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, 2003

                                       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]

         Indicate by check mark whether the registrant is an  accelerated  filer
(as defined in Exchange Act Rule 12b-2):  Yes___ No 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.

         As of December 31, 2000, the Partnership  owned 22 Properties  directly
and 17  Properties  indirectly  through  joint  venture  or  tenancy  in  common
arrangements.  During the year ended December 31, 2001, the Partnership sold its
Properties  in Bedford,  Indiana and Copley  Township,  Ohio and the Property in
Dublin, California,  which was held with an affiliate of the General Partners as
tenants-in-common,  and  reinvested  the  majority of these sales  proceeds in a
Property  in Blaine,  Minnesota  and in a Property  in  Waldorf,  Maryland  with
affiliates  of the  General  Partners as  tenants-in-common.  During  2002,  the
Partnership  sold its  Properties in  Greenville,  South  Carolina and Farragut,
Tennessee,  and the Property in Libertyville,  Illinois,  which was held with an
affiliate of the General  Partners as  tenants-in-common.  The Partnership  also
sold the Shoney's portion of the dual-brand Property in Huntsville, Alabama; the
Partnership still owns the Captain D's portion.  The Partnership  reinvested the
net  sales  proceeds  from the  sales of the  Properties  in  Greenville,  South
Carolina and Huntsville, Alabama, along with a portion of the net sales proceeds
from the 2001 sale of the  Property  in Copley  Township,  Ohio in a Property in
Dallas, Texas and a Property in Jackson,  Michigan.  The Partnership  reinvested
the  liquidating  distribution  from the sale of the  Property in  Libertyville,
Illinois in a Property in Buffalo  Grove,  Illinois,  with an  affiliate  of the
General Partners, as tenants-in-common.  The Partnership intends to reinvest the
sales  proceeds  from the sale of the  Property  in  Farragut,  Tennessee  in an
additional Property. In addition,  CNL Restaurant  Investments III, in which the
Partnership  owns  a 50%  interest,  sold  its  Property  in  Greensboro,  North
Carolina;  Ashland  Joint  Venture,  in  which  the  Partnership  owns a  27.33%
interest,  sold its  Property  in Ashland,  New  Hampshire;  and CNL  Restaurant
Investments  II,  in  which  the  Partnership  owns a 45.2%  interest,  sold its
Properties  in  Columbus,  Ohio and Pontiac,  Michigan.  Ashland  Joint  Venture
reinvested  the majority of its net sales proceeds in a Property in San Antonio,
Texas. CNL Restaurant  Investments II reinvested the net sales proceeds from the
sale of the  Property  in  Columbus,  Ohio in a Property  in  Dallas,  Texas and
distributed  the net sales  proceeds  from the sale of the  Property in Pontiac,
Michigan to the Partnership as a return of capital.  The  Partnership  used this
return of capital to acquire an interest in Katy Joint Venture,  with CNL Income
Fund XVII, Ltd., a Florida limited partnership,  and an affiliate of the General
Partners. CNL Restaurant Investments III distributed the net sales proceeds from
the sale of the Property in Greensboro,  North Carolina to the  Partnership as a
return of capital.  The  Partnership  used the return of capital to meet working
capital needs.  During 2003, the Partnership sold its Property in Grand Prairie,
Texas and intends to use the proceeds to pay  liabilities of the  Partnership or
to  invest  them  in an  additional  Property.  As of  December  31,  2003,  the
Partnership owned 20 Properties  directly and 16 Properties  indirectly  through
joint  venture  or  tenancy  in  common  arrangements.  In  February  2004,  the
Partnership  sold its  Property  in  Wildwood,  Florida  and  intends to use the
proceeds  to invest  in an  additional  Property  or to pay  liabilities  of the
Partnership.

         The  Partnership  holds  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  consider  factors such as potential  capital
appreciation,  net cash flow and federal income taxes. 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.

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 14 to 20 years (the  average  being 16
years),  and  expire  between  2005 and 2021.  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  $57,600 to $246,400.  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
successive five-year renewal options subject to the same terms and conditions as
the initial lease.  Lessees of 24 of the  Partnership's  36 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 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  2002,  the  tenant of the  Property  in North  Baltimore,  Ohio
terminated its lease,  in accordance  with its lease  agreement,  when a partial
right of way taking reduced road access to the restaurant.  The General Partners
are  currently  seeking  either  a new  tenant  or a  purchaser  for the  vacant
Property.  In February  2004,  the  Partnership  sold its  Property in Wildwood,
Florida.

Major Tenants

         During 2003, three of the Partnership's lessees (or group of affiliated
lessees),  (i)  Carrols  Corporation  and  Texas  Taco  Cabana,  LP  (which  are
affiliated  entities under common control)  (hereinafter  referred to as Carrols
Corp.),  (ii)  Burger  King  Corporation  and BK  Acquisition,  Inc.  (which are
affiliated  entities under common  control)  (hereinafter  referred to as Burger
King Corp.) and (iii) Golden Corral Corporation,  each contributed more than ten
percent of total rental  revenues and mortgage  interest  income  (including the
Partnership's  share of total rental revenues from joint ventures and Properties
owned as  tenants-in-common).  As of December 31, 2003,  Carrols  Corp.  was the
lessee  under leases  relating to nine  restaurants,  Burger King Corp.  was the
lessee  under  leases  relating  to  the  nine  restaurants  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,
Carrols Corp. Burger King Corp. and Golden Corral Corporation will each continue
to  contribute  more than ten percent of the total rental  revenues in 2004.  In
addition, two Restaurant Chains, Burger King, and Golden Corral Buffet and Grill
("Golden  Corral"),  each  accounted  for more than ten percent of total  rental
revenues and mortgage interest during 2003 (including the Partnership's share of
the  total  rental  revenues  from  joint  ventures  and  Properties   owned  as
tenants-in-common).  In 2004, it is anticipated that these two Restaurant Chains
each will  continue  to account  for more than ten  percent of the total  rental
revenues to which the Partnership is entitled under the terms of its leases. Any
failure  of these  lessees  or  Restaurant  Chains  will  materially  affect the
Partnership's  operating  results if the Partnership is not able to re-lease the
Properties in a timely  manner.  As of December 31, 2003,  Carrols Corp.  leased
Properties with an aggregate carrying value in excess of 20% of the total assets
of the Partnership.



<PAGE>


Joint Venture and Tenancy in Common Arrangements

         The  Partnership  has  entered  into the  following  joint  venture and
tenancy in common arrangements as of December 31, 2003:
<TABLE>
<CAPTION>

 <c>
               Entity Name             Year      Ownership               Partners                   Property

      CNL Restaurant Investments II    1991       45.20%      CNL Income Fund VII, Ltd.        San Antonio, TX
                                                              CNL Income Fund VIII, Ltd.       Raceland, LA
                                                                                               Dallas, TX
                                                                                               Hastings, MN
                                                                                               Newcastle, IN

      CNL Restaurant Investments III   1992       50.00%      CNL Income Fund X, Ltd.          Dover, NH
                                                                                               Metrairie, LA
                                                                                               Lafayette, LA
                                                                                               Nashua, NH
                                                                                               Pontiac, IL

      Ashland Joint Venture            1992       27.33%      CNL Income Fund X, Ltd.          San Antonio, TX
                                                              CNL Income Fund XI, Ltd.

      CNL Income Fund III, Ltd. and    1997       67.00%      CNL Income Fund III, Ltd.        Englewood, CO
           CNL Income Fund IX, Ltd.
           Tenants in Common

      CNL Income Fund VII, Ltd. and    1999       29.00%      CNL Income Fund VII, Ltd.        Montgomery, AL
           CNL Income Fund IX, Ltd.
           Tenants in Common

      CNL Income Fund VI, Ltd., CNL    2001       15.00%      CNL Income Fund VI, Ltd.         Waldorf, MD
           Income Fund IX, Ltd.,                              CNL Income Fund XVII, Ltd.
           and CNL Income Fund
           XVII, Ltd. Tenants in
           Common

      Katy Joint Venture               2002       60.00%      CNL Income Fund XVII, Ltd.       Katy, TX

      CNL Income Fund VIII, Ltd.,      2002       34.00%      CNL Income Fund VIII, Ltd.       Buffalo Grove, IL
           and CNL Income Fund IX,
           Ltd. Tenants in Common
</TABLE>

         CNL Restaurant  Investments II and CNL Restaurant  Investments III were
each  formed to hold six  Properties,  however,  all  other  joint  ventures  or
tenancies in common were formed to 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 Partnership shares management
control equally with the affiliates of the General Partners.

         The joint  venture and tenancy in common  arrangements  provide for the
Partnership  and its joint venture or tenancy in common partners to share in all
costs and benefits in proportion to each  partner's  percentage  interest in the
entity or the Property.  The  Partnership  and its partners are also jointly and
severally liable for all debts,  obligations and other  liabilities of the joint
venture or tenancy in common.  Net cash flow from  operations is  distributed to
each  joint  venture  or  tenancy  in  common  partner  in  accordance  with its
respective percentage interest in the entity or the Property.

         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 Katy 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 either joint venturer 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 partner to
dissolve 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.

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

         During  2002,  CNL  Restaurant  Investments  III sold its  Property  in
Greensboro,  North Carolina; Ashland Joint Venture sold its Property in Ashland,
New  Hampshire  and  reinvested  the net sales  proceeds  in a  Property  in San
Antonio,  Texas;  and CNL  Restaurant  Investments  II sold  its  Properties  in
Columbus,  Ohio and Pontiac,  Michigan and reinvested a portion of the net sales
proceeds in a Property in Dallas,  Texas.  The Partnership  received a return of
capital from both CNL Restaurant  Investments II and CNL Restaurant  Investments
III,  and used a portion of these  proceeds to acquire an interest in Katy Joint
Venture,  with CNL  Income  Fund  XVII,  Ltd.  In  addition,  during  2002,  the
Partnership  and CNL Income  Fund VIII,  Ltd.,  as  tenants-in-common,  sold the
Property in Libertyville,  Illinois and reinvested the liquidating  distribution
from the sale to acquire an IHOP Property in Buffalo Grove,  Illinois,  as a new
tenancy in common  arrangement  with the same affiliate.  The Partnership owns a
34% interest in this Property.

         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

         RAI  Restaurants,  Inc.  (the  "Advisor")  an  affiliate of the General
Partners,  provides certain  services  relating to management of the Partnership
and its  Properties  pursuant to a management  agreement  with the  Partnership.
Under this agreement, the Advisor 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.  The Advisor also assists the General  Partners in  negotiating  the
leases.  For these  services,  the  Partnership has agreed to pay the Advisor 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.

         During 2003,  CNL Capital  Management,  Inc.,  ("CCM"),  a wholly owned
subsidiary of CNL Financial  Group,  Inc.,  began  providing  certain  strategic
advisory  services  to  the  General  Partners  relative  to  the  Partnership's
business. CCM is not reimbursed for these services by the Partnership.  CCM also
began  providing  some  accounting  and  portfolio  management  services  to the
Partnership during 2003, through a subcontract with the Advisor.

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,  the officers  and  employees of CNL  Restaurant  Properties,  Inc.
(formerly  CNL  American  Properties  Fund,  Inc.),  the  parent  company of the
Advisor,  and the officers and employees of CCM 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, 2003, the Partnership owned 36 Properties. Of the 36
Properties,  20 are owned by the Partnership in fee simple, 12 are owned through
joint  venture  arrangements  and four  are  owned  through  tenancy  in  common
arrangements.  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.

Description of Properties

         Land. The Partnership's  Property sites range from approximately 21,400
to 115,100  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.

         The  following  table lists the  Properties  owned by the  Partnership,
either  directly  or  indirectly  through  joint  venture  or  tenancy in common



<PAGE>


arrangements, as of December 31, 2003 by state.


               State                        Number of Properties

              Alabama                                  4
              Colorado                                 1
              Florida                                  1
              Georgia                                  2
              Illinois                                 2
              Indiana                                  1
              Louisiana                                3
              Maryland                                 1
              Michigan                                 1
              Minnesota                                2
              Mississippi                              1
              New Hampshire                            2
              New York                                 1
              North Carolina                           2
              Ohio                                     3
              Tennessee                                1
              Texas                                    8
                                            -------------------------
              TOTAL PROPERTIES                         36
                                            =========================

         Buildings.  Each of the Properties 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,  2003,  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, 2003, 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  $18,379,440  and
$19,312,602, respectively.

         The  following  table lists the  Properties  owned by the  Partnership,
either  directly  or  indirectly  through  joint  venture  or  tenancy in common
arrangements, as of December 31, 2003 by Restaurant Chain.

               Restaurant Chain                       Number of Properties

               Baker's Square                                        1
               Bennigan's                                            1
               Burger King                                          15
               Captain D's                                           1
               Denny's                                               1
               Golden Corral                                         3
               Hardee's                                              4
               IHOP                                                  3
               Johnnies                                              1
               Shoney's                                              2
               Taco Cabana                                           4
                                                                  -----
               TOTAL PROPERTIES                                     36
                                                                  =====

         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
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.

         The  following  is a schedule  of the  average  rent per  Property  and
occupancy rate for the years ended December 31:
<TABLE>
<CAPTION>

 <c>
                                    2003              2002              2001               2000               1999
                                -------------     -------------    ---------------     --------------     --------------

Rental Revenues (1)(2)           $ 2,779,323       $ 2,883,076        $ 2,805,847        $ 3,104,235         $3,168,448
Properties (2)                            34                34                 37                 40                 42
Average Rent per
    Property                       $  81,745         $  84,796          $  75,834          $  77,606          $  75,439
Occupancy rate                           94%               92%                95%               100%                98%
</TABLE>

(1)      Rental revenues include the Partnership's share of rental revenues from
         the  Properties  owned  through  joint  venture  arrangements  and  the
         Properties owned through tenancy in common arrangements.

(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, 2003, for the next ten years and thereafter.
<TABLE>
<CAPTION>

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

              2004                             --                       --                      --
              2005                              6              $   472,993                  17.19%
              2006                              8                  564,535                  20.52%
              2007                             --                       --                      --
              2008                             --                       --                      --
              2009                             --                       --                      --
              2010                             --                       --                      --
              2011                              9                  738,397                  26.84%
              2012                             --                       --                      --
              2013                             --                       --                      --
              Thereafter                       11                  974,978                  35.45%
                                        ----------       ------------------           -------------
              Total (1)                        34             $  2,750,903                 100.00%
                                        ==========       ==================           =============
</TABLE>

(1)      Excludes two Properties  which were vacant at December 31, 2003, one of
         which was sold in February 2004.

