UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-K

(Mark One)

[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

                   For the fiscal year ended December 31, 2000

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                        For the transition period from to


                         Commission file number 0-20017

                            CNL INCOME FUND IX, LTD.
             (Exact name of registrant as specified in its charter)

      Florida                                           59-3004138
(State or other jurisdiction of             (I.R.S. Employer Identification No.
incorporation or organization)

                             450 South Orange Avenue
                             Orlando, Florida 32801
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (407) 540-2000

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

   Title of each class:                   Name of exchange on which registered:
        None                                        Not Applicable

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

              Units of limited partnership interest ($10 per Unit)
                                (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 such shorter  period that the registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days: Yes X No

         Indicate by check mark 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]

         Aggregate market value of the voting stock held by nonaffiliates of the
registrant:  The registrant registered an offering of 3,500,000 units of limited
partnership  interest  (the  "Units") on Form S-11 under the  Securities  Act of
1933, as amended. Since no established market for such Units exists, there is no
market value for such Units. Each Unit was originally sold at $10 per Unit.

                      DOCUMENTS INCORPORATED BY REFERENCE:
                                      None


<PAGE>



                                     PART I


Item 1.  Business

         CNL Income Fund IX, Ltd. (the  "Registrant" or the  "Partnership") is a
limited  partnership  which was  organized  pursuant to the laws of the State of
Florida on April 16, 1990. The general partners of the Partnership are Robert A.
Bourne,  James M. Seneff, Jr. and CNL Realty Corporation,  a Florida corporation
(the "General  Partners").  Beginning on March 20, 1991, the Partnership offered
for sale up to  $35,000,000  in  limited  partnership  interests  (the  "Units")
(3,500,000  Units each at $10 per Unit) pursuant to a registration  statement on
Form S-11 under the Securities Act of 1933, as amended.  The offering terminated
on September 6, 1991, at which date the maximum offering proceeds of $35,000,000
had been received from investors who were admitted to the Partnership as limited
partners (the "Limited Partners").

         The  Partnership  was organized to acquire both newly  constructed  and
existing  restaurant  properties,  as well as properties upon which  restaurants
were to be  constructed  (the  "Properties"),  which  are  leased  primarily  to
operators of national and regional fast-food and family-style  restaurant chains
(the "Restaurant Chains").  Net proceeds to the Partnership from its offering of
Units,  after  deduction  of  organizational  and  offering  expenses,   totaled
$30,800,000,  and were used to acquire 41  Properties,  including 13  Properties
owned by joint  ventures  in which  the  Partnership  is a  co-venturer,  and to
establish a working capital reserve for Partnership purposes.

         During the year ended  December  31,  1997,  the  Partnership  sold its
Property in  Alpharetta,  Georgia,  and  reinvested the net sales proceeds in an
IHOP Property located in Englewood,  Colorado,  with an affiliate of the General
Partners,  as  tenants-in-common.  During the year ended  December 31, 1999, the
Partnership  sold its  Properties  in  Rochester,  New York and Corpus  Christi,
Texas, and used a portion of the net sales proceeds to reinvest in a Property in
Albany,  Georgia. In addition,  the Partnership  reinvested a portion of the net
sales proceeds in a Property in Dublin, California and a Property in Montgomery,
Alabama,  each as  tenants-in-common,  with affiliates of the General  Partners.
During the year ended December 31, 2000, the Partnership  sold its Properties in
Williamsville,  New York and in Bluffton and Alliance,  Ohio, and used a portion
of these net sales proceeds to invest in a Property in  Libertyville,  Colorado,
with an affiliate of the General Partners, as tenants-in-common.

         As a result of the above  transactions,  as of December 31,  2000,  the
Partnership owned 40 Properties.  The 40 Properties  include 13 Properties owned
by joint ventures in which the  Partnership is a co-venturer and four Properties
owned  with  affiliates  as   tenants-in-common.   The  Partnership  leases  the
Properties  generally on a triple-net basis with the lessees responsible for all
repairs and maintenance, property taxes, insurance and utilities.

         The  Partnership  will hold its Properties  until the General  Partners
determine that the sale or other  disposition of the Properties is  advantageous
in view of the Partnership's investment objectives.  In deciding whether to sell
Properties, the General Partners will consider factors such as potential capital
appreciation,  net cash flow and  federal  income  tax  considerations.  Certain
lessees also have been granted options to purchase Properties,  generally at the
Property's  then fair market  value after a specified  portion of the lease term
has elapsed.  The  Partnership has no obligation to sell all or any portion of a
Property  at any  particular  time,  except as may be  required  under  property
purchase options granted to certain lessees.

         On March 11, 1999, the  Partnership  entered into an Agreement and Plan
of Merger with CNL American Properties Fund, Inc. ("APF"), pursuant to which the
Partnership  would be merged with and into a subsidiary  of APF (the  "Merger").
APF is a real estate investment trust whose primary business is the ownership of
restaurant properties leased on a long-term,  "triple-net" basis to operators of
national and regional restaurant chains. Under the Agreement and Plan of Merger,
APF was to issue shares of its common stock as consideration  for the Merger. On
March 1, 2000,  the General  Partners and APF  announced  that they had mutually
agreed to terminate the Agreement and Plan of Merger. The agreement to terminate
the  Agreement  and Plan of Merger  was based,  in large  part,  on the  General
Partners'  concern  that,  in light of market  conditions  relating  to publicly
traded  real  estate  investment  trusts,  the  value  of  the  transaction  had
diminished. As a result of such diminishment,  the General Partners,  ability to
unequivocally  recommend  voting for the  transaction,  in the exercise of their
fiduciary duties, had become  questionable.  The General Partners are continuing
to evaluate strategic  alternatives for the Partnership,  including alternatives
to provide liquidity to the Limited Partners.

Leases

         Although there are variations in the specific terms of the leases,  the
following  is  a  summarized   description  of  the  general  structure  of  the
Partnership's leases. The leases of the Properties owned by the Partnership, the
joint  ventures in which the  Partnership  is a co-venturer  and the  Properties
owned with affiliates of the General  Partners as  tenants-in-common,  generally
provide for  initial  terms  ranging  from 8 to 20 years (the  average  being 16
years),  and  expire  between  2005 and 2019.  The  leases  are  generally  on a
triple-net basis, with the lessees  responsible for all repairs and maintenance,
property taxes,  insurance and utilities.  The leases of the Properties  provide
for  minimum  base annual  rental  payments  (payable  in monthly  installments)
ranging from  approximately  $46,000 to $176,400.  In  addition,  generally  the
leases  provide  for  percentage  rent,  based on sales in excess of a specified
amount.  In  addition,  a majority of the leases  provide  that,  commencing  in
specified  lease years  (ranging  from the third to the sixth lease  year),  the
annual base rent required under the terms of the lease will increase.

         Generally,  the  leases  of the  Properties  provide  for  two to  five
five-year  renewal  options  subject  to the same  terms and  conditions  as the
initial lease.  Lessees of 26 of the  Partnership's 40 Properties also have been
granted options to purchase  Properties at the Property's then fair market value
after a specified portion of the lease term has elapsed.  Fair market value will
be determined  through an appraisal by an independent  appraisal firm. Under the
terms of certain leases,  the option purchase price may equal the  Partnership's
original cost to purchase the Property  (including  acquisition  costs),  plus a
specified percentage from the date of the lease or a specified percentage of the
Partnership's purchase price, if that amount is greater than the Property's fair
market value at the time the purchase option is exercised.

         The leases also  generally  provide that, in the event the  Partnership
wishes to sell the Property  subject to that lease,  the Partnership  first must
offer the  lessee  the right to  purchase  the  Property  on the same  terms and
conditions,  and for the same  price,  as any offer  which the  Partnership  has
received for the sale of the Property.

         In August  2000,  the  Partnership  reinvested  the majority of the net
sales  proceeds from the sale of the Property in  Williamsville,  New York, in a
Baker's  Square  Property in  Libertyville,  Illinois,  with  affiliates  of the
General  Partners.  The lease terms for this Property are substantially the same
as the Partnership's other leases, as described above, as tenants-in-common,  as
described below in "Joint Venture and Tenancy in Common Arrangements".

Major Tenants

         During 2000, four of the Partnership's  lessees (or group of affiliated
lessees), (i) Carrols Corporation, (ii) Flagstar Enterprises, Inc., (iii) Burger
King Corporation and BK Acquisition,  Inc. (which are affiliated  entities under
common control)  (hereinafter  referred to as Burger King Corp.) and (iv) Golden
Corral Corporation,  each contributed more than ten percent of the Partnership's
total rental,  earned and mortgage  interest income (including the Partnership's
share of rental and earned income from 13 Properties owned by joint ventures and
four Properties owned as  tenants-in-common).  As of December 31, 2000,  Carrols
Corporation was the lessee under leases relating to four  restaurants,  Flagstar
Enterprises,  Inc.  was the lessee under  leases  relating to five  restaurants,
Burger King Corp.  was the lessee  under leases  relating to the 13  restaurants
owned by joint  ventures  and Golden  Corral  Corporation  was the lessee  under
leases  relating to three  restaurants.  It is  anticipated  that,  based on the
minimum rental payments required by the leases,  these four lessees or groups of
affiliated lessees each will continue to contribute more than ten percent of the
Partnership's total rental income in 2001. In addition,  four Restaurant Chains,
Burger King, Hardee's,  Shoney's and Golden Corral Family Steakhouse Restaurants
("Golden Corral"), each accounted for more than ten percent of the Partnership's
total rental,  earned income and mortgage  interest  during 2000  (including the
Partnership's  share of the  rental  income  from 13  Properties  owned by joint
ventures  and four  Properties  owned  as  tenants-in-common).  In  2001,  it is
anticipated that these four Restaurant  Chains each will continue to account for
more than ten percent of the total  rental  income to which the  Partnership  is
entitled  under  the  terms of its  leases.  Any  failure  of these  lessees  or
Restaurant  Chains  could  materially  affect  the  Partnership's  income if the
Partnership is not able to re-lease the Properties in a timely manner. No single
tenant  or  group of  affiliated  tenants  lease  Properties  with an  aggregate
carrying value in excess of 20 percent of the total assets of the Partnership.

Joint Venture and Tenancy in Common Arrangements

         The Partnership  has entered into the following  separate joint venture
arrangements:  CNL Restaurant  Investments II with CNL Income Fund VII, Ltd. and
CNL Income Fund VIII, Ltd., to purchase and hold six Properties;  CNL Restaurant
Investments  III  with  CNL  Income  Fund X,  Ltd.,  to  purchase  and  hold six
Properties;  and Ashland  Joint  Venture  with CNL Income  Fund X, Ltd.  and CNL
Income Fund XI, Ltd., to purchase and hold one Property. Each CNL Income Fund is
an affiliate  of the General  Partners  and is a limited  partnership  organized
pursuant to the laws of the State of Florida.

         The joint  venture  arrangements  provide for the  Partnership  and its
joint venture  partners to share in all costs and benefits  associated  with the
joint ventures in accordance with their respective  percentage  interests in the
joint  ventures.  The  Partnership  has  a  45.2%  interest  in  CNL  Restaurant
Investments  II, a 50 percent  interest in CNL Restaurant  Investments III and a
27.33% interest in Ashland Joint Venture.  The Partnership and its joint venture
partners are also jointly and severally  liable for all debts,  obligations  and
other liabilities of the joint ventures.

         CNL Restaurant  Investments II's and CNL Restaurant  Investments  III's
joint venture  agreements do not provide a fixed term, but continue in existence
until  terminated  by any of the joint  venturers.  Ashland Joint Venture has an
initial  term of 14  years  and,  after  the  expiration  of the  initial  term,
continues in existence from year to year unless  terminated at the option of any
of the joint  venturers  or by an event of  dissolution.  Events of  dissolution
include the bankruptcy, insolvency or termination of any joint venturer, sale of
the Property owned by the joint venture and mutual  agreement of the Partnership
and its joint venture partners to dissolve the joint venture.

         The joint venture agreements  restrict each venturer's ability to sell,
transfer or assign its joint venture interest without first offering it for sale
to its joint venture partners, either upon such terms and conditions as to which
the venturers may agree or, in the event the venturers cannot agree, on the same
terms and  conditions  as any offer from a third  party to  purchase  such joint
venture interest.

         Net cash flow from  operations of CNL  Restaurant  Investments  II, CNL
Restaurant  Investments  III and Ashland Joint Venture is distributed  45.2%, 50
percent  and  27.33%,  respectively,  to the  Partnership  and  the  balance  is
distributed to each of the other joint venture partners in accordance with their
respective  percentage interest in the joint venture. Any liquidation  proceeds,
after  paying  joint  venture  debts and  liabilities  and funding  reserves for
contingent liabilities,  will be distributed first to the joint venture partners
with positive capital account balances in proportion to such balances until such
balances  equal  zero,  and  thereafter  in  proportion  to each  joint  venture
partner's percentage interest in the joint venture.

         In addition to the above joint venture  arrangements,  the  Partnership
entered  into an  agreement  to  hold a  Property  in  Englewood,  Colorado,  as
tenants-in-common  with CNL  Income  Fund  III,  Ltd.;  a  Property  in  Dublin,
California, as tenants-in-common,  with CNL Income Fund VI, Ltd.; and a Property
in Montgomery,  Alabama,  as  tenants-in-common,  with CNL Income Fund VII, Ltd.
Each CNL Income Fund is an  affiliate  of the General  Partners and is a limited
partnership  organized  pursuant  to the  laws  of the  state  of  Florida.  The
agreements  provide  for the  Partnership  and the  affiliates  to  share in the
profits and losses of the  Properties in  proportion to each party's  percentage
interest.  The Partnership owns a 67 percent, 25 percent and 29 percent interest
in the Properties in Englewood,  Colorado,  Dublin,  California, and Montgomery,
Alabama,   respectively.   The  tenancy  in  common  agreements   restrict  each
co-tenant's ability to sell, transfer,  or assign its interest in the tenancy in
common's  Properties  without  first  offering  them for  sale to the  remaining
co-tenants.

         In addition,  in August 2000, the Partnership entered into an agreement
to   hold  a   Baker's   Square   Property   in   Libertyville,   Illinois,   as
tenants-in-common,   with  CNL  Income  Fund  VIII,   Ltd.,  a  Florida  limited
partnership and affiliate of the General  Partners.  The agreement  provides for
the  Partnership  and the  affiliates  to share in the profits and losses of the
Property  and  net  cash  flow  from  the   Property,   in  proportion  to  each
co-venturer's percentage interest. The Partnership owns a 34 percent interest in
this  Property.  The  tenancy in common  agreements  restrict  each  co-tenant's
ability to sell,  transfer,  or assign its  interest  in the tenancy in common's
Properties without first offering them for sale to the remaining co-tenants.

         The use of joint venture and tenancy in common  arrangements allows the
Partnership  to fully invest its available  funds at times at which it would not
have  sufficient  funds to purchase an additional  property,  or at times when a
suitable  opportunity to purchase an additional  property is not available.  The
use of joint  venture  and  tenancy in common  arrangements  also  provides  the
Partnership  with  increased  diversification  of its portfolio  among a greater
number of properties. In addition,  tenancy in common arrangements may allow the
Partnership  to defer the gain for federal  income tax purposes upon the sale of
the Property if the proceeds are reinvested in an additional Property.

Certain Management Services

         CNL Fund Advisors, Inc., an affiliate of the General Partners, provides
certain  services  relating to management of the  Partnership and its Properties
pursuant to a management  agreement.  Under this  agreement,  CNL Fund Advisors,
Inc. is responsible for collecting  rental  payments,  inspecting the Properties
and the tenants' books and records,  assisting the  Partnership in responding to
tenant inquiries and notices and providing  information to the Partnership about
the  status of the leases  and the  Properties.  CNL Fund  Advisors,  Inc.  also
assists the General Partners in negotiating the leases. For these services,  the
Partnership  has  agreed to pay CNL Fund  Advisors,  Inc.  an annual  fee of one
percent of the sum of gross rental revenues from Properties  wholly owned by the
Partnership  plus the  Partnership's  allocable share of gross revenues of joint
ventures  in which  the  Partnership  is a  co-venturer,  but not in  excess  of
competitive fees for comparable services.  Under the management  agreement,  the
management  fee is  subordinated  to  receipt  by  the  Limited  Partners  of an
aggregate,  ten  percent,  cumulative,  noncompounded  annual  return  on  their
adjusted  capital  contributions  (the "10%  Preferred  Return"),  calculated in
accordance   with  the   Partnership's   limited   partnership   agreement  (the
"Partnership Agreement").

         The management agreement continues until the Partnership no longer owns
an interest in any Properties unless terminated at an earlier date upon 60 days'
prior notice by either party.

Competition

         The fast-food and family-style  restaurant business is characterized by
intense  competition.  The restaurants on the Partnership's  Properties  compete
with  independently  owned  restaurants,  restaurants which are part of local or
regional chains, and restaurants in other well-known national chains,  including
those offering different types of food and service.

Employees

         The  Partnership   has  no  employees.   The  officers  of  CNL  Realty
Corporation  and the  officers and  employees of APF, the parent  company of CNL
Fund Advisors, Inc., perform certain services for the Partnership.  In addition,
the General  Partners have  available to them the resources and expertise of the
officers and employees of CNL Financial  Group,  Inc., a diversified real estate
company,  and its  affiliates,  who may also  perform  certain  services for the
Partnership.


Item 2.  Properties

         As of December 31, 2000, the Partnership owned 40 Properties. Of the 40
Properties,  23 are owned by the Partnership in fee simple, 13 are owned through
joint  venture  arrangements  and four are owned  through  a  tenancy  in common
arrangement.  See  Item 1.  Business  - Joint  Venture  and  Tenancy  in  Common
Arrangements.  The Partnership is not permitted to encumber its Properties under
the terms of its  partnership  agreement.  Reference  is made to the Schedule of
Real Estate and  Accumulated  Depreciation  for a listing of the  Properties and
their  respective  costs,  including  acquisition  fees and certain  acquisition
expenses.

