<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 $ 250.00

                   For the fiscal year ended December 31, 1996

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

           For the transition period from             to            .

                         Commission file number 0-23158

                       CRONOS GLOBAL INCOME FUND XIV, L.P.
             (Exact name of registrant as specified in its charter)

           California                                    94-3163375
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

         444 Market Street, 15th Floor, San Francisco, California 94111
               (Address of principal executive offices) (Zip Code)

        Registrant's telephone number, including area code (415) 677-8990

          Securities registered pursuant to Section 12(b) of the Act:

                                                    Name of each exchange on
         Title of each class                            which registered
         -------------------                        ------------------------
           Not Applicable
         -------------------                        ------------------------
           Securities registered pursuant to Section 12(g) of the Act:

                     UNITS OF LIMITED PARTNERSHIP INTERESTS
                     --------------------------------------
                                (Title of Class)

                     --------------------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 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    .
                                      ---    ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]

The aggregate market value of the voting stock held by non-affiliates of the
registrant is not applicable.

                                Documents Incorporated by Reference
<TABLE>
PART I
<S>      <C>                    <C>   
Item 1 - Business               Prospectus of Cronos Global Income Fund XIV, L.P., dated December 1, 1992 included as
                                part of Registration Statement on Form S-1 (No. 33-51810)

                                Certificate of Limited Partnership of Cronos Global Income Fund XIV, L.P., filed as
                                Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-51810)

                                Form of  Leasing Agent Agreement with Cronos Containers Ltd., filed as Exhibit 10.2 to the
                                Registration Statement on Form S-1 (No. 33-51810)

PART II
Item 9 - Changes in and Dis-     Current Report on Form 8-K of Cronos Global Income Fund XIV, L.P., filed
         agreements with         February 7, 1997 and April 14, 1997, respectively, and Amendment No. 1 to Current
         Accountants on          Report on Form 8-K filed February 26, 1997.
         Accounting and
         Financial Disclosure
</TABLE>

<PAGE>   2

                         PART I - FINANCIAL INFORMATION

Item 1. Business

   (a) General Development of Business

   The Registrant is a limited partnership organized under the laws of the State
of California on July 30, 1992, for the purpose of owning and leasing marine
cargo containers, special purpose containers and container-related equipment.
The Registrant was initially capitalized with $100, and commenced offering its
limited partnership interests to the public subsequent to December 1, 1992,
pursuant to its Registration Statement on Form S-1 (File No. 33-51810). The
Registrant had no securities holders as defined by the Securities and Exchange
Act of 1934 as of December 31, 1992. Additionally, the Registrant was not
engaged in any trade or business during the period covered by this report, as
the offering broke initial impound on January 29, 1993. The offering terminated
on November 30, 1993.

   The Registrant raised $59,686,180 in subscription proceeds. The following
table sets forth the use of said subscription proceeds:

<TABLE>
<CAPTION>
                                                                   Percentage of
                                                     Amount        Gross Proceeds
                                                   -----------     -------------
<S>                                                <C>                   <C>   
       Gross 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%
                                                   ===========     ===========
</TABLE>

                                               2
<PAGE>   3

   The general partner of the Registrant is Cronos Capital Corp. ("CCC"), a
wholly-owned subsidiary of Cronos Holdings/Investments (U.S.), Inc., a Delaware
corporation, which is in turn a wholly-owned subsidiary of The Cronos Group, a
Luxembourg company. These and other affiliated companies are ultimately
wholly-owned by The Cronos Group, a holding company registered in Luxembourg
("the Holding Company") and are collectively referred to as the "Group". The
activities of the container division of the Group are managed through the
Group's subsidiary in the United Kingdom, Cronos Containers Limited ("the
Leasing Company"). The Leasing Company manages the leasing operations of all
equipment owned or managed by the Group on its own behalf or on behalf of other
third-party container owners, including all other programs organized by CCC.

   On December 1, 1992, the Leasing Company entered into a Leasing Agent
Agreement with the Registrant assuming the responsibility for all container
leasing activities.

   For information concerning the containers acquired by the Registrant, see
Item 2, "Properties."

   (b) Financial Information About Industry Segments

   Inapplicable.

   (c) Narrative Description of Business

   (c)(1)(i) A marine cargo container is a reusable metal container designed for
the efficient carriage of cargo with a minimum of exposure to loss from damage
or theft. Containers are manufactured to conform to worldwide standards of
container dimensions and container ship fittings adopted by the International
Standards Organization ("ISO") in 1968. The standard container is either 20'
long x 8' wide x 8'6" high (one twenty-foot equivalent unit ("TEU"), the
standard unit of physical measurement in the container industry) or 40' long x
8' wide x 8'6" high (two TEU). Standardization of the construction, maintenance
and handling of containers allows containers to be picked up, dropped off,
stored and repaired effectively throughout the world. This standardization is
the foundation on which the container industry has developed.

   Standard dry cargo containers are rectangular boxes with no moving parts,
other than doors, and are typically made of steel. They are constructed to carry
a wide variety of cargos ranging from heavy industrial raw materials to
light-weight finished goods. Specialized containers include, among others,
refrigerated containers for the transport of temperature-sensitive goods and
tank containers for the carriage of liquid cargo. Dry cargo containers
constitute approximately 87% of the worldwide container fleet. Refrigerated and
tank containers constitute approximately 6% of the worldwide container fleet,
with open-tops and other specialized containers constituting the remainder.

   One of the primary benefits of containerization has been the ability of the
shipping industry to effectively lower freight rates due to the efficiencies
created by standardized intermodal containers. Containers can be handled much
more efficiently than loose cargo and are typically shipped via several modes of
transportation, including truck, railway and ship. Containers require loading
and unloading only once and remain sealed until arrival at the final
destination, significantly reducing transport time, labor and handling costs and
losses due to damage and theft. Efficient movement of containerized cargo
between ship and shore reduces the amount of time that a ship must spend in port
and reduces the transit time of freight moves.

   The logistical advantages and reduced freight rates brought about by
containerization have been a major catalyst for world trade growth during the
last twenty-five years, which in turn has generated increased demand for
containerization. The world container fleet has grown from an estimated 270
thousand TEU in 1969 to 10 million TEU in 1996, and according to industry data,
growth of containerized shipping since 1987 has generally averaged two to three
times that of average GDP growth in industrialized countries.

   The rapid growth of containerization began with the standardization of
equipment sizes by international agreement in the late 1960's. Initially
confined to the highly competitive trade routes among the industrialized
nations, containerization expanded into substantially all free-world trade
routes by the early 1970's.

                                               3

<PAGE>   4

   Throughout the decade of the 1970's, conversion from break bulk shipping
methods to containers gained momentum in an environment of generally robust
growth in world trade (except during the 1975-76 world-wide recession). Both
shipping lines and container leasing companies responded to this growing market
demand with major container purchases, while container manufacturers
substantially boosted production capacity.

   During the early and mid-1980's, the container industry encountered
alternating periods of slow trade growth, creating excess container capacity,
followed by periods of economic recovery. From the late 1980s to 1991, the
container industry generally experienced a balance in supply and demand for
equipment. In 1992, companies embarked on ambitious container production
programs encouraged by positive economic forecasts and the profitability of the
industry in previous years. This produced an oversupply of containers as some of
the major world economies slipped into recession and ocean carriers and leasing
companies built up large container inventories. During 1993, container
purchasing declined, generally helping to reduce the oversupply of containers.

   During 1994 and 1995, the world's major industrialized nations emerged from a
global economic recession. Consequently, excess equipment inventories that had
resulted from the sluggish growth in world trade during 1992 and 1993, as well
as increased production capacity, were absorbed. Since 1995, the container
industry's fleet grew from a size of approximately nine million TEU to
approximately ten million TEU, equivalent to a growth of almost 11%,
representing one of the industry's largest fleet expansions to date. The primary
factor driving demand during 1995 and 1996 has been the steady introduction of
new containership tonnage, which grew at a rate comparable to the container
industry's fleet. However, the growth in the container industry's fleet, as well
as containership tonnage, outpaced increases in worldwide containerized trade,
estimated to be approximately 8%-10% during 1995 and 6-7% during 1996. As a
result, a general surplus capacity arose, in both containership tonnage and
containers, contributing to the current recession that has impacted the
container leasing industry. Additionally, during 1995 and 1996, container prices
steadily declined to levels not seen in a decade, resulting in ocean carriers
purchasing boxes for their own account, further reducing the demand for leased
containers and since mid-1995, contributing to a decline in container
utilization and per-diem rental rates throughout the container leasing industry.

   The Registrant believes that growth of containerization will continue in
subsequent years for the following reasons:

   o  Lower freight rates resulting from containerization are generating new
      cargos that previously were not economical to export. Containerization
      provides inexpensive, timely and secure transport to manufacturers
      allowing them to take advantage of regional opportunities in technology or
      labor, and to move products to different locations at various stages of
      production;

   o  Intermodal traffic is expected to continue to grow, and industrialized
      countries are continuing to improve intermodal infrastructure (i.e.,
      railways, roads and ports);

   o  Shippers continue to demand transportation of cargo by containers rather
      than break-bulk;

   o  Countries with rapidly-growing economies in emerging markets are
      continuing to build new container port facilities that accommodate an
      increased flow of containerized trade; and

   o  Recent trade agreements, such as the North American Free Trade Agreement
      ("NAFTA") and the General Agreement on Tariffs and Trade ("GATT"), should
      further stimulate world trade, and, therefore containerized trade.

   The container leasing industry has been a significant contributor to the
growth of containerization, and, in 1996, had an approximately 46% share of the
total world container fleet with ocean carriers holding most of the remainder.
To an ocean carrier, the primary benefits of leasing rather than owning
containers are the following:

   o  Reduced Capital Expenditures. Leasing is an attractive option to ocean
      carriers because ownership of containers requires significant capital
      expenditures. Carriers constantly evaluate their investment strategy, with
      container purchasing competing directly with other expenditure
      requirements, such as ship purchases, ship conversions and terminal
      improvements. Container leasing allows ocean carriers to invest capital in
      assets that are more central to their business.

                                        4

<PAGE>   5

   o  Improved Asset Management. Trade flow imbalances and seasonal demands
      frequently leave ocean carriers with regional surpluses or shortages of
      containers, requiring costly repositioning of empty containers. Leasing
      companies help ocean carriers manage these trade imbalances by providing
      the inventory to service demand, reducing the costs of maintaining local
      inventories and minimizing repositioning expenses. By matching different
      carriers' container needs, leasing companies can reduce their own risks of
      container inventory imbalances and seasonality through a portfolio of
      lessees as well as variations in lease terms.

   o  Increased Container Fleet Flexibility. Ocean carriers benefit from the
      variety of lease types offered by leasing companies such as the master
      lease, long-term and short-term lease and direct financing lease. These
      various leases give ocean carriers flexibility in sizing their fleets
      while minimizing capital costs. For example, master lease agreements give
      ocean carriers the option of adjusting the size of their fleets, with the
      flexibility to pick-up and drop-off containers at various locations around
      the world.

