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 March 31, 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.)

7 E. Skippack Pike, Suite 275, 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)  
                                           March 31,              December 31,
                                             1997                     1996    
                                          ___________             ____________

Cash and cash equivalents                 $ 3,975,974              $ 2,983,264

Accounts receivable                            84,101                  146,010

Due from related parties                       67,304                   48,254

Equipment under operating leases
(net of accumulated depreciation
of $11,673,733 and $11,958,429, 
respectively)                               6,643,011                7,704,003

Net investment in direct financing leases      26,786                   29,334

Equipment held for sale or lease               87,358                   30,168

                                          ___________              ___________

       Total assets                       $10,884,534              $10,941,033
                                          ===========              ===========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance          $    75,038              $    98,834

     Accounts payable and
      accrued expenses                         70,782                   67,530

     Due to related parties                     8,061                   19,620
                                          ___________              ___________

       Total liabilities                      153,881                  185,984

Partners' capital                          10,730,653               10,755,049
                                          ___________              ___________
       Total liabilities and
        partners' capital                 $10,884,534              $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

                For the three months ended March 31, 1997 and 1996

                                   (Unaudited)

                                                    1997              1996  
                                                  ________          ________

Income:
     Rentals                                     $1,201,080        $1,247,330
     Earned income on direct financing leases           626               848
     Interest                                        42,690            28,943
     Gain on sale of equipment, net                  49,165            54,797
     Other                                            1,810             1,138
                                                 __________        __________

                                                  1,295,371         1,333,056
                                                 __________        __________

Expenses:
     Depreciation                                   998,376           961,385
     Write-down of equipment to net
      realizable value                               10,625           145,938
     General and administrative                      19,825            36,558
     General and administrative to related
      party                                          60,824            66,930
     Management fee to related party                 60,117            62,269
                                                 __________        __________

                                                  1,149,767         1,273,080
                                                 __________        __________

Net income                                       $  145,604        $   59,976
                                                 ==========        ==========

Net income per equivalent
  limited partnership unit                       $     4.68        $     1.84
                                                 ==========        ==========

Weighted average number of
  equivalent limited partnership
  units outstanding during the period                30,771            31,573
                                                 ==========        ==========











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 three months ended March 31, 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               (1,700)     -         (168,300)      (170,000)

Net income                        1,500      -          144,104        145,604
                               ________    ______   ___________    ___________

Balance, March 31, 1997        $(30,464)   65,589   $10,761,117    $10,730,653
                               ========    ======   ===========    ===========





































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 three months ended March 31, 1997 and 1996
                                  (Unaudited)
                                                      1997          1996   
                                                    ________      ________ 
Cash flows from operating activities:
     Net income                                   $  145,604     $   59,976
                                                  __________     __________
     Adjustments to reconcile net income
      to net cash provided by operating
      activities:
     Depreciation                                    998,376        961,385
     Write-down of equipment to net
      realizable value                                10,625        145,938
     Proceeds from direct financing leases, net
      of earned income                                 2,548          2,325
     Gain on sale of equipment, net                  (49,165)       (54,797)
     (Increase) decrease in accounts receivable       61,909       (100,561)
     (Increase) decrease in interest receivable         -            10,866
     (Increase) decrease in due from related parties (19,050)        56,849
     Increase (decrease) in lease rents paid
      in advance                                     (23,796)        31,844
     Increase (decrease) in accounts payable and
      accrued expenses                                 3,252        513,797
     Increase (decrease) in due to related parties   (11,559)        86,690
                                                  __________     __________
                                                     973,140      1,654,336
                                                  __________     __________

        Net cash provided by operating activities  1,118,744      1,714,312
                                                  __________     __________ 

Cash flows from investing activities:
     Acquisition of equipment                        (13,067)      (173,002)
     Proceeds from sale of equipment                  57,033         93,273
                                                  __________     __________ 

        Net cash provided by (used in)
         investing activities                         43,966        (79,729)
                                                  __________     __________ 

Cash flows from financing activities:
     Redemptions of capital                             -          (510,707)
     Distributions                                  (170,000)      (120,000)
                                                  __________     __________

        Net cash used in financing activities       (170,000)      (630,707)
                                                  __________     __________

     Increase in cash and cash equivalents           992,710      1,003,876

     Cash and cash equivalents, beginning
      of period                                    2,983,264      2,199,456
                                                  __________     __________

     Cash and cash equivalents, end of period     $3,975,974     $3,203,332
                                                  ==========     ==========


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

                                        5



                     FIDELITY LEASING INCOME FUND VII, L.P.

