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 September 30, 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                                   9-10


Part II.

     Other Information                                                  11-12





<PAGE>


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

<TABLE>
<CAPTION>

                                                                          September 30,             December 31,
                                                                              2003                      2002
                                                                        ------------------       -------------------

 <c>
                             ASSETS

Real estate properties with operating leases, net                           $   8,561,333             $   8,750,169
Net investment in direct financing leases                                         282,957                   300,064
Real estate held for sale                                                              --                 1,917,775
Investment in joint ventures                                                    2,903,915                 2,979,763
Cash and cash equivalents                                                       1,413,653                   405,155
Receivables                                                                        20,848                     9,755
Accrued rental income                                                             204,197                   215,631
Other assets                                                                       18,851                     9,598
                                                                        ------------------       -------------------

                                                                            $  13,405,754             $  14,587,910
                                                                        ==================       ===================

               LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses                                        $     13,316              $     10,757
Real estate taxes payable                                                           9,226                    47,973
Distributions payable                                                             510,475                   523,947
Due to related parties                                                            261,615                   197,942
Rents paid in advance and deposits                                                 60,840                    48,765
                                                                        ------------------       -------------------
    Total liabilities                                                             855,472                   829,384


Partners' capital                                                              12,550,282                13,758,526
                                                                        ------------------       -------------------

                                                                            $  13,405,754             $  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                 Nine Months Ended
                                                                      September 30,                   September 30,
                                                                  2003             2002            2003           2002
                                                              -------------    --------------  -------------  -------------

 <c>
Revenues:
    Rental income from operating leases                          $ 316,780         $ 321,326      $ 950,420      $ 960,905
    Earned income from direct financing leases                       7,537             8,127         23,068         24,793
    Contingent rental income                                        18,199            33,736         41,973         60,173
    Interest and other income                                          103               768          1,779          4,349
                                                              -------------    --------------  -------------  -------------
                                                                   342,619           363,957      1,017,240      1,050,220
                                                              -------------    --------------  -------------  -------------


Expenses:
    General operating and administrative                            49,702            48,715        169,689        183,852
    Property related                                                 3,680             7,678          7,001         13,305
    State and other taxes                                               --                --         22,952         14,099
    Depreciation and amortization                                   62,685            63,305        188,837        189,918
                                                              -------------    --------------  -------------  -------------
                                                                   116,067           119,698        388,479        401,174
                                                              -------------    --------------  -------------  -------------

Income Before Equity in Earnings of Joint Ventures                 226,552           244,259        628,761        649,046

Equity in Earnings of Joint Ventures                                74,723            75,218        229,437        227,152
                                                              -------------    --------------  -------------  -------------

Income from Continuing Operations                                  301,275           319,477        858,198        876,198
                                                              -------------    --------------  -------------  -------------

Discontinued Operations:
    Income from discontinued operations                              6,616            32,849          7,944        103,649
    Gain on disposal of discontinued operations                         --                --        107,039             --
                                                              -------------    --------------  -------------  -------------
                                                                     6,616            32,849        114,983        103,649
                                                              -------------    --------------  -------------  -------------

Net Income                                                       $ 307,891         $ 352,326      $ 973,181      $ 979,847
                                                              =============    ==============  =============  =============

Income Per Limited Partner Unit
    Continuing Operations                                         $   5.02          $   5.32      $   14.30      $   14.60
    Discontinued Operations                                           0.11              0.55           1.92           1.73
                                                              -------------    --------------  -------------  -------------

                                                                  $   5.13          $   5.87      $   16.22      $   16.33
                                                              =============    ==============  =============  =============

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

                                                            Nine Months Ended          Year Ended
                                                              September 30,           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                                                          973,181             1,117,445
    Distributions ($36.36 and $34.93 per
       limited partner unit, respectively)                           (2,181,425 )          (2,095,788 )
                                                           ---------------------    ------------------
                                                                     11,762,931            12,971,175
                                                           ---------------------    ------------------

Total partners' capital                                          $   12,550,282         $  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>


                                                                                      Nine Months Ended
                                                                                        September 30,
                                                                                   2003               2002
                                                                              ---------------    ---------------

 <c>
Net Cash Provided by Operating Activities                                       $  1,158,686        $ 1,342,526
                                                                              ---------------    ---------------