   Dry cargo containers are the most-commonly used type of container in the
shipping industry. The Registrant's dry cargo container fleet is constructed of
all Corten(R) steel (Corten(R) roofs, walls, doors and undercarriage), a
high-tensile steel yielding greater damage and corrosion resistance than mild
steel.

   Refrigerated containers are used to transport temperature-sensitive products
such as meat, fruit, vegetables and photographic film. All of the Registrant's
refrigerated containers have high-grade stainless steel interiors. The
Registrant's 20-foot refrigerated containers have high-grade stainless steel
walls, while the Registrant's 40-foot refrigerated containers are steel framed
with aluminum outer walls to reduce weight. As with the dry cargo containers,
all refrigerated containers are designed to minimize repair and maintenance and
maximize damage resistance. The Registrant's refrigerated containers are
designed and manufactured to include the latest generation refrigeration
equipment, with modular microprocessors controlling and monitoring the
container.

   The Registrant's containers are leased primarily to ocean-going steamship
companies operating in major trade routes (see Item 1(d)). Most if not all of
the Registrant's marine dry cargo containers are leased pursuant to operating
leases, primarily master leases, where the containers are leased to the ocean
carrier on a daily basis for any desired length of time, with the flexibility of
picking up and dropping off containers at various agreed upon locations around
the world and, secondarily, term leases (1-5 years) and one-way or round-trip
leases. Special purpose containers acquired by the Registrant, including
refrigerated containers, are generally committed to term leases, where the high
cost of interchanging the higher value specialized container makes master lease
agreements less attractive to customers.

   Master lease agreements. A master lease is designed to provide greater
flexibility by allowing customers to pick-up and drop-off containers where and
when needed, subject to restrictions and availability, on pre-agreed terms. The
commercial terms of master leases are generally negotiated annually. Master
leases also define the number of containers that may be returned within each
calendar month and the return locations and applicable drop-off charges. Because
of the increased flexibility they offer, master leases usually command higher
per-diem rates and generate more ancillary fees (including pick-up, drop-off,
handling and off-hire fees) than term leases.

   Term lease agreements. Term lease agreements include short-term and long-term
leases. Long-term lease agreements define the number of containers to be leased,
the pick-up and drop-off locations, the applicable per-diem rate for the
duration of the lease and the early termination penalties that may apply in the
event of early redelivery. Ocean carriers use long-term leases when they have a
need for identified containers for a specified term. Long-term leases usually
are not terminated early by the customer and provide the Registrant with stable
and relatively predictable sources of revenue, although per-diem rates and
ancillary charges are lower under long-term leases than under master lease
agreements. Short-term lease agreements have a duration of less than one year
and include one-way, repositioning and round-trip leases. They differ from
master leases in that they define the number and the term of containers to be
leased. Ocean carriers use one-way 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 after one or more legs of a
voyage. Except for direct financing leases, lease rates typically are highest
for short-term leases.

                                        5

<PAGE>   6

   Under these leases, customers are responsible for paying all taxes and
service charges arising from container use, maintaining the containers in good
and safe operating condition while on lease and paying for repairs upon
redelivery, other than ordinary wear and tear. Some leases provide for a "damage
protection plan" whereby lessees, for an additional payment (which may be in the
form of a higher per-diem rate), are relieved of the responsibility of paying
some of the repair costs upon redelivery of the containers. The Leasing Company
has historically provided this service on a limited basis to selected customers.
Repairs provided under such plans are carried out by the same depots, under the
same procedures, as are repairs to containers not covered by such plans.
Customers also are required to insure leased containers against physical damage
and loss, and against third party liability for loss, damage, bodily injury or
death.

   All containers are inspected and repaired when redelivered by a customer, and
customers are obligated to pay for all damage repair, excluding wear and tear,
according to standardized industry guidelines. Depots in major port areas
perform repair and maintenance which is verified by independent surveyors or the
Leasing Company's technical and operations staff.

   Before any repair or refurbishment is authorized on older containers in the
Registrant's fleet, the Leasing Company's technical and operations staff reviews
the age, condition and type of container and its suitability for continued
leasing. The Leasing Company compares the cost of such repair or refurbishment
with the prevailing market resale price that might be obtained for that
container and makes the appropriate decision whether to repair or sell the
container.

   The non-cancelable terms of the operating leases of the Registrant's
containers will not be sufficient to return to the Registrant as lessor the
purchase price of the equipment. In order to recover the original investment in
the equipment and achieve an adequate return thereon, it is necessary to renew
the lease, lease the equipment to another lessee at the end of the initial lease
term, or sell the equipment.

   The Registrant estimates that a dry cargo or refrigerated container may be
used as a leased marine cargo container for a period ranging from 10 to 15
years. The Registrant disposes of used containers in a worldwide market for used
containers in which buyers include wholesalers, mini-storage operators,
construction companies and others. The market for used refrigerated containers
is not as developed as the market for used dry cargo containers. Although a used
refrigerated container will command a higher price than a dry cargo container, a
dry cargo container will bring a higher percentage of its original price. As the
Registrant's fleet ages, a larger proportion of its revenues will be derived
from selling its containers.

   Of the 8,197 twenty-foot, 3,507 forty-foot and 98 forty-foot high-cube dry
cargo containers, as well as the 454 twenty-foot and 345 forty-foot refrigerated
containers owned by the Registrant as of December 31, 1996, 6,516 twenty-foot
(or 79% thereof), 2,737 forty-foot (or 78% thereof) and 84 forty-foot high-cube
dry cargo containers (or 86% thereof), and 330 twenty-foot (or 73% thereof) and
299 forty-foot refrigerated cargo containers (or 87% thereof) were on lease. The
following table sets forth the information on the lease terms with respect to
the containers on lease:

<TABLE>
<CAPTION>
                                                   Number of 
                                                  Containers 
                                                  ----------
<S>     <C>                                         <C>
        20-Foot Dry Cargo Containers: 
          Term Leases                                 995
          Master Leases                             5,521

        40-Foot Dry Cargo Containers:
          Term Leases                                 378
          Master Leases                             2,359

        40-Foot High-Cube Dry Cargo Containers:
          Term Leases                                   8
          Master Leases                                76

        20-Foot Refrigerated Cargo Containers:
          Term Leases                                 245
          Master Leases                                85

        40-Foot Refrigerated Cargo Containers:
          Term Leases                                 269
          Master Leases                                30
</TABLE>

                                               6

<PAGE>   7

   The Leasing Company will make payments to the Registrant based upon rentals
collected from ocean carriers after deducting certain operating expenses
associated with the containers, such as the base management fee payable to the
Leasing Company, certain expense reimbursements to CCC, the Leasing Company, and
its affiliates, the costs of maintenance and repairs not performed by lessees,
independent agent fees and expenses, depot expenses for handling, inspection and
storage, and additional insurance.

   The Registrant's sales and marketing operations are conducted through the
Leasing Company, in the United Kingdom, with support provided by area offices
and dedicated agents located in San Francisco, California; Iselin, New Jersey;
Windsor, England; Hamburg; Antwerp; Auckland; Genoa; Singapore; Hong Kong;
Sydney; Tokyo; Taipei; Seoul; Rio de Janeiro; and Shanghai. Each of the Leasing
Company's area offices and dedicated agents is staffed with local people
familiar with the customers and language of the region. The Leasing Company's
marketing directors have been employed in the container industry in their
respective regions for an average of 16 years, building direct personal
relationships with the local ocean carriers and locally based representatives of
other ocean carriers.

   The Leasing Company also maintains agency relationships with over 40
independent agents around the world, who are generally paid a commission based
upon the amount of revenues they generate in the region or the number of
containers that are leased from their area on behalf of the Registrant. They are
located in jurisdictions where the volume of the Leasing Company's business
necessitates a presence in the area but is not sufficient to justify a
fully-functioning Leasing Company office or dedicated agent. These agents
provide marketing support to the area offices covering the region, together with
limited operational support.

   In addition, the Leasing Company relies on the services of over 350
independently-owned and operated depots around the world to inspect, repair,
maintain and store containers while off-hire. The Leasing Company's area offices
authorize all container movements into and out of the depot and supervise all
repair and maintenance performed by the depot. The Leasing Company's technical
staff sets the standards for repair of its owned and managed fleet throughout
the world and monitors the quality of depot repair work. The depots provide a
vital link to the Leasing Company's operations, as the redelivery of a container
into a depot is the point at which the container is off-hired from one customer
and repaired in preparation for re-leasing to the next, and the point when the
Leasing Company's area offices report the container's movements onto the Leasing
Company's equipment tracking system. The Leasing Company's computer system has
the capability to accommodate future developments, such as allowing depots
access to record directly on the system the on-hire and off-hire activity of
containers delivered into the depot. It also has the capability of verifying the
terms of redelivery authorized by the area offices. These functions are
currently being performed by the Leasing Company's area offices.

   (c)(1)(ii) Inapplicable.

   (c)(1)(iii) Inapplicable.

   (c)(1)(iv) Inapplicable.

   (c)(1)(v) The Registrant's containers are leased globally, therefore,
seasonal fluctuations are minimal. Other economic and business factors to which
the transportation industry in general and the container leasing industry in
particular are subject, include fluctuations in supply and demand for equipment
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.

   (c)(1)(vi) The Registrant established a working capital reserve of
approximately 1% of subscription proceeds raised. In addition, the Registrant
may reserve additional amounts from anticipated cash distributions to the
partners to meet working capital requirements.

   Amounts due under master leases are calculated at the end of each month and
billed approximately six to eight days thereafter. Amounts due under short-term
and long-term leases are set forth in the respective lease agreements and are
generally payable monthly. Past due penalties are not customarily collected from
lessees, and accordingly are not generally levied by the Leasing Company against
lessees of the Registrant's containers.

                                        7

<PAGE>   8

   (c)(1)(vii) For the year ended December 31, 1996, no single lessee accounted
for 10% or more of the Registrant's rental income. The Registrant does not
believe that its ongoing business is dependent upon a single customer, although
the loss of one or more of its largest customers could have an adverse effect
upon its business.

   (c)(1)(viii) Inapplicable.

   (c)(1)(ix) Inapplicable.

   (c)(1)(x) Competition among container leasing companies is based upon several
factors, including the location and availability of inventory, lease rates, the
type, quality and condition of the containers, the quality and flexibility of
the service offered and the confidence in and professional relationship with the
lessor. Other factors include the speed with which a leasing company can prepare
its containers for lease and the ease with which a lessee believes it can do
business with a lessor or its local area office. The Leasing Company believes
that it, on behalf of the Registrant, competes favorably on all of these
factors.

