FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

              (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT of 1934

                 For the quarterly period ended March 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
                                     0-17549
                     ---------------------------------------


                            CNL Income Fund IV, Ltd.
-----------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


           Florida                                          59-2854435
----------------------------------              -----------------------------
(State or other jurisdiction of                          (I.R.S. Employer
incorporation or organization)                          Identification No.)


    450 South Orange Avenue
       Orlando, Florida                                       32801
----------------------------------              -----------------------------
(Address of principal executive offices)                    (Zip Code)


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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by  Sections  13 or 15(d)  of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes X No _____

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




<PAGE>


                                    CONTENTS




                                                                         Page
Part I.

     Item 1.      Financial Statements:

                      Condensed Balance Sheets                            1

                      Condensed Statements of Income                      2

                      Condensed Statements of Partners' Capital           3

                      Condensed Statements of Cash Flows                  4

                      Notes to Condensed Financial Statements             5-6

     Item 2.      Management's Discussion and Analysis of Financial
                      Condition and Results of Operations                 7-9

     Item 3.      Quantitative and Qualitative Disclosures About
                      Market Risk                                         9

     Item 4.      Controls and Procedures                                 9


Part II.

     Other Information                                                    10-11





<PAGE>

                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                            March 31,               December 31,
                                                                              2003                      2002
                                                                        ------------------       -------------------

 <c>
                             ASSETS

Real estate properties with operating leases, net                           $   9,023,892             $   9,125,462
Net investment in direct financing leases                                         294,513                   300,064
Real estate held for sale                                                              --                 1,542,394
Investment in joint ventures                                                    2,942,036                 2,979,763
Cash and cash equivalents                                                       2,006,486                   405,155
Receivables                                                                        13,241                     9,755
Accrued rental income                                                             212,738                   215,631
Other assets                                                                       13,494                     9,686
                                                                        ------------------       -------------------

                                                                            $  14,506,400             $  14,587,910
                                                                        ==================       ===================

               LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses                                        $     42,939              $     10,757
Real estate taxes payable                                                          45,685                    47,973
Distributions payable                                                           1,160,475                   523,947
Due to related parties                                                            251,573                   197,942
Rents paid in advance and deposits                                                 44,989                    48,765
                                                                        ------------------       -------------------
    Total liabilities                                                           1,545,661                   829,384

Partners' capital                                                              12,960,739                13,758,526
                                                                        ------------------       -------------------

                                                                            $  14,506,400             $  14,587,910
                                                                        ==================       ===================

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



<PAGE>


                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                         CONDENSED STATEMENTS OF INCOME

<TABLE>
<CAPTION>



                                                                                          Quarter Ended
                                                                                            March 31,
                                                                                    2003                 2002
                                                                               ---------------      ---------------

 <c>
Revenues:
    Rental income from operating leases                                            $  329,786           $  330,316
    Earned income from direct financing leases                                          7,840                8,400
    Contingent rental income                                                           12,028               24,103
    Interest and other income                                                           1,043                2,175
                                                                               ---------------      ---------------
                                                                                      350,697              364,994
                                                                               ---------------      ---------------


Expenses:
    General operating and administrative                                               65,350               72,060
    Property expenses                                                                   9,961                5,502
    State and other taxes                                                              22,952                9,370
    Depreciation and amortization                                                      65,658               67,291
    Provision for write-down of assets                                                 36,000                   --
                                                                               ---------------      ---------------
                                                                                      199,921              154,223
                                                                               ---------------      ---------------

Income Before Equity in Earnings of Joint Ventures                                    150,776              210,771

Equity in Earnings of Joint Ventures                                                   76,663               71,923
                                                                               ---------------      ---------------

Income from Continuing Operations                                                     227,439              282,694
                                                                               ---------------      ---------------

Discontinued Operations:
    Income from discontinued operations                                                28,210               32,710
    Gain on disposal of discontinued operations                                       107,039                   --
                                                                               ---------------      ---------------
                                                                                      135,249               32,710
                                                                               ---------------      ---------------

Net Income                                                                         $  362,688           $  315,404
                                                                               ===============      ===============

Income Per Limited Partner Unit
    Continuing Operations                                                           $    3.79            $    4.71
    Discontinued Operations                                                              2.25                 0.55
                                                                               ---------------      ---------------

