4                                    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, 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                5-7

   Item 2.    Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                    8-13

   Item 3.   Quantitative and Qualitative Disclosures About
                  Market Risk                                            13

Part II

   Other Information                                                     14-15















<PAGE>

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

<TABLE>
<CAPTION>
                                                                September 30,           December 31,
                                                                     2001                   2000
                                                              -------------------    -------------------

 <c>
                               ASSETS

   Land and buildings on operating leases, net                      $ 23,884,524           $ 24,460,091
   Net investment in direct financing leases                           6,356,797              6,663,943
   Investment in joint ventures                                        4,609,632              5,055,505
   Cash and cash equivalents                                           1,155,681              1,038,555
   Receivables, less allowance for doubtful accounts
       of $56,091 and $29,921, respectively                               21,980                177,442
   Due from related parties                                               19,469                 18,745
   Prepaid expenses                                                       19,950                 30,081
   Lease costs, less accumulated amortization of
       $9,323 and $6,848, respectively                                    23,677                 26,152
   Accrued rental income, less allowance for doubtful
       accounts of  $48,635, in 2001 and 2000.                         2,288,561              2,162,073
                                                              -------------------    -------------------

                                                                    $ 38,380,271           $ 39,632,587
                                                              ===================    ===================

                  LIABILITIES AND PARTNERS' CAPITAL

   Accounts payable                                                      $ 1,753             $   75,746
   Accrued and escrowed real estate taxes payable                         20,812                 28,426
   Distributions payable                                                 928,130                928,130
   Due to related parties                                                 31,326                130,423
   Rents paid in advance and deposits                                    101,211                101,406
   Deferred rental income                                                 52,335                 55,012
                                                              -------------------    -------------------
       Total liabilities                                               1,135,567              1,319,143

   Partners' capital                                                  37,244,704             38,313,444
                                                              -------------------    -------------------

                                                                    $ 38,380,271           $ 39,632,587
                                                              ===================    ===================

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

<PAGE>


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

                                                                    Quarter Ended                 Nine Months Ended
                                                                    September 30,                   September 30,
                                                                2001             2000            2001            2000
                                                            -------------    -------------   --------------  -------------

 <c>
Revenues:
    Rental income from operating leases                        $ 690,011        $ 699,208      $ 2,075,463     $2,231,356
   Adjustments to accrued rental income                               --               --          (66,245 )           --
    Earned income from direct financing leases                   159,186          155,274          518,743        514,189
    Contingent rental income                                       4,049            1,637           20,886          3,055
    Interest and other income                                     24,422           25,089           46,193         90,998
                                                            -------------    -------------   --------------  -------------
                                                                 877,668          881,208        2,595,040      2,839,598
                                                            -------------    -------------   --------------  -------------

Expenses:
    General operating and administrative                          42,395           52,997          267,559        152,799
    Professional services                                         28,870           13,260           82,434         37,045
    Management fees to related party                               9,424            9,463           28,762         29,916
    Real estate taxes                                             11,357               --           27,244          2,021
    State and other taxes                                             --               --           65,579         32,170
    Depreciation and amortization                                 96,425           96,564          290,877        291,335
    Transaction costs                                                 --               --               --         77,526
                                                            -------------    -------------   --------------  -------------
                                                                 188,471          172,284          762,455        622,812
                                                            -------------    -------------   --------------  -------------

Income Before Equity in Earnings of Joint Ventures,
    Provision for Loss on Assets and Loss on Sale
    of Assets                                                    689,197          708,924        1,832,585      2,216,786

Equity in Earnings of Joint Ventures                             116,294           85,702          382,863        147,186

Provision for Loss on Assets                                     (39,096 )        (83,815 )       (499,798 )      (93,673 )

Loss on Sale of Assets                                                --          (75,930 )             --        (75,930 )
                                                            -------------    -------------   --------------  -------------

Net Income                                                     $ 766,395        $ 634,881        1,715,650     $2,194,369
                                                            =============    =============   ==============  =============