         Leases  with Major  Tenants.  The terms of each of the leases  with the
Partnership's  major  tenants as of December  31,  2003 (see Item 1.  Business -
Major Tenants) are substantially the same as those described in Item 1. Business
- Leases.

         Carrols Corp.  leases five Burger King restaurants and four Taco Cabana
restaurants. The initial term of each lease ranges from 12 to 20 years (expiring
between 2011 and 2020) and the average minimum base annual rent is approximately
$101,800 (ranging from approximately $85,700 to $138,100).

         Burger King Corp.  leases nine Burger King  restaurants with an initial
term of 14 years  (expiring  between 2005 and 2006) and the average minimum base
annual rent is approximately  $101,200  (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  $168,500 (ranging from approximately $157,500
to $176,400).


Item 3.  Legal Proceedings

         Neither the Partnership, nor its General Partners, nor any affiliate of
the Partnership, 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 12, 2004,  there were 3,368 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 2003,  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 have the right to prohibit  transfers of Units.  From
inception through December 31, 2003, 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.

         The following table reflects,  for each calendar quarter, the high, low
and average  sales prices for transfers of Units during 2003 and 2002 other than
pursuant to the Plan, net of commissions.
<TABLE>
<CAPTION>

 <c>
                                                2003 (1)                                2002 (1)
                                  -------------------------------------    -----------------------------------
                                    High          Low        Average         High        Low         Average
                                  ---------     --------    -----------    ---------   ---------    ----------
          First Quarter              $ 9.49       $ 5.35         $  8.65      $ 9.00      $ 6.00        $  6.81
          Second Quarter               9.50         5.35           8.20         7.30        6.80          7.08
          Third Quarter                9.50         6.68           8.89         7.80        7.14          7.44
          Fourth Quarter               9.50         8.20           8.68        10.62        7.28          8.59
</TABLE>

(1)      A total of 47,983 and 17,811 Units were transferred other than pursuant
         to  the  Plan  for  the  years  ended   December  31,  2003  and  2002,
         respectively.

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

         For each of the years ended December 31, 2003 and 2002, the Partnership
declared cash distributions 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 2003 and 2002 to the Limited Partners. No amounts distributed to
the  Limited  Partners  for the years  ended  December  31,  2003 and 2002,  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

         The following  selected  financial  data should be read in  conjunction
with the financial statements and related notes in Item 8. hereof.
<TABLE>
<CAPTION>

 <c>
                                             2003             2002            2001            2000           1999
                                       ----------------- --------------- --------------- --------------- -------------

Year ended December 31:

Continuing Operations (5):
    Revenues                               $  1,939,207     $ 1,947,240     $ 2,064,725     $ 2,253,222    $2,202,314
    Equity in earnings of
      unconsolidated joint ventures             694,916       1,199,146         753,457         674,930       606,337
    Income from continuing
      operations (1) (2)                      1,894,591       2,896,894       2,440,164       1,629,739     2,135,165

Discontinued Operations (5):
     Revenues                                        --         111,459          97,216         246,105       274,046
     Income (loss) from and gain on
          disposal of
          discontinued
          operations (3)(4)                     (32,096 )      (167,929 )      (448,258 )       221,041       249,902

Net income                                    1,862,495       2,728,965       1,991,906       1,850,780     2,385,067

Income (loss) per Unit:
     Continuing operations                   $     0.54       $    0.83       $    0.70       $    0.47      $   0.61
     Discontinued operations                      (0.01 )         (0.05 )         (0.13 )          0.06          0.07
                                       ----------------- --------------- --------------- --------------- -------------
                                             $     0.53       $    0.78       $    0.57       $    0.53      $   0.68
                                       ================= =============== =============== =============== =============

Cash distribution declared                 $  3,150,004     $ 3,150,004     $ 3,150,004     $ 3,150,004    $3,150,004
Cash distributions declared per
    Unit                                           0.90            0.90            0.90            0.90          0.90

At December 31:
    Total assets                          $  25,181,752     $26,450,142     $26,859,177    $ 28,132,613   $29,443,276
    Total partners' capital                  24,283,111      25,570,620      25,991,659      27,149,757    28,448,981
</TABLE>

(1)      Income from continuing  operations  includes $60,219 for the year ended
         December 31, 2002, from provisions for write-down of assets.

(2)      Income from continuing  operations  includes  $456,143,  $298,795,  and
         $75,997  for the  years  ended  December  31,  2002,  2001,  and  1999,
         respectively,  from gains on sale of assets and  $730,668  for the year
         ended December 31, 2000 from loss on sale of assets.

(3)      Income  (loss)  from and gain on disposal  of  discontinued  operations
         includes  $380,068 and $462,925,  for the years ended December 31, 2002
         and 2001, respectively, from provisions for write-down of assets.

(4)      Income  (loss)  from and gain on disposal  of  discontinued  operations
         includes  $288 and  $185,632  from  gain on  disposal  of  discontinued
         operations   for  the  years   ended   December   31,  2003  and  2002,
         respectively.

(5)      Certain items in the prior years' financial data have been reclassified
         to  conform  to the 2003  presentation.  This  reclassification  had no
         effect on net income. The results of operations  relating to properties
         that  were  identified  for  sale as of  December  31,  2001  but  sold
         subsequently  are  reported as  continuing  operations.  The results of
         operations  relating to properties that were either identified for sale
         and disposed of  subsequent  to January 1, 2002 or were  classified  as
         held for sale as of  December  31, 2003 are  reported  as  discontinued
         operations for all periods presented.


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
Restaurant Chains. The leases are generally  triple-net leases, 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
amounts (payable in monthly  installments) ranging from approximately $57,600 to
$246,400.  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.  As of December 31, 2001, the Partnership owned 21 Properties directly
and 17  Properties  indirectly  through  joint  venture  or  tenancy  in  common
arrangements.  As of December  31, 2002,  the  Partnership  owned 21  Properties
directly and 16 Properties indirectly through joint venture or tenancy in common
arrangements.  As of December  31, 2003,  the  Partnership  owned 20  Properties
directly and 16 Properties indirectly through joint venture or tenancy in common
arrangements.

Capital Resources

         Cash  from  operating  activities  was  $  2,432,498,  $2,656,608,  and
$2,835,733, for the years ended December 31, 2003, 2002, and 2001, respectively.
The decrease in cash from operating  activities  during 2003, as compared to the
previous year,  was a result of changes in income and expenses,  such as changes
in rental revenues and changes in operating and Property related  expenses.  The
decrease in cash from operating activities during 2002, as compared to 2001, was
a result of changes in income and expenses,  such as changes in rental  revenues
and changes in  operating  and  Property  related  expenses,  and changes in the
Partnership's  working capital,  such as the timing of transactions  relating to
the collection of receivables and the payment of expenses.

         Other sources and uses of cash included the following  during the years
ended December 31, 2003, 2002, and 2001.

         During  2000,  the  Partnership  sold its  Properties  in Bluffton  and
Alliance,  Ohio, for a total of $500,000,  resulting in a loss of $703,277.  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.  The mortgage note
receivable  balance  relating to these  Properties at December 31, 2003 and 2002
was $442,550 and $464,352,  respectively,  including  accrued interest of $2,051
and $3,572,  respectively.  In January 2004, the Partnership  received a balloon
payment of approximately  $175,800 relating to the mortgage note receivable from
the sale of the property in Alliance,  Ohio.  This amount  represented,  and was
applied to the outstanding principal balance.

         During 2001, the  Partnership  sold its Properties in Bedford,  Indiana
and Copley  Township,  Ohio,  each to a third party and received total net sales
proceeds of  approximately  $1,986,200  resulting in a net gain of approximately
$298,800.  During 2001, the Partnership reinvested these net sales proceeds in a
Property in Blaine,  Minnesota.  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 and carry the Property.

         In addition, during 2001, the Partnership and CNL Income Fund VI, Ltd.,
an  affiliate  of the General  Partners and a Florida  limited  partnership,  as
tenants-in-common,  sold the  Property in Dublin,  California,  and received net
sales  proceeds  of  approximately  $1,699,600,  resulting  in a  gain,  to  the
tenancy-in-common,  of  approximately  $158,100.  The  Partnership  owned  a 25%
interest in this Property.  The Partnership received approximately $424,600 as a
liquidating  distribution  for its  pro-rata  share of the net  sales  proceeds.
During 2001, the Partnership reinvested these proceeds in a Property in Waldorf,
Maryland,  as  tenants-in-common,  with CNL Income Fund VI, Ltd., and CNL Income
Fund XVII,  Ltd.,  each of which is an affiliate  of the General  Partners and a
Florida limited partnership.  The Partnership contributed approximately $342,000
for a 15% interest in the profits and losses of the Property.

         During 2002, the Partnership  sold its Properties in Greenville,  South
Carolina and Huntsville,  Alabama,  each to a third party and received total net
sales  proceeds  of  approximately  $1,928,300,  resulting  in  a  net  gain  of
approximately  $456,100.  These  Properties  had been  identified for sale as of
December 31, 2001.  The  Partnership  reinvested  these sales proceeds in a Taco
Cabana  Property  in  Dallas,  Texas  and a Burger  King  Property  in  Jackson,
Michigan.  During  2002,  the  Partnership  also sold its  Property in Farragut,
Tennessee  to a third party and  received  net sales  proceeds of  approximately
$886,300,  resulting  in a  gain  on  disposal  of  discontinued  operations  of
approximately  $185,632.  This Property was identified for sale during 2002. The
Partnership  intends  to use these  proceeds  to either  pay  liabilities  or to
reinvest in an additional Property.

         During 2002, CNL Restaurant  Investments  III, in which the Partnership
owns a 50% interest,  sold its Property in Greensboro,  North  Carolina,  to the
tenant and received net sales proceeds of approximately $1,143,500, resulting in
a gain to the joint venture of approximately  $371,500. The Partnership received
approximately  $571,700 as a return of capital  from the joint  venture.  During
2002,  the  Partnership  reinvested  these net sales proceeds in a joint venture
arrangement,  Katy Joint  Venture,  with CNL Income Fund XVII,  Ltd.,  a Florida
limited partnership and an affiliate of the General Partners. Katy Joint Venture
acquired a Taco Cabana  Property in Katy,  Texas.  The  Partnership  contributed
approximately $625,000 for a 60% interest in this joint venture.

         During 2002,  Ashland Joint Venture,  in which the  Partnership  owns a
27.33% interest,  sold its Property in Ashland,  New Hampshire to the tenant and
received net sales proceeds of approximately $1,472,900,  resulting in a gain to
the joint  venture of  approximately  $500,900.  During 2002,  the joint venture
reinvested the majority of the net sales proceeds from the sale of this Property
in a Taco Cabana  Property  in San  Antonio,  Texas.  The  Partnership  received
approximately  $6,000  as a return  of  capital  from the  remaining  net  sales
proceeds.  The  Partnership  intends to use this  return of capital  for working
capital needs.

         In June 2002, CNL Restaurant  Investments  II, in which the Partnership
owns a 45.2%  interest,  sold its Property in  Columbus,  Ohio to the tenant and
received net sales proceeds of approximately  $1,215,700  resulting in a gain to
the joint venture of approximately $448,300. The joint venture used the majority
of the net sales  proceeds  from this sale to acquire a Taco Cabana  Property in
Dallas,  Texas. The Partnership  received  approximately  $27,600 as a return of
capital from the remaining net sales  proceeds.  In addition,  in June 2002, CNL
Restaurant  Investments II sold its Property in Pontiac,  Michigan to the tenant
and received net sales proceeds of approximately $722,600 resulting in a loss to
the  joint  venture  of  approximately   $189,800.   The  Partnership   received
approximately $326,200 as a return of capital from the net sales proceeds.

         Each of the Taco  Cabana  Properties  was  acquired  from  CNL  Funding
2001-A,  LP, a Delaware  limited  partnership  and an  affiliate  of the General
Partners. CNL Funding 2001-A, LP had purchased and temporarily held title to the
Properties  in order to  facilitate  the  acquisition  of the  Properties by the
Partnership and the joint ventures.  The purchase prices paid by the Partnership
and the joint ventures  represented the costs incurred by CNL Funding 2001-A, LP
to acquire and carry the Properties.

         The Burger King and IHOP Properties  acquired during 2002 were acquired
from CNL Net Lease Investors,  L.P. ("NLI"), a California  Limited  Partnership.
During 2002, and prior to the Partnership's acquisition of these Properties, CNL
Financial LP Holding,  LP ("CFN"), a Delaware limited  partnership,  and CNL Net
Lease  Investors GP Corp.  ("GP Corp"),  a Delaware  corporation,  purchased the
limited partner's interest and general partner's interest, respectively, of NLI.
Prior to this transaction,  an affiliate of the  Partnership's  general partners
owned a 0.1%  interest  in NLI and  served  as a  general  partner  of NLI.  The
original  general  partners  of NLI waived  their  rights to  benefit  from this
transaction.  The  acquisition  price  paid  by CFN for  the  limited  partner's
interest was based on the portfolio  acquisition price. The Partnership acquired
the Properties in Jackson,  Michigan and Buffalo  Grove,  Illinois at CFN's cost
and did not pay any additional  compensation  to CFN for the  acquisition of the
Property. Each CNL entity is an affiliate of the Partnership's General Partners.

         In September 2002, the  Partnership and CNL Income Fund VIII,  Ltd., as
tenants-in-common,  sold the Property in Libertyville, Illinois to a third party
and received net sales proceeds of approximately $1,630,400, resulting in a gain
of  approximately  $199,300 to the tenancy in common.  In  September  2002,  the
Partnership used the liquidating  distribution from the sale of this Property to
acquire an IHOP Property in Buffalo Grove,  Illinois, as a new tenancy in common
arrangement with the same affiliate.  The Partnership contributed  approximately
$540,200 for a 34% interest in the profits and losses of this Property.

