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, 1998
                           --------------------------

                                       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            (I.R.S. Employer
of incorporation or organiza-           Identification No.)
tion)


400 E. South Street
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


                                             March 31,              December 31,
            ASSETS                             1998                     1997
                                            -----------             -----------

Land and buildings on operating
  leases, less accumulated
  depreciation of $1,380,008
  and $1,295,713                            $24,529,387            $25,217,725
Net investment in direct
  financing leases                            8,536,965              9,041,485
Investment in joint ventures                  3,349,239              3,271,739
Cash and cash equivalents                     1,322,671              1,285,777
Restricted cash                               1,532,620                318,592
Receivables                                       6,570                 19,912
Prepaid expenses                                 12,266                  7,915
Organization costs, less
  accumulated amortization of
  $9,099 and $8,599                                 901                  1,401
Accrued rental income, less reserves
  of $7,876 and $6,295                        1,882,584              1,820,078
                                            -----------            -----------

                                            $41,173,203            $40,984,624
                                            ===========            ===========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                            $     6,997            $    10,258
Accrued and escrowed real
  estate taxes payable                           14,225                 19,570
Distributions payable                           928,130                928,130
Due to related parties                           11,220                  7,853
Rents paid in advance                           179,316                 29,656
                                            -----------            -----------
    Total liabilities                         1,139,888                995,467

Commitment (Note 5)

Partners' capital                            40,033,315             39,989,157
                                            -----------            -----------

                                            $41,173,203            $40,984,624
                                            ===========            ===========



            See accompanying notes to condensed financial statements.

                                        1

<PAGE>



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


                                                       Quarter Ended
                                                          March 31,
                                                  1998                 1997
                                               ----------           ----------

Revenues:
  Rental income from operating leases          $  717,277           $  723,768
  Earned income from direct financing
    leases                                        242,219              255,292
  Interest and other income                        20,979               14,042
                                               ----------           ----------
                                                  980,475              993,102
                                               ----------           ----------

Expenses:
  General operating and administrative             36,303               36,215
  Professional services                             6,182                5,788
  Bad debt expense                                     -                14,000
  Management fees to related parties                9,506                9,554
  Real estate taxes                                 3,450                4,170
  State and other taxes                            20,996               21,827
  Depreciation and amortization                    85,053               85,022
                                               ----------           ----------
                                                  161,490              176,576
                                               ----------           ----------

Income Before Equity in Earnings of
  Joint Ventures and Gain on Sale
  of Land                                         818,985              816,526

Equity in Earnings of Joint Ventures               82,505               75,246

Gain on Sale of Land                               70,798                   -
                                               ----------           ---------

Net Income                                     $  972,288           $  891,772
                                               ==========           ==========

Allocation of Net Income:
  General partners                             $    9,014           $    8,918
  Limited partners                                963,274              882,854
                                               ----------           ----------

                                               $  972,288           $  891,772
                                               ==========           ==========


Net Income Per Limited Partner Unit            $     0.21           $     0.20
                                               ==========           ==========

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








            See accompanying notes to condensed financial statements.

                                        2

<PAGE>



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


                                     Quarter Ended               Year Ended
                                       March 31,                December 31,
                                         1998                       1997
                                     -------------              -----------

General partners:
  Beginning balance                  $   146,640               $   109,981
  Net income                               9,014                    36,659
                                     -----------               -----------
                                         155,654                   146,640
                                     -----------               -----------

Limited partners:
  Beginning balance                   39,842,517                39,925,756
  Net income                             963,274                 3,629,281
  Distributions ($0.21 and
    $0.83 per limited partner
    unit, respectively)                 (928,130)               (3,712,520)
                                     -----------               -----------
                                      39,877,661                39,842,517
                                     -----------               -----------

Total partners' capital              $40,033,315               $39,989,157
                                     ===========               ===========



            See accompanying notes to condensed financial statements.

