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

                                   FORM 10-K/A
                                 Amendment No. 1


(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, 1997

                                       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)

                              400 East South Street
                             Orlando, Florida 32801
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (407) 422-1574

           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  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>



         The Form 10-K of CNL Income Fund IX, Ltd.  for the year ended  December
31,  1997 is being  amended  to  provide  additional  disclosure  under  Item 1.
Business, Item 2. Properties and Item 7. Management's Discussion and Analysis of
Financial  Condition and Results of Operations - Capital  Resources,  Short-Term
Liquidity and Long-Term Liquidity.



                                     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,  totalled
$30,800,000,  and were used to acquire 40  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.  As a result of the above  transactions,  as of December  31,
1997,  the  Partnership  owned  40  Properties.  The 40  Properties  include  13
Properties owned by joint ventures in which the Partnership is a co-venturer and
one  Property  owned with an  affiliate as  tenants-in-common.  The  Partnership
leases the Properties 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.  In general,  the General Partners plan to seek the sale of some of
the  Properties  commencing  seven  to 12 years  after  their  acquisition.  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.

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 and
the joint ventures in which the Partnership is a co-venturer,  generally provide
for initial terms ranging from 10 to 20 years (the average being 17 years),  and
expire  between 2005 and 2017.  The leases are 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
$50,400 to $171,400.  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  four
five-year  renewal  options  subject  to the same  terms and  conditions  as the
initial  lease.  Certain  lessees  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.  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.

         During 1994, a temporary  operator assumed operations of the restaurant
business located at the Copley Township,  Ohio Property and paid the Partnership
rent on a month-to-month  basis.  During 1995, a new temporary  operator assumed
operations  of the  restaurant  business  for this  Property  and was paying the
Partnership  rent  on a  month-to-month  basis.  During  1997,  the  Partnership
re-leased this Property to Shells Seafood  Restaurants.  The new lease terms for
this Property are substantially  the same as the  Partnership's  other leases as
described above in the first two paragraphs of this section.

Major Tenants


         During 1997, five of the Partnership's  lessees (or group of affiliated
lessees),  (i) Carrols Corporation,  (ii) TPI Restaurants,  Inc., (iii) Flagstar
Enterprises,  Inc., (iv) Burger King Corporation and BK Acquisition, Inc. (which
are affiliated entities under common control) (hereinafter referred to as Burger
King Corp.) and (v) Golden Corral  Corporation,  each  contributed more than ten
percent of the  Partnership's  total rental income  (including the Partnership's
share of  rental  income  from 13  Properties  owned by joint  ventures  and one
Property  owned  as  tenants-in-common).   As  of  December  31,  1997,  Carrols
Corporation  was the lessee  under  leases  relating  to four  restaurants,  TPI
Restaurants,  Inc.  was the lessee under  leases  relating to five  restaurants,
Flagstar  Enterprises,  Inc.  was  the  lessee  under  leases  relating  to  six
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 two restaurants.  It is anticipated  that, based on the
minimum rental payments required by the leases,  these five lessees or groups of
affiliated lessees each will continue to contribute more than ten percent of the
Partnership's  total rental income in 1998 and  subsequent  years.  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  income during 1997  (including  the
Partnership's  share of the  rental  income  from 13  Properties  owned by joint
ventures and one Property owned as  tenants-in-common).  In subsequent years, 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. 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 Arrangements and Tenancy in Common Arrangements

         The   Partnership   has  entered  into  the  following   joint  venture
arrangements:  CNL Restaurant  Investments II with CNL Income Fund VII, Ltd. and
CNL Income Fund VIII, Ltd.,  affiliates of the General Partners, to purchase and
hold six  Properties;  CNL  Restaurant  Investments  III with CNL Income Fund X,
Ltd., an affiliate of the General Partners, to purchase and hold six Properties;
and Ashland  Joint  Venture with CNL Income Fund X, Ltd. and CNL Income Fund XI,
Ltd.,  affiliates  of the General  Partners,  to purchase and hold one Property.
Each of the affiliates 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 30  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,  in July 1997, the
Partnership   entered   into  an   agreement   to  hold  an  IHOP   Property  as
tenants-in-common  , with CNL Income Fund III, Ltd., an affiliate of the General
Partners.  The agreement provides for the Partnership and the affiliate to share
in the profits and losses of the Property in  proportion  to each  co-venturer's
percentage  interest.  The Partnership  owns a 67.23% interest in this Property.
The  affiliate is a limited  partnership  organized  pursuant to the laws of the
State of Florida.  The tenancy in common  agreement  restricts each  co-tenant's
ability to sell,  transfer,  or assign its  interest  in the tenancy in common's
Property without first offering it for sale to the remaining co-tenant.