         During 2003, the Partnership sold its Property in Grand Prairie, Texas,
to a third party and  received  net sales  proceeds of  approximately  $286,500,
resulting  in a gain on disposal of  discontinued  operations  of  approximately
$300.  The  Partnership  had recorded  provisions  for  write-down  of assets in
previous  years  relating to this asset.  The  Partnership  intends to use these
proceeds to pay  liabilities  of the  Partnership  or to invest in an additional
Property.

         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.

         At December 31, 2003, the Partnership  had $1,502,461  invested in cash
and cash  equivalents,  as  compared to  $1,913,142  at December  31,  2002.  At
December  31,  2003,  these  funds  were  held in  demand  deposit  accounts  at
commercial banks and money market accounts. As of December 31, 2003, the average
interest rate earned on the rental income  deposited in demand deposit  accounts
at commercial banks was less than one percent  annually.  The funds remaining at
December 31, 2003, after the payment of distributions and other liabilities will
be used to  invest  in an  additional  Property  and to meet  the  Partnership's
working capital needs.

         In December 2003, the Partnership entered into an agreement to sell the
Property in Wildwood,  Florida.  In February  2004,  the  Partnership  sold this
Property  to a third  party and  received  approximately  $526,400  in net sales
proceeds,  resulting  in a  gain  on  disposal  of  discontinued  operations  of
approximately $12,100. The Partnership intends to either reinvest these proceeds
in an additional Property or to pay liabilities of the Partnership.

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 net cash
flow in excess of operating expenses.

         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.

         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 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, 2003,  a portion of the sales  proceeds  from the 2002 sale of the
Property in Farragut,  Tennessee,  the Partnership declared distributions to the
Limited  Partners of $3,150,004,  for each of the years ended December 31, 2003,
2002, and 2001,  respectively.  This represents a distribution of $0.90 per Unit
for each of the years ended December 31, 2003, 2002, and 2001, respectively.  No
distributions  were made to the General Partners during the years ended December
31, 2003, 2002, and 2001. No amounts distributed to the Limited Partners for the
years ended  December 31, 2003,  2002, or 2001,  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 during the years ended  December 31,
2003, 2002, and 2001.

         As of December  31, 2003 and 2002,  the  Partnership  owed  $12,465 and
$16,426,  respectively,  to affiliates for operating expenses and accounting and
administrative  services.  As of March 12, 2004, the  Partnership had reimbursed
the  affiliates  these  amounts.  Other  liabilities,   including  distributions
payable, were $886,176 at December 31, 2003, as compared to $863,096 at December
31, 2002. The General  Partners  believe the  Partnership has sufficient cash on
hand to meet current working capital needs.

Off-Balance Sheet Transactions

         The Partnership holds interests in various unconsolidated joint venture
and  tenancy  in common  arrangements  that are  accounted  for using the equity
method.  The  General  Partners  do not  believe  that any such  interest  would
constitute an off-balance sheet arrangement requiring any additional disclosures
under the provisions of the Sarbanes-Oxley Act of 2002.

Contractual Obligations, Contingent Liabilities, and Commitments

         In December 2003, the Partnership entered into an agreement to sell the
Property in Wildwood,  Florida.  The Partnership  sold this Property in February
2004.

         The   Partnership   has  no   contractual   obligations  or  contingent
liabilities as of December 31, 2003.

Long-Term Liquidity

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

Critical Accounting Policies

         The  Partnership's  leases are  accounted  for under the  provisions of
Statement of Financial  Accounting  Standards  No. 13,  "Accounting  for Leases"
("FAS 13"), and have been accounted for using either the direct financing or the
operating  method.  FAS 13 requires  management to estimate the economic life of
the leased  property,  the residual value of the leased property and the present
value of minimum  lease  payments to be received  from the tenant.  In addition,
management  assumes  that all  payments  to be  received  under its  leases  are
collectible.   Changes  in  management's   estimates  or  assumption   regarding
collectibility  of lease payments could result in a change in accounting for the
lease.

         The Partnership  accounts for its  unconsolidated  joint ventures using
the equity method of accounting. Under generally accepted accounting principles,
the equity method of accounting is  appropriate  for entities that are partially
owned by the  Partnership,  but for which  operations of the investee are shared
with other partners.  The  Partnership's  joint venture  agreements  require the
consent of all partners on all key  decisions  affecting  the  operations of the
underlying Property.

         Management  reviews the  Partnership's  Properties  and  investments in
unconsolidated  entities for impairment at least once a year or whenever  events
or changes in  circumstances  indicate that the carrying  amount of an asset may
not be  recoverable.  The  assessment  is based on the  carrying  amount  of the
Property or investment at the date it is tested for  recoverability  compared to
the sum of the estimated future cash flows expected to result from its operation
and sale through the expected holding period. If an impairment is indicated, the
asset is adjusted to its estimated fair value.

         Effective  January  1,  2002,  the  Partnership  adopted  Statement  of
Financial  Accounting  Standards  No.  144  "Accounting  for the  Impairment  or
Disposal of Long-Lived  Assets."  Accordingly,  when the  Partnership  makes the
decision  to sell or commits to a plan to sell a Property  within one year,  its
operating results are reported as discontinued operations.

Results of Operations

Comparison of year ended December 31, 2003 to year ended December 31, 2002

         Rental revenues from continuing  operations were $1,825,743  during the
year ended  December 31, 2003, as compared to $1,841,581  during the same period
of 2002.  The  decrease  in  rental  revenues  from  continuing  operations  was
partially due to the tenant of the Property in North Baltimore, Ohio terminating
the lease,  as permitted  in the lease  agreement,  when a partial  right of way
taking reduced road access to the restaurant. The General Partners are currently
seeking a replacement tenant for this Property. The lost revenues resulting from
the vacant  Property will  continue to have an adverse  effect on the results of
operations of the Partnership, until the Partnership is able to re-lease it. The
decrease in revenues from continuing  operations  during the year ended December
31, 2003, was also the result of the Partnership's sale of two Properties during
2002. This decrease was offset by the  reinvestment of the sales proceeds in two
additional Properties in June and September 2002.

         The Partnership also earned $66,361 in contingent  rental income during
the year ended  December 31, 2003, as compared to $37,146 during the same period
of 2002. The increase in contingent rental income during the year ended December
31, 2003,  was primarily  due to an increase in the reported  gross sales of the
restaurants with leases that require the payment of contingent rental income.

         The  Partnership  also earned  $694,916 in income  attributable  to net
income earned by joint ventures in which the Partnership is a co-venturer during
the year ended  December 31,  2003,  as compared to  $1,199,146  during the same
period of 2002.  Net income  earned by joint  ventures  was higher  during  2002
partially  because CNL Restaurant  Investments  III Joint Venture,  in which the
Partnership owns a 50% interest, Ashland Joint Venture, in which the Partnership
owns a 27.33% interest,  and the Partnership and CNL VIII, as tenants-in-common,
in which the Partnership  owns a 34% interest,  each sold one Property,  and CNL
Restaurant  Investments II Joint Venture,  in which the Partnership owns a 45.2%
interest, sold two Properties.  These sales resulted in a net gain of $1,330,172
to the joint ventures.  During 2002, the Partnership received a portion of these
sales  proceeds as a return of capital.  The joint  ventures of the  Partnership
reinvested the majority of these net sales proceeds in other  Properties  during
2002.

         During 2003, three of the Partnership's lessees,  Carrols Corp., Burger
King  Corp.,  and Golden  Corral  Corporation,  each  contributed  more than ten
percent of total rental  revenues and mortgage  interest  income  (including the
Partnership's  share of total rental revenues from joint ventures and Properties
owned as  tenants-in-common).  As of December 31, 2003,  Carrols  Corp.  was the
lessee  under leases  relating to nine  restaurants,  Burger King Corp.  was the
lessee  under  leases  relating  to  the  nine  restaurants  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,
Carrols Corp. Burger King Corp. and Golden Corral Corporation will each continue
to  contribute  more than ten  percent  of total  rental  revenues  in 2004.  In
addition,  two Restaurant Chains, Burger King, and Golden Corral, each accounted
for more than ten percent of total rental revenues and mortgage  interest during
2003 (including the Partnership's  share of the total rental revenues from joint
ventures and Properties owned as tenants-in-common).  In 2004, it is anticipated
that these two Restaurant Chains each will continue to account for more than ten
percent of the total rental  revenues to which the Partnership is entitled under
the terms of its leases.  Any failure of these lessees or Restaurant Chains will
materially affect the Partnership's  operating results if the Partnership is not
able to re-lease the Properties in a timely manner.

         The Partnership  earned $47,103 in interest and other income during the
year ended  December 31, 2003, as compared to $68,513  during the same period of
2002.  Interest and other income was higher during 2002 because the  Partnership
collected  and  recognized  as  income  approximately   $16,800  relating  to  a
right-of-way taking for a parcel of land on the Millbrook, Alabama Property.

         Operating expenses including  depreciation and amortization expense and
provision for write-down of assets, were $739,532 during the year ended December
31,  2003,  as compared to  $705,635  during the same period of 2002.  Operating
expenses  were  higher  during the year ended  December  31,  2003,  because the
Partnership  incurred  Property  expenses such as legal fees, real estate taxes,
insurance and repairs and  maintenance  relating to the vacant Property in North
Baltimore, Ohio. The Partnership will continue to incur these expenses until the
Property is re-leased.  In addition, the increase in operating expenses 2003 was
partially due to an increase in state tax expense  relating to several states in
which the Partnership conducts business.  The increase in operating expenses was
partially  offset by the fact that  during  2002,  the  Partnership  elected  to
reimburse  the  tenant  of  the  Property  in  Brownsville,  Texas  for  certain
renovation  costs.  During the year ended  December  31, 2002,  the  Partnership
recorded a provision for write-down of assets of approximately  $60,200 relating
to the  vacant  Property  in North  Baltimore,  Ohio.  The  tenant  vacated  the
Property,  as described above. The provision  represented the difference between
the net carrying value of the Property and its estimated fair value.

         In connection  with the sales of the Properties in Huntsville,  Alabama
and  Greenville,  South  Carolina,  the  Partnership  recognized  a net  gain of
approximately $456,100 during 2002. Because these Properties were identified for
sale as of December  31,  2001,  prior to the  January  2002  implementation  of
Statement  of  Financial  Accounting  Standards  No.  144  "Accounting  for  the
Impairment or Disposal of Long-Lived Assets", the results of operations relating
to these  Properties were included as Income from  Continuing  Operations in the
accompanying financial statements.

         During the year ended December 31, 2002, the Partnership identified for
sale two  Properties  that were  classified  as  Discontinued  Operations in the
accompanying  financial  statements.  In addition, in July 2003, the Partnership
identified  for sale  its  Property  in  Wildwood,  Florida.  As a  result,  the
Partnership  reclassified  the asset from real estate  properties with operating
leases to real estate held for sale. The reclassified  asset was recorded at the
lower of its carrying  amount or fair value,  less cost to sell. The Partnership
recognized  a net rental loss  (Property  related  expenses and  provisions  for
write-down  of assets in excess of rental  revenues)  of  $32,384  and  $353,561
during the years ended December 31, 2003 and 2002, respectively.  The net rental
loss during the year ended  December 31, 2002,  was a result of the  Partnership
recording  provisions  for  write-down of assets of  approximately  $321,600 and
$58,500  relating  to the  vacant  Properties  in  Wildwood,  Florida  and Grand
Prairie, Texas, respectively.  The provisions represented the difference between
each Property's net carrying value and its estimated fair value. The Partnership
sold its Property in Farragut, Tennessee in December 2002 and recorded a gain on
disposal of discontinued operations of approximately $185,600. In February 2003,
the Partnership sold the Property located in Grand Prairie,  Texas, and recorded
a gain on disposal of discontinued operations of approximately $300. In February
2004, the Partnership  sold the Property in Wildwood,  Florida to a third party,
resulting  in a gain on disposal of  discontinued  operations  of  approximately
$12,100.

         During the year ended  December 31, 2002,  three of the joint  ventures
and a tenancy in common in which the Partnership is a co-partner, identified and
sold five Properties that that were classified as Discontinued Operations in the
condensed  financial  information  for  the  joint  ventures  presented  in  the
footnotes to the accompanying financial statements.  The sales resulted in a net
gain on disposal of discontinued  operations of approximately  $1,330,200 to the
joint  ventures  and tenancy in common.  The  Partnership  recorded its pro-rata
share of this gain as equity in earnings of joint ventures.  The majority of the
net  sales  proceeds  from  these  five  sales  were  reinvested  in  additional
Properties  and a  portion  of  the  net  sales  proceeds  was  returned  to the
Partnership as a return of capital. In addition, in October 2003, CNL Restaurant
Investments  II  identified  for sale its  property  in San  Antonio,  Texas and
reclassified the asset from real estate properties with operating leases to real
estate held for sale.  The  reclassified  asset was recorded at the lower of its
carrying amount or fair value, less cost to sell. As of March 12, 2004, the sale
had not occurred.  The financial  results of these Properties were classified as
Discontinued  Operations in the condensed  financial  information  for the joint
ventures  presented in the footnotes to the accompanying  financial  statements.
The  Partnership's  pro-rata  share of these  amounts is  included  in equity in
earnings  of  unconsolidated  joint  ventures  in  the  accompanying   financial
statements.

Comparison of year ended December 31, 2002 to year ended December 31, 2001

         Rental revenues from continuing  operations were $1,841,581  during the
year ended  December 31, 2002, as compared to $1,881,955  during the same period
of 2001. The decrease in rental revenues from continuing  operations during 2002
was partially due to the 2001 and 2002 sales of several Properties. The decrease
was partially  offset by the fact that between  December 2001 and September 2002
the Partnership reinvested a portion of these sales proceeds in three additional
Properties.  Rental  revenues from continuing  operations  during 2002 were also
lower because the tenant of the Property in North Baltimore, Ohio terminated the
lease, as permitted in the lease agreement,  when a partial  right-of-way taking
reduced road access to the restaurant, as described above.

         During 2001, the Partnership collected and recognized as income $63,485
in lease  termination  income,  from the tenant of two Properties that were sold
during 2000 in consideration  for the Partnership  releasing the tenant from its
obligations under the terms of its lease.

