##### 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
 For the fiscal year ended December 31, 2005
 OR
 o
    
    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 0-23158
 CRONOS GLOBAL INCOME FUND XIV, L.P.
  California
    
    94-3163375(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 
   Title of each classNot Applicable
    
    
    Name of each exchange onwhich registered
  UNITS OF LIMITED PARTNERSHIP INTERESTS
  o þ
 o þ
 þ o
 þ
  o o þ
 o þ




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##### 



IEA INCOME FUND XIV,
 Report on Form 10-K for the Fiscal Year
Ended December 31, 2005
 TABLE OF CONTENTS
 PAGEPART I
    
    
    3Item 1  Business
    
    
    3Item 1A  Risk Factors
    
    
    10Item 1B  Unresolved Staff Differences
    
    
    14Item 2  Properties
    
    
    14Item 3  Legal Proceedings
    
    
    14Item 4  Submission of Matters to a Vote of Security Holders
    
    
    14PART II
    
    
    15Item 5  Market for the Registrants Common Equity and Related Stockholder Matters
    
    
    15Item 6  Selected Financial Data
    
    
    16Item 7  Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    16Item 7A Quantitative and Qualitative Disclosures About Market Risk
    
    
    22Item 8  Financial Statements and Supplementary Data
    
    
    22Item 9  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    35Item 9A  Controls and Procedures
    
    
    35Item 9B  Other Information
    
    
    35PART III
    
    
    36Item 10  Directors and Executive Officers of the Registrant
    
    
    36Item 11  Executive Compensation
    
    
    38Item 12  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    39Item 13  Certain Relationships and Related Transactions
    
    
    39Item 14  Principal Accountant Fees and Services
    
    
    40PART IV
    
    
    41Item 15  Exhibits and Financial Statement Schedules
    
    
    41
 2




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##### 



PART I
 
 Item 1. Business
    Percentage ofAmount
    
    
    Gross ProceedsGross Subscription Proceeds
    
    $
    59,686,180
    
    
    
    100.0
    %Public Offering Expenses:Underwriting Commissions
    
    $
    5,968,618
    
    
    
    10.0
    %Offering and Organization Expenses
    
    $
    1,387,438
    
    
    
    2.3
    %Total Public Offering Expenses
    
    $
    7,356,056
    
    
    
    12.3
    %Net Proceeds
    
    $
    52,330,124
    
    
    
    87.7
    %Acquisition Fees
    
    $
    1,014,344
    
    
    
    1.7
    %Working Capital Reserve
    
    $
    598,566
    
    
    
    1.0
    %Gross Proceeds Invested in Equipment
    
    $
    50,717,214
    
    
    
    85.0
    %
     3




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##### 



2005
    
    
    2004
    
    
    2003Dry cargo containers
    
    $
    2,455,773
    
    
    $
    2,879,752
    
    
    $
    2,904,914Refrigerated containers
    
    
    807,607
    
    
    
    1,263,320
    
    
    
    1,453,437Total
    
    $
    3,263,380
    
    
    $
    4,143,072
    
    
    $
    4,358,351
       4




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##### 



Benefits of Leasing
  
    
    Leasing allows the shipping lines to utilize the equipment they need without having to make
large capital expenditures;
    
    Leasing offers a shipping line an alternative source of financing in a traditionally
capital-intensive industry;
    
    Leasing enables shipping lines to expand their trade routes and market shares at a relatively
low cost without making a permanent commitment to support their new structure;
    
    Leasing allows shipping lines to respond to changing seasonal and trade route demands, thereby
optimizing their capital investment and minimizing storage costs;
    
    Leasing provides shipping lines with the flexibility to respond to rapidly changing market
opportunities as they arise without relying exclusively on their own containers; and
    
    Leasing allows shipping lines to benefit from the relationship between container manufacturers
and leasing companies.
 Fleet Profile
  ® ®
   5