                                        3

<PAGE>



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


                                                     Quarter Ended
                                                       March 31,
                                                1998              1997
                                             ----------        ----------

Increase (Decrease) in Cash and
  Cash Equivalents:

    Net Cash Provided by Operating
      Activities                             $1,050,016        $  923,708
                                             ----------        ----------

    Cash Flows from Investing
      Activities:
        Proceeds from sale of land
          and building                        1,208,732                -
        Investment in joint venture             (84,992)               -
        Return of capital from joint
          venture                                    -             54,074
        Increase in restricted cash          (1,208,732)               -
                                             ----------        ---------
            Net cash provided by
              (used in) investing
              activities                        (84,992)           54,074
                                             ----------        ----------

    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                                    36,894            49,652

Cash and Cash Equivalents at
  Beginning of Quarter                        1,285,777         1,462,012
                                             ----------        ----------

Cash and Cash Equivalents at
  End of Quarter                             $1,322,671        $1,511,664
                                             ==========        ==========

Supplemental Schedule of Non-Cash
  Financing Activities:

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






            See accompanying notes to condensed financial statements.

                                        4

<PAGE>



                            CNL INCOME FUND XIV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                     Quarters Ended March 31, 1998 and 1997

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, 1998,  may not be indicative of the results
         that may be expected for the year ending December 31, 1998.  Amounts as
         of December 31, 1997, 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, 1997.

2.       Land and Buildings on Operating Leases:

         In January 1998, the Partnership sold its property in Madison, Alabama,
         to a third  party for  $740,000  and  received  net sales  proceeds  of
         $696,486.  Due to the fact that during 1997, the Partnership  wrote off
         $13,314 in accrued rental income, representing a portion of the accrued
         rental income that the Partnership  had recognized  since the inception
         of the lease relating to the  straight-lining  of future scheduled rent
         increases in accordance with generally accepted accounting  principles,
         no gain or loss  was  incurred  for  financial  reporting  purposes  in
         January  1998  relating  to this sale.  This  property  was  originally
         acquired  by the  Partnership  in  December  1993  and  had a  cost  of
         approximately  $659,000,  excluding  acquisition fees and miscellaneous
         acquisition expenses;  therefore, the Partnership sold the property for
         approximately  $37,500 in excess of its original  purchase  price.  The
         Partnership intends to reinvest the net sales proceeds in an additional
         property.

         In  January  1998,  the  Partnership  sold  one  of its  properties  in
         Richmond,  Virginia for  $512,462  and  received net sales  proceeds of
         $512,246,  resulting  in a gain  of  $70,798  for  financial  reporting
         purposes.  This property was originally  acquired by the Partnership in
         March  1994  and  had  a  cost  of  approximately  $382,400,  excluding
         acquisition fees and miscellaneous acquisition expenses; therefore, the
         Partnership sold the property for  approximately  $129,800 in excess of
         its original  purchase price.  The Partnership  intends to reinvest the
         net sales proceeds in an additional property.

                                        5

<PAGE>



                            CNL INCOME FUND XIV, LTD.
                         (A Florida Limited Partnership)
               NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
                     Quarters Ended March 31, 1998 and 1997


3.       Net Investment in Direct Financing Leases:

         In January 1998, the Partnership sold its property in Madison, Alabama,
         for  which  the  building  portion  had  been  classified  as a  direct
         financing lease. In connection therewith, the gross investment (minimum
         lease  payments  receivable  and  the  estimated  residual  value)  and
         unearned income relating to the building were removed from the accounts
         (see Note 2).

4.       Restricted Cash:

         As of March 31,  1998,  $318,592 in net  proceeds  from the sale of the
         right of way taking of the  Property  in Riviera  Beach,  Florida,  and
         $1,208,732 in net proceeds from the sales of the properties in Madison,
         Alabama and Richmond,  Virginia,  plus accrued interest of $5,296, were
         being held in  interest-bearing  escrow accounts pending the release of
         funds by escrow agents to acquire additional properties.

5.       Commitment:

         During 1997, the Partnership  entered into an agreement with the tenant
         of one of the Checkers  properties in Richmond,  Virginia,  to sell the
         property.  The anticipated  sales price exceeds the  Partnership's  net
         carrying value attributable to the property.  As of April 30, 1998, the
         sale had not occurred.