         The Partnership also earned $37,146 in contingent  rental income during
the year ended  December 31, 2002, as compared to $30,503 during the same period
of 2001.  Contingent  rental  income was higher  during 2002,  as a result of an
increase in reported gross sales of certain restaurant  Properties requiring the
payment of contingent  rental  income.  The  Partnership  also earned $68,513 in
interest and other income  during the year ended  December 31, 2002, as compared
to $88,782  during the same period of 2001.  The  decrease in interest and other
income during 2002 was primarily a result of lower interest rates during 2002 as
compared to 2001.

         The Partnership  also earned  $1,199,146 in income  attributable to net
income earned by joint ventures in which the Partnership is a co-venturer during
the year ended December 31, 2002, as compared to $753,457 during the same period
of 2001.  Net income earned by joint  ventures was higher during 2002  partially
because  three of the  joint  ventures  and a  tenancy  in  common  in which the
Partnership is a co-venturer,  sold five Properties,  resulting in a net gain of
$1,330,172 to the joint ventures and the tenancy in common,  as described above.
During 2002, the majority of these net sales proceeds were reinvested, either by
the joint ventures or Partnership in other Properties, as described above.

         Operating expenses including  depreciation and amortization expense and
provision for write-down of assets, were $705,635 during the year ended December
31,  2002,  as compared to  $676,813  during the same period of 2001.  Operating
expenses were higher during 2002 partially  because the  Partnership  recorded a
provision for  write-down  of assets of  approximately  $60,200  relating to the
vacant  Property North  Baltimore,  Ohio, as described  above.  During the years
ended December 31, 2002 and 2001, the  Partnership  incurred  Property  expenses
such as real estate taxes, insurance and repairs and maintenance relating to the
vacant Property in North Baltimore, Ohio. The Partnership will continue to incur
these  expenses  until the  Property is  re-leased.  The  increase in  operating
expenses  during 2002 was partially  offset by a decrease in the costs  incurred
for administrative expenses for servicing the Partnership and its Properties.

         In connection  with the sales of the Properties in Huntsville,  Alabama
and  Greenville,  South  Carolina,  the  Partnership  recognized  a net  gain of
approximately $456,100 during 2002. Because these Properties were identified for
sale as of December  31,  2001,  prior to the  January  2002  implementation  of
Statement  of  Financial  Accounting  Standards  No.  144  "Accounting  for  the
Impairment or Disposal of Long-Lived Assets", the results of operations relating
to these  Properties were included as Income from  Continuing  Operations in the
accompanying  financial  statements.   In  connection  with  the  sales  of  the
Properties  in  Bedford,  Indiana and Copley  Township,  Ohio,  the  Partnership
recognized a net gain of approximately $298,800 during 2001.

         During the year ended December 31, 2002, the Partnership identified for
sale two  Properties  that were  classified  as  Discontinued  Operations in the
accompanying  financial  statements.  In addition, in July 2003, the Partnership
identified  for sale  its  Property  in  Wildwood,  Florida.  As a  result,  the
Partnership  reclassified  the asset from real estate  properties with operating
leases to real estate held for sale. The reclassified  asset was recorded at the
lower of its carrying amount or fair value, less cost to sell. In February 2004,
the Partnership  sold the Property  located in Wildwood,  Florida,  as described
above. The Partnership  recognized a net rental loss (Property  related expenses
and  provisions  for  write-down  of assets in  excess  of rental  revenues)  of
$353,561  and  $448,258  during  the years  ended  December  31,  2002 and 2001,
respectively. The net rental loss during the year ended December 31, 2002, was a
result of the  Partnership  recording  provisions for  write-down of assets,  as
described  above.  The net rental loss during the year ended  December 31, 2001,
was a result of the Partnership recording provisions for write-down of assets of
approximately  $400,800  and  $62,100  relating  to  the  vacant  Properties  in
Wildwood,  Florida  and  Grand  Prairie,  Texas,  respectively.  The  provisions
represented  the difference  between each  Property's net carrying value and its
estimated fair value. The Partnership  sold its Property in Farragut,  Tennessee
in December 2002 and recorded a gain on disposal of  discontinued  operations of
approximately  $185,600.  In February  2003, the  Partnership  sold the Property
located in Grand Prairie, Texas, as described above.

         During the year ended  December 31, 2002,  three of the joint  ventures
and a tenancy in common in which the Partnership is a co-partner, identified and
sold five Properties that that were classified as Discontinued Operations in the
condensed  financial  information  for  the  joint  ventures  presented  in  the
footnotes to the  accompanying  financial  statements,  as described  above.  In
addition, in October 2003, CNL Restaurant Investments II identified for sale its
property in San Antonio,  Texas, as described  above.  The financial  results of
these  Properties were  classified as  Discontinued  Operations in the condensed
financial  information for the joint ventures  presented in the footnotes to the
accompanying  financial  statements.  The Partnership's  pro-rata share of these
amounts is included in equity in earnings of joint ventures in the  accompanying
financial statements.

         The General Partners continuously  evaluate strategic  alternatives for
the  Partnership,  including  alternatives  to provide  liquidity to the Limited
Partners.

         The  Partnership's  leases as of December  31,  2003,  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.  Inflation,  overall,  has had a minimal effect on
the results of  operations  of the  Partnership.  Continued  inflation 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 January 2003,  the Financial  Accounting  Standards  Board  ("FASB")
issued  FASB  Interpretation  No.  46 ("FIN  46"),  "Consolidation  of  Variable
Interest Entities" to expand upon and strengthen  existing  accounting  guidance
that  addresses  when a company  should  include  the  assets,  liabilities  and
activities of another entity in its financial  statements.  To improve financial
reporting by companies involved with variable interest entities, FIN 46 requires
that a variable  interest entity be consolidated by a company if that company is
subject  to a  majority  risk  of  loss  from  the  variable  interest  entity's
activities or entitled to receive a majority of the entity's residual returns or
both.  Prior to FIN 46, a  company  generally  included  another  entity  in its
consolidated  financial  statements  only if it  controlled  the entity  through
voting interests.  In December 2003, the FASB issued FASB Interpretation No. 46R
("FIN 46R"), to clarify some of the provisions of FIN 46. Under FIN 46R, special
effective date provisions apply to entities that have fully or partially applied
FIN 46  prior  to  issuance  of FIN 46R.  Otherwise,  application  of FIN 46R is
required in  financial  statements  of public  entities  that have  interests in
structures that are commonly referred to as special-purpose entities for periods
ending after December 15, 2003. Application by public entities, other than small
business issuers,  for all other types of variable interest entities is required
in financial statements for periods ending after March 15, 2004. The Partnership
did not fully or partially  apply FIN 46 prior to the issuance of FIN 46R. Also,
the Partnership  does not have interests in structures  commonly  referred to as
special-purpose entities.  Therefore,  application of FIN 46R is required in the
Partnership's  financial statements for periods ending after March 15, 2004. The
General  Partners  believe  adoption  of this  standard  may  result  in  either
consolidation  or  additional  disclosure   requirements  of  the  Partnership's
unconsolidated  joint  ventures,  which are  currently  accounted  for under the
equity method.  However,  such  consolidation  is not expected to  significantly
impact the Partnership's results of operations.


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 notes at December 31, 2003,  approximated  the outstanding
principal  amount.  The  Partnership  is exposed to equity  loss in the event of
adverse  changes in interest  rates.  The following  table presents the expected
cash  flows of  mortgage  notes with fixed  rates  that are  sensitive  to these
changes.  In  January  2004,  the  Partnership  received  a balloon  payment  of
approximately  $175,800  relating to the mortgage note  receivable from the 2000
sale of the  Property  in  Alliance,  Ohio.  This  amount  represented,  and was
applied, to the outstanding principal balance.

                                                       Principal
                                                   ------------------

                         2004                            $ 188,625
                         2005                               14,113
                         2006                               15,456
                         2007                               16,926
                         2008                               19,897
                         Thereafter                        185,482
                                                     ----------------

                                                         $ 440,499
                                                     ================


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                       21

Financial Statements:

     Balance Sheets                                                      22

     Statements of Income                                                23

     Statements of Partners' Capital                                     24

     Statements of Cash Flows                                         25-26

     Notes to Financial Statements                                    27-41







<PAGE>








               Report of Independent Certified Public Accountants



To the Partners
CNL Income Fund IX, Ltd.


In our opinion,  the accompanying  balance sheets and the related  statements of
income,  of partners'  capital and of cash flows present fairly, in all material
respects,  the financial position of CNL Income Fund IX, Ltd. (a Florida limited
partnership)  at December 31, 2003 and 2002,  and the results of its  operations
and its cash flows for each of the three years in the period ended  December 31,
2003 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 15(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.

As  described in Note 1 to the  financial  statements,  on January 1, 2002,  the
Partnership  adopted  Statement  of  Financial   Accounting  Standards  No.  144
"Accounting for the Impairment or Disposal of Long-Lived Assets."




/s/ PricewaterhouseCoopers LLP


Orlando, Florida
March 24, 2004



<PAGE>

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

                                 BALANCE SHEETS

<TABLE>
<CAPTION>

 <c>
                                                                                    December 31,
                                                                             2003                    2002
                                                                     ---------------------    -------------------

                         ASSETS

Real estate properties with operating leases, net                         $   12,602,859         $   12,914,715
Net investment in direct financing leases                                      2,360,084              2,444,483
Real estate held for sale                                                        514,293                807,581
Investment in joint ventures                                                   7,229,491              7,337,667
Mortgage notes receivable                                                        442,550                464,352
Cash and cash equivalents                                                      1,502,461              1,913,142
Receivables                                                                       36,055                 31,471
Due from related parties                                                              --                  6,265
Accrued rental income                                                            464,175                505,561
Other assets                                                                      29,784                 24,905
                                                                     ---------------------    -------------------

                                                                          $   25,181,752         $   26,450,142
                                                                     =====================    ===================


            LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses                                      $      10,506           $     25,394
Real estate taxes payable                                                          8,231                  7,978
Distributions payable                                                            787,501                787,501
Due to related parties                                                            12,465                 16,426
Rents paid in advance and deposits                                                79,938                 42,223
                                                                     ---------------------    -----------------------
         Total liabilities                                                       898,641                879,522

Commitments (Note 12)

Partners' capital                                                             24,283,111             25,570,620
                                                                     ---------------------    -----------------------

                                                                          $   25,181,752         $   26,450,142
                                                                     =====================    =======================
</TABLE>
                See accompanying notes to financial statements.


<PAGE>


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

                              STATEMENTS OF INCOME

<TABLE>
<CAPTION>

 <c>
                                                                                Year ended December 31,
                                                                       2003              2002               2001
                                                                  ---------------   ----------------   ---------------
Revenues:
   Rental income from operating leases                              $ 1,560,665        $ 1,533,555       $ 1,505,656
   Earned income from direct financing leases                           265,078            308,026           376,299
   Contingent rental income                                              66,361             37,146            30,503
   Lease termination income                                                  --                 --            63,485
   Interest and other income                                             47,103             68,513            88,782
                                                                  ---------------   ----------------   ---------------
                                                                      1,939,207          1,947,240         2,064,725
                                                                  ---------------   ----------------   ---------------
Expenses:
    General operating and administrative                                248,153            257,230           337,190
    Property related                                                    118,046             54,672            23,192
    State and other taxes                                                61,477             43,648            35,739
    Depreciation and amortization                                       311,856            289,866           280,692
    Provision for write-down of assets                                       --             60,219                --
                                                                  ---------------   ----------------   ---------------
                                                                        739,532            705,635           676,813
                                                                  ---------------   ----------------   ---------------

Income  before  gain on sale of assets and equity in earnings
    of unconsolidated joint ventures                                  1,199,675          1,241,605         1,387,912

Gain on sale of assets                                                       --            456,143           298,795

Equity in earnings of unconsolidated joint ventures                     694,916          1,199,146           753,457
                                                                  ---------------   ----------------   ---------------

Income from continuing operations                                     1,894,591          2,896,894         2,440,164
                                                                  ---------------   ----------------   ---------------

Discontinued operations:
    Loss from discontinued operations                                   (32,384 )         (353,561 )        (448,258 )
    Gain on disposal of discontinued operations                             288            185,632                --
                                                                  ---------------   ----------------   ---------------
                                                                        (32,096 )         (167,929 )        (448,258 )
                                                                  ---------------   ----------------   ---------------

Net income                                                          $ 1,862,495        $ 2,728,965       $ 1,991,906
                                                                  ===============   ================   ===============

Income (loss) per limited partner unit
    Continuing operations                                             $    0.54          $    0.83         $    0.70
    Discontinued operations                                               (0.01 )            (0.05 )           (0.13 )
                                                                  ---------------   ----------------   ---------------

                                                                      $    0.53          $    0.78         $    0.57
                                                                  ===============   ================   ===============

Weighted average number of limited partner units
    outstanding                                                       3,500,000          3,500,000         3,500,000
                                                                  ===============   ================   ===============
</TABLE>
                See accompanying notes to financial statements.



<PAGE>


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

                         STATEMENTS OF PARTNERS' CAPITAL

                  Years Ended December 31, 2003, 2002 and 2001

<TABLE>
<CAPTION>

 <c>
                                            General Partners                                        Limited Partners
                                     ---------------------------------   ----------------------------------------------------------
                                                        Accumulated                                               Accumulated
                                     Contributions        Earnings        Contributions      Distributions         Earnings
                                     ---------------   ---------------   ----------------   ----------------    ----------------

Balance, December 31, 2000              $     1,000       $   237,417       $ 35,000,000      $ (29,360,599 )      $ 25,461,939

    Distributions to limited
       partners ($0.90 per limited
       partner unit)                             --                --                 --         (3,150,004 )                --
    Net income                                   --                --                 --                 --           1,991,906
                                     ---------------   ---------------   ----------------   ----------------    ----------------

Balance, December 31, 2001                    1,000           237,417         35,000,000        (32,510,603 )        27,453,845

    Distributions to limited
       partners ($0.90 per limited
       partner unit)                             --                --                 --         (3,150,004 )                --
    Net income                                   --                --                 --                 --           2,728,965
                                     ---------------   ---------------   ----------------   ----------------    ----------------

Balance, December 31, 2002                    1,000           237,417         35,000,000        (35,660,607 )        30,182,810

    Distributions to limited
       partners ($0.90 per limited
       partner unit)                             --                --                 --         (3,150,004 )                --
    Net income                                   --                --                 --                 --           1,862,495
                                     ---------------   ---------------   ----------------   ----------------    ----------------

Balance, December 31, 2003              $     1,000       $   237,417       $ 35,000,000      $ (38,810,611 )      $ 32,045,305
                                     ===============   ===============   ================   ================    ================

</TABLE>
                See accompanying notes to financial statements.
<PAGE>




--------------
 Syndication
    Costs              Total
--------------     --------------

 $ (4,190,000 )     $ 27,149,757



           --         (3,150,004 )
           --          1,991,906
--------------     --------------

   (4,190,000 )       25,991,659



           --         (3,150,004 )
           --          2,728,965
--------------     --------------

   (4,190,000 )       25,570,620



           --         (3,150,004 )
           --          1,862,495
--------------     --------------

 $ (4,190,000 )     $ 24,283,111
==============     ==============


See accompanying notes to financial statements.