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##### 



Dry Cargo
    
    
    RefrigeratedContainers
    
    
    Containers40-Foot20-Foot
    
    
    40-Foot
    
    
    High-Cube
    
    
    20-Foot
    
    
    40-FootContainers on lease:Master lease
    
    
    3,028
    
    
    
    945
    
    
    
    104
    
    
    
    182
    
    
    
    7Term lease
Short term 1
    
    
    630
    
    
    
    209
    
    
    
    29
    
    
    
    31
    
    
    
    2Long term2
    
    
    1,033
    
    
    
    492
    
    
    
    13
    
    
    
    
    
    
    
    Subtotal
    
    
    4,691
    
    
    
    1,646
    
    
    
    146
    
    
    
    213
    
    
    
    9Containers off lease
    
    
    352
    
    
    
    255
    
    
    
    10
    
    
    
    71
    
    
    
    5Total container fleet
    
    
    5,043
    
    
    
    1,901
    
    
    
    156
    
    
    
    284
    
    
    
    14
 
 1.
    
    Short term leases represent term leases that are either scheduled for renegotiation or that
may expire in 2006.2.
    
    Long term leases represent term leases, the majority of which will expire between 2007 and
2010.  Types of Leases
  
    
    Master leases.Master leases are leases under which a customer may lease a certain
number of containers, as needed, under a general agreement between the lessor and the
lessee. Such leases provide customers with greater flexibility by allowing them to pick up
and drop off containers where and when needed, subject to restrictions and availability, on
pre-agreed terms. Master leases also define the number of containers that may be returned
within each calendar month, the permitted return locations and applicable drop-off charges.
Due to the increased flexibility they offer, master leases usually command higher per-diem
rates and generate more ancillary revenue (including pick-up, drop-off, handling and
off-hire fees) than term leases. Ocean carriers generally use master leases to manage trade
imbalances (where more containerized cargo moves in one direction than another) by picking
up a container in one port and dropping it off at another location after one or more legs
of a voyage. The commercial terms of master leases are usually negotiated or renewed
annually.
    
    Term leases.Term leases are for a fixed period of time, typically varying from three
to five years. In most cases, containers cannot be returned prior to the expiration of the
lease. Term lease agreements may contain early termination penalties that apply in the
event of early redelivery. Term leases provide greater revenue stability to the lessor,
usually at lower lease rates than master leases. Ocean carriers use term leases to lower
their operating costs when they have a need for an identified number of containers for a
specified term.
    
    Sales-type leases.Sales-type leases are long-term in nature, usually ranging from
three to seven years, and require relatively low levels of customer service. They
ordinarily require fixed payments over a defined period and provide customers with an
option to purchase the subject containers at the end of the lease term. Per-diem rates
include an element of repayment of capital and therefore are usually higher than rates
charged under either term or master leases.
 6




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##### 



Customers
    Repair and Maintenance
   Disposition of Used Containers
  7




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##### 



Operations
      Insurance
      8




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##### 



9




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##### 



Item 1A. Risk Factors
    Dependence of the Container Leasing Business on the Volume of World Trade and Other Factors.
 10




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##### 



Risks of Ownership and Leasing of Special Purpose Containers.
 Risk of Terrorism Involving Containers.
 Other Risks of Container Leasing.
 
    
    general economic conditions, such as inflation and fluctuations in general business
conditions;
    
    fluctuations in supply and demand for containers resulting from, among other things,
obsolescence, changes in the methods or economics of a particular mode of transportation or
changes in governmental regulations or safety standards;
    
    increases in maintenance expenses, taxes, insurance costs, third party fees and other
expenses attributable to the operation and the maintenance of the containers that cannot be
offset by increased lease revenues from the containers;
    
    the risk of uninsured losses with respect to the containers or insured losses for which
insurance proceeds are inadequate, resulting in a possible loss of invested capital in and
any profits anticipated from such containers;
    
    the effects of strikes, labor disputes and foreign political unrest on the Partnerships
container leasing business;
    
    bankruptcies, contract disputes, or defaults in payment by sub-lessees of the
Partnerships containers resulting in uncollectible amounts and the accumulation of expenses
and off-lease time attributable to the recovery of containers, or the inability to recover
containers from such lessees;
    
    the possibility that sub-lessees of the Partnerships containers will elect to purchase
and own equipment rather than lease it from third parties, including the Leasing Company;
and
    
    loss of revenues and increases in storage expenses during periods when containers are not
being utilized.
 Effect of Operating Leases: Rental Payments are Insufficient to Return the Original
Investment in the Containers.
 11




