FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

                 For the quarterly period ended March 31, 2004
   --------------------------------------------------------------------------

                                       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>

 <c>
                                                                            March 31,               December 31,
                                                                              2004                      2003
                                                                        ------------------       -------------------
                             ASSETS

Real estate properties with operating leases, net                           $   9,868,498             $   9,939,609
Net investment in direct financing leases                                         568,754                   580,803
Real estate held for sale                                                         308,979                   310,543
Investment in joint ventures                                                    1,261,982                 1,270,319
Cash and cash equivalents                                                       1,460,405                 1,367,889
Receivables, less allowance for doubtful accounts                                  20,883                    19,510
    of $3,214 in 2003
Accrued rental income                                                             318,316                   351,714
Other assets                                                                       10,117                    15,048
                                                                        ------------------       -------------------

                                                                            $  13,817,934             $  13,855,435
                                                                        ==================       ===================

               LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses                                         $    26,582               $     6,963
Real estate taxes payable                                                          17,365                    19,419
Distributions payable                                                             510,475                   510,475
Due to related parties                                                            273,312                   259,296
Rents paid in advance and deposits                                                 62,328                    62,018
                                                                        ------------------       -------------------
    Total liabilities                                                             890,062                   858,171

Minority interests                                                                618,045                   622,457

Commitment (Note 4)

Partners' capital                                                              12,309,827                12,374,807
                                                                        ------------------       -------------------

                                                                            $  13,817,934             $  13,855,435
                                                                        ==================       ===================



            See accompanying notes to condensed financial statements.

<PAGE>


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




                                                                                          Quarter Ended
                                                                                            March 31,
                                                                                    2004                 2003
                                                                               ---------------      ---------------
Revenues:
    Rental income from operating leases                                            $  354,143           $  372,736
    Earned income from direct financing leases                                         18,552               20,003
    Contingent rental income                                                           15,727               12,822
    Lease termination income                                                         225,000                   --
    Interest and other income                                                           2,863                1,889
                                                                               ---------------      ---------------
                                                                                      616,285              407,450
                                                                               ---------------      ---------------


Expenses:
    General operating and administrative                                               71,682               65,666
    Property related                                                                    3,913                1,685
    State and other taxes                                                              22,830               22,952
    Depreciation and amortization                                                      71,112               71,652
    Provision for write-down of assets                                                 25,153                   --
                                                                               ---------------      ---------------
                                                                                      194,690              161,955
                                                                               ---------------      ---------------

Income before minority interests and equity in earnings of
    unconsolidated joint ventures                                                     421,595              245,495

Minority interests                                                                    (14,837)             (19,338)

Equity in earnings of unconsolidated joint ventures                                    28,838               27,743
                                                                               ---------------      ---------------

Income from continuing operations                                                     435,596              253,900
                                                                               ---------------      ---------------

Discontinued operations:
    Income from discontinued operations                                                 9,899                1,750
    Gain on disposal of discontinued operations                                            --              107,038
                                                                               ---------------      ---------------

                                                                                        9,899              108,788
                                                                               ---------------      ---------------

Net income                                                                         $  445,495           $  362,688
                                                                               ===============      ===============

Income per limited partner unit:
    Continuing operations                                                           $    7.26            $    4.23
    Discontinued operations                                                              0.16                 1.81
                                                                               ---------------      ---------------

                                                                                    $    7.42            $    6.04
                                                                               ===============      ===============

Weighted average number of limited partner
    units outstanding                                                                  60,000               60,000
                                                                               ===============      ===============


            See accompanying notes to condensed financial statements.

<PAGE>


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


                                                                             Quarter Ended           Year Ended
                                                                               March 31,            December 31,
                                                                                  2004                  2003
                                                                           -------------------    ------------------

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

Limited partners:
    Beginning balance                                                              11,587,456            12,971,175
    Net income                                                                        445,495             1,308,181
    Distributions ($8.51 and $44.87 per
       limited partner unit, respectively)                                           (510,475 )          (2,691,900 )
                                                                           -------------------    ------------------
                                                                                   11,522,476            11,587,456
                                                                           -------------------    ------------------

Total partners' capital                                                         $  12,309,827         $  12,374,807
                                                                           ===================    ==================


            See accompanying notes to condensed financial statements.