   The Leasing Company, on behalf of the Registrant, competes with various
container leasing companies in the markets in which it conducts business,
including Genstar Container Corp., Transamerica Leasing, Triton Container
International Ltd., Textainer Corp. and others. In a series of recent
consolidations, one of the major leasing companies, as well as some smaller
ones, have been acquired by competitors. It is estimated that at the end of
1996, the ten largest leasing companies (including the Leasing Company)
represented 93% of the global leased fleet. Genstar Container Corp. and
Transamerica Leasing, the two largest container leasing companies, had
approximately 47% of the worldwide leased container fleet at the end of 1996.
Some of the Leasing Company's competitors have greater financial resources than
the Leasing Company and may be more capable of offering lower per-diem rates on
a larger fleet. In the Leasing Company's experience, however, ocean carriers
will generally lease containers from more than one leasing company in order to
minimize dependence on a single supplier. In addition, not all container leasing
companies compete in the same market, as some supply only dry cargo containers
and not specialized containers, while others offer only long-term leasing.

   (c)(1)(xi) Inapplicable.

   (c)(1)(xii) Environmental Matters

   A portion of the Registrant's equipment portfolio consists of special purpose
containers, primarily refrigerated containers. Historically, refrigerated
containers have utilized a refrigerant gas which is a chlorofluorocarbon ("CFC")
compound. It is generally assumed that CFCs are harmful to the Earth's ozone
layer when released into the atmosphere. Many nations, including the United
States, have taken action, both collectively and individually, to regulate CFCs.
These nations set various targets for the reduction in production and use of
CFCs starting as early as 1993, and their eventual elimination. There has been
substantial progress recently to determine a viable substitute for the
refrigerant used in containers, such that both the Leasing Company and the
container leasing industry association have selected a replacement refrigerant.
Production of new container refrigeration units operating with the replacement
refrigerant became generally available in 1993. All of the Registrant's
refrigerated containers use CFC refrigerated gas in the operation and insulation
of the containers. Depending on market pressures and future governmental
regulations, the Registrant's refrigerated containers may have to be retrofitted
with non-CFC refrigerants, the cost of which will be borne by the Registrant.
The Leasing Company's technical staff has cooperated with refrigeration
manufacturers in conducting investigations into the most effective and
economical retrofit plan. CCC and the Leasing Company believe that this expense,
should it be required, would not be material to the Registrant's financial
position or results of operations. In addition, refrigerated containers that are
not retrofitted may command lower prices in the used container market. Most of
the independent depot operators utilized by the Registrant currently have the
facilities to provide CFC recycling and disposal services to container owners
and lessors such as the Registrant.

   Under the state and Federal laws of the United States, and possibly under the
laws of other nations, the owner of a container may be liable for environmental
damage and/or cleanup and/or other sums in the event of actual or threatened
discharge or other contamination by material in a container. This liability may
be imposed on a container owner, such as the Registrant, even if the owner is
not at fault.

                                        8

<PAGE>   9

   (c)(1)(xiii) The Registrant, as a limited partnership, is managed by CCC, the
general partner, and accordingly does not itself have any employees. CCC has 27
employees, consisting of 4 officers, 5 other managers and 18 clerical and staff
personnel.

   (d) Financial Information about Foreign and Domestic Operations and Export
Sales

   The Registrant's business is not divided between foreign or domestic
operations. The Registrant's business is the leasing of containers worldwide to
ocean-going steamship companies. To this extent the Registrant's operations are
subject to the fluctuations of worldwide economic and political conditions that
may affect the pattern and levels of world trade.

   Rental income from leases to foreign customers exceeded 90% of the
Registrant's total rental income for the years 1996, 1995 and 1994. The
Registrant believes that the profitability of, and risks associated with, leases
to foreign customers is generally the same as those of leases to domestic
customers. The Leasing Company's leases generally require all payments to be
made in United States currency.

Item 2. Properties

   As of December 31, 1996, the Registrant owned 8,197 twenty-foot, 3,507
forty-foot and 98 forty-foot high-cube marine dry cargo containers, as well as
454 twenty-foot and 345 forty-foot refrigerated cargo containers, suitable for
transporting cargo by rail, sea or highway. The average useful life and
manufacturers' invoice cost of the Registrant's fleet as of December 31, 1996
was as follows:

<TABLE>
<CAPTION>
                                               Estimated
                                              Useful Life     Average Age  Average Cost
                                              -----------     -----------  ------------
     <S>                                      <C>               <C>           <C>    
     20-Foot Dry Cargo Containers             10-15 years       4 years       $ 2,500
     40-Foot Dry Cargo Containers             10-15 years       4 years       $ 4,175
     40-Foot High-Cube Dry Cargo Containers   10-15 years       4 years       $ 4,893
     20-Foot Refrigerated Cargo Containers    10-15 years       4 years       $19,659
     40-Foot Refrigerated Cargo Containers    10-15 years       4 years       $23,979
</TABLE>

   During 1996, the Registrant invested a portion of its cash generated from
sales proceeds to replace containers which had been lost or damaged beyond
repair by purchasing 48 new twenty-foot marine dry cargo containers at an
aggregate cost of $122,400. At December 31, 1996, the Registrant committed to
purchase an additional 104 twenty-foot and 62 forty-foot marine dry cargo
containers at an aggregate cost of approximately $488,000.

   Utilization by lessees of the Registrant's containers fluctuates over time
depending on the supply of and demand for containers in the Registrant's
inventory locations. During 1996, utilization of the dry cargo and refrigerated
container fleet averaged 83% and 87%, respectively.

   During 1996, the Registrant disposed of 94 twenty-foot and 19 forty-foot
marine dry cargo containers, as well as five twenty-foot, and three forty-foot
refrigerated cargo containers at an average book gain of $916 per container.

                                        9

<PAGE>   10

Item 3. Legal Proceedings

   As reported by the Registrant in its Current Report on Form 8-K, filed with
the SEC on February 7, 1997, as amended February 26, 1997, on February 3, 1997,
Arthur Andersen, London, England, resigned as auditors of the Holding Company
(The Cronos Group). In its letter of resignation, Arthur Andersen states that it
was unable to obtain adequate information in response to inquiries it had made
in connection with its audit of the Holding Company for the year ended December
31, 1996. In connection with its resignation, Arthur Andersen also prepared a
report pursuant to the provisions of Section 10A(b)(2) of the Securities
Exchange Act of 1934, as amended, for filing by the Holding Company with the
SEC.

   Following the report of Arthur Andersen, the SEC, on February 10, 1997,
commenced a private investigation of the Holding Company for the purpose of
investigating the matters discussed in such report and related matters. CCC does
not believe that the focus of the SEC's investigation is upon the Registrant or
CCC. CCC is unable at this time to predict the outcome of the SEC's private
investigation of the Holding Company.

Item 4. Submission of Matters to a Vote of Security Holders

   Inapplicable.

                                       10

<PAGE>   11

                                     PART II


Item 5. Market for the Registrant's Common Equity and Related Stockholder
        Matters

   (a) Market Information

   (a)(1)(i) The Registrant's outstanding units of limited partnership interests
are not traded on any market nor does an established public trading market exist
for such purposes.

   (a)(1)(ii) Inapplicable.

   (a)(1)(iii) Inapplicable.

   (a)(1)(iv) Inapplicable.

   (a)(1)(v) Inapplicable.

   (a)(2) Inapplicable.

   (b) Holders

<TABLE>
<CAPTION>
                                                   Number of Unit Holders
   (b)(1)    Title of Class                        as of December 31, 1996
             --------------                        -----------------------
             <S>                                            <C>   
             Units of limited partnership
             interests                                      4,147
</TABLE>

   (c) Dividends

   Inapplicable. For the distributions made by the Registrant to its limited
partners, see Item 6 below, "Selected Financial Data."

                                       11

<PAGE>   12

Item 6. Selected Financial Data

<TABLE>
<CAPTION>

                                                           Year Ended December 31,
                                          -----------------------------------------------------------
                                             1996           1995           1994              1993(1)
                                          -----------    -----------    -----------       -----------
     <S>                                  <C>            <C>            <C>               <C>        
     Net lease revenue                    $ 6,755,171    $ 8,153,170    $ 7,966,564       $ 2,414,467
     Net earnings                         $ 3,495,007    $ 4,843,256    $ 4,482,974       $   926,607
     Net earnings per unit of
          limited partnership interest    $      1.06    $      1.50    $      1.40       $       .66
     Cash distributions per unit of
          limited partnership interest    $      2.14    $      2.30    $      1.98       $      1.29
     At year-end:
     Total assets                         $45,562,941    $49,348,280    $52,201,676       $54,427,089
     Partners' capital                    $45,562,941    $48,795,720    $51,177,636       $52,903,049
</TABLE>

 ......................

(1) For the period January 29, 1993 (commencement of operations) through
    December 31, 1993.


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


Liquidity and Capital Resources

   The Registrant's primary objective is to generate cash flow from operations
for distribution to its limited partners and, during the initial years of
operation, reinvest excess cash flow in additional equipment. Aside from the
initial working capital reserve retained from gross subscription proceeds (equal
to approximately 1% of such proceeds), the Registrant relies primarily on
container rental receipts to meet this objective as well as to finance current
operating needs. No credit lines are maintained to finance working capital.

   At December 31, 1996, the Registrant had $1,730,504 in cash and cash
equivalents, a decrease of $188,835 and an increase of $970,192 from the
December 31, 1995 and 1994 cash balances, respectively. During 1996, the
Registrant expended $128,520 of cash generated from sales proceeds to pay for
additional containers. At December 31, 1996, the Registrant committed to
purchase an additional 166 dry cargo containers, replacing containers which have
been lost or damaged beyond repair, at an aggregate manufacturers invoice cost
of approximately $488,000. Approximately $361,000 in cash generated from
equipment sales, reserved as part of the Registrant's December 31, 1996 cash
balances, will be used to finance these purchases, in addition to cash generated
from equipment sales during the first quarter of 1997. Throughout the remainder
of 1997, the Registrant may use cash generated from equipment sales to purchase
and replace containers which have been lost or damaged beyond repair. Amounts
not used to purchase and replace containers may be distributed to its partners.

   Cash distributions from operations are allocated 5% to the general partner
and 95% to the limited partners. Distributions of sales proceeds are allocated
1% to the general partner and 99% to the limited partners. This sharing
arrangement will remain in place until the limited partners have received
aggregate distributions in an amount equal to their capital contributions plus
an 8% cumulative, compounded (daily), annual return on their adjusted capital
contributions. Thereafter, all distributions will be allocated 15% to the
general partner and 85% to the limited partners, pursuant to Section 6.1(b) of
the Partnership Agreement. Cash distribution from operations to the general
partner in excess of 5% of distributable cash will be considered an incentive
fee and compensation to the general partner.