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##### 



Residual Value of Containers.
 Competition.
 No Assurance of Successful Operations.
 Defaults by Lessees.
 Effect of Environmental Regulation on Refrigerated Containers.
 Environmental Liability Risks.
 12




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##### 



Risk Associated with the Operations of an Equipment Leasing Business in Partnership Form
 Reliance Upon CCC and the Leasing Company.
 Dependence Upon Key Personnel.
 Conflicts of Interest.
 Compensation of CCC and the Leasing Company.
 Return of Capital.
 Lack of Liquidity.
 Limited Voting Rights of Limited Partners.
 Unspecified Lessees.
 13




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##### 



Limited Liability Not Clearly Defined.
 
 Item 1B. Unresolved Staff Differences
  
 Item 2. Properties
  EstimatedUseful Life
    
    
    Average Age
    
    
    Average Cost20-Foot Dry Cargo Containers
    
    12-15 years
    
    13 years
    
    $
    2,44540-Foot Dry Cargo Containers
    
    12-15 years
    
    13 years
    
    $
    4,14740-Foot High-Cube Dry Cargo Containers
    
    12-15 years
    
    8 years
    
    $
    3,28420-Foot Refrigerated Containers
    
    12-15 years
    
    11 years
    
    $
    17,97340-Foot Refrigerated Containers
    
    12-15 years
    
    13 years
    
    $
    18,338
   
 Item 3. Legal
  
 Item 4. Submission of Matters to a Vote of Security Holders
  14




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##### 



PART II
 
 Item 5. Market for the Partnerships Common Equity and Related Stockholder Matters
         Number of Unit Holders(b)(1) Title of Class
    
    as of December 31, 2005Units of limited partnership interests
    
    
    4,015
       15




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##### 



Item 6. Selected Financial Data
 Year Ended December 31,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Net lease revenue
    
    $
    2,466,199
    
    
    $
    2,866,160
    
    
    $
    2,602,764
    
    
    $
    2,626,409
    
    
    $
    3,141,175Net income (loss)
    
    $
    571,567
    
    
    $
    (78,371
    )
    
    $
    (402,067
    )
    
    $
    (986,224
    )
    
    $
    (2,585,671
    )Net income (loss) per unit of
limited partnership interest
    
    $
    0.14
    
    
    $
    (0.06
    )
    
    $
    (0.13
    )
    
    $
    (0.33
    )
    
    $
    (0.90
    )Cash distributions per unit of
limited partnership interest
    
    $
    1.66
    
    
    $
    1.22
    
    
    $
    1.26
    
    
    $
    1.01
    
    
    $
    1.15At year-end:Total assets
    
    $
    9,268,530
    
    
    $
    13,829,071
    
    
    $
    17,680,268
    
    
    $
    21,989,754
    
    
    $
    26,124,364Partners capital
    
    $
    9,268,530
    
    
    $
    13,829,071
    
    
    $
    17,680,268
    
    
    $
    21,989,754
    
    
    $
    26,124,364
 
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    16




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##### 



Liquidity and Capital Resources
      17




---



##### 



Cash from Operating Activities:
  Cash from Financing Activities:
 Off-Balance Sheet Arrangements
  Contractual Obligations
  Results of Operations
 Market Overview
   
    
    Activity-related expenses, including agent and depot costs such as repairs, maintenance
and handling.
    
