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 June 30, 2002

/ /  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.)

     1845 Walnut Street, Suite 1000, Philadelphia, Pennsylvania  19103
____________________________________________________________________________
       (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
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

Yes    X    No _____













                                Page 1 of 15
<PAGE>
Part I:  Financial Information
Item 1:  Financial Statements

                     FIDELITY LEASING INCOME FUND VII, L.P.
                                 BALANCE SHEETS
                                     ASSETS

                                           (Unaudited)             (Audited)
                                             June 30,             December 31,
                                               2002                   2001
                                          ____________            ____________

Cash and cash equivalents                  $5,445,092              $3,877,912

Accounts receivable                           180,368                 254,207

Due from related parties                        1,108                  83,631

Net investment in direct financing leases   1,878,199               4,935,434

Equipment under operating leases
 (net of accumulated depreciation
 of $145,604 and $286,489,
 respectively)                                339,690                 450,623

Equipment held for sale or lease               88,642                  88,642
                                           __________              __________

       Total assets                        $7,933,099              $9,690,449
                                           ==========              ==========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance           $    1,443              $   64,745

     Accounts payable and
      accrued expenses                         34,420                  38,433

     Due to related parties                    14,474                  23,591

                                           __________              __________

       Total liabilities                       50,337                 126,769

Partners' capital                           7,882,762               9,563,680
                                           __________              __________
       Total liabilities and
        partners' capital                  $7,933,099              $9,690,449
                                           ==========              ==========



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


                                       2
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)

                                Three Months Ended         Six Months Ended
                                      June 30                  June 30
                                 2002        2001         2002         2001
                                 ____        ____         ____         ____

Income:
     Earned income on direct
      financing leases         $110,931   $148,779      $201,154     $303,048
     Rentals                     47,941     27,377       106,432       52,881
     Interest                    32,132     25,109        57,945       45,624
     Gain on sale of equipment,
      net                          -           110        14,854       31,695
     Other                        2,679      2,166        16,462        3,806
                               ________   ________      ________     ________

                                193,683    203,541       396,847      437,054
                               ________   ________      ________     ________

Expenses:
     Depreciation                42,875     18,435        90,787       36,870
     General and administrative  44,382     34,429        82,336       58,262
     General and administrative
      to related party           38,366     36,722        83,280       75,129
     Management fee to
      related party              45,051     21,181        71,346       41,399
                               ________   ________      ________     ________

                                170,674    110,767       327,749      211,660
                               ________   ________      ________     ________

Net income                     $ 23,009   $ 92,774      $ 69,098     $225,394
                               ========   ========      ========     ========

Net income per equivalent
  limited partnership unit     $   0.47   $   3.17      $   1.99     $   7.70
                               ========   ========      ========     ========

Weighted average number of
  equivalent limited
  partnership units outstanding
  during the period              25,510     28,810        26,242       28,866
                               ========   ========      ========     ========





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




                                       3
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                         STATEMENT OF PARTNERS' CAPITAL
                     For the six months ended June 30, 2002
                                   (Unaudited)

                                General     Limited Partners
                                Partner     Units     Amount         Total
                                _______     _____     ______         _____

Balance, January 1, 2002       $(23,422)   64,773   $9,587,102    $9,563,680

Cash distributions              (17,500)     -      (1,732,516)   (1,750,016)

Net income                       17,000      -          52,098        69,098
                               ________    ______   __________    __________

Balance, June 30, 2002         $(23,922)   64,773   $7,906,684    $7,882,762
                               ========    ======   ==========    ==========































