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, 2001
   --------------------------------------------------------------------------

                                       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
                                     0-23974
                     ---------------------------------------


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


      Florida                                           59-3143096
---------------------------------        --------------------------------------
(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





Part I                                                                Page
                                                                      ----

   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

   Item 2.    Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                   6-9

   Item 3.   Quantitative and Qualitative Disclosures About
                  Market Risk                                           9

Part II

   Other Information                                                    10-11















<PAGE>

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

<TABLE>
<CAPTION>
<S> <C>
                                                                               March 31,             December 31,
                                                                                  2001                   2000
                                                                           -------------------    -------------------
                               ASSETS

   Landand buildings on operating leases, less accumulated depreciation of
       $2,281,123 and $2,184,738, respectively, and allowance for loss
       on assets of $126,033 in 2001 and 2000                                    $ 24,363,706           $ 24,460,091
   Net investment in direct financing leases                                        6,633,042              6,663,943
   Investment in joint ventures                                                     5,047,828              5,055,505
   Cash and cash equivalents                                                        1,070,415              1,038,555
   Receivables, less allowance for doubtful accounts
       of $22,960 and $29,921, respectively                                            14,020                177,442
   Due from related parties                                                            19,410                 18,745
   Prepaid expenses                                                                    11,368                 30,081
   Lease costs, less accumulated amortization of
       $7,673 and $6,848, respectively                                                 25,327                 26,152
   Accrued rental income, less allowance for doubtful
       accounts of $54,505 and $48,635, respectively                                2,218,696              2,162,073
                                                                           -------------------    -------------------

                                                                                 $ 39,403,812           $ 39,632,587
                                                                           ===================    ===================

                  LIABILITIES AND PARTNERS' CAPITAL

   Accounts payable                                                              $    122,433           $     75,746
   Accrued and escrowed real estate taxes payable                                      25,996                 28,426
   Distributions payable                                                              928,130                928,130
   Due to related parties                                                             129,937                130,423
   Rents paid in advance and deposits                                                 167,742                156,418
                                                                           -------------------    -------------------
       Total liabilities                                                            1,374,238              1,319,143

   Commitment (Note 3)

   Partners' capital                                                               38,029,574             38,313,444
                                                                           -------------------    -------------------

                                                                                 $ 39,403,812           $ 39,632,587
                                                                           ===================    ===================

           See accompanying notes to condensed financial statements.

<PAGE>


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


                                                                                    Quarter Ended
                                                                                      March 31,
                                                                                2001              2000
                                                                           ---------------    --------------
Revenues:
    Rental income from operating leases                                         $ 699,542         $ 817,690
    Earned income from direct financing leases                                    180,579           175,763
    Interest and other income                                                      10,514            54,470
                                                                           ---------------    --------------
                                                                                  890,635         1,047,923
                                                                           ---------------    --------------

Expenses:
    General operating and administrative                                          137,956            44,114
    Professional services                                                          21,046            13,966
    Management fees to related party                                               10,571            11,075
    Real estate taxes                                                               9,204                --
    State and other taxes                                                          61,397            32,170
    Depreciation and amortization                                                  97,210            97,437
    Transaction costs                                                                  --            50,907
                                                                           ---------------    --------------
                                                                                  337,384           249,669
                                                                           ---------------    --------------

Income Before Equity in Earnings of Joint Ventures and
    Provision for Loss on Assets                                                  553,251           798,254

Equity in Earnings of Joint Ventures                                               91,009            84,152

Provision for Loss on Assets                                                           --            (9,858 )
                                                                           ---------------    --------------

Net Income                                                                      $ 644,260         $ 872,548
                                                                           ===============    ==============

Allocation of Net Income:
    General partners                                                               $   --            $   --
    Limited partners                                                              644,260           872,548
                                                                           ---------------    --------------

                                                                                $ 644,260         $ 872,548
                                                                           ===============    ==============

Net Income Per Limited Partner Unit                                              $   0.14          $   0.19
                                                                           ===============    ==============