    Inventory-related expenses for off-hire containers, comprising of storage and
repositioning costs. These costs are sensitive to the quantity of off-hire containers as
well as the frequency at which containers are re-delivered.
    
    Legal and other expenses, including legal costs related to the recovery of containers and
doubtful accounts, insurance and provisions for doubtful accounts.
 18




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##### 



Dry Cargo
    
    
    RefrigeratedContainers
    
    
    Containers40-Foot20-Foot
    
    
    40-Foot
    
    
    High-Cube
    
    
    20-Foot
    
    
    40-FootContainers on lease:Master lease
    
    
    3,028
    
    
    
    945
    
    
    
    104
    
    
    
    182
    
    
    
    7Term leaseShort term1
    
    
    630
    
    
    
    209
    
    
    
    29
    
    
    
    31
    
    
    
    2Long term2
    
    
    1,033
    
    
    
    492
    
    
    
    13
    
    
    
    
    
    
    
    Subtotal
    
    
    4,691
    
    
    
    1,646
    
    
    
    146
    
    
    
    213
    
    
    
    9Containers off lease
    
    
    352
    
    
    
    255
    
    
    
    10
    
    
    
    71
    
    
    
    5Total container fleet
    
    
    5,043
    
    
    
    1,901
    
    
    
    156
    
    
    
    284
    
    
    
    14
 
 1.
    
    Short term leases represent term leases that are either scheduled for renegotiation or that
may expire in 2006.2.
    
    Long term leases represent term leases, the majority of which will expire between 2007 and
2010. Dry Cargo
    
    
    RefrigeratedContainers
    
    
    Containers40-Foot20-Foot
    
    
    40-Foot
    
    
    High-Cube
    
    
    20-Foot
    
    
    40-FootUnits
    
    
    %
    
    
    Units
    
    
    %
    
    
    Units
    
    
    %
    
    
    Units
    
    
    %
    
    
    Units
    
    
    %Total purchases
    
    
    8,778
    
    
    
    100
    %
    
    
    3,612
    
    
    
    100
    %
    
    
    216
    
    
    
    100
    %
    
    
    511
    
    
    
    100
    %
    
    
    350
    
    
    
    100
    %Less disposals
    
    
    3,735
    
    
    
    43
    %
    
    
    1,711
    
    
    
    47
    %
    
    
    60
    
    
    
    28
    %
    
    
    227
    
    
    
    44
    %
    
    
    336
    
    
    
    96
    %Remaining fleet at December 31, 2005
    
    
    5,043
    
    
    
    57
    %
    
    
    1,901
    
    
    
    53
    %
    
    
    156
    
    
    
    72
    %
    
    
    284
    
    
    
    56
    %
    
    
    14
    
    
    
    4
    %
  2005
    
    
    2004
    
    
    2003Fleet size (measured in
twenty-foot equivalent units (TEU))Dry cargo containers
    
    
    10,138
    
    
    
    12,115
    
    
    
    13,401Refrigerated containers
    
    
    435
    
    
    
    722
    
    
    
    886Average utilization ratesDry cargo containers
    
    
    94
    %
    
    
    91
    %
    
    
    82
    %Refrigerated containers
    
    
    83
    %
    
    
    84
    %
    
    
    83
    %
   19




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##### 



Year Ended December 31, 2005 Compared to the Year Ended December 31, 2004
  Depreciation expense
 20




---



##### 



Other general and administrative expenses
 Net loss on disposal of equipment
  Year Ended December 31, 2004 Compared to the Year Ended December 31, 2003
 Net lease revenue
 Depreciation expense
 Other general and administrative expenses
 Net loss on disposal of equipment
 Critical Accounting Policies
 Container equipment
 Container equipment  valuation:
 21




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##### 



Allowance for doubtful accounts:
 New Accounting Pronouncements
  Inflation
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 8. Financial Statements and Supplementary Data
 22




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 23




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Balance Sheets
 December 31, 2005 and 2004
 2005
    
