SECURITIES AND EXCHANGE COMMISSION

                               WASHINGTON, D.C. 20549

                                     FORM 10-Q

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                          SECURITIES EXCHANGE ACT OF 1934

/X/  Quarterly report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the quarterly period ended September 30, 1997

/ /  Transition report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the transition period from _____ to _____

Commission file number:  0-19232

                       Fidelity Leasing Income Fund VII, L.P.
_______________________________________________________________________________
               (Exact name of registrant as specified in its charter)

            Delaware                                    23-2581971
_______________________________________________________________________________
     (State of organization)               (I.R.S. Employer Identification No.)

                  7004 W. Butler Pike, Ambler, Pennsylvania  19002
_______________________________________________________________________________
                (Address of principal executive offices)   (Zip code)

                                   (215) 619-2800
_______________________________________________________________________________
                (Registrant's telephone number, including area code)

     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 regis-
trant was required to file such reports), and (2) has been subject to such fil-
ing requirements for the past 90 days.

Yes  __X__  No _____



















                                    Page 1 of 12
Part I:  Financial Information
Item 1:  Financial Statements

                       FIDELITY LEASING INCOME FUND VII, L.P.

                                   BALANCE SHEETS

                                       ASSETS

                                          (Unaudited)               (Audited)  
                                         September 30,             December 31,
                                             1997                     1996   
                                         _____________            ____________

Cash and cash equivalents                 $ 3,436,239              $2,983,264

Accounts receivable                           204,882                 146,010

Due from related parties                       40,965                  48,254

Equipment under operating leases
(net of accumulated depreciation
of $9,385,856 and $11,958,429,
respectively)                               6,574,166               7,704,003

Net investment in direct financing leases      21,515                  29,334

Equipment held for sale or lease              565,308                  30,168

                                          ___________             ___________

       Total assets                       $10,843,075             $10,941,033
                                          ===========             ===========

                         LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance          $   100,589             $    98,834

     Accounts payable and
      accrued expenses                         77,194                  67,530

     Due to related parties                     5,937                  19,620
                                          ___________             ___________
       Total liabilities                      183,720                 185,984

Partners' capital                          10,659,355              10,755,049
                                          ___________             ___________
        Total liabilities and
         partners' capital                $10,843,075             $10,941,033
                                          ===========             ===========


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








                                         2

                       FIDELITY LEASING INCOME FUND VII, L.P.

                              STATEMENTS OF OPERATIONS

                                     (Unaudited)

                                  Three Months Ended       Nine Months Ended
                                     September 30             September 30  
                                  1997          1996        1997        1996
                                  ____          ____        ____        ____

Income:
     Rentals                   $1,243,191    $1,287,599  $3,663,516  $3,738,585
     Earned income on direct
      financing leases                508           740       1,702       2,383
     Interest                      36,574        21,993     128,609     110,151
     Gain on sale of equipment,
      net                            -          317,035      54,255     606,027
     Other                          3,634         2,823       7,867       6,345
                               __________    __________  __________  __________

                                1,283,907     1,630,190   3,855,949   4,463,491
                               __________    __________  __________  __________

Expenses:
     Depreciation               1,007,871     1,017,226   3,001,194   2,909,709
     Write-down of equipment 
      to net realizable value      14,039       133,455      45,401     412,848
     General and administrative    28,515        30,982      77,546     100,452
     General and administrative
      to related party             42,340        74,961     174,136     216,604
     Management fee to
      related party                62,223        64,444     183,366     186,959
     Loss on sale of equipment,
      net                          25,210          -            -          -   
                               __________    __________  __________  __________

                                1,180,198     1,321,068   3,481,643   3,826,572
                               __________    __________  __________  __________

Net income                     $  103,709    $  309,122  $  374,306  $  636,919
                               ==========    ==========  ==========  ==========

Net income per equivalent
  limited partnership unit     $     3.34    $     9.89  $    12.18  $    20.29
                               ==========    ==========  ==========  ==========