Allocation of Net Income:
    General partners                                              $   --           $   --          $    --         $   --
    Limited partners                                             766,395          634,881        1,715,650      2,194,369
                                                            -------------    -------------   --------------  -------------

                                                               $ 766,395        $ 634,881      $ 1,715,650     $2,194,369
                                                            =============    =============   ==============  =============

Net Income Per Limited Partner Unit                             $   0.17         $   0.14        $    0.38       $   0.49
                                                            =============    =============   ==============  =============

Weighted Average Number of Limited Partner
    Units Outstanding                                          4,500,000        4,500,000        4,500,000      4,500,000
                                                            =============    =============   ==============  =============
</TABLE>
           See accompanying notes to condensed financial statements.

<PAGE>


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

                                                Nine Months Ended            Year Ended
                                                  September 30,             December 31,
                                                       2001                     2000
                                             -------------------------    ------------------

 <c>
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                                              1,715,650             3,191,638
    Distributions ($0.62 and $0.83 per
       limited partner unit, respectively)                 (2,784,390 )          (3,712,520 )
                                             -------------------------    ------------------
                                                           37,035,449            38,104,189
                                             -------------------------    ------------------

Total partners' capital                                 $  37,244,704          $ 38,313,444
                                             =========================    ==================

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


<PAGE>


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


                                                                          Nine Months Ended
                                                                            September 30,
                                                                       2001               2000
                                                                   --------------     --------------

 <c>
      Increase (Decrease) in Cash and Cash Equivalents

          Net Cash Provided by Operating Activities                   $2,501,516         $2,714,425
                                                                   --------------     --------------

          Cash Flows from Investing Activities:
             Proceeds from sale of assets                                     --          1,631,947
             Return of capital from joint venture                        400,000                 --
             Investment in joint ventures                                                  (727,667 )
                                                                               --
             Decrease in restricted cash                                                    384,096
                                                                               --
                                                                   --------------     --------------
                Net cash provided by investing
                    activities                                           400,000          1,288,376
                                                                   --------------     --------------

          Cash Flows from Financing Activities:
             Distributions to limited partners                        (2,784,390 )       (2,784,390 )
                                                                   --------------     --------------
                Net cash used in financing activities                 (2,784,390 )       (2,784,390 )
                                                                   --------------     --------------

      Net Increase in Cash and Cash Equivalents                          117,126          1,218,411

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

      Cash and Cash Equivalents at End of Period                      $1,155,681         $2,762,102
                                                                   ==============     ==============

      Supplemental Schedule of Non-Cash Financing
          Activities:

             Distributions declared and unpaid at end of
                period                                                 $ 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 and Nine Months Ended September 30, 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 and nine  months  ended  September  30,  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.       Land and Buildings on Operating Leases:
         --------------------------------------

         At September 30, 2001, the Partnership recorded a provision for loss on
         assets in the  amount  of  $36,984  for  financial  reporting  purposes
         relating to the property  located in Akron,  Ohio.  The tenant for this
         property filed for  bankruptcy  and ceased  payments of rents under the
         terms of its lease agreement.  The provision represented the difference
         between the carrying  value of the  property at September  30, 2001 and
         the general partners' estimated net realizable value for the property.

         In  addition,  at  September  30,  2001,  the  Partnership  recorded  a
         provision  for loss on  assets  of  $211,859  for  financial  reporting
         purposes  relating to the property  located in Las Vegas,  Nevada,  the
         building  portion of which is  classified as a direct  financing  lease
         (see Note 4). The tenant of this  property  vacated  the  property  and
         ceased operations. The provision represented the difference between the
         carrying  value of the property at  September  30, 2001 and the general
         partners' estimated net realizable value for the property.