Weighted Average Number of Limited Partner
    Units Outstanding                                                           4,500,000         4,500,000
                                                                           ===============    ==============

           See accompanying notes to condensed financial statements.
<PAGE>


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


                                                                             Quarter Ended           Year Ended
                                                                               March 31,            December 31,
                                                                                  2001                  2000
                                                                           -------------------    ------------------

General partners:
    Beginning balance                                                             $   209,255            $  209,255
    Net income                                                                             --                    --
                                                                           -------------------    ------------------
                                                                                      209,255               209,255
                                                                           -------------------    ------------------

Limited partners:
    Beginning balance                                                              38,104,189            38,625,071
    Net income                                                                        644,260             3,191,638
    Distributions ($0.21 and $0.83 per
       limited partner unit, respectively)                                           (928,130 )          (3,712,520 )
                                                                           -------------------    ------------------
                                                                                   37,820,319            38,104,189
                                                                           -------------------    ------------------

Total partners' capital                                                          $ 38,029,574          $ 38,313,444
                                                                           ===================    ==================



           See accompanying notes to condensed financial statements.
<PAGE>


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


                                                                                    Quarter Ended
                                                                                      March 31,
                                                                                2001              2000
                                                                           ---------------    --------------

Increase (Decrease) in Cash and Cash Equivalents

    Net Cash Provided by Operating Activities                                   $ 959,990        $1,005,523
                                                                           ---------------    --------------

    Cash Flows from Investing Activities:
       Investment in joint ventures                                                    --          (390,878 )
       Decrease in restricted cash                                                     --           384,096
                                                                           ---------------    --------------
          Net cash used in investing activities                                        --            (6,782 )
                                                                           ---------------    --------------

    Cash Flows from Financing Activities:
       Distributions to limited partners                                         (928,130 )        (928,130 )
                                                                           ---------------    --------------
          Net cash used in financing activities                                  (928,130 )        (928,130 )
                                                                           ---------------    --------------

Net Increase in Cash and Cash Equivalents                                          31,860            70,611

Cash and Cash Equivalents at Beginning of Quarter                               1,038,555         1,543,691
                                                                           ---------------    --------------

Cash and Cash Equivalents at End of Quarter                                    $1,070,415        $1,614,302
                                                                           ===============    ==============

Supplemental Schedule of Non-Cash Financing
    Activities:

       Distributions declared and unpaid at end of
          quarter                                                               $ 928,130         $ 928,130
                                                                           ===============    ==============

</TABLE>


           See accompanying notes to condensed financial statements.
<PAGE>



                            CNL INCOME FUND XIV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                     Quarters Ended March 31, 2001 and 2000


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, 2001,  may not be indicative of the results
         that may be expected for the year ending December 31, 2001.  Amounts as
         of December 31, 2000, 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 XIV, Ltd. (the "Partnership") for the year ended December
         31, 2000.

2.       Reclassification:

         Certain  items in the  prior  year's  financial  statements  have  been
         reclassified to conform to 2001 presentation.  These  reclassifications
         had no effect on total partners' capital or net income.

3.       Commitment:

         In February  2000,  the  Partnership  entered into an agreement with an
         unrelated  third  party to sell  the Long  John  Silver's  property  in
         Laurens , South Carolina. As of May 3, 2001, the sale had not occurred.


<PAGE>


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

         CNL Income Fund XIV,  Ltd.  (the  "Partnership")  is a Florida  limited
partnership  that was  organized  on September  25,  1992,  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
generally are triple-net leases, with the lessee responsible for all repairs and
maintenance,  property taxes, insurance and utilities. As of March 31, 2001, the
Partnership owned 56 Properties, which included interests in 12 Properties owned
by joint  ventures in which the  Partnership  is a co-venturer  and one Property
owned with an affiliate as tenants-in-common.