<PAGE>

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

                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

 <c>
                                                                               Year Ended December 31,
                                                                       2003               2002              2001
                                                                  ---------------    ---------------    --------------

Cash Flows Provided by Operating Activities:
   Net income                                                        $ 1,862,495        $ 2,728,965       $ 1,991,906
                                                                  ---------------    ---------------    --------------

   Adjustments to reconcile net income to net cash provided
      by operating activities:
         Depreciation                                                    318,888            321,943           313,377
         Amortization of investment in direct financing
            leases                                                        84,399             80,601            71,154
         Amortization                                                         --                 --             1,375
         Equity  in  earnings  of  unconsolidated  joint
            ventures, net of distributions                               108,176           (331,747 )         118,290
         Gain on sale of assets                                             (288 )         (641,775 )        (298,795 )
         Provision for write-down of assets                                   --            440,287           462,925
         Decrease (increase) in receivables                               (4,584 )              700           279,491
         Decrease in interest receivable                                   1,521                139               127
         Decrease (increase) in due from related parties                   6,265             (1,393 )           3,963
         Decrease (increase) in accrued rental income                     41,386             61,269            (4,216 )
         Decrease (increase) in other assets                              (4,879 )          (14,385 )          11,474
         Increase (decrease) in accounts payable and
            accrued expenses and real estate taxes
            payable                                                      (14,635 )           18,329           (25,854 )
         Increase (decrease) in due to related parties                    (3,961 )           10,548           (94,968 )
         Increase  (decrease)  in rents  paid in advance
            and deposits                                                  37,715            (16,873 )           5,484
                                                                  ---------------    ---------------    --------------

                Total adjustments                                        570,003            (72,357 )         843,827
                                                                  ---------------    ---------------    --------------

Net cash provided by operating activities                              2,432,498          2,656,608         2,835,733
                                                                  ---------------    ---------------    --------------

Cash Flows from Investing Activities:
   Proceeds from sale of assets                                          286,544          2,814,625         1,986,253
   Additions to real estate properties with operating
        leases                                                                --         (1,992,232 )      (1,357,599 )
   Collections on mortgage notes receivable                               20,281             17,915            21,305
   Investment in joint ventures                                               --         (1,165,235 )        (342,075 )
   Return of capital from joint venture                                       --            929,590                --
   Liquidating distribution from joint venture                                --            554,324           424,600
                                                                  ---------------    ---------------    --------------
        Net cash provided by investing activities                        306,825          1,158,987           732,484
                                                                  ---------------    ---------------    --------------

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

Net increase (decrease) in cash and cash equivalents                    (410,681 )          665,591           418,213

Cash and cash equivalents at beginning of year                         1,913,142          1,247,551           829,338
                                                                  ---------------    ---------------    --------------

Cash and cash equivalents at end of year                             $ 1,502,461        $ 1,913,142       $ 1,247,551
                                                                  ===============    ===============    ==============
</TABLE>
                See accompanying notes to financial statements.

<PAGE>




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

                      STATEMENTS OF CASH FLOWS - CONTINUED

<TABLE>
<CAPTION>

 <c>
                                                                             Year Ended December 31,
                                                                      2003             2002            2001
                                                                   ------------    -------------    ------------

   Supplemental Schedule of Non-Cash Financing Activities:

   Distributions declared and unpaid at December 31                  $ 787,501        $ 787,501       $ 787,501
                                                                   ============    =============    ============
</TABLE>
                See accompanying notes to financial statements.


<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


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%  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 Accounting - The Partnership  records real estate
         property   acquisitions  of  land  and  buildings  at  cost,  including
         acquisition  and closing  costs.  Real estate  properties are leased to
         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.

         During the years ended December 31, 2003, 2002, and 2001, tenants paid,
         or are  expected to pay,  directly to real  estate  taxing  authorities
         approximately  $311,000,  $261,700,  and  $257,100,   respectively,  in
         estimated  real  estate  taxes in  accordance  with the  terms of their
         leases.

         The leases of the  Partnership  provide for base minimum  annual rental
         payments payable in monthly installments.  In addition,  certain leases
         provide for  contingent  rental  revenues  based on the tenants'  gross
         sales in  excess  of a  specified  threshold.  The  partnership  defers
         recognition  of  the  contingent  rental  revenues  until  the  defined
         thresholds  are met.  The leases  are  accounted  for using  either the
         operating or the direct financing methods.

              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.

              Direct  financing  method - 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).  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.  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.

         Accrued  rental  income  represents  the  aggregate  amount  of  income
         recognized  on a  straight-line  basis in  excess of  scheduled  rental
         payments to date.


<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


1.       Significant Accounting Policies - Continued

         Substantially all leases are for 14 to 20 years and provide for minimum
         and contingent  rentals.  The lease options  generally allow tenants to
         renew the leases for two to four 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.

         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, are removed from the
         accounts and gains or losses from sales are  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.

         When the  collection  of amounts  recorded as rental or other income is
         considered  to be  doubtful,  a  provision  is  made  to  increase  the
         allowance for doubtful accounts. 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 four
         joint  ventures  and  properties  in  Englewood,   Colorado;   Waldorf,
         Maryland; Montgomery, Alabama and Buffalo Grove, Illinois for which the
         properties are held as tenants-in-common with affiliates, are accounted
         for using the equity method since each joint venture agreement requires
         the  consent  of  all  partners  on all  key  decisions  affecting  the
         operations of the underlying property.

         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.  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.

         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 represent a reduction
         of  Partnership  equity and a reduction in the basis of each  partner's
         investment.

         Rents Paid in  Advance - Rents  paid in  advance by lessees  for future
         periods are deferred upon receipt and are recognized as revenues during
         the period in which the rental income is earned.



<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


1.       Significant Accounting Policies - Continued

         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.

         Reclassification   -  Certain  items  in  the  prior  years'  financial
         statements  have been  reclassified  to conform  to 2003  presentation.
         These  reclassifications  had no effect on total partners' capital, net
         income or cash flows.

         Statement of Financial Accounting Standards No. 144 - Effective January
         1, 2002,  the  Partnership  adopted  Statement of Financial  Accounting
         Standards  No.  144  "Accounting  for the  Impairment  or  Disposal  of
         Long-Lived  Assets." This statement requires that a long-lived asset be
         tested for  recoverability  whenever events or changes in circumstances
         indicate that its carrying amount may not be recoverable.  The carrying
         amount of a long-lived  asset is not  recoverable if it exceeds the sum
         of the  undiscounted  cash flows  expected  to result  from the use and
         eventual  disposition  of the  asset.  The  assessment  is based on the
         carrying   amount  of  the   asset  at  the  date  it  is  tested   for
         recoverability.  An  impairment  loss is  recognized  when the carrying
         amount of a long-lived  asset exceeds its fair value.  If an impairment
         is recognized,  the adjusted  carrying amount of a long-lived  asset is
         its new cost basis.  The  statement  also  requires that the results of
         operations of a component of an entity that either has been disposed of
         or is  classified  as held  for  sale  be  reported  as a  discontinued
         operation if the  disposal  activity was  initiated  subsequent  to the
         adoption of the Standard.

         FASB Interpretation No. 46 - In January 2003, the Financial  Accounting
         Standards Board ("FASB") issued FASB  Interpretation No. 46 ("FIN 46"),
         "Consolidation  of  Variable  Interest  Entities"  to  expand  upon and
         strengthen  existing  accounting guidance that addresses when a company
         should include the assets, liabilities and activities of another entity
         in  its  financial  statements.   To  improve  financial  reporting  by
         companies  involved with variable  interest  entities,  FIN 46 requires
         that a variable  interest  entity be  consolidated by a company if that
         company  is  subject  to a  majority  risk of loss  from  the  variable
         interest  entity's  activities or entitled to receive a majority of the
         entity's residual returns or both. Prior to FIN 46, a company generally
         included another entity in its consolidated  financial  statements only
         if it controlled the entity through voting interests. In December 2003,
         the FASB issued FASB  Interpretation  No. 46R ("FIN  46R"),  to clarify
         some of the provisions of FIN 46. Under FIN 46R, special effective date
         provisions  apply to entities that have fully or partially  applied FIN
         46 prior to issuance of FIN 46R.  Otherwise,  application of FIN 46R is
         required in financial statements of public entities that have interests
         in structures that are commonly referred to as special-purpose entities
         for periods  ending  after  December 15,  2003.  Application  by public
         entities,  other than small  business  issuers,  for all other types of
         variable  interest  entities is required in  financial  statements  for
         periods ending after March 15, 2004. The  Partnership  did not fully or
         partially  apply FIN 46 prior to the  issuance  of FIN 46R.  Also,  the
         Partnership does not have interests in structures  commonly referred to
         as  special-purpose  entities.  Therefore,  application  of FIN  46R is
         required in the Partnership's  financial  statements for periods ending
         after March 15, 2004.  The General  Partners  believe  adoption of this
         standard may result in either  consolidation  or additional  disclosure
         requirements of the Partnership's  unconsolidated joint ventures, which
         are currently  accounted  for under the equity  method.  However,  such
         consolidation is not expected to significantly impact the Partnership's
         results of operations.

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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


2.       Real Estate Properties with Operating Leases

         Real estate properties with operating leases consisted of the following
         at December 31:
<TABLE>
<CAPTION>

 <c>
                                                           2003                  2002
                                                    -------------------   --------------------

                 Land                                    $   6,295,592         $    6,295,592
                 Buildings                                   8,673,916              8,673,916
                                                    -------------------   --------------------
                                                            14,969,508             14,969,508
                 Less accumulated depreciation              (2,366,649)            (2,054,793)
                                                    -------------------   --------------------

                                                        $   12,602,859         $   12,914,715
                                                    ===================   ====================
</TABLE>

         During 2002, the Partnership  sold its properties in Greenville,  South
         Carolina,  and Huntsville,  Alabama, each to a third party and received
         net sales proceeds of approximately $1,928,300,  resulting in a gain of
         approximately  $456,100.  These properties had been identified for sale
         as of December 31, 2001. During 2002, the Partnership  reinvested these
         net sales  proceeds  in a property  in Dallas,  Texas and a property in
         Jackson,  Michigan,  at an approximate  total cost of  $1,992,200.  The
         Partnership  acquired each of these  properties  from affiliates of the
         general partners.

         During  2002,  the  tenant of the  property  in North  Baltimore,  Ohio
         terminated  its lease,  as  permitted  in the lease  agreement,  when a
         partial right-of-way taking reduced road access to the restaurant. As a
         result,  the  Partnership  reclassified  the  related  asset  from  net
         investment in direct  financing  leases to real estate  properties with
         operating  leases and recorded a provision for  write-down of assets of
         approximately $60,200. The provision represented the difference between
         the net carrying value of the property and its estimated fair value.

         The following is a schedule of the future  minimum lease payments to be
         received on noncancellable operating leases at December 31, 2003:

                        2004                                     $    1,589,838
                        2005                                          1,600,353
                        2006                                          1,176,467
                        2007                                            960,999
                        2008                                            962,544
                        Thereafter                                    5,973,354
                                                       -------------------------

                                                                 $   12,263,555
                                                       =========================



<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


3.       Net Investment in Direct Financing Leases

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

 <c>
                                                                           2003                2002
                                                                     -----------------   ------------------

                 Minimum lease payments receivable                       $  2,889,380         $  3,238,857
                 Estimated residual values                                  1,016,893            1,016,893
                 Less unearned income                                      (1,546,189)          (1,811,267)
                                                                     -----------------   ------------------

                 Net investment in direct financing leases               $  2,360,084         $  2,444,483
                                                                     =================   ==================
</TABLE>

         The  following  is a schedule of future  minimum  lease  payments to be
         received on the direct financing leases at December 31, 2003:

                         2004                              $   349,478
                         2005                                  349,478
                         2006                                  357,921
                         2007                                  385,159
                         2008                                  385,159
                         Thereafter                          1,062,185
                                                      -----------------

                                                          $  2,889,380
                                                      =================

4.       Investment in Joint Ventures

         The  Partnership  has a 45.2%,  50%, and 27.33% interest in the profits
         and losses of CNL Restaurant Investments II, CNL Restaurant Investments
         III, and Ashland Joint Venture, respectively. The Partnership also owns
         a 67%, a 29%, and a 15% interest in a property in Englewood,  Colorado,
         a property in Montgomery, Alabama, and a property in Waldorf, Maryland,
         each as tenants-in-common.

         In September 2002, the  Partnership and CNL Income Fund VIII,  Ltd., as
         tenants-in-common,  sold the property in Libertyville, Illinois a third
         party and  received  net sales  proceeds  of  approximately  $1,630,400
         resulting  in a  gain,  to the  tenancy  in  common,  of  approximately
         $199,300.  The Partnership  owned a 34% interest in this property.  The
         Partnership   received   approximately   $554,300   as  a   liquidating
         distribution  for its  pro-rata  share of the net  sales  proceeds.  In
         September 2002, the Partnership reinvested these proceeds in a property
         in Buffalo Grove,  Illinois, as a new tenancy in common with CNL Income
         Fund VIII, Ltd. The Partnership contributed  approximately $540,200 for
         a 34% interest in this property. The property was acquired from CNL Net
         Lease  Investors,  L.P.,  an  affiliate  of the general  partners.  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 their applicable percentage interest.