6.       Subsequent Event:

         In April 1998, the Partnership  reached an agreement to accept $360,000
         as the total sales price of the  property  in Riviera  Beach,  Florida,
         which was taken  through a total right of way taking in December  1997.
         The  Partnership  had received  $318,592 as of March 31, 1998 (see Note
         4). Upon  agreement  and receipt of the final sales price of  $360,000,
         the  Partnership   recognized  a  gain  of  approximately  $41,400  for
         financial reporting purposes.

         In  April  1998,   the   Partnership   entered  into  a  joint  venture
         arrangement,   Melbourne  Joint  Venture,  with  an  affiliate  of  the
         Partnership which has the same general partners,  to construct and hold
         one restaurant property, at a total cost of $1,052,552. The Partnership
         and its  co-venture  partner  agreed to each  contribute  approximately
         $526,276.  The  Partnership  and its co-venture  partner each expect to
         have a 50  percent  interest  in the  profits  and  losses of the joint
         venture.

                                        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. The leases
are  triple-net  leases,  with  the  lessee  responsible  for  all  repairs  and
maintenance,  property taxes, insurance and utilities. As of March 31, 1998, the
Partnership owned 56 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  quarters  ended
March 31, 1998 and 1997, 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 $1,050,016 and
$923,708  for the  quarters  ended  March 31, 1998 and 1997,  respectively.  The
increase in cash from  operations  for the  quarter  ended  March 31,  1998,  as
compared to the quarter  ended March 31, 1997,  is 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
quarter ended March 31, 1998.

         In January 1998, the Partnership sold its Property in Madison, Alabama,
to a third party for $740,000 and received net sales  proceeds of $696,486.  Due
to the fact that during 1997 the Partnership wrote off $13,314 in accrued rental
income, representing a portion of the accrued rental income that the Partnership
had recognized since the inception of the lease relating to the  straight-lining
of future  scheduled  rent  increases  in  accordance  with  generally  accepted
accounting  principles,  no gain or loss was  incurred for  financial  reporting
purposes in January 1998  relating to this sale.  This  Property was  originally
acquired by the  Partnership  in December  1993 and had a cost of  approximately
$659,000,  excluding  acquisition fees and miscellaneous  acquisition  expenses;
therefore, the Partnership sold the Property for approximately $37,500 in excess
of its original  purchase price. As of March 31, 1998, the net sales proceeds of
$696,486 plus accrued interest of $3,948, were being held in an interest-bearing
escrow  account  pending the release of funds by the escrow  agent to acquire an
additional Property.



                                        7

<PAGE>



Liquidity and Capital Resources - Continued

         In  addition,  in  January  1998,  the  Partnership  sold  one  of  its
properties in Richmond, Virginia for $512,462 and received net sales proceeds of
$512,246,  resulting in a gain of $70,798 for financial reporting purposes. This
Property was originally acquired by the Partnership in March 1994 and had a cost
of  approximately   $382,400,   excluding  acquisition  fees  and  miscellaneous
acquisition  expenses;   therefore,   the  Partnership  sold  the  Property  for
approximately $129,800 in excess of its original purchase price. As of March 31,
1998, the net sales proceeds of $512,246 plus accrued  interest of $1,348,  were
being held in an interest-bearing escrow account pending the release of funds by
the escrow agent to acquire an additional Property.

         In addition,  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 March 31, 1998,  the  Partnership  had  contributed
$206,848 to the joint venture.  Construction  of the restaurant was completed in
January 1998, and as of March 31, 1998 the  Partnership  owned a 39.94% interest
in the profits and losses of the joint venture.

         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 March 31,  1998,  the  Partnership  had
$1,322,671 invested in such short-term investments, as compared to $1,285,777 at
December 31, 1997.  The funds  remaining  at March 31,  1998,  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 $1,139,888  at March 31, 1998,  from $995,467 at December 31, 1997,
primarily  as the  result of an  increase  in rents paid in advance at March 31,
1998, as compared to December 31, 1997.  The general  partners  believe that the
Partnership  has  sufficient  cash on hand to meet its current  working  capital
needs.

