UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q



[x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934

For the period ended                         March 31, 1999
                     -----------------------------------------------------------

[ ] 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                               33-94458
                       ---------------------------------------------------------

                       ICON Cash Flow Partners L.P. Seven
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                                               13-3835387
--------------------------------------------------------------------------------
(State or other jurisdiction of                               (IRS Employer
incorporation or organization)                           Identification Number)


              600 Mamaroneck Avenue, Harrison, New York 10528-1632
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip code)


                                 (914) 698-0600
--------------------------------------------------------------------------------
               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.

                                                         [ x ] Yes     [   ] No


<PAGE>


PART I  - FINANCIAL INFORMATION
Item 1.  Financial Statements

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                           Consolidated Balance Sheets

                                   (unaudited)
<TABLE>

                                                                  March 31,     December 31,
                                                                    1999            1998

Assets

<S>                                                            <C>              <C>          
Cash .......................................................   $   2,333,130    $   3,899,054
                                                               -------------    -------------

Investment in finance leases
   Minimum rents receivable ................................     112,696,783      122,539,958
   Estimated unguaranteed residual values ..................      76,928,724       77,403,065
   Initial direct costs ....................................       3,574,738        3,943,900
   Unearned income .........................................     (35,704,890)     (39,516,143)
   Allowance for doubtful accounts .........................      (1,067,610)        (868,450)
                                                               -------------    -------------

                                                                 156,427,745      163,502,330
                                                               -------------    -------------
Investment in estimated unguaranteed residual values .......      31,718,541       31,718,541
                                                               -------------    -------------

Net investment in leveraged leases .........................      12,937,475       12,568,089
                                                               -------------    -------------

Investment in financings
   Receivables due in installments .........................       2,400,433        2,357,992
   Initial direct costs ....................................           4,401            5,169
   Unearned income .........................................        (602,744)        (620,501)
   Allowance for doubtful accounts .........................          (9,611)          (8,772)
                                                               -------------    -------------

                                                                   1,792,479        1,733,888
                                                               -------------    -------------
Investments in unconsolidated joint ventures ...............       1,480,087        1,490,820
                                                               -------------    -------------

Accounts receivable from General Partner and affiliates, net         227,563             --
                                                               -------------    -------------
Other assets ...............................................       1,436,170        1,474,518
                                                               -------------    -------------

Total assets ...............................................   $ 208,353,190    $ 216,387,240
                                                               =============    =============
</TABLE>


                                                        (continued on next page)


<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                     Consolidated Balance Sheets (Continued)

                                   (unaudited)
<TABLE>

                                                           March 31,       December 31,
                                                             1999              1998

       Liabilities and Partners' Equity

<S>                                                      <C>              <C>          
Notes payable - non-recourse .........................   $ 103,802,572    $ 110,848,356
Note payable - recourse ..............................      27,023,072       26,224,398
Accounts payable-equipment ...........................            --            501,318
Accounts payable - General Partner and affiliates, net            --             95,670
Security deposits, deferred credits and other payables       1,222,048          951,199
Minority interest in consolidated joint venture ......          34,756           24,851
                                                         -------------    -------------

                                                           132,082,448      138,645,792
                                                         -------------    -------------
Commitments and Contingencies

Partners' equity (deficiency)
   General Partner ...................................         (98,810)         (84,234)
   Limited partners (996,269.18 and 996,469.18  units
     outstanding, $100 per unit original
     issue price in 1999 and 1998, respectively) .....      76,369,552       77,825,682
                                                         -------------    -------------

     Total partners' equity ..........................      76,270,742       77,741,448
                                                         -------------    -------------

Total liabilities and partners' equity ...............   $ 208,353,190    $ 216,387,240
                                                         =============    =============
</TABLE>















See accompanying notes to consolidated financial statements.