<PAGE>


                            CNL INCOME FUND XIV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
           Quarters and Nine Months Ended September 30, 2001 and 2000


3.       Land and Buildings on Operating Leases - Continued:
         --------------------------------------------------

         As of December 31, 2000 the  Partnership  had recorded  provisions  for
         loss on assets of $126,033 for financial reporting purposes relating to
         the property  located in Laurens,  South  Carolina.  The tenant of this
         property  filed for  bankruptcy  and ceased  payment of rents under the
         terms of its lease  agreement.  At September 30, 2001, the  Partnership
         increased  the  provision  for loss on  assets  by  $39,096.  The total
         provision  represented the difference between the carrying value of the
         property at September 30, 2001 and the general partners'  estimated net
         realizable value of the property.

4.       Net Investment in Direct Financing Leases:
         -----------------------------------------

         At September 30, 2001 the Partnership  recorded a provision of $211,859
         for  impairment  of the  carrying  value of the  property in Las Vegas,
         Nevada,  due to the fact that the tenant of this  property  vacated the
         property  and  ceased   operations.   The  provision   represented  the
         difference  between the carrying value of the property at September 30,
         2001 and the general  partners'  estimated net realizable value for the
         property.

5.       Investment in Joint Ventures:
         ----------------------------

         In May  2001,  Wood-Ridge  Real  Estate  Joint  Venture,  in which  the
         Partnership owns a 50% interest,  sold its property in Paris,  Texas to
         the tenant for $800,000,  in accordance  with the purchase option under
         the lease  agreement.  The sale resulted in a loss to the joint venture
         of  approximately   $84,500  for  financial  reporting   purposes.   In
         connection with the sale, the joint venture received  $200,000 in lease
         termination income in consideration for the joint venture releasing the
         tenant from its obligations  under the lease. As of September 30, 2001,
         the  Partnership  and the other joint  venture  partner  each  received
         $400,000 representing a return of capital from the net sales proceeds.


<PAGE>


                            CNL INCOME FUND XIV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
           Quarters and Nine Months Ended September 30, 2001 and 2000


5.       Investment in Joint Ventures - Continued:
         ----------------------------------------

         The following presents the combined,  condensed  financial  information
         for  all  of  the  Partnership's  investments  in  joint  ventures  and
         properties held as tenants-in-common at:

<TABLE>
<CAPTION>

                                                                     September 30,           December 31,
                                                                         2001                    2000
                                                                ----------------------   ----------------------

 <c>
             Land and buildings on operating leases, net                 $ 10,133,597            $  11,173,080
             Net investment in direct financing lease                         346,401                  351,555
             Cash                                                             142,443                   96,732
             Receivables, less allowance for doubtful accounts                 36,464                   29,955
             Accrued rental income                                            487,742                  380,924
             Other assets                                                      16,817                   18,074
             Liabilities                                                      177,885                  170,367
             Partners' capital                                             10,985,579               11,879,953
             Revenues                                                         981,293                1,152,258
             Lease termination income                                         200,000                       --
             Loss on sale of assets                                           (84,473)                      --
             Provision for loss on assets                                          --                 (219,053)
             Net income                                                       882,989                  661,064
</TABLE>

         The Partnership recognized income totaling $382,863 and $147,186 during
         the nine months ended September 30, 2001 and 2000,  respectively,  from
         these joint  ventures  $116,294 and $85,702 of which was earned  during
         the quarters ended September 30, 2001 and 2000, respectively.



<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 September 30, 2001,
the Partnership owned 55 Properties,  which included  interests in 11 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 nine months ended
September  30,  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
$2,501,516 and $2,714,425 for the nine months ended September 30, 2001 and 2000,
respectively.  The  decrease in cash from  operations  for the nine months ended
September 30, 2001, as compared to the nine months ended September 30, 2001, 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.

         Other  sources and uses of capital  included the  following  during the
nine months ended September 30, 2001.