    
    2004AssetsCurrent assets:Cash and cash equivalents, includes $1,634,572 in 2005 and
$2,220,887 in 2004 in interest-bearing accounts
    
    $
    1,649,572
    
    
    $
    2,235,887Net lease and other receivables due from Leasing Company
    
    
    427,800
    
    
    
    453,718Total current assets
    
    
    2,077,372
    
    
    
    2,689,605Container rental equipment, at cost
    
    
    26,037,800
    
    
    
    33,635,401Less accumulated depreciation
    
    
    (18,846,642
    )
    
    
    (22,495,935
    )Net container rental equipment
    
    
    7,191,158
    
    
    
    11,139,466Total assets
    
    $
    9,268,530
    
    
    $
    13,829,071Partners CapitalPartners capital (deficit):General partner
    
    $
    (470,255
    )
    
    $
    (463,125
    )Limited partners
    
    
    9,738,785
    
    
    
    14,292,196Total partners capital
    
    $
    9,268,530
    
    
    $
    13,829,071
  24




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Statements of Operations
 For the years ended December 31, 2005, 2004 and 2003
 2005
    
    
    2004
    
    
    2003Net lease revenue
    
    $
    2,466,199
    
    
    $
    2,866,160
    
    
    $
    2,602,764Other operating income (expenses):Depreciation
    
    
    (1,854,427
    )
    
    
    (2,311,304
    )
    
    
    (2,516,389
    )Other general and administrative expenses
    
    
    (123,739
    )
    
    
    (112,571
    )
    
    
    (110,434
    )Net gain (loss) on disposal of equipment
    
    
    40,069
    
    
    
    (530,979
    )
    
    
    (387,529
    )(1,938,097
    )
    
    
    (2,954,854
    )
    
    
    (3,014,352
    )Income (loss) from operations
    
    
    528,102
    
    
    
    (88,694
    )
    
    
    (411,588
    )Other income:Interest income
    
    
    43,465
    
    
    
    10,323
    
    
    
    9,521Net income (loss)
    
    $
    571,567
    
    
    $
    (78,371
    )
    
    $
    (402,067
    )Allocation of net income (loss):General partner
    
    $
    163,562
    
    
    $
    102,365
    
    
    $
    (4,020
    )Limited partners
    
    
    408,005
    
    
    
    (180,736
    )
    
    
    (398,047
    )$
    571,567
    
    
    $
    (78,371
    )
    
    $
    (402,067
    )Limited partners per unit share of net income (loss)
    
    $
    0.14
    
    
    $
    (0.06
    )
    
    $
    (0.13
    )
  25




---



##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Statements of Partners Capital
 For the years ended December 31, 2005, 2004 and 2003
 Limited
    
    
    GeneralPartners
    
    
    Partner
    
    
    TotalBalances at January 1, 2003
    
    $
    22,257,140
    
    
    $
    (267,386
    )
    
    $
    21,989,754Net loss
    
    
    (398,047
    )
    
    
    (4,020
    )
    
    
    (402,067
    )Cash distributions
    
    
    (3,755,254
    )
    
    
    (152,165
    )
    
    
    (3,907,419
    )Balances at December 31, 2003
    
    
    18,103,839
    
    
    
    (423,571
    )
    
    
    17,680,268Net (loss) income
    
    
    (180,736
    )
    
    
    102,365
    
    
    
    (78,371
    )Cash distributions
    
    
    (3,630,907
    )
    
    
    (141,919
    )
    
    
    (3,772,826
    )Balances at December 31, 2004
    
    
    14,292,196
    
    
    
    (463,125
    )
    
    
    13,829,071Net income
    
    
    408,005
    
    
    
    163,562
    
    
    
    571,567Cash distributions
    
    
    (4,961,416
    )
    
    
    (170,692
    )
    
    
    (5,132,108
    )Balances at December 31, 2005
    
    $
    9,738,785
    
    
    $
    (470,255
    )
    