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






                                       4
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                            STATEMENTS OF CASH FLOWS
                For the six months ended June 30, 2002 and 2001
                                  (Unaudited)
                                                      2002          2001
                                                      ____          ____
Cash flows from operating activities:
     Net income                                   $   69,098    $  225,394
                                                  __________    __________
     Adjustments to reconcile net income
      to net cash provided by operating
      activities:
     Depreciation                                     90,787        36,870
     Write-down of equipment to net
      realizable value                                  -             -
     Gain on sale of equipment, net                  (14,854)      (31,695)
     (Increase) decrease in accounts receivable       73,839        38,756
     (Increase) decrease in due from related
      parties                                         82,523       (60,937)
     Increase (decrease) in lease rents paid
      in advance                                     (63,302)       39,563
     Increase (decrease) in accounts payable
      and accrued expenses                            (4,013)      (28,465)
     Increase (decrease) in due to related
      parties                                         (9,117)      (16,507)
     Increase (decrease) in security deposits           -          (67,825)
                                                  __________    __________
                                                     155,863       (90,240)
                                                  __________    __________
        Net cash provided by operating activities    224,961       135,154
                                                  __________    __________
Cash flows from investing activities:
     Investment in direct financing leases              -         (652,894)
     Proceeds from sale of equipment                  35,000        31,695
     Proceeds from direct financing leases,
      net of earned income                         3,057,235     1,633,098
                                                  __________    __________
        Net cash provided by investing activities  3,092,235     1,011,899
                                                  __________    __________
Cash flows from financing activities:
     Distributions                                (1,750,016)     (300,000)
                                                  __________    __________
        Net cash used in financing activities     (1,750,016)     (300,000)
                                                  __________    __________
     Increase in cash and cash equivalents         1,567,180       847,053
     Cash and cash equivalents, beginning
       of period                                   3,877,912     2,055,814
                                                  __________    __________
     Cash and cash equivalents, end of period     $5,445,092    $2,902,867
                                                  ==========    ==========


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



                                       5
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                         NOTES TO FINANCIAL STATEMENTS

                                June 30, 2002
                                 (Unaudited)

The accompanying unaudited condensed financial statements have been prepared
by the Fund in accordance with accounting principles generally accepted in
the United States of America, pursuant to the rules and regulations of the
Securities and Exchange Commission.  In the opinion of Management, all ad-
justments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included.

1.  EQUIPMENT LEASED

    The Fund has equipment leased under the direct financing method in accor-
    dance with Statement of Financial Accounting Standards No. 13.  This
    method provides for recognition of income (the excess of the aggregate
    future rentals and estimated unguaranteed residuals upon expiration of
    the lease over the related equipment cost) over the life of the lease
    using the interest method.  The Fund's direct financing leases are for
    initial lease terms ranging from 7 to 60 months.

    Unguaranteed residuals for direct financing leases represent the estimated
    amounts recoverable at lease termination from lease extensions or disposi-
    tion of the equipment.  The Fund reviews these residual values quarterly.
    If the equipment's fair market value is below the estimated residual value,
    an adjustment is made.

    The net investment in direct financing leases as of June 30, 2002 is as
    follows (unaudited):

       Minimum lease payments to be received             $  774,000
       Unguaranteed residuals                             1,146,000
       Unearned rental income                               (19,000)
       Unearned residual income                             (23,000)
                                                         __________
                                                         $1,878,000
                                                         ==========

    The Fund also has equipment under operating leases.  The Fund's operating
    leases are for initial lease terms of 21 to 58 months.  Generally, operat-
    ing 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 the equipment and
    competitive factors in the marketplace are considered among other things,
    as part of this review.  In accordance with accounting principles generally
    accepted in the United States of America, 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.


                                       6
<PAGE>
                     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
    direct financing and operating leases as of June 30, 2002 are as follows:

      Years Ending December 31          Direct Financing      Operating
      ________________________          ________________      _________

                2002                         $662,000          $ 96,000
                2003                          112,000           129,000
                                             ________          ________
                                             $774,000          $225,000
                                             ========          ========

2.  RELATED PARTY TRANSACTIONS

    The General Partner receives 5% of rental payments on equipment under
    operating leases and 2% of rental payments (as opposed to earned income)
    on full pay-out leases for administrative and management services per-
    formed 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 connection 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 six months
    ended June 30, 2002 and 2001 (unaudited):

                               Three Months Ended      Six Months Ended
                                     June 30               June 30
                               2002         2001       2002        2001
                               ____         ____       ____        ____

    Management fee           $45,051      $21,181    $71,346     $41,399
    Reimbursable costs        38,366       36,722     83,280      75,129


                                       7
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)

2.  REATED PARTY TRANSACTIONS (Continued)


    During the first quarter of 2001, the Fund transferred its checking and
    investment accounts from Hudson United Bank to The Bancorp.com, Inc.
    (TBI).  The son and the spouse of the Chairman of Resource America, Inc.
    are the Chairman and Chief Executive Officer, respectively, of TBI.  The
    Fund maintains a normal banking relationship with TBI.

    Amounts due from related parties at June 30, 2002 and December 31, 2001
    represent monies due the Fund from the General Partner and/or other
    affiliated funds for rentals and sales proceeds collected and not yet
    remitted to the Fund.