                         NOTES TO FINANCIAL STATEMENTS

                                March 31, 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.  The lessees have agreements with the manufacturer of the 
    equipment 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, 
    $10,625 and $145,938 was charged to write-down of equipment to net 
    realizable value for the three months ended March 31, 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 March 31, 1997 is as
    follows:

       Net minimum lease payments to be received         $30,000
       Less unearned income                                3,000
       Add expected future residuals                        -   
                                                         _______
                                                         $27,000
                                                         =======






                                       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 March 31, 1997 are as 
    follows:
                                                                Direct   
         Years Ending December 31          Operating           Financing 
         ________________________          _________           _________ 

                   1997                   $2,777,000            $10,000
                   1998                    1,874,000             13,000
                   1999                      902,000              7,000
                   2000                      112,000               -
                                          __________            _______
                                          $5,665,000            $30,000
                                          ==========            =======

    Subsequent to March 31, 1997, the Fund purchased $593,583 of equipment 
    subject to an operating lease with an initial lease term of 36 months.  The 
    future approximate minimum rentals to be received on this noncancellable 
    operating lease are $142,178 in 1997, $186,124 in 1998, $186,124 in 1999 
    and $46,531 in 2000.

2.  RELATED PARTY TRANSACTIONS

    The General Partner receives 5% or 2% of rental payments on equipment 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 during the 
    initial term 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 1, 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 months ended 
    March 31:
                                               1997                 1996  
                                             ________             ________

          Management fee                     $60,117              $62,269
          Reimbursable costs                  60,824               66,930




                                      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 March 31, 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 to the Fund.

    Amounts due to related parties at March 31, 1997 and December 31, 1996
    represent monies due to the General Partner and/or its parent company 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 in 
    both April and May 1997 for the months ended February 28 and March 31, 
    1997, to all admitted partners as of February 28 and March 31, 1997.





































                                  8

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 $1,295,371 and
$1,333,056 for the three months ended March 31, 1997 and 1996, respectively. 
Rental income from the leasing of computer peripheral equipment accounted for 
93% and 94% of total revenues for the first quarter of 1997 and 1996, 
respectively.  The decrease in revenues is primarily attributable to a decrease 
in rental income.  Rental income decreased during 1997 by approximately 
$340,000 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 $294,000 in rental income realized from equipment purchases made 
since March 31, 1996 as well as rental income recognized on 1996 equipment 
purchases for which a full three months of rent was earned in 1997 and only a 
portion of the three months was earned in 1996.  The Fund recognized a 
net gain on sale of equipment of $49,165 during the first quarter of 1997 as 
compared to a net gain on sale of equipment of $54,797 for the first quarter of 
1996 which attributed to the overall decrease in total revenues in 1997, as 
well.  The overall decrease in revenues was mitigated by the increase in 
interest income in 1997 as compared to 1996 because of higher interest rates 
earned on invested cash and larger cash balances invested by the Fund.

    Expenses were $1,149,767 and $1,273,080 during the three months ended 
March 31, 1997 and 1996, respectively.  Depreciation comprised 87% and 76% of 
total expenses during the first quarter of 1997 and 1996, respectively.  The 
decrease in expenses 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, $10,625 and 
$145,938 was charged to operations to write down equipment to its estimated net 
realizable value during the three months ended March 31, 1997 and 1996, 
respectively.  Any future losses are dependent upon unanticipated 
technological developments affecting the computer equipment industry in 
subsequent years.  Depreciation expense increased in the first quarter of 1997 
in comparison to the first quarter of 1996 because of equipment purchases made 
since March 1996, which lowered the overall decrease in total expenses in 1997.

    For the three months ended March 31, 1997 and 1996, the Fund had net income
of $145,604 and $59,976, respectively.  The earnings per equivalent limited
partnership unit, after earnings allocated to the General Partner were $4.68
and $1.84 based on a weighted average number of equivalent limited partnership
units outstanding of 30,771 and 31,573 for the three months ended March 31, 
1997 and 1996, respectively.

    The Fund generated $1,105,440 and $1,112,502 of funds from operations, for 
the purpose of determining cash available for distribution, during the quarter 
ended March 31, 1997 and 1996, respectively and distributed 4% and 11% of 
these amounts to partners during the first quarter of 1997 and 1996, respec-
tively and 9% and 5% of these amounts to partners subsequent to the first 
quarter of 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.






                                    9






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


ANALYSIS OF FINANCIAL CONDITION

    During the quarter ended March 31, 1997 and 1996, the Fund purchased
$13,067 and $173,002, respectively of equipment.  The Fund will continue to
purchase equipment with cash available from operations which is not distributed 
to partners.

    Subsequent to March 31, 1997, the Fund purchased $593,583 of equipment for 
lease.

    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.

                                 March 31, 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:  None

          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.




            5-14-97     By:  Freddie M. Kotek
            _______          ___________________________
            Date             Freddie M. Kotek
                             President of
                             F.L. Partnership Management, Inc.
                             (Principal Operating Officer)





            5-14-97     By:  Marianne T. Schuster
            _______          ___________________________
            Date             Marianne T. Schuster
                             Vice President of
                             F.L. Partnership Management, Inc.
                             (Principal Financial Officer)



































                                         12