<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


4.       Investment in Joint Ventures - Continued

         In May  2002,  CNL  Restaurant  Investments  III sold its  Burger  King
         property in Greensboro,  North Carolina, to the tenant and received net
         sales proceeds of approximately $1,143,500,  resulting in a gain to the
         joint  venture of  approximately  $371,500.  The  Partnership  received
         approximately  $571,700 as a return of capital from the joint  venture.
         In June 2002, the Partnership reinvested the majority of these proceeds
         in a joint venture  arrangement,  Katy Joint  Venture,  with CNL Income
         Fund XVII,  Ltd.,  an  affiliate  of the general  partners.  Katy Joint
         Venture acquired a property in Katy, Texas from CNL Funding 2001-A, LP,
         an affiliate of the general  partners.  The  Partnership and CNL Income
         Fund XVII, Ltd. 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   Partnership    contributed
         approximately $625,000 for a 60% interest in this joint venture.

         In June 2002,  Ashland  Joint  Venture sold its Burger King property in
         Ashland, New Hampshire to the tenant and received net sales proceeds of
         approximately  $1,472,900,  resulting in a gain to the joint venture of
         approximately  $500,900. In June 2002, the joint venture reinvested the
         majority of the net sales  proceeds from the sale of this property in a
         property in San Antonio, Texas. The joint venture acquired the property
         from CNL Funding 2001-A, LP, an affiliate of the general partners.  The
         Partnership  received  approximately $6,000 as a return of capital from
         the remaining net sales proceeds.

         In June 2002, CNL Restaurant  Investments  II, in which the Partnership
         owns a 45.2%  interest,  sold its  property  in  Columbus,  Ohio to the
         tenant and  received  net sales  proceeds of  approximately  $1,215,700
         resulting in a gain to the joint venture of approximately $448,300. The
         joint  venture  used the majority of the net sales  proceeds  from this
         sale to acquire a Property in Dallas, Texas. The joint venture acquired
         this property from CNL Funding 2001-A,  LP, an affiliate of the general
         partners. The Partnership received approximately $27,600 as a return of
         capital from the remaining  net sales  proceeds.  In addition,  in June
         2002,  CNL  Restaurant  Investments  II sold its  property  in Pontiac,
         Michigan to the tenant and received net sales proceeds of approximately
         $722,600  resulting  in a loss to the joint  venture  of  approximately
         $189,800.  The Partnership received  approximately $326,200 as a return
         of capital from the net sales proceeds. In October 2003, CNL Restaurant
         Investments II identified  for sale its property in San Antonio,  Texas
         and reclassified  the asset from real estate  properties with operating
         leases  to real  estate  held for  sale.  The  reclassified  asset  was
         recorded at the lower of its carrying  amount or fair value,  less cost
         to sell.

         All remaining interests in these joint ventures and the properties held
         as  tenants-in-common  are held by affiliates of the Partnership  which
         have the same general partners.

         The financial  results relating to the properties in Greensboro,  North
         Carolina;  Ashland, New Hampshire;  Columbus, Ohio; Pontiac,  Michigan;
         Libertyville,  Illinois;  and  San  Antonio,  Texas  are  reflected  as
         Discontinued Operations in the condensed financial information below.



<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


4.       Investment in Joint Ventures - Continued

         CNL Restaurant  Investments II and CNL Restaurant  Investments III each
         own five properties.  Ashland Joint Venture and Katy Joint Venture each
         own one property. The Partnership and affiliates, as tenants-in-common,
         own four  properties.  The following  presents the combined,  condensed
         financial information for the joint ventures and the properties held as
         tenants-in-common with affiliates at:
<TABLE>
<CAPTION>

 <c>
                                                           December 31,                     December 31,
                                                               2003                             2002
                                                       ---------------------             --------------------
              Real estate properties with operating         $    13,450,348                   $   13,745,980
                   leases, net
              Net investment in direct financing
                   leases                                         2,757,970                        2,810,584
              Real estate held for sale                             724,380                          739,968
              Cash                                                   96,215                           16,192
              Receivables                                               518                              518
              Accrued rental income                                 359,966                          261,781
              Other assets                                           42,889                           27,711
              Liabilities                                            59,337                            7,146
              Partners' capital                                  17,372,949                       17,595,588

                                                                     Year Ended December 31,
                                                           2003              2002               2001
                                                      ----------------  ----------------  ------------------

             Revenues                                    $  1,942,372      $  1,665,465       $   1,325,771
             Expenses                                        (346,604 )        (314,865 )          (247,033 )
                                                      ----------------  ----------------  ------------------
                  Income from continuing operations         1,595,768         1,350,600           1,078,738
                                                      ----------------  ----------------  ------------------

             Discontinued operations:
                  Revenues                                     95,286           387,802             695,999
                  Expenses                                    (15,988 )         (70,829 )          (167,450 )
                  Gain on disposal of discontinued
                      operations                                   --         1,330,172                  --
                                                      ----------------  ----------------  ------------------
                                                               79,298         1,647,145             528,549
                                                      ----------------  ----------------  ------------------

             Net income                                  $  1,675,066      $  2,997,745       $   1,607,287
                                                      ================  ================  ==================
</TABLE>


         The  Partnership  recognized  income  of  $694,916,   $1,199,146,   and
         $753,457,  during the years ended  December 31, 2003,  2002,  and 2001,
         respectively,  from these joint  ventures  and the  properties  held as
         tenants-in-common with affiliates.



<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


5.       Discontinued Operations

         During 2002, the Partnership entered into two separate agreements, each
         with a third party,  to sell its properties in Farragut,  Tennessee and
         Grand  Prairie,  Texas.  In December  2002,  the  Partnership  sold the
         property in Farragut,  Tennessee  and  received  net sales  proceeds of
         approximately $886,300, resulting in a gain on disposal of discontinued
         operations of approximately $185,600. In February 2003, the Partnership
         sold  the  other   property  and   received   net  sales   proceeds  of
         approximately $286,500, resulting in a gain on disposal of discontinued
         operations  of   approximately   $300.  The  Partnership  had  recorded
         provisions  for  write-down  of assets  relating  to this  property  in
         previous years, including  approximately $58,500 and $62,100 during the
         years ended December 31, 2002 and 2001, respectively. In July 2003, the
         Partnership  identified  for  sale its  vacant  property  in  Wildwood,
         Florida and  reclassified  the asset from real estate  properties  with
         operating leases to real estate held for sale. The  reclassified  asset
         was  recorded at the lower of its carrying  amount or fair value,  less
         cost to sell.  The  Partnership  recorded  provisions for write-down of
         assets  in  previous  years   relating  to  this  property,   including
         approximately $321,600 and $400,800 during the years ended December 31,
         2002 and 2001,  respectively.  The tenant vacated this property in 2001
         and ceased payment of rents under the terms of the lease agreement. The
         provisions represented the difference between the net carrying value of
         the property and its estimated  fair value.  The financial  results for
         these  properties  are  reflected  as  Discontinued  Operations  in the
         accompanying financial statements.

         The  operating  results  of  the  discontinued   operations  for  these
         properties are as follows:
<TABLE>
<CAPTION>

 <c>
                                                                    Year Ended December 31,
                                                        2003                 2002                 2001
                                                   ----------------     ---------------     -----------------

          Rental revenues                                 $     --          $   91,459           $    97,216
          Other income                                          --              20,000                    --
          Expenses                                         (32,384 )           (84,952 )             (82,549 )
          Provision for write-down of
          assets                                                --            (380,068 )            (462,925 )
                                                   ----------------     ---------------     -----------------
          Loss from discontinued operations            $   (32,384 )          (353,561 )            (448,258 )
                                                   ================     ===============     =================
</TABLE>

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  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:
<TABLE>
<CAPTION>

 <c>
                                                                  2003                      2002
                                                            -----------------         ------------------

               Principal balance                                $    440,499                 $  460,780
               Accrued interest receivable                             2,051                      3,572
                                                            -----------------         ------------------

                                                                $    442,550                 $  464,352
                                                            =================         ==================
</TABLE>


<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


6.       Mortgage Notes Receivable - Continued

         The general partners believe that the estimated fair values of mortgage
         notes  receivable  at December 31, 2003,  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% 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% to the  limited
         partners  and one percent to the  general  partners.  However,  the one
         percent of net cash flow to be distributed to the general  partners was
         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").

         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% 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% 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  during the years ended  December  31, 2003,  2002,  and
         2001.

         During each of the years ended  December 31, 2003,  2002, and 2001, the
         Partnership   declared   distributions   to  the  limited  partners  of
         $3,150,004.  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

                  Years Ended December 31, 2003, 2002, and 2001


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

         Net income for financial reporting purposes           $ 1,862,495         $  2,728,965        $ 1,991,906

         Effect of timing differences relating to                   22,398               12,896              2,178
              depreciation

         Provision for write-down of assets                             --              440,287            462,925

         Effect of timing differences relating to allowance
              for doubtful accounts                                     --              (15,296 )          (67,300 )

         Direct financing leases recorded as operating
              leases for tax reporting purposes                     84,399               80,601             71,154

         Effect of timing differences relating to
              gains/losses on sales of real estate
              on sales of real estate                             (140,127 )           (148,916)            40,172

         Effect of timing differences relating to equity in
              earnings of joint ventures                            19,624             (392,715 )          (57,919 )

         Accrued rental income                                      41,386               61,269             (4,216 )

         Rents paid in advance                                      37,715              (16,873 )            5,484

         Other                                                        (314 )                 --                 --
                                                             ---------------   ------------------   ----------------

         Net income for federal income tax purposes            $ 1,927,576         $  2,750,218        $ 2,444,384
                                                             ===============   ==================   ================
</TABLE>

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 APF Partners,  LP, a wholly owned subsidiary of CNL Restaurant
         Properties, Inc. (formerly known as CNL American Properties Fund, Inc.)
         served as the  Partnership's  advisor  until  January 1, 2002,  when it
         assigned its rights and obligations under a management agreement to RAI
         Restaurants,  Inc.  (the  "Advisor").  The  Advisor  is a wholly  owned
         subsidiary  of  CNL  Restaurant   Properties,   Inc.  ("CNL-RP").   The
         individual general partners are stockholders and directors of CNL-RP.



<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


9.       Related Party Transactions - Continued

         The Advisor provides services  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, 2003, 2002, and 2001.

         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,  2003,  2002,  and  2001,  the
         Partnership's   affiliates   provided   accounting  and  administrative
         services. The Partnership incurred $138,534, $175,724, and $198,105 for
         the years ended December 31, 2003,  2002, and 2001,  respectively,  for
         such services.

         In June 2002, the Partnership,  Ashland Joint Venture,  CNL Restaurants
         II Joint Venture,  and Katy Joint Venture each acquired a property from
         CNL  Funding  2001-A,  LP. CNL Funding  2001-A,  LP had  purchased  and
         temporarily  held title to the  properties in order to  facilitate  the
         acquisition  of  the  properties  by  the  Partnership  and  the  joint
         ventures.  The  purchase  price paid by the  Partnership  and the joint
         ventures  represented the costs incurred by CNL Funding  2001-A,  LP to
         acquire the properties.

         In  September  2002,  the  Partnership  acquired a property in Jackson,
         Michigan from CNL Net Lease Investors,  L.P. ("NLI").  In addition,  in
         September  2002,  the  Partnership  and CNL VIII acquired a property in
         Buffalo  Grove,  Illinois  from  NLI.  During  2002,  and  prior to the
         Partnership's  acquisition  of  these  properties,   CNL  Financial  LP
         Holding,  LP ("CFN") and CNL Net Lease  Investors GP Corp.  ("GP Corp")
         purchased  the  limited   partner's   interest  and  general  partner's
         interest, respectively, of NLI. Prior to this transaction, an affiliate
         of the Partnership's  general partners owned a 0.1% interest in NLI and
         served as a general  partner of NLI. The original  general  partners of
         NLI  waived  their  rights  to  benefit  from  this  transaction.   The
         acquisition  price paid by CFN for the limited  partner's  interest was
         based on the portfolio  acquisition price. The Partnership acquired the
         properties in Jackson,  Michigan and Buffalo  Grove,  Illinois at CFN's
         cost  and  did  not  pay  any  additional  compensation  to CFN for the
         acquisition of the  properties.  Each CNL entity is an affiliate of the
         Partnership's general partners.

         The amount  due to  related  parties  at  December  31,  2003 and 2002,
         totaled $12,465 and $16,426, respectively.



