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, 1997

                                       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 juris-                        (I.R.S. Employer
   diction of incorporation                      Identification No.)
      or organization)


400 E. South Street, #500
Orlando, Florida                                        32801
   (Address of principal                             (Zip Code)
     executive offices)


Registrant's telephone number
   (including area code)                           (407) 422-1574


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        5-6

  Item 2.  Management's Discussion and Analysis
             of Financial Condition and
             Results of Operations                          7-10


Part II

  Other Information                                         11


<PAGE>



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


                                              September 30,       December 31,
            ASSETS                                 1997               1996
                                              -------------       -----------

Land and buildings on operating
  leases, less accumulated
  depreciation of $1,211,418 and
  $958,533                                     $25,599,599       $25,852,484
Net investment in direct
  financing leases                               9,063,334         9,125,272
Investment in joint ventures                     3,228,622         3,201,156
Cash and cash equivalents                        1,434,583         1,462,012
Receivables, less allowance for
  doubtful accounts of $22,970 for
  1996                                               2,071            23,477
Prepaid expenses                                    13,032             8,243
Organization costs, less
  accumulated amortization of
  $8,099 and $6,599                                  1,901             3,401
Accrued rental income                            1,738,220         1,369,804
                                               -----------       -----------

                                               $41,081,362       $41,045,849
                                               ===========       ===========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                               $     4,088       $     5,447
Accrued and escrowed real
  estate taxes payable                              14,026            12,364
Distributions payable                              928,130           928,130
Due to related parties                               7,850             1,651
Rents paid in advance                              123,845            62,520
                                               -----------       -----------
    Total liabilities                            1,077,939         1,010,112

Commitment (Note 3)

Partners' capital                               40,003,423        40,035,737
                                               -----------       -----------

                                               $41,081,362       $41,045,849
                                               ===========       ===========













            See accompanying notes to condensed financial statements.

                                        1

<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,
                                                     1997             1996               1997              1996
                                                  ----------       ----------         ----------        ----------
<S> <C>
Revenues:
  Rental income from
    operating leases                              $  723,524       $  744,018         $2,170,802        $2,210,918
  Earned income from direct
    financing leases                                 254,117          256,399            764,122           770,762
  Interest and other income                           12,765           18,789             43,367            46,648
                                                  ----------       ----------         ----------        ----------
                                                     990,406        1,019,206          2,978,291         3,028,328
                                                  ----------       ----------         ----------        ----------

Expenses:
  General operating and
    administrative                                    35,386           40,271            111,792           127,272
  Professional services                                7,006            5,768             18,590            16,858
  Bad debt expense                                        -                -              14,000                -
  Management fees to
    related parties                                    9,573            9,749             28,863            29,101
  Real estate taxes                                    1,384               -               7,192             3,426
  State and other taxes                                   -                -              21,874            18,109
  Depreciation and
    amortization                                      85,053           85,022            255,108           255,066
                                                  ----------       ----------         ----------        ----------
                                                     138,402          140,810            457,419           449,832
                                                  ----------       ----------         ----------        ----------

Income Before Equity in
  Earnings of Joint
  Ventures                                           852,004          878,396          2,520,872         2,578,496

Equity in Earnings of
  Joint Ventures                                      78,381          227,910            231,204           405,009
                                                  ----------       ----------         ----------        ----------

Net Income                                        $  930,385       $1,106,306         $2,752,076        $2,983,505
                                                  ==========       ==========         ==========        ==========

Allocation of Net Income:
  General partners                                $    9,304       $   11,063         $   27,521        $   29,835
  Limited partners                                   921,081        1,095,243          2,724,555         2,953,670
                                                  ----------       ----------         ----------        ----------

                                                  $  930,385       $1,106,306         $2,752,076        $2,983,505
                                                  ==========       ==========         ==========        ==========

Net Income Per Limited
  Partner Unit                                    $     0.20       $     0.24         $     0.61        $     0.66
                                                  ==========       ==========         ==========        ==========

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.

                                        2

<PAGE>



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


                                   Nine Months Ended               Year Ended
                                     September 30,                December 31,
                                          1997                        1996
                                   -----------------              ------------

General partners:
  Beginning balance                  $   109,981                 $    70,818
  Net income                              27,521                      39,163
                                     -----------                 -----------
                                         137,502                     109,981
                                     -----------                 -----------

Limited partners:
  Beginning balance                   39,925,756                  39,761,112
  Net income                           2,724,555                   3,877,166
  Distributions ($0.62 and
    $0.83 per limited partner
    unit, respectively)               (2,784,390)                 (3,712,522)
                                     -----------                 -----------
                                      39,865,921                  39,925,756
                                     -----------                 -----------

Total partners' capital              $40,003,423                 $40,035,737
                                     ===========                 ===========



            See accompanying notes to condensed financial statements.