    Total                                                                           $    6.04            $    5.26
                                                                               ===============      ===============

Weighted Average Number of Limited Partner
    Units Outstanding                                                                  60,000               60,000
                                                                               ===============      ===============

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


<PAGE>


                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                    CONDENSED STATEMENTS OF PARTNERS' CAPITAL

<TABLE>
<CAPTION>

                                                                             Quarter Ended           Year Ended
                                                                               March 31,            December 31,
                                                                                  2003                  2002
                                                                           -------------------    ------------------

 <c>
General partners:
    Beginning balance                                                            $    787,351          $    787,351
    Net income                                                                             --                    --
                                                                           -------------------    ------------------
                                                                                      787,351               787,351
                                                                           -------------------    ------------------

Limited partners:
    Beginning balance                                                              12,971,175            13,949,518
    Net income                                                                        362,688             1,117,445
    Distributions ($19.34 and $34.93 per
       limited partner unit, respectively)                                         (1,160,475 )          (2,095,788 )
                                                                           -------------------    ------------------
                                                                                   12,173,388            12,971,175
                                                                           -------------------    ------------------

Total partners' capital                                                        $   12,960,739         $  13,758,526
                                                                           ===================    ==================
</TABLE>
           See accompanying notes to condensed financial statements.



<PAGE>


                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                       CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>


                                                                                        Quarter Ended
                                                                                          March 31,
                                                                                   2003               2002
                                                                               --------------    ---------------

 <c>

Increase (Decrease) in Cash and Cash Equivalents

    Net Cash Provided by Operating Activities                                     $  426,545         $  467,903
                                                                               --------------    ---------------

    Cash Flows from Investing Activities:
       Proceeds from sale of real estate properties                                1,698,733                 --
       Liquidating distribution from joint venture                                        --             41,984
                                                                               --------------    ---------------
              Net cash provided by investing activities                            1,698,733             41,984
                                                                               --------------    ---------------

    Cash Flows from Financing Activities:
       Distributions to limited partners                                            (523,947 )         (523,947 )
                                                                               --------------    ---------------
              Net cash used in financing activities                                 (523,947 )         (523,947 )
                                                                               --------------    ---------------

Net Increase (Decrease) in Cash and Cash Equivalents                               1,601,331            (14,060 )

Cash and Cash Equivalents at Beginning of Quarter                                    405,155            645,220
                                                                               --------------    ---------------

Cash and Cash Equivalents at End of Quarter                                      $ 2,006,486         $  631,160
                                                                               ==============    ===============

Supplemental Schedule of Non-Cash Investing and Financing
    Activities:

       Deferred real estate disposition fee incurred and unpaid at
          end of period                                                           $   52,459            $    --
                                                                               ==============    ===============

       Distributions declared and unpaid at end of quarter                       $ 1,160,475         $  523,947
                                                                               ==============    ===============
</TABLE>
           See accompanying notes to condensed financial statements.



<PAGE>

                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                     Quarters Ended March 31, 2003 and 2002


1.       Basis of Presentation:
         ---------------------

         The accompanying  unaudited  condensed  financial  statements have been
         prepared in accordance  with the  instructions  to Form 10-Q and do not
         include  all  of the  information  and  note  disclosures  required  by
         generally  accepted  accounting  principles.  The financial  statements
         reflect all adjustments,  consisting of normal  recurring  adjustments,
         which are, in the opinion of the general partners,  necessary to a fair
         statement of the results for the interim periods  presented.  Operating
         results for the quarter ended March 31, 2003,  may not be indicative of
         the results that may be expected for the year ending December 31, 2003.
         Amounts as of December 31, 2002, included in the financial  statements,
         have been derived from audited financial statements as of that date.

         These unaudited financial statements should be read in conjunction with
         the financial statements and notes thereto included in Form 10-K of CNL
         Income Fund IV, Ltd. (the  "Partnership")  for the year ended  December
         31, 2002.