Capital Resources

         The  Partnership's  primary  source of capital for the  quarters  ended
March 31, 2001 and 2000 was cash from  operations  (which includes cash received
from tenants,  distributions from joint ventures,  and interest and other income
received,  less cash paid for expenses).  Cash from  operations was $959,990 and
$1,005,523  for the quarters  ended March 31, 2001 and 2000,  respectively.  The
decrease in cash from  operations  for the  quarter  ended  March 31,  2001,  as
compared to the quarter ended March 31, 2000,  was primarily a result of changes
in income and expenses as described in "Results of Operations" below and changes
in the Partnership's working capital.

         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,   money  market  accounts  and
certificates  of deposit  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, 2001, the Partnership had $1,070,415
invested in such short-term  investments,  as compared to $1,038,555 at December
31,  2000.  The  funds  remaining  at  March  31,  2001  will  be  used  to  pay
distributions and other liabilities of the Partnership.

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 cash from  operations the  Partnership  declared  distributions  to the
limited  partners of $928,130 for each of the quarters  ended March 31, 2001 and
2000. This  represents  distributions  for each applicable  quarter of $0.21 per
unit. No distributions  were made to the general partners for the quarters ended
March 31, 2001 and 2000. No amounts  distributed to the limited partners for the
quarters  ended March 31, 2001 and 2000 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 contribution. The Partnership
intends to continue to make  distributions of cash available for distribution to
the limited partners on a quarterly basis.

         Total liabilities of the Partnership,  including distributions payable,
increased to $1,374,238 at March 31, 2001, from $1,319,143 at December 31, 2000.
The increase in  liabilities  at March 31, 2001 was primarily due to an increase
in accounts  payable and rents paid in advance at March 31, 2001, as compared to
December  31, 2000.  Total  liabilities  at March 31,  2001,  to the extent they
exceed cash and cash  equivalents  at March 31,  2001,  will be paid from future
cash  from  operations,  and in the  event the  general  partners  elect to make
additional contributions, from general partners' contributions.

         In February  2000,  the  Partnership  entered into an agreement with an
unrelated third party to sell the Long John Silver's Property in Laurens,  South
Carolina. As of May 1, 2001, the sale had not occurred.

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, 2001 and 2000,  the  Partnership
owned and leased 43 wholly owned  Properties  (including  one Property which was
sold in September  2000) to  operators of fast food and family style  restaurant
chains.  In connection  therewith,  during the quarters ended March 31, 2001 and
2000, the  Partnership  earned  $880,121 and $993,453,  respectively,  in rental
income from operating leases and earned income from direct financing leases from
these  Properties.  The decrease in rental and earned  income during the quarter
ended March 31,  2001,  as compared to the  quarter  ended March 31,  2000,  was
partially  due to the fact that during the quarter  ended  March 31,  2000,  the
Partnership  collected  and  recognized  as  income  approximately  $146,800  in
bankruptcy  proceeds  relating  to Long John  Silver's,  Inc.,  which  filed for
bankruptcy  during 1998 and rejected the leases  relating to five  Properties in
1998 and 1999.  As of March 31,  2001,  the  Partnership  had  entered  into new
leases, each with a new tenant, for two of the five Properties, and had sold two
of the  Properties.  In addition,  as of March 31,  2001,  the  Partnership  had
entered into an agreement to sell the remaining  Property,  as described  above.
The  Partnership  will not  recognize  any  rental and  earned  income  from the
remaining  vacant Property until a replacement  tenant is located,  or until the
Property is sold and the proceeds from the sale are  reinvested in an additional
Property.  The lost revenues  resulting  from the vacant  Property could 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,  rental and earned  income  decreased  during the quarter
ended March 31,  2001,  by  approximately  $25,500,  due to the fact that during
2000, Elias Brothers Restaurants,  Inc., which leased one Property operated as a
Big Boy, filed for bankruptcy and rejected its lease.  As a result,  this tenant
ceased making rental payments. The Partnership will not recognize any rental and
earned  income  from the vacant  Property  until a  replacement  tenant for this
Property is located or until the Property is sold and the proceeds from the sale
are reinvested in an additional  Property.  The lost revenues resulting from the
vacant Property could 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.  The  Partnership is currently  seeking either a new tenant or purchaser
for this Property.