                                        3

<PAGE>



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


                                                       Nine Months Ended
                                                         September 30,
                                                    1997             1996
                                                -----------       -----------

Increase (Decrease) in Cash and
  Cash Equivalents:

    Net Cash Provided by Operating
      Activities                                $ 2,782,288       $ 2,812,597
                                                -----------       -----------

    Cash Flows from Investing
      Activities:
        Investment in joint venture                 (77,277)               -
        Return of capital from joint
          venture                                    51,950                -
                                                -----------       ----------
            Net cash used in
              investing activities                  (25,327)               -
                                                -----------       ----------

    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 (Decrease) in Cash
  and Cash Equivalents                              (27,429)           28,207

Cash and Cash Equivalents at
  Beginning of Period                             1,462,012         1,475,738
                                                -----------       -----------

Cash and Cash Equivalents at
  End of Period                                 $ 1,434,583       $ 1,503,945
                                                ===========       ===========

Supplemental Schedule of Non-Cash
  Financing Activities:

    Distributions declared and
      unpaid at end of period                   $   928,130       $   928,132
                                                ===========       ===========


            See accompanying notes to condensed financial statements.

                                        4

<PAGE>



                            CNL INCOME FUND XIV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
           Quarters and Nine Months Ended September 30, 1997 and 1996


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,  1997,  may not be
         indicative  of the  results  that may be  expected  for the year ending
         December  31, 1997.  Amounts as of December  31, 1996,  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, 1996.

2.       Investment in Joint Venture:

         In January  1997,  Wood-Ridge  Real  Estate  Joint  Venture  reinvested
         $502,598  of the  remaining  net  sales  proceeds  from the sale of two
         properties  in  September  1996,  in a Taco Bell  property in Anniston,
         Alabama.  As of September 30, 1997, the Partnership and the other joint
         venture partner had each received approximately $52,000, representing a
         return of capital, for the remaining uninvested net sales proceeds.  As
         of September 30, 1997, the Partnership  owned a 50 percent  interest in
         the profits and losses of the joint venture.\

         In  September  1997,  the  Partnership  entered  into a  joint  venture
         arrangement,  CNL  Kingston  Joint  Venture,  with an  affiliate of the
         Partnership which has the same general partners,  to construct and hold
         one restaurant property.  As of September 30, 1997, the Partnership and
         its   co-venture   partner  had   contributed   $77,277  and  $116,206,
         respectively,  to  purchase  land  relating to the joint  venture.  The
         Partnership  and its  co-venture  partner  have  agreed  to  contribute
         approximately  $130,200 and  $195,800,  respectively,  in  construction
         costs  to the  joint  venture.  When  construction  is  completed,  the
         Partnership and its co-venture partner expect to have an approximate 40
         and 60 percent interest, respectively, in the profits and losses of the
         joint  venture.  The  Partnership  accounts for its  investment in this
         joint  venture  under the equity  method since the  Partnership  shares
         control with an affiliate.

                                        5

<PAGE>



                            CNL INCOME FUND XIV, LTD.
                         (A Florida Limited Partnership)
               NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
           Quarters and Nine Months Ended September 30, 1997 and 1996


2.       Investment in Joint Venture - Continued:

         The following presents the combined,  condensed  financial  information
         for all of the Partnership's investments in joint ventures at:

                                                September 30,     December 31,
                                                     1997             1996

                  Land and buildings on
                    operating leases,
                    less accumulated
                    depreciation                 $5,705,169        $5,102,901
                  Net investment in direct
                    financing lease                 365,319           367,661
                  Cash                               20,587               818
                  Restricted cash                        -            595,426
                  Receivables                         2,416             7,037
                  Accrued rental income             126,320            62,163
                  Other assets                       13,056            15,390
                  Liabilities                        28,668            33,565
                  Partners' capital               6,204,199         6,117,831
                  Revenues                          530,463           690,225
                  Gain on sale of land and
                    buildings                            -            261,106
                  Net income                        437,893           887,177

         The Partnership  recognized income totalling  $231,204 and $405,009 for
         the nine months ended September 30, 1997 and 1996,  respectively,  from
         these joint  ventures,  $78,381 and $227,910 of which was earned during
         the quarters ended September 30, 1997 and 1996, respectively.