         In January  2003,  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  (more  commonly
         referred  to  as   special-purpose   entities  or   off-balance   sheet
         structures),  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.  Consolidation  of variable  interest  entities will provide
         more complete information about the resources,  obligations,  risks and
         opportunities   of  the   consolidated   company.   The   consolidation
         requirements of FIN 46 apply  immediately to variable interest entities
         created after  January 31, 2003,  and to older  entities,  in the first
         fiscal  year or  interim  period  beginning  after June 15,  2003.  The
         general partners believe adoption of this standard may result in either
         consolidation or additional disclosure requirements with respect to the
         Partnership's  unconsolidated  joint  ventures or properties  held with
         affiliates  of the  general  partners as  tenants-in-common,  which are
         currently  accounted  for  under  the  equity  method.   However,  such
         consolidation is not expected to significantly impact the Partnership's
         results of operations.

2.       Reclassification:
         ----------------

         Certain  items in the  prior  year's  financial  statements  have  been
         reclassified to conform to 2003 presentation.  These  reclassifications
         had no effect on total partners' capital or net income.

3.       Real Estate Properties With Operating Leases:
         --------------------------------------------

         In December 2002, the  Partnership  recorded a provision for write-down
         of assets  relating to the property in Maywood,  Illinois since the two
         tenants of this  property are not expected to exercise  their option to
         renew their leases,  which will expire in June 2003. In April 2003, the
         Partnership  entered into  negotiations to sell this property to one of
         the tenants. The Partnership  increased the provision for write-down of
         assets for this  property  by $36,000 to  $209,000 at March 31, 2003 in
         anticipation of the sale of this property.  The provisions  represented
         the  difference  between the  carrying  value of the  property  and its
         estimated  fair  value at the end of each  period.  This  property  was
         identified for sale in April 2003.



<PAGE>


                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                     Quarters Ended March 31, 2003 and 2002


4.       Discontinued Operations:
         -----------------------

         In February  2003,  the  Partnership  sold the  property  in  Portland,
         Indiana and  received  net sales  proceeds of  approximately  $776,100,
         resulting  in a gain on disposal of assets of $129,403.  In  connection
         with the sale, the Partnership incurred a deferred,  subordinated, real
         estate disposition fee of $23,959.

         In March 2003, the Partnership sold the property in Richmond,  Virginia
         and received net sales proceeds of approximately $922,700, resulting in
         a loss on disposal of assets of $22,364. The Partnership had recorded a
         provision  for  write-down  of assets  relating to this property in the
         previous  year,  in  anticipation  of  the  sale  of the  property.  In
         connection  with  the  sale,  the  Partnership   incurred  a  deferred,
         subordinated, real estate disposition fee of $28,500.

         Payment of the real estate disposition fees are subordinated to receipt
         by the limited  partners of their  aggregate,  cumulative 10% Preferred
         Return, plus their adjusted capital contributions.

         The   financial   results  for  these   properties   are  reflected  as
         Discontinued  Operations in the accompanying financial statements.  The
         operating results of discontinued operations are as follows:
<TABLE>
<CAPTION>

                                                              Quarter Ended March 31,
                                                              2003                2002
                                                         ----------------    ---------------

 <c>
               Rental revenues                                $   32,117          $  40,908
               Other income                                           --              2,228
               Expenses                                           (3,907  )         (10,426  )
               Gain on disposal of assets                        107,039                 --
                                                         ----------------    ---------------

               Income from discontinued operations           $   135,249          $  32,710
                                                         ================    ===============
</TABLE>


5.       Related Party Transactions:
         --------------------------

         An  affiliate  of the  Partnership  is  entitled  to receive  deferred,
         subordinated real estate disposition fees, 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
         affiliate  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. During the quarter ended March 31, 2003, the Partnership
         incurred  deferred,  subordinated,  real  estate  disposition  fees  of
         $52,459 as a result of the sales of two properties.




<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

         CNL Income  Fund IV,  Ltd.  (the  "Partnership")  is a Florida  limited
partnership that was organized on November 18, 1987, to acquire for cash, either
directly or through  joint  venture  arrangements,  both newly  constructed  and
existing restaurant  properties,  as well as land upon which restaurants were to
be constructed, which are leased primarily to operators of national and regional
fast-food and family-style  restaurant chains (collectively,  the "Properties").
The leases generally are triple-net leases, with the lessees responsible for all
repairs and maintenance,  property taxes,  insurance and utilities.  As of March
31,  2003  and  2002,  the  Partnership  owned  22 and 24  Properties  directly,
respectively.  As of March 31, 2003 and 2002, the  Partnership  also owned seven
Properties indirectly through joint venture or tenancy in common arrangements.