                                       12
<PAGE>   13

   From inception through February 28, 1997, the Registrant has distributed
$21,753,323 in cash from operations to its limited partners, or 36% of the
Registrant's original limited partners' investment. Distributions are paid
monthly based primarily on each quarter's cash flow from operations. Monthly
distributions are also affected by periodic increases or decreases to working
capital reserves, as deemed appropriate by the general partner.

   Indicative of the cyclical nature of the container leasing business, the
container lease market has followed a general downward trend since mid-1995.
This downturn can be attributed to a fall in growth of containerized export
trade from key markets in Asia and the impact resulting from a build-up of
surplus containers at former high-demand locations. Leasing companies purchased
record amounts of containers in 1994 and 1995, while purchasing a smaller number
than ocean carriers and transport companies in 1996. During 1996, ocean carriers
and other transport companies moved away from leasing containers outright, as
declining container prices, favorable interest rates and the abundance of
available capital resulted in ocean carriers and transport companies purchasing
a larger share of equipment for their own account. This situation has
characterized the latest industry downturn. These leasing market conditions are
expected to continue throughout 1997, impacting the Registrant's liquidity and
capital resources.


Results of Operations

1996 - 1995

   A fall in growth of containerized export trade from key Asian markets
contributed to the container leasing market's downward trend during 1996. Also
contributing to the sluggish container leasing market conditions were declining
container prices, favorable interest rates and an abundance of available capital
which resulted in ocean carriers and transport companies purchasing a larger
share of containers for their own account, reducing the demand for leased
containers. Once the demand for leased containers began to fall, per-diem rental
rates were also adversely affected. In order to counter these market conditions,
the Leasing Company implemented various marketing strategies during 1996,
including but not limited to, offering incentives to shipping companies,
repositioning containers to high demand locations and focusing towards term
leases and other leasing opportunities, including the leasing of containers for
local storage.

   As the leasing industry's equipment moved into surplus, ocean carriers and
transport companies became increasingly selective about the age and condition of
containers taken on-hire. Many have adopted a policy of only leasing containers
of a certain age or less. It has been the Registrant's experience that in
periods of weak demand, many lessees insist on equipment three to five years of
age. Such criteria currently serves as a barrier to older equipment being taken
on-hire and did not materially impact the leasing opportunities of the
Registrant's fleet, which averaged four years of age at December 31, 1996, or
its results of operations. The primary component of the Registrant's results of
operations is net lease revenue. Net lease revenue is determined by deducting
direct operating expenses, management fees and reimbursed administrative
expenses, from rental revenues billed by the Leasing Company from the leasing of
the Registrant's containers and is directly related to the size, utilization and
per-diem rental rates of the Registrant's fleet. Net lease revenue declined by
approximately 17%, when compared to 1995, and is expected to decline in
subsequent periods as current container leasing market conditions continue.

   Gross rental revenue, a component of net lease revenue, decreased from
$11,127,401 in 1995 to $9,724,097 in 1996. The Registrant's average fleet size
(as measured in twenty-foot equivalent units ("TEU")) was 16,589 TEU in 1996, as
compared to 16,658 TEU in 1995. The Registrant's dry and refrigerated cargo
container utilization rates declined from averages of 89% and 99% during 1995,
to averages of 83% and 87% during 1996, respectively. Dry cargo container
per-diem rental rates declined 5% from 1995 levels, while refrigerated container
per-diem rental rates declined 3%. Rental equipment operating expenses, when
measured as a percentage of rental revenue, increased 3% due to higher storage
and handling costs associated with lower equipment utilization and increased
repositioning costs.

   The Registrant disposed of 94 twenty-foot and 19 forty-foot marine dry cargo
containers, as well as five twenty-foot and three forty-foot refrigerated
containers during 1996, as compared to 67 twenty-foot, 15 forty-foot and one
forty-foot high-cube marine dry cargo containers during 1995. The decision to
repair or dispose of a container is made when it is returned by a lessee. This
decision is influenced by various factors including the age, condition,
suitability for continued leasing, as well as the geographical location of the
container when disposed. These factors also influence the amount of sales
proceeds received and the related gain on container disposals.

                                       13

<PAGE>   14

   As reported in the Registrant's Current Report on Form 8-K and Amendment No.
1 to Current Report on Form 8-K, filed with the Commission on February 7, 1997
and February 26, 1997, respectively, Arthur Andersen, London, England, resigned
as auditors of The Cronos Group, a Luxembourg Corporation headquartered in
Orchard Lea, England (the "Parent Company"), on February 3, 1997.

   The Parent Company is the indirect corporate parent of Cronos Capital Corp.,
the General Partner of the Registrant. In its letter of resignation to the
Parent Company, Arthur Andersen states that it resigned as auditors of the
Parent Company and all other entities affiliated with the Parent Company. While
its letter of resignation was not addressed to the General Partner of the
Registrant, Arthur Andersen confirmed to the General Partner that its
resignation as auditors of the entities referred to in its letter of resignation
included its resignation as auditors of Cronos Capital Corp. and the Registrant.

   The Registrant retained a new auditor, Moore Stephens, P.C., on April 10,
1997, as reported in its Current Report on Form 8-K, filed April 14, 1997.

   The Registrant does not, at this time, have sufficient information to respond
to the concerns raised by Arthur Andersen with respect to its 1996 audit of the
Parent Company or the impact, if any, these concerns may have on the future
operating results and financial condition of the Registrant or the General
Partner's and Leasing Company's ability to manage the Registrant's business and
fleet in subsequent periods. However, the General Partner of the Registrant does
not believe, based upon the information currently available to it, that Arthur
Andersen's resignation was triggered by any concern over the accounting policies
and procedures followed by the Registrant.

   Arthur Andersen's report on the financial statements of Cronos Capital Corp.
and the Registrant, for either of the past two years, has not contained an
adverse opinion or a disclaimer of opinion, nor was any such report qualified or
modified as to uncertainty, audit scope, or accounting principles.

   During the Registrant's two most recent fiscal years and the subsequent
interim period preceding Arthur Andersen's resignation, there have been no
disagreements between Cronos Capital Corp. or the Registrant and Arthur Andersen
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.


1995 - 1994

   In 1995, the Registrant's operations were impacted by its slightly smaller
fleet size, increasingly competitive market conditions, including, but not
limited to, the container leasing market's resistance to higher per-diem rental
rates, an expanding supply of containers within the container industry, as well
as increased efficiencies in the shipping industry.

   The Registrant's average fleet size (as measured in twenty-foot equivalent
units ("TEU")) was 16,658 TEU, as compared to 16,600 TEU in 1994. The
Registrant's dry cargo container utilization rates decreased slightly from an
average of 90% during 1994, to an average of 89% during 1995. Refrigerated
container utilization rates averaged 99% in 1995, as compared to 95% in 1994.
Dry cargo container per-diem rental rates decreased by less than 1% from 1994
levels, while refrigerated container per-diem rental rates remained virtually
unchanged from 1994 levels. Despite the fluctuations and declines in the
Registrant's average fleet size, utilization and per-diem rental rates, gross
rental revenue, a component of net lease revenue, increased slightly from
$11,098,405 in 1994, to $11,127,401 in 1995. This increase can be partially
attributed to a 7% increase in ancillary revenue. Ancillary revenue, comprised
of pick-up, drop-off, handling and off-hire charges, as well as lease incentives
such as drop-off and pick-up credits, contributed to approximately 10.5% and
9.8% of the Registrant's total gross rental revenue in 1995 and 1994,
respectively.

   Rental equipment direct operating expenses, when measured as a percentage of
rental revenue, declined during 1995. This decrease was largely attributable to
reductions the costs associated with the recovery actions against the doubtful
accounts of certain lessees, including legal and container recovery expenses.

   The Registrant disposed of 67 twenty-foot, 15 forty-foot and one forty-foot
high-cube marine dry cargo containers during 1995, as compared to 12
twenty-foot, eight forty-foot and one forty-foot high-cube marine dry cargo
containers during 1994.

                                       14

<PAGE>   15

Cautionary Statement

   This Annual Report on Form 10-K contains statements relating to future
results of the Registrant, including certain projections and business trends,
that are "forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from those
projected as a result of certain risks and uncertainties, including but not
limited to changes in: economic conditions; trade policies; demand for and
market acceptance of leased marine cargo containers; competitive utilization and
per-diem rental rate pressures; as well as other risks and uncertainties,
including but not limited to those described in the above discussion of the
marine container leasing business under Item 7., Management's Discussion and
Analysis of Financial Condition and Results of Operations; and those detailed
from time to time in the filings of the Registrant with the Securities and
Exchange Commission.

Item 8. Financial Statements and Supplementary Data

                                       15

<PAGE>   16

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

The Partners
Cronos Global Income Fund XIV, L.P.:

We have audited the accompanying balance sheet of Cronos Global Income Fund XIV,
L.P., as of December 31, 1996, and the related statements of operations,
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cronos Global Income Fund XIV,
L.P. as of December 31, 1996, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.

Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information included in
Schedule 1, for the year ended December 31, 1996, is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.

                                               Moore Stephens, P.C.
                                               Certified Public Accountants

New York, New York,
  June 6, 1997

                                       16

<PAGE>   17

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

The Partners
Cronos Global Income Fund XIV, L.P.:

We have audited the accompanying balance sheet of Cronos Global Income Fund XIV,
L.P. as of December 31, 1995, and the related statements of operations,
partners' capital and cash flows for each of the two years in the period ended
December 31, 1995. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cronos Global Income Fund XIV,
L.P. as of December 31, 1995, and the results of its operations and its cash
flows for each of the two years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information included in
Schedule 1 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. This information has been
subjected to the auditing procedures applied in our audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.

