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, 2000
   --------------------------------------------------------------------------

                                       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 _____




<PAGE>


                                    CONTENTS




                                                                        Page
Part I.

     Item 1.      Financial Statements:

                      Condensed Balance Sheets

                      Condensed Statements of Income

                      Condensed Statements of Partners' Capital

                      Condensed Statements of Cash Flows

                      Notes to Condensed Financial Statements

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

     Item 3.      Quantitative and Qualitative Disclosures About
                      Market Risk

Part II.

     Other Information





<PAGE>


                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                            CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                              March 31,               December 31,
                                                                                 2000                     1999
                                                                          -------------------      -------------------
<S> <C>
                               ASSETS

   Land and buildings on operating leases, less
       accumulated depreciation of $4,251,468 and
       $4,150,097, respectively                                                 $ 14,979,600             $ 15,080,971
   Net investment in direct financing leases                                       1,178,299                1,189,488
   Investment in joint ventures                                                    3,303,806                3,332,012
   Cash and cash equivalents                                                         718,517                  725,493
   Receivables, less allowance for doubtful accounts
       of $223,053 and $215,029, respectively                                         85,394                  141,675
   Prepaid expenses                                                                    3,722                   15,383
   Lease costs, less accumulated amortization of
       $27,315 and $26,113, respectively                                              27,829                   29,031
   Accrued rental income                                                             318,758                  314,266
                                                                          -------------------      -------------------

                                                                                $ 20,615,925             $ 20,828,319
                                                                          ===================      ===================

                  LIABILITIES AND PARTNERS' CAPITAL

   Accounts payable                                                               $   38,258               $   91,074
   Accrued and escrowed real estate taxes payable                                     68,715                   63,585
   Distributions payable                                                             600,000                  600,000
   Due to related parties                                                            218,858                  241,509
   Rents paid in advance and deposits                                                 92,005                   64,792
                                                                          -------------------      -------------------
       Total liabilities                                                           1,017,836                1,060,960

   Partners' capital                                                              19,598,089               19,767,359
                                                                          -------------------      -------------------

                                                                                $ 20,615,925             $ 20,828,319
                                                                          ===================      ===================








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,
                                                                                  2000                 1999
                                                                              --------------      ---------------
Revenues:
    Rental income from operating leases                                           $ 529,597            $ 496,533
    Earned income from direct financing leases                                       30,036               31,126
    Contingent rental income                                                          9,083                8,243
    Interest and other income                                                        25,899                9,918
                                                                              --------------      ---------------
                                                                                    594,615              545,820
                                                                              --------------      ---------------

Expenses:
    General operating and administrative                                             41,211               40,438
    Bad debt expense                                                                 13,955                   --
    Professional services                                                            15,607               10,000
    Real estate taxes                                                                 5,079                5,279
    State and other taxes                                                            17,422               15,395
    Depreciation and amortization                                                   102,573              102,531
    Transaction costs                                                                34,917               33,018
                                                                              --------------      ---------------
                                                                                    230,764              206,661
                                                                              --------------      ---------------

Income Before Equity in Earnings of Joint Ventures                                  363,851              339,159

Equity in Earnings of Joint Ventures                                                 66,879               73,674
                                                                              --------------      ---------------
                                                                              --------------      ---------------

Net Income                                                                        $ 430,730            $ 412,833
                                                                              ==============      ===============

Allocation of Net Income:
    General partners                                                              $   4,307            $   4,128
    Limited partners                                                                426,423              408,705
                                                                              --------------      ---------------

                                                                                  $ 430,730            $ 412,833
                                                                              ==============      ===============

Net Income per Limited Partner Unit                                                $   7.11             $   6.81
                                                                              ==============      ===============

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,
                                                                                  2000                  1999
                                                                           -------------------    ------------------

General partners:
    Beginning balance                                                             $   787,351            $  769,078
    Net income                                                                          4,307                18,273
                                                                           -------------------    ------------------
                                                                                      791,658               787,351
                                                                           -------------------    ------------------

Limited partners:
    Beginning balance                                                              18,980,008            19,570,922
    Net income                                                                        426,423             1,809,086
    Distributions ($10.00 and $40.00 per
       limited partner unit, respectively)                                           (600,000 )          (2,400,000 )
                                                                           -------------------    ------------------
                                                                                   18,806,431            18,980,008
                                                                           -------------------    ------------------