Capital Resources

         Cash from operating  activities  was $426,545 and $467,903,  during the
quarters ended March 31, 2003 and 2002, respectively.  The decrease in cash from
operating  activities  for the  quarter  ended  March  31,  2003 was a result of
changes in the Partnership's income and expenses and changes in working capital.

         Other  sources  and uses of cash  included  the  following  during  the
quarter ended March 31, 2003.

         In February  2003,  the  Partnership  sold the  Property  in  Portland,
Indiana and received net sales proceeds of approximately $776,100,  resulting in
a gain on disposal  of assets of  $129,403.  In  connection  with the sale,  the
Partnership  incurred a deferred,  subordinated,  real estate disposition fee of
$23,959.  The  Partnership  used  the  majority  of  the  net  proceeds  to  pay
liabilities of the Partnership.

         In March 2003,  the  Partnership  sold this  Property  and received net
sales  proceeds of  approximately  $922,700,  resulting in a loss on disposal of
assets of $22,364.  The  Partnership  had recorded a provision for write-down of
assets  relating to this Property in the previous year, in  anticipation  of the
sale of the Property.  In connection with the sale, the  Partnership  incurred a
deferred,  subordinated, real estate disposition fee of $28,500. The Partnership
distributed  to the limited  partners the majority of the net proceeds  from the
sale of this  Property  as a special  distribution,  and expects it will use the
remaining proceeds to pay liabilities of the Partnership.

         Payment of the real estate disposition fees are subordinated to receipt
by the limited  partners of their  aggregate,  cumulative 10% Preferred  Return,
plus their adjusted capital contributions.

         At March 31, 2003,  the  Partnership  had  $2,006,486  in cash and cash
equivalents,  as compared to $405,155 at December 31, 2002. The increase in cash
and cash equivalents at March 31, 2003 was primarily a result of the Partnership
holding net proceeds from the sale of two Properties at March 31, 2003,  pending
distribution  to  the  limited   partners  and  payment  of  the   Partnership's
liabilities.   The  funds  remaining  at  March  31,  2003,   after  payment  of
distributions  and  other  liabilities  will be used to meet  the  Partnership's
working capital and other needs.

Short-Term Liquidity

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

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

         The general  partners have the right,  but not the obligation,  to make
additional capital  contributions if they deem it appropriate in connection with
the Partnership's operations.

The Partnership  generally  distributes cash from operations remaining after the
payment of  operating  expenses  of the  Partnership,  to the extent the general
partners  determine  that such funds are  available for  distribution.  Based on
current  and  anticipated  future  cash from  operating  activities  and for the
quarters  ended March 31, 2003 and 2002,  the net proceeds  from the sale of the
Property in Richmond,  Virginia and the liquidating  distribution  received from
Titusville Joint Venture,  respectively,  the Partnership declared distributions
to the limited  partners of $1,160,475 and $523,947 for the quarters ended March
31, 2003 and 2002,  respectively.  This represents  distributions  of $19.34 and
$8.73 per unit for the  quarters  ended March 31,  2003 and 2002,  respectively.
Distributions  for  the  quarter  ended  March  31,  2003,  included  a  special
distribution of $650,000,  as a result of the distribution of net sales proceeds
from  the  2003  sale  of the  Property  in  Richmond,  Virginia.  This  special
distribution  was  effectively  a return of a portion  of the  limited  partners
investment,  although,  in accordance  with the  Partnership  agreement,  it was
applied towards the limited  partners' unpaid preferred  return.  As a result of
the  sales  of  Properties  in  previous  years  and in the  current  year,  the
Partnership's total revenues have declined and are expected to remain reduced in
subsequent periods,  while the majority of the Partnership's  operating expenses
have remained and are expected to remain  fixed.  Due to the sales of Properties
mentioned  above,  and due to  current  and  anticipated  cash from  operations,
distributions of net cash flow have been adjusted in the quarter ended March 31,
2003. No distributions  were made to the general partners for the quarters ended
March 31, 2003 and 2002. No amounts  distributed to the limited partners for the
quarters  ended March 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.   The
Partnership  intends to continue to make  distributions  of cash  available  for
distribution to the limited partners on a quarterly basis.