Weighted average number of
  equivalent limited
  partnership units outstanding
  during the period                30,667        31,067      30,381      31,127
                               ==========    ==========   =========  ==========






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




                                         3
                       FIDELITY LEASING INCOME FUND VII, L.P.

                           STATEMENT OF PARTNERS' CAPITAL

                    For the nine months ended September 30, 1997

                                    (Unaudited)

                                General     Limited Partners
                                Partner     Units      Amount         Total   
                                _______     _____      ______         _____   

Balance, January 1, 1997      $(30,264)    65,589   $10,785,313   $10,755,049

Cash distributions              (4,700)      -         (465,300)     (470,000)

Net income                       4,400       -          369,906       374,306
                              ________     ______   ___________   ___________

Balance, September 30, 1997   $(30,564)    65,589   $10,689,919   $10,659,355
                              ========     ======   ===========   ===========





































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




                                         4
                       FIDELITY LEASING INCOME FUND VII, L.P.
                              STATEMENTS OF CASH FLOWS
                For the nine months ended September 30, 1997 and 1996
                                     (Unaudited)
                                                      1997          1996   
                                                      ____          ____   
Cash flows from operating activities:
     Net income                                   $  374,306    $  636,919 
                                                  __________    __________ 
     Adjustments to reconcile net income
      to net cash provided by operating activities:
     Depreciation                                  3,001,194     2,909,709 
     Write-down of equipment to 
      net realizable value                            45,401       412,848 
     Proceeds from direct financing leases, net
      of earned income                                 7,819         7,137 
     Gain on sale of equipment, net                  (54,255)     (606,027)
     (Increase) decrease in accounts receivable      (58,872)     (155,355)
     (Increase) decrease in interest receivable         -          (21,938)
     (Increase) decrease in due from related
      parties                                          7,289      (139,704)
     Increase (decrease) in lease rents paid
      in advance                                       1,755        46,671 
     Increase (decrease) in accounts payable
      and accrued expenses                             9,664        98,441 
     Increase (decrease) in due to related
      parties                                        (13,683)     (204,707)
                                                  __________    __________ 
                                                   2,946,312     2,347,075 
                                                  __________    __________ 
        Net cash provided by operating activities  3,320,618     2,983,994 
                                                  __________    __________ 

Cash flows from investing activities:
     Acquisition of equipment                     (2,643,930)   (3,635,051)
     Maturity of investment securities 
      held to maturity                                  -          499,740 
     Proceeds from sale of equipment                 246,287       675,214 
                                                  __________    __________ 
        Net cash used in investing activities     (2,397,643)   (2,460,097)
                                                  __________    __________ 
Cash flows from financing activities:
     Redemptions of capital                             -         (510,707)
     Distributions                                  (470,000)     (480,000)
                                                  __________    __________ 

        Net cash used in financing activities       (470,000)     (990,707)
                                                  __________    __________

     Increase (decrease) in cash and 
      cash equivalents                               452,975      (466,810)

     Cash and cash equivalents, beginning
      of period                                    2,983,264     2,199,456 
                                                  __________    __________ 
     Cash and cash equivalents, end of period     $3,436,239    $1,732,646 
                                                  ==========    ==========



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


                                         5
                       FIDELITY LEASING INCOME FUND VII, L.P.

                           NOTES TO FINANCIAL STATEMENTS

                                 September 30, 1997

                                     (Unaudited)

The accompanying unaudited condensed financial statements have been prepared
by the Fund in accordance with Generally Accepted Accounting Principles,
pursuant to the rules and regulations of the Securities and Exchange Commis-
sion.  In the opinion of Management, all adjustments (consisting of normal 
recurring accruals) considered necessary for a fair presentation have been
included.  Certain amounts on the 1996 financial statements have been 
reclassified to conform to the presentation in 1997.

