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 June 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


Part II.

     Other Information                                                    10-11





<PAGE>


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


                                                                            June 30,                December 31,
                                                                              2003                      2002
                                                                        ------------------       -------------------

 <c>
                             ASSETS

Real estate properties with operating leases, net                           $   8,624,017             $   8,750,169
Net investment in direct financing leases                                         288,812                   300,064
Real estate held for sale                                                         337,276                 1,917,775
Investment in joint ventures                                                    2,939,071                 2,979,763
Cash and cash equivalents                                                       1,188,396                   405,155
Receivables                                                                        27,313                     9,755
Accrued rental income                                                             208,036                   215,631
Other assets                                                                       13,090                     9,598
                                                                        ------------------       -------------------

                                                                            $  13,626,011             $  14,587,910
                                                                        ==================       ===================

               LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses                                        $     11,486              $     10,757
Real estate taxes payable                                                          51,552                    47,973
Distributions payable                                                             510,475                   523,947
Due to related parties                                                            249,152                   197,942
Rents paid in advance and deposits                                                 50,480                    48,765
                                                                        ------------------       -------------------
    Total liabilities                                                             873,145                   829,384

Commitment (Note 6)

Partners' capital                                                              12,752,866                13,758,526
                                                                        ------------------       -------------------

                                                                            $  13,626,011             $  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                 Six Months Ended
                                                                         June 30,                       June 30,
                                                                  2003             2002            2003           2002
                                                              -------------    --------------  -------------  -------------

 <c>
Revenues:
    Rental income from operating leases                          $ 315,916         $ 321,325      $ 633,640      $ 639,579
    Earned income from direct financing leases                       7,691             8,266         15,531         16,666
    Contingent rental income                                        11,746             2,334         23,774         26,437
    Interest and other income                                          769             1,406          1,676          3,581
                                                              -------------    --------------  -------------  -------------
                                                                   336,122           333,331        674,621        686,263
                                                              -------------    --------------  -------------  -------------


Expenses:
    General operating and administrative                            54,637            63,077        119,987        135,137
    Property related                                                 1,501             2,981          3,321          5,627
    State and other taxes                                               --             4,729         22,952         14,099
    Depreciation and amortization                                   62,685            63,069        126,152        126,613
                                                              -------------    --------------  -------------  -------------
                                                                   118,823           133,856        272,412        281,476
                                                              -------------    --------------  -------------  -------------

Income Before Equity in Earnings of Joint Ventures                 217,299           199,475        402,209        404,787

Equity in Earnings of Joint Ventures                                78,051            80,011        154,714        151,934
                                                              -------------    --------------  -------------  -------------

Income from Continuing Operations                                  295,350           279,486        556,923        556,721
                                                              -------------    --------------  -------------  -------------

Discontinued Operations:
    Income from discontinued operations                              7,252            32,631          1,328         70,800
    Gain on disposal of discontinued operations                         --                --        107,039             --
                                                              -------------    --------------  -------------  -------------
                                                                     7,252            32,631        108,367         70,800
                                                              -------------    --------------  -------------  -------------

Net Income                                                       $ 302,602         $ 312,117      $ 665,290      $ 627,521
                                                              =============    ==============  =============  =============

Income Per Limited Partner Unit
    Continuing Operations                                         $   4.92          $   4.66       $   9.28       $   9.28
    Discontinued Operations                                           0.12              0.54           1.81           1.18
                                                              -------------    --------------  -------------  -------------

                                                                  $   5.04          $   5.20      $   11.09      $   10.46
                                                              =============    ==============  =============  =============

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>


                                                                           Six Months Ended          Year Ended
                                                                               June 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                                                                        665,290             1,117,445
    Distributions ($27.85 and $34.93 per
       limited partner unit, respectively)                                         (1,670,950 )          (2,095,788 )
                                                                          --------------------    ------------------
                                                                                   11,965,515            12,971,175
                                                                          --------------------    ------------------

Total partners' capital                                                        $   12,752,866         $  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>


                                                                                       Six Months Ended
                                                                                           June 30,
                                                                                   2003               2002
                                                                               --------------    ---------------

 <c>

Increase (Decrease) in Cash and Cash Equivalents

    Net Cash Provided by Operating Activities                                     $  768,930         $  892,407
                                                                               --------------    ---------------

    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                                          (1,684,422 )       (1,047,894 )
                                                                               --------------    ---------------
              Net cash used in financing activities                               (1,684,422 )       (1,047,894 )
                                                                               --------------    ---------------

Net Increase (Decrease) in Cash and Cash Equivalents                                 783,241           (113,503 )

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

Cash and Cash Equivalents at End of Period                                       $ 1,188,396         $  531,717
                                                                               ==============    ===============

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 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 Six Months Ended June 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 six months ended June 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,  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  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,  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.       Discontinued Operations:

         In April 2003, the  Partnership  entered into  negotiations to sell the
         property in Maywood,  Illinois to one of the tenants.  The  Partnership
         recorded a provision for write-down of assets of $36,000 during the six
         months  ended  June  30,  2003  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.  In addition,  the
         Partnership reclassified the assets relating to this property from real
         estate  properties with operating  leases to real estate held for sale.
         The property  was recorded at the lower of its carrying  amount or fair
         value  less  cost to  sell.  The  Partnership  also  stopped  recording
         depreciation relating to this property once the property was identified
         for sale.