Description of Properties

         Land. The Partnership's  Property sites range from approximately 21,400
to 169,800  square  feet  depending  upon  building  size and local  demographic
factors.  Sites  purchased  by  the  Partnership  are  in  locations  zoned  for
commercial use which have been reviewed for traffic patterns and volume.


<PAGE>



         The following table lists the Properties owned by the Partnership as of
December 31, 2000 by state. More detailed information  regarding the location of
the  Properties  is  contained  in the  Schedule of Real Estate and  Accumulated
Depreciation for the year ended December 31, 2000.

               State                               Number of Properties

                Alabama                                      5
                California                                   1
                Colorado                                     1
                Florida                                      1
                Georgia                                      2
                Illinois                                     2
                Indiana                                      2
                Louisiana                                    3
                Michigan                                     1
                Minnesota                                    1
                Mississippi                                  1
                New Hampshire                                3
                New York                                     1
                North Carolina                               3
                Ohio                                         5
                South Carolina                               1
                Tennessee                                    2
                Texas                                        5
                                                          -----
                TOTAL PROPERTIES                            40
                                                          =====

         Buildings.  Each of the Properties owned by the Partnership  includes a
building that is one of a Restaurant  Chain's  approved  designs.  The buildings
generally are  rectangular  and are  constructed  from various  combinations  of
stucco,  steel,  wood, brick and tile.  Building sizes range from  approximately
2,100 to 10,600 square feet.  All buildings on Properties are  freestanding  and
surrounded by paved  parking  areas.  Buildings  are suitable for  conversion to
various uses, although modifications may be required prior to use for other than
restaurant operations. As of December 31, 2000, the Partnership had no plans for
renovation of the Properties. Depreciation expense is computed for buildings and
improvements using the straight line method using a depreciable life of 40 years
for federal income tax purposes.

         As of December 31, 2000, the aggregate cost of the Properties  owned by
the Partnership and joint ventures  (including  Properties owned through tenancy
in common  arrangements)  for federal  income tax purposes was  $20,188,144  and
$20,071,339, respectively.

         The following table lists the Properties owned by the Partnership as of
December 31, 2000 by Restaurant Chain.

               Restaurant Chain                            Number of Properties

                Bakers Square                                            1
                Burger King                                             18
                Captain D's                                              1
                Denny's                                                  2
                Golden Corral                                            3
                Hardee's                                                 6
                IHOP                                                     3
                Johnny's                                                 1
                Shells Seafood Restaurant                                1
                Shoney's                                                 4
                                                                      -----
                TOTAL PROPERTIES                                        40
                                                                      =====

         The General Partners consider the Properties to be well-maintained  and
sufficient for the Partnership's operations.

         The General Partners believe that the Properties are adequately covered
by  insurance.  In  addition,  the General  Partners  have  obtained  contingent
liability and property coverage for the Partnership.  This insurance is intended
to reduce the Partnership's  exposure in the unlikely event a tenant's insurance
policy lapses or is insufficient to cover a claim relating to the Property.

         Leases.  The Partnership leases the Properties to operators of selected
national and regional fast-food restaurant chains. The leases are generally on a
long-term  "triple  net"  basis,  meaning  that the  tenant is  responsible  for
repairs,  maintenance,  property taxes,  utilities and insurance.  Generally,  a
lessee is required, under the terms of its lease agreement, to make such capital
expenditures as may be reasonably  necessary to refurbish  buildings,  premises,
signs  and  equipment  so  as  to  comply  with  the  lessee's  obligations,  if
applicable,  under the  franchise  agreement  to reflect the current  commercial
image of its Restaurant  Chain.  These capital  expenditures  are required to be
paid by the lessee during the term of the lease.  The terms of the leases of the
Properties owned by the Partnership are described in Item 1. Business - Leases.

         As of December 31, 2000,  1999,  1998,  1997,  and 1996, the Properties
were 100%, 98%, 98%, 100%, and 100% occupied,  respectively.  The following is a
schedule of the average rent per Property for the years ended December 31:
<TABLE>
<CAPTION>
<S> <C>
                                   2000              1999              1998               1997               1996
                               -------------     -------------    ---------------     --------------     --------------

Rental Revenues (1)             $ 3,104,235       $ 3,168,448        $ 3,473,845         $3,350,655         $3,516,267
Properties (2)                           40                42                 41                 40                 40
Average Rent per
    Property                      $  77,606         $  75,439          $  84,728          $  83,766          $  87,907
</TABLE>

(1)      Rental income  includes the  Partnership's  share of rental income from
         the  Properties  owned  through  joint  venture  arrangements  and  the
         Properties  owned  through  tenancy  in  common  arrangements.   Rental
         revenues have been adjusted,  as applicable,  for any amounts for which
         the Partnership has established an allowance for doubtful accounts.

(2)      Excludes  Properties  that were vacant at December 31, and that did not
         generate rental revenues during the year ended December 31.

         The following is a schedule of lease expirations for leases in place as
of December 31, 2000 for the next ten years and thereafter.
<TABLE>
<CAPTION>
<S> <C>

                                                                                     Percentage of
             Expiration Year          Number             Annual Rental               Gross Annual
                                     of Leases              Revenues                 Rental Income
             -----------------    ----------------    ---------------------    --------------------------

              2001                        --                   $   --                      --
              2002                        --                       --                      --
              2003                        --                       --                      --
              2004                        --                       --                      --
              2005                         8                  599,850                  19.75%
              2006                        11                  742,972                  24.46%
              2007                         1                   89,442                   2.95%
              2008                        --                       --                      --
              2009                        --                       --                      --
              2010                        --                       --                      --
              Thereafter                  20                1,605,758                  52.84%
                                   ----------            -------------           -------------
              Total                       40              $ 3,038,022                 100.00%
                                   ==========            =============           =============
</TABLE>

         Leases  with Major  Tenants.  The terms of each of the leases  with the
Partnership's  major  tenants as of December  31,  2000 (see Item 1.  Business -
Major Tenants) are substantially the same as those described in Item 1. Business
- Leases.

         Carrols  Corporation  leases four Burger King restaurants.  The initial
term of each  lease  ranges  from  14.5 to 20 years  (expiring  in 2011) and the
average  minimum  base  annual  rent is  approximately  $104,803  (ranging  from
approximately $98,200 to $121,200).

         Flagstar  Enterprises,  Inc.  leases  five  Hardee's  restaurants.  The
initial  term of each  lease is 20 years  (expiring  in  2011)  and the  average
minimum base annual rent is approximately  $65,900  (ranging from  approximately
$46,000 to $83,600).

         Burger  King  Corporation  leases 13 Burger  King  restaurants  with an
initial  term of 14 years  (expiring  between  2005 and  2006)  and the  average
minimum base annual rent is approximately  $103,700 (ranging from  approximately
$73,800 to $134,100).

         Golden Corral  Corporation  leases three Golden Corral restaurants with
an initial term of 15 years  (expiring in 2005 and 2014) and the average minimum
base annual rent is approximately  $168,450 (ranging from approximately $157,500
to $176,400).


Item 3.  Legal Proceedings

         Neither the  Partnership,  nor its General Partners or any affiliate of
the General Partners,  nor any of their respective  Properties,  is party to, or
subject to, any material pending legal proceedings.


Item 4.  Submission of Matters to a Vote of Security Holders

         Not applicable.


                                     PART II


Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

(a) As of March 15, 2001 there were 3,408 holders of record of the Units.  There
is no public  trading  market for the Units,  and it is not  anticipated  that a
public  market for the Units will  develop.  During 2000,  Limited  Partners who
wished to sell their Units may have  offered the Units for sale  pursuant to the
Partnership's  distribution reinvestment plan (the "Plan"), and Limited Partners
who wished to have their  distributions used to acquire additional Units (to the
extent Units were  available  for  purchase),  may have done so pursuant to such
Plan. The General  Partners had the right to prohibit  transfers of Units.  From
inception through December 31, 2000, the price for any Unit transferred pursuant
to the Plan was $9.50 per Unit.  The price paid for any Unit  transferred  other
than  pursuant to the Plan was subject to  negotiation  by the purchaser and the
selling Limited Partner. The Partnership will not redeem or repurchase Units.


<PAGE>


         The following table reflects,  for each calendar quarter, the high, low
and average  sales prices for transfers of Units during 2000 and 1999 other than
pursuant to the Plan, net of commissions.
<TABLE>
<CAPTION>
<S> <C>
                                               2000 (1)                                1999 (1)
                                  -----------------------------------     ------------------------------------
                                    High          Low        Average       High          Low         Average
                                  ---------     --------    ----------    --------     ---------    ----------
          First Quarter                 (2))         (2)            (2)    $10.00        $ 9.00        $ 9.50
          Second Quarter             $ 8.80       $ 7.00       $  7.19       9.55          7.98          9.00
          Third Quarter                9.50         6.90          7.98       9.50          7.50          8.88
          Fourth Quarter               7.40         5.80          7.11       8.10          7.20          7.73
</TABLE>

(1)      A total of 19,820 and 38,261 Units were transferred other than pursuant
         to  the  Plan  for  the  years  ended   December  31,  2000  and  1999,
         respectively.

(2)      No transfer of Units took place during the quarter  other than pursuant
         to the plan.

         The  capital  contribution  per Unit was $10.  All cash  available  for
distribution  will be distributed to the partners  pursuant to the provisions of
the Partnership Agreement.

         For each of the years ended December 31, 2000 and 1999, the Partnership
declared  cash  distributions  in the  aggregate  amounts of  $3,150,004  to the
Limited  Partners.  Distributions of $787,501 were declared at the close of each
of the  Partnership's  calendar  quarters  during  2000 and 1999 to the  Limited
Partners.  No amounts  distributed  to the Limited  Partners for the years ended
December  31,  2000 and 1999,  are  required  to be or have been  treated by the
Partnership  as a return of capital  for  purposes  of  calculating  the Limited
Partners' return on their adjusted capital contributions.  No distributions have
been  made to the  General  Partners  to date.  These  amounts  include  monthly
distributions  made in arrears for the Limited Partners electing to receive such
distributions on this basis.

         The  Partnership  intends to  continue  to make  distributions  of cash
available  for  distribution  to the  Limited  Partners  on a  quarterly  basis,
although some Limited  Partners,  in  accordance  with their  election,  receive
monthly distributions, for an annual fee.

(b)      Not applicable.


Item 6.  Selected Financial Data
<TABLE>
<CAPTION>
<S> <C>
                                         2000               1999              1998               1997               1996
                                     --------------    ---------------    --------------    ---------------    ---------------
Year ended December 31:
  Revenues (1)                          $3,174,257         $3,082,697        $3,100,685         $3,230,343         $3,404,066
     Net Income (2)                      1,850,780          2,385,067         2,286,698          2,937,632          2,960,299
     Cash distributions
       declared (3)                      3,150,004          3,150,004         3,220,004          3,150,004          3,185,004
     Net income per Unit (2)                  0.53               0.68              0.65               0.83               0.84
     Cash distributions
       declared per Unit (3)                  0.90               0.90              0.92               0.90               0.91

At December 31:
  Total assets                         $28,132,613        $29,443,276       $30,099,078        $31,096,421        $31,343,847
  Partners' capital                     27,149,757         28,448,981        29,213,918         30,147,224         30,359,596
</TABLE>

(1)      Revenues  include equity in earnings of joint ventures and  adjustments
         to accrued rental income as a result of a tenant filing for bankruptcy.

(2)      Net income for the year ended December 31, 1998, includes $314,775 from
         provision  for loss on assets.  Net income for the year ended  December
         31, 2000, 1999 and 1997, includes $730,668, from losses and $75,997 and
         $199,643, from gains, respectively, on sales of assets.

(3)      Distributions  for the year ended  December 31, 1998 includes a special
         distribution to the Limited Partners of $70,000 and  distributions  for
         the year ended December 31, 1996 includes a special distribution to the
         Limited  Partners  of  $35,000,  which  represented  cumulative  excess
         operating reserves.


Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

         The  Partnership  was organized on April 16, 1990, to acquire for cash,
either directly or through joint venture  arrangements,  both newly  constructed
and  existing  restaurant  Properties,  as well as land  upon  which  restaurant
Properties  were to be  constructed,  to be leased  primarily  to  operators  of
selected national and regional fast-food and family-style Restaurant Chains. The
leases are generally  triple-net  leases,  with the lessees  responsible for all
repairs and maintenance, property taxes, insurance and utilities. As of December
31, 2000, the  Partnership  owned 40 Properties,  either  directly or indirectly
through joint venture or tenancy in common arrangements.

Capital Resources

         The  Partnership's  primary  source  of  capital  for the  years  ended
December 31, 2000, 1999, and 1998, was cash from operations (which includes cash
received from tenants,  distributions from joint ventures and interest received,
less cash paid for expenses).  Cash from operations was $2,844,067,  $2,868,096,
and  $3,253,390,  for the  years  ended  December  31,  2000,  1999,  and  1998,
respectively.  The decrease in cash from operations  during 2000, and 1999, each
as compared to the previous  year,  was  primarily a result of changes in income
and expenses as described  in "Results of  Operations"  below and changes in the
Partnership's working capital.

         Other  sources and uses of capital  included the  following  during the
years ended December 31, 2000, 1999, and 1998:

         In February 1999, the Partnership  sold its Property in Corpus Christi,
Texas,  and received net sales  proceeds of  $1,350,000,  resulting in a gain of
$56,369 for financial reporting purposes.  This Property was originally acquired
by the Partnership in October 1991 and had a cost of  approximately  $1,319,986,
excluding acquisition fees and miscellaneous  acquisition  expenses;  therefore,
the  Partnership  sold the Property for  approximately  $30,000 in excess of its
original purchase price. In March 1999, the Partnership reinvested the net sales
proceeds in a Property in Albany, Georgia, at an approximate cost of $1,641,200.
The transaction,  relating to the sale of the Property in Corpus Christi, Texas,
and the  reinvestment  of the net sales  proceeds  in the  Property  in  Albany,
Georgia,  qualified as a like-kind  exchange  transaction for federal income tax
purposes.

         In  addition,  in March  1999,  the  Partnership  sold its  Property in
Rochester, New York, and received net sales proceeds of $1,050,000, resulting in
a gain of $19,628 for financial reporting purposes. This Property was originally
acquired by the  Partnership  in December  1991 and had a cost of  approximately
$968,814,  excluding  acquisition fees and miscellaneous  acquisition  expenses;
therefore, the Partnership sold the Property for approximately $81,200 in excess
of its original  purchase  price.  In March 1999, the  Partnership  reinvested a
portion of the net sales proceeds in a Property in Albany, Georgia, as described
above. In addition,  in November 1999, the Partnership  reinvested the remaining
net sales  proceeds  in a Property  in  Montgomery,  Alabama,  and a Property in
Dublin,  California,  each as  tenants-in-common  with affiliates of the General
Partners.  In connection  therewith,  the Partnership and the affiliates entered
into agreements  whereby each party will share in the profits and losses of each
Property in proportion to each party's percentage  interest.  As of December 31,
2000,  the  Partnership   owned  a  29  percent  and  a  25  percent   interest,
respectively, in the Properties.

         In May 2000, the Partnership  sold its Property in  Williamsville,  New
York, to a third party for $715,000 and received net sales proceeds of $693,350,
resulting in a loss of $27,391 for financial reporting purposes. In August 2000,
the Partnership  reinvested a portion of the net sales proceeds in a Property in
Libertyville,  Illinois,  with CNL Income  Fund VIII,  Ltd.,  a Florida  limited
partnership and an affiliate of the General Partners, as  tenants-in-common.  In
connection  therewith,  the  Partnership  and  the  affiliate  entered  into  an
agreement  whereby each  co-venturer will share in the profits and losses of the
Property in proportion to its applicable  percentage interest.  The Property was
acquired from an affiliate of the General Partners.  The affiliate had purchased
and  temporarily  held  title  to  the  Property  in  order  to  facilitate  the
acquisition of the Property by the  Partnership.  The purchase price paid by the
Partnership  represented  the costs  incurred  by the  affiliate  to acquire the
Property,  including  closing costs.  As of December 31, 2000,  the  Partnership
owned a 34 percent interest in the Property.

         In addition,  in November 2000, the Partnership  sold its Properties in
Bluffton and  Alliance,  Ohio,  for a total of $500,000,  resulting in a loss of
$703,277  for  financial  reporting  purposes.  In  connection  therewith,   the
Partnership  accepted two promissory  notes in the aggregate amount of $500,000,
collateralized  by a mortgage on the respective  Property.  The promissory notes
bear an interest  rate of nine  percent per annum and are being  collected in 96
monthly  installments  of  principal  and  interest,  with  balloon  payments of
$184,652 and $123,102, respectively, due in December 2008.

         None of the Properties owned by the Partnership,  or the joint ventures
or tenancy in common arrangements in which the Partnership owns an interest,  is
or may be  encumbered.  Under its  partnership  agreement,  the  Partnership  is
prohibited from borrowing for any purpose;  provided,  however, that the General
Partners or their affiliates are entitled to reimbursement,  at cost, for actual
expenses  incurred by the General  Partners or their affiliates on behalf of the
Partnership.  Affiliates of the General Partners from time to time incur certain
operating  expenses  on behalf  of the  Partnership  for  which the  Partnership
reimburses the affiliates without interest.

         Currently,  rental income from the Partnership's Properties is invested
in money market accounts or other short-term  highly liquid  investments such as
demand  deposit  accounts  at  commercial  banks,   money  market  accounts  and
certificates  of deposit  with less than a 30-day  maturity  date,  pending  the
Partnership's  use  of  such  funds  to  pay  Partnership  expenses  or to  make
distributions  to the  partners.  At December  31,  2000,  the  Partnership  had
$829,338  invested  in such  short-term  investments  as compared to $936,506 at
December 31, 1999. As of December 31, 2000, the average  interest rate earned on
the rental income  deposited in demand deposit  accounts at commercial banks was
approximately  3.11% annually.  The funds remaining at December 31, 2000 will be
used towards the payment of distributions and other liabilities.

