FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

               For the quarterly period ended September 30, 2003
   --------------------------------------------------------------------------

                                       OR

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

For the transition period from _____________________ to _____________________


                             Commission file number
                                     0-19139
                     ---------------------------------------


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


          Florida                                       59-2963338
----------------------------------              -----------------------------
(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                                 10


Part II.

     Other Information                                                11-12





<PAGE>


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


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

 <c>
                             ASSETS

Real estate properties with operating leases, net                            $  17,954,875             $  18,256,782
Net investment in direct financing leases                                        4,406,218                 4,559,231
Investment in joint ventures                                                     4,575,009                 4,609,998
Cash and cash equivalents                                                        1,621,305                 1,571,487
Certificates of deposit                                                            386,516                   382,249
Receivables, less allowance for doubtful accounts
    of $15,033 and $9,084, respectively                                              1,389                    82,220
Accrued rental income                                                            1,365,194                 1,392,675
Other assets                                                                        89,444                    87,223
                                                                         ------------------       -------------------

                                                                             $  30,399,950             $  30,941,865
                                                                         ==================       ===================

               LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses                                         $     13,803               $     3,622
Real estate taxes payable                                                           29,145                     3,207
Distributions payable                                                              787,501                   962,501
Due to related parties                                                              72,566                    69,383
Rents paid in advance and deposits                                                 124,029                    87,173
                                                                         ------------------       -------------------
    Total liabilities                                                            1,027,044                 1,125,886

Minority interest                                                                  103,068                   104,755

Partners' capital                                                               29,269,838                29,711,224
                                                                         ------------------       -------------------

                                                                             $  30,399,950             $  30,941,865
                                                                         ==================       ===================

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



<PAGE>


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


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

 <c>
Revenues:
    Rental income from operating leases               $  574,353        $  547,128      $ 1,723,056     $ 1,561,662
    Earned income from direct financing leases           140,571           146,922          426,662         442,936
    Contingent rental income                               9,381            10,243           12,131          19,490
    Interest and other income                              3,451             9,255            9,518          61,485
                                                    -------------    --------------   --------------  --------------
                                                         727,756           713,548        2,171,367       2,085,573
                                                   --------------    --------------  ---------------  --------------

Expenses:
    General operating and administrative                  55,300            65,497          195,663         220,489
    Property related                                       4,838            10,591           26,976          61,073
    State and other taxes                                     --                --           45,737          30,446
    Depreciation                                          99,690            91,049          301,907         264,829
                                                   --------------    --------------  ---------------  --------------
                                                         159,828           167,137          570,283         576,837
                                                   --------------    --------------  ---------------  --------------

Income Before Minority Interest in Income of
    Consolidated Joint Venture and Equity in
    Earnings of Unconsolidated Joint Ventures            567,928           546,411        1,601,084       1,508,736

Minority Interest in Income of Consolidated
    Joint Venture                                         (3,167 )          (3,252 )         (9,496 )        (9,634 )

Equity in Earnings of Unconsolidated Joint
    Ventures                                             109,926           239,385          329,529         539,346
                                                   --------------    --------------  ---------------  --------------

Income from Continuing Operations                        674,687           782,544        1,921,117       2,038,448
                                                   --------------    --------------  ---------------  --------------

Discontinued Operations:
    Income from discontinued operations                       --                --               --          55,304
    Gain on disposal of discontinued operations               --                --               --         279,813
                                                   --------------    --------------  ---------------  --------------
                                                              --                --               --         335,117
                                                   --------------    --------------  ---------------  --------------

Net Income                                            $  674,687        $  782,544      $ 1,921,117     $ 2,373,565
                                                   ==============    ==============  ===============  ==============

Income Per Limited Partner Unit
    Continuing operations                              $    0.02         $    0.02        $    0.05       $    0.06
    Discontinued operations                                   --                --               --            0.01
                                                   --------------    --------------  ---------------  --------------

                                                       $    0.02         $    0.02        $    0.05       $    0.07
                                                   ==============    ==============  ===============  ==============

Weighted Average Number of Limited Partner
    Units Outstanding                                 35,000,000        35,000,000       35,000,000      35,000,000
                                                   ==============    ==============  ===============  ==============

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


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

<TABLE>
<CAPTION>

                                                      Nine Months Ended           Year Ended
                                                        September 30,            December 31,
                                                             2003                    2002
                                                     ---------------------     ------------------