         The decrease in rental and earned income during the quarter ended March
31, 2001, was partially  offset by an increase of  approximately  $54,200 due to
the fact that in June  2000,  the  Partnership  reinvested  a portion of the net
sales  proceeds  from the sale of several  Properties  in a Property in Bristol,
Virginia.

         For the quarter ended March 31, 2001 and 2000,  the  Partnership  owned
and leased 12 Properties  indirectly through joint venture  arrangements and one
Property with an affiliate as tenants-in-common. In connection therewith, during
the quarters ended March 31, 2001 and 2000, the  Partnership  earned $91,009 and
$84,152,  respectively,  attributable  to  net  income  earned  by  these  joint
ventures.  The increase in net income earned by these joint ventures  during the
quarter  ended March 31, 2001,  as compared to the quarter ended March 31, 2000,
was primarily due to the fact that in January 2000, the Partnership  invested in
a Property, as tenants-in-common, with an affiliate of the general partners.

         Operating expenses,  including  depreciation and amortization  expense,
were  $337,384  and  $249,669  for the  quarters  ended March 31, 2001 and 2000,
respectively.  The increase in operating expenses during the quarter ended March
31,  2001,  as compared  to the quarter  ended  March 31,  2000,  was  partially
attributable  to an increase in the costs incurred for  administrative  expenses
for  servicing  the  Partnership  and  its  Properties,   as  permitted  by  the
Partnership  agreement.  In addition,  the  increase in  operating  expenses was
partially due to the Partnership incurring additional state taxes due to changes
in the tax  laws of a state in  which  the  Partnership  conducts  business.  In
addition,  during the quarter  ended March 31, 2001,  the  Partnership  incurred
certain  expenses,  such  as  legal  fees,  real  estate  taxes,  insurance  and
maintenance  relating to the two Properties  whose leases were rejected by their
respective  tenants and which remain vacant, as described above. The Partnership
will continue to incur these expenses, relating to these vacant Properties until
new tenants or purchasers are located.  The  Partnership is currently  seeking a
replacement tenant or purchaser for these Properties.

         The increase in operating  expenses  during the quarter ended March 31,
2001, as compared to the quarter ended March 31, 2000,  partially  offset by the
fact that during the quarter  ended March 31,  2000,  the  Partnership  incurred
$50,907 in transaction costs related to the general partners retaining financial
and legal  advisors to assist them in evaluating  and  negotiating  the proposed
merger with CNL American  Properties  Fund,  Inc.  ("APF").On  March 1, 2000 the
general  partners  and APF  mutually  agreed to  terminate  the merger.  No such
expenses were incurred during the quarter ended March 31, 2001.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.


<PAGE>


                           PART II. OTHER INFORMATION


Item 1.       Legal Proceedings.   Inapplicable.
              ------------------

Item 2.       Changes in Securities.       Inapplicable.
              --------------------------

Item 3.       Default 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 XIV, Ltd. (Included as Exhibit 3.2 to
                           Registration  Statement No.  33-53672-01 on Form S-11
                           and incorporated herein by reference.)

                  4.1      Affidavit and  Certificate of Limited  Partnership of
                           CNL Income Fund XIV, Ltd. (Included as Exhibit 3.2 to
                           Registration  Statement No.  33-53672-01 on Form S-11
                           and incorporated herein by reference.)

                  4.2      Amended and Restated Agreement of Limited Partnership
                           of CNL Income Fund XIV, Ltd. (Included as Exhibit 4.2
                           to Form 10-K filed with the  Securities  and Exchange
                           Commission on April 13, 1994,  incorporated herein by
                           reference.)

                  10.1     Management  Agreement  between  CNL Income  Fund XIV,
                           Ltd. and CNL Investment  Company (Included as Exhibit
                           10.1 to Form  10-K  filed  with  the  Securities  and
                           Exchange   Commission   on  April   13,   1994,   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.)


<PAGE>



                  (b)      Reports on Form 8-K

                           No reports on Form 8-K were filed  during the quarter
                           ended March 31, 2001.



<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 11th day of May, 2001.


                                    CNL INCOME FUND XIV, 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)