Short-Term Liquidity

         The Partnership's  short-term liquidity  requirements consist primarily
of the operating expenses of the Partnership.

         The Partnership's  investment strategy of acquiring Properties for cash
and  leasing  them under  triple-net  leases to  operators  who  generally  meet
specified financial  standards  minimizes the Partnership's  operating expenses.
The General Partners believe that the leases will continue to generate cash flow
in excess of operating expenses.

         Due to low  operating  expenses  and  ongoing  cash flow,  the  General
Partners believe that the Partnership has sufficient working capital reserves at
this time. In addition,  because all leases of the Partnership's  Properties are
on a  triple-net  basis,  it is not  anticipated  that a  permanent  reserve for
maintenance  and  repairs  will be  established  at this  time.  To the  extent,
however,  that the  Partnership  has  insufficient  funds for such purpose,  the
General Partners will contribute to the Partnership an aggregate amount of up to
one percent of the offering proceeds for maintenance and repairs.

         The General  Partners have the right,  but not the obligation,  to make
additional capital  contributions if they deem it appropriate in connection with
the operations of the Partnership.

         The Partnership  generally  distributes cash from operations  remaining
after the  payment of the  operating  expenses,  to the extent  that the General
Partners  determine  that such funds are  available for  distribution.  Based on
current  and  anticipated  future cash from  operations,  and for the year ended
December  31, 1998,  cummulative  excess  operating  reserves,  the  Partnership
declared  distributions to the Limited Partners of $3,150,004,  $3,150,004,  and
$3,220,004, for the years ended December 31, 2000, 1999, and 1998, respectively.
This represents a distribution of $0.90, $0.90, and $0.92 per Unit for the years
ended December 31, 2000, 1999, and 1998,  respectively.  No  distributions  were
made to the General Partners during the years ended December 31, 2000, 1999, and
1998.  No  amounts  distributed  to the  Limited  Partners  for the years  ended
December 31, 2000,  1999,  and 1998,  are required to be or have been treated by
the  Partnership as a return of capital for purposes of calculating  the Limited
Partners'  return  on their  adjusted  capital  contributions.  The  Partnership
intends to continue to make  distributions of cash available for distribution to
the Limited Partners on a quarterly basis.
         During 2000, the general  partners waived their right to receive future
distributions  from the Partnership,  including both  distributions of operating
cash flow and  distributions  of  liquidation  proceeds,  to the extent that the
cumulative amount of such distributions  would exceed the balance in the general
partners'  capital  account as of December  31, 1999.  Accordingly,  the general
partners were not allocated any net income and did not receive any distributions
during the year ended December 31, 2000.

         As of December 31, 2000 and 1999,  the  Partnership  owed  $100,846 and
$62,066,  respectively,  to affiliates for operating expenses and accounting and
administrative  services.  As of March 15, 2001, the  Partnership had reimbursed
the  affiliates   $20,100  of  such  amounts.   Other   liabilities,   including
distributions  payable,  decreased to $882,010 at December 31, 2000, as compared
to $932,229 at December 31,  1999.  Liabilities  at December  31,  2000,  to the
extent they exceed cash and cash  equivalents at December 31, 2000, will be paid
from future cash from operations or from  anticipated  future General  Partners'
contributions.

Long-Term Liquidity

         The  Partnership  has no long-term  debt or other  long-term  liquidity
requirements.

Results of Operations

         During the year ended  December 31,  1998,  the  Partnership  owned and
leased 27 wholly owned  Properties,  and during 1999, the Partnership  owned and
leased 28 wholly owned  Properties  (including  two  Properties  which were sold
during 1999), and during 2000, the Partnership  owned and leased 26 wholly owned
Properties  (including  three  Properties  which  were  sold  during  2000).  In
addition,  during 2000, 1999, and 1998, the Partnership was a co-venturer in two
separate  joint ventures that each owned and leased six properties and one joint
venture  that owned and  leased one  Property.  The  Partnership  also owned and
leased one  Property  with an affiliate as  tenants-in-common  during 1998,  and
three  Properties  with  affiliates  as   tenants-in-common  in  1999  and  four
Properties  with  affiliates  as  tenants-in-common  in 2000. As of December 31,
2000,  the  Partnership  owned,  either  directly or through  joint  venture and
tenancy in common  arrangements,  40 Properties,  which are generally subject to
long-term,  triple-net  leases. The leases of the Properties provide for minimum
base annual  rental  amounts  (payable  in monthly  installments)  ranging  from
approximately $46,000 to $176,400.  Generally, the leases provide for percentage
rent based on sales in excess of a specified amount. In addition,  a majority of
the leases provide that,  commencing in specified  lease years (ranging from the
third to the sixth lease year), the annual base rent required under the terms of
the lease will increase. For further description of the Partnership's leases and
Properties, see Item 1. Business - Leases and Item 2. Properties, respectively.

         During  the  years  ended  December  31,  2000,  1999,  and  1998,  the
Partnership  earned $2,366,345,  $2,335,381,  and $2,363,610,  respectively,  in
rental  income from  operating  leases  (net of  adjustments  to accrued  rental
income) and earned  income from direct  financing  leases  related to its wholly
owned Properties.  The decrease in rental and earned income in 1999, as compared
to 1998,  was  partially  due to the fact that the  Partnership  established  an
allowance for doubtful  accounts of $206,000 during 1998 relating to the Perkins
Properties in Williamsville  and Rochester,  New York. These two Properties were
leased by the same tenant,  which was experiencing  financial  difficulties.  No
such allowance was established  during 2000 and 1999. In May 1998, the tenant of
these  Properties  filed for  bankruptcy  and rejected the lease relating to the
Property in Williamsville,  New York. As a result,  during 1998, the Partnership
reversed  approximately  $267,600  of accrued  rental  income  relating  to both
Properties.  The accrued  rental income was the  accumulated  amount of non-cash
accounting   adjustments  previously  recorded  in  order  to  recognize  future
scheduled  rent  increases  as income  evenly  over the terms of the lease.  The
Partnership  continued  receiving  rental  payments  on the  lease  that was not
rejected, relating to the Property in Rochester, New York. In March 1999 and May
2000, the Partnership sold these Properties to a third party,  which resulted in
an offset to the  increase in rental and earned  income in 2000,  as compared to
1999,  and  contributed  to the decrease in rental and earned income in 1999, as
compared  to 1998.  The  increase  in rental and earned  income  during 2000 was
partially due to, and the decrease during 1999 was partially  offset by the fact
that in March  1999,  the  Partnership  reinvested  a  portion  of the net sales
proceeds from the sale of the Property in Rochester,  New York, in a Property in
Albany,  Georgia.  In November 1999, the Partnership  invested the remaining net
sales proceeds in two Properties  with  affiliates of the General  Partners,  as
tenants-in-common,  as described  in "Capital  Resources."  In August 2000,  the
Partnership  reinvested a portion of the net sales proceeds from the sale of the
Property in Williamsville, New York, in a Property in Libertyville, Illinois, as
tenants-in-common  with  affiliates  of the General  Partners,  as  described in
"Capital Resources."

         In addition,  the increase in rental and earned  income during 2000 was
partially  offset by and the decrease in rental and earned  income in 1999,  was
partially  attributable to the fact that,  during 1999, the Partnership sold the
Property  located in Corpus  Christi,  Texas,  as  described  above in  "Capital
Resources."  The increase  during 2000 was  partially  attributable  to, and the
decrease  during1999  was partially  offset by the fact that in March 1999,  the
Partnership reinvested the net sales proceeds in a Property in Albany,  Georgia,
as described in "Capital Resources."

         The offset of the increase in rental and earned  income during 2000, as
compared to 1999, and the decrease in rental and earned income in 1999, was also
partially due to the fact that during 2000 and 1999, the Partnership established
an  allowance  for  doubtful  accounts of  approximately  $54,200  and  $19,500,
respectively,  relating  to past due rental  amounts  for the  Property in Grand
Prairie,  Texas, in accordance with the  Partnership's  collection  policy.  The
General Partners will continue to pursue  collection of the past due amounts and
will  recognize  such  amounts as income if  collected.  No such  allowance  was
established during 1998.

         The decrease in rental and earned  income  during 1999,  as compared to
1998, was also partially attributable to a decrease of approximately $69,800 and
$52,000  during  1999 and 1998,  respectively,  due to the fact that the  leases
relating to the Burger King Properties in Shelby, North Carolina; Maple Heights,
Ohio; Watertown,  New York and Carrboro,  North Carolina were amended to provide
for rent  reductions.  Rental and earned income relating to these Properties are
expected to remain at reduced amounts as a result of these amendments.

         The decrease in rental and earned  income  during 1999,  as compared to
1998,  was partially  offset by an increase of  approximately  $6,100 for rental
amounts relating to the Partnership's Properties in Bluffton, Alliance and North
Baltimore,  Ohio,  during  1999.  During  1994,  the  leases  relating  to these
Properties  were amended to provide for the payment of reduced  annual base rent
with  no  scheduled  rent  increases.  In  accordance  with a  provision  in the
amendments,  as a result of the  former  tenant  assigning  the  leases to a new
tenant during 1998, the rents under the assigned  leases  reverted back to those
that were required under the original lease  agreements.  However,  the increase
during 1999 relating to these  Properties was offset by  approximately  $33,600,
due to the fact that the  Partnership  established  an  allowance  for  doubtful
accounts,  in  response  to  financial  difficulties  that the  tenant  of these
Properties  is  experiencing.  Rental and earned income  increased  during 2000,
partially  due to the fact that  during  2000,  the  Partnership  collected  and
recognized, as income, the past due rental and other amounts relating to the two
Properties  in  Bluffton  and  Alliance,  Ohio.  The  increase  during  2000 was
partially  offset by the fact that in November 2000, the Partnership  sold these
two Properties, as described in "Capital Resources."

         During  the  years  ended  December  31,  2000,  1999,  and  1998,  the
Partnership earned $75,992,  $59,287, and $79,780,  respectively,  in contingent
rental income. The increase in contingent rental income during 2000, as compared
to 1999 and the decrease in 1999, as compared to 1998, is primarily attributable
to an  increase  in 2000 and a  decrease  in 1999,  in  gross  sales of  certain
restaurant  Properties  whose leases  require the payment of  contingent  rental
income.

         During  the  years  ended  December  31,  2000,  1999,  and  1998,  the
Partnership  also earned  $674,930,  $606,337,  and $596,166,  respectively,  in
income  attributable  to net  income  earned  by joint  ventures  in  which  the
Partnership  is a  co-venturer.  The  increase  in net  income  earned  by joint
ventures  during 2000, as compared to 1999,  and in 1999,  compared to 1998, was
primarily due to the fact that in November  1999, the  Partnership  reinvested a
portion of the net sales  proceeds it received  from the sale of the Property in
Rochester,  New York,  in a Property  in  Dublin,  California,  and  Montgomery,
Alabama,  each as tenants-in-common  with affiliates of the General Partners. In
addition, in August 2000, the Partnership  reinvested a portion of the net sales
proceeds it received from the sale of the Property in  Williamsville,  New York,
in a Property in Libertyville, Illinois, as tenants-in-common with affiliates of
the General Partners.

         During the year ended  December  31,  2000,  four of the  Partnership's
lessees  (or  group  of  affiliated  lessees),  Carrols  Corporation,   Flagstar
Enterprises,  Inc., Golden Corral Corporation and Burger King Corporation,  each
contributed more than ten percent of the Partnership's total rental,  earned and
mortgage interest income (including the Partnership's share of rental and earned
income from 13 Properties  owned by joint ventures and four Properties  owned as
tenants-in-common).  As of December 31, 2000, Carrols Corporation was the lessee
under leases relating to four restaurants,  Flagstar  Enterprises,  Inc. was the
lessee  under leases  relating to five  restaurants,  Burger King Corp.  was the
lessee under leases  relating to the 13 restaurants  owned by joint ventures and
Golden  Corral  Corporation  was the  lessee  under  leases  relating  to  three
restaurants.  It is  anticipated  that,  based on the  minimum  rental  payments
required by the leases,  these four lessees or groups of affiliated lessees each
will continue to  contribute  more than ten percent of the  Partnership's  total
rental and earned income in 2001. In addition,  four Restaurant  Chains,  Burger
King,  Hardee's,  Golden Corral, and Shoney's,  each accounted for more than ten
percent of the Partnership's  total rental,  earned and mortgage interest income
during 2000 (including the  Partnership's  share of the rental and earned income
from 13  Properties  owned  by  joint  ventures  and  four  Properties  owned as
tenants-in-common).  It is anticipated  that these four  Restaurant  Chains each
will  continue  to account  for more than ten  percent  of the total  rental and
earned  income  to which  the  Partnership  is  entitled  under the terms of its
leases.  Any failure of these  lessees or  Restaurant  Chains  could  materially
affect the  Partnership's  income if the Partnership is not able to re-lease the
Properties in a timely manner.

         During  the  years  ended  December  31,  2000,   1999  and  1998,  the
Partnership earned $56,990, $81,692 and $61,129,  respectively,  in interest and
other income.  The decrease in interest and other income during 2000 as compared
to 1999,  and the  increase  during  1999 as  compared  to 1998,  was  primarily
attributable  to the increase in interest  income related to the amount of funds
invested  in cash and cash  equivalents  due to the  disposition  of  Properties
pending   reinvestment   in  an  additional   Property  and  tenancy  in  common
arrangements.

         Operating expenses,  including  depreciation and amortization  expense,
were $592,809,  $773,627,  and $499,212,  for the years ended December 31, 2000,
1999 and 1998, respectively. The decrease in operating expenses during 2000, and
the increase in operating  expenses during 1999, was primarily due to the amount
of transaction  costs the Partnership  incurred relating to the General Partners
retaining  financial  and  legal  advisors  to  assist  them in  evaluating  and
negotiating  the proposed and terminated  Merger with APF, as described below in
"Termination of Merger."

         The increase in operating  expenses  during 1999 was also partially due
to an increase in  depreciation  expense as a result of the  acquisition  of the
Property in Albany, Georgia in March 1999 and the reclassification of two leases
from direct financing leases to operating leases during 1998.

         Operating  expenses  were also higher  during 1999, as compared to 2000
and 1998,  due to an  increase  in legal  fees,  insurance  and real  estate tax
expense incurred in connection with the tenant of the Property in Williamsville,
New York  filing  for  bankruptcy,  rejecting  the  lease,  and  ceasing  rental
payments.  Between  March  1999 and May 2000,  the  Partnership  sold  these two
Properties;  therefore,  the Partnership will not incur such expenses related to
these Properties in the future.

         During the year ended  December 31, 1998,  the  Partnership  recorded a
provision  for loss on assets  of  $314,775  for  financial  reporting  purposes
relating to the Properties in  Williamsville  and Rochester,  New York. The loss
represented the difference  between each  Property's  carrying value at December
31, 1998, and the estimated net  realizable  value at December 31, 1998 for each
Property.  These  Properties were sold in 1999 and 2000, as described  below. No
such  allowance  was  established  during the years ended  December 31, 2000 and
1999.

         As a result of the sales of the  Properties  in Bluffton and  Alliance,
Ohio and  Williamsville,  New York, during 2000, and the sales of the Properties
in  Rochester,  New York and Corpus  Christi,  Texas,  during 1999, as described
above in "Capital Resources," the Partnership  recognized a loss of $730,668 and
a gain of $75,997 for financial  reporting purposes for the years ended December
31, 2000 and 1999, respectively. These Properties were sold in 1999 and 2000, as
described below. No Properties were sold during 1998.

         The  Partnership's  leases as of December  31,  2000,  in general,  are
triple-net  leases and  contain  provisions  that the General  Partners  believe
mitigate  the adverse  effect of  inflation.  Such  provisions  include  clauses
requiring the payment of percentage rent based on certain restaurant sales above
a specified  level and/or  automatic  increases in base rent at specified  times
during the term of the lease.  Management  expects that  increases in restaurant
sales  volumes  due to  inflation  and real  sales  growth  should  result in an
increase in rental income over time.  Continued inflation also may cause capital
appreciation of the  Partnership's  Properties.  Inflation and changing  prices,
however,  also may have an adverse impact on the sales of the restaurants and on
potential capital appreciation of the Properties.
         In December 1999, the Securities and Exchange  Commission  released SAB
101, which provides the staff's view in applying generally  accepted  accounting
principles  to  selected  revenue  recognition  issues.  SAB  101  requires  the
Partnership  to defer  recognition  of certain  percentage  rental  income until
certain defined  thresholds are met. The  Partnership  adopted SAB 101 beginning
January 1, 2000. Implementation of SAB 101 did not have a material impact on the
Partnership results of operations.

         In June 1998, the Financial Accounting Standards Board issued Statement
of  Financial   Accounting   Standards  No.  133,   "Accounting  for  Derivative
Instruments and Hedging  Activities." The Statement  establishes  accounting and
reporting  standards for derivative  instruments,  including certain  derivative
instruments,   embedded  in  other  contracts   (collectively   referred  to  as
derivatives),  and for hedging activities. The Statement requires that an entity
recognize all  derivatives  as either assets or liabilities in the balance sheet
and  measure  those  instruments  at fair  value.  In June 1999,  the  Financial
Accounting  Standards Board issued Statement of Financial  Accounting  Standards
No.  137,  "Accounting  for  Derivative  Instruments  and Hedging  Activities  -
Deferral of the Effective  Date of FASB  Statement No. 133, an Amendment of FASB
Statement No. 133." FAS 137 deferred the effective date of FAS 133 for one year.
FAS 133,  as amended,  is now  effective  for all fiscal  quarters of all fiscal
years  beginning  after  June  15,  2000.  The  Partnership  has  reviewed  both
statements and has determined  that both FAS 133 and FAS 137 do not apply to the
Partnership as of December 31, 2000.