<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


10.      Concentration of Credit Risk

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

 <c>
                                                              2003              2002             2001
                                                         ---------------    -------------    --------------

                   Carrols Corp. and Texas Taco
                        Cabana, LP (under common
                        control of Carrols Corp.)             $ 741,297        $ 488,457         $ 318,060
                   Golden Corral Corp.                          520,144          534,672           537,236
                   Burger King Corp.                            442,134          525,778           643,939
                   Flagstar Enterprises, Inc.                       N/A          289,914           361,770
</TABLE>

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

 <c>
                                                             2003               2002             2001
                                                       -----------------    -------------    --------------

                   Burger King                             $  1,027,378        $ 978,433       $ 1,062,392
                   Golden Corral Buffet and
                   Grill                                        520,144          534,672           537,236
                   Hardee's                                         N/A          357,105           429,975
                   Shoney's                                         N/A          312,009           391,170
</TABLE>

         The  information   denoted  by  N/A  indicates  that  for  each  period
         presented,  the lessee and the chains did not  represent  more than ten
         percent of the Partnership's total rental 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 will  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

                  Years Ended December 31, 2003, 2002, and 2001


11.      Selected Quarterly Financial Data

         The following table presents  selected  unaudited  quarterly  financial
         data for each full quarter during the years ended December 31, 2003 and
         2002.
<TABLE>
<CAPTION>

 <c>
                   2003 Quarter                First          Second          Third         Fourth         Year
         ---------------------------------- -------------  -------------  -------------- -------------  ------------

         Continuing Operations (1):
              Revenues                         $ 490,589      $ 467,512      $  466,459     $ 514,647    $1,939,207
              Equity in earnings of
                unconsolidated joint
                ventures                         163,767        174,248         176,604       180,297       694,916
              Income from continuing
                operations                       436,087        487,457         460,885       510,162     1,894,591
         Discontinued operations (1):
              Revenues                                --             --              --            --            --
              Loss from and gain on
                   disposal of
                   discontinued
                   operations                    (11,092 )       (8,271 )        (5,964 )      (6,769 )     (32,096 )

         Net income                              424,995        479,186         454,921       503,393     1,862,495

         Income (loss) per limited
            partner unit:

              Continuing operations             $   0.12       $   0.14       $    0.13      $   0.15      $   0.54
              Discontinued operations                 --             --              --         (0.01 )       (0.01 )
                                            -------------  -------------  -------------- -------------  ------------
                                                $   0.12       $   0.14       $    0.13      $   0.14      $   0.53
                                            =============  =============  ============== =============  ============

</TABLE>


<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


11.      Selected Quarterly Financial Data - Continued
<TABLE>
<CAPTION>

 <c>
                   2002 Quarter                First          Second          Third         Fourth         Year
         ---------------------------------- -------------  -------------  -------------- -------------  ------------

         Continuing Operations (1):
              Revenues                         $ 482,615      $ 477,848      $  498,301     $ 488,476    $1,947,240
              Equity in earnings of
                unconsolidated joint             161,236        605,482         258,544       173,884     1,199,146
                ventures
              Income from continuing
                operations                       456,208      1,136,357         851,659       452,670     2,896,894
         Discontinued operations (1):
              Revenues                            23,237         23,237          24,005        40,980       111,459
              Income (loss) from and gain
                on disposal of
                discontinued operations            5,382       (323,110 )        23,356       126,443      (167,929 )

         Net income                              461,590        813,247         875,015       579,113     2,728,965

         Income (loss) per limited
            partner unit:

              Continuing operations             $   0.13       $   0.32       $    0.24      $   0.14      $   0.83
              Discontinued operations                 --          (0.09 )          0.01          0.03         (0.05 )
                                            -------------  -------------  -------------- -------------  ------------
                                                $   0.13       $   0.23       $    0.25      $   0.17      $   0.78
                                            =============  =============  ============== =============  ============
</TABLE>

(1)      Certain items in the quarterly financial data have been reclassified to
         conform to the 2003 presentation.  This  reclassification had no effect
         on net income.  The results of operations  relating to properties  that
         were identified for sale as of December 31, 2001 but sold  subsequently
         are  reported  as  continuing  operations.  The  results of  operations
         relating  to  properties  that  were  either  identified  for  sale and
         disposed of  subsequent  to January 1, 2002 or were  classified as held
         for  sale  as  of  December  31,  2003  are  reported  as  discontinued
         operations for all periods presented.

12.      Commitment

         In December  2003,  the  Partnership  entered into an agreement  with a
         third party to sell the property in Wildwood, Florida.


<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                  Years Ended December 31, 2003, 2002, and 2001


13.      Subsequent Events

         In  January  2004,  the  Partnership  received  a  balloon  payment  of
         approximately  $175,800  relating to the mortgage note  receivable from
         the  2000  sale  of  the  property  in  Alliance,   Ohio.  This  amount
         represented, and was applied, to the outstanding principal balance.

         In February  2004,  the  Partnership  sold its  property  in  Wildwood,
         Florida and  received  net sales  proceeds of  approximately  $526,400,
         resulting  in  a  gain  on  disposal  of  discontinued   operations  of
         approximately  $12,100.  The  Partnership  had recorded  provisions for
         write-down of assets in previous years relating to this property.


<PAGE>


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

         None.

Item 9A.  Controls and Procedures

         The  General  Partners  maintain  a  set  of  disclosure  controls  and
procedures  designed to ensure that information  required to be disclosed in the
Partnership's  filings  under the  Securities  Exchange Act of 1934 is recorded,
processed,  summarized  and reported  within the time  periods  specified in the
Securities and Exchange  Commission's  rules and forms. The principal  executive
and  financial  officers of the  corporate  general  partner have  evaluated the
Partnership's  disclosure  controls and  procedures  as of the end of the period
covered  by this  Annual  Report  on Form  10-K and have  determined  that  such
disclosure controls and procedures are effective.

         There was no change in internal  control over financial  reporting that
occurred during the most recent fiscal quarter that has materially affected,  or
is  reasonably  likely to materially  affect,  internal  control over  financial
reporting.

                                    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-RP,  CCM, CNL Financial  Group,  Inc. and their
affiliates, all of which are affiliates of the General Partners.

         James M. Seneff, Jr., age 57. 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-RP, a public,  unlisted real
estate investment trust since 1994. Mr. Seneff served as Chief Executive Officer
of CNL-RP from 1994 through August 1999 and as Co-Chief  Executive  Officer from
December 2000 through September 2003. Mr. Seneff served as Chairman of the Board
and  Chief  Executive  Officer  of  CNL  Fund  Advisors,   Inc.,   formerly  the
Partnership's  advisor,  from  its  inception  in 1990  until it  merged  with a
wholly-owned  subsidiary  of CNL-RP in  September  1999,  and in June 2000,  was
re-elected  to those  positions of CNL Fund  Advisors,  Inc. CNL Fund  Advisors,
Inc.,  formerly CNL  Institutional  Advisors,  Inc., is a registered  investment
advisor. Mr. Seneff is a principal stockholder of CNL Holdings, Inc., the parent
company of CNL Financial 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 1973. CNL Financial Group, Inc. is and 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.,  all of which are  engaged  in the  business  of real  estate
finance.  Mr.  Seneff also serves as a Director and Chairman of the Board of CNL
Hospitality  Properties,  Inc., a public, unlisted real estate investment trust;
and served as Chief Executive Officer of CNL Hospitality  Properties,  Inc. from
its inception in 1997 until 2003 and served as Co-Chief  Executive  Officer from
February 2003 until May 1, 2003.  Mr. Seneff has served as Chairman of the Board
of CNL Hospitality Corp., the advisor to CNL Hospitality Properties, Inc., since
its inception in 1997.  Mr. Seneff also served as Chief  Executive  Officer from
its inception in 1997 through  February 2003,  and currently  serves as Co-Chief
Executive Officer of CNL Hospitality Corp. Mr. Seneff has served as Director and
Chairman  of the Board of CNL  Retirement  Corp.  since 1997 and served as Chief
Executive Officer of CNL Retirement Corp. from 1997 through 2003. CNL Retirement
Corp. is the advisor to CNL Retirement Properties, Inc., a public, unlisted real
estate  investment trust. Mr. Seneff has also served as Director and Chairman of
the Board of Commercial Net Lease Realty,  Inc., a public real estate investment
trust  that is listed on the New York Stock  Exchange,  since 1992 and served as
Chief Executive  Officer of Commercial Net Lease Realty,  Inc. from 1992 through
February 2004. Mr. Seneff has served as a Director,  Chairman of the Board,  and
Chief Executive Officer of CNL Securities Corp. since its formation in 1979; CNL
Investment  Company  since  1990;  and  CNL  Institutional  Advisors,   Inc.,  a
registered  investment  advisor for pension  plans,  since 1990.  Mr. Seneff has
served as Chairman of the Board and Chief  Executive  Officer of CNL  Commercial
Finance,  Inc.  since 2000.  Mr.  Seneff also serves as Chairman of the Board of
CNLBank, an independent,  state-chartered commercial 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 the
Florida  state  retirement  plan.  Mr.  Seneff  received  his degree in Business
Administration from Florida State University in 1968.

         Robert A.  Bourne,  age 56. 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 has
served as a Director and Vice  Chairman of the Board of CNL-RP  since 1994.  Mr.
Bourne also served as President of CNL-RP from 1994  through  February  1999 and
served as Treasurer  from  February  1999 through  August 1999 and from May 1994
through December 1994. Mr. Bourne served in various executive positions with CNL
Fund Advisors, Inc. prior to its merger with a wholly-owned subsidiary of CNL-RP
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. Mr. Bourne serves as Director,  Vice Chairman of the Board
and  Treasurer  and from  1997  until  June  2002  served  as  President  of CNL
Hospitality  Properties,  Inc. and as Director,  President  and Treasurer of CNL
Hospitality  Corp.  Mr.  Bourne  also serves as Director  and  Treasurer  of CNL
Retirement  Properties,  Inc.  and as Director and  Treasurer of CNL  Retirement
Corp. Mr. Bourne serves as a Director of CNLBank.  Mr. Bourne has also 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. Mr. Bourne 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. 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 48. Mr. McWilliams has served as President of
CNL-RP since May 2001 and as Chief  Executive  Officer of CNL-RP since September
2003.  Mr.  McWilliams  served as  Co-Chief  Executive  Officer  of CNL-RP  from
December 2000 through  September 2003 and served as Chief Executive Officer from
September 1999 through  December 2000. Mr.  McWilliams  also served as President
and Chief  Executive  Officer of CNL  Franchise  Network  Corp.,  a wholly owned
subsidiary  of CNL-RP  since  August 2002 and served as President of CNL-RP from
February 1999 until  September  1999 and as Executive  Vice  President of CNL-RP
from 1997 through  February  1999.  Mr.  McWilliams  served as an Executive Vice
President of CNL  Financial  Group,  Inc. from the time he joined the company in
April 1997 until September 1999. Mr.  McWilliams served as President of CNL Fund
Advisors,  Inc. and CNL Financial  Services,  Inc., a corporation engaged in the
business of real estate financing, from April 1997 until the acquisition of such
entities  by  wholly  owned  subsidiaries  of  CNL-RP 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.

         Steven  D.  Shackelford,  age  40.  Mr.  Shackelford  was  promoted  to
Executive  Vice  President  and Chief  Operating  Officer of CNL-RP in September
2003. Mr.  Shackelford has also served as Chief Financial  Officer since January
1997.  He served as Senior Vice  President  of CNL-RP from  January 1997 through
July 2000, when he was promoted to Executive Vice President. Mr. Shackelford has
also served as Secretary and Treasurer of CNL-RP since  September  1999. He also
served as Chief Financial Officer of CNL Fund Advisors, Inc. 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.

         Thomas Arasi, age 46. Mr. Arasi has served as President of CCM since it
was formed in July 2003 to provide  strategic  advisory  services to the General
Partners. He has served in various consulting capacities to CNL Hospitality Corp
and other CNL affiliates  since January 2003. Since November 2001 he has been an
independent  consultant  working  for a  variety  of  operating  and  investment
companies  in the  hospitality  industry.  Until  October  2001,  Mr.  Arasi was
President & Chief Executive  Officer,  and a member of the Board of Directors of
Lodgian,  Inc., a New York Stock  Exchange  traded  company,  one of the largest
independent hotel  owner/operators in North America, with hotel properties under
most brand names  including  Marriott,  Courtyard by Marriott,  Fairfield Inn by
Marriott,  Crowne  Plaza,  Holiday Inn,  Hilton,  and  Radisson.  From June 1997
through  November 2000,  Mr. Arasi was a member of the Management  Committee and
held  several top  operating  positions  with Bass Hotels & Resorts,  one of the
leading international owners, operators and franchisors of hotels, most recently
serving as President, Bass Hotels & Resort--The Americas. Mr. Arasi was formerly
President of Tishman  Hotel  Corporation,  Vice  President of Salomon  Brothers,
Inc.,  in New York,  Tokyo and Los Angeles  and held  positions  with  Sheraton,
Westin and HVS  International.  Mr. Arasi  graduated from Cornell  University in
January  1981,  where he received a  Bachelor's  degree in Hotel and  Restaurant
Administration.

Section 16(a) Beneficial Ownership Reporting Compliance

         Section  16(a) of the Exchange Act requires the General  Partners,  the
officers of the  corporate  General  Partner,  and persons who own more than ten
percent  of  a  registered  class  of  the   Partnership's   equity   securities
(collectively,  the  "Reporting  Persons"),  to file  reports of  ownership  and
changes in  ownership  on Forms 3, 4 and 5 with the SEC.  Reporting  Persons are
required by SEC regulation to furnish the  Partnership  with copies of all Forms
3, 4 and 5 that they file.

         Based  solely on the  General  Partners'  review of the  copies of such
forms the  Partnership  has  received and written  representations  from certain
Reporting  Persons  that they  were not  required  to file  Forms 5 for the last
fiscal year, the General  Partners  believe that all Reporting  Persons complied
with all filing  requirements  applicable  to them with respect to  transactions
during fiscal 2003.

Code of Business Conduct

         The  Partnership  does not have  employees  and,  accordingly,  has not
adopted a code of business  conduct  applicable  exclusively to the Partnership.
However,  employees of the General Partners or their  affiliates,  including the
individual  General Partners,  are bound by the Code of Business Conduct adopted
November 11, 2003 by CNL Holdings, Inc. Separately, the employees of the Advisor
are bound by the similar  Code of  Business  Conduct  adopted by CNL  Restaurant
Properties,  Inc. Each of these codes of business conduct will be made available
to any person who writes the Partnership requesting a copy.

Audit Committee Financial Expert

         Due to its organization as a limited partnership,  the Partnership does
not  have  an  audit   committee  that  is  responsible   for   supervising  the
Partnership's  relationship with its independent auditors.  For the Partnership,
this role is performed by the General Partners. Based on his previous service as
the principal  financial officer of companies with businesses similar to that of
the  Partnership,  Robert  A.  Bourne,  one of the  General  Partners,  has  the
requisite  experience to be considered an "audit committee  financial expert" as
defined  in  the  rules  under  the  Securities  Exchange  Act of  1934,  if the
Partnership  had an audit  committee.  As a General  Partner,  Mr. Bourne is not
independent of the Partnership.


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 and
          Related Stockholder Matters

         As of March 12,  2004,  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 12, 2004,  the beneficial
ownership interests of the General Partners in the Registrant.
<TABLE>
<CAPTION>

 <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.

         The Partnership does not have any equity compensation plans.



<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, 2003,  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>

 <c>
                                                                                          Amount Incurred
      Type of Compensation                                                                 For the Year
          and Recipient                        Method of Computation                  Ended December 31, 2003
----------------------------------     --------------------------------------      ------------------------------

Reimbursement  to affiliates  for      Operating  expenses are reimbursed at       Accounting     and
operating expenses                     the  lower  of  cost  or  90%  of the       administrative     services:
                                       prevailing  rate at which  comparable       $138,534
                                       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.