 <c>
General partners:
    Beginning balance                                       $     286,349           $    286,349
    Net income                                                         --                     --
                                                     ---------------------     ------------------
                                                                  286,349                286,349
                                                     ---------------------     ------------------

Limited partners:
    Beginning balance                                          29,424,875             29,652,727
    Net income                                                  1,921,117              3,097,152
    Distributions ($0.068 and $0.095 per
       limited partner unit, respectively)                     (2,362,503 )           (3,325,004 )
                                                     ---------------------     ------------------
                                                               28,983,489             29,424,875
                                                     ---------------------     ------------------

Total partners' capital                                   $    29,269,838          $  29,711,224
                                                     =====================     ==================
</TABLE>
           See accompanying notes to condensed financial statements.

<PAGE>


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

<TABLE>
<CAPTION>

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

 <c>
   Net Cash Provided by Operating Activities                                    $ 2,608,517        $ 2,509,844
                                                                             ---------------     --------------

   Cash Flows from Investing Activities:
       Additions to real estate properties with operating leases                         --         (2,894,329 )
       Proceeds from sale of assets                                                      --          1,184,559
       Investment in joint ventures                                                      --         (1,240,733 )
       Return of capital from joint venture                                              --            265,926
       Liquidating distribution from joint venture                                       --          1,048,605
       Collections on mortgage notes receivable                                          --            917,857
       Investment in certificates of deposit                                       (386,215 )         (376,202 )
       Redemption of certificates of deposit                                        376,202            368,111
                                                                             ---------------     --------------
             Net cash used in investing activities                                  (10,013 )         (726,206 )
                                                                             ---------------     --------------

   Cash Flows from Financing Activities:
       Distributions to limited partners                                         (2,537,503 )       (2,362,503 )
       Distributions to holder of minority interest                                 (11,183 )          (11,190 )
                                                                             ---------------     --------------
             Net cash used in financing activities                               (2,548,686 )       (2,373,693 )
                                                                             ---------------     --------------

   Net Increase (Decrease) in Cash and Cash Equivalents                              49,818           (590,055 )

   Cash and Cash Equivalents at Beginning of Period                               1,571,487          2,085,133
                                                                             ---------------     --------------

   Cash and Cash Equivalents at End of Period                                   $ 1,621,305        $ 1,495,078
                                                                             ===============     ==============

   Supplemental Schedule of Non-Cash Financing Activities:

       Distributions declared and unpaid at end of period                        $  787,501         $  787,501
                                                                             ===============     ==============

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


<PAGE>


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


1.   Basis of Presentation

     The  accompanying   unaudited  condensed  financial  statements  have  been
     prepared  in  accordance  with  the  instructions  to Form  10-Q and do not
     include all of the information and note  disclosures  required by generally
     accepted  accounting  principles.  The  financial  statements  reflect  all
     adjustments,  consisting of normal recurring adjustments, which are, in the
     opinion of the general  partners,  necessary  for a fair  statement  of the
     results  for the  interim  periods  presented.  Operating  results  for the
     quarter and nine months ended  September 30, 2003, may not be indicative of
     the results  that may be expected  for the year ending  December  31, 2003.
     Amounts as of December 31, 2002, included in the financial statements, have
     been derived from audited financial statements as of that date.

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

     The Partnership  accounts for its approximate 88% interest in Woodway Joint
     Venture using the consolidation  method.  Minority interest  represents the
     minority joint venture partner's  proportionate  share of the equity in the
     Partnership's  consolidated  joint venture.  All  significant  intercompany
     accounts and transactions have been eliminated.

     In January 2003, the Financial  Accounting  Standards Board ("FASB") issued
     FASB Interpretation No. 46 ("FIN 46"),  "Consolidation of Variable Interest
     Entities" to expand upon and strengthen  existing  accounting guidance that
     addresses  when a  company  should  include  the  assets,  liabilities  and
     activities  of  another  entity in its  financial  statements.  To  improve
     financial  reporting by companies  involved with variable interest entities
     (more commonly referred to as special-purpose entities or off-balance sheet
     structures),   FIN  46  requires  that  a  variable   interest   entity  be
     consolidated  by a company if that company is subject to a majority risk of
     loss from the variable interest entity's  activities or entitled to receive
     a majority of the  entity's  residual  returns or both.  Prior to FIN 46, a
     company  generally  included another entity in its  consolidated  financial
     statements only if it controlled the entity through voting  interests.  The
     consolidation requirements of FIN 46 apply immediately to variable interest
     entities  created after  January 31, 2003,  and to older  entities,  in the
     first fiscal year or interim  period  ending after  December 15, 2003.  The
     general  partners  believe  adoption of this  standard may result in either
     consolidation or additional  disclosure  requirements of the  Partnership's
     unconsolidated joint ventures,  which are currently accounted for under the
     equity method. However, such consolidation is not expected to significantly
     impact the Partnership's results of operations.