Termination of Merger

         On March 11, 1999, the  Partnership  entered into an Agreement and Plan
of Merger with APF,  pursuant to which the Partnership  would be merged with and
into a subsidiary of APF.  Under the  Agreement  and Plan of Merger,  APF was to
issue shares of its common stock as  consideration  for the Merger.  On March 1,
2000, the General  Partners and APF announced  that they had mutually  agreed to
terminate  the  Agreement  and Plan of Merger.  The  agreement to terminate  the
Agreement and Plan of Merger was based, in large part, on the General  Partners'
concern that,  in light of market  conditions  relating to publicly  traded real
estate  investment  trusts,  the value of the transaction  had diminished.  As a
result of such  diminishment,  the General  Partners'  ability to  unequivocally
recommend voting for the transaction, in the exercise of their fiduciary duties,
had become questionable.


Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

         The Partnership  accepted two promissory  notes in conjunction with the
sale of two  Properties.  The General  Partners  believe that the estimated fair
value of the mortgage  note at December 31, 2000  approximated  the  outstanding
principal  amount.  The  Partnership  is exposed to equity  loss in the event of
changes in interest rates.  The following table presents the expected cash flows
of principal that are sensitive to these changes.

                                                  Mortgage Note
                                                   Fixed Rate
                                                ------------------

                      2001                             $ 21,937
                      2002                               18,584
                      2003                               20,328
                      2004                               22,235
                      2005                               24,320
                      Thereafter                        392,596
                                                  ----------------

                                                      $ 500,000
                                                  ================


Item 8.  Financial Statements and Supplementary Data


<PAGE>



                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                                    CONTENTS






                                                                          Page

Report of Independent Certified Public Accountants                         16

Financial Statements:

     Balance Sheets                                                        17

     Statements of Income                                                  18

     Statements of Partners' Capital                                       19

     Statements of Cash Flows                                           20-21

     Notes to Financial Statements                                      22-37







<PAGE>








               Report of Independent Certified Public Accountants



To the Partners
CNL Income Fund IX, Ltd.


In our opinion,  the financial  statements  listed in the index  appearing under
item 14(a)(1) present fairly, in all material  respects,  the financial position
of CNL Income Fund IX, Ltd. (a Florida limited partnership) at December 31, 2000
and 1999,  and the results of its  operations and its cash flows for each of the
three years in the period ended December 31, 2000 in conformity  with accounting
principles  generally accepted in the United States of America. In addition,  in
our opinion,  the financial  statement  schedules  listed in the index appearing
under item 14(a)(2) present fairly,  in all material  respects,  the information
set  forth  therein  when  read  in  conjunction  with  the  related   financial
statements. These financial statements and financial statement schedules are the
responsibility of the Partnership's management; our responsibility is to express
an opinion on these financial statements and financial statement schedules based
on our audits.  We conducted our audits of these  statements in accordance  with
auditing  standards  generally  accepted in the United States of America,  which
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,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.



/s/ PricewaterhouseCoopers LLP


Orlando, Florida
February 2, 2001



<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                                 BALANCE SHEETS
<TABLE>
<CAPTION>
<S> <C>

                                                                                    December 31,
                                                                             2000                   1999
                                                                     ---------------------   --------------------

                         ASSETS

Land and buildings on operating leases, less accumulated
     depreciation and allowance for loss on assets
                                                                            $ 13,663,075           $ 14,692,716
Net investment in direct financing leases                                      4,047,190              5,319,764
Investment in joint ventures                                                   7,525,414              7,169,101
Mortgage notes receivable                                                        503,838                     --
Cash and cash equivalents                                                        829,338                936,506
Receivables, less allowance for doubtful accounts of
     $82,596, and $55,896, respectively
                                                                                 311,662                108,238
Due from related parties                                                           8,835                     --
Prepaid expenses                                                                  21,994                 21,447
Lease costs, less accumulated amortization of $4,577 and
     $3,077, respectively                                                         10,423                 11,923
Accrued rental income                                                          1,210,844              1,183,581
                                                                     ---------------------   ------------------------

                                                                            $ 28,132,613           $ 29,443,276
                                                                     =====================   ========================


            LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                                                             $    33,029            $   107,139
Escrowed real estate taxes payable                                                 7,868                  8,116
Distributions payable                                                            787,501                787,501
Due to related parties                                                           100,846                 62,066
Rents paid in advance and deposits                                                53,612                 29,473
                                                                     ---------------------   ------------------------
         Total liabilities                                                       982,856                994,295

Partners' capital                                                             27,149,757             28,448,981
                                                                     ---------------------   ------------------------

                                                                            $ 28,132,613           $ 29,443,276
                                                                     =====================   ========================

</TABLE>

                See accompanying notes to financial statements.
<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                              STATEMENTS OF INCOME
<TABLE>
<CAPTION>
<S> <C>

                                                                                Year ended December 31,
                                                                       2000              1999               1998
                                                                  ---------------   ----------------   ---------------
Revenues:
   Rental income from operating leases                              $ 1,859,266        $ 1,615,198        $ 1,804,248
   Adjustments to accrued rental income                                      --                 --           (267,600)
   Earned income from direct financing leases                           507,079            720,183            826,962
   Contingent rental income                                              75,992             59,287             79,780
   Interest and other income                                             56,990             81,692             61,129
                                                                  ---------------   ----------------   ---------------
                                                                      2,499,327          2,476,360          2,504,519
                                                                  ---------------   ----------------   ---------------
Expenses:
    General operating and administrative                                166,250            166,844            142,996
    Professional services                                                35,938             51,336             43,685
    Bad debt expense                                                         --                 --              5,133
    Real estate taxes                                                    23,160             29,069              6,247
    State and other taxes                                                22,725             27,021             14,337
    Depreciation and amortization                                       312,196            318,248            267,773
    Transaction costs                                                    32,540            181,109             19,041
                                                                  ---------------   ----------------   ---------------
                                                                        592,809            773,627            499,212
                                                                  ---------------   ----------------   ---------------

Income  Before  Equity in  Earnings of Joint  Ventures,  Gain
    (Loss) on Sale of Assets and Provision for Loss on Assets         1,906,518          1,702,733          2,005,307

Equity in Earnings of Joint Ventures                                    674,930            606,337            596,166

Gain (Loss) on Sale of Assets                                          (730,668 )           75,997                 --

Provision for Loss on Assets                                                 --                 --           (314,775)
                                                                  ---------------   ----------------   ---------------

Net Income                                                          $ 1,850,780        $ 2,385,067        $ 2,286,698
                                                                  ===============   ================   ===============

Allocation of Net Income:
    General partners                                                   $     --         $   23,654                  $
                                                                                                               23,991
    Limited partners                                                  1,850,780          2,361,413          2,262,707
                                                                  ---------------   ----------------   ---------------

                                                                    $ 1,850,780        $ 2,385,067        $ 2,286,698
                                                                  ===============   ================   ===============

Net Income Per Limited Partner Unit                                   $    0.53          $    0.68                  $
                                                                                                                 0.65
                                                                  ===============   ================   ===============

Weighted Average Number of Limited Partner Units
    Outstanding                                                       3,500,000          3,500,000          3,500,000
                                                                  ===============   ================   ===============


                See accompanying notes to financial statements.
</TABLE>

<PAGE>



                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                         STATEMENTS OF PARTNERS' CAPITAL

                  Years Ended December 31, 2000, 1999 and 1998
<TABLE>
<CAPTION>
<S> <C>
                                          General Partners                         Limited Partners
                                --------------------------------   -----------------------------------------------------------------
                                                   Accumulated                              Accumulated    Syndication
                                  Contributions     Earnings   Contributions   Distributions   Earnings      Costs           Total
                                ----------------- ----------- --------------- --------------- -----------  ------------- ----------

Balance, December 31, 1997           $1,000        $189,772    $ 35,000,000     $(19,840,587) $18,987,039  $ (4,190,000 $30,147,224

    Distributions to limited
       partners ($0.92 per limited
       partner unit)                     --              --              --       (3,220,004)         --            --   (3,220,004)
    Net income                           --          23,991              --               --    2,262,707           --    2,286,698
                                    --------       ----------- --------------   ------------- -----------  ------------    ---------

Balance, December 31, 1998            1,000         213,763      35,000,000      (23,060,591)  21,249,746    (4,190,000) 29,213,918

    Distributions to limited
       partners ($0.90 per limited
       partner unit)                     --              --              --       (3,150,004)         --            --   (3,150,004)
    Net income                           --          23,654              --              --    2,361,413            --    2,385,067
                                    --------   -------------   -------------    ------------- -----------   -----------  -----------

Balance, December 31, 1999            1,000         237,417      35,000,000      (26,210,595)  23,611,159    (4,190,000) 28,448,981

    Distributions to limited
       partners ($0.90 per limited
       partner unit)                     --              --              --       (3,150,004)         --            --   (3,150,004)
    Net income                           --              --              --               --    1,850,780           --    1,850,780
                                    --------   -------------   -------------    ------------- -----------   -------------  ---------

Balance, December 31, 2000           $1,000     $   237,417    $ 35,000,000     $(29,360,599) $25,461,939  $ (4,190,000) $27,149,757
                                    ========   =============   =============    ============= =========== ============== ===========


                See accompanying notes to financial statements.

</TABLE>





<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
<S> <C>
                                                                               Year Ended December 31,
                                                                       2000               1999              1998
                                                                  ---------------    ---------------    --------------

Increase (Decrease) in Cash and Cash Equivalents:

    Cash Flows from Operating Activities:
      Cash received from tenants                                     $ 2,323,462        $ 2,388,494    $    2,695,934
      Distributions from joint ventures                                  804,363            738,371           738,544
      Cash paid for expenses                                            (319,486 )         (325,027 )        (223,753 )
      Interest received                                                   35,728             66,258            42,665
                                                                  ---------------    ---------------    --------------
         Net cash provided by operating activities                     2,844,067          2,868,096         3,253,390
                                                                  ---------------    ---------------    --------------

    Cash Flows from Investing Activities:
      Proceeds from sale of land and buildings                           693,350          2,400,000                --
      Purchase of land and building                                           --         (1,641,211 )              --
      Investment in joint ventures                                      (494,581 )         (827,754 )              --
      Other                                                                   --                 --             3,605
                                                                  ---------------    ---------------    --------------
         Net cash provided by (used in) investing
             activities                                                  198,769            (68,965 )           3,605
                                                                  ---------------    ---------------    --------------

    Cash Flows from Financing Activities:
      Distributions to limited partners                               (3,150,004 )       (3,150,004 )      (3,220,004)
                                                                  ---------------    ---------------    --------------
         Net cash used in financing activities                        (3,150,004 )       (3,150,004 )      (3,220,004)
                                                                  ---------------    ---------------    --------------

Net Increase (Decrease) in Cash and Cash Equivalents                    (107,168 )         (350,873 )          36,991

Cash and Cash Equivalents at Beginning of Year                           936,506          1,287,379         1,250,388
                                                                  ---------------    ---------------    --------------

Cash and Cash Equivalents at End of Year                              $  829,338         $  936,506       $ 1,287,379
                                                                  ===============    ===============    ==============

                See accompanying notes to financial statements.
</TABLE>


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                      STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
<CAPTION>
<S> <C>

                                                                             Year Ended December 31:
                                                                      2000             1999            1998
                                                                   ------------    -------------    ------------

Reconciliation of Net Income to Net Cash Provided by
  Operating Activities:

   Net income                                                      $ 1,850,780      $ 2,385,067     $ 2,286,698
                                                                   ------------    -------------    ------------
   Adjustments  to  reconcile  net  income  to net cash
      provided  by  operating activities:
         Depreciation                                                  310,696          316,748         266,273
         Amortization                                                    1,500            1,500           1,500
         Equity in earnings of joint ventures, net of
            distributions                                              138,268          132,034         142,378
         Gain on sale of land and buildings                                             (75,997 )            --
         Bad debt expense                                                   --               --           5,133
         Provision for loss on assets                                  730,668               --         314,775
         Increase in interest receivable                                (3,838 )             --              --
         Decrease (increase) in due from related parties                (8,835 )             --              --
         Increase in receivables                                      (205,220 )        (14,669 )        (2,568 )
         Decrease (increase) in prepaid expenses                          (547 )        (18,262 )           739
         Decrease in net investment in direct financing
            leases                                                      69,297           61,066          92,647
         Decrease (increase) in accrued rental income                  (27,263 )        (28,526 )       209,852
         Increase (decrease) in accounts payable and
            accrued expenses                                           (74,358 )        105,130         (39,956 )
         Increase in due to related parties                             38,780           37,879          19,568
         Increase  (decrease)  in rents  paid in advance
            and                                                         24,139          (33,874 )       (43,649 )
            deposits
                                                                   ------------    -------------    ------------
                Total adjustments                                      993,287          483,029         966,692
                                                                   ------------    -------------    ------------

Net Cash Provided by Operating Activities                          $ 2,844,067      $ 2,868,096     $ 3,253,390
                                                                   ============    =============    ============

   Supplemental Schedule of Non-Cash Investing and
       Financing Activities:

   Mortgage notes accepted in exchange for sale of                   $ 500,000           $   --          $   --
       assets
                                                                   ============    =============    ============

   Distributions declared and unpaid at December 31                  $ 787,501        $ 787,501       $ 787,501
                                                                   ============    =============    ============


                See accomapnying notes to financial statements.
</TABLE>

<PAGE>




                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2000, 1999, and 1998


1.       Significant Accounting Policies:
         -------------------------------

         Organization  and Nature of Business - CNL Income  Fund IX,  Ltd.  (the
         "Partnership") is a Florida limited  partnership that was organized for
         the purpose of acquiring both newly constructed and existing restaurant
         properties,  as well as properties  upon which  restaurants  were to be
         constructed,  which are leased  primarily  to operators of national and
         regional fast-food and family-style restaurant chains.

         The general partners of the Partnership are CNL Realty Corporation (the
         "Corporate  General  Partner"),  James M.  Seneff,  Jr.  and  Robert A.
         Bourne.  Mr. Seneff and Mr. Bourne are also 50 percent  shareholders of
         the Corporate General Partner. The general partners have responsibility
         for managing the day-to-day operations of the Partnership.

         Real  Estate  and  Lease  generally  -  The  Partnership   records  the
         acquisition of land and buildings at cost,  including  acquisition  and
         closing costs. Land and buildings are leased to unrelated third parties
         generally on a triple-net basis,  whereby the tenant is responsible for
         all operating  expenses  relating to the property,  including  property
         taxes, insurance, maintenance and repairs. The leases are accounted for
         using  either the  direct  financing  or the  operating  methods.  Such
         methods are described below:

                  Direct  financing  method - The leases accounted for using the
                  direct  financing  method are recorded at their net investment
                  (which at the inception of the lease generally  represents the
                  cost of the asset) (see Note 4).  Unearned  income is deferred
                  and  amortized to income over the lease terms so as to produce
                  a  constant  periodic  rate  of  return  on the  Partnership's
                  investment in the leases.

                  Operating  method - Land and  building  leases  accounted  for
                  using the  operating  method are recorded at cost,  revenue is
                  recognized as rentals are earned and  depreciation  is charged
                  to operations as incurred.  Buildings are  depreciated  on the
                  straight-line  method over their estimated  useful lives of 30
                  years.  When  scheduled  rentals  vary  during the lease term,
                  income is recognized on a straight-line basis so as to produce
                  a constant periodic rent over the lease term commencing on the
                  date the property is placed in service.


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

                  Accrued  rental  income  represents  the  aggregate  amount of
                  income  recognized  on a  straight-line  basis  in  excess  of
                  scheduled rental payments to date.  Whenever a tenant defaults
                  under  the  terms  of its  lease,  or  events  or  changes  in
                  circumstance  indicate  that the  tenant  will not  lease  the
                  property  through the end of the lease term,  the  Partnership
                  either  reserves or reverses  the  cumulative  accrued  rental
                  income balance.

         When  the  properties  are  sold,  the  related  cost  and  accumulated
         depreciation  for operating  leases and the net  investment  for direct
         financing leases,  plus any accrued rental income, will be removed from
         the  accounts  and gains or losses  from  sales  will be  reflected  in
         income.  The general partners of the Partnership  review properties for
         impairment  whenever events or changes in  circumstances  indicate that
         the  carrying  amount  of the  assets  may not be  recoverable  through
         operations.  The general  partners  determine  whether an impairment in
         value has occurred by comparing the estimated future  undiscounted cash
         flows, including the residual value of the property,  with the carrying
         cost of the  individual  property.  If an impairment is indicated,  the
         assets are adjusted to the fair value.  Although  the general  partners
         have  made  their  best  estimate  of these  factors  based on  current
         conditions,  it is reasonably  possible that changes could occur in the
         near term which could adversely affect the general  partners'  estimate
         of net cash flows  expected to be generated from its properties and the
         need for asset impairment write-downs.

         When the  collection  of amounts  recorded as rental or other income is
         considered  to be  doubtful,  an  adjustment  is made to  increase  the
         allowance for doubtful accounts,  which is netted against  receivables,
         and to decrease rental or other income or increase bad debt expense for
         the  current  period,  although  the  Partnership  continued  to pursue
         collection of such amounts.  If amounts are subsequently  determined to
         be  uncollectible,  the  corresponding  receivable  and  allowance  for
         doubtful accounts are decreased accordingly.

         Investment in Joint Ventures - The  Partnership's  investments in three
         joint   ventures  and  properties  in  Englewood,   Colorado;   Dublin,
         California;  Montgomery,  Alabama and Libertyville,  Illinois for which
         the  properties  are held as  tenants-in-common  with  affiliates,  are
         accounted  for using the equity  method  since the  Partnership  shares
         control with affiliates which have the same general partners.

<PAGE>



                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         Cash and Cash Equivalents - The Partnership considers all highly liquid
         investments  with a maturity of three months or less when  purchased to
         be cash  equivalents.  Cash  and cash  equivalents  consist  of  demand
         deposits at commercial  banks and money market funds (some of which are
         backed by government  securities).  Cash equivalents are stated at cost
         plus accrued interest,  which approximates  market value. Cash accounts
         maintained  on  behalf  of  the   Partnership  in  demand  deposits  at
         commercial  banks and money market funds may exceed  federally  insured
         levels; however, the Partnership has not experienced any losses in such
         accounts.