         Total liabilities of the Partnership,  including distributions payable,
increased to $1,545,661  at March 31, 2003,  from $829,384 at December 31, 2002,
primarily  as a result  of  accruing  a  special  distribution  for the  limited
partners of $650,000 at March 31, 2003  relating to net sales  proceeds from the
sale of the Property in Richmond,  Virginia.  The general  partners believe that
the  Partnership has sufficient cash on hand to meet its current working capital
needs.

Long-Term Liquidity

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

Results of Operations

         Total rental  revenues  were  $337,626 for the quarter  ended March 31,
2003 as compared to $338,716 in the same period in 2002.  Rental revenues during
the quarter ended March 31, 2003,  as compared to same period in 2002,  remained
constant  even  though  the  Partnership  sold two  Properties  during the first
quarter ended March 31, 2003. The rental revenues  relating to these  Properties
were  reclassified  as  Discontinued  Operations in the  accompanying  financial
statements.

         During the quarters ended March 31, 2003 and 2002, the Partnership also
earned $12,028 and $24,103,  respectively,  in contingent rental income from the
Partnership's  Properties.  The decrease in contingent  rental income during the
quarter ended March 31, 2003, as compared to the same period in 2002, was due to
the Partnership  recognizing  percentage  rental income when the tenants met the
defined  thresholds  under  their  lease  agreements.   The  decrease  was  also
attributable  to an  amendment  to the lease  relating to the Property in Tampa,
Florida,  which no longer  requires  payment of contingent  rental  income.  The
general  partners do not believe that the amendment will have a material adverse
effect on the results of operations of the Partnership.

         During the quarters ended March 31, 2003 and 2002, the Partnership also
earned $76,663 and $71,923,  respectively,  attributable to net income earned by
joint  ventures.  Net income earned by joint  ventures  during the quarter ended
March 31, 2003, as compared to same period in 2002, remained constant,  as there
was no change in the leased  Property  portfolio owned by the joint ventures and
the tenancies in common.

         Operating  expenses,   including   depreciation  and  amortization  and
provision for write-down of assets,  were $199,921 and $154,223 for the quarters
ended  March 31,  2003 and 2002,  respectively.  Operating  expenses  during the
quarter ended March 31, 2003, as compared to the same period in 2002,  increased
primarily because the Partnership  recorded a provision for write-down of assets
of $36,000 in March 2003 for the Property in Maywood,  Illinois in  anticipation
of the sale of this Property.  The provision  represented the difference between
the carrying value of the Property and its estimated  fair value.  This Property
was identified for sale in April 2003.

         Operating  expenses  during the  quarter  ended  March 31,  2003,  also
increased  partially  due to an  increase  in the  amount of state  tax  expense
relating to several states in which the Partnership conducts business.

         During the quarter ended March 31, 2003, the Partnership identified and
sold two Properties,  which were  classified as  Discontinued  Operations in the
accompanying  financial  statements.  In February 2003, the Partnership sold the
Property in Portland,  Indiana and received net sales proceeds of  approximately
$776,100,  resulting in a gain on disposal of assets of $129,403. In March 2003,
the Partnership  sold the Property in Richmond,  Virginia and received net sales
proceeds of approximately $922,700, resulting in a loss on disposal of assets of
$22,364.  The  Partnership  had recorded a provision  for  write-down  of assets
relating to this Property in the previous year, in  anticipation  of the sale of
the Property. During the quarters ended March 31, 2003 and 2002, the Partnership
recognized net rental income (rental revenues less Property  related  expenses),
of $28,210 and $32,710, respectively, relating to these two Properties.

         In January  2003,  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 (more  commonly  referred to as  special-purpose  entities or
off-balance sheet  structures),  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.  Consolidation of variable
interest  entities will provide more complete  information  about the resources,
obligations,   risks  and  opportunities  of  the  consolidated   company.   The
consolidation  requirements  of FIN 46 apply  immediately  to variable  interest
entities  created after January 31, 2003,  and to older  entities,  in the first
fiscal  year or interim  period  beginning  after  June 15,  2003.  The  general
partners believe adoption of this standard may result in either consolidation or
additional   disclosure   requirements   with   respect  to  the   Partnership's
unconsolidated  joint ventures or properties held with affiliates of the general
partners  as  tenants-in-common,  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 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.


ITEM 4.  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  within 90 days prior to the
filing  of this  Quarterly  Report on Form  10-Q and have  determined  that such
disclosure controls and procedures are effective.

         Subsequent to the above evaluation,  there were no significant  changes
in internal  controls or other  factors  that could  significantly  affect these
controls,   including  any   corrective   actions  with  regard  to  significant
deficiencies and material weaknesses.



<PAGE>


                           PART II. OTHER INFORMATION



Item 1.       Legal Proceedings.   Inapplicable.
              -----------------

Item 2.       Changes in Securities.  Inapplicable.
              ---------------------

Item 3.       Defaults upon Senior Securities.  Inapplicable.
              -------------------------------

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

Item 5.       Other Information.  Inapplicable.
              -----------------

Item 6.       Exhibits and Reports on Form 8-K.
              --------------------------------

              (a)  Exhibits

                     3.1    Certificate  of  Limited  Partnership  of CNL Income
                            Fund IV, Ltd.  (Included as Exhibit 3.1 in Amendment
                            No. 1 to Registration Statement No. 33-20249 on Form
                            S-11 and incorporated herein by reference.)

                     3.2    Amended and Restated  Agreement and  Certificate  of
                            Limited  Partnership  of CNL  Income  Fund IV,  Ltd.
                            (Included as Exhibit 3.2 to Form 10-K filed with the
                            Securities  and  Exchange  Commission  on March  31,
                            1994, and incorporated herein by reference.)

                     4.1    Certificate  of  Limited  Partnership  of CNL Income
                            Fund IV, Ltd.  (Included as Exhibit 3.1 in Amendment
                            No. 1 to Registration Statement No. 33-20249 on Form
                            S-11 and incorporated herein by reference.)

                     4.2    Amended and Restated  Agreement and  Certificate  of
                            Limited  Partnership  of CNL  Income  Fund IV,  Ltd.
                            (Included as Exhibit 3.2 to Form 10-K filed with the
                            Securities  and  Exchange  Commission  on March  31,
                            1994, and incorporated herein by reference.)

                     10.1   Property  Management  Agreement (Included as Exhibit
                            10.1 to Form  10-K  filed  with the  Securities  and
                            Exchange   Commission   on  March  31,   1994,   and
                            incorporated herein by reference.)

                     10.2   Assignment of Property 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 Property 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
                            and  Exchange  Commission  on  August 9,  2001,  and
                            incorporated herein by reference.)


<PAGE>



                     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.)

                     99.1   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.)

                     99.2   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)    Reports on Form 8-K

                            No reports on Form 8-K were filed during the quarter
                            ended March 31, 2003.




<PAGE>




                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

         DATED this 9th day of May, 2003.


                                        CNL INCOME FUND IV, LTD.

                                        By:  CNL REALTY CORPORATION
                                             General Partner


                                             By:/s/ James M. Seneff, Jr.
                                                -------------------------------
                                                JAMES M. SENEFF, JR.
                                                Chief Executive Officer
                                                (Principal Executive Officer)


                                             By:/s/ Robert A. Bourne
                                                -------------------------------
                                                ROBERT A. BOURNE
                                                President and Treasurer
                                                (Principal Financial and
                                                Accounting Officer)





<PAGE>


                    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


         I, James M.  Seneff,  Jr.,  the Chief  Executive  Officer of CNL Realty
Corporation,  the  corporate  general  partner of CNL Income Fund IV, Ltd.  (the
"registrant"), certify that:

         1.  I  have  reviewed  this  quarterly  report  on  Form  10-Q  of  the
             registrant;

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

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

         4.  The registrant's other certifying officer and I are responsible for
             establishing and maintaining disclosure controls and procedures (as
             defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
             and we have:

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

                b.    evaluated the effectiveness of the registrant's disclosure
                      controls and  procedures as of a date within 90 days prior
                      to  the  filing  date  of  this   quarterly   report  (the
                      "Evaluation Date"); and

                c.    presented in this quarterly  report our conclusions  about
                      the   effectiveness   of  the   disclosure   controls  and
                      procedures  based on our  evaluation as of the  Evaluation
                      Date;

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

                a.    all significant deficiencies in the design or operation of
                      internal   controls  which  could  adversely   affect  the
                      registrant's  ability to record,  process,  summarize  and
                      report   financial  data  and  have   identified  for  the
                      registrant's  auditors any material weaknesses in internal
                      controls; and

                b.    any  fraud,   whether  or  not  material,   that  involves
                      management or other employees who have a significant  role
                      in the registrant's internal controls; and

         6.  The registrant's  other certifying  officer and I have indicated in
             this quarterly report whether or not there were significant changes
             in internal  controls or in other factors that could  significantly
             affect internal controls  subsequent to the date of our most recent
             evaluation,   including  any  corrective  actions  with  regard  to
             significant deficiencies and material weaknesses.

Date:  May 9, 2003


/s/ James M. Seneff, Jr.
---------------------------
James M. Seneff, Jr.
Chief Executive Officer


<PAGE>


                    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

         I, Robert A. Bourne, President and Treasurer of CNL Realty Corporation,
the corporate  general  partner of CNL Income Fund IV, Ltd.  (the  "registrant")
certify that:

         1.  I  have  reviewed  this  quarterly  report  on  Form  10-Q  of  the
             registrant;

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

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

         4.  The registrant's other certifying officer and I are responsible for
             establishing and maintaining disclosure controls and procedures (as
             defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
             and we have:

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

                b.    evaluated the effectiveness of the registrant's disclosure
                      controls and  procedures as of a date within 90 days prior
                      to  the  filing  date  of  this   quarterly   report  (the
                      "Evaluation Date"); and

                c.    presented in this quarterly  report our conclusions  about
                      the   effectiveness   of  the   disclosure   controls  and
                      procedures  based on our  evaluation as of the  Evaluation
                      Date;

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

                a.    all significant deficiencies in the design or operation of
                      internal   controls  which  could  adversely   affect  the
                      registrant's  ability to record,  process,  summarize  and
                      report   financial  data  and  have   identified  for  the
                      registrant's  auditors any material weaknesses in internal
                      controls; and

                b.    any  fraud,   whether  or  not  material,   that  involves
                      management or other employees who have a significant  role
                      in the registrant's internal controls; and

         6.  The registrant's  other certifying  officer and I have indicated in
             this quarterly report whether or not there were significant changes
             in internal  controls or in other factors that could  significantly
             affect internal controls  subsequent to the date of our most recent
             evaluation,   including  any  corrective  actions  with  regard  to
             significant deficiencies and material weaknesses.


Date:  May 9, 2003


/s/ Robert A. Bourne
------------------------------------
Robert A. Bourne
President and Treasurer


<PAGE>


                                  EXHIBIT INDEX


Exhibit Number

          (c)  Exhibits

                 3.1      Certificate of Limited  Partnership of CNL Income Fund
                          IV, Ltd.  (Included as Exhibit 3.1 in Amendment  No. 1
                          to  Registration  Statement No.  33-20249 on Form S-11
                          and incorporated herein by reference.)

                 3.2      Amended and  Restated  Agreement  and  Certificate  of
                          Limited  Partnership  of  CNL  Income  Fund  IV,  Ltd.
                          (Included  as Exhibit  3.2 to Form 10-K filed with the
                          Securities and Exchange  Commission on March 31, 1994,
                          and incorporated herein by reference.)

                 4.1      Certificate of Limited  Partnership of CNL Income Fund
                          IV, Ltd.  (Included as Exhibit 3.1 in Amendment  No. 1
                          to  Registration  Statement No.  33-20249 on Form S-11
                          and incorporated herein by reference.)

                 4.2      Amended and  Restated  Agreement  and  Certificate  of
                          Limited  Partnership  of  CNL  Income  Fund  IV,  Ltd.
                          (Included  as Exhibit  3.2 to Form 10-K filed with the
                          Securities and Exchange  Commission on March 31, 1994,
                          and incorporated herein by reference.)

                 10.1     Property  Management  Agreement  (Included  as Exhibit
                          10.1  to Form  10-K  filed  with  the  Securities  and
                          Exchange   Commission   on   March   31,   1994,   and
                          incorporated herein by reference.)

                 10.2     Assignment of Property  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 Property  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
                          and  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.)

                 99.1     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.)

                 99.2     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 99.1


<PAGE>




                                  EXHIBIT 99.2