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, 1998

/ /  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.)

3 North Columbus Boulevard, Philadelphia, Pennsylvania 19106
_______________________________________________________________________________
       (Address of principal executive offices)                  (Zip code)

                                (215) 574-1636
_______________________________________________________________________________
              (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,
                                             1998                    1997    
                                          ___________            ____________

Cash and cash equivalents                 $ 1,870,009             $ 3,185,012

Accounts receivable                           275,600	                 440,830

Due from related parties                      133,403	                 444,897

Equipment under operating leases
(net of accumulated depreciation 
of $7,228,592 and $6,817,100,               8,257,519               6,214,378
respectively)

Net investment in direct financing leases     272,510	                 295,319

Equipment held for sale or lease               21,188	                  39,958

                                          ___________             ___________

       Total assets                       $10,830,229             $10,620,394
                                          ===========             ===========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance          $   165,070             $   101,304

     Accounts payable-equipment                  -                      7,050

     Accounts payable and
      accrued expenses                        428,132                 100,885

     Due to related parties                       122	                  42,321
                                          ___________             ___________

       Total liabilities                      593,324                 251,560

Partners' capital                          10,236,905              10,368,834
                                          ___________             ___________
       Total liabilities and
        partners' capital                 $	10,830,229             $10,620,394
                                          ===========             ===========





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, 1998 and 1997

                                   (Unaudited)

                                                    1998              1997  
                                                  ________          ________

Income:
     Rentals                                     $1,029,382        $1,201,080
     Earned income on direct financing leases         5,526               626
     Interest                                        25,442            42,690
     Gain on sale of equipment, net                     916            49,165
     Other                                            1,190             1,810
                                                 __________        __________

                                                  1,062,456         1,295,371
                                                 __________        __________

Expenses:
     Depreciation                                   908,256           998,376
     Write-down of equipment to net                  
      realizable value                               63,700            10,625
     General and administrative                      39,386            19,825
     General and administrative to related	      
      party                                          57,353            60,824
     Management fee to related party                 45,690            60,117
                                                 __________        __________

                                                  1,114,385         1,149,767
                                                 __________        __________

Net income (loss)                                $  (51,929)       $  145,604
                                                 ==========        ==========

Net income (loss) per equivalent
  limited partnership unit                       $    (1.72)       $     4.68
                                                 ==========        ==========

Weighted average number of
  equivalent limited partnership
  units outstanding during the period                29,850            30,771
                                                 ==========        ==========











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, 1998

                                   (Unaudited)

                                General     Limited Partners
                                Partner     Units      Amount          Total  
                                _______     _____      ______          _____  

Balance, January 1, 1998       $(30,664)   65,449   $10,399,498    $10,368,834

Cash distributions                 (800)      -         (79,200)       (80,000)

Net loss                           (519)      -	         (51,410)       (51,929)
                               ________    ______   ___________    ___________

Balance, March 31, 1998        $(31,983)   65,449   $10,268,888    $10,236,905
                               ========    ======   ===========    ===========





































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, 1998 and 1997
                                  (Unaudited)
                                                      1998          1997   
                                                    ________      ________ 
Cash flows from operating activities:
     Net income (loss)                            $ (51,929)    $   145,604
                                                  __________    ___________
     Adjustments to reconcile net income
      (loss) to net cash provided by operating
      activities:	
     Depreciation                                    908,256        998,376
     Write-down of equipment to net	
      realizable value                                63,700         10,625
     Proceeds from direct financing leases, net
      of earned income 	                               22,809          2,548
     Gain on sale of equipment, net                     (916)       (49,165)
     (Increase) decrease in accounts receivable      165,230         61,909
     (Increase) decrease in due from related parties 311,494        (19,050)
     Increase (decrease) in lease rents paid
      in advance                        	              63,766        (23,796)
     Increase (decrease) in account payable-equipment (7,050)           - 
     Increase (decrease) in accounts payable and 
      accrued expenses                               327,247          3,252
     Increase (decrease) in due to related parties   (42,199)       (11,559)
                                                  __________     __________
                                                   1,812,337        973,140
                                                  __________     __________

        Net cash provided by operating activities  1,760,408      1,118,744
                                                  __________     __________

Cash flows from investing activities:            
     Acquisition of equipment                     (3,097,961)       (13,067)
     Proceeds from sale of equipment                 102,550         57,033
                                                  __________     __________

        Net cash provided by (used in)
         investing activities                     (2,995,411)        43,966
                                                  __________     __________

Cash flows from financing activities:
     Distributions                                   (80,000)      (170,000)
                                                  __________     __________

        Net cash used in financing activities        (80,000)      (170,000)
                                                  __________     __________

     Increase (decrease) in cash and cash 
      equivalents                                 (1,315,003)       992,710

     Cash and cash equivalents, beginning
      of period                                    3,185,012      2,983,264
                                                  __________     __________

     Cash and cash equivalents, end of period     $1,870,009     $3,975,974
                                                  ==========     ==========

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, 1998

                                  (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.