Total partners' capital                                                          $ 19,598,089          $ 19,767,359
                                                                           ===================    ==================



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,
                                                                                   2000               1999
                                                                               --------------    ---------------

Increase (Decrease) in Cash and Cash Equivalents

    Net Cash Provided by Operating Activities                                      $ 593,024          $ 564,831
                                                                               --------------    ---------------

    Cash Flows from Investing Activities:
       Investment in joint ventures                                                       --           (533,200 )
       Decrease in restricted cash                                                        --            533,598
       Payment of lease costs                                                             --            (15,600 )
                                                                               --------------    ---------------
                                                                               --------------    ---------------
              Net cash used in investing activities                                       --            (15,202 )
                                                                               --------------    ---------------

    Cash Flows from Financing Activities:
       Distributions to limited partners                                            (600,000 )         (600,000 )
                                                                               --------------    ---------------
              Net cash used in financing activities                                 (600,000 )         (600,000 )
                                                                               --------------    ---------------

Net Decrease in Cash and Cash Equivalents                                             (6,976 )          (50,371 )

Cash and Cash Equivalents at Beginning of Quarter                                    725,493            739,382
                                                                               --------------    ---------------

Cash and Cash Equivalents at End of Quarter                                        $ 718,517          $ 689,011
                                                                               ==============    ===============

Supplemental Schedule of Non-Cash Financing
    Activities:

       Distributions declared and unpaid at end
          of quarter                                                               $ 600,000          $ 600,000
                                                                               ==============    ===============


</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, 2000 and 1999


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 management,  necessary to a fair statement
         of the results for the interim periods presented. Operating results for
         the quarter ended March 31, 2000,  may not be indicative of the results
         that may be expected for the year ending December 31, 2000.  Amounts as
         of December 31, 1999, 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, 1999.

2.       Termination of Merger

         On March 1, 2000,  the general  partners  and CNL  American  Properties
         Fund, Inc.  ("APF") mutually agreed to terminate the Agreement and Plan
         of  Merger  entered  into in  March  1999.  The  general  partners  are
         continuing  to evaluate  strategic  alternatives  for the  Partnership,
         including alternatives to provide liquidity to the limited partners.



<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, 2000, the Partnership owned 38 Properties,  which included  interests in six
Properties owned by joint ventures in which the Partnership is a co-venturer and
two Properties owned with affiliates as tenants-in-common.

Capital Resources

         During the  quarters  ended  March 31, 2000 and 1999,  the  Partnership
generated  cash from  operations  (which  includes  cash  received from tenants,
distributions from joint ventures, and interest and other income received,  less
cash paid for expenses) of $593,024 and $564,831,  respectively. The increase in
cash from operations for the quarter ended March 31, 2000 was primarily a result
of  changes  in the  Partnership's  working  capital  and  changes in income and
expenses as described in "Results of Operations" below.

         Currently,  rental income from the Partnership's Properties is invested
in money market accounts or other short-term,  highly liquid investments such as
demand deposit accounts at commercial banks,  certificates of deposit, and money
market accounts with less than a 30-day maturity date, pending the Partnership's
use of such funds to pay Partnership  expenses or to make  distributions  to the
partners.  At March 31, 2000,  the  Partnership  had  $718,517  invested in such
short-term investments,  as compared to $725,493 at December 31, 1999. The funds
remaining  at  March  31,  2000  will  be used to pay  distributions  and  other
liabilities.

Short-Term Liquidity

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

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

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

         The Partnership  generally  distributes cash from operations  remaining
after the payment of operating  expenses of the Partnership,  to the extent that
the general partners  determine that such funds are available for  distribution.
Based on current and anticipated  future cash from  operations,  the Partnership
declared  distributions to limited partners of $600,000 for each of the quarters
ended March 31, 2000 and 1999,  respectively.  This represents distributions for
each applicable  quarter of $10.00 per unit. No  distributions  were made to the
general  partners  for the  quarters  ended March 31, 2000 and 1999.  No amounts
distributed  to the limited  partners for the quarters  ended March 31, 2000 and
1999 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,
decreased to $1,017,836 at March 31, 2000 from  $1,060,960 at December 31, 1999,
partially  as a result of a decrease  in  accounts  payable.  The  decrease  was
partially  offset by an increase in rents paid in advance at March 31, 2000,  as
compared to December  31, 1999.  Total  liabilities  at March 31,  2000,  to the
extent they exceed cash and cash  equivalents  at March 31,  2000,  will be paid
from future cash from operations, and in the event the general partners elect to
make additional contributions, from general partners' contributions.