1.  EQUIPMENT LEASED

    Equipment on lease consists primarily of computer equipment under operating 
    leases.  A majority of the equipment was manufactured by IBM.  The lessees 
    have agreements with the manufacturer to provide maintenance for the leased 
    equipment.  The Fund's operating leases are for initial lease terms of 11 
    to 60 months.  Generally, operating leases will not recover all of the 
    undepreciated cost and related expenses of its rental equipment during the 
    initial lease terms and the Fund is prepared to remarket the equipment in 
    future years.  Fund policy is to review quarterly the expected economic 
    life of its rental equipment in order to determine the recoverability of 
    its undepreciated cost.  Recent and anticipated technological developments 
    affecting computer equipment and competitive factors in the marketplace are 
    considered among other things, as part of this review.  In accordance with 
    Generally Accepted Accounting Principles, the Fund writes down its rental 
    equipment to its estimated net realizable value when the amounts are 
    reasonably estimated and only recognizes gains upon actual sale of its 
    rental equipment.  As a result, $45,401 and $412,848 was charged to write-
    down of equipment to net realizable value for the nine months ended 
    September 30, 1997 and 1996, respectively.  Any future losses are dependent 
    upon unanticipated technological developments affecting the computer 
    equipment industry in subsequent years.

    The Fund also has equipment leased under the direct financing method in
    accordance with Statement of Financial Accounting Standards No. 13.  This
    method provides for recognition of income (the excess of the aggregate 
    future rentals and estimated additional amounts recoverable upon expiration 
    of the lease over the related equipment cost) over the life of the lease
    using the interest method.

    The net investment in direct financing leases as of September 30, 1997 are 
    as follows:

       Net minimum lease payments to be received         $23,000
       Less unearned income                                2,000
       Add expected future residuals                        -   
                                                         _______

                                                         $21,000
                                                         =======







                                          6
                       FIDELITY LEASING INCOME FUND VII, L.P.

                      NOTES TO FINANCIAL STATEMENTS (Continued)

1.  EQUIPMENT LEASED (Continued)

    The future approximate minimum rentals to be received on noncancellable
    operating leases and direct financing leases as of September 30, 1997 are 
    as follows:
                                                                Direct   
         Years Ending December 31          Operating           Financing 
         ________________________          _________           _________ 

                   1997                   $  907,000            $ 3,000
                   1998                    2,614,000             13,000
                   1999                    1,652,000              7,000
                   2000                      440,000               -   
                                          __________            _______
                                          $5,613,000            $23,000
                                          ==========            =======

2.  RELATED PARTY TRANSACTIONS

    The General Partner receives 5% or 2% of gross rental payments from equip-
    ment under operating leases and full pay-out leases, respectively, for
    administrative and management services performed on behalf of the Fund.
    Full pay-out leases are noncancellable leases for which the rental payments
    due during the initial term of the lease are at least sufficient to recover 
    the purchase price of the equipment, including acquisition fees.  This 
    management fee is paid monthly only if and when the Limited Partners have 
    received distributions for the period from January 1991 through the end of 
    the most recent quarter equal to a return for such period at a rate of 12% 
    per year on the aggregate amount paid for their units.

    The General Partner may also receive up to 3% of the proceeds from the sale
    of the Fund's equipment for services and activities to be performed in con-
    nection with the disposition of equipment.  The payment of this sales fee 
    is deferred until the Limited Partners have received cash distributions 
    equal to the purchase price of their units plus a 12% cumulative compounded 
    priority return.  Based on current estimates, it is not expected that the 
    Fund will be required to pay this sales fee to the General Partner.