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 21 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, 
    $63,700 and $10,625 was charged to write-down of equipment to net 
    realizable value for the three months ended March 31, 1998 and 1997, 
    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, 1998 is as
    follows:

       Net minimum lease payments to be received         $302,000
       Less unearned income                                30,000
       Add expected future residuals                         -  
                                                         ________
                                                         $272,000
                                                         ========






                                    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, 1998 are as 
    follows:
                                                                Direct   
         Years Ending December 31          Operating           Financing 
         ________________________          _________           _________ 

                   1998                   $2,521,000           $ 85,000
                   1999                    2,522,000            113,000
                   2000                    1,185,000            104,000
                                          __________           ________
                                          $6,228,000           $302,000
                                          ==========           ========

    Subsequent to March 31, 1998, the Fund purchased $238,379 of equipment 
    subject to an operating lease with an initial lease term of 47 months.  The 
    future approximate minimum rentals to be received on this noncancellable 
    operating lease are $47,478 in 1998, $63,304 in 1999, $63,304 in 2000, 
    $63,304 in 2001 and $10,551 in 2002.

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:
                                               1998                 1997  
                                             ________             ________

          Management fee                     $45,690              $60,117
          Reimbursable costs                  57,353               60,824



                                      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, 1998 and December 31, 1997
    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, 1998 and December 31, 1997
    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 DISTRIBUTIONS

    There were no cash distributions made to partners for the three months
    ended March 31, 1998.





































                                  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 $1,062,456 and
$1,295,371 for the three months ended March 31, 1998 and 1997, respectively. 
Rental income from the leasing of equipment accounted for 97% and 93% of total
revenues for the first quarter of 1998 and 1997, respectively.  The decrease
in revenues is primarily attributable to a decrease in rental income.
Rental income decreased during 1998 by approximately $572,000 because of
equipment which came off lease and was re-leased at lower rental rates or sold.
This decrease, however, was mitigated by an increase of approximately $400,000
in rental income realized from equipment purchases made since March 31, 1997.
Additionally the Fund recognized a net gain on sale of equipment of $916 during
the first quarter of 1998 as compared to a net gain on sale of equipment of
$49,165 for the first quarter of 1997 which contributed to the overall decrease
in total revenues in 1998, as well.  

    Expenses were $1,114,385 and $1,149,767 during the three months ended 
March 31, 1998 and 1997, respectively.  Depreciation comprised 81% and 87% of 
total expenses during the first quarter of 1998 and 1997, respectively.  The
decrease in expenses is primarily related to the decrease in deprecation 
expense due to equipment which came off lease or was terminated and sold.  
However, the increase in write-down of equipment to net realizable value 
reduced the amount of the overall decrease in expenses in 1998.  Based upon the
quarterly review of the recoverability of the undepreciated cost of rental 
equipment, $63,700 and $10,625 was charged to operations to write down 
equipment to its estimated net realizable value during the three months ended 
March 31, 1998 and 1997, respectively.  Any future losses are dependent upon 
unanticipated technological developments affecting the computer equipment
industry in subsequent years.  

    For the three months ended March 31, 1998 and 1997, the Fund had net income
(loss) of ($51,929) and $145,604, respectively.  The earnings (loss) per 
equivalent limited partnership unit, after earnings (loss) allocated to the 
General Partner were ($1.72)and $4.68 based on a weighted average number of 
equivalent limited partnership units outstanding of 29,850 and 30,771 for the 
three months ended March 31,1998 and 1997, respectively.

    The Fund generated $919,111 and $1,105,440 of cash from operations, for 
the purpose of determining cash available for distribution, during the quarter 
ended March 31, 1998 and 1997, respectively.  It is the Fund's policy to make 
cash distributions in accordance with the net income earned by the Fund.  For 
the first quarter of 1998, there were no cash distributions made to partners.  
However, $80,000 of cash distributions were paid during the first quarter of 
1998 for the months of October and November of 1997.  The Fund distributed 4% 
of cash available from operations to partners during he first quarter of 1997 
and 9% of this amount to partners subsequent to the first quarter of 1997.  For 
financial statement purposes, the Fund records cash distributions to partners 
on a cash basis in the period in which they are paid.









                                    9



FIDELITY LEASING INCOME FUND VII, L.P.

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, 1998 and 1997, the Fund purchased 
$3,097,961 and $13,067, 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, 1998, the Fund purchased $238,379 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, 1998

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.




            5-14-98     By:  Freddie M. Kotek
            _______          ___________________________
            Date             Freddie M. Kotek
                             President of
                             F.L. Partnership Management, Inc.
                             (Principal Operating Officer)





            5-14-98     By:  Marianne T. Schuster
            _______          ___________________________
            Date             Marianne T. Schuster
                             Vice President of
                             F.L. Partnership Management, Inc.
                             (Principal Financial Officer)


































                                         12