Cash Flows from Investing Activities:
    Proceeds from sale of assets                                                   2,044,709                 --
    Liquidating distribution from joint venture                                           --             41,984
                                                                              ---------------    ---------------
       Net cash provided by investing activities                                   2,044,709             41,984
                                                                              ---------------    ---------------

Cash Flows from Financing Activities:
    Distributions to limited partners                                             (2,194,897 )       (1,571,841 )
                                                                              ---------------    ---------------
       Net cash used in financing activities                                      (2,194,897 )       (1,571,841 )
                                                                              ---------------    ---------------

Net Increase (Decrease) in Cash and Cash Equivalents                               1,008,498           (187,331 )

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

Cash and Cash Equivalents at End of Period                                      $  1,413,653            457,889
                                                                              ===============    ===============

Supplemental Schedule of Non-Cash Investing and Financing
    Activities:

       Deferred real estate disposition fee incurred and unpaid at
          end of period                                                           $   62,959            $    --
                                                                              ===============    ===============

       Distributions declared and unpaid at end of period                        $   510,475         $  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 and Nine Months Ended September 30, 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 for a fair
         statement of the results for the interim periods  presented.  Operating
         results for the quarter and nine months ended  September 30, 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,  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   (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. 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  ending after  December  15,  2003.  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.

         In May 2003,  the FASB issued FASB Statement No. 150,  "Accounting  for
         Certain Financial  Instruments with Characteristics of both Liabilities
         and Equity"  ("FAS  150").  FAS 150  establishes  standards  for how an
         issuer  classifies  and measures  certain  financial  instruments  with
         characteristics  of both  liabilities and equity.  FAS 150 will require
         issuers to classify  certain  financial  instruments as liabilities (or
         assets  in some  circumstances)  that  previously  were  classified  as
         equity.  One  requirement  of FAS 150 is that  minority  interests  for
         majority  owned finite lived  entities be classified as a liability and
         recorded at fair market value. FAS 150 initially applied immediately to
         all financial  instruments entered into or modified after May 31, 2003,
         and  otherwise  was  effective at the  beginning  of the first  interim
         period beginning after June 15, 2003.  Effective  October 29, 2003, the
         FASB  deferred  implementation  of FAS 150 as it  applies  to  minority
         interests  of  finite  lived   Partnerships.   The  deferral  of  these
         provisions  is expected to remain in effect while these  interests  are
         addressed  in either  Phase II of the  FASB's  Liabilities  and  Equity
         project  or  Phase  II of the  FASB's  Business  Combinations  project;
         therefore,   no  specific  timing  for  the   implementation  of  these
         provisions  has  been  stated.  The  implementation  of  the  currently
         effective   aspects   of  FAS  150  did  not  have  an  impact  on  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.


<PAGE>


                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
           Quarters and Nine Months Ended September 30, 2003 and 2002


3.       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.

         In July 2003, the Partnership sold the property in Maywood, Illinois to
         the tenant and received net sales proceeds of  approximately  $346,000.
         Because the  Partnership  recorded a provision for write-down of assets
         of $36,000 during the nine months ended  September 30, 2003, no gain or
         loss on disposal of assets was  recognized  relating to this sale.  The
         provision  represented the difference between the carrying value of the
         property and its estimated fair value. In connection with the sale, the
         Partnership recorded a deferred,  subordinated, real estate disposition
         fee of $10,500.

         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                 Nine Months Ended
                                                             September 30,                   September 30,
                                                         2003              2002           2003           2002
                                                     -------------     -------------  -------------  --------------

 <c>

          Revenues                                      $   8,415         $  54,196      $  62,319       $ 162,365
          Expenses                                         (1,799 )         (21,347 )      (18,375 )       (58,716 )
          Provision for write-down of assets                   --                --        (36,000 )            --
                                                     -------------     -------------  -------------  --------------

          Income from discontinued operations           $   6,616         $  32,849      $   7,944       $ 103,649
                                                     =============     =============  =============  ==============
</TABLE>

4.       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 nine months ended  September  30, 2003,  the
         Partnership  incurred deferred,  subordinated,  real estate disposition
         fees of $62,959 as a result of the sales of three 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
September  30,  2003  and  2002,  the  Partnership  owned  directly  21  and  24
Properties,  respectively.  As of September 30, 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 $1,158,686 and  $1,342,526,  during
the nine months ended September 30, 2003 and 2002, respectively. The decrease in
cash from operating activities, for the nine months ended September 30, 2003, as
compared to the nine months ended September 30, 2002, 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 nine
months ended September 30, 2003.