                                                   Arthur Andersen LLP

San Francisco, California,
  March 15, 1996

                                       17

<PAGE>   18

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                                 BALANCE SHEETS

                           DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>
                              Assets                                           1996           1995
                              ------                                       -----------    -----------
    <S>                                                                    <C>            <C> 
     Current assets:
        Cash and cash equivalents, includes $1,730,128 in 1996
           and $1,919,046 in 1995 in interest-bearing accounts (note 2)    $ 1,730,504    $ 1,919,339
        Net lease receivables due from Leasing Company
           (notes 1 and 4)                                                   1,173,515      1,121,032
                                                                           -----------    -----------
              Total current assets                                           2,904,019      3,040,371
                                                                           -----------    -----------

     Container rental equipment, at cost                                    52,798,896     53,145,814
        Less accumulated depreciation                                       10,575,957      7,551,375
                                                                           -----------    -----------
           Net container rental equipment                                   42,222,939     45,594,439
                                                                           -----------    -----------

     Organizational costs, net (notes 1 and 3)                                 435,983        713,470
                                                                           -----------    -----------

                                                                           $45,562,941    $49,348,280
                                                                           ===========    ===========

            Liabilities and Partners' Capital

     Current liabilities:
        Due to general partner (notes 1 and 5)                             $        --    $   430,160
        Container rental equipment purchases payable                                --        122,400
                                                                           -----------    -----------

              Total current liabilities                                             --        552,560
                                                                           -----------    -----------

     Commitments (note 12)                                                          --             --

     Partners' capital:
        General partner                                                            776            223
        Limited partners (note 9)                                           45,562,165     48,795,497
                                                                           -----------    -----------

              Total partners' capital                                       45,562,941     48,795,720
                                                                           -----------    -----------

                                                                           $45,562,941    $49,348,280
                                                                           ===========    ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                       18

<PAGE>   19

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                            STATEMENTS OF OPERATIONS

              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994

<TABLE>
<CAPTION>
                                                            1996          1995           1994
                                                            ----          ----           ----
    <S>                                                  <C>           <C>           <C> 
     Net lease revenue (notes 1 and 7)                   $6,755,171    $8,153,170    $7,966,564

     Other operating expenses:
        Depreciation and amortization (notes 1 and 3)     3,368,219     3,378,375     3,445,525
        Other general and administrative expenses            86,415        85,534       122,604
                                                         ----------    ----------    ----------
                                                          3,454,634     3,463,909     3,568,129
                                                         ----------    ----------    ----------

              Earnings from operations                    3,300,537     4,689,261     4,398,435

     Other income:
        Interest income                                      83,609        89,791        27,028
        Net gain on disposal of equipment                   110,861        64,204        57,511
                                                         ----------    ----------    ----------
                                                            194,470       153,995        84,539
                                                         ----------    ----------    ----------

              Net earnings                               $3,495,007    $4,843,256    $4,482,974
                                                         ==========    ==========    ==========

     Allocation of net earnings:

        General partner                                  $  336,942    $  378,870    $  306,339
        Limited partners                                  3,158,065     4,464,386     4,176,635
                                                         ----------    ----------    ----------

                                                         $3,495,007    $4,843,256    $4,482,974
                                                         ==========    ==========    ==========

     Limited partners' per unit share of net earnings    $     1.06    $     1.50    $     1.40
                                                         ==========    ==========    ==========

   The accompanying notes are an integral part of these financial statements.
</TABLE>

                                       19

<PAGE>   20

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                         STATEMENTS OF PARTNERS' CAPITAL

              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994

<TABLE>
<CAPTION>
                                         Limited
                                         Partners          General
                                         (note 9)          Partner             Total
                                       ------------      ------------      ------------
    <S>                                <C>               <C>               <C>    

     Balances at December 31, 1993     $ 52,916,357      $    (13,308)     $ 52,903,049

     Net earnings                         4,176,635           306,339         4,482,974

     Cash distributions                  (5,897,969)         (310,418)       (6,208,387)
                                       ------------      ------------      ------------

     Balances at December 31, 1994       51,195,023           (17,387)       51,177,636

     Net earnings                         4,464,386           378,870         4,843,256

     Cash distributions                  (6,863,912)         (361,260)       (7,225,172)
                                       ------------      ------------      ------------

     Balances at December 31, 1995       48,795,497               223        48,795,720

     Net earnings                         3,158,065           336,942         3,495,007

     Cash distributions                  (6,391,397)         (336,389)       (6,727,786)
                                       ------------      ------------      ------------

     Balances at December 31, 1996     $ 45,562,165      $        776      $ 45,562,941
                                       ============      ============      ============
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                       20

<PAGE>   21

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                            STATEMENTS OF CASH FLOWS

              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994

<TABLE>
<CAPTION>
                                                                           1996             1995             1994
                                                                        -----------      -----------      -----------
    <S>                                                                 <C>              <C>              <C>
     Cash flows from operating activities:
        Net earnings                                                    $ 3,495,007      $ 4,843,256      $ 4,482,974
        Adjustments to reconcile net earnings to net cash
           provided by (used in) operating activities:
              Depreciation and amortization                               3,368,219        3,378,375        3,445,525
              Net gain on disposal of equipment                            (110,861)         (64,204)         (57,511)
              Decrease (increase) in net lease receivables due from
                Leasing Company                                              31,555          667,202         (993,674)
                                                                        -----------      -----------      -----------

                Total adjustments                                         3,288,913        3,981,373        2,394,340
                                                                        -----------      -----------      -----------

                Net cash provided by operating activities                 6,783,920        8,824,629        6,877,314
                                                                        -----------      -----------      -----------

     Cash flows from (used in) investing activities:
        Proceeds from sale of container rental equipment                    307,591          220,610          104,301
        Purchases of container rental equipment                            (122,400)         (61,040)         (90,325)
        Acquisition fees paid to general partner                           (430,160)        (600,000)        (504,394)
                                                                        -----------      -----------      -----------

                Net cash used in investing activities                      (244,969)        (440,430)        (490,418)
                                                                        -----------      -----------      -----------

     Cash flows used in financing activities:
        Distributions to partners                                        (6,727,786)      (7,225,172)      (6,207,795)
                                                                        -----------      -----------      -----------

                Net cash used in financing activities                    (6,727,786)      (7,225,172)      (6,207,795)
                                                                        -----------      -----------      -----------

     Net increase (decrease) in cash and cash equivalents                  (188,835)       1,159,027          179,101

     Cash and cash equivalents at beginning at year                       1,919,339          760,312          581,211
                                                                        -----------      -----------      -----------

     Cash and cash equivalents at end of year                           $ 1,730,504      $ 1,919,339      $   760,312
                                                                        ===========      ===========      ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                       21

<PAGE>   22

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                          NOTES TO FINANCIAL STATEMENTS
                        DECEMBER 31, 1996, 1995 AND 1994

(1) Summary of Significant Accounting Policies

    (a) Nature of Operations

        Cronos Global Income Fund XIV, L.P. (the "Partnership") is a limited
        partnership organized under the laws of the State of California on July
        30, 1992, for the purpose of owning and leasing marine cargo containers.
        Cronos Capital Corp. ("CCC") is the general partner and, with its
        affiliate Cronos Containers Limited (the "Leasing Company"), manages the
        business of the Partnership. The Partnership shall continue until
        December 31, 2012, unless sooner terminated upon the occurrence of
        certain events.

        The Partnership commenced operations on January 29, 1993 when the
        minimum subscription proceeds of $2,000,000 were obtained. As of
        December 31, 1996, the Partnership operated 8,197 twenty-foot, 3,507
        forty-foot and 98 forty-foot high-cube marine dry cargo containers and
        454 twenty-foot and 345 forty-foot refrigerated cargo containers.

        The Partnership offered 4,250,000 units of limited partnership interests
        at $20 per unit, or $85,000,000. The offering terminated on November 30,
        1993, at which time 2,984,309 limited partnership units had been
        purchased.


    (b) Leasing Company and Leasing Agent Agreement

        The Partnership has entered into a Leasing Agent Agreement whereby the
        Leasing Company has the responsibility to manage the leasing operations
        of all equipment owned by the Partnership. Pursuant to the Agreement,
        the Leasing Company is responsible for leasing, managing and re-leasing
        the Partnership's containers to ocean carriers and has full discretion
        over which ocean carriers and suppliers of goods and services it may
        deal with. The Leasing Agent Agreement permits the Leasing Company to
        use the containers owned by the Partnership, together with other
        containers owned or managed by the Leasing Company and its affiliates,
        as part of a single fleet operated without regard to ownership. Since
        the Leasing Agent Agreement meets the definition of an operating lease
        in Statement of Financial Accounting Standards (SFAS) No. 13, it is
        accounted for as a lease under which the Partnership is lessor and the
        Leasing Company is lessee.

        The Leasing Agent Agreement generally provides that the Leasing Company
        will make payments to the Partnership based upon rentals collected from
        ocean carriers after deducting direct operating expenses and management
        fees to CCC and the Leasing Company. The Leasing Company leases
        containers to ocean carriers, generally under operating leases which are
        either master leases or term leases (mostly one to five years). Master
        leases do not specify the exact number of containers to be leased or the
        term that each container will remain on hire but allow the ocean carrier
        to pick up and drop off containers at various locations; rentals are
        based upon the number of containers used and the applicable per-diem
        rate. Accordingly, rentals under master leases are all variable and
        contingent upon the number of containers used. Most containers are
        leased to ocean carriers under master leases; leasing agreements with
        fixed payment terms are not material to the financial statements. Since
        there are no material minimum lease rentals, no disclosure of minimum
        lease rentals is provided in these financial statements.

                                               22

<PAGE>   23

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

    (c) Basis of Accounting

        The Partnership utilizes the accrual method of accounting. Net lease
        revenue is recorded by the Partnership in each period based upon its
        leasing agent agreement with the Leasing Company. Net lease revenue is
        generally dependent upon operating lease rentals from operating lease
        agreements between the Leasing Company and its various lessees, less
        direct operating expenses and management fees due in respect of the
        containers specified in each operating lease agreement.

        The preparation of financial statements in conformity with generally
        accepted accounting principles (GAAP) requires the Partnership to make
        estimates and assumptions that affect the reported amounts of assets and
        liabilities and disclosure of contingent assets and liabilities at the
        date of the financial statements and the reported amounts of revenues
        and expenses during the reporting period. Actual results could differ
        from those estimates.


    (d) Allocation of Net Earnings and Partnership Distributions

        Net earnings have been allocated between general and limited partners in
        accordance with the Partnership Agreement.

        Actual cash distributions differ from the allocations of net earnings
        between the general and limited partners as presented in these financial
        statements. Partnership distributions are paid to its partners (general
        and limited) from distributable cash from operations, allocated 95% to
        the limited partners and 5% to the general partner. Sales proceeds are
        allocated 99% to the limited partners and 1% to the general partner. The
        allocations remain in effect until such time as the limited partners
        have received from the Partnership aggregate distributions in an amount
        equal to their capital contributions plus an 8% cumulative, compounded
        (daily), annual return on their adjusted capital contributions.
        Thereafter, all Partnership distributions will be allocated 85% to the
        limited partners and 15% to the general partner. Cash distribution from
        operations to the general partner in excess of 5% of distributable cash
        will be considered an incentive fee and compensation to the general
        partner.


    (e) Acquisition Fees

        Pursuant to Article IV Section 4.2 of the Partnership Agreement,
        acquisition fees paid to CCC are based on 5% of the equipment purchase
        price. These fees are capitalized and included in the cost of the
        container rental equipment. The fees are payable in two or more
        installments commencing in the year of purchase.