         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 Income Fund Advisors,  Inc., an affiliate of the General  Partners,
provided  certain  services  relating to management of the  Partnership  and its
Properties  pursuant to a  management  agreement  with the  Partnership  through
September 30, 1995.  Under this  agreement,  CNL Income Fund Advisors,  Inc. was
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 Income Fund  Advisors,  Inc. also
assisted the General Partners in negotiating the leases. For these services, the
Partnership  had agreed to pay CNL Income 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").

         Effective October 1, 1995, CNL Income Fund Advisors,  Inc. assigned its
rights  in,  and its  obligations  under,  the  management  agreement  with  the
Partnership  to CNL Fund  Advisors,  Inc. All of the terms and conditions of the
management agreement,  including the payment of fees, as described above, remain
unchanged.

         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.

Employees

         The  Partnership   has  no  employees.   The  officers  of  CNL  Realty
Corporation  and the officers and employees 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 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, 1997, the Partnership owned 40 Properties. Of the 40
Properties,  26 are owned by the Partnership in fee simple, 13 are owned through
joint venture arrangements and one Property is 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 filed with this report 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.



                                                         1

<PAGE>




         The following table lists the Properties owned by the Partnership as of
December 31, 1997, by state. More detailed information regarding the location of
the  Properties  is  contained  in the  Schedule of Real Estate and  Accumulated
Depreciation filed with this report.

         State                                  Number of Properties
         -----                                  --------------------

         Alabama                                         3
         Colorado                                        1
         Florida                                         1
         Georgia                                         1
         Illinois                                        1
         Indiana                                         2
         Louisiana                                       3
         Michigan                                        1
         Minnesota                                       1
         Mississippi                                     1
         North Carolina                                  3
         New Hampshire                                   3
         New York                                        3
         Ohio                                            7
         South Carolina                                  1
         Tennessee                                       2
         Texas                                           6
                                                   -------
         TOTAL PROPERTIES:                              40
                                                   =======


                                                         2

<PAGE>


         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, 1997, 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, 1997,  the aggregate  cost
basis of the Properties  owned by the Partnership and joint ventures  (including
Properties held through tenancy in common  arrangements)  for federal income tax
purposes was $23,476,756 and $15,036,874, respectively.

         The following table lists the Properties owned by the Partnership as of
December 31, 1997 by Restaurant Chain.


         Restaurant Chain                                Number of Properties
         ----------------                                --------------------

         Burger King                                                  18
         Denny's                                                       4
         Golden Corral                                                 3
         Hardee's                                                      6
         IHOP                                                          1
         Perkins                                                       2
         Shells Seafood Restaurant                                     1
         Shoney's                                                      5
                                                                  ------
         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.


                                                         3

<PAGE>


         At December 31, 1997, 1996, 1995, 1994, and 1993, all of the Properties
were  occupied.  The following is a schedule of the average annual rent for each
of the five years ended December 31:
<TABLE>
<CAPTION>
<S> <C>

                                                         For the Year Ended December 31:
                                   1997            1996              1995             1994             1993
                              --------------------------------------------------------------------------------

    Rental Revenues (1)        $3,350,655        $3,516,267       $3,534,838        $3,482,391      $2,994,767
    Properties                         40                40               40                40              40
    Average Rent per Unit         $83,766           $87,907          $88,371           $87,060         $74,869
</TABLE>

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

    The following is a schedule of lease  expirations  for leases in place as of
December 31, 1997, for each of the ten years beginning with 1998 and thereafter.

                                                                  Percentage of
                              Number          Annual Rental        Gross Annual
   Expiration Year         of Leases             Revenues         Rental Income
  ------------------    ----------------   -------------------   ---------------
         1998                        -                      -               -
         1999                        -                      -               -
         2000                        -                      -               -
         2001                        -                      -               -
         2002                        -                      -               -
         2003                        -                      -               -
         2004                        -                      -               -
         2005                        8                625,126          18.49%
         2006                       11                910,294          26.92%
         Thereafter                 21              1,845,943          54.59%
                              --------         --------------     -----------
         Totals                     40              3,381,363         100.00%
                              ========         ==============     ===========

         Leases  with Major  Tenants.  The terms of each of the leases  with the
Partnership's  major  tenants as of December  31,  1997 (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 is 20 years  (expiring in 2011) and the average  minimum base
annual rent is approximately  $112,300 (ranging from  approximately  $108,000 to
$121,200).