Long-Term Liquidity

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

Results of Operations

         During the  quarters  ended  March 31, 2000 and 1999,  the  Partnership
owned and leased 30 wholly owned Properties, generally to operators of fast-food
and family-style restaurant chains. In connection therewith, during the quarters
ended March 31, 2000 and 1999,  the  Partnership  earned  $559,633 and $527,659,
respectively,  in rental income from operating leases and earned income from the
direct financing leases from these Properties. The increase in rental and earned
income  during the quarter  ended March 31, 2000, as compared to March 31, 1999,
was primarily  attributable  to the fact that during the quarter ended March 31,
2000, the Partnership  collected and recognized as income approximately  $78,500
in past due  rental  amounts  from the  guarantor  of the  former  tenant of the
Property in Palm Bay, Florida. The former tenant vacated the Property in October
1997.  In February  1998,  the  Partnership  entered into a new lease with a new
tenant for this Property.

         The  increase  in rental and earned  income was  partially  offset by a
decrease of  approximately  $22,200  during the quarter ended March 31, 2000, as
compared to the quarter  ended March 31,  1999,  due to the fact that during the
quarter  ended March 31, 2000,  the  Partnership  established  an allowance  for
doubtful  accounts for past due rental  amounts  relating to two  Properties  in
accordance with the Partnership's  policy. The general partners will continue to
pursue  collection of past due rental amounts  relating to these  Properties and
will  recognize  such  amounts as income if  collected.  No such  allowance  was
recorded during the quarter ended March 31, 1999.

         The increase in rental and earned income was also partially offset by a
decrease  in  rental  and  earned  income  of  $19,500  due to the fact that the
Partnership  established an allowance for doubtful  accounts for past due rental
amounts relating to the Partnership's  Property in Topeka, Kansas. The tenant of
this  Property  vacated the Property in December  1999 and ceased  making rental
payments in accordance with the terms of the lease. The Partnership is currently
seeking either a replacement tenant of purchaser for this Property.  The general
partners will continue to pursue  collection of past due rental amounts relating
to this Property and will recognize such amounts as income if collected.

         During the  quarters  ended  March 31, 2000 and 1999,  the  Partnership
owned and leased six  Properties  through  joint  venture  arrangements  and two
Properties as  tenants-in-common  with  affiliates of the general  partners.  In
connection  therewith,  during the quarters  ended March 31, 2000 and 1999,  the
Partnership  earned $66,879 and $73,674,  respectively,  attributable to the net
income  earned by these  joint  ventures.  Net income  earned by joint  ventures
during the quarter  ended March 31, 2000,  was less than that earned  during the
quarter ended March 31, 1999, due to the fact that Auburn Joint Venture adjusted
estimated  contingent  rental  amounts  accrued at December 31, 1999,  to actual
amounts received during the quarter ended March 31, 2000.

         Operating  expenses,  including  depreciation  and  amortization,  were
$230,764  and  $206,661  for  the  quarters  ended  March  31,  2000  and  1999,
respectively.  The increase in operating expenses during the quarter ended March
31, 2000,  was primarily due to the fact that during the quarter ended March 31,
2000,  the  Partnership  recorded bad debt  expense  relating to past due rental
amounts for the  Partnership's  Property in Topeka,  Kansas.  The tenant vacated
this Property and ceased  operations in December 1999. The general partners will
continue  to pursue  collection  of past due  rental  amounts  relating  to this
Property and will  recognize  such amounts as income if  collected.  The general
partners  are  currently  seeking  either a new  tenant  or  purchaser  for this
Property.

Termination of Merger

         On March 1, 2000,  the general  partners  and CNL  American  Properties
Fund, Inc. ("APF") mutually agreed to terminate the Agreement and Plan of Merger
entered  into in March 1999.  The general  partners are  continuing  to evaluate
strategic  alternatives for the Partnership,  including  alternatives to provide
liquidity to the limited partners.