    $
    9,268,530
  26




---



##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Statements of Cash Flows
 For the years ended December 31, 2005, 2004 and 2003
 2005
    
    
    2004
    
    
    2003Cash flows from operating activities:Net income (loss)
    
    $
    571,567
    
    
    $
    (78,371
    )
    
    $
    (402,067
    )Adjustments to reconcile net loss to net cash from
operating activities:Depreciation
    
    
    1,854,427
    
    
    
    2,311,304
    
    
    
    2,516,389Net (gain) loss on disposal of equipment
    
    
    (40,069
    )
    
    
    530,979
    
    
    
    387,529(Increase) decrease in net lease and other
receivables due from Leasing Company
    
    
    (36,867
    )
    
    
    73,850
    
    
    
    (19,476
    )Total adjustments
    
    
    1,777,491
    
    
    
    2,916,133
    
    
    
    2,884,442Net cash provided by operating activities
    
    
    2,349,058
    
    
    
    2,837,762
    
    
    
    2,482,375Cash flows from investing activities:Proceeds from sale of container rental equipment
    
    
    2,196,735
    
    
    
    1,523,632
    
    
    
    929,713Cash flows from financing activitiesDistributions to general partner
    
    
    (170,692
    )
    
    
    (141,919
    )
    
    
    (152,165
    )Distributions to limited partners
    
    
    (4,961,416
    )
    
    
    (3,630,907
    )
    
    
    (3,755,254
    )Net cash used in financing activities
    
    
    (5,132,108
    )
    
    
    (3,772,826
    )
    
    
    (3,907,419
    )Net (decrease) increase in cash and cash equivalents
    
    
    (586,315
    )
    
    
    588,568
    
    
    
    (495,331
    )Cash and cash equivalents at beginning of year
    
    
    2,235,887
    
    
    
    1,647,319
    
    
    
    2,142,650Cash and cash equivalents at end of year
    
    $
    1,649,572
    
    
    $
    2,235,887
    
    
    $
    1,647,319
  27




---



##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Notes to Financial Statements
 December 31, 2005, 2004 and 2003
 (1)
    
    Summary of Significant Accounting Policies
 (a)
    
    Nature of Operations
     (b)
    
    Leasing Company and Leasing Agent Agreement
  28




---



##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (b)
    
    Leasing Company and Leasing Agent Agreement (continued)
  (c)
    
    Concentrations of Credit Risk
  (d)
    
    Basis of Accounting
  (e)
    
    Use of Estimates
   29




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (f)
    
    Allocation of Net Income or Loss, Partnership Distributions and Partners
Capital
   (f)
    
    Allocation of Net Income or Loss, Partnership Distributions and Partners
Capital (continued)
  (g)
    
    Acquisition Fees
  30




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (h)
    
    Container Rental Equipment
   (i)
    
    Income Taxes
  (j)
    
    Financial Statement Presentation
  (k)
    
    New Accounting Pronouncements
  31




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (2)
    
    Operating Segment
   2005
    
    
    2004
    
    
    2003Dry cargo containers
    
    $
    2,455,773
    
    
    $
    2,879,752
    
    
    $
    2,904,414Refrigerated containers
    
    
    807,607
    
    
    
    1,263,320
    
    
    
    1,453,437Total
    
    $
    3,263,380
    
    
    $
    4,143,072
    
    
    $
    4,357,851
   (3)
    
    Cash and Cash Equivalents
  32




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (4)
    
    Net Lease and Other Receivables Due from Leasing Company
  December 31,
    
    
    December 31,2005
    
    
    2004Gross lease and other receivables
    
    $
    933,160
    
    
    $
    1,025,167Less:Direct operating payables and accrued expenses
    
    
    245,322
    
    
    
    278,630Damage protection reserve (note 5)
    
    
    87,426
    
    
    
    115,519Base management fees (receivable) payable
    
    
    (1,497
    )
    