    (f) Container Rental Equipment

        In March 1995, the Financial Accounting Standards Board issued SFAS No.
        121, "Accounting for the Impairment of Long-Lived Assets and for
        Long-Lived Assets to Be Disposed Of. "The Statement requires that
        long-lived assets and certain identifiable intangibles to be held and
        used by an entity be reviewed for impairment whenever events or changes
        in circumstances indicate that the carrying amount of an asset may not
        be fully recoverable. The Partnership adopted SFAS No. 121 during 1996.
        In accordance with SFAS 121, container rental equipment is carried at
        the lower of the container rental equipment's original equipment cost,
        including capitalized acquisition fees, or the estimated recoverable
        value of such equipment. There were no reductions to the carrying value
        of container rental equipment during 1996.

        Container rental equipment is depreciated over a twelve-year life on a
        straight line basis to its salvage value, estimated to be 30%.

                                       23

<PAGE>   24

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

    (g) Amortization

        The Partnership's organization costs will be amortized over 60 months on
        a straight-line basis.

    (h) Income Taxes

        The Partnership is not subject to income taxes, consequently no
        provision for income taxes has been made. The Partnership files an
        annual information tax return, prepared on the accrual basis of
        accounting.

    (i) Foreign Operations

        The Partnership's business is not divided between foreign or domestic
        operations. The Partnership's business is the leasing of containers
        worldwide to ocean-going steamship companies and does not fit the
        definition of reportable foreign operations within Financial Accounting
        Standards Board Statement No. 14 "Financial Reporting for Segments of a
        Business Enterprise." Any attempt to separate "foreign" operations from
        "domestic" operations would be dependent on definitions and assumptions
        that are so subjective as to render the information meaningless and
        potentially misleading.

    (j) Financial Statement Presentation

        The Partnership has determined that for accounting purposes the Leasing
        Agent Agreement is a lease, and the receivables, payables, gross
        revenues and operating expenses attributable to the containers managed
        by the Leasing Company are, for accounting purposes, those of the
        Leasing Company and not of the Partnership. Consequently, the
        Partnership's balance sheets and statements of operations display the
        payments to be received by the Partnership from the Leasing Company as
        the Partnership's receivables and revenues.

(2) Cash and Cash Equivalents

    Cash equivalents include highly liquid investments with a maturity of three
    months or less on their acquisition date. Accordingly, cash equivalents are
    carried at cost which approximates fair value. The Partnership maintains its
    cash and cash equivalents in accounts which, at times, may exceed federally
    insured limits. The Partnership has not experienced any losses in such
    accounts and believes it is not exposed to any significant credit risk. The
    Partnership places its cash equivalents in investment grade, short term debt
    instruments and limits the amount of credit exposure to any one commercial
    issuer.

(3) Organization Costs

    The Partnership incurred $1,387,437 in offering and organizational costs
    during its offering period. Amortization of these costs was $277,487 in
    1996, 1995 and 1994.

                                       24

<PAGE>   25

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

(4) Net Lease Receivables Due from Leasing Company

    Net lease receivables due from the Leasing Company are determined by
    deducting direct operating payables and accrued expenses, base management
    fees payable, and reimbursed administrative expenses payable to CCC and its
    affiliates from the rental billings payable by the Leasing Company to the
    Partnership under operating leases to ocean carriers for the containers
    owned by the Partnership. Net lease receivables at December 31, 1996 and
    December 31, 1995 were as follows:

<TABLE>
<CAPTION>
                                                       December 31,   December 31,
                                                          1996           1995
                                                       ------------   ------------
     <S>                                               <C>             <C>
     Lease receivables, net of  doubtful accounts
        of $144,071 in 1996 and $215,113 in 1995        $2,184,535     $2,291,187
     Less:
     Direct operating payables and accrued expenses        644,735        674,056
     Damage protection reserve (note 6)                    143,887        224,272
     Base management fees                                  181,305        223,709
     Reimbursed administrative expenses                     41,093         48,118
                                                        ----------     ----------
                                                        $1,173,515     $1,121,032
                                                        ==========     ========== 
</TABLE>

(5) Due to General Partner

    The amounts due to CCC at December 31, 1995 consisted of acquisition fees.

(6) Damage Protection Plan

    The Leasing Company offers a repair service to several lessees of the
    Partnership's containers, whereby the lessee pays an additional rental fee
    for the convenience of having the Partnership incur the repair expense for
    containers damaged while on lease. This fee is recorded as revenue when
    earned according to the terms of the rental contract. A reserve has been
    established to provide for the estimated costs incurred by this service.
    This reserve is a component of net lease receivables due from the Leasing
    Company (see note 4). The Partnership is not responsible in the event repair
    costs exceed predetermined limits, or for repairs that are required for
    damages not defined by the damage protection plan agreement.

                                       25

<PAGE>   26

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

(7) Net Lease Revenue

    Net lease revenue is determined by deducting direct operating expenses, base
    management fees and reimbursed administrative expenses to CCC and its
    affiliates from the rental revenue billed by the Leasing Company under
    operating leases to ocean carriers for the containers owned by the
    Partnership. Net lease revenue for the years ended December 31, 1996, 1995
    and 1994 was as follows:

<TABLE>
<CAPTION>
                                                         1996            1995            1994
                                                     -----------     -----------     -----------  
     <S>                                             <C>             <C>             <C>      
     Rental revenue (note 11)                        $ 9,724,097     $11,127,401     $11,098,405
     Less:
     Rental equipment operating expenses               1,783,618       1,621,134       1,736,373
     Base management fees (note 8)                       672,067         767,801         776,702
     Reimbursed administrative expenses (note 8)         513,241         585,296         618,766
                                                     -----------     -----------     -----------

                                                     $ 6,755,171     $ 8,153,170     $ 7,966,564
                                                     ===========     ===========     ===========
</TABLE>

(8) Compensation to General Partner and its Affiliates

    Base management fees are equal to 7% of gross lease revenues attributable to
    operating leases pursuant to Section 4.3 of the Partnership Agreement.
    Reimbursed administrative expenses are 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 Partnership Agreement. The
    following compensation was paid or will be paid by the Partnership to CCC or
    its affiliates:

<TABLE>
<CAPTION>
                                                1996          1995           1994 
                                            ----------     ----------     ----------
     <S>                                    <C>            <C>            <C>  
     Base management fees                   $  672,067     $  767,801     $  776,702
     Reimbursed administrative expenses        513,241        585,296        618,776
     Acquisition fees                               --          9,090          4,394
                                            ----------     ----------     ----------
                                            $1,185,308     $1,362,187     $1,399,872
                                            ==========     ==========     ==========
</TABLE>

(9) Limited Partners' Capital

    The limited partners' per unit share of capital at December 31, 1996, 1995
    and 1994 was $15, $16 and $17, respectively. This is calculated by dividing
    the limited partners' capital at the end of the year by 2,984,309, the total
    number of limited partnership units.

                                       26

<PAGE>   27

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

(10) Income Taxes

    The reconciliation of net earnings as reported in the statement of
    operations and as would be reported for federal tax purposes for the years
    ended December 31, 1996, 1995 and 1994 are as follows:

<TABLE>
<CAPTION>
                                                                          1996             1995            1994
                                                                      -----------      -----------      -----------
       <S>                                                            <C>              <C>              <C>        
       Net earnings per statement of operations                       $ 3,495,007      $ 4,843,256      $ 4,482,974
       Depreciation for income tax purposes in excess
          of depreciation for financial statement purposes             (5,710,845)      (5,734,304)      (5,690,625)
       Gain on disposition of assets for tax purposes in excess
          of (less than) gain on disposition
          for financial statement purposes                                (50,109)         156,264            1,980
       Rental income for tax purposes less than
          rental income for financial statement purposes                       --               --         (291,301)
       Amortization expense for tax purposes less than
          amortization for financial statement purposes                   247,310          247,310          247,309
       Bad debt expense for tax purposes (in excess of) less than
           bad debt expense for financial statement purposes              (71,042)          85,660           91,453
                                                                      -----------      -----------      -----------

       Net loss for federal tax purposes                              $(2,089,679)     $  (401,814)     $(1,158,210)
                                                                      ===========      ===========      ===========
</TABLE>

 At December 31, 1996, the tax basis of total partners' capital was $32,376,372.

(11) Major Lessees

    No single lessee contributed more than 10% of the rental revenue earned
    during 1996, 1995 and 1994. The Partnership believes that the profitability
    of, and risks associated with, leases to foreign customers is generally the
    same as those of leases to domestic customers. The operating lease
    agreements generally require all payments to be made in United States
    currency. The Partnership's operations are subject to the fluctuations of
    worldwide economic and political conditions that may affect the pattern and
    levels of world trade.

(12) Commitments

    At December 31, 1996, the Partnership committed to purchase an additional
    104 twenty-foot and 62 forty-foot marine dry cargo containers, at an
    aggregate manufacturers invoice cost of approximately $488,000.

                                       27

<PAGE>   28

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

(13) Subsequent Events

    As reported in the Partnership's Current Report on Form 8-K and Amendment
    No. 1 to Current Report on Form 8-K, filed with the Commission on February
    7, 1997 and February 26, 1997, respectively, Arthur Andersen, London,
    England, resigned as auditors of The Cronos Group (the "Holding Company") on
    February 3, 1997.

    The Cronos Group is the indirect corporate parent of CCC. In its letter of
    resignation to The Cronos Group, Arthur Andersen states that it resigned as
    auditors of The Cronos Group and all other entities affiliated with The
    Cronos Group. While its letter of resignation was not addressed to CCC,
    Arthur Andersen confirmed to CCC that its resignation as auditors of the
    entities referred to in its letter of resignation included its resignation
    as auditors of CCC and the Partnership. In its letter of resignation, Arthur
    Andersen states that it was unable to obtain adequate information in
    response to inquiries it had made in connection with its audit of the
    Holding Company for the year ended December 31, 1996.

    The Partnership does not, at this time, have sufficient information to
    determine the impact, if any, that the concerns expressed by Arthur Andersen
    in its letter of resignation may have on the future operating results and
    financial condition of the Partnership or the Leasing Company's ability to
    manage the Partnership's fleet in subsequent periods. However, CCC does not
    believe, based upon the information currently available to it, that Arthur
    Andersen's resignation was triggered by any concern over the accounting
    policies and procedures followed by the Partnership.

    Arthur Andersen's report on the financial statements of CCC and the
    Partnership, for the previous two years, has not contained an adverse
    opinion or a disclaimer of opinion, nor was any such report qualified or
    modified as to uncertainty, audit scope, or accounting principles.

    During the Partnership's previous two fiscal years and the subsequent
    interim period preceding Arthur Andersen's resignation, there have been no
    disagreements between CCC or the Partnership and Arthur Andersen on any
    matter of accounting principles or practices, financial statement
    disclosure, or auditing scope or procedure.