         TPI Restaurants,  Inc. leases four Shoney's restaurants and one Captain
D's  restaurant.  The initial term of each lease is 15 years  (expiring in 2006)
and the average minimum base annual rent is approximately $111,500 (ranging from
approximately $64,200 to $161,000).

         Flagstar Enterprises, Inc. leases six Hardee's restaurants. The initial
term of each lease is 20 years  (expiring in 2011) and the average  minimum base
annual rent is  approximately  $74,400  (ranging from  approximately  $51,500 to
$93,700).

         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 two Golden Corral restaurants with an
initial term of 15 years  (expiring in 2005) and the average minimum base annual
rent  is  approximately   $164,500  (ranging  from  approximately   $157,500  to
$171,400).

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.

         At the time the Partnership elects to dispose of its Properties,  other
than as a result of the exercise of tenant options to purchase  Properties,  the
Partnership  will be in  competition  with other  persons and entities to locate
purchasers for its Properties.



                                     PART II




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 triple-net leases,  with the lessees  responsible for all repairs and
maintenance,  property taxes, insurance and utilities.  As of December 31, 1997,
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, 1997, 1996 and 1995, 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  $3,157,964,  $3,356,240
and  $3,098,276  for  the  years  ended  December  31,  1997,   1996  and  1995,
respectively.  The decrease in cash from operations  during 1997, as compared to
1996 is  primarily a result of changes in income and  expenses as  discussed  in
"Results of Operations" below and changes in the Partnership's  working capital.
The  increase in cash from  operations  during  1996,  as  compared to 1995,  is
primarily due to changes in the Partnership's working capital.

         Other  sources and uses of capital  included the  following  during the
years ended December 31, 1997, 1996 and 1995.

         In June 1997, the Partnership sold its Property in Alpharetta, Georgia,
and received net sales proceeds of $1,053,571, resulting in a gain for financial
reporting  purposes of $199,643.  This Property was  originally  acquired by the
Partnership  in  September  1991  and  had a  cost  of  approximately  $711,200,
excluding acquisition fees and miscellaneous  acquisition  expenses;  therefore,
the Partnership  sold the Property for  approximately  $342,400 in excess of its
original purchase price. In July 1997, the Partnership reinvested  approximately
$1,049,800  of these  net  sales  proceeds  in an IHOP  Property  in  Englewood,
Colorado,  as  tenants-in-common,  with an affiliate of the General Partners. 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 each co-venturer's percentage interest. As of December
31, 1997, the Partnership  owned a 67.23% interest in the Property.  The General
Partners  believe that the transaction,  or a portion  thereof,  relating to the
sale  of the  Property  in  Alpharetta,  Georgia,  and the  reinvestment  of the
proceeds in an IHOP Property in Englewood, Colorado, will qualify as a like-kind
exchange transaction for federal income tax purposes.

         In  December  1996,  the  tenant of the  Property  in  Woodmere,  Ohio,
exercised its option under the terms of its lease  agreement,  to substitute the
existing  Property for a replacement  Property.  In conjunction  therewith,  the
Partnership simultaneously exchanged the Burger King Property in Woodmere, Ohio,
with a Burger  King  Property in  Carrboro,  North  Carolina.  The lease for the
Property in Woodmere, Ohio, was amended to allow the Property in Carrboro, North
Carolina,  to continue under the terms of the original lease.  All closing costs
were paid by the tenant.  The  Partnership  accounted for this as a non-monetary
exchange of similar  assets and  recorded  the  acquisition  of the  Property in
Carrboro,  North  Carolina,  at the net book value of the  Property in Woodmere,
Ohio.  No gain or loss  was  recognized  due to this  being  accounted  for as a
non-monetary exchange of similar assets.


         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  and net
sales proceeds from the sale of Properties,  pending  reinvestment in additional
Properties,  invested in money market accounts or other short-term highly liquid
investments such as demand deposit  accounts at commercial  banks, CDs and money
market accounts 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, 1997, the Partnership had $1,250,388 invested in such
short-term  investments  as compared to  $1,288,618  at December 31, 1996. As of
December  31,  1997,  the  average  interest  rate  earned on the rental  income
deposited in demand deposit accounts at commercial banks was approximately three
percent annually. The funds remaining at December 31, 1997, after the payment of
distributions  and  other  liabilities,  will be used to meet the  Partnership's
working capital and other needs.