    
    28,880Reimbursed administrative expenses
    
    
    15,150
    
    
    
    19,554Allowance for doubtful accounts
    
    
    158,959
    
    
    
    128,866505,360
    
    
    
    571,449Net lease and other receivables
    
    $
    427,800
    
    
    $
    453,718
 (5)
    
    Damage Protection Plan
  (6)
    
    Net Lease Revenue
  2005
    
    
    2004
    
    
    2003Rental revenue
    
    $
    3,263,380
    
    
    $
    4,143,072
    
    
    $
    4,357,851Less:Rental equipment operating expenses
    
    
    383,924
    
    
    
    747,066
    
    
    
    1,211,114Base management fees
    
    
    225,657
    
    
    
    284,400
    
    
    
    293,601Reimbursed administrative expenses:Salaries
    
    
    134,156
    
    
    
    169,569
    
    
    
    176,164Other payroll related expenses
    
    
    18,880
    
    
    
    21,260
    
    
    
    18,815General and administrative expenses
    
    
    34,564
    
    
    
    54,617
    
    
    
    55,393187,600
    
    
    
    245,446
    
    
    
    250,372797,181
    
    
    
    1,276,912
    
    
    
    1,755,087Net lease revenue
    
    $
    2,466,199
    
    
    $
    2,866,160
    
    
    $
    2,602,764
 33




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (7)
    
    Compensation to General Partner and its Affiliates
  2005
    
    
    2004
    
    
    2003Base management feesCCC
    
    $
    
    
    
    $
    
    
    
    $
    Leasing Company
    
    
    225,657
    
    
    
    284,400
    
    
    
    293,601225,657
    
    
    
    284,400
    
    
    
    293,601Reimbursed administrative expensesCCC
    
    
    24,532
    
    
    
    31,396
    
    
    
    28,952Reimbursed administrative expenses
    
    
    163,068
    
    
    
    214,050
    
    
    
    221,420187,600
    
    
    
    245,446
    
    
    
    250,372$
    413,257
    
    
    $
    529,846
    
    
    $
    543,973
  2005
    
    
    2004CCC
    
    $
    2,441
    
    
    $
    2,494Leasing Company
    
    
    11,212
    
    
    
    45,940$
    13,653
    
    
    $
    48,434
 (8)
    
    Limited Partners Capital
   34




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##### 



Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
   
 Item 9B. Other Information
  35




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##### 



PART III
 
 Item 10. Directors and Executive Officers of the Partnership
  Name
    
    OfficeDennis J. Tietz
    
    President, Chief Executive Officer and DirectorJohn Kallas
    
    Vice President, Chief Financial Officer and DirectorElinor A. Wexler
    
    Vice President/Administration, Secretary and DirectorPeter J. Younger
    
    Director
 Dennis J. Tietz
   John Kallas
  Elinor A. Wexler
  Peter J. Younger
 36




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##### 



Name
    
    TitlePeter J. Younger
    
    President, Chief Operating Officer of The Cronos GroupJohn M. Foy
    
    Senior Vice President/Pacific RegionJohn C. Kirby
    
    Senior Vice President/North Atlantic RegionFrank P. Vaughan
    
    Director, Leasing CompanyTimothy W. Courtenay
    
    Director, Leasing Company
 Peter J. Younger
 John M. Foy
 John C. Kirby
 Frank P. Vaughan
  Timothy W. Courtenay
 37




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##### 



Audit Committee
  Audit Committee Financial Expert
  Code of Ethics
  ir@cronos.com
 Section 16(a) Beneficial Ownership Reporting Compliance
  
 Item 11. Executive Compensation
   38




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##### 



Cash Fees andName
    
    Description
    
    Distributions1)
    
    CCL
    
    Base management fees  equal to 7% of
gross lease billings from the leasing of
containers subject to leases whereby the
aggregate rental payments due during the
initial term of the lease are less than
the purchase price of the equipment
subject to the lease pursuant to Section
4.3 of the Limited Partnership Agreement
    