3.       Commitment:

         During 1996, the Partnership  entered into an agreement with the tenant
         of the Checkers  (#1698)  property in Richmond,  Virginia,  to sell the
         property. The general partners believe that the anticipated sales price
         exceeds the  Partnership's  cost  attributable  to the property.  As of
         October 31, 1997, the sale had not occurred.

4.       Subsequent Event:

         During October 1997, the Partnership  entered into an agreement with an
         unrelated third party to sell the Checkers (#486) property in Richmond,
         Virginia. The general partners believe that the anticipated sales price
         exceeds the  Partnership's  cost  attributable  to the property.  As of
         October 31, 1997, the sale had not occurred.

                                        6

<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 properties 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.  Generally,
the leases are triple-net  leases,  with the lessee  responsible for all repairs
and maintenance,  property taxes,  insurance and utilities.  As of September 30,
1997,  the  Partnership  owned  59  Properties,   including  interests  in  nine
Properties owned by joint ventures in which the Partnership is a co-venturer.

Liquidity and Capital Resources

         The  Partnership's  primary source of capital for the nine months ended
September  30, 1997 and 1996,  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
$2,782,288 and $2,812,597 for the nine months ended September 30, 1997 and 1996,
respectively.  The  decrease in cash from  operations  for the nine months ended
September 30, 1997, as compared to the nine months ended  September 30, 1996, is
primarily  a result of changes in income and  expenses,  as  discussed  below in
"Results of Operations", and changes in the Partnership's working capital.

         Other  sources and uses of capital  included the  following  during the
nine months ended September 30, 1997.

         In January  1997,  Wood-Ridge  Real  Estate  Joint  Venture  reinvested
$502,598 of the remaining net sales  proceeds from the sale of two Properties in
September  1996, in a Taco Bell Property in Anniston,  Alabama.  As of September
30, 1997, the  Partnership and the other joint venture partner had each received
approximately  $52,000,  representing  a return of  capital,  for the  remaining
uninvested net sales proceeds. As of September 30, 1997, the Partnership owned a
50 percent interest in the profits and losses of the joint venture.

         In  September  1997,  the  Partnership  entered  into a  joint  venture
arrangement,  CNL Kingston Joint Venture,  with an affiliate of the  Partnership
which  has the same  general  partners,  to  construct  and hold one  restaurant
Property.  As of September 30, 1997, the Partnership and its co-venture  partner
had contributed $77,277 and $116,206, respectively, to purchase land relating to
the joint venture.  The  Partnership  and its co-venture  partner have agreed to
contribute  approximately $130,200 and $195,800,  respectively,  in construction
costs to the joint venture. When construction is completed,  the Partnership and
its co-venture partner expect to have an approximate 40 and 60 percent interest,
respectively, in the profits and losses of the joint venture.

                                        7

<PAGE>



Liquidity and Capital Resources - Continued

         Currently,  cash  reserves  and rental  income  from the  Partnership's
Properties  is invested in money  market  accounts or other  short-term,  highly
liquid investments pending the use of such funds to pay Partnership  expenses or
to make  distributions  to partners.  At September 30, 1997, the Partnership had
$1,434,583 invested in such short-term investments, as compared to $1,462,012 at
December 31, 1996. The funds  remaining at September 30, 1997,  after payment of
distributions  and  other  liabilities,  will be used to meet the  Partnership's
working capital and other needs.

         Total liabilities of the Partnership,  including distributions payable,
increased to $1,077,939 at September 30, 1997,  from  $1,010,112 at December 31,
1996, primarily as the result of an increase in rents paid in advance during the
nine months ended  September  30, 1997.  The general  partners  believe that the
Partnership  has  sufficient  cash on hand to meet its current  working  capital
needs.

         During 1996, the Partnership  entered into an agreement with the tenant
of the Checkers  (#1698) Property in Richmond,  Virginia,  to sell the Property.
The general  partners  believe  that the  anticipated  sales  price  exceeds the
Partnership's  cost  attributable  to the Property.  As of October 31, 1997, the
sale had not occurred.

         During October 1997, the Partnership  entered into an agreement with an
unrelated  third  party  to sell  the  Checkers  (#486)  Property  in  Richmond,
Virginia.  The general partners believe that the anticipated sales price exceeds
the Partnership's cost attributable to the Property. As of October 31, 1997, the
sale had not occurred.