         Lease Costs - Lease costs  associated with  negotiating a new lease are
         amortized  over  the  term of the new  lease  using  the  straight-line
         method.

         Income Taxes - Under  Section 701 of the  Internal  Revenue  Code,  all
         income,  expenses and tax credit items flow through to the partners for
         tax  purposes.  Therefore,  no  provision  for federal  income taxes is
         provided in the accompanying  financial statements.  The Partnership is
         subject to certain state taxes on its income and property.

         Additionally,  for tax  purposes,  syndication  costs are  included  in
         Partnership equity and in the basis of each partner's  investment.  For
         financial  reporting  purposes,  syndication  costs are netted  against
         partners' capital and represent a reduction of Partnership equity and a
         reduction in the basis of each partner's investment.

         Use of Estimates - The general  partners of the Partnership have made a
         number of estimates and assumptions relating to the reporting of assets
         and liabilities and the disclosure of contingent assets and liabilities
         to prepare these  financial  statements in  conformity  with  generally
         accepted  accounting  principles.  The more significant areas requiring
         the use of  management  estimates  relate to the allowance for doubtful
         accounts  and future  cash flows  associated  with  long-lived  assets.
         Actual results could differ from those estimates.

         Staff  Accounting  Bulletin No. 101 ("SAB 101") - In December 1999, the
         Securities and Exchange Commission released SAB 101, which provides the
         staff's view in applying  generally accepted  accounting  principles to
         selected revenue  recognition  issues. SAB 101 requires the Partnership
         to defer recognition of certain  percentage rental income until certain
         defined  thresholds are met. The Partnership  adopted SAB 101 beginning
         January

<PAGE>



                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


1.       Significant Accounting Policies - Continued:
         -------------------------------------------

         1, 2000.  Implementation  of SAB 101 did not have a material  impact on
         the Partnership results of operations.

         Statement of  Financial  Accounting  Standards  No. 133 ("FAS 133") and
         Statement of Financial  Accounting  Standards  No. 137 ("FAS 137") - In
         June 1998, the Financial Accounting Standards Board issued Statement of
         Financial  Accounting  Standards No. 133,  "Accounting  for  Derivative
         Instruments  and  Hedging   Activities."   The  Statement   establishes
         accounting  and  reporting   standards  for   derivative   instruments,
         including certain derivative  instruments,  embedded in other contracts
         (collectively referred to as derivatives),  and for hedging activities.
         The Statement  requires that an entity  recognize  all  derivatives  as
         either  assets or  liabilities  in the balance  sheet and measure those
         instruments  at fair  value.  In June 1999,  the  Financial  Accounting
         Standards Board issued Statement of Financial  Accounting Standards No.
         137,  "Accounting for Derivative  Instruments and Hedging  Activities -
         Deferral of the Effective  Date of FASB Statement No. 133, an Amendment
         of FASB  Statement No. 133." FAS 137 deferred the effective date of FAS
         133 for one year. FAS 133, as amended,  is now effective for all fiscal
         quarters  of all  fiscal  years  beginning  after  June 15,  2000.  The
         Partnership  has reviewed both  statements and has determined that both
         FAS 133 and FAS 137 do not apply to the  Partnership as of December 31,
         2000.

2.       Leases:
         ------

         The Partnership  leases its land and buildings to operators of national
         and regional  fast-food and  family-style  restaurants.  The leases are
         accounted for under the provisions of Statement of Financial Accounting
         Standards No. 13, "Accounting for Leases." Some of the leases have been
         classified  as  operating  leases  and  some of the  leases  have  been
         classified as direct  financing  leases.  For the leases  classified as
         direct financing  leases,  the building portions of the property leases
         are  accounted for as direct  financing  leases while a majority of the
         land portion of these leases are operating  leases.  Substantially  all
         leases are for 15 to 20 years and provide  for  minimum and  contingent
         rentals. In addition,  the tenant generally pays all property taxes and
         assessments,  fully maintains the interior and exterior of the building
         and carries insurance  coverage for public liability,  property damage,
         fire and extended  coverage.  The lease options generally allow tenants
         to  renew  the  leases  for two to five  successive  five-year  periods
         subject to the same terms and  conditions  as the initial  lease.  Most
         leases  also allow the tenant to purchase  the  property at fair market
         value after a specified portion of the lease has elapsed.

<PAGE>
                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


3.       Land and Buildings on Operating Leases:
         --------------------------------------

         Land and  buildings on operating  leases  consisted of the following at
         December 31:
<TABLE>
<CAPTION>
<S> <C>
                                                                       2000                  1999
                                                                -------------------   --------------------

                 Land                                                 $  7,116,309           $  7,465,608
                 Buildings                                               8,729,293              9,378,821
                                                                -------------------   --------------------
                                                                        15,845,602             16,844,429
                 Less accumulated depreciation                          (2,182,527)            (1,902,345)
                                                                -------------------   --------------------
                                                                        13,663,075             14,942,084
                 Less allowance for loss on assets                              --               (249,368)
                                                                -------------------   --------------------

                                                                      $ 13,663,075           $ 14,692,716
                                                                ===================   ====================
</TABLE>

         During February and March 1999, the Partnership  sold its properties in
         Corpus  Christi,  Texas  and  Rochester,  New York,  respectively,  and
         received net sales proceeds of $1,350,000 and $1,050,000, respectively,
         resulting in a gain of $56,369 and $19,628, respectively, for financial
         reporting  purposes  (see Note 4).  These  properties  were  originally
         acquired  by the  Partnership  in 1991 and 1992 and had a total cost of
         approximately $2,288,800,  excluding acquisition fees and miscellaneous
         acquisition  expenses;  therefore,  the Partnership sold the properties
         for a total of  approximately  $111,200  in  excess  of their  original
         purchase prices. In March 1999, the Partnership reinvested a portion of
         these net sales proceeds in a Golden Corral property located in Albany,
         Georgia, at an approximate cost of $1,641,200. In addition, in November
         1999, the Partnership reinvested a portion of the net sales proceeds in
         two properties held as tenants-in-common with affiliates of the general
         partners (see Note 5).

         At December 31, 1998, the Partnership  recorded a provision for loss on
         buildings in the amount of $249,368 for  financial  reporting  purposes
         relating  to the  Perkins  property  in  Williamsville,  New York which
         represented  the difference  between the property's  carrying value and
         the  current  estimate  of net  realizable  value  of the  property  at
         December 31, 1998. The tenant of this property filed for bankruptcy and
         discontinued  the payment of rents. In May 2000, the  Partnership  sold
         its Property in Williamsville,  New York, to a third party for $715,000
         and  received net sales  proceeds of  $693,350,  resulting in a loss of
         $27,391  for  financial  reporting   purposes.   In  August  2000,  the
         Partnership reinvested approximately $494,600 of the net sales proceeds
         it  received  from this sale in a property in  Libertyville,  Illinois,
         with CNL Income Fund VIII, Ltd., a

<PAGE>



                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


3.       Land and Buildings on Operating Leases - Continued:
         --------------------------------------------------

         Florida limited  partnership and affiliate of the general partners,  as
         tenants-in-common  for a 34 percent  interest in the property (see Note
         6).

         Some leases provide for escalating  guaranteed minimum rents throughout
         the  lease  term.   Income  from  these  scheduled  rent  increases  is
         recognized on a straight-line  basis over the terms of the leases.  For
         the years ended December 31, 2000 and 1999, the Partnership  recognized
         income of $27,263,  and $26,847,  respectively,  and for the year ended
         December 31,1998, the Partnership recognized a loss of $209,852 (net of
         $267,600 in reversals), of such rental income.

         The following is a schedule of the future  minimum lease payments to be
         received on noncancellable operating leases at December 31, 2000:

                        2001                                $ 1,719,797
                        2002                                  1,814,486
                        2003                                  1,822,986
                        2004                                  1,822,986
                        2005                                  1,822,986
                        Thereafter                            6,777,512
                                                        ----------------

                                                            $15,780,753
                                                        ================

         Since  lease  renewal  periods  are  exercisable  at the  option of the
         tenant, the above table only presents future minimum lease payments due
         during  the  initial  lease  terms.  In  addition,  this table does not
         include any amounts for future contingent rentals which may be received
         on the leases based on a percentage of the tenant's gross sales.


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


4.       Net Investment in Direct Financing Leases:
         ------------------------------------------

         The  following  lists the  components  of the net  investment in direct
         financing leases at December 31:
<TABLE>
<CAPTION>
<S> <C>
                                                                           2000                1999
                                                                     -----------------   ------------------

                 Minimum lease payments receivable                        $ 6,612,819          $ 9,613,462
                 Estimated residual values                                  1,440,810            1,929,582
                 Less unearned income                                      (4,006,439)          (6,223,280)
                                                                     -----------------   ------------------

                 Net investment in direct financing leases                $ 4,047,190          $ 5,319,764
                                                                     =================   ==================
</TABLE>

         As of December 31, 1998, the  Partnership  had recorded an allowance of
         $65,407  for  impairment  in the  carrying  value  of the  Property  in
         Rochester,  New York,  due to the  tenant  filing for  bankruptcy.  The
         allowance  represented the difference between the carrying value of the
         property at December 31, 1998 and the  estimated net  realizable  value
         for the property.  In March 1999, the Partnership sold the property and
         received  net sales  proceeds  of  $1,050,000  and  recorded  a gain of
         $19,628 for financial reporting purposes, resulting in a total net loss
         of  approximately  $45,800.  The building  portion of this property had
         been classified as a direct financing  lease. In connection  therewith,
         the  gross  investment  (minimum  lease  payments  receivable  and  the
         estimated  residual  value),  unearned  income  and the  allowance  for
         impairment in carrying  value  relating to the  building,  were removed
         from the  accounts  and the gain  from  the  sale of the  property  was
         reflected in income (see Note 3).

         In November 2000, the  Partnership  sold its properties in Bluffton and
         Alliance,  Ohio,  to a unrelated  third  party,  resulting in a loss of
         $703,277 for financial reporting purposes. In connection therewith, the
         Partnership  accepted a mortgage  note in the amount of  $500,000  (see
         Note 6).


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


4.       Net Investment in Direct Financing Leases - Continued:
         -----------------------------------------------------

         The  following  is a schedule of future  minimum  lease  payments to be
         received on the direct financing leases at December 31, 2000:

                         2001                                $ 578,910
                         2002                                  603,230
                         2003                                  603,230
                         2004                                  603,230
                         2005                                  603,230
                         Thereafter                          3,620,989
                                                      -----------------

                                                            $6,612,819
                                                      =================

         The above table does not include  future  minimum  lease  payments  for
         renewal  periods or for contingent  rental payments that may become due
         in future periods (see Note 3).

5.       Investment in Joint Ventures:
         -----------------------------

         The  Partnership  has a 45.2%,  50 percent  and 27.33%  interest in the
         profits and losses of CNL  Restaurant  Investments  II, CNL  Restaurant
         Investments III and Ashland Joint Venture,  respectively. The remaining
         interests  in  these  joint  ventures  are  held by  affiliates  of the
         Partnership which have the same general partners.  The Partnership also
         owns a 67 percent  interest in a property in  Englewood,  Colorado,  as
         tenants-in-common with an affiliate of the general partners.

         In November  1999, the  Partnership  used a portion of the net proceeds
         from the sales of properties in Corpus  Christi,  Texas and  Rochester,
         New York to  acquire  a 25  percent  interest  in an IHOP  property  in
         Dublin,  California  with CNL Income Fund VI, Ltd.,  a Florida  limited
         partnership  and  affiliate of the general  partners,  and a 29 percent
         interest in an IHOP property in  Montgomery,  Alabama,  with CNL Income
         Fund VII, Ltd., also a Florida limited partnership and affiliate of the
         general partners,  as tenants-in-common.  In connection therewith,  the
         Partnership  and the affiliate  entered into an agreement  whereby each
         co-venturer  will share in the  profits  and losses of the  property in
         proportion to its applicable percentage interest.


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


5.       Investment in Joint Ventures - Continued:
         ----------------------------------------

         In August 2000, the Partnership  reinvested a majority of the net sales
         proceeds from the sale of the property in Williamsville,  New York in a
         property in Libertyville,  Illinois, with CNL Income Fund VIII, Ltd., a
         Florida limited  partnership and affiliate of the general partners,  as
         tenants-in-common.  In connection  therewith,  the  Partnership and the
         affiliate entered into an agreement whereby each co-venturer will share
         in  the  profits  and  losses  of the  Property  in  proportion  to its
         applicable  percentage interest.  The property was acquired from CNL BB
         Corp., an affiliate of the general partners (see Note 9). The affiliate
         had  purchased and  temporarily  held title to the property in order to
         facilitate  the  acquisition  of the property by the  Partnership.  The
         purchase price paid by the  Partnership  represented the costs incurred
         by the affiliate to acquire the property,  including  closing costs. As
         of December 31, 2000, the  Partnership  owned a 34 percent  interest in
         this property.

         CNL Restaurant  Investments II and CNL Restaurant  Investments III each
         own and lease six  properties  to an  operator  of  national  fast-food
         restaurants  and Ashland  Joint Venture owns and leases one property to
         an operator of national  fast-food  restaurants.  The  Partnership  and
         affiliates,  as  tenants-in-common  own, and lease four  properties  to
         operators of national family-style restaurants.  The following presents
         the  joint  ventures'  combined,  condensed  financial  information  at
         December 31:
<TABLE>
<CAPTION>
<S> <C>
                                                              2000                   1999
                                                         -----------------     ------------------

                  Land and buildings on operating
                      leases, less accumulated
                      depreciation                           $ 15,138,593            $14,054,203
                  Net investment in direct
                      financing leases                          1,885,089              1,910,711
                  Cash                                            114,664                122,661
                  Receivables                                       7,965                 53,584
                  Prepaid expenses                                 33,515                 22,155
                  Accrued rental income                           143,221                 67,411
                  Liabilities                                      74,621                116,326
                  Partners' capital                            17,248,426             16,114,399
                  Revenues                                      1,933,389              1,626,728
                  Net income                                    1,520,163              1,256,254


</TABLE>

<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


5.       Investment in Joint Ventures - Continued:
         ----------------------------------------

         The Partnership  recognized  income totaling  $674,930,  $606,337,  and
         $596,166,  for the years  ended  December  31,  2000,  1999,  and 1998,
         respectively, from these joint ventures.

6.       Mortgage Notes Receivable:

         In connection with the sale of its properties in Bluffton and Alliance,
         Ohio during 2000,  the  Partnership  accepted  promissory  notes in the
         principal sum of $300,000 and $200,000, respectively, collateralized by
         a  mortgage  on the  respective  property.  The  promissory  notes bear
         interest at a rate of nine percent per annum and are being collected in
         96 equal monthly installments (which include principal and interest) of
         $3,043 and $2,029, respectively,  with balloon payments of $184,652 and
         $123,102, respectively, due in December 2008.

         The mortgage  notes  receivable  consisted of the following at December
         31:

                                                    2000             1999
                                                 --------------   -------------

               Principal balance                    $  500,000         $    --
               Accrued interest receivable               3,838              --
                                                 --------------   -------------

                                                    $  503,838        $     --
                                                 ==============   =============

         The general partners believe that the estimated fair values of mortgage
         notes  receivable  at December 31, 2000,  approximate  the  outstanding
         principal  amount based on  estimated  current  rates at which  similar
         loans would be made to borrowers  with  similar  credit and for similar
         maturities.

7.       Allocations and Distributions:
         -----------------------------

         From inception through December 31, 1999, generally, all net income and
         net losses of the Partnership, excluding gains and losses from the sale
         of properties,  were  allocated 99 percent to the limited  partners and
         one percent to the general  partners.  From inception  through December
         31,  1999,  distributions  of net cash flow were made 99 percent to the
         limited  partners  and one percent to the general  partners;  provided,
         however, that the one percent of net cash flow to be distributed to the
         general partners was subordinated to

<PAGE>



                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


7.       Allocations and Distributions - Continued:
         -----------------------------------------

         receipt  by  the  limited  partners  of  an  aggregate,   ten  percent,
         cumulative,  noncompounded  annual  return  on their  adjusted  capital
         contributions (the "10% Preferred Return").

         From inception through December 31, 1999, generally, net sales proceeds
         from the sale of properties, not in liquidation of the Partnership,  to
         the extent distributed,  were distributed first to the limited partners
         in an  amount  sufficient  to  provide  them with  their 10%  Preferred
         Return,  plus the return of their adjusted capital  contributions.  The
         general partners then received,  to the extent previously  subordinated
         and unpaid,  a one percent  interest in all prior  distributions of net
         cash flow and a return of their  capital  contributions.  Any remaining
         sales proceeds were  distributed 95 percent to the limited partners and
         five  percent  to the  general  partners.  Any gain  from the sale of a
         property,  not in  liquidation  of the  Partnership  was,  in  general,
         allocated in the same manner as net sales  proceeds are  distributable.
         Any loss from the sale of a property  was,  allocated  first,  on a pro
         rata  basis,  to  partners  with  positive  balances  in their  capital
         accounts;  and thereafter,  95 percent to the limited partners and five
         percent to the general partners.

         Generally,  net sales  proceeds from a liquidating  sale of properties,
         will be used in the following order: (i) first to pay and discharge all
         of  the  Partnership's   liabilities  to  creditors,  (ii)  second,  to
         establish  reserves that may be deemed necessary for any anticipated or
         unforeseen liabilities or obligations of the Partnership,  (iii) third,
         to pay all of the Partnership's liabilities, if any, to the general and
         limited partners,  (iv) fourth,  after allocations of net income, gains
         and/or  losses,  to distribute  to the partners  with positive  capital
         accounts  balances,  in  proportion  to such  balances,  up to  amounts
         sufficient  to  reduce  such  positive   balances  to  zero,   and  (v)
         thereafter, any funds remaining shall then be distributed 95 percent to
         the limited partners and five percent to the general partners.