<PAGE>


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


                                                                                        Quarter Ended
                                                                                          March 31,
                                                                                   2004               2003
                                                                               --------------    ---------------




Net cash provided by operating activities                                         $  622,240         $  454,942
                                                                               --------------    ---------------

Cash flows from investing activities:
    Proceeds from sale of assets                                                          --          1,698,733
                                                                               --------------    ---------------
          Net cash provided by investing activities                                       --          1,698,733
                                                                               --------------    ---------------

Cash flows from financing activities:
    Distributions to limited partners                                               (510,475)          (523,947)
    Distributions to holders of minority interests                                   (19,249)           (25,107)
                                                                               --------------    ---------------
          Net cash used in financing activities                                     (529,724)          (549,054)
                                                                               --------------    ---------------

Net increase in cash and cash equivalents                                             92,516          1,604,621

Cash and cash equivalents at beginning of quarter                                  1,367,889            421,416
                                                                               --------------    ---------------

Cash and cash equivalents at end of quarter                                      $ 1,460,405        $ 2,026,037
                                                                               ==============    ===============

Supplemental schedule of non-cash investing and financing activities:

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

    Distributions declared and unpaid at end of quarter                           $  510,475        $ 1,160,475
                                                                               ==============    ===============


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

<PAGE>



                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                     Quarters Ended March 31, 2004 and 2003


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 ended March 31, 2004,  may not be indicative of
         the results that may be expected for the year ending December 31, 2004.
         Amounts as of December 31, 2003, 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, 2003.

         The  Partnership  accounts  for its 96.10%,  interest  in Auburn  Joint
         Venture,  its 57% interest in Cocoa Joint Venture,  its 51% interest in
         Holland Joint Venture and its 68.87% interest in Kingsville Real Estate
         Joint  Venture  using  the  consolidation  method.  Minority  interests
         represent the minority joint venture partners'  proportionate  share of
         the equity in the joint ventures. All significant intercompany accounts
         and transactions have been eliminated.

         In December 2003,  the Financial  Accounting  Standards  Board issued a
         revision to FASB  Interpretation  No. 46 (originally  issued in January
         2003)  ("FIN  46R"),  "Consolidation  of  Variable  Interest  Entities"
         requiring  existing  unconsolidated  variable  interest  entities to be
         consolidated by their primary beneficiaries. The primary beneficiary of
         a variable  interest entity is the party that absorbs a majority of the
         entity's expected losses,  receives a majority of its expected residual
         returns, or both, as a result of holding variable interests,  which are
         the ownership,  contractual,  or other pecuniary interests in an entity
         that change with  changes in the fair value of the  entity's net assets
         excluding  variable  interests.  Prior to FIN 46R, a company  generally
         included  another  entity  in  its  financial  statements  only  if  it
         controlled the entity through voting interests.  Application of FIN 46R
         is  required  in  financial  statements  of public  entities  that have
         interests in variable  interest entities for periods ending after March
         15,  2004.  The  Partnership  has adopted FIN 46R as of March 31, 2004,
         which   resulted   in   the   consolidation   of   certain   previously
         unconsolidated  joint  ventures.  FIN 46R  does not  require,  but does
         permit  restatement  of previously  issued  financial  statements.  The
         Partnership has restated prior year's financial  statements to maintain
         comparability between the periods presented.  These restatements had no
         effect on partners' capital or net income.

2.       Reclassification

         Certain  items in the  prior  year's  financial  statements  have  been
         reclassified to conform to 2004 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 Ended March 31, 2004 and 2003


3.       Discontinued Operations

         During February 2004, the Partnership  identified for sale its property
         in Oak Ridge,  Tennessee.  As a result,  the property was  reclassified
         from real estate  properties with operating  leases to real estate held
         for sale. The  reclassified  assets were recorded at the lower of their
         carrying amounts or fair value, less cost to sell.

         The  following  presents  the  operating  results  of the  discontinued
         operations  for this  property,  along with the properties in Portland,
         Indiana,  Richmond,  Virginia and Maywood,  Illinois  that were sold in
         February, March, and July 2003, respectively.