Dismissal of Legal Action

         As   described   in  greater   detail  in  Part  II,   Item  1  ("Legal
Proceedings"),  in 1999 two groups of  limited  partners  in several  CNL Income
Funds filed  purported  class action suits against the general  partners and APF
alleging,  among other  things,  that the general  partners had  breached  their
fiduciary  duties in  connection  with the proposed  Merger.  These actions were
later  consolidated  into  one  action.  On April  25,  2000,  the  judge in the
consolidated action issued a Stipulated Final Order of Dismissal of Consolidated
Action, dismissing the action without prejudice, with each party to bear its own
costs and attorneys' fees.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.



<PAGE>


                           PART II. OTHER INFORMATION



Item 1.       Legal Proceedings.

              On May 11, 1999, four limited partners in several CNL Income Funds
              served a derivative and purported class action lawsuit filed April
              22, 1999 against the general partners and APF in the Circuit Court
              of the Ninth Judicial Circuit of Orange County, Florida,  alleging
              that the general  partners  breached  their  fiduciary  duties and
              violated  provisions of certain of the CNL Income Fund partnership
              agreements in connection with the proposed Merger.  The plaintiffs
              are seeking  unspecified  damages and equitable relief. On July 8,
              1999, the plaintiffs filed an amended complaint which, in addition
              to naming three  additional  plaintiffs,  includes  allegations of
              aiding and abetting and  conspiring  to breach  fiduciary  duties,
              negligence and breach of duty of good faith against certain of the
              defendants and seeks additional  equitable relief. As amended, the
              caption  of the  case is Jon  Hale,  Mary J.  Hewitt,  Charles  A.
              Hewitt,  Gretchen M.  Hewitt,  Bernard J.  Schulte,  Edward M. and
              Margaret  Berol Trust,  and Vicky Berol v. James M.  Seneff,  Jr.,
              Robert  A.  Bourne,  CNL  Realty  Corporation,  and  CNL  American
              Properties Fund, Inc., Case No. CIO-99-0003561.

              On June 22,  1999,  a limited  partner of several CNL Income Funds
              served a  purported  class  action  lawsuit  filed  April 29, 1999
              against the general partners and APF, Ira Gaines, individually and
              on  behalf  of a class  of  persons  similarly  situated,  v.  CNL
              American  Properties Fund,  Inc., James M. Seneff,  Jr., Robert A.
              Bourne,  CNL Realty  Corporation,  CNL Fund  Advisors,  Inc.,  CNL
              Financial  Corporation  a/k/a CNL Financial  Corp.,  CNL Financial
              Services,  Inc. and CNL Group, Inc., Case NO. CIO-99-3796,  in the
              Circuit  Court of the Ninth  Judicial  Circuit  of Orange  County,
              Florida,   alleging  that  the  general  partners  breached  their
              fiduciary  duties and that APF aided and abetted  their  breach of
              fiduciary  duties in  connection  with the  proposed  Merger.  The
              plaintiff is seeking unspecified damages and equitable relief.

              On September 23, 1999,  Judge Lawrence  Kirkwood  entered an order
              consolidating  the two cases  under the  caption In re: CNL Income
              Funds  Litigation,  Case No. 99-3561.  Pursuant to this order, the
              plaintiffs  in  these  cases  filed  a  consolidated  and  amended
              complaint on November 8, 1999.  On December 22, 1999,  the general
              partners and CNL Group,  Inc. filed motions to dismiss and motions
              to strike.  On December 28, 1999, APF and CNL Fund Advisors,  Inc.
              filed motions to dismiss.  On March 6, 2000, all of the defendants
              filed a Joint Notice of Filing Form 8-K Reports and  Suggestion of
              Mootness.

              On April 25, 2000,  Judge Kirkwood issued a Stipulated Final Order
              of Dismissal of Consolidated Action, dismissing the action without
              prejudice,  with each  party to bear its own costs and  attorneys'
              fees.

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.)

      27       Financial Data Schedule (Filed herewith.)


<PAGE>



(b)  Reports on Form 8-K

     A Current  Report on Form 8-K dated February 23, 2000 was filed on March 1,
     2000,  describing the termination of the proposed merger of the Partnership
     with and into a subsidiary of CNL American Properties Fund, Inc.



<PAGE>




                                   SIGNATURES


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

         DATED this 9th day of May, 2000.


                                   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)