         Effective  January 1, 2000, the general  partners waived their right to
         receive  future  distributions  from the  Partnership,  including  both
         distributions  of operating cash flow and  distributions of liquidation
         proceeds,   to  the  extent   that  the   cumulative   amount  of  such
         distributions would exceed the balance in the general partners' capital
         account as of December  31,  1999.  Accordingly,  for years  commencing
         January  1,  2000 and  after,  the  Partnership's  net  income  will be
         allocated entirely among the limited partners.  However,  if losses are
         allocated to the general  partners in a year, an amount of income equal
         to the sum of such losses may be  allocated  to the general  partner in
         succeeding years. Accordingly,  the general partners were not allocated
         any net income and did not  receive any  distributions  during the year
         ended December 31, 2000.
<PAGE>

                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


7.       Allocations and Distributions - Continued:
         -----------------------------------------

         During  the  years  ended  December  31,  2000,  1999,  and  1998,  the
         Partnership   declared   distributions   to  the  limited  partners  of
         $3,150,004, $3,150,004, and $3,220,004,  respectively. No distributions
         have been made to the general partners to date.


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


8.       Income Taxes:
         ------------

         The following is a reconciliation of net income for financial reporting
         purposes to net income for federal  income tax  purposes  for the years
         ended December 31:
<TABLE>
<CAPTION>
<S> <C>
                                                                   2000                1999               1998
                                                              ----------------   -----------------   ----------------

             Net income for financial reporting purposes         $ 1,850,780        $  2,385,067         $ 2,286,698

             Depreciation for tax reporting purposes in
                  excess of depreciation for financial
                  reporting purposes                                 (36,818 )           (44,433 )           (97,473)

               Direct financing leases recorded as operating
                  leases for tax reporting purposes                   69,297              62,969              92,647

             Gain on sale of land and buildings for
                  financial reporting purposes in excess
                  of gain for tax reporting purposes                 (30,636 )           (63,807 )                --

             Equity in earnings of joint ventures for tax
                  reporting  purposes in excess of (less than)
                  equity in earnings of joint ventures for           (18,522 )            62,547               8,256
                  financial reporting purposes

             Capitalization (deduction) of transaction costs
                  for tax reporting purposes                        (200,150 )           181,109              19,041

             Accrued rental income                                   (27,263 )           (26,847 )           209,852

             Rents paid in advance                                    24,139             (33,374 )           (44,149)

             Allowance for loss on assets                                 --                  --             314,775

             Allowance for doubtful accounts                          26,700            (150,154 )            97,736
                                                              ----------------   -----------------   ----------------

             Net income for federal income tax purposes          $ 1,657,527        $  2,373,077         $ 2,887,383
                                                              ================   =================   ================

</TABLE>


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


9.       Related Party Transactions:
         --------------------------

         One of the individual general partners, James M. Seneff, Jr., is one of
         the principal  shareholders of CNL Holdings,  Inc. The other individual
         general partner, Robert A. Bourne, serves as President and Treasurer of
         CNL Financial  Group,  Inc., a wholly owned subsidiary of CNL Holdings,
         Inc..  CNL Fund  Advisors,  Inc. (the  "Advisor")  was a majority owned
         subsidiary  of CNL  Financial  Group,  Inc.  until it  merged  with CNL
         American  Properties Fund, Inc. ("APF"),  effective  September 1, 1999.
         The individual general partners are stockholders and directors of APF.

         The Advisor  provides  certain  services  relating to management of the
         Partnership and its properties pursuant to a management  agreement with
         the Partnership. In connection therewith, the Partnership agreed to pay
         the Advisor an annual,  noncumulative,  subordinated  management fee of
         one percent of the sum of gross revenues from  properties  wholly owned
         by the  Partnership  and the  Partnership's  allocable  share  of gross
         revenues from joint ventures, but not in excess of competitive fees for
         comparable services. These fees are incurred and are payable only after
         the limited  partners  receive their 10% Preferred  Return.  Due to the
         fact that these fees are  noncumulative,  if the limited  partners have
         not received  their 10%  Preferred  Return in any  particular  year, no
         management  fees will be due or payable  for such year.  As a result of
         such threshold no management  fees were incurred during the years ended
         December 31, 2000, 1999 and 1998.

         The Advisor is also entitled to receive a deferred,  subordinated  real
         estate disposition fee, payable upon the sale of one or more properties
         based on the lesser of one-half of a competitive real estate commission
         or  three  percent  of the  sales  price  if  the  Advisor  provides  a
         substantial amount of services in connection with the sale. However, if
         the net sales  proceeds are  reinvested in a replacement  property,  no
         such  real  estate   disposition  fees  will  be  incurred  until  such
         replacement   property  is  sold  and  the  net  sales   proceeds   are
         distributed.  The  payment  of  the  real  estate  disposition  fee  is
         subordinated to receipt by the limited  partners of their aggregate 10%
         Preferred  Return,  plus  their  adjusted  capital  contributions.   No
         deferred,  subordinated real estate disposition fees have been incurred
         since inception.

         During the years ended  December 31, 2000,  1999, and 1998, the Advisor
         and its affiliate provided  accounting and  administrative  services to
         the Partnership on a day-to-day  basis including  services  relating to
         the proposed and terminated merger. The Partnership

<PAGE>



                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


9.       Related Party Transactions - Continued:
         --------------------------------------

         incurred  $88,741,  $116,167,  and $94,808 for the years ended December
         31, 2000, 1999, and 1998, respectively, for such services.

         During  2000,  the  Partnership  acquired  a 34 percent  interest  in a
         property from CNL BB Corp., an affiliate of the general  partners,  for
         which  the  property  had  a  total  purchase  price  of  approximately
         $1,454,600.  The  property  acquired  during  2000  is  being  held  as
         tenants-in-common,  with CNL Income Fund VIII,  Ltd.  ("CNL  VIII"),  a
         Florida limited partnership,  an affiliate of the general partners (see
         Note 3). CNL BB Corp. had purchased and temporarily  held title to this
         property in order to facilitate the  acquisition of the property by the
         Partnership and CNL VIII as tenants-in-common. The total purchase price
         paid by the Partnership and CNL VIII  represented the costs incurred by
         CNL BB Corp.  to  acquire  and carry the  property,  including  closing
         costs.  In  accordance  with the  Statement  of Policy  of Real  Estate
         programs for the North American Securities Administrators  Association,
         Inc.,  all  income,  expenses,  profits  and  losses  generated  by  or
         associated with the property,  or interests therein,  purchased from an
         affiliate in which the  affiliate  has acted as an interim  owner,  are
         treated   as   belonging   to  the   Partnership   and  CNL  VIII,   as
         tenants-in-common.  For the year ended December 31, 2000,  other income
         includes $394 of such amounts.

         The amount  due to  related  parties  at  December  31,  2000 and 1999,
         totaled $100,846 and $62,066, respectively.

10.      Concentration of Credit Risk:
         -----------------------------

         The  following  schedule  presents  total  rental,  earned and mortgage
         interest income from individual  lessees,  each  representing more than
         ten percent of the  Partnership's  total  rental,  earned and  mortgage
         interest income (including the Partnership's  share of total rental and
         earned   income   from   joint   ventures   and   properties   held  as
         tenants-in-common with affiliates) for each of the years ended December
         31:

                                           2000             1999         1998
                                       --------------   ------------   ---------

          Burger King Corp.                 $637,301       $648,960    $ 647,953
          Golden Corral Corp.                548,289        486,531      360,555
          Flagstar Enterprises, Inc.         363,872        365,630      367,211
          Carrols Corp.                      320,890        328,051      388,121
          Shoney's, Inc.                         N/A            N/A      557,000


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


10.      Concentration of Credit Risk - Continued:
         -----------------------------------------

         In addition,  the following schedule presents total rental,  earned and
         mortgage  interest  income  from  individual  restaurant  chains,  each
         representing more than ten percent of the  Partnership's  total rental,
         earned and mortgage interest income (including the Partnership's  share
         of total rental and earned  income from joint  ventures and  properties
         held as  tenants-in-common  with affiliate) for each of the years ended
         December 31:

                                         2000            1999           1998
                                       ------------- ------------- -------------

          Burger King                    $1,062,122   $1,086,287     $1,143,522
          Golden Corral Family
              Steakhouse Restaurant         548,289      486,531        360,555
          Shoney's                          505,821      659,426        805,729
          Hardee's                          433,587      436,081        438,324

         The  information   denoted  by  N/A  indicates  that  for  each  period
         presented,  the tenant and the chains did not  represent  more than ten
         percent of the Partnership's total rental, earned and mortgage interest
         income.

         Although  the  Partnership's   properties  are  geographically  diverse
         throughout the United States and the  Partnership's  lessees  operate a
         variety of restaurant concepts,  default by any one of these lessees or
         restaurant chains could significantly  impact the results of operations
         of the  Partnership  if the  Partnership  is not able to  re-lease  the
         properties in a timely manner.


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                  Years Ended December 31, 2000, 1999, and 1998


11.      Selected Quarterly Financial Data:
         ---------------------------------

         The following table presents  selected  unaudited  quarterly  financial
         data for each full quarter during the years ended December 31, 2000 and
         1999.
<TABLE>
<CAPTION>
<S> <C>
              2000 Quarter               First            Second            Third            Fourth             Year
         ------------------------    --------------    -------------     -------------    --------------    --------------

         Revenue (1)                      $739,762         $768,311          $688,589          $977,595       $ 3,174,257
         Net income                        505,916          584,089           547,575           213,200         1,850,780
         Net income per
             limited partner
             unit                             0.14             0.17              0.15              0.07              0.53

              1999 Quarter               First            Second            Third            Fourth             Year
         ------------------------    --------------    -------------     -------------    --------------    --------------

         Revenue (1)                      $751,136         $770,068          $762,672          $798,821       $ 3,082,697
         Net income                        632,462          542,572           567,366           642,667         2,385,067
         Net income per
             limited partner
             unit                             0.18             0.15              0.16              0.19              0.68
</TABLE>

         (1)  Revenues  include  equity  in  earnings  of  unconsolidated  joint
              ventures and adjustments to accrued rental income as a result of a
              tenant filing for bankruptcy.



<PAGE>


Item 9. Changes in and Disagreements with Accountants on Accounting and
        Financial Disclosure

         None.


                                    PART III


Item 10.  Directors and Executive Officers of the Registrant

         The General Partners of the Registrant are James M. Seneff, Jr., Robert
A.  Bourne  and CNL  Realty  Corporation,  a Florida  corporation.  The  General
Partners  manage  and  control  the  Partnership's   affairs  and  have  general
responsibility   and  the  ultimate  authority  in  all  matters  affecting  the
Partnership's  business.  The  Partnership  has  available  to it the  services,
personnel and experience of CNL Fund Advisors,  Inc., CNL Financial Group,  Inc.
and their affiliates, all of which are affiliates of the General Partners.

         James M. Seneff, Jr., age 54. Since 1971, Mr. Seneff has been active in
the  acquisition,  development,  and  management  of real estate  projects  and,
directly or through an  affiliated  entity,  has served as a general  partner or
co-venturer in over 100 real estate  ventures.  These ventures have involved the
financing,  acquisition,   construction,  and  leasing  of  restaurants,  office
buildings,  apartment  complexes,  hotels, and other real estate. Mr. Seneff has
served as Director and Chairman of the Board of CNL  American  Properties  Fund,
Inc. ("APF"),  a public,  unlisted real estate investment trust, since 1994. Mr.
Seneff served as Chief  Executive  Officer of APF from 1994 through  August 1999
and has served as Co-Chief  Executive  Officer of APF since  December  2000. Mr.
Seneff served as Chairman of the Board and Chief  Executive  Officer of CNL Fund
Advisors (the "Advisor") until it merged with APF in September 1999, and in June
2000,  was  re-elected  to those  positions  of the  Advisor.  Mr.  Seneff  is a
principal stockholder of CNL Holdings, Inc., the parent company of CNL Financial
Group, Inc. (formerly CNL Group,  Inc.), a diversified real estate company,  and
has served as a director,  Chairman of the Board and Chief Executive  Officer of
CNL Financial Group, Inc. since its formation in 1980. CNL Financial Group, Inc.
is the parent company,  either directly or indirectly through  subsidiaries,  of
CNL Real Estate  Services,  Inc.,  CNL Capital  Markets,  Inc.,  CNL  Investment
Company and CNL Securities Corp. Mr. Seneff also serves as a Director,  Chairman
of the Board and Chief Executive Officer of CNL Hospitality Properties,  Inc., a
public,  unlisted  real estate  investment  trust,  as well as, CNL  Hospitality
Corp., its advisor. In addition, he serves as a Director,  Chairman of the Board
and Chief  Executive  Officer  of CNL  Retirement  Properties,  Inc.,  a public,
unlisted real estate  investment  trust and its advisor,  CNL  Retirement  Corp.
Since 1992, Mr. Seneff has also served as a Director,  Chairman of the Board and
Chief  Executive  Officer of Commercial  Net Lease  Realty,  Inc., a public real
estate  investment  trust  that is listed on the New York  Stock  Exchange.  Mr.
Seneff has also served as a Director,  Chairman of the Board and Chief Executive
Officer of CNL Securities Corp.  since 1979; CNL Investment  Company since 1990;
and CNL  Institutional  Advisors,  Inc.,  a  registered  investment  advisor for
pension  plans,  since 1990. Mr. Seneff  formerly  served as a Director of First
Union National Bank of Florida,  N.A.,  and currently  serves as the Chairman of
the  Board of CNL Bank.  Mr.  Seneff  previously  served  on the  Florida  State
Commission  on Ethics and is a former  member and past  Chairman of the State of
Florida  Investment  Advisory Council,  which recommends to the Florida Board of
Administration  investments for various Florida employee  retirement  funds. The
Florida Board of Administration,  Florida's  principal  investment  advisory and
money  management  agency,  oversees the  investment of more than $60 billion of
retirement funds. Mr. Seneff received his degree in Business Administration from
Florida State University in 1968.

         Robert A.  Bourne,  age 53. Mr.  Bourne has  participated  as a general
partner  or  co-venturer  in over  100  real  estate  ventures  involved  in the
financing,  acquisition,   construction,  and  leasing  of  restaurants,  office
buildings,  apartment  complexes,  hotels,  and other real estate. Mr. Bourne is
Director and Vice  Chairman of the Board of Directors of APF. Mr.  Bourne served
as President of APF from 1994 through February 1999. He also served as Treasurer
from February 1999 through August 1999 and from May 1994 through  December 1994.
He also served in various  executive  positions  with the  Advisor  prior to its
merger with APF  including,  President  from 1994 through  September  1997,  and
Director  from 1994 through  August 1999.  Mr.  Bourne  serves as President  and
Treasurer of CNL Financial Group,  Inc.  (formerly CNL Group,  Inc.);  Director,
Vice Chairman of the Board and President of CNL Hospitality Properties,  Inc., a
public,  unlisted  real  estate  investment  trust;  as well  as,  Director  and
President of CNL Hospitality Corp., its advisor. In addition,  Mr. Bourne serves
as Director and President of CNL Retirement Properties, Inc., a public, unlisted
real  estate  investment  trust;  as well as, a Director  and  President  of its
advisor,  CNL Retirement Corp. Mr. Bourne also serves as a Director of CNL Bank.
He has  served as a  Director  since  1992,  Vice  Chairman  of the Board  since
February  1996,  Secretary  and Treasurer  from February 1996 through 1997,  and
President from July 1992 through  February 1996, of Commercial Net Lease Realty,
Inc.,  a public  real  estate  investment  trust  listed  on the New York  Stock
Exchange.  Mr.  Bourne also serves as  Director,  President  and  Treasurer  for
various  affiliates of CNL  Financial  Group,  Inc.  including,  CNL  Investment
Company, CNL Securities Corp. and CNL Institutional Advisors, Inc., a registered
investment advisor for pension plans. Mr. Bourne began his career as a certified
public accountant  employed by Coopers & Lybrand,  Certified Public Accountants,
from 1971 through  1978,  where he attained the position of Tax Manager in 1975.
Mr. Bourne  graduated from Florida State  University in 1970 where he received a
B.A. in Accounting, with honors.

         Curtis B.  McWilliams,  age 45. Mr.  McWilliams  has served as Co-Chief
Executive  Officer of APF since  December  2000 and  previously  served as Chief
Executive  Officer from  September  1999  through  December  2000.  Prior to the
acquisition  of the  Advisor,  Mr.  McWilliams  served as  President of APF from
February 1999 until  September 1999. From April 1997 to February 1999, he served
as Executive Vice President of APF. Mr.  McWilliams  joined CNL Financial Group,
Inc.  (formerly CNL Group,  Inc.) in April 1997 and served as an Executive  Vice
President until September 1999. In addition,  Mr. McWilliams served as President
of the  Advisor  and CNL  Financial  Services,  Inc.  from  April 1997 until the
acquisition  of such  entities by APF in September  1999.  From  September  1983
through  March 1997,  Mr.  McWilliams  was  employed by Merrill  Lynch & Co. The
majority  of his career at Merrill  Lynch & Co.  was in the  Investment  Banking
division  where he served as a  Managing  Director.  Mr.  McWilliams  received a
B.S.E. in Chemical Engineering from Princeton University in 1977 and a Master of
Business  Administration  degree  with  a  concentration  in  finance  from  the
University of Chicago in 1983.