    Amounts due to related parties at June 30, 2002 and December 31, 2001
    represent monies due to the General Partner for the fees and costs men-
    tioned 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
    June 2002 for the month ended April 30, 2002 to all admitted partners as
    of April 30, 2002.  Additionally, the General Partner declared and paid
    cash distributions of $50,000 and $1,000,000 subsequent to June 30, 2002
    for the months ended May 31 and June 30, 2002, respectively, to all ad-
    mitted partners as of May 31 and June 30, 2002.


























                                       8
<PAGE>
                     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 $193,683 and
$203,541 for the three months ended June 30, 2002 and 2001, respectively,
and $396,847 and $437,054 for the six months ended June 30, 2002 and 2001
respectively.  Earned income on direct financing leases and rental income
from the leasing of equipment accounted for 82% and 87% of total revenues
for the second quarter of 2002 and 2001, respectively and 78% and 81% of
total revenues for the first six months of 2002 and 2001, respectively.
The decrease in revenues was primarily attributable to a decrease in earned
income on direct financing leases.  Earned income on direct financing leases
decreased by approximately $102,000 in 2002 because of the monthly amortiza-
tion of unearned income using the interest method.  Additionally, the early
termination of certain direct financing leases in the last six months of 2001
and the first six months of 2002 also accounted for the decrease in earned
income on direct financing leases during the six months ended June 30, 2002.
Additionally, the Fund recognized approximately $14,854 of net gain on sale
of equipment during the first six months of 2002 compared to $31,695 during
the first six months of 2001.  The decrease in this account also contributed
to the overall decrease in total revenues in 2002.  The overall decrease in
revenues was mitigated by the increase in rental income.  Rental income in-
creased by approximately $54,000 because of equipment under operating leases
purchased in the last quarter of 2001.  Additionally, other income increased
from $3,806 for the six months ended June 30, 2001 to $16,462 for the six
months ended June 30, 2002 which also served to lower the overall decrease
in revenues in 2002.  The increase in this account was a result of late fees
collected on delinquent rentals paid during the first six months of 2002.
Furthermore, the increase in interest income reduced the amount of the de-
crease in total revenues during the first six months of 2002.  Interest
income increased because of larger cash balances available for investment
by the Fund in 2002 compared to 2001.

    Expenses were $170,674 and $110,767 for the three months ended June 30,
2002 and 2001, respectively, and $327,749 and $211,660 for the six months
ended June 30, 2002 and 2001, respectively.  Depreciation expense comprised
25% and 17% of total expenses during the quarter ended June 30, 2002 and 2001,
respectively and 28% and 17% of total expenses during the six months ended
June 30, 2002 and 2001, respectively.  The increase in expenses was primarily
related to the increase in depreciation expense resulting from equipment
purchased in the last quarter of 2001.  Additionally the increase in general
and administrative expense contributed to the overall increase in expenses in
2002.  General and administrative expense increased because of the increase in
the various costs incurred to operate the Fund on a daily basis.  Furthermore,
management fee to related party increased during the six months ended June 30,
2002 compared to June 30, 2001.  This account increased in 2002 because of
rentals collected on the early termination of two direct financing leases
during the second quarter of 2002.  Management fee to related party is
calculated as a percentage of rental receipts.  The increase in this account
also accounted for the increase in total expenses in 2002.

                                       9
<PAGE>
                     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's net income was $23,009 and $92,774 for the three months ended
June 30, 2002 and 2001, respectively, and $69,098 and $225,394 for the six
months ended June 30, 2002 and 2001, respectively.  The income per equivalent
limited partnership unit was $0.47 and $3.17 based on a weighted average number
of equivalent limited partnership units outstanding of 25,510 and 28,810 for
the three months ended June 30, 2002 and 2001, respectively.  The income per
equivalent limited partnership unit, after income allocated to the General
Partner, was $1.99 and $7.70 based on a weighted average number of equivalent
limited partnership units outstanding of 26,242 and 28,866 for the six months
ended June 30, 2002 and 2001, respectively.