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 of the  Partnership,  to the extent
that  the  General  Partners   determine  that  such  funds  are  available  for
distribution.   Based  on  cash  from  operations,   the  Partnership   declared
distributions  to the Limited Partners of $3,150,004 for the year ended December
31, 1997 and  $3,185,004 for each of the years ended December 31, 1996 and 1995.
This represents a distribution of $0.90 per Unit for the year ended December 31,
1997 and $0.91 per Unit for each of the years ended  December 31, 1996 and 1995.
The General  Partners  anticipate  that the  Partnership  will declare a special
distribution  to the Limited  Partners during the quarter ending March 31, 1998,
representing cumulative excess operating reserves. No amounts distributed to the
Limited  Partners  for the years ended  December 31,  1997,  1996 and 1995,  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 1997, 1996 and 1995, affiliates of the General Partners incurred
on behalf of the Partnership  $77,999,  $97,032 and $88,563,  respectively,  for
certain  operating  expenses.  As of December 31, 1997 and 1996, the Partnership
owed  $4,619 and  $1,405,  respectively,  to  affiliates  for such  amounts  and
accounting and administrative services. As of February 28, 1998, the Partnership
had reimbursed the affiliates  all such amounts.  Other  liabilities,  including
distributions payable, decreased to $944,578 at December 31, 1997, from $982,846
at December 31, 1996,  primarily as the result of the  Partnership's  accruing a
special distribution payable to the Limited Partners of $35,000, at December 31,
1996,  which was paid in January  1997.  The General  Partners  believe that the
Partnership  has  sufficient  cash on hand to meet its current  working  capital
needs.

Long-Term Liquidity

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


Results of Operations

         During  the  years  ended  December  31,  1997,   1996  and  1995,  the
Partnership owned and leased 27 wholly-owned  Properties (including one Property
in Alpharetta,  Georgia, which was sold in June 1997). In addition, during 1997,
1996 and 1995, 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.  During 1997,  the  Partnership  also owned and leased one
Property with an affiliate as  tenants-in-common.  As of December 31, 1997,  the
Partnership  owned,  either directly or through joint venture  arrangements,  40
Properties, which are 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  $50,400 to $171,400.  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,  1997,   1996  and  1995,  the
Partnership  earned  $2,572,954,  $2,771,319 and  $2,807,108,  respectively,  in
rental  income from  operating  leases and earned  income from direct  financing
leases from the Partnership's  wholly owned  Properties.  The decrease in rental
and earned  income in 1997,  as compared to 1996, is partially due to a decrease
in rental and earned income of  approximately  $65,000  during 1997,  due to the
fact that during April 1997,  the  operator of the Property in Copley  Township,
Ohio,  ceased  operations of the Property and the Partnership  ceased  recording
rental income and wrote-off the allowance for doubtful accounts. The Partnership
re-leased this Property to Shells Seafood Restaurants in September 1997 and rent
commenced  December  1997. The decrease in rental and earned income during 1996,
as compared to 1995, is primarily  the result of the fact that during 1996,  the
Partnership  established an allowance for doubtful accounts relating to the same
Property in Copley Township, Ohio.

         Rental and earned  income also  decreased  during 1997,  as compared to
1996, due to the fact that the Partnership established an allowance for doubtful
accounts  of  approximately   $70,000  during  1997,  relating  to  the  Perkins
Properties in  Williamsville  and Rochester,  New York,  which are leased by the
same tenant, due to financial  difficulties the tenant is experiencing.  No such
allowance  was  established  during  1996.  The  Partnership  intends  to pursue
collection of past due amounts from this tenant and will  recognize such amounts
as income if collected.


         In addition,  rental and earned income decreased  approximately $51,800
during 1997, as a result of the sale of the Property in Alpharetta,  Georgia, in
June 1997. In July 1997, the Partnership  reinvested the net sales proceeds in a
Property in Englewood, Colorado, as tenants-in-common,  with an affiliate of the
General Partners, as discussed above in "Capital Resources."


         In addition,  for the years ended December 31, 1997, 1996 and 1995, the
Partnership earned $74,867, $120,999 and $110,036,  respectively,  in contingent
rental income. The decrease in contingent rental income for 1997, as compared to
1996,  is  primarily  attributable  to a change in the  contingent  rent formula
(consisting of an increase to the sales breakpoint on which contingent rents are
computed) in  accordance  with the terms of the leases,  for certain  restaurant
Properties  requiring the payment of contingent  rental income.  The increase in
contingent rental income during 1996, as compared to 1995, is primarily a result
of increased gross sales of certain restaurant  Properties requiring the payment
of contingent rental income.