<PAGE>


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


3.       Discontinued Operations - Continued:

         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 June 30,          Six Months Ended June 30,
                                                         2003              2002           2003           2002
                                                     -------------     -------------  -------------  --------------

 <c>
          Revenues                                      $   9,589         $  52,971      $  53,904       $ 108,169
          Expenses                                         (2,337 )         (20,340 )      (16,576 )       (37,369 )
          Provision for write-down of assets                   --                --        (36,000 )            --
                                                     -------------     -------------  -------------  --------------

          Income from discontinued operations           $   7,252         $  32,631      $   1,328       $  70,800
                                                     =============     =============  =============  ==============
</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  six  months  ended  June  30,  2003,  the
         Partnership  incurred deferred,  subordinated,  real estate disposition
         fees of $52,459 as a result of the sales of two properties.

6.       Commitment:

         In April 2003, the  Partnership  entered into  negotiations to sell the
         property in Maywood, Illinois to one of the tenants.

7.       Subsequent Event:

         In July 2003, the Partnership sold the property in Maywood, Illinois to
         one of the tenants and  received  net sales  proceeds of  approximately
         $346,000.  Because the Partnership  recorded a provision for write-down
         of  assets  for  this  property  in  March  2003,  no gain or loss  was
         recognized in July 2003 relating to this sale.



<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 June 30,
2003  and  2002,  the   Partnership   owned  22  and  24  Properties   directly,
respectively.  As of June 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 $768,930 and $892,407,  during the
six months ended June 30, 2003 and 2002, respectively. The decrease in cash from
operating activities, for the six months ended June 30, 2003, as compared to the
six months  ended June 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 six
months ended June 30, 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 has been using the net proceeds from the sale of this
Property to pay liabilities of the Partnership.

         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. 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 is subordinated to receipt
by the limited  partners of their  aggregate,  cumulative 10% Preferred  Return,
plus their adjusted capital contributions.

         At June 30,  2003,  the  Partnership  had  $1,188,396  in cash and cash
equivalents,  as compared to $405,155 at December 31, 2002. The increase in cash
and cash  equivalents at June 30, 2003 was primarily a result of the Partnership
holding net proceeds from the sale of the Property in Richmond, Virginia at June
30,  2003,  pending  distribution  to the  limited  partners  and payment of the
Partnership's  liabilities.  At June 30, 2003, these funds were held in a demand
deposit  account at a  commercial  bank.  The funds  remaining at June 30, 2003,
after payment of  distributions  and other  liabilities will be used to meet the
Partnership's working capital needs.

         In July 2003, the Partnership sold the Property in Maywood, Illinois to
one of the tenants and received net sales  proceeds of  approximately  $346,000.
Because the  Partnership  recorded a provision for write-down of assets for this
Property in March 2003, no gain or loss was  recognized in July 2003 relating to
this sale.

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 six months
ended June 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 $1,670,950 and $1,047,894 for the six months ended June 30, 2003 and
2002,  ($510,475  and $523,947  for the quarters  ended June 30, 2003 and 2002),
respectively.  This represents  distributions  of $27.85 and $17.46 per unit for
the six months ended June 30, 2003 and 2002, respectively,  ($8.51 and $8.73 for
the quarters ended June 30, 2003 and 2002, respectively).  Distributions for the
six months ended June 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 six months ended June 30, 2003 and 2002. No amounts distributed
to the  limited  partners  for the six months  ended June 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 of the Partnership,  including distributions payable,
increased  to $873,145 at June 30,  2003,  from  $829,384 at December  31, 2002,
primarily  as a result of an  increase in amounts  due to related  parties.  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 $649,171 for the six months ended June 30,
2003, as compared to $656,245 in the same period in 2002, of which  $323,607 and
$329,591 were earned during the second  quarter of 2003 and 2002,  respectively.
The  decrease in rental  revenues  during the six months ended June 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 six months  ended June 30,  2003 and 2002,  the  Partnership
also earned $23,774 and $26,437,  respectively, in contingent rental income from
the Partnership's Properties, of which $11,746 and $2,334 were earned during the
second quarter of 2003 and 2002, respectively. The decrease in contingent rental
income during the six months ended June 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 six months  ended June 30,  2003 and 2002,  the  Partnership
also earned  $154,714 and  $151,934,  respectively,  attributable  to net income
earned by joint  ventures,  of which  $78,051 and $80,011 were earned during the
second  quarter  of 2003 and  2002,  respectively.  Net  income  earned by joint
ventures  during the six months ended June 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
$272,412  and  $281,476  for the six  months  ended  June  30,  2003  and  2002,
respectively,  of which  $118,823 and $133,856 were  incurred  during the second
quarter of 2003 and 2002, respectively. Operating expenses were lower during the
six  months  ended  June 30,  2003,  primarily  due to a  decrease  in the costs
incurred for  administrative  expenses for  servicing  the  Partnership  and its
Properties.  The  decrease  was  partially  offset by an  increase  in state tax
expense relating to several states in which the Partnership conducts business.

         During the six months ended June 30, 2003, the  Partnership  identified
for sale three 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. In April 2003, the Partnership entered
into  negotiations  to sell the  Property  in  Maywood,  Illinois  to one of the
tenants.  During the six months ended June 30, 2003, the Partnership  recorded a
provision  of  $36,000  in  connection  with  the  sale  of this  Property.  The
Partnership  had recorded in the previous  year a provision  for  write-down  of
assets  relating to 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.  During the six months  ended June 30,  2003 and 2002,  the
Partnership  recognized net rental income (rental revenues less Property related
expenses  and  provisions  for  write-down  of assets)  of $1,328  and  $70,800,
respectively,  relating to these three  Properties,  of which $7,252 and $32,631
were incurred during the second quarter of 2003 and 2002, respectively.

         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.  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,  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  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
                   June 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 8th day of August, 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