<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                      Consolidated Statements of Operations

                      For the Three Months Ended March 31,

                                   (unaudited)
<TABLE>

                                                                 1999         1998
                                                                 ----         ----

Revenues

<S>                                                           <C>          <C>       
   Finance income .........................................   $3,984,131   $2,564,902
   Income from leveraged leases, net ......................      369,386      344,909
   Income from investments in unconsolidated joint ventures      125,869       93,533
   Interest income and other ..............................        8,597       92,819
   Net gain on sales or remarketing of equipment ..........      176,579         --
                                                              ----------   ----------

   Total revenues .........................................    4,664,562    3,096,163
                                                              ----------   ----------

Expenses

   Interest ...............................................    1,801,892    1,531,238
   Management fees - General Partner ......................      603,424      478,301
   Amortization of initial direct costs ...................      436,376      423,326
   Administrative expense
     reimbursements - General Partner .....................      257,859      207,548
   Provision for bad debts ................................      200,000      150,000
   General and administrative .............................      116,196       57,235
   Minority interest expense in consolidated joint venture         1,199        1,116
                                                              ----------   ----------

   Total expenses .........................................    3,416,946    2,848,764
                                                              ----------   ----------

Net income ................................................   $1,247,616   $  247,399
                                                              ==========   ==========

Net income allocable to:
   Limited partners .......................................   $1,235,140   $  244,925
   General Partner ........................................       12,476        2,474
                                                              ----------   ----------

                                                              $1,247,616   $  247,399
                                                              ==========   ==========

Weighted average number of limited
   partnership units outstanding ..........................      996,400      680,272
                                                              ==========   ==========

Net income per weighted average
   limited partnership unit ...............................   $     1.24   $      .36
                                                              ==========   ==========
</TABLE>



See accompanying notes to consolidated financial statements.


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

             Consolidated Statements of Changes in Partners' Equity

                  For the Three Months Ended March 31, 1999 and
                the Years Ended December 31, 1998, 1997 and 1996

                                   (unaudited)
<TABLE>

                                   Limited Partner Distributions

                                      Return of    Investment        Limited     General
                                       Capital       Income          Partners    Partner      Total
                                    (Per weighted average unit)

<S>                                   <C>           <C>             <C>          <C>       <C>        
Balance at
   December 31, 1995                                               $     1,000  $  1,000  $     2,000

Refund of initial
   limited partners'
   capital contribution                                                 (1,000)     -          (1,000)

Proceeds from issuance
   of limited partnership
   units (275,540.47 units)                                         27,554,047      -      27,554,047

Sales and
   offering expenses                                                (3,719,796)     -      (3,719,796)

Cash distributions
   to partners                        $  8.18       $  2.57         (1,361,099)  (13,749)  (1,374,848)

Net income                                                             401,396     4,055      405,451
                                                                   -----------  --------  -----------

Balance at
   December 31, 1996                                                22,874,548    (8,694)  22,865,854

Proceeds from issuance
   of limited partnership
   units (285,927.35 units)                                         28,592,735      -      28,592,735

Sales and
   offering expenses                                                (3,862,277)     -      (3,862,277)

Limited partnership units
   redeemed (1,625.63 units)                                          (155,815)     -        (155,815)

</TABLE>

                                                        (continued on next page)


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

       Consolidated Statements of Changes in Partners' Equity (Continued)

                  For the Three Months Ended March 31, 1999 and
                the Years Ended December 31, 1998, 1997 and 1996

                                   (unaudited)
<TABLE>

                                   Limited Partner Distributions

                                      Return of    Investment        Limited    General
                                       Capital       Income          Partners   Partner      Total
                                    (Per weighted average unit)

<S>                                   <C>           <C>             <C>          <C>       <C>        
Cash distributions
   to partners                        $  4.41       $  6.34         (4,147,829)  (41,125)  (4,188,954)

Net income                                                           2,623,084    26,496    2,649,580
                                                                   -----------  --------  -----------

Balance at
   December 31, 1997                                                45,924,446   (23,323)  45,901,123

Proceeds from issuance
   of limited partnership
   units (438,528.99 units)                                         43,852,899       -     43,852,899

Sales and offering expenses                                         (5,917,882)      -     (5,917,882)

Limited partnership units
   redeemed (1,902 units)                                               (3,586)      -