                                                            Quarter Ended
                                                               March 31,
                                                        2004            2003
                                                     ---------     ------------

          Rental revenues                             $   11,463     $  54,981
          Other income                                        --           135
          Expenses                                        (1,564)      (17,366)
          Provision for the write down of assets              --       (36,000)
                                                     ------------    ----------

          Income from discontinued operations         $    9,899     $   1,750
                                                     =============   ===========


4.       Commitment

         In February  2004,  the  Partnership  entered into an agreement  with a
         third party to sell the property in Oak Ridge, Tennessee.


<PAGE>


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

         CNL Income  Fund IV,  Ltd.  (the  "Partnership")  is a Florida  limited
partnership that was organized on November 18, 1987, to acquire for cash, either
directly or through  joint  venture  arrangements,  both newly  constructed  and
existing restaurant  properties,  as well as land upon which restaurants were to
be constructed, which are leased primarily to operators of national and regional
fast-food and family-style  restaurant chains (collectively,  the "Properties").
The leases generally are triple-net leases, with the lessees responsible for all
repairs and maintenance,  property taxes,  insurance and utilities.  As of March
31,  2004  and  2003,  the  Partnership  owned  21 and 22  Properties  directly,
respectively.  As of March 31, 2004 and 2003, the  Partnership  also owned seven
Properties indirectly through joint venture or tenancy in common arrangements.

Capital Resources

         Net cash  provided by operating  activities  was $622,240 and $454,942,
during the quarters ended March 31, 2004, and 2003,  respectively.  The increase
in net cash provided by operating  activities during the quarter ended March 31,
2004 was a result of changes in income and  expenses,  such as changes in rental
revenues and changes in operating and property related expenses.

         At March 31, 2004,  the  Partnership  had  $1,460,405  in cash and cash
equivalents,  as compared to $1,367,889 at December 31, 2003. At March 31, 2004,
these funds were held in demand deposit accounts at a commercial bank. The funds
remaining  at March  31,  2004  after the  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  operating  activities and for the
quarter ended March 31, 2003,  the net proceeds from the sale of the Property in
Richmond,  Virginia,  the  Partnership  declared  distributions  to the  limited
partners of $510,475 and  $1,160,475  for the quarters  ended March 31, 2004 and
2003,  respectively.  This represents distributions of $8.51 and $19.34 per unit
for the quarters ended March 31, 2004 and 2003, respectively.  Distributions for
the quarter ended March 31, 2003,  included a special  distribution of $650,000,
as a result of the  distribution of net sales proceeds from the 2003 sale of the
Property in Richmond,  Virginia.  This special  distribution  was  effectively a
return of a portion of the limited partners investment,  although, in accordance
with the Partnership  agreement,  it was applied  towards the limited  partners'
unpaid  preferred  return.  As a result of the sales of  Properties  in previous
years, 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,   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 quarters ended
March 31, 2004 and 2003. No amounts  distributed to the limited partners for the
quarters  ended March 31, 2004 and 2003 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.
<PAGE>

         Total liabilities,  including  distributions  payable, were $890,062 at
March 31,  2004,  as compared to $858,171  at  December  31,  2003.  The general
partners  believe that the  Partnership  has sufficient cash on hand to meet its
current working capital needs.

Contractual Obligations, Contingent Liabilities, and Commitments

         In March 2004,  the  Partnership  entered into an agreement to sell the
Property in Oak Ridge, Tennessee. As of May 3, the Partnership had not sold this
Property.

Long-Term Liquidity

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

Results of Operations

         Rental  revenues  from  continuing  operations  were  $372,695  for the
quarter ended March 31, 2004 as compared to $392,739 in the same period in 2003.
Rental  revenues from continuing  operations  during the quarter ended March 31,
2004,  decreased due to the lease related to a Property in Tampa,  Florida being
terminated in March 2004. The lost revenues resulting from the lease termination
will have an adverse  effect on the results of operations of the  Partnership if
the  Partnership  is not able to re-lease  the Property in a timely  manner.  In
addition,  the decrease was also partially due to the fact that in January 2004,
the lease  relating to the Property  owned by the  Kingsville  Real Estate Joint
Venture,  in which the Partnership owns a 68.87% interest and accounts for under
the consolidation  method,  expired.  The lost revenues resulting from the lease
expiration  will continue to have an adverse effect on the results of operations
of the Partnership until the joint venture is able to re-lease the Property.

