financial and Accounting Officer of TFS, the Managing General Partner
of the Registrant, certify, pursuant to 18 U.S.C. ss. 1350, as adopted,
regarding Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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



March 25, 2004


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



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