    The Partnership retained a new auditor, Moore Stephens, P.C., on April 10,
    1997, as reported in its current report on Form 8-K, filed April 14, 1997.

    In connection with its resignation, Arthur Andersen also prepared a report
    pursuant to the provisions of Section 10A(b)(2) of the Securities Exchange
    Act of 1934, as amended, for filing by the Holding Company with the
    Securities and Exchange Commission (the "SEC"). Following the report of
    Arthur Andersen, the SEC, on February 10, 1997, commenced a private
    investigation of the Holding Company for the purpose of investigating the
    matters discussed in such report and related matters. The Partnership does
    not believe that the focus of the SEC's investigation is upon the
    Partnership or CCC. CCC is unable to predict the outcome of the SEC's
    private investigation of the Holding Company.

                                       28

<PAGE>   29

                                                                      Schedule 1

                       CRONOS GLOBAL INCOME FUND XIV, L.P.

                 SCHEDULE OF REIMBURSED ADMINISTRATIVE EXPENSES
                       PURSUANT TO ARTICLE IV SECTION 4.4
                          OF THE PARTNERSHIP AGREEMENT

              FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994

<TABLE>
<CAPTION>
                                                      1996          1995         1994
                                                      ----          ----         ----
     <S>                                             <C>          <C>          <C>     
     Salaries                                        $244,782     $297,253     $289,049
     Other payroll related expenses                    42,412       46,487       81,705
     General and administrative expenses              226,047      241,556      248,012
                                                     --------     --------     --------

        Total reimbursed administrative expenses     $513,241     $585,296     $618,766
                                                     ========     ========     ========
</TABLE>

                           See report of independent public accountants

                                       29

<PAGE>   30

Item 9. Changes in and Disagreements with Accountants on Accounting and
        Financial Disclosure

    The Registrant's discussion regarding the resignation of its certifying
accountant is included in the Registrant's Report on Form 8-K, dated February 3,
1997 and filed February 7, 1997 and Amendment No. 1 to the Registrant's Report
on Form 8-K, dated February 3, 1997 and filed February 26, 1997, incorporated
herein by reference.

    The Registrant retained a new auditor, Moore Stephens, P.C., on April 10,
1997, as reported in its Current Report on Form 8-K, filed April 14, 1997.

                                       30

<PAGE>   31

                                    PART III

Item 10. Directors and Executive Officers of the Registrant

    The Registrant, as such, has no officers or directors, but is managed by
CCC, the general partner. The officers and directors of CCC at June 4, 1997, are
as follows:

<TABLE>
<CAPTION>
          Name                                       Office
--------------------------       --------------------------------------------------
<S>                              <C>
Dennis J. Tietz                  President, Chief Executive Officer, and Director
John P. McDonald                 Vice President/Sales
Elinor Wexler                    Vice President/Administration and Secretary
John Kallas                      Vice President/Treasurer and Chief Financial Officer
Laurence P. Sargent              Director
Stefan M. Palatin                Director
</TABLE>

    DENNIS J. TIETZ  Mr. Tietz, 44, as President and Chief Executive Officer, is
responsible for the general management of CCC. From 1986 until August 1992, Mr.
Tietz was responsible for the organization, marketing and after-market support
of CCC's investment programs. Mr. Tietz is also President and a director of
Cronos Securities Corp. Mr. Tietz was a regional manager for CCC, responsible
for various container leasing activities in the U.S. and Europe from 1981 to
1986. Prior to joining CCC in December 1981, Mr. Tietz was employed by Trans
Ocean Leasing Corporation as Regional Manager based in Houston, with
responsibility for all leasing and operational activities in the U.S. Gulf.

    Mr. Tietz holds a B.S. degree in Business Administration from San Jose State
University and is a Registered Securities Principal with the NASD.

    JOHN P. MCDONALD  Mr. McDonald, 35, was elected Vice President - National
Sales Manager of CCC in August 1992, with responsibility for marketing CCC's
investment programs. Since 1988, Mr. McDonald had been Regional Marketing
Manager for the Southwestern U.S. From 1983 to 1988, Mr. McDonald held a number
of container leasing positions with CCC, the most recent of which was as Area
Manager for Belgium and the Netherlands, based in Antwerp.

    Mr. McDonald holds a B.S. degree in Business Administration from Bryant
College, Rhode Island. Mr. McDonald is also a Vice President of Cronos
Securities Corp.

    ELINOR A. WEXLER  Ms. Wexler, 48, was elected Vice President -
Administration and Secretary of CCC in August 1992. Ms. Wexler has been employed
by the General Partner since 1987, and is responsible for investor services,
compliance and securities registration. From 1983 to 1987, Ms. Wexler was
Manager of Investor Services for The Robert A. McNeil Corporation, a real estate
syndication company, in San Mateo, California. From 1971 to 1983, Ms. Wexler
held various positions, including securities trader and international research
editor, with Nikko Securities Co., International, based in San Francisco.

    Ms. Wexler attended the University of Oregon, Portland State University and
the Hebrew University of Jerusalem, Israel. Ms. Wexler is also Vice President
and Secretary of Cronos Securities Corp. and a Registered Principal with the
NASD.

    JOHN KALLAS  Mr. Kallas, 34, was elected Vice President/Treasurer and Chief
Financial Officer of CCC in December 1993 and is directly responsible for CCC's
accounting operations and reporting activities. Mr. Kallas has held various
accounting positions since joining CCC in 1989, including Controller, Director
of Accounting and Corporate Accounting Manager. From 1985 to 1989, Mr. Kallas
was an accountant with KPMG Peat Marwick, San Francisco, California.

    Mr. Kallas holds a B.S. degree in Business Administration from the
University of San Francisco and is a certified public accountant. Mr. Kallas is
also Treasurer of Cronos Securities Corp.

                                       31

<PAGE>   32

    LAURENCE P. SARGENT  Mr. Sargent, 67, joined the Board of Directors of CCC
in 1991. Mr. Sargent was a founder of Leasing Partners International ("LPI") and
served as its Managing Director from 1983 until 1991. From 1977 to 1983, Mr.
Sargent held a number of positions with Trans Ocean Leasing Corporation, the
last of which was as a director of its refrigerated container leasing
activities. From 1971 to 1977, Mr. Sargent was employed by SSI Container
Corporation (later Itel Container International), ultimately serving as Vice
President/Far East. Prior to that, Mr. Sargent was a Vice President of Pacific
Intermountain Express, a major U.S. motor carrier, responsible for its bulk
container division. Mr. Sargent holds a B.A. degree from Stanford University.
Mr. Sargent also serves as a director of the Institute of International
Container Lessors ("IICL"), an industry trade association. Mr. Sargent is also a
director of Cronos Securities Corp.

    Mr. Sargent retired as Deputy Chairman of the Group as of January 1, 1996.
He will remain a director of CCC, The Cronos Group, as well as other various
subsidiaries of The Cronos Group.

    STEFAN M. PALATIN  Mr. Palatin, 43, joined the Board of Directors of CCC in
January 1993. Mr. Palatin is Chairman and CEO of The Cronos Group, and was a
founder of LPI in 1983. From 1980 to 1991, Mr. Palatin was an executive director
of the Contrin Group, which has provided financing to the container leasing
industry, as well as other business ventures, and has sponsored limited
partnerships organized in Austria. From 1977 to 1980, Mr. Palatin was a
consultant to a number of companies in Austria, including Contrin. From 1973 to
1977, Mr. Palatin was a sales manager for Generali AG, the largest insurance
group in Austria.

    Mr. Palatin, who is based in Austria, holds a Doctorate in Business
Administration from the University of Economics and World Trade in Vienna. Mr.
Palatin is also a director of The Cronos Group.

    The key management personnel of the Leasing Company at June 4, 1997, were as
follows:

<TABLE>
<CAPTION>
          Name                                       Title
--------------------------       -----------------------------------------------
<S>                              <C> 
Steve Brocato                    President
Peter J. Younger                 Vice President/Chief Financial Officer
John M. Foy                      Vice President/Americas
Nico Sciacovelli                 Vice President/Europe, Middle East and Africa
Harris H. T. Ho                  Vice President/Asia Pacific
David Heather                    Vice President/Technical Services
John C. Kirby                    Vice President/Operations
J. Gordon Steel                  Vice President/Tank Container Division
</TABLE>

    STEVE BROCATO  Mr. Brocato, 44, was elected President of the Leasing
Company's container division in June 1997, replacing Mr. Nigel J. Stribley, and
is based in the United Kingdom. Mr. Brocato has held various positions since
joining Cronos including, Vice president - Corporate Affairs and Director of
Marketing - Refrigerated Containers for Cronos in North and South America. Prior
to joining Cronos, Mr. Brocato was a Vice President for ICCU Containers from
1983 to 1985 and was responsible for dry cargo container marketing and
operations for the Americas. From 1981 to 1983, he was regional manager for
Trans Ocean leasing Ltd.

    PETER J. YOUNGER  Mr. Younger, 40, was elected Chief Financial Officer of
The Cronos Group in March, 1997, replacing Mr. A. Darrell Ponniah, and is based
in the United Kingdom. Mr. Younger was appointed Vice President and Controller
of Cronos in 1991. He joined IEA in 1987 and served as Director of Accounting
and the Vice President and Controller, based in San Francisco. Prior to 1987,
Mr. Younger was a certified public accountant and a principal with the
accounting firm of Johnson, Glaze and Co. in Salem, Oregon. Mr. Younger holds a
B.S. degree in Business Administration from Western Baptist College.

                                       32

<PAGE>   33

    JOHN M. FOY  Mr. Foy, 51, is directly responsible for the Leasing Company's
lease marketing and operations in North America, Central America, and South
America, and is based in San Francisco. From 1985 to 1993, Mr. Foy was Vice
President/Pacific with responsibility for dry cargo container lease marketing
and operations in the Pacific Basin. From 1977 to 1985 Mr. Foy was Vice
President of Marketing for Nautilus Leasing Services in San Francisco with
responsibility for worldwide leasing activities. From 1974 to 1977, Mr. Foy was
Regional Manager for Flexi-Van Leasing, a container lessor, with responsibility
for container leasing activities in the Western United States. Mr. Foy holds a
B.A. degree in Political Science from University of the Pacific, and a Bachelor
of Foreign Trade from Thunderbird Graduate School of International Management.

    NICO SCIACOVELLI  Mr. Sciacovelli, 47, was elected Vice President - Europe,
Middle East and Africa in June 1997, replacing Mr. Geoffrey Mornard. Mr.
Sciacovelli is directly responsible for the Leasing Company's lease marketing
and operations in Europe, the Middle East and Africa and is based in Italy.
Since joining Cronos in 1983, Mr. Sciacovelli served as Area Director and Area
Manager for Southern Europe. Prior to joining Cronos, Mr. Sciacovelli was a
Sales Manager at Interpool Ltd.