    $
    256,0342)
    
    CCC
CCL
    
    Reimbursed administrative expenses -
equal to the costs expended by CCC and
its affiliates for services necessary to
the prudent operation of the Partnership
pursuant to Section 4.4 of the Limited
Partnership Agreement
    

$   24,586
$167,4193)
    
    CCC
    
    Interest in Fund  5% of distributions
of distributable cash for any quarter
pursuant to Section 6.1 of the Limited
Partnership Agreement
    
    $
    170,692
 
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
         
 Item 13. Certain Relationships and Related Transactions
     39




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##### 



Item 14. Principal Accountant Fees and Services
  Audit Fees
  Audit-Related Fees
  Tax Fees
  All Other Fees
  40




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##### 



PART IV
 
 Item 15. Exhibits and Financial Statement Schedules
 Page(1)
    
    Financial StatementsReport of Independent Registered Public Accounting Firm
    
    
    23(2)
    
    The following financial statements of the Partnership are included in Part II, Item 8:Balance Sheets  as of December 31, 2005 and 2004
    
    
    24Statements of Operations  for the years ended December 31, 2005, 2004 and 2003
    
    
    25Statements of Partners Capital  for the years ended December 31, 2005, 2004 and 2003
    
    
    26Statements of Cash Flows  for the years ended December 31, 2005, 2004 and 2003
    
    
    27Notes to Financial Statements
    
    
    28
  3.
    
    Exhibits
 ExhibitNo
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement of the
Partnership, amended and restated as of
September 12, 1988
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **10
    
    Form of Leasing Agent Agreement with
Cronos Containers Limited
    
    ***31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this documentFiled with this document32
    
    Section 1350 Certifications
    
    ****
 
 *
    
    Incorporated by reference to Exhibit A to the Prospectus of the Partnership dated September
12, 1988, included as part of Registration Statement on Form S-1 (No. 33-23321)**
    
    Incorporated by reference to Exhibit 3.4 to the Registration Statement on Form S-1 (No.
33-23321)***
    
    Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No.
33-42697)****
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed filed with the Commission or subject to the rules
and regulations promulgated by the Commission under the Securities Exchange Act of 1934, as
amended, or to the liabilities of Section 18 of said Act. 41




---



##### 



SIGNATURES
  CRONOS GLOBAL INCOME FUND XIV, L.P.By
    
    Cronos Capital Corp.The General PartnerBy
    
    /s/ Dennis J. TietzDennis J. TietzPresident and Director of Cronos Capital Corp. (CCC)Principal Executive Officer of CCC
   Signature
    
    Title
    
    Date/s/ Dennis J. Tietz

Dennis J. Tietz
    
    President and Director of
Cronos Capital Corp.
(CCC) (Principal Executive
Officer of CCC)
    
    March 24, 2006/s/ John Kallas

John Kallas
    
    Chief Financial Officer and
Director of
Cronos Capital Corp. (CCC)
(Principal Financial and
Accounting Officer of CCC)
    
    March 24, 2006/s/ Elinor A. Wexler

Elinor A. Wexler
    
    Vice President-Administration,
Secretary and Director of
Cronos Capital Corp.
    
    March 24, 2006




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##### 



Exhibit Index
 ExhibitNo
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement of the
Partnership, amended and restated as of
September 12, 1988
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **10
    
    Form of Leasing Agent Agreement with
Cronos Containers Limited
    
    ***31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this document32
    
    Section 1350 Certifications
    
    Filed with this document ****
 
 *
    
    Incorporated by reference to Exhibit A to the Prospectus of the Partnership dated September
12, 1988, included as part of Registration Statement on Form S-1 (No. 33-23321)**
    
    Incorporated by reference to Exhibit 3.4 to the Registration Statement on Form S-1 (No.
33-23321)***
    
    Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No.
33-42697)****
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed filed with the Commission or subject to the
rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of said Act.