         During 1997, the Partnership  entered into an agreement with the tenant
of one of the Checkers Properties in Richmond,  Virginia,  to sell the Property.
The  anticipated  sales  price  exceeds the  Partnership's  net  carrying  value
attributable to the Property. As of April 30, 1998, the sale had not occurred.

         In April 1998, the Partnership  reached an agreement to accept $360,000
as the total sales price of the Properties in Riviera Beach, Florida,  which was
taken through a total right of way taking in December 1997. The  Partnership had
received  $318,592 as of March 31, 1998. Upon agreement and receipt of the final
sales price of $360,000,  the  Partnership  recognized  a gain of  approximately
$41,400 for financial reporting purposes.



                                        8

<PAGE>



Liquidity and Capital Resources - Continued

         In  April  1998,   the   Partnership   entered  into  a  joint  venture
arrangement, Melbourne Joint Venture, with an affiliate of the Partnership which
has the same general partners, to construct and hold one restaurant Property, at
a total cost of $1,052,552. The Partnership and its co-venture partner agreed to
each  contribute  approximately  $526,276.  The  Partnership  and its co-venture
partner  each expect to have a 50 percent  interest in the profits and losses of
the joint venture.

         Based on cash from operations,  the Partnership declared  distributions
to the limited  partners of $928,130  for each of the  quarters  ended March 31,
1998 and 1997. 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, 1998 and 1997. No amounts  distributed  to the limited
partners for the quarters  ended March 31, 1998 and 1997,  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.

         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 the quarter  ended March 31,  1997,  the  Partnership  owned and
leased 50 wholly owned  Properties  (including  one  Property in Riviera  Beach,
Florida,  sold through a total right of way taking in December  1997) and during
the quarter  ended March 31, 1998,  the  Partnership  owned and leased 49 wholly
owned  Properties  (including two  Properties in Madison,  Alabama and Richmond,
Virginia,  which  were sold in  January  1998) to  operators  of  fast-food  and
family-style  restaurant  chains. In connection  therewith,  during the quarters
ended March 31, 1998 and 1997,  the  Partnership  earned  $959,496 and $979,060,
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, 1998, as compared to the quarter ended
March 31,  1997,  is primarily  attributable  to a decrease in rental and earned
income as a result of the 1998 sales of the  Properties in Madison,  Alabama and
Richmond,  Virginia  and the 1997 right of way taking of the Property in Riviera
Beach, Florida.



                                        9

<PAGE>



Results of Operations - Continued

         In  addition,  during the quarters  ended March 31, 1998 and 1997,  the
Partnership owned and leased nine and eight Properties, respectively, indirectly
through joint venture arrangements. In connection therewith, during the quarters
ended March 31,  1998 and 1997,  the  Partnership  earned  $82,505 and  $75,246,
respectively,  attributable  to net income earned by these joint  ventures.  The
increase in net income earned by joint  ventures  during the quarter ended March
31,  1998,  as compared  to the  quarter  ended  March 31,  1997,  is  primarily
attributable to the Partnership investing in Kingston Joint Venture in September
1997.

         Operating expenses,  including  depreciation and amortization  expense,
were  $161,490  and  $176,576  for the  quarters  ended March 31, 1998 and 1997,
respectively.  The decrease in operating expenses during the quarter ended March
31,  1998,  as compared  to the  quarter  ended  March 31,  1997,  is  primarily
attributable  to the fact that during  1997 the  Partnership  recorded  bad debt
expense of $14,000  relating to the  Property  in Akron,  Ohio due to the tenant
ceasing  restaurant  operations  and vacating the  Property.  This  Property was
re-leased in September  1997 with rental income  commencing in December 1997. No
such expense was recorded during the quarter ended March 31, 1998.

         As a result of the sale of one of the Properties in Richmond, Virginia,
as  described  above in  "Liquidity  and  Capital  Resources,"  the  Partnership
recognized a gain of $70,798 for financial reporting purposes during the quarter
ended March 31, 1998. No Properties were sold during the quarter ended March 31,
1997.

                                       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 March 31, 1998.

                                       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 12th day of May, 1998.


                            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)