         In May  2001,  Wood-Ridge  Real  Estate  Joint  Venture,  in which  the
Partnership owns a 50% interest, sold its Property in Paris, Texas to the tenant
for $800,000,  in accordance with the purchase option under the lease agreement.
The sale  resulted in a loss to the joint venture of  approximately  $84,500 for
financial  reporting  purposes.  In connection  with the sale, the joint venture
received  $200,000 in lease  termination  income in consideration  for the joint
venture  releasing  the  tenant  from its  obligations  under the  lease.  As of
September 30, 2001, the Partnership and the other joint venture partner had each
received $400,000 representing a return of capital of the net sales proceeds.

         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 90-day  maturity  date,  pending  the
Partnership's  use  of  such  funds  to  pay  Partnership  expenses  or to  make
distributions  to the  partners.  At September  30, 2001,  the  Partnership  had
$1,155,681 invested in such short-term investments, as compared to $1,038,555 at
December 31, 2000.  The increase in cash and cash  equivalents  at September 30,
2001 as  compared  to  December  31,  2000  was  partially  attributable  to the
Partnership  receiving  $400,000  as a return of capital  from  Wood-Ridge  Real
Estate Joint Venture,  as described  above. The funds remaining at September 30,
2001, after the payment of distributions and other liabilities,  will be used to
meet the Partnership's working capital needs.

Short Term Liquidity

         The Partnership's  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,  and for the nine
months ended September 30, 2001, a portion of the net sales proceeds received as
a return of capital from Wood-Ridge  Real Estate Joint Venture,  the Partnership
declared  distributions  to the limited  partners of $2,784,390  for each of the
nine months ended September 30, 2001 and 2000 ($928,130 for each of the quarters
ended  September  30, 2001 and 2000).  This  represents  distributions  for each
applicable nine months of $0.62 per unit ($0.21 per each applicable quarter). No
distributions were made to the general partners for the quarters and nine months
ended  September  30,  2001 and 2000.  No  amounts  distributed  to the  limited
partners for the nine months ended  September  30, 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,
decreased to $1,135,567 at September 30, 2001,  from  $1,319,143 at December 31,
2000.  The decrease in  liabilities at September 30, 2001 was primarily due to a
decrease in accounts payable and amounts due to related parties at September 30,
2001, as compared to December 31, 2000.  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

         During  the  nine  months  ended  September  30,  2001  and  2000,  the
Partnership  owned and leased 43 wholly  owned  Properties  to operators of fast
food and family style restaurant  chains.  In connection  therewith,  during the
nine months ended September 30, 2001 and 2000, the Partnership earned $2,527,961
and  $2,745,545,  respectively,  in rental income from operating  leases (net of
adjustments to accrued  rental  income) and earned income from direct  financing
leases from these  Properties,  $849,197 and $854,482 of which was earned during
the quarters ended  September 30, 2001 and 2000,  respectively.  The decrease in
rental and earned income during the quarter and nine months ended  September 30,
2001, as compared to the quarter and nine months ended  September 30, 2000,  was
partially  due to a  decrease  in rental  income of  approximately  $51,800  and
$161,700   during  the  quarter  and  nine  months  ended  September  30,  2001,
respectively,  as a result  of the sale of the  Property  in  Columbus,  Ohio in
September  2000. The decrease in rental and earned income during the quarter and
nine months ended  September 30, 2001,  was  partially  offset by an increase of
approximately  $51,000 and  $153,000  during the  quarter and nine months  ended
September 30, 2001,  respectively,  due to the fact that in November  2000,  the
Partnership  reinvested  a portion  of the net sales  proceeds  from the sale of
several Properties in a Property in Bristol, Virginia.

         The decrease in rental and earned  income  during the nine months ended
September 30, 2001, was partially  attributable to the fact that during the nine
months ended  September 30, 2000,  the  Partnership  collected and recognized as
income  approximately  $100,900  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.  No such amounts were  recognized
during the nine months ended  September 30, 2001. As of September 30, 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.  The Partnership will not
recognize  any rental and  earned  income  from the  remaining  vacant  Property
located in Laurens,  South Carolina,  until a replacement tenant is located,  or
until the Property is sold and the proceeds  from the sale are  reinvested in an
additional  Property.  At this time,  there is no commitment to re-lease or sell
the 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.