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


<PAGE>


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


2.   Reclassification

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



<PAGE>


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

        CNL Income Fund VIII,  Ltd.  (the  "Partnership")  is a Florida  limited
partnership  that was  organized on August 18, 1989 to acquire for cash,  either
directly or through  joint  venture  arrangements,  both newly  constructed  and
existing  restaurants,  as  well  as  land  upon  which  restaurants  were to be
constructed  (the  "Properties"),  which are leased  primarily  to  operators of
national and regional  fast-food and family-style  restaurant chains. The leases
are  triple-net  leases,  with  the  lessees  responsible  for all  repairs  and
maintenance,  property taxes, insurance and utilities.  The Partnership owned 26
Properties  directly  as of  September  30,  2003 and  2002.  In  addition,  the
Partnership also owned 13 Properties indirectly through joint venture or tenancy
in common arrangements as of September 30, 2003 and 2002.

Capital Resources

        Cash from  operating  activities  was  $2,608,517 and $2,509,844 for the
nine  months  ended  September  30, 2003 and 2002,  respectively.  Cash and cash
equivalents  of the  Partnership  were  $1,621,305  at September  30,  2003,  as
compared to $1,571,487 at December 31, 2002. At September 30, 2003,  these funds
were held in demand deposit  accounts at commercial  banks and  certificates  of
deposit  with a  maturity  date of 90 days  or  less.  The  funds  remaining  at
September 30, 2003, after payment of distributions and other  liabilities,  will
be used to meet the Partnership's working capital needs.

Short-Term Liquidity

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

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

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

        The Partnership  generally  distributes  cash from operations  remaining
after the payment of the 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 $2,362,503 for each of
the nine months  ended  September  30, 2003 and 2002  ($787,501  for each of the
quarters ended September 30, 2003 and 2002).  This represents  distributions for
each  applicable  nine  months  of  $0.068  per unit  ($0.023  per unit for each
applicable quarter).  No distributions were made to the general partners for the
quarters  and nine  months  ended  September  30,  2003  and  2002.  No  amounts
distributed to the limited partners for the nine months ended September 30, 2003
and 2002 are required to be or have been treated by the  Partnership as a return
of capital for purposes of  calculating  the limited  partners'  return on their
adjusted  capital  contributions.  The  Partnership  intends to continue to make
distributions  of cash available for  distribution to the limited  partners on a
quarterly basis.

        Total liabilities,  including  distributions payable, were $1,027,044 at
September 30, 2003, as compared to $1,125,886 at December 31, 2002. The decrease
was primarily a result of the payment of a special  distribution  to the limited
partners during the nine months ended  September 30, 2003,  which was accrued at
December 31, 2002.  The  decrease was  partially  offset by an increase in rents
paid in advance and deposits at September 30, 2003. The special  distribution of
$175,000  represented  accumulated,   excess  operating  reserves.  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.



<PAGE>


Results of Operations

        Total  rental  revenues  were  $2,149,718  for  the  nine  months  ended
September  30,  2003 as compared to  $2,004,598  in the same period in 2002,  of
which  $714,924 and $694,050  were earned  during the third  quarter of 2003 and
2002, respectively.  The increase in rental revenues during the quarter and nine
months ended September 30, 2003, as compared to the same period in 2002, was the
result of the 2002 acquisition of three Properties  located in Ontario,  Oregon;
Denton, Texas; and Eden Prairie, Minnesota using proceeds from the 2001 and 2002
sales of Properties in Statesville,  North Carolina and Baseball City,  Florida,
respectively,  and the proceeds received from the collection of promissory notes
during 2001 and 2002 in connection with Properties sold in previous years.