    The Fund generated $65,884 and $111,099 of cash from operations, for
the purpose of determining cash available for distribution, during the quarter
ended June 30, 2002 and 2001, respectively.  The General Partner declared and
paid one cash distribution of $50,000 during the second quarter of 2002 for
the month of April 2002.  Subsequent to June 30, 2002, the General Partner
declared and paid cash distributions of $50,000 and $1,000,000 for the months
ended May 31 and June 30, 2002, respectively.  Subsequent to June 30, 2001,
the General Partner declared and paid three cash distributions of $50,000
each for a total of $150,000 for the three months ended June 30, 2001.  For
the six months ended June 30, 2002 and 2001, the Fund generated $145,031 and
$230,569 of cash from operations, for the purpose of determining cash avail-
able for distribution.  The General Partner declared cash distributions
totaling $1,700,016 and $300,0000 for the six months ended June 30, 2002
and 2001, respectively.  The General Partner declared and paid three cash
distributions of $50,000 each and one cash distribution of $500,000 during
the first six months of 2002.  Subsequent to June 30, 2002, the General Part-
ner declared and paid one cash distribution of $50,000 and one cash distri-
bution of $1,000,000 for the first six months of 2002.  In addition, the Fund
paid three cash distributions totaling $1,100,016 during the first six months
of 2002 for the months of October, November and December 2001.  For the six
months ended June 30, 2001, the General Partner declared and paid three cash
distributions of $50,000 each during the first six months of 2001 and three
cash distributions of $50,000 each subsequent to June 30, 2001.  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

    The Fund is currently in the process of dissolution.  As provided in the
Restated Limited Partnership Agreement, the assets of the Fund shall be liqui-
dated as promptly as is consistent with obtaining their fair value.  During
this time, the Fund will continue to purchase equipment with cash available
from operations that was not distributed to partners in previous periods and
for lease terms consistent with the plan of dissolution.  There were no invest-



                                      10
<PAGE>
                     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)

ments made in direct financing leases for the six months ended June 30, 2002.
The Fund invested $652,894 in direct financing leases during the six months
ended June 30, 2001.

    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.






































                                      11
<PAGE>
Part II:  Other Information

                     FIDELITY LEASING INCOME FUND VII, L.P.

                                 June 30, 2002


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:

              Exhibit No.             Description
              -----------             -----------
              99.1                    Certification pursuant to 18 U.S.C.,
                                      Section 1350, as adopted pursuant to
                                      Section 906 of the Sarbanes-Oxley
                                      Act of 2002

              99.2                    Certification pursuant to 18 U.S.C.,
                                      Section 1350, as adopted pursuant to
                                      Section 906 of the Sarbanes-Oxley
                                      Act of 2002

          b)  Reports on Form 8-K:  None






















                                      12
<PAGE>
                                                           Exhibit 99.1

                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                            AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Fidelity Leasing Income Fund VII,
L.P. (the "Fund") on Form 10-Q for the period ended June 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Crit S. DeMent, Principal Executive Officer of LEAF Financial Corporation,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that:

     (1)  The Report fully complies with the requirements of Section 13 (a)
          or 15 (d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of opera-
          tions of the Fund.



      /s/ Crit S. DeMent
      ________________________
      Crit S. DeMent
      Principal Executive Officer
      August 13, 2002



























                                      13
<PAGE>
                                                           Exhibit 99.2

                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                            AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Fidelity Leasing Income Fund VII,
L.P. (the "Fund") on Form 10-Q for the period ended June 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Marianne T. Schuster, Principal Financial Officer of LEAF Financial Corpora-
tion, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002, that:

     (1)  The Report fully complies with the requirements of Section 13 (a)
          or 15 (d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of opera-
          tions of the Fund.



      /s/ Marianne T. Schuster
      ________________________
      Marianne T. Schuster
      Principal Financial Officer
      August 13, 2002



























                                      14
<PAGE>
                                    SIGNATURES

Pursuant to the requirements 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.

               FIDELITY LEASING INCOME FUND VII, L.P.




            8-13-02     By:  /s/ Crit S. DeMent
                             ____________________________
                             Crit S. DeMent
                             Chairman of the Board of Directors
                             of LEAF Financial Corporation
                             (Principal Executive Officer)



            8-13-02     By:  /s/ Miles Herman
                             ____________________________
                             Miles Herman
                             President and Director of
                             LEAF Financial Corporation



            8-13-02     By:  /s/ Freddie M. Kotek
                             ____________________________
                             Freddie M. Kotek
                             Director of LEAF Financial Corporation



            8-13-02     By:  /s/ Marianne T. Schuster
                             ____________________________
                             Marianne T. Schuster
                             Vice President of Accounting of
                             LEAF Financial Corporation
                             (Principal Financial Officer)















                                      15
<PAGE>