    HARRIS H. T. HO  Mr. Ho, 39, was elected Vice President - Asia Pacific in
June 1997, replacing Mr. Danny Wong. Mr. Ho is directly responsible for the
Leasing Company's lease marketing and operations in Asia, Australia and the
Indian sub-continent and is based in Hong Kong. Since joining Cronos in 1990,
Mr. Ho served as Area Director, Hong Kong and China. Prior to joining Cronos,
Mr. Ho was a Manager at Sea Containers Pacific Ltd and Sea Containers Hong Kong
Limited from 1981 to 1990, responsible for container marketing within Asia. From
1978 to 1981, Mr. Ho was Senior Equipment Controller for Hong Kong Container
Line. Mr. Ho holds a Diploma of Management Studies in Marketing from The Hong
Kong Polytechnic and The Hong Kong Management Association.

    DAVID HEATHER  Mr. Heather, 49, is responsible for all technical and
engineering activities of the fleet managed by the Leasing Company. Mr. Heather
was Technical Director for LPI, based in the United Kingdom, from 1986 to 1991.
From 1980 to 1986, Mr. Heather was employed by ABC Containerline NV as Technical
Manager with technical responsibility for the shipping line's fleet of dry
cargo, refrigerated and other specialized container equipment. From 1974 to
1980, Mr. Heather was Technical Supervisor for ACT Services Ltd., a shipping
line, with responsibility for technical activities related to refrigerated
containers. Mr. Heather holds a Marine Engineering Certificate from Riversdale
Marine Technical College in England.

    JOHN C. KIRBY  Mr. Kirby, 43, is responsible for container purchasing,
contract and billing administration, container repairs and leasing-related
systems, and is based in the United Kingdom. Mr. Kirby joined CCC in 1985 as
European Technical Manager and advanced to Director of European Operations in
1986, a position he held with CCC, and later the Leasing Company, until his
promotion to Vice President/Operations of the Leasing Company in 1992. From 1982
to 1985, Mr. Kirby was employed by CLOU Containers, a container leasing company,
as Technical Manager based in Hamburg, Germany. Mr. Kirby acquired a
professional engineering qualification from the Mid-Essex Technical College in
England.

    J. GORDON STEEL  Mr. Steel, 64, is directly responsible for the overall
lease marketing activity for the Leasing Company's Tank Container Division. From
1990 to 1992, Mr. Steel held the position of Director/General Manager for
Tiphook Container's Tank Division. From 1977 to 1990, Mr. Steel held various
managerial positions, involving manufacturing and transportation of hazardous
materials, with Laporte Industries and ICI, major chemical distribution
companies. Mr. Steel is a qualified Chemical Engineer and attended the Associate
Royal Technical College in Scotland.

                                       33

<PAGE>   34

Item 11. Executive Compensation

    The Registrant commenced monthly distributions to its partners (general and
limited) from distributable cash from operations beginning in the second quarter
of 1993. Such distributions are allocated 95% to the limited partners and 5% to
the general partner. Sales proceeds will be allocated 99% to the limited
partners and 1% to the general partner. The allocations will remain in effect
until such time as the limited partners have received from the Registrant
aggregate distributions in an amount equal to their capital contributions plus
an 8% cumulative, compounded (daily), annual return on their adjusted capital
contributions. Thereafter, all Partnership distributions will be allocated 85%
to the limited partners and 15% to the general partner.

    The Registrant will not pay or reimburse CCC or the Leasing Company for any
remuneration payable by them to their executive officers, directors or any other
controlling persons. However, the Registrant will reimburse the general partner
and the Leasing Company for certain services pursuant to Section 4.4 of the
Partnership Agreement. These services include but are not limited to (i)
salaries and related salary expenses for services which could be performed
directly for the Registrant by independent parties, such as legal, accounting,
transfer agent, data processing, operations, communications, duplicating and
other such services; and (ii) performing administrative services necessary to
the prudent operations of the Registrant.

    The following table sets forth the fees the Registrant paid (on a cash
basis) to CCC or the Leasing Company ("CCL") for the year ended December 31,
1996.

<TABLE>
<CAPTION>
                                                                             Cash Fees and
        Name                    Description                                  Distributions
       <S>        <C>                                                          <C>  
                 
       1) CCC     Acquisition fee - equal to 5% of the purchase                $430,160
                    price of containers acquired by the Registrant
                    pursuant to Section 4.2 of the Limited
                    Partnership Agreement

       2) CCL     Base management fees - equal to 7% of gross                  $714,473
                    lease revenues attributable to operating
                    leases pursuant to Section 4.3 of the
                    Limited Partnership Agreement

       3) CCC     Reimbursed administrative expenses - equal to                $ 71,010
                    the costs expended by CCC and its affiliates
          CCL       for services necessary to the prudent operation            $449,255
                    of the Registrant pursuant to Section 4.4 of the
                    Limited Partnership Agreement

       4) CCC     Interest in Fund - 5% of distributions of                    $336,389
                    distributable cash for any quarter
                    pursuant to Section 6.1 of the
                    Limited Partnership Agreement
</TABLE>

                                       34

<PAGE>   35

Item 12. Security Ownership of Certain Beneficial Owners and Management

    (a) Security Ownership of Certain Beneficial Owners

    There is no person or "group" of persons known to the management of CCC to
be the beneficial owner of more than five percent of the outstanding units of
limited partnership interests of the Registrant.

    (b) Security Ownership of Management

    The Registrant has no directors or officers. It is managed by CCC. CCC owns
5 units, representing 0.0002% of the total amount of units outstanding.

    (c) Changes in Control

    Inapplicable.

Item 13. Certain Relationships and Related Transactions

    (a) Transactions with Management and Others

    The Registrant's only transactions with management and other related parties
during 1996 were limited to those fees paid or amounts committed to be paid (on
an annual basis) to CCC, the general partner, and its affiliates. See Item 11,
"Executive Compensation," herein.

    (b) Certain Business Relationships

    Inapplicable.

    (c) Indebtedness of Management

    Inapplicable.

    (d) Transactions with Promoters

    Inapplicable.

                                       35

<PAGE>   36

                                     PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

    (a)1. Financial Statements

<TABLE>
<CAPTION>
                                                                         Page 

    The following financial statements of the Registrant are included 
in Part II, Item 8:
         <S>                                                           <C> 

         Reports of Independent Public Accountants...................  16, 17

         Balance sheets - December 31, 1996 and 1995.................      18

         Statements of operations - for the years ended
            December 31, 1996, 1995 and 1994.........................      19

         Statements of partners' capital - for the years ended
            December 31, 1996, 1995 and 1994.........................      20

         Statements of cash flows - for the years ended
            December 31, 1996, 1995 and 1994.........................      21

         Notes to financial statements...............................      22

         Schedule of Reimbursed Administrative Expenses..............      29
</TABLE>

    All other schedules are omitted as the information is not required or the
information is included in the financial statements or notes thereto.

                                       36

<PAGE>   37

    (a)3. Exhibits

<TABLE>
<CAPTION>
Exhibit
   No.                              Description                                  Method of Filing
-------      ------------------------------------------------------------        ----------------
<S>          <C>                                                                 <C> 
  3(a)       Limited Partnership Agreement of the Registrant, amended and        *
             restated as of December 2, 1992

  3(b)       Certificate of Limited Partnership of the Registrant                **

  10         Form of Leasing Agent Agreement with Cronos Containers Limited      ***

  27         Financial Data Schedule                                             Filed with this document
</TABLE>

    (b) Reports on Form 8-K

        The Registrant filed a Report on Form 8-K, February 7, 1997 and
        Amendment No. 1 to Report on Form 8-K, February 26, 1997, reporting the
        resignation of the Registrant's certifying accountant.

        The Registrant filed a Report on Form 8-K, April 14, 1997, reporting the
        appointment of the Registrant's successor certifying accountant.

 .............

*      Incorporated by reference to Exhibit "A" to the Prospectus of the
       Registrant dated December 2, 1992, included as part of Registration
       Statement on Form S-1 (No. 33-51810)

**     Incorporated by reference to Exhibit 3.2 to the Registration Statement on
       Form S-1 (No. 33-51810)

***    Incorporated by reference to Exhibit 10.2 to the Registration Statement 
       on Form S-1 (No. 33-51810)

                                       37

<PAGE>   38

                                   SIGNATURES

    Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                   CRONOS GLOBAL INCOME FUND XIV, L.P.

                                   By   Cronos Capital Corp.
                                        The General Partner

                                   By   /s/  John Kallas
                                        ------------------------
                                        John Kallas
                                        Vice President/Treasurer
                                        Principal Finance and Accounting Officer

Date:  June 16, 1997

    Pursuant to the requirement of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of Cronos
Capital Corp., the general partner of the Registrant, in the capacities and on
the dates indicated:

<TABLE>
<CAPTION>
          Signature                                Title                                 Date
<S>                                    <C>                                           <C>    
   /s/  Dennis J. Tietz                  President and Director of                   June 16, 1997
-----------------------------               Cronos Capital Corp.
Dennis J. Tietz                        ("CCC") (Principal Executive
                                              Officer of CCC)

   /s/  John Kallas                       Vice President/Treasurer                   June 16, 1997
-----------------------------             (Principal Finance and   
John Kallas                              Accounting Officer of CCC)             


   /s/  Laurence P. Sargent                   Director of CCC                        June 16, 1997
-----------------------------
Laurence P. Sargent
</TABLE>

                            SUPPLEMENTAL INFORMATION

    The Registrant's annual report will be furnished to its limited partners on
or about July 18, 1997. Copies of the annual report will be concurrently
furnished to the Commission for information purposes only, and shall not be
deemed to be filed with the Commission.

<PAGE>   39
                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit
   No.                              Description                                  Method of Filing
-------      -------------------------------------------------------------       ----------------
  <S>        <C>                                                                 <C> 
  3(a)       Limited Partnership Agreement of the Registrant, amended and        *
             restated as of December 2, 1992

  3(b)       Certificate of Limited Partnership of the Registrant                **

  10         Form of Leasing Agent Agreement with Cronos Containers Limited      ***

  27         Financial Data Schedule                                             Filed with this document
</TABLE>
 ............

*       Incorporated by reference to Exhibit "A" to the Prospectus of the
        Registrant dated December 2, 1992, included as part of Registration
        Statement on Form S-1 (No. 33-51810)

**      Incorporated by reference to Exhibit 3.2 to the Registration Statement
        on Form S-1 (No. 33-51810)

***     Incorporated by reference to Exhibit 10.2 to the Registration Statement
        on Form S-1 (No. 33-51810)