         During the  quarters  ended  March 31, 2004 and 2003,  the  Partnership
earned $15,727 and $12,822,  respectively,  in contingent rental income from the
Partnership's  Properties.  The increase in contingent rental income during 2004
was due to an increase in reported  gross sales of the  restaurants  with leases
that require the payment of contingent rental income.

         As, described above, the lease relating to a Property in Tampa, Florida
was  terminated in March 2004.  In connection  with the  terminated  lease,  the
Partnership  received  approximately  $225,000  in lease  termination  income as
consideration for the Partnership releasing the tenant from its obligation under
the lease. The Partnership is currently seeking a new tenant for this Property.

         During the quarters ended March 31, 2004 and 2003, the Partnership also
earned $28,838 and $27,743,  respectively,  attributable to net income earned by
unconsolidated  joint ventures.  These amounts remained constant,  because there
were no changes in the leased Property portfolio owned by the joint ventures and
the tenancies in common.

         Operating  expenses,   including   depreciation  and  amortization  and
provision for write-down of assets,  were $194,690 and $161,955 for the quarters
ended March 31, 2004 and 2003, respectively.  The increase in operating expenses
during 2004,  as compared to the same period in 2003,  was due to the  provision
for write-down of assets incurred as a result of the termination of the lease of
a Property in Tampa,  Florida. The provision  represented the difference between
the carrying  value of the Property and its estimated  fair value.  The increase
was also due to the  Partnership  incurring  additional  general  operating  and
administrative expenses, including legal fees.

         In February 2004, the  Partnership  identified for sale the Property in
Oak Ridge,  Tennessee.  As of May 3,  2004,  the  Partnership  had not sold this
Property.  The  Partnership  recognized net rental income (rental  revenues less
property  related  expenses) of $9,899  during the quarter ended March 31, 2004,
relating to this Property.  During 2003, the Partnership sold three  Properties,
which were classified as discontinued  operations in the accompanying  financial
statements.  During the quarter ended March 31, 2003, the  Partnership  sold the
Properties in Portland, Indiana and Richmond, Virginia resulting in an aggregate
net gain on disposal of discontinued  operations of approximately  $107,000. The
Partnership  sold the  Property  in  Maywood,  Illinois  during  July 2003.  The
Partnership  recognized net rental income (rental revenues less property related
expenses and  provision  for  write-down of assets) of $1,750 during the quarter
ended March 31, 2003, relating to these four Properties.
<PAGE>

         The general partners continuously  evaluate strategic  alternatives for
the  Partnership,  including  alternatives  to provide  liquidity to the limited
partners.

         In December 2003,  the Financial  Accounting  Standards  Board issued a
revision to FASB Interpretation No. 46 (originally issued in January 2003) ("FIN
46R"),   "Consolidation  of  Variable  Interest  Entities"   requiring  existing
unconsolidated  variable  interest  entities to be consolidated by their primary
beneficiaries.  The primary  beneficiary  of a variable  interest  entity is the
party that  absorbs a  majority  of the  entity's  expected  losses,  receives a
majority  of its  expected  residual  returns,  or both,  as a result of holding
variable  interests,  which are the ownership,  contractual,  or other pecuniary
interests  in an  entity  that  change  with  changes  in the fair  value of the
entity's net assets excluding  variable  interests.  Prior to FIN 46R, a company
generally  included  another  entity  in its  financial  statements  only  if it
controlled  the  entity  through  voting  interests.  Application  of FIN 46R is
required in  financial  statements  of public  entities  that have  interests in
variable  interest  entities  for  periods  ending  after  March 15,  2004.  The
Partnership  has adopted  FIN 46R as of March 31,  2004,  which  resulted in the
consolidation of certain previously  unconsolidated joint ventures. FIN 46R does
not  require,  but  does  permit  restatement  of  previously  issued  financial
statements.  The Partnership has restated prior year's  financial  statements to
maintain comparability between the periods presented.  These restatements had no
effect on partners' capital or net income.


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
                     March 31, 2004.




<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 12 day of May, 2004.


                          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.)

                     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