         During  the  years  ended  December  31,  1997,   1996  and  1995,  the
Partnership also earned $537,853, $460,400 and $453,794, 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 1997,
as compared to 1996 and 1995,  is  primarily  due to the fact that in July 1997,
the  Partnership  reinvested the net sales proceeds it received from the sale of
the Property in Alpharetta,  Georgia,  in an IHOP Property located in Englewood,
Colorado, as tenants-in-common, with an affiliate of the General Partners.

         During at least one of the years  ended  December  31,  1997,  1996 and
1995,  five of the  Partnership's  lessees  (or  group of  affiliated  lessees),
Carrols Corporation, TPI Restaurants,  Inc., Flagstar Enterprises,  Inc., Golden
Corral  Corporation and Burger King Corporation,  each contributed more than ten
percent of the  Partnership's  total rental income  (including the Partnership's
share of  rental  income  from 13  Properties  owned by joint  ventures  and one
Property  owned  as  tenants-in-common).   As  of  December  31,  1997,  Carrols
Corporation  was the lessee  under  leases  relating  to four  restaurants,  TPI
Restaurants,  Inc.  was the lessee under  leases  relating to five  restaurants,
Flagstar  Enterprises,  Inc.  was  the  lessee  under  leases  relating  to  six
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 two restaurants.  It is anticipated  that, based on the
minimum rental payments required by the leases,  these five lessees or groups of
affiliated lessees each will continue to contribute more than ten percent of the
Partnership's  total rental income in 1998 and  subsequent  years.  In addition,
during at least one of the years ended  December 31, 1997,  1996 and 1995,  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  income
(including the Partnership's share of the rental income from 13 Properties owned
by joint  ventures and one Property owned as  tenants-in-common).  In subsequent
years, 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.

         Operating expenses,  including  depreciation and amortization  expense,
were $492,354, $443,767 and $440,176 for the years ended December 31, 1997, 1996
and 1995, respectively. The increase in operating expenses for 1997, as compared
to 1996, is partially attributable to the fact that the Partnership recorded bad
debt expense of $21,000 relating to the Property in Copley  Township,  Ohio. Due
to the fact that the former tenant ceased  operating the Property in April 1997,
the General Partners believe collection of this amount is doubtful. In addition,
the increase in operating  expenses  during 1997,  was partially due to the fact
that during 1997, the  Partnership  recorded past due real estate taxes relating
to the Property in Copley Township,  Ohio of $23,191.  The Partnership  recorded
$9,905 of such  expense  during  1996.  In  addition,  the increase in operating
expenses for 1997, as compared to 1996, was partially  attributable  to the fact
that the Partnership recorded approximately $7,600 in real estate tax expense in
1997 relating to the Perkins  Properties in  Williamsville  and  Rochester,  New
York, which are leased by the same tenant, due to the financial difficulties the
tenant is  experiencing.  The Partnership  intends to pursue  collection of such
amounts and will recognize  such amounts as income if collected.  No real estate
tax expense was recorded for these Properties in 1996.

         The increase in operating expenses during 1996, as compared to 1995, is
primarily a result of an  increase in  accounting  and  administrative  expenses
associated  with operating the Partnership and its Properties and an increase in
insurance  expense as a result of the  General  Partners'  obtaining  contingent
liability and property coverage for the Partnership beginning in May 1995.


         As a result of the 1997 sale of the Property in Alpharetta, Georgia, as
described above in "Capital  Resources,"  the Partnership  recognized a gain for
financial  reporting  purposes of $199,643 for the year ended December 31, 1997.
No Properties were sold during 1996 or 1995.


         The General Partners of the Partnership are in the process of assessing
and addressing the impact of the year 2000 on its computer package software. The
hardware  and  built-in  software  are  believed  to  be  year  2000  compliant.
Accordingly, the General Partners do not expect this matter to materially impact
how the  Partnership  conducts  business  nor its  current or future  results of
operations or financial position.

         The  Partnership's  leases as of December  31,  1997,  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.


                                                         4

<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 29th day of
July, 1999.


                                            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.

        Signature                    Title                          Date
        ---------                    -----                          ----

/s/ Robert A. Bourne        President, Treasurer and            July 29, 1999
--------------------        Director(Principal Financial
Robert A. Bourne            and Accounting Officer)




/s/ James M. Seneff, Jr.    Chief Executive Officer and         July 29, 1999
------------------------    Director (Principal Executive
James M. Seneff, Jr.        Officer



<PAGE>