        In February 2002,  Brandon Fast Food  Services,  Inc., the tenant of the
Property in Brandon,  Florida, filed for bankruptcy. As of November 7, 2003, the
Partnership  has continued to receive  rental  payments  relating to this lease.
While the tenant has neither  rejected nor  affirmed the lease,  there can be no
assurance  that the lease will not be rejected in the future.  The lost revenues
that would result if the tenant  rejects this lease will have an adverse  effect
on the results of operations of the  Partnership if the Partnership is unable to
re-lease the Property in a timely manner.

        During  the  nine  months  ended   September  30,  2003  and  2002,  the
Partnership  earned  $329,529 and $539,346,  respectively,  attributable  to net
income earned by unconsolidated  joint ventures,  of which $109,926 and $239,385
were earned during the third quarter of 2003 and 2002, respectively.  Net income
earned by  unconsolidated  joint ventures was higher during the quarter and nine
months ended September 30, 2002, because CNL Restaurant Investments II, in which
the Partnership owns a 36.8% interest,  sold its Property in Columbus,  Ohio, in
June 2002,  to the tenant  resulting in a gain of  approximately  $448,300.  CNL
Restaurant  Investments  II also sold,  in June 2002,  its  Property in Pontiac,
Michigan  to the  tenant  resulting  in a loss of  approximately  $189,800.  The
Partnership  recognized  its pro-rata share of the net gain resulting from these
sales.

        Net income  earned by  unconsolidated  joint  ventures  was also  higher
during the  quarter  and nine  months  ended  September  30,  2002,  because the
Partnership, as tenants-in-common with CNL Income Fund IX, Ltd., an affiliate of
the general  partners and a Florida  limited  partnership,  sold its Property in
Libertyville,  Illinois, in September 2002, to a third party resulting in a gain
of  approximately  $199,300.  The  Partnership  owned  a 66%  interest  in  this
Property.  The  Partnership  recognized its pro-rata share of the gain from this
sale, as described below.

        The  decrease  in net income  earned by  unconsolidated  joint  ventures
during the quarter and nine months ended September 30, 2003 was partially offset
because,  in 2002, the Partnership  invested in two Properties,  one in Kenosha,
Wisconsin and the other in Buffalo Grove,  Illinois; the first one as a separate
tenancy in common  arrangement  with CNL Income Fund XVII,  Ltd., and the second
one with CNL Income Fund IX, Ltd., each an affiliate of the general partners and
a Florida limited partnership. The Partnership acquired these Properties using a
portion of the return of capital  received from CNL  Restaurant  Investments  II
from its sale of the  Property  in Pontiac,  Michigan,  and a portion of the net
proceeds received from the sale of the  Partnership's  Property in Libertyville,
Illinois, which the Partnership held as a tenancy in common.

        During  the  nine  months  ended   September  30,  2003  and  2002,  the
Partnership also earned $9,518 and $61,485,  respectively, in interest and other
income,  of which $3,451 and $9,255 were earned during the third quarter of 2003
and 2002,  respectively.  The decrease in interest  and other income  during the
quarter and nine  months  ended  September  30,  2003,  was  primarily  due to a
reduction in interest income as a result of the collection,  during 2002, of the
principal  balance on a mortgage note of  approximately  $917,900.  The proceeds
were reinvested in 2002 in a Property in Eden Prairie, Minnesota.

        Operating expenses,  including  depreciation  expense, were $570,283 and
$576,837 for the nine months ended September 30, 2003 and 2002, respectively, of
which  $159,828 and $167,137 were incurred  during the third quarter of 2003 and
2002.  Total operating  expenses during the nine months ended September 30, 2003
remained constant, as compared to the same period in 2002. However,  during this
nine month period,  depreciation expense increased due to the acquisition of two
Properties in 2002,  and state tax expense  relating to several  states in which
the  Partnership  conducts  business  also  increased.  The  increase  in  these
operating  expenses was partially offset by a decrease in the costs incurred for
administrative expenses for servicing the Partnership and its Properties.


<PAGE>



        Property  expenses  were also higher  during the quarter and nine months
ended September 30, 2002 because the Partnership elected to reimburse the tenant
of several Golden Corral  Properties for certain  renovation  costs.  During the
nine months ended September 30, 2003, the Partnership  incurred expenses such as
real estate taxes and legal fees  relating to the  Property in Brandon,  Florida
due to the filing for  bankruptcy in February  2002 of the tenant,  Brandon Fast
Food Services, Inc., as described above.