    Additionally, the General Partner and its parent company are reimbursed by 
    the Fund for certain costs of services and materials used by or for the 
    Fund except those items covered by the above-mentioned fees.  Following is 
    a summary of fees and costs of services and materials charged by the 
    General Partner or its parent company during the three and nine months 
    ended September 30, 1997 and 1996:

                                 Three Months Ended       Nine Months Ended
                                    September 30             September 30  
                                 1997          1996        1997        1996
                                 ____          ____        ____        ____

          Management fee       $62,223       $64,444    $183,366    $186,959
          Reimbursable costs    42,340        74,961     174,136     216,604







                                          7
                       FIDELITY LEASING INCOME FUND VII, L.P.

                      NOTES TO FINANCIAL STATEMENTS (Continued)

2.  RELATED PARTY TRANSACTIONS (Continued)

    The Fund maintains its checking and investment accounts in Jefferson Bank, 
    a subsidiary of JeffBanks, Inc., in which the Chairman of Resource America, 
    Inc. serves as a director.

    Amounts due from related parties at September 30, 1997 and December 31, 
    1996 represent monies due the Fund from the General Partner and/or other
    affiliated funds for rentals and sales proceeds collected and not yet re-
    mitted the Fund.

    Amounts due to related parties at September 30, 1997 and December 31, 1996 
    represent monies due to the General Partner for the fees and costs 
    mentioned above, as well as, rentals and sales proceeds collected by the 
    Fund on behalf of other affiliated funds.

3.  CASH DISTRIBUTION

    The General Partner declared and paid a cash distribution of $50,000 and 
    $40,000 in October and November 1997 for the months ended August 31, 1997 
    and September 30, 1997, to all admitted partners as of August 31, 1997 and 
    September 30, 1997.





































                                          8
                       FIDELITY LEASING INCOME FUND VII, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

    Fidelity Leasing Income Fund VII, L.P. had revenues of $1,283,907 and
$1,630,190 for the three months ended September 30, 1997 and 1996, respec-
tively, and $3,855,949 and $4,463,491 for the nine months ended September 30, 
1997 and 1996, respectively. Rental income from the leasing of computer 
equipment accounted for 97% and 79% of total revenues for the third quarter of 
1997 and 1996, respectively and 95% and 84% for the nine months ended 
September 30, 1997 and 1996, respectively.  The decrease in revenues is 
primarily attributable to the decrease in net gain on sale of equipment.  The 
Fund recognized a net gain on sale of equipment of $54,255 during the first 
nine months of 1997 as compared to $606,027 for the first nine months of 1996. 
Additionally, the decrease in rental income contributed to the decrease in 
total revenues.  Rental income decreased during 1997 by approximately 
$1,018,000 because of equipment which came off lease and was re-leased at lower 
rental rates or sold.  This decrease, however, was reduced by an increase of 
approximately $943,000 of rental income realized from equipment purchases made 
since September 30, 1996 as well as rental income earned on 1996 equipment 
purchases for which a full nine months was earned in 1997 and only a portion of 
the nine months was earned in 1996.

    Expenses were $1,180,198 and $1,321,068 for the three months ended Septem-
ber 30, 1997 and 1996, respectively, and $3,481,643 and $3,826,572 for the nine
months ended September 30, 1997 and 1996, respectively.  Depreciation comprised 
85% and 77% of total expenses for the third quarter of 1997 and 1996, 
respectively and 86% and 76% of total expenses for the nine months ended 
September 30, 1997 and 1996, respectively.  The decrease in expenses in 1997 is 
primarily related to the decrease in write-down of equipment to net realizable 
value.  Based upon the quarterly review of the recoverability of the 
undepreciated cost of rental equipment, $45,401 and $412,848 was charged to 
operations to write down equipment to its estimated net realizable value during 
the nine months ended September 30, 1997 and 1996, respectively.  Any future 
losses are dependent upon unanticipated technological developments affecting 
the computer equipment industry in subsequent years.  However, the overall
decrease in expenses in 1997 was reduced by the increase in depreciation 
expense during the nine months ended September 30, 1997.  Depreciation 
expense increased because of depreciation expense taken on equipment purchases 
made in 1997 as well as depreciation expense on 1996 equipment purchases for 
which a full nine months of depreciation expense was recorded in 1997 and only 
a portion of the nine months was recorded in 1996.