         John T. Walker, age 42. Mr. Walker has served as President of APF since
September 1999 and as Chief Operating  Officer since March 1995. Mr. Walker also
served as a board member of CNL Restaurant Property Services, Inc., a subsidiary
of APF from  December  1999  until  December  2000.  Previously,  he  served  as
Executive Vice President of APF from January 1996 to September  1999. Mr. Walker
joined the Advisor in September  1994, as Senior Vice President  responsible for
Research  and  Development.  He  served as the Chief  Operating  Officer  of the
Advisor from April 1995 until  September  1999 and as Executive  Vice  President
from January 1996 until  September  1999,  at which time it merged with APF. Mr.
Walker also served as Executive  Vice President of CNL  Hospitality  Properties,
Inc. and CNL Hospitality Corp.  (formerly CNL Hospitality  Advisors,  Inc.) from
1997 to October 1998. From May 1992 to May 1994, he was Executive Vice President
for Finance and  Administration  and Chief Financial Officer of Z Music, Inc., a
cable   television   network   which  was   subsequently   acquired  by  Gaylord
Entertainment, where he was responsible for overall financial and administrative
management  and planning.  From January 1990 through April 1992,  Mr. Walker was
Chief Financial  Officer of the First Baptist Church in Orlando,  Florida.  From
April 1984 through  December  1989, he was a partner in the  accounting  firm of
Chastang,  Ferrell & Walker,  P.A.,  where he was the partner in charge of audit
and  consulting  services,  and  from  1981 to  1984,  Mr.  Walker  was a Senior
Consultant/Audit Senior at Price Waterhouse.  Mr. Walker is a cum laude graduate
of Wake Forest  University  with a Bachelor of Science degree in Accountancy and
is a certified public accountant.

         Steven  D.  Shackelford,  age  37.  Mr.  Shackelford  was  promoted  to
Executive  Vice  President and Chief  Financial  Officer of APF in July 2000. He
served as Senior Vice President and Chief Financial Officer of APF since January
1997.  Mr.  Shackelford  also served as  Secretary  and  Treasurer  of APF since
September  1999. He also served as Chief  Financial  Officer of the Advisor from
September 1996 to September 1999. From March 1995 to July 1996, Mr.  Shackelford
was a senior manager in the national office of Price Waterhouse LLP where he was
responsible  for advising  foreign clients seeking to raise capital and a public
listing in the United  States.  From August 1992 to March 1995, he was a manager
in the Paris, France office of Price Waterhouse,  serving several multi-national
clients.  Mr. Shackelford was an audit staff and senior from 1986 to 1992 in the
Orlando, Florida office of Price Waterhouse. Mr. Shackelford received a Bachelor
of  Arts  degree  in  Accounting,   with  honors,   and  a  Master  of  Business
Administration  degree from Florida State  University and is a certified  public
accountant.




<PAGE>


Item 11.  Executive Compensation

         Other than as  described in Item 13, the  Partnership  has not paid and
does not intend to pay any executive compensation to the General Partners or any
of their affiliates.  There are no compensatory plans or arrangements  regarding
termination of employment or change of control.


Item 12.  Security Ownership of Certain Beneficial Owners and Management

         As of March 15,  2001,  no person was known to the  Registrant  to be a
beneficial owner of more than five percent of the Units.

         The following  table sets forth,  as of March 15, 2001,  the beneficial
ownership interests of the General Partners in the Registrant.
<TABLE>
<CAPTION>
<S> <C>
               Title of Class                           Name of Partner              Percent of Class
               --------------                           ---------------              ----------------

           General Partnership Interests                James M. Seneff, Jr.                 45%
                                                        Robert A. Bourne                     45%
                                                        CNL Realty Corporation               10%
                                                                                         --------
                                                                                            100%
                                                                                         ========
</TABLE>

         Neither the General  Partners,  nor any of their  affiliates,  owns any
interest in the Registrant, except as noted above.





<PAGE>


Item 13.  Certain Relationships and Related Transactions

         The  table  below   summarizes  the  types,   recipients,   methods  of
computation and amounts of compensation,  fees and distributions paid or payable
by the  Partnership  to the General  Partners and their  affiliates for the year
ended  December 31, 2000,  exclusive of any  distributions  to which the General
Partners or their  affiliates  may be entitled by reason of their  purchase  and
ownership of Units.
<TABLE>
<CAPTION>
<S> <C>
                                                                                          Amount Incurred
      Type of Compensation                                                                 For the Year
          and Recipient                        Method of Computation                  Ended December 31, 2000
----------------------------------     --------------------------------------      ------------------------------

Reimbursement  to affiliates  for      Operating  expenses are reimbursed at       Accounting                and
operating expenses                     the  lower of cost or 90  percent  of       administra-tive     services:
                                       the   prevailing    rate   at   which       $88,741
                                       comparable  services  could have been
                                       obtained   in  the  same   geographic
                                       area.   Affiliates   of  the  General
                                       Partners  from  time  to  time  incur
                                       certain operating  expenses on behalf
                                       of  the  Partnership  for  which  the
                                       Partnership       reimburses      the
                                       affiliates without interest.

Annual, subordinated manage-           One  percent  of  the  sum  of  gross       $-0-
ment fee to affiliates                 operating  revenues  from  Properties
                                       wholly owned by the Partnership plus
                                       the Partnership's allocable share of
                                       gross revenues of joint ventures in
                                       which    the    Partnership    is   a
                                       co-venturer, subordinated to certain
                                       minimum returns to the Limited
                                       Partners. The management fee will
                                       not exceed competitive fees for
                                       comparable   services.   Due  to  the
                                       fact    that     these    fees    are
                                       noncumulative, if the Limited
                                       Partners have not received  their 10%
                                       Preferred Return in any particular
                                       year, no management  fees will be due
                                       or payable for such year.


</TABLE>



<PAGE>

<TABLE>
<CAPTION>
<S> <C>

                                                                                          Amount Incurred
      Type of Compensation                                                                 For the Year
         and Recipient                         Method of Computation                  Ended December 31, 2000
---------------------------------      --------------------------------------      ------------------------------

Deferred,    subordinated   real       A deferred,  subordinated real estate       $-0-
estate  disposition  fee payable       disposition  fee,  payable  upon sale
to affiliates                          of  one  or  more  Properties,  in an
                                       amount  equal  to the  lesser  of (i)
                                       one-half of a competitive real
                                       estate commission, or (ii) three
                                       percent of the sales price of such
                                       Property or Properties. Payment of
                                       such  fee   shall  be  made  only  if
                                       affiliates of the General Partners
                                       provide a substantial amount of
                                       services in connection with the sale
                                       of a Property or Properties and
                                       shall be subordinated to certain
                                       minimum returns to the Limited
                                       Partners.  However,  if the net sales
                                       proceeds   are    reinvested   in   a
                                       replacement Property, no such real
                                       estate disposition fee will be
                                       incurred until such replacement
                                       Property   is  sold  and  the  net  sales
                                       proceeds are distributed.

General   Partners'    deferred,       A deferred,  subordinated share equal       $-0-
subordinated       share      of       to   one   percent   of   Partnership
Partnership net cash flow              distributions   of  net  cash   flow,
                                       subordinated to certain minimum
                                       returns to the Limited Partners.

General   Partners'    deferred,       A deferred,  subordinated share equal       $-0-
subordinated       share      of       to  five   percent   of   Partnership
Partnership  net sales  proceeds       distributions   of  such  net   sales
from  a  sale  or  sales  not in       proceeds,   subordinated  to  certain
liquidation of the Partnership         minimum   returns   to  the   Limited
                                       Partners.

</TABLE>

<PAGE>


<TABLE>
<CAPTION>
<S> <C>
                                                                                          Amount Incurred
      Type of Compensation                                                                 For the Year
         And Recipient                         Method of Computation                  Ended December 31, 2000
---------------------------------      --------------------------------------      ------------------------------

General   Partners'   share   of       Distributions  of net sales  proceeds       $-0-
Partnership  net sales  proceeds       from   a    sale    or    sales    of
from  a   sale   or   sales   in       substantially      all     of     the
liquidation of the Partnership         Partnership's    assets    will    be
                                       distributed in the following order
                                       or priority: (i) first, to pay all
                                       debts   and    liabilities   of   the
                                       Partnership    and    to    establish
                                       reserves; (ii) second, to Partners
                                       with positive capital account
                                       balances, determined after the
                                       allocation  of net income,  net loss,
                                       gain and loss, in proportion to such
                                       balances, up to amounts sufficient
                                       to reduce such balances to zero; and
                                       (iii) thereafter, 95% to the Limited
                                       Partners and 5% to the General Partners.



</TABLE>




<PAGE>


                                     PART IV


Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)      The following documents are filed as part of this report.

         1.   Financial Statements

                  Report of Independent Certified Public Accountants

                  Balance Sheets at December 31, 2000 and 1999

                  Statements of Income for the years ended December 31, 2000,
                  1999, and 1998

                  Statements of Partners' Capital for the years ended December
                  31, 2000, 1999, and 1998

                  Statements of Cash Flows for the years ended December 31,
                  2000, 1999, and 1998

                  Notes to Financial Statements

         2.   Financial Statement Schedules

                  Schedule II -Valuation and  Qualifying  Accounts for the years
                  ended December 31, 2000, 1999 and 1998

                  Schedule III - Real Estate and Accumulated Depreciation at
                  December 31, 2000

                  Notes to Schedule III - Real Estate and Accumulated
                  Depreciation at December 31, 2000

                  Schedule IV - Mortgage Loans on Real Estate at December 31,
                  2000

                  All other Schedules are omitted as the required information is
                  inapplicable  or is presented in the  financial  statements or
                  notes thereto.

         3.   Exhibits

                  3.1      Affidavit and  Certificate of Limited  Partnership of
                           CNL Income Fund IX, Ltd.  (Included as Exhibit 3.1 to
                           Registration  Statement No. 33-35049 on Form S-11 and
                           incorporated herein by reference.)

                  4.1      Affidavit and  Certificate of Limited  Partnership of
                           CNL Income Fund IX, Ltd.  (Included as Exhibit 3.1 to
                           Registration  Statement No. 33-35049 on Form S-11 and
                           incorporated herein by reference.)

                  4.2      Amended and Restated Agreement of Limited Partnership
                           of CNL Income Fund IX, Ltd.  (Included as Exhibit 4.6
                           to  Post-Effective  Amendment  No. 1 to  Registration
                           Statement No. 33-35049 on Form S-11 and  incorporated
                           herein by reference.)

                  10.1     Management Agreement between CNL Income Fund IX, Ltd.
                           and CNL Investment  Company (Included as Exhibit 10.1
                           to Form 10-K filed with the  Securities  and Exchange
                           Commission on March 17, 1998, and incorporated herein
                           by reference.)

                  10.2     Assignment   of   Management   Agreement   from   CNL
                           Investment Company to CNL Income Fund Advisors,  Inc.
                           (Included as Exhibit 10.2 to Form 10-K filed with the
                           Securities and Exchange Commission on March 30, 1995,
                           and incorporated herein by reference.)

                  10.3     Assignment  of Management  Agreement  from CNL Income
                           Fund  Advisors,  Inc.  to  CNL  Fund  Advisors,  Inc.
                           (Included as Exhibit 10.3 to Form 10-K filed with the
                           Securities and Exchange  Commission on April 1, 1996,
                           and incorporated herein by reference.)

(b)      The  Registrant  filed no reports on Form 8-K during the period October
         1, 2000 through December 31, 2000.





<PAGE>






                                   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,  on the 28th day of
March, 2001.

                               CNL INCOME FUND IX, LTD.

                               By:      CNL REALTY CORPORATION
                                        General Partner

                                        /s/ Robert A. Bourne
                                        -----------------------------------
                                        ROBERT A. BOURNE, President


                               By:      ROBERT A. BOURNE
                                        General Partner

                                        /s/ Robert A. Bourne
                                        -----------------------------------
                                        ROBERT A. BOURNE


                               By:      JAMES M. SENEFF, JR.
                                        General Partner

                                        /s/ James M. Seneff, Jr.
                                        -----------------------------------
                                        JAMES M. SENEFF, JR.




<PAGE>


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
<S> <C>
         Signature                                  Title                                  Date



/s/ Robert A. Bourne                     President,   Treasurer   and   Director            March 28, 2001
------------------------------------
Robert A. Bourne                         (Principal   Financial  and  Accounting
                                         Officer)

/s/ James M. Seneff, Jr.                 Chief  Executive  Officer and  Director            March 28, 2001
------------------------------------
James M. Seneff, Jr.                     (Principal Executive Officer)


</TABLE>

<PAGE>




                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

                  Years Ended December 31, 2000, 1999, and 1998
<TABLE>
<CAPTION>
<S> <C>

                                                     Additions                           Deductions
                                          ---------------------------------    -------------------------------
                                                                                                          Collected
                                                                                                          or Deter-
                                   Balance at       Charged to       Charged to           Deemed          mined to       Balance
                                    Beginning       Costs and           Other           Uncollec-          be Col-       at End
  Year          Description          of Year         Expenses         Accounts            tible           lectible       of Year
----------    -----------------   --------------  ---------------  ----------------    -------------     ------------  ------------

  1998        Allowance for
                  doubtful
                  accounts (a)       $  108,316        $      --      $   164,929 (b)    $  1,220  (c)     $65,973       $ 206,052
                                   ==============  ===============  ================    =============     ============  ===========

  1999        Allowance for
                  doubtful
                  accounts (a)       $  206,052        $      --      $    55,896 (b)    $206,052  (c)     $    --       $  55,896
                                   ==============  ===============  ================    =============     ============  ===========

  2000        Allowance for
                  doubtful
                  accounts (a)        $  55,896        $      --      $    44,281 (b)    $     --  (c)     $ 17,581      $ 82,596
                                  ==============  ===============  ================    =============     ============  ============

</TABLE>

(a)    Deducted from receivables and accrued rental income on the balance sheet.

(b)    Reduction of rental and other income.
(c)    Amounts written off as uncollectible.


<PAGE>


                            CNL INCOME FUND IX, LTD.
                        (A Florida Limited Partnership)

            SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

                               DECEMBER 31, 2000


<TABLE>
<CAPTION>
<S> <C>

                                                                               Costs Capitalized
                                                                                  Subsequent to
                                                        Initial Cost              Acquisition
                                            --------------------------  ---------------------
                              Encum-                      Buildings and Improve-    Carrying
                             brances           Land        Improvements   ments      Costs
                            --------------  ------------  ------------  ----------  ---------

Properties the Parnership has
Invested in Under
Operating Leases:

     Burger King Restaurants:
       Shelby, North Carolina   -              $289,663      $554,268           -          -
       Maple Heights, Ohio      -               430,563       454,823           -          -
       Suwanee, Georgia         -               437,658             -           -          -
       Watertown, New York      -               360,181       529,594           -          -
       Carrboro, North Carolina -               406,768       523,067           -          -

     Denny's Restaurants:
       Grand Prairie, Texas     -               240,876        96,580     161,889          -
       North Baltimore, Ohio    -               133,187             -           -          -

     Golden Corral Family
     Steakhouse Restaurants:
       Brownsville, Texas       -               518,605       988,611           -          -
       Tyler, Texas             -               652,103       982,353           -          -
       Albany, Georgia          -               564,576     1,076,633           -          -

     Hardee's Restaurants:
       Farragut, Tennessee      -               308,269       455,341           -          -
       Greenville, South Carolin-               310,545       511,438           -          -

     Shell's Seafood Restaurants:
       Copley Township, Ohio    -               361,412       552,301           -          -

     Shoney's Restaurants:
       Windcrest, Texas         -               445,983       670,370           -          -
       Wildwood, Florida        -               420,416             -           -          -
       Bedford, Indiana         -               262,103             -           -          -
       Grenada, Mississippi     -               335,001       454,723           -          -
       Huntsville, Alabama (g)  -               638,400       717,302           -          -
                                            ------------  ------------  ----------  ---------

                                             $7,116,309    $8,567,404    $161,889          -
                                            ============  ============  ==========  =========




Properties  of  Joint   Venture  in
     Which  the  Partnership  has a
     45.2%    Interest    and   has
     Invested  in  Under  Operating
     Leases:

     Burger King Restaurants:
       Columbus, Ohio           -              $345,696      $651,985           -          -
       San Antonio, Texas       -               350,479       623,615           -          -
       Pontiac, Michigan        -               277,192       982,200           -          -
       Raceland, Louisiana      -               174,019       986,879           -          -
       New Castle, Indiana      -               264,239       662,265           -          -
       Hastings, Minnesota      -               155,553       657,159           -          -
                                            ------------  ------------  ----------  ---------

                                             $1,567,178    $4,564,103           -          -
                                            ============  ============  ==========  =========


Properties  of  Joint   Venture  in
     Which  the  Partnership  has a
     50%  Interest and has Invested
     in Under Operating Leases:

     Burger King Restaurants:
       Greensboro, North Carolin-              $338,800      $650,109           -          -
       Metairie, Louisiana      -               429,883       342,455           -          -
       Lafayette, Louisiana     -               350,932       773,129           -          -
       Nashua, New Hampshire    -               514,815       838,536           -          -
       Pontiac, Illinois        -               203,095       719,226           -          -
       Dover, New Hampshire     -               406,259       998,023           -          -
                                            ------------  ------------  ----------  ---------

                                             $2,243,784    $4,321,478           -          -
                                            ============  ============  ==========  =========

Property of Joint  Venture in Which
     the  Parntership  has a 27.33%
     Interest  and has  Invested in
     Under Operating Lease:

     Burger King Restaurant
       Ashland,  New Hampshire  -              $293,478      $997,104           -          -
                                            ============  ============  ==========  =========


Property in Which the Partnership
      has a 67% Interest as
     Tenants-in-Common and has
     Invested in Under an Operating
     Lease:

     IHOP Restaurant:
       Englewood Colorado       -              $552,590             -           -          -
                                            ============  ============  ==========  =========

Property in Which  the  Partnership
     has a 25%  Interest as Tenants
     -in-Common and has Invested in
     Under an Operating Lease:
       IHOP Restaurant:
             Dublin, California -              $670,899      $879,237           -          -
                                            ============  ============  ==========  =========

Property in Which  the  Partnership
     has a 29%  Interest as Tenants
     -in-Common and has Invested in
     Under an Operating Lease:
       IHOP Restaurant:
            Montgomery, Alabama -              $584,126             -           -          -
                                            ============  ============  ==========  =========