        During the year ended December 31, 2002, the Partnership  identified and
sold  the  Property  in  Baseball  City,   Florida,   which  was  classified  as
Discontinued  Operations in the accompanying financial statements.  In May 2002,
the  Partnership  sold  this  Property  resulting  in a  gain  of  approximately
$279,800.  The  Partnership  recognized net rental income (rental  revenues less
Property related expenses) of $55,304 during the nine months ended September 30,
2002 relating to this Property.

        In January  2003,  the Financial  Accounting  Standards  Board  ("FASB")
issued  FASB  Interpretation  No.  46 ("FIN  46"),  "Consolidation  of  Variable
Interest Entities" to expand upon and strengthen  existing  accounting  guidance
that  addresses  when a company  should  include  the  assets,  liabilities  and
activities of another entity in its financial  statements.  To improve financial
reporting by companies  involved with variable  interest entities (more commonly
referred to as special-purpose entities or off-balance sheet structures), FIN 46
requires that a variable  interest  entity be  consolidated by a company if that
company  is  subject  to a  majority  risk of loss  from the  variable  interest
entity's  activities or entitled to receive a majority of the entity's  residual
returns or both. Prior to FIN 46, a company generally included another entity in
its consolidated  financial  statements only if it controlled the entity through
voting interests. The consolidation  requirements of FIN 46 apply immediately to
variable  interest  entities  created  after  January  31,  2003,  and to  older
entities,  in the first fiscal year or interim  period ending after December 15,
2003.  The general  partners  believe  adoption of this  standard  may result in
either consolidation or additional disclosure  requirements of the Partnership's
unconsolidated  joint  ventures,  which are  currently  accounted  for under the
equity method.  However,  such  consolidation  is not expected to  significantly
impact the Partnership's results of operations.

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


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

        Not applicable.




<PAGE>


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    Affidavit and Certificate of Limited  Partnership of
                            CNL Income Fund VIII, Ltd.  (Included as Exhibit 3.2
                            to Registration  Statement No. 33-31482 on Form S-11
                            and incorporated herein by reference.)

                     4.1    Affidavit and Certificate of Limited  Partnership of
                            CNL Income Fund VIII, Ltd.  (Included as Exhibit 3.2
                            to Registration  Statement No. 33-31482 on Form S-11
                            and incorporated herein by reference.)

                     4.2    Amended   and   Restated    Agreement   of   Limited
                            Partnership of CNL Income Fund VIII, Ltd.  (Included
                            as   Exhibit   4.2  to  Form  10-K  filed  with  the
                            Securities and Exchange Commission on April 1, 1996,
                            and incorporated herein by reference.)

                     10.1   Management  Agreement  between CNL Income Fund VIII,
                            Ltd. and CNL Investment Company (Included as Exhibit
                            10.1 to Form  10-K  filed  with the  Securities  and
                            Exchange   Commission   on   April  1,   1996,   and
                            incorporated herein by reference.)

                     10.2   Assignment   of   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 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.)

              (b) Reports on Form 8-K

                  No  reports on Form 8-K were filed  during the  quarter  ended
                  September 30, 2003.



<PAGE>




                                   SIGNATURES



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

         DATED this 10th day of November, 2003.


                                        CNL INCOME FUND VIII, 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    Affidavit and  Certificate  of Limited  Partnership of CNL
                      Income  Fund  VIII,  Ltd.  (Included  as  Exhibit  3.2  to
                      Registration  Statement  No.  33-31482  on Form  S-11  and
                      incorporated herein by reference.)

               4.1    Affidavit and  Certificate  of Limited  Partnership of CNL
                      Income  Fund  VIII,  Ltd.  (Included  as  Exhibit  3.2  to
                      Registration  Statement  No.  33-31482  on Form  S-11  and
                      incorporated herein by reference.)

               4.2    Amended and Restated  Agreement of Limited  Partnership of
                      CNL Income  Fund VIII,  Ltd.  (Included  as Exhibit 4.2 to
                      Form  10-K  filed  with  the   Securities   and   Exchange
                      Commission on April 1, 1996,  and  incorporated  herein by
                      reference.)

               10.1   Management  Agreement  between CNL Income Fund VIII,  Ltd.
                      and CNL  Investment  Company  (Included as Exhibit 10.1 to
                      Form  10-K  filed  with  the   Securities   and   Exchange
                      Commission on April 1, 1996,  and  incorporated  herein by
                      reference.)

               10.2   Assignment of  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 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