         In addition,  rental and earned income decreased during the quarter and
nine months ended  September  30, 2001,  by  approximately  $18,800 and $62,500,
respectively,  due to the fact that during  2000,  Elias  Brothers  Restaurants,
Inc., which leased a Property in Akron,  Ohio, 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 nine months ended
September  30, 2001,  was also  partially due to the fact that the tenant of the
Property  in Las Vegas,  Nevada  ceased  restaurant  operations  and vacated the
Property  during the nine months ended  September 30, 2001. In conjunction  with
the tenant vacating the Property, the Partnership reversed approximately $66,200
of previously  accrued rental income during the nine months ended  September 30,
2001.  The  accrued  rental  income  was  the  accumulated  amount  of  non-cash
accounting   adjustments  previously  recorded  in  order  to  recognize  future
scheduled  rent  increases as income evenly over the term of the lease.  No such
amounts were  reversed  during the nine months  ended  September  30, 2000.  The
Partnership  will not recognize any future rental and earned income  relating to
this  Property  until it  locates a new tenant  for this  Property  or sells the
Property and reinvests the net sales  proceeds 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 or sell the Property in a timely manner.  The  Partnership is currently
seeking a new tenant or purchaser for this Property.

         During  the  nine  months  ended  September  30,  2001  and  2000,  the
Partnership also earned $20,886 and $3,055,  respectively,  in contingent rental
income,  $4,049  and  $1,637 of which  was  earned  during  the  quarters  ended
September 30, 2001 and 2000,  respectively.  The increase in  contingent  rental
income during the quarter and nine months ended  September 30, 2001, as compared
to the  quarter  and  nine  months  ended  September  30,  2000,  was  primarily
attributable to an increase in gross sales of certain restaurant Properties, the
leases of which require the payment of contingent rental income.

         In addition,  during the nine months ended September 30, 2001 and 2000,
the Partnership earned $46,193 and $90,998,  respectively, in interest and other
income,  $24,422  and  $25,089 of which was earned  during  the  quarters  ended
September 30, 2001 and 2000,  respectively.  Interest and other income was lower
during the nine months ended September 30, 2001 than that earned during the nine
months ended September 30, 2000,  primarily due to the fact that during the nine
months ended  September 30, 2000,  the  Partnership  earned  interest on the net
sales proceeds relating to the sale of several  Properties during 1999,  pending
reinvestment in additional Properties. As of September 30, 2000, these net sales
proceeds had been reinvested in additional Properties.

         For the nine months ended  September 30, 2001 and 2000, the Partnership
owned and leased 12 Properties  indirectly  through  joint venture  arrangements
(including  one Property  which was sold in May 2001),  and one Property with an
affiliate as tenants-in-common. In connection therewith, during the quarters and
nine months ended September 30, 2001 and 2000, the  Partnership  earned $382,863
and  $147,186,  respectively,  attributable  to net income earned by these joint
ventures,  $116,294 and $85,702 of which was earned  during the  quarters  ended
September 30, 2001 and 2000, respectively.  The increase in net income earned by
these joint  ventures  during the quarter and nine months  ended  September  30,
2001, as compared to the quarter and nine months ended  September 30, 2000,  was
primarily  due to the fact that in January  2000,  the  Partnership  invested in
Duluth Joint Venture with affiliates of the general  partners,  for which rental
payments  commenced in October  2000.  The increase in net income  earned by the
joint ventures was also  attributable  to the fact that Melbourne Joint Venture,
in which the Partnership  owns a 50% interest,  recorded a provision for loss on
assets of  approximately  $219,100  during the nine months ended  September  30,
2000.  The provision  represented  the  difference  between the  Property's  net
carrying value at September 30, 2000, and the joint venture partners'  estimated
net realizable value of the Property.  No such provision was recorded during the
quarter and nine months ended  September  30,  2001.  The increase in net income
earned by the joint  ventures was  partially  offset due to the fact that in May
2001,  Wood-Ridge Real Estate Joint Venture, in which the Partnership owns a 50%
interest,  sold its Property in Paris,  Texas to the tenant,  in accordance with
the purchase  option under the lease  agreement.  This resulted in a loss to the
joint venture of  approximately  $84,500 for financial  reporting  purposes.  In
conjunction  with the sale of its  Property  in Paris,  Texas,  Wood-Ridge  Real
Estate Joint Venture  received  $200,000 in  consideration  for the  Partnership
releasing the tenant from its obligations under the lease.