         Based on current  and  anticipated  future  cash from  operations,  the
Partnership  declared  distributions  to the limited  partners of $2,784,390 and
$2,784,392 for the nine months ended  September 30, 1997 and 1996,  respectively
($928,130  and $928,132 for each of the quarters  ended  September  30, 1997 and
1996,  respectively).  This  represents  distributions  for each applicable nine
months  of $0.62  per unit  ($0.21  per unit for each  applicable  quarter).  No
distributions were made to the general partners for the quarters and nine months
ended  September 30, 1997 and 1996. No amounts  distributed or to be distributed
to the limited  partners for the nine months ended  September 30, 1997 and 1996,
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.





                                        8

<PAGE>



Liquidity and Capital Resources - Continued

         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  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.

Results of Operations

         During each of the nine months ended  September 30, 1997 and 1996,  the
Partnership  owned  and  leased 50  wholly  owned  Properties  to  operators  of
fast-food and family-style  restaurant chains. In connection  therewith,  during
the nine months  ended  September  30,  1997 and 1996,  the  Partnership  earned
$2,934,924 and $2,981,680,  respectively, in rental income from operating leases
and earned income from direct financing leases from these  Properties,  $977,641
and $1,000,417 of which was earned during the quarters ended  September 30, 1997
and 1996,  respectively.  Rental  and earned  income  decreased  by $21,000  and
$42,000   during  the  quarter  and  nine  months  ended   September  30,  1997,
respectively, due to the fact that during May 1997, the operator of the Property
in Akron,  Ohio,  ceased  restaurant  operations  and vacated the Property.  The
Partnership  ceased recording rental income and wrote-off the related  allowance
for doubtful  accounts.  The  Partnership  entered into a long-term,  triple-net
lease for this  Property  with the operator of an Arlington Big Boy in September
1997,  with rental income  commencing  the earlier of (i) the day the restaurant
opens for business, (ii) the day renovations are completed or (iii) December 16,
1997.

         In addition,  during the nine months  ended  September  30,  1996,  the
Partnership  owned and leased four Properties  indirectly  through joint venture
arrangements  (including two Properties in Wood-Ridge Real Estate Joint Venture,
which were sold in September  1996) and during the nine months  ended  September
30, 1997, the Partnership  owned and leased nine Properties  indirectly  through
joint  venture  arrangements.  In connection  therewith,  during the nine months
ended September 30, 1997 and 1996, the Partnership earned $231,204 and $405,009,
respectively, attributable to net income earned by these joint ventures, $78,381
and $227,910 of which was earned  during the quarters  ended  September 30, 1997
and 1996,  respectively.  The decrease in net income earned by joint ventures is
primarily  attributable  to the fact that in  September  1996,  Wood- Ridge Real
Estate  Joint  Venture,  in which the  Partnership  owns a 50 percent  interest,
recognized a gain of approximately  $280,800 for financial reporting purposes as
a result of the sale of its two Properties in September  1996.  Wood-Ridge  Real
Estate Joint Venture reinvested the net sales proceeds from the sales of the two
Properties in five  replacement  Properties  in October  1996,  and acquired one
additional replacement Property in January 1997.

                                        9

<PAGE>



Results of Operations - Continued

         Operating expenses,  including  depreciation and amortization  expense,
were  $457,419 and $449,832  for the nine months  ended  September  30, 1997 and
1996,  respectively,  of which  $138,402  and  $140,810  were  incurred  for the
quarters  ended  September  30,  1997 and 1996,  respectively.  The  increase in
operating  expenses during the nine months ended September 30, 1997, as compared
to the nine months ended  September 30, 1996, is primarily  attributable  to the
fact that the Partnership  recorded bad debt expense of $14,000  relating to the
Property in Akron, Ohio. Due to the fact that the former tenant ceased operating
the Property in May 1997, the general partners believe collection of this amount
is doubtful. In addition, the Partnership incurred real estate taxes relating to
this  Property  of  approximately  $7,200 and $3,400 for the nine  months  ended
September 30, 1997 and 1996,  respectively.  The increase in operating  expenses
during the nine months ended September 30, 1997, is partially offset by, and the
decrease in operating  expenses  during the quarter ended September 30, 1997, is
partially attributable to, a decrease in accounting and administrative  expenses
associated with operating the Partnership and its Properties.

                                       10

<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 - None.

                  (b)      No reports on Form 8-K were filed  during the quarter
                           ended September 30, 1997.

                                       11

<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, 1997.


                            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)