    The Fund's net income was $103,709 and $309,122 for the three months ended 
September 30, 1997 and 1996, respectively, and $374,306 and $636,919 for the 
nine months ended September 30, 1997 and 1996, respectively.  The earnings 
per equivalent limited partnership unit, after earnings allocated to the 
General Partner, were $3.34 and $9.89 based on a weighted average number of 
equivalent limited partnership units outstanding of 30,667 and 31,067 for the 
three months ended September 30, 1997 and 1996, respectively.  The earnings per 
equivalent limited partnership unit, after earnings allocated to the General 
Partner, were $12.18 and $20.29 based on a weighted average number of equiva-
lent limited partnership units outstanding of 30,381 and 31,127 for the nine 
months ended September 30, 1997 and 1996, respectively.





                                         9

                       FIDELITY LEASING INCOME FUND VII, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS (Continued)

RESULTS OF OPERATIONS (Continued)

    The Fund generated $1,150,829 and $1,142,768 of cash from operations,
for the purpose of determining cash available for distribution for the quarter
ended September 30, 1997 and 1996, respectively, and distributed 4% and 11% to 
partners during the third quarter of 1997 and 1996, respectively, and 8% and 
5% to partners subsequent to September 30 1997 and 1996, respectively.  For the 
nine months ended September 30, 1997 and 1996, the Fund generated $3,366,646 
and $3,353,449 of cash from operations and distributed 10% and 14% of these 
amounts to partners during the nine months ended September 30, 1997 and 1996, 
respectively and 3% and 2% of these amounts to partners subsequent to 
September 30, 1997 and 1996, respectively.  For financial statement purposes, 
the Fund records cash distributions to partners on a cash basis in the period 
in which they are paid.

ANALYSIS OF FINANCIAL CONDITION

    During the nine months ended September 30, 1997 and 1996, the Fund 
purchased $2,643,930 and $3,635,051, respectively, of equipment.  The Fund will 
continue to purchase equipment with cash available from operations which is not 
distributed to partners.

    The cash position of the Fund is reviewed daily and cash is invested on a
short-term basis.

    The Fund's cash from operations is expected to continue to be adequate to
cover all operating expenses and contingencies during the next twelve month 
period.






























                                         10

Part II:  Other Information


                       FIDELITY LEASING INCOME FUND VII, L.P.

                                 September 30, 1997

Item 1.  Legal Proceedings:  Inapplicable.

Item 2.  Changes in Securities:  Inapplicable.

Item 3.  Defaults Upon Senior Securities:  Inapplicable.

Item 4.  Submission of Matters to a Vote of Securities Holders:  Inapplicable.

Item 5.  Other Information:  Inapplicable.

Item 6.  Exhibits and Reports on Form 8-K:

          a) Exhibits:  EX-27

          b) Reports on Form 8-K:  None







































                                         11


                                     SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the regis-
trant has duly caused this report to be signed on its behalf by the under-
signed, thereunto duly authorized.

                       FIDELITY LEASING INCOME FUND VII, L.P.




          11/14/97    By:  Freddie M. Kotek
          ________         _____________________________
          Date             Freddie M. Kotek
                           President of F.L. Partnership Management, Inc.
                           (Principal Operating Officer)




          11/14/97    By:  Marianne T. Schuster
          ________         _____________________________
          Date             Marianne T. Schuster
                           Vice President of F.L. Partnership Management, Inc.
                           (Principal Financial Officer)



































                                         12



                                     SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the regis-
trant has duly caused this report to be signed on its behalf by the under-
signed, thereunto duly authorized.

                       FIDELITY LEASING INCOME FUND VII, L.P.




          _______          _____________________________
          Date             Freddie M. Kotek
                           President of F.L. Partnership Management, Inc.
                           (Principal Operating Officer)




          _______          _____________________________
          Date             Marianne T. Schuster
                           Vice President of F.L. Partnership Management, Inc.
                           (Principal Financial Officer)




































                                         12