Property in Which  the  Partnership
     has a 34%  Interest as Tenants
     -in-Common and has Invested in
     Under an Operating Lease:
       Baker's Square
            Libertyville, Illino-s             $624,626      $830,023           -          -
                                            ============  ============  ==========  =========

Properties the Partnership has
   Invested in Under Direct
   Financing Leases:
     Burger King Restaurants:
       Suwanee, Georgia         -                     -      $330,541           -          -

     Denny's Restaurants:
       N. Baltimore, Ohio       -                     -       308,155           -          -

     Hardee's Restaurants:
       Millbrook, Alabama       -               125,703       541,865           -          -
       Greenville, Tennessee    -               127,449       402,926           -          -
       Wooster, Ohio            -               137,427       537,227           -          -
       Auburn, Alabama          -                85,890       364,269           -          -

     Shoney's Restaurants:
       Wildwood, Florida        -                     -       846,903           -          -
       Bedford, Indiana         -                     -       540,604           -          -
                                            ------------  ------------  ----------  ---------

                                               $476,469    $3,872,490           -          -
                                            ============  ============  ==========  =========

Property in Which  the  Partnership
     has a 67% Interest as Tenants-
     in-Common  and has Invested In
     Under Direct Financing Leases:

     IHOP Restaurant
       Englewood, Colorado      -                     -    $1,008,839           -          -
                                            ============  ============  ==========  =========

Property in Which  the  Partnership
     has a 29% Interest as Tenants-
     in-Common  and has Invested In
     Under Direct Financing Leases:

     IHOP Restaurant
       Montgomery, Alabama      -                     -      $933,873           -          -
                                            ============  ============  ==========  =========

                                                                                    Life on Which
                   Gross Amount at Which                                            Depreciation in
                 Carried at Close of Period (c)               Date                  Latest Income
-------------------------------------------
                 Buildings and                 Accumulated   of Con-     Date       Statement is
    Land         Improvements     Total        Depreciation  struction  Acquired      Computed
-------------    ------------  ------------    -----------   -------    -------     -------------






    $289,663        $554,268      $843,931        $58,672     1985      05/91           (j)
     430,563         454,823       885,386        145,211     1980      06/91           (b)
     437,658              (f)      437,658             (d)    1991      11/91           (d)
     360,181         529,594       889,775        161,297     1986      11/91           (b)
     406,768         523,067       929,835         55,370     1983      12/96  (i)      (j)


     240,876         258,469       499,345         79,387     1991      08/91           (b)
     133,187              (f)      133,187             (d)    1986      11/91           (d)



     518,605         988,611     1,507,216        314,369     1990      06/91           (b)
     652,103         982,353     1,634,456        312,379     1990      06/91           (b)
     564,576       1,076,633     1,641,209         64,926     1998      03/99           (b)


     308,269         455,341       763,610        140,095     1991      10/91           (b)
     310,545         511,438       821,983        156,794     1991      10/91           (b)


     361,412         552,301       913,713        122,923     1991      12/91           (h)


     445,983         670,370     1,116,353        209,804     1991      08/91           (b)
     420,416              (f)      420,416             (d)    1991      08/91           (d)
     262,103              (f)      262,103             (d)    1991      08/91           (d)
     335,001         454,723       789,724        140,279     1991      09/91           (b)
     638,400         717,302     1,355,702        221,021     1989      10/91           (b)
-------------    ------------  ------------    -----------

  $7,116,309      $8,729,293   $15,845,602     $2,182,527
=============    ============  ============    ===========











    $345,696        $651,985      $997,681       $201,311     1986      09/91           (b)
     350,479         623,615       974,094        192,552     1986      09/91           (b)
     277,192         982,200     1,259,392        303,271     1987      09/91           (b)
     174,019         986,879     1,160,898        304,716     1988      09/91           (b)
     264,239         662,265       926,504        204,485     1988      09/91           (b)
     155,553         657,159       812,712        202,908     1990      09/91           (b)
-------------    ------------  ------------    -----------

  $1,567,178      $4,564,103    $6,131,281     $1,409,243
=============    ============  ============    ===========









    $338,800        $650,109      $988,909       $189,808     1990      03/92           (b)
     429,883         342,455       772,338         99,984     1990      03/92           (b)
     350,932         773,129     1,124,061        225,725     1989      03/92           (b)
     514,815         838,536     1,353,351        244,822     1987      03/92           (b)
     203,095         719,226       922,321        209,988     1988      03/92           (b)
     406,259         998,023     1,404,282        291,386     1987      03/92           (b)
-------------    ------------  ------------    -----------

  $2,243,784      $4,321,478    $6,565,262     $1,261,713
=============    ============  ============    ===========







    $293,478        $997,104    $1,290,582       $274,273     1987      10/92           (b)
=============    ============  ============    ===========









    $552,590              (f)     $552,590             (d)    1996      07/97           (d)
=============                  ============







    $670,899        $879,237    $1,550,136        $33,276     1998      11/99           (b)
=============    ============  ============    ===========







    $584,126              (f)     $584,126             (d)    1998      11/99           (d)
=============                  ============







    $624,626        $830,023    $1,454,649        $11,528     2000      08/00           (b)
=============    ============  ============    ===========





           -              (f)           (f)            (d)    1991      11/91           (d)


           -              (f)           (f)            (d)    1986      11/91           (d)


          (f)             (f)           (f)            (e)    1991      10/91           (e)
          (f)             (f)           (f)            (e)    1991      10/91           (e)
          (f)             (f)           (f)            (e)    1991      10/91           (e)
          (f)             (f)           (f)            (e)    1991      10/91           (e)


           -              (f)           (f)            (d)    1991      08/91           (d)
           -              (f)           (f)            (d)    1991      08/91           (d)









           -              (f)           (f)            (d)    1996      07/97           (d)
=============







           -              (f)           (f)            (d)    1998      11/99           (d)
=============

</TABLE>





                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

               NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                                  DEPRECIATION

                                December 31, 2000


(a)      Transactions in real estate and accumulated  depreciation  during 2000,
         1999, and 1998, are summarized as follows:
<TABLE>
<CAPTION>
<S> <C>
                                                                                              Accumulated
                                                                              Cost            Depreciation
                                                                         ----------------   -----------------
            Properties the Partnership has Invested
              in Under Operating Leases:

                 Balance, December 31, 1997                                 $ 15,660,881        $  1,497,770
                 Reclassified to operating lease                               1,726,862                  --
                 Reclassified to capital lease                                  (361,010 )           (52,855 )
                                                                                      --             266,272
                 Depreciation expense
                                                                         ----------------   -----------------

                 Balance, December 31, 1998                                   17,026,733           1,711,187
                 Acquisition                                                   1,641,209                  --
                 Dispositions                                                 (1,823,513 )          (125,590 )
                 Depreciation expense                                                 --             316,748
                                                                         ----------------   -----------------

            Balance, December 31, 1999                                        16,844,429           1,902,345
                 Dispositions                                                   (998,827 )           (30,514 )
                 Depreciation expense                                                 --             310,696
                                                                         ----------------   -----------------

            Balance, December 31, 2000                                      $ 15,845,602        $  2,182,527
                                                                         ================   =================

            Property  of Joint  Venture  in Which  the  Partnership
               has a 45.2% Interest and has Invested in Under an
               Operating Lease:

                 Balance, December 31, 1997                                 $  6,131,281         $   952,834
                 Depreciation expense                                                 --             152,137
                                                                         ----------------   -----------------

                 Balance, December, 31, 1998                                   6,131,281           1,104,971
                 Depreciation expense                                                 --             152,136
                                                                         ----------------   -----------------

                 Balance, December 31, 1999                                    6,131,281           1,257,107
                 Depreciation expense                                                 --             152,136
                                                                         ----------------   -----------------

                 Balance, December 31, 2000                                 $  6,131,281        $  1,409,243
                                                                         ================   =================

</TABLE>

<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

              NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                            DEPRECIATION - CONTINUED

                                December 31, 2000
<TABLE>
<CAPTION>
<S> <C>
                                                                                           Accumulated
                                                                        Cost               Depreciation
                                                                   ----------------      ----------------
          Properties  of  Joint  Venture  in  Which  the
            Partnership  has a 50% Interest and has Invested in
            Under Operating Leases:

               Balance, December 31, 1997                              $ 6,565,262             $  829,565
               Depreciation expense                                             --                144,048
                                                                   ----------------      ----------------

               Balance, December 31, 1998                                6,565,262                973,613
               Depreciation expense                                             --                144,050
                                                                   ----------------      ----------------

               Balance, December 31, 1999                                6,565,262              1,117,663
               Depreciation expense                                             --                144,050
                                                                   ----------------      ----------------

               Balance, December 31, 2000                              $ 6,565,262            $ 1,261,713
                                                                   ================      ================

          Property  of Joint  Venture  in  Which  the  Partnership
            has a 27.33% Interest and has Invested in Under an
            Operating Lease:

               Balance, December 31, 1997                              $ 1,290,582             $  174,562
               Depreciation expense                                             --                 33,237
                                                                   ----------------      ----------------

               Balance, December 31, 1998                                1,290,582                207,799
               Depreciation expense                                             --                 33,237
                                                                   ----------------      ----------------

               Balance, December 31, 1999                                1,290,582                241,036
               Depreciation expense                                             --                 33,237
                                                                   ----------------      ----------------

               Balance, December 31, 2000                              $ 1,290,582             $  274,273
                                                                   ================      ================

          Property   in  Which   the   Partnership   has  a  67%
            Interest   as Tenants-in-Common and has Invested in Under
            a Operating Lease:

               Balance, December 31, 1997                               $  552,590                $    --
               Depreciation expense (d)                                         --                     --
                                                                   ----------------      ----------------

               Balance, December 31, 1998                                  552,590                     --
               Depreciation expense (d)                                         --                     --
                                                                   ----------------      ----------------

               Balance, December 31, 1999                                  552,590                     --
               Depreciation expense (d)                                         --                     --
                                                                   ----------------      ----------------

               Balance, December 31, 2000                               $  552,590                $    --
                                                                   ================      ================

</TABLE>


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

              NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                            DEPRECIATION - CONTINUED

                                December 31, 2000
<TABLE>
<CAPTION>
<S> <C>

                                                                                           Accumulated
                                                                        Cost               Depreciation
                                                                   ----------------      ----------------
          Property   in  Which   the   Partnership   has  a  25%
            Interest   as Tenants-in-Common and has Invested in
            Under a Operating Lease:

               Balance, December 31, 1998                                  $    --                $    --
               Acquisition                                               1,550,136                     --
               Depreciation expense                                             --                  3,968
                                                                   ----------------      ----------------

               Balance, December 31, 1999                                1,550,136                  3,968
               Depreciation expense                                              --                29,308
                                                                   ----------------      ----------------

               Balance December 31, 2000                               $ 1,550,136             $   33,276
                                                                   ================      ================

          Property   in  Which   the   Partnership   has  a  29%
            Interest   as Tenants-in-Common and has Invested in Under
            an Operating Lease:

               Balance, December 31, 1998                                  $    --                $    --
               Acquisition                                                 584,126                     --
               Depreciation expense (d)                                         --                     --
                                                                   ----------------      ----------------

               Balance, December 31, 1999                                  584,126                     --
               Depreciation expense (d)                                          --                    --
                                                                   ----------------      ----------------

               Balance, December 31, 2000                               $  584,126                $    --
                                                                   ================      ================

          Property   in  Which   the   Partnership   has  a  34%
            Interest   as Tenants-in-Common and has Invested in Under
            an Operating Lease:

               Balance, December 31, 1999                                  $    --               $    --
               Acquisition                                               1,454,649                     --
               Depreciation expense                                             --                 11,528
                                                                   ----------------      ----------------

               Balance, December 31, 2000                              $ 1,454,649             $   11,528
                                                                   ================      ================
</TABLE>


(b)      Depreciation  expense is computed for buildings and improvements  based
         upon estimated lives of 30 years.



<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

              NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                            DEPRECIATION - CONTINUED

                                December 31, 2000


(c)      As of December 31, 2000, the aggregate cost of the Properties  owned by
         the  Partnership and joint ventures for federal income tax purposes was
         $20,188,144  and  $20,071,339,  respectively.  All  of the  leases  are
         treated as operating leases for federal income tax purposes.

(d)      For financial reporting purposes,  the portion of the lease relating to
         the building has been recorded as a direct financing lease. The cost of
         the building has been included in net  investment  in direct  financing
         leases; therefore, depreciation is not applicable.

(e)      For financial reporting  purposes,  the lease for the land and building
         has been recorded as a direct financing lease. The cost of the land and
         building  has been  included  in net  investment  in  direct  financing
         leases; therefore, depreciation is not applicable.

(f)      For  financial  reporting  purposes,  certain  components  of the lease
         relating to land and building have been recorded as a direct  financing
         lease.  Accordingly,  costs relating to these  components of this lease
         are not shown.

(g)      The Huntsville,  Alabama Property contains a Shoney's  restaurant and a
         Captain D's  restaurant,  both of which are operated by the same lessee
         pursuant to one lease agreement.

(h)      Effective  January 1, 1995, the lease for this Property was terminated,
         resulting in the  reclassification of the building portion of the lease
         to an operating  lease.  The building was recorded at net book value as
         of  January  1,  1995,  and  will be  depreciated  over  its  remaining
         estimated life of approximately 27 years.  During 1997, the Partnership
         re-leased this Property to Shells Seafood Restaurants.

(i)      This Property was exchanged for a Burger King Property previously owned
         and located in Woodmere, Ohio, during 1996.

(j)      Effective  August 1, 1998,  the lease for this  property  was  amended,
         resulting in the  reclassification of the building portion of the lease
         to an operating  lease.  The building was recorded at net book value as
         of August 1, 1998, and will be depreciated over its remaining estimated
         life of approximately 22 years.

(k)      Effective   September  30,  1998,  the  lease  for  this  property  was
         terminated,  resulting in the  reclassification of the building portion
         of the lease to an  operating  lease.  The building was recorded at net
         book value at September  30,  1998,  and will be  depreciated  over its
         remaining estimated life of approximately 23 years.

(l)      During  the year  ended  December  31,  2000,  the  Partnership  and an
         affiliate,  as tenants-in-common,  purchased land and building from CNL
         BB Corp., an affiliate of the General  Partners,  for an aggregate cost
         of approximately $1,454,600.


<PAGE>


                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)

                   SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

                                December 31, 2000
<TABLE>
<CAPTION>
<S> <C>
                                                                                                                  Principal
                                                                                                                    Amount
                                                                                                                   of Loans
                                                                                                                  Subject to
                                                                                                Carrying          Delinquent
                                   Final      Periodic                         Face           Amount of         Principal or
               Interest          Maturity      Payment         Prior         Amount of         Mortgages          Description
                 Rate              Date         Terms          Liens         Mortgages            (1)              Interest
              -----------    ---------------- -----------   ------------   ---------------   ---------------     --------------

Denny's-
Alliance, OH
First Mortgage     9.00%       December 2008        (2)         $   --        $  200,000       $   201,535            $    --
                                                           ============   ===============   ===============     ==============

Denny's-
Bluffton, OH
First Mortgage     9.00%       December 2008        (3)         $   --        $  300,000       $   302,303            $    --
                                                           ============   ===============   ===============     ==============

</TABLE>

         (1)      Carrying amount consists of outstanding principal plus accrued
                  interest. The tax carrying value of the notes are $503,838.

         (2)      Monthly  payments of principal  and interest at an annual rate
                  of 9.00% with a balloon payment at maturity of $123,102.

         (3)      Monthly  payments of principal  and interest at an annual rate
                  of 9.00%, with a balloon payment at maturity of $184,652.

         (4)      The changes in the carrying amounts are summarized as follows:
<TABLE>
<CAPTION>
<S> <C>
                                                   2000              1999               1998
                                                -------------   ----------------   ----------------

        Balance at beginning of period               $    --           $     --           $     --
        New mortgage loan                            500,000                 --                 --
        Interest earned                                3,838                 --                 --

        Collection of principal and interest              --                 --                 --
                                                -------------   ----------------   ----------------

        Balance at end of period                  $  503,838           $     --           $     --
                                                =============   ================   ================
</TABLE>




<PAGE>













                                    EXHIBITS




<PAGE>





                                  EXHIBIT INDEX


Exhibit Number

         3.1      Affidavit and Certificate of Limited Partnership of CNL Income
                  Fund  IX,  Ltd.  (Included  as  Exhibit  3.1  to  Registration
                  Statement No. 33-35049 on Form S-11 and incorporated herein by
                  reference.)

         4.1      Affidavit and Certificate of Limited Partnership of CNL Income
                  Fund  IX,  Ltd.  (Included  as  Exhibit  3.1  to  Registration
                  Statement No. 33-35049 on Form S-11 and incorporated herein by
                  reference.)

         4.2      Amended and Restated  Agreement of Limited  Partnership of CNL
                  Income   Fund  IX,   Ltd.   (Included   as   Exhibit   4.6  to
                  Post-Effective  Amendment No. 1 to Registration  Statement No.
                  33-35049 on Form S-11 and incorporated herein by reference.)

         10.1     Management  Agreement between CNL Income Fund IX, Ltd. and CNL
                  Investment  Company  (Included  as  Exhibit  10.1 to Form 10-K
                  filed with the Securities and Exchange Commission on March 17,
                  1998, and incorporated herein by reference.)

         10.2     Assignment of Management Agreement from CNL Investment Company
                  to CNL Income Fund Advisors, Inc. (Included as Exhibit 10.2 to
                  Form 10-K filed with the Securities and Exchange Commission on
                  March 30, 1995, and incorporated herein by reference.)

         10.3     Assignment  of  Management  Agreement  from  CNL  Income  Fund
                  Advisors, Inc. to CNL Fund Advisors, Inc. (Included as Exhibit
                  10.3 to Form  10-K  filed  with the  Securities  and  Exchange
                  Commission  on April  1,  1996,  and  incorporated  herein  by
                  reference.)