         During the nine months ended September 30, 2003, the  Partnership  sold
its Properties in Portland,  Indiana,  Richmond,  Virginia and Maywood, Illinois
and received aggregate net sales proceeds of approximately $2,044,800, resulting
in an aggregate net gain on disposal of discontinued  operations of $107,039. In
connection with the sales, the Partnership incurred deferred, subordinated, real
estate  disposition  fees totaling  $62,959.  In anticipation of the sale of the
Property in Richmond,  Virginia,  the  Partnership  had recorded a provision for
write-down of assets in the previous  year. The  Partnership  has been using the
net  proceeds  from  the  sale  of the  Property  in  Portland,  Indiana  to pay
liabilities  of the  Partnership.  The  Partnership  distributed  to the limited
partners  the  majority  of the net  proceeds  from the sale of the  Property in
Richmond,  Virginia as a special distribution,  and intends to use the remaining
proceeds from the sale of this Property and the Property in Maywood, Illinois to
pay liabilities of the Partnership.

         At September 30, 2003, the  Partnership had $1,413,653 in cash and cash
equivalents,  as compared to $405,155 at December 31, 2002. The increase in cash
and cash  equivalents  at  September  30,  2003 was  primarily  a result  of the
Partnership  holding a portion of the proceeds  from the sale of the Property in
Richmond,  Virginia  and the net  proceeds  from  the  sale of the  Property  in
Maywood,  Illinois at September 30, 2003,  pending the Partnership's use of such
funds  to pay  Partnership  expenses  or to make  distributions  to the  limited
partners.  At  September  30,  2003,  these funds were held in a demand  deposit
account at a commercial  bank. The funds remaining at September 30, 2003,  after
payment  of  distributions  and  other  liabilities  will be  used  to meet  the
Partnership's working capital 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 operations and for the nine months
ended  September  30,  2003  and  2002,  the net  proceeds  from the sale of the
Property in Richmond,  Virginia and the liquidating  distributions received from
Titusville Joint Venture,  respectively,  the Partnership declared distributions
to limited  partners of  $2,181,425  and  $1,571,841  for the nine months  ended
September  30, 2003 and 2002,  ($510,475  and $523,947  for the  quarters  ended
September 30, 2003 and 2002),  respectively.  This represents  distributions  of
$36.36 and $26.19 per unit for the nine  months  ended  September  30,  2003 and
2002,  respectively,  ($8.51 and $8.73 for the quarters ended September 30, 2003
and 2002,  respectively).  Distributions for the nine months ended September 30,
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 were adjusted
in the quarter ended March 31, 2003. No  distributions  were made to the general
partners  for the nine months  ended  September  30,  2003 and 2002.  No amounts
distributed to the limited partners for the nine months ended September 30, 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,  including  distributions  payable, were $855,472 at
September 30, 2003,  as compared to $829,384 at December 31, 2002.  The increase
in  liabilities  was primarily a result of an increase in amounts due to related
parties and rents paid in advance  and  deposits.  The  increase  was  partially
offset by a decrease in real estate taxes payable and distributions payable. 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 $973,488 for the nine months ended September
30, 2003, as compared to $985,698 in the same period in 2002, of which  $324,317
and  $329,453   were  earned   during  the  third  quarter  of  2003  and  2002,
respectively. The decrease in rental revenues during the quarter and nine months
ended  September  30, 2003 was primarily a result of amendments to the leases of
two  Properties.  The general  partners do not believe that the amendments  will
have a material adverse effect on the results of operations of the Partnership.

         During  the  nine  months  ended  September  30,  2003  and  2002,  the
Partnership also earned $41,973 and $60,173,  respectively, in contingent rental
income from the  Partnership's  Properties,  of which  $18,199 and $33,736  were
earned during the third quarter of 2003 and 2002, respectively.  The decrease in
contingent  rental income during the quarter and nine months ended September 30,
2003,  as  compared to the same  period in 2002,  was due to a reduction  in the
reported gross sales of the restaurants as compared to the same period in 2002.