         Operating expenses,  including  depreciation and amortization  expense,
were  $762,455 and $622,812  for the nine months  ended  September  30, 2001 and
2000, of which  $188,471 and $172,284 were  incurred  during the quarters  ended
September 30, 2001 and 2000,  respectively.  The increase in operating  expenses
during the quarter and nine months ended  September 30 2001,  as compared to the
quarter and nine months ended September 30, 2000, was partially  attributable to
the fact that the Partnership  incurred  certain  expenses,  such as legal fees,
real estate taxes,  insurance  and  maintenance,  relating to the  Properties in
Laurens,  South Carolina;  Akron, Ohio; and Las Vegas, Nevada, 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.
Operating  expenses also  increased  during the nine months ended  September 30,
2001 due to the Partnership  incurring  additional state taxes due to changes in
the tax laws of a state in which the Partnership conducts business and due to an
increase in the costs  incurred for  administrative  expenses for  servicing the
Partnership and its Properties, as permitted by the Partnership agreement.

         The increase in operating  expenses  during the quarter and nine months
ended  September  30,  2001,  as compared  to the quarter and nine months  ended
September 30, 2000, was partially offset by the fact that during the nine months
ended September 30, 2000, the Partnership  incurred $77,526 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 and nine months ended September 30, 2001.

         During the nine  months  ended  September  30,  2001,  the  Partnership
recorded a provision  for loss on assets in the amount of $36,984 for  financial
reporting  purposes relating to the Property in Akron, Ohio. The tenant for this
Property filed for  bankruptcy  and ceased  payments of rents under the terms of
its  lease  agreement,   as  described  above.  The  provision  represented  the
difference  between the carrying value of the Property at September 30, 2001 and
the general  partners'  estimated  net  realizable  value for the  Property.  In
addition,  during the nine months  ended  September  30, 2001,  the  Partnership
recorded a provision for loss on assets of $423,718  relating to the Property in
Las Vegas,  Nevada, due to the fact that the tenant of this Property vacated the
Property and ceased operations. The provision represented the difference between
the  carrying  value of the  Property  at  September  30,  2001 and the  general
partners' estimated net realizable value of the Property.

         During the  quarter and nine  months  ended  September  30,  2000,  the
Partnership  recorded a  provision  for loss on assets of $83,815  and  $93,673,
respectively,  for  financial  reporting  purposes  relating  to the  Long  John
Silver's Property in Laurens,  South Carolina,  the lease for which was rejected
by the tenant.  During the quarter and nine months ended September 30, 2001, the
Partnership  recorded an  additional  provision for loss on assets of 39,096 for
financial   reporting  purposes  relating  to  this  Property.   The  provisions
represented  the  difference  between  the  carrying  value of the  Property  at
September 30, 2001 and 2000,  respectively,  and the general partners' estimated
net realizable value of the Property.

         As a  result  of the  sale  of  the  Property  in  Columbus,  Ohio  the
Partnership recognized a loss of $75,930 for financial reporting purposes during
the quarter and nine months ended  September 30, 2000.  No Properties  were sold
during the quarter and nine months ended September 30, 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, and 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.)

                 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 8, 2001, and incorporated
                        herein by reference.)

                 (b)    Reports on Form 8-K

                        No  reports on Form 8-K were  filed  during the  quarter
                        ended September 30, 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 7th day of November, 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)