<PAGE>



                                                                                          Amount Incurred
      Type of Compensation                                                                 For the Year
         and Recipient                         Method of Computation                  Ended December 31, 2003
---------------------------------      --------------------------------------      ------------------------------

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.


<PAGE>



                                                                                          Amount Incurred
      Type of Compensation                                                                 For the Year
         And Recipient                         Method of Computation                  Ended December 31, 2003
---------------------------------      --------------------------------------      ------------------------------

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>


Item 14.  Principal Accountant Fees and Services

         The  following  table  outlines  the only fees paid or  accrued  by the
Partnership  for the audit  and other  services  provided  by the  Partnership's
independent  certified public accountants,  PricewaterhouseCoopers  LLP, for the
years ended December 31:
<TABLE>
<CAPTION>

 <c>
                                                    2003                                      2002
                                            ---------------------                     ---------------------

Audit Fees (1)                                     $      13,926                             $      10,800
Tax Fees (2)                                               7,901                                     6,999
                                            ---------------------                     ---------------------
     Total                                         $      21,827                             $      17,799
                                            =====================                     =====================
</TABLE>


(1)      Audit  services  of  PricewaterhouseCoopers   LLP  for  2003  and  2002
         consisted  of  the  examination  of  the  financial  statements  of the
         Partnership and quarterly review of financial statements.

(2)      Tax Fees relates to tax consulting and compliance services.

         Each of the  non-audit  services  described  above was  approved by the
General  Partners.  Due  to  its  organization  as a  limited  partnership,  the
Partnership does not have an audit committee.






<PAGE>


                                     PART IV


Item 15.  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, 2003 and 2002

            Statements  of Income for the years ended  December 31, 2003,  2002,
            and 2001

            Statements  of  Partners'  Capital for the years ended  December 31,
            2003, 2002, and 2001

            Statements  of Cash Flows for the years  ended  December  31,  2003,
            2002, and 2001

            Notes to Financial Statements

    2.   Financial Statement Schedules

            Schedule III - Real Estate and Accumulated  Depreciation at December
            31, 2003

            Notes to Schedule III - Real Estate and Accumulated  Depreciation at
            December 31, 2003

            Schedule IV - Mortgage Loans on Real Estate at December 31, 2003

            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.)

           10.4    Assignment of Management  Agreement  from CNL Fund  Advisors,
                   Inc. to CNL APF  Partners,  LP.  (Included as Exhibit 10.4 to
                   Form 10-Q filed with the  Securities  Exchange  Commission on
                   August 9, 2001, and incorporated herein by reference).

           10.5    Assignment of Management Agreement from CNL APF Partners,  LP
                   to CNL Restaurants  XVIII, Inc.  (Included as Exhibit 10.5 to
                   Form 10-Q filed with the Securities  and Exchange  Commission
                   on August 14, 2002, and incorporated herein by reference.)

           31.1    Certification of Chief Executive Officer of Corporate General
                   Partner  Pursuant  to Rule  13a-14  as  Adopted  Pursuant  to
                   Section  302  of  the  Sarbanes-Oxley  Act  of  2002.  (Filed
                   herewith.)

           31.2    Certification of Chief Financial Officer of Corporate General
                   Partner  Pursuant  to Rule  13a-14  as  Adopted  Pursuant  to
                   Section  302  of  the  Sarbanes-Oxley  Act  of  2002.  (Filed
                   herewith.)

           32.1    Certification of Chief Executive Officer of Corporate General
                   Partner  Pursuant  to  18  U.S.C.  Section  1350  as  Adopted
                   Pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002.
                   (Filed herewith.)

           32.2    Certification of Chief Financial Officer of Corporate General
                   Partner  Pursuant  to  18  U.S.C.  Section  1350  as  Adopted
                   Pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002.
                   (Filed herewith.)

(b) The  Registrant  filed no reports  on Form 8-K during the period  October 1,
    2003 through December 31, 2003.

(c) Not applicable.

(d) Other Financial Information

    The  Partnership  is required to file audited  financial  information of its
    tenant,  Carrols  Corporation,  as a result of this tenant leasing more than
    20% of the Partnership's  total assets for the year ended December 31, 2003.
    Carrols  Corporation is a reporting  company and as of the date hereof,  had
    not  filed  its Form  10-K;  therefore,  the  financial  statements  are not
    available to the Partnership to include in this filing. The Partnership will
    file this financial  information  under cover of a Form 10-K/A as soon as it
    is available.





<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 23rd day of
March, 2004.

                                        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>

 <c>
               Signature                                  Title                                  Date



/s/ Robert A. Bourne                     President,   Treasurer   and   Director            March 23, 2004
------------------------------------     (Principal Financial and Accounting
Robert A. Bourne                         (Officer)


/s/ James M. Seneff, Jr.                 Chief  Executive  Officer and  Director            March 23, 2004
------------------------------------     (Principal Executive Officer)
James M. Seneff, Jr.


</TABLE>
<PAGE>

                            CNL INCOME FUND IX, LTD.
                         (A Florida Limited Partnership)
             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                December 31, 2003

<TABLE>
<CAPTION>

 <c>
                                                                            Costs Capitalized
                                                                              Subsequent to           Net Cost Basis at Which
                                                      Initial Cost             Acquisition          Carried at Close of Period (c)
                                              -------------------------- ---------------------  ------------------------------------
                               Encum-                      Buildings and Improve-    Carrying                 Buildings and
                               brances           Land       Improvements   ments      Costs        Land       Improvements     Total
                             ---------------  ------------ ------------- ----------  ---------  ------------  ------------- --------

Properties the Parnership has
Invested in Under
Operating Leases:

     Baker's Square Restaurant:
       Blaine, Minnesota (g)      -              $567,339      $790,259          -     -      $567,339       $790,259    $1,357,598

     Burger King Restaurants:
       Shelby, North Carolina (i) -               289,663       554,268          -     -       289,663        554,268       843,931
       Maple Heights, Ohio        -               430,563       454,823          -     -       430,563        454,823       885,386
       Suwanee, Georgia           -               437,659             -          -     -       437,659             (f)      437,659
       Watertown, New York        -               360,181       529,594          -     -       360,181        529,594       889,775
       Carrboro, North Carolina (h-               406,768       523,067          -     -       406,768        523,067       929,835
       Jackson, Michigan (k)      -               419,375       542,055          -     -       419,375        542,056       961,431

     Capt D's Restaurant:
       Huntsville, Alabama        -               248,976       279,748          -     -       248,977        279,748       528,725

     Denny's Restaurants:
       North Baltimore, Ohio (l)  -               133,187       282,219          -     -       133,187        282,219       415,406

     Golden Corral Buffet and
        Grill Restaurants:
        Brownsville, Texas        -               518,605       988,611          -     -       518,605        988,611     1,507,216
        Tyler, Texas              -               652,103       982,353          -     -       652,103        982,353     1,634,456
        Albany, Georgia           -               564,576     1,076,633          -     -       564,576      1,076,633     1,641,209

     Shoney's Restaurants:
       Windcrest, Texas           -               445,983       670,370          -     -       445,983        670,370     1,116,353
       Grenada, Mississippi       -               335,001       454,723          -     -       335,001        454,723       789,724

     Taco Cabana Restaurant:
       Dallas, Texas (j)          -               485,612       545,192          -     -       485,612        545,192     1,030,804
                                              ------------ ------------- ---------- -----  ------------  ------------- -------------

                                               $6,295,591    $8,673,915          -     -    $6,295,592     $8,673,916   $14,969,508
                                              ============ ============= ========== =====  ============  ============= =============



Properties the Partnership has
   Invested in Under Direct
   Financing Leases:
     Burger King Restaurant:
       Suwanee, Georgia           -                     -      $330,542          -     -            (f)            (f)           (f)

     Hardee's Restaurants:
       Millbrook, Alabama         -               125,703       541,865          -     -            (f)            (f)           (f)
       Greenville, Tennessee      -               127,449       402,926          -     -            (f)            (f)           (f)
       Wooster, Ohio              -               137,427       537,227          -     -            (f)            (f)           (f)
       Auburn, Alabama            -                85,890       364,269          -     -            (f)            (f)           (f)
                                              ------------ ------------- ---------- -----  ------------
                                                 $476,469    $2,176,829          -     -             -
                                              ============ ============= ========== =====  ============

</TABLE>
<PAGE>


                                       Life on Which
                                      Depreciation in
-----                Date              Latest Income
      Accumulated   of Con-   Date      Statement is
      Depreciation  structionAcquired     Computed
----- ------------  -------  --------   -------------






     $54,876    1970     12/01         (b)


     131,504    1985     05/91         (i)
     190,688    1980     06/91         (b)
          (d)   1991     11/91         (d)
     214,255    1986     11/91         (b)
     124,100    1983     12/96         (i)
      32,367    1994     09/02         (b)


     110,287    1989     10/91         (b)


      20,773    1986     11/91         (l)



     413,229    1990     06/91         (b)
     410,618    1990     06/91         (b)
     172,594    1998     03/99         (b)


     276,840    1991     08/91         (b)
     185,750    1991     09/91         (b)


      28,768    1997     06/02         (b)
 ------------

  $2,366,649
 ============







          (d)   1991     11/91         (d)


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








<PAGE>

               NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
                                  DEPRECIATION

                                December 31, 2003

(a)      Transactions in real estate and accumulated depreciation are summarized
         below.  The  balances  in 2003,  2002,  and 2001 have been  adjusted to
         reflect  the   reclassification   of   properties   accounted   for  as
         discontinued operations.
<TABLE>
<CAPTION>

 <c>
                                                                                              Accumulated
                                                                              Cost            Depreciation
                                                                         ----------------   -----------------
            Properties the Partnership has Invested
              in Under Operating Leases:

                 Balance, December 31, 2000                                 $ 14,162,233        $  1,963,046
                   Acquisition (g)                                             1,357,598                  --
                 Dispositions                                                 (1,175,816 )          (139,995 )
                 Depreciation expense                                                 --             279,317
                                                                         ----------------   -----------------

                 Balance, December 31, 2001                                   14,344,015           2,102,368
                 Acquisitions (j), (k)                                         1,992,232                  --
                 Dispositions                                                 (1,648,958 )          (337,441 )
                 Reclassified to operating lease                                 282,219                  --
                 Depreciation expense                                                 --             289,866
                                                                         ----------------   -----------------

                 Balance, December 31, 2002                                   14,969,508           2,054,793
                 Depreciation expense                                                 --             311,856
                                                                         ----------------   -----------------

                 Balance, December 31, 2003                                 $ 14,969,508        $  2,366,649
                                                                         ================   =================

</TABLE>


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

(c)      As of December 31, 2003, the aggregate cost of the Partnership's wholly
         owned  Properties was $18,379,440 for federal income tax purposes.  All
         of the leases are treated as  operating  leases for federal  income tax
         purposes.

(d)      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)      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)      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)      During the year ended  December 31, 2001, the  Partnership  purchased a
         real estate Property from CNL Funding  2001-A,  LP, an affiliate of the
         General Partners, for an aggregate cost of approximately $1,357,600.




<PAGE>


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

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

                                December 31, 2003


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

(i)      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 is  being  depreciated  over  its  remaining
         estimated life of approximately 22 years.

(j)      During the year ended  December 31, 2002, the  Partnership  purchased a
         real estate Property from CNL Funding  2001-A,  LP, an affiliate of the
         General Partners, for an aggregate cost of approximately $1,030,800.

(k)      During the year ended  December 31, 2002, the  Partnership  purchased a
         real estate Property from CNL Net Lease Investors,  LP, an affiliate of
         the General Partners, for an aggregate cost of approximately $961,400.

(l)      Effective  August 1, 2002,  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,  2002,  and is  being  depreciated  over  the  remaining
         estimated life of approximately 19 years.






<PAGE>


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

                   SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

                                December 31, 2003
<TABLE>
<CAPTION>

 <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       $   175,803          $    --
                                                                  ============   ===============   ===============   ==============

Denny's-
Bluffton, OH
First Mortgage     9.00%       December 2008               (3)         $   --        $  300,000       $   266,747          $    --
                                                                  ============   ===============   ===============   ==============

</TABLE>

(1)      Carrying  amount   consists  of  outstanding   principal  plus  accrued
         interest. The tax carrying value of the notes are $442,550.

(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>

 <c>
                                                                   2003              2002               2001
                                                              ---------------   ----------------   ----------------

        Balance at beginning of period                            $  464,352        $   482,406         $  503,838
        Interest earned                                               41,084             42,802             44,496

        Collection of principal and interest                         (62,886 )          (60,856 )          (65,928 )
                                                              ---------------   ----------------   ----------------

        Balance at end of period                                  $  442,550         $  464,352         $  482,406
                                                              ===============   ================   ================
</TABLE>




<PAGE>




                                  EXHIBIT INDEX


Exhibit Number

(a) 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.)

      10.4   Assignment of Management Agreement from CNL Fund Advisors,  Inc. to
             CNL APF Partners,  LP. (Included as Exhibit 10.4 to Form 10-Q filed
             with the  Securities  Exchange  Commission  on August 9, 2001,  and
             incorporated herein by reference.)

      10.5   Assignment of Management Agreement from CNL APF Partners, LP to CNL
             Restaurants  XVIII,  Inc.  (Included  as Exhibit  10.5 to Form 10-Q
             filed with the  Securities  and Exchange  Commission  on August 14,
             2002, and incorporated herein by reference.)

      31.1   Certification  of Chief  Executive  Officer  of  Corporate  General
             Partner  Pursuant to Rule 13a-14 as Adopted Pursuant to Section 302
             of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

      31.2   Certification  of Chief  Financial  Officer  of  Corporate  General
             Partner  Pursuant to Rule 13a-14 as Adopted Pursuant to Section 302
             of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

      32.1   Certification  of Chief  Executive  Officer  of  Corporate  General
             Partner  Pursuant to 18 U.S.C.  Section 1350 as Adopted Pursuant to
             Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

      32.2   Certification  of Chief  Financial  Officer  of  Corporate  General
             Partner  Pursuant to 18 U.S.C.  Section 1350 as Adopted Pursuant to
             Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)




<PAGE>







                                  EXHIBIT 31.1



<PAGE>


                                  EXHIBIT 31.2


<PAGE>


                                  EXHIBIT 32.1



<PAGE>



                                  EXHIBIT 32.2