         During  the  nine  months  ended  September  30,  2003  and  2002,  the
Partnership also earned $229,437 and $227,152, respectively, attributable to net
income earned by joint ventures, of which $74,723 and $75,218 were earned during
the third  quarter of 2003 and 2002,  respectively.  Net income  earned by joint
ventures  during the nine months ended  September  30, 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,  were
$388,479 and $401,174  for the nine months  ended  September  30, 2003 and 2002,
respectively,  of which $116,067 and $119,698 were incurred  during the quarters
ended September 30, 2003 and 2002,  respectively.  Operating expenses were lower
during the nine months ended September 30, 2003,  primarily due to a decrease in
the costs incurred for administrative expenses for servicing the Partnership and
its  Properties.  The decrease for the nine months ended  September 30, 2003 was
partially  offset by an increase in state tax expense relating to several states
in which the Partnership conducts business.

         During the nine  months  ended  September  30,  2003,  the  Partnership
identified  for sale three  Properties,  which were  classified as  Discontinued
Operations in the accompanying financial statements. In connection with the sale
of these Properties,  the Partnership  received  aggregate net sales proceeds of
approximately  $2,044,700,  resulting  in an  aggregate  net gain on disposal of
assets of  $107,000.  In  anticipation  of the sale of the Property in Richmond,
Virginia the  Partnership  had recorded a provision for  write-down of assets in
the previous  year. The  Partnership  had recorded a provision for write-down of
assets  of  $36,000  during  the  nine  months  ended   September  30,  2003  in
anticipation of the sale of the Property in Maywood,  Illinois. In addition, the
Partnership  had recorded a provision for write-down of assets  relating to this
Property in a previous year. The provisions  represented the difference  between
the carrying  value of the Property and its  estimated  fair value at the end of
each period. The Partnership  recognized net rental income (rental revenues less
Property related expenses and provision for write-down of assets) of $32,849 and
$103,649   during  the  quarter  and  nine  months  ended  September  30,  2002,
respectively,  relating  to these three  Properties.  The  Partnership  sold the
Property  in Maywood,  Illinois in July 2003.  The  Partnership  recognized  net
rental  income of $7,944  during  the nine  months  ended  September  30,  2003,
relating  to the  Properties  in  Portland,  Indiana,  Richmond,  Virginia,  and
Maywood,  Illinois  and net rental  income of $6,616  during the  quarter  ended
September 30, 2003, relating to the Property in Maywood, Illinois.

         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 (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. 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 ending after December 15,
2003.  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.

         In May 2003,  the FASB issued FASB Statement No. 150,  "Accounting  for
Certain  Financial  Instruments  with  Characteristics  of both  Liabilities and
Equity" ("FAS 150"). FAS 150 establishes  standards for how an issuer classifies
and  measures  certain  financial   instruments  with  characteristics  of  both
liabilities  and  equity.  FAS 150 will  require  issuers  to  classify  certain
financial  instruments as  liabilities  (or assets in some  circumstances)  that
previously  were  classified  as  equity.  One  requirement  of FAS  150 is that
minority  interests for majority  owned finite lived entities be classified as a
liability  and  recorded  at  fair  market  value.  FAS  150  initially  applied
immediately to all financial  instruments entered into or modified after May 31,
2003,  and otherwise was effective at the beginning of the first interim  period
beginning  after June 15, 2003.  Effective  October 29, 2003,  the FASB deferred
implementation  of FAS 150 as it applies to minority  interests  of finite lived
Partnerships.  The deferral of these  provisions is expected to remain in effect
while these interests are addressed in either Phase II of the FASB's Liabilities
and  Equity  project or Phase II of the FASB's  Business  Combinations  project;
therefore,  no specific timing for the  implementation  of these  provisions has
been stated.  The  implementation of the currently  effective aspects of FAS 150
did not have an impact on 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  as of the end of the period
covered  by this  Quarterly  Report on Form 10-Q 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.


<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.)

                   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)  Reports on Form 8-K

                 No  reports on Form 8-K were filed  during  the  quarter  ended
                 September 30, 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 12th day of November, 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>



                                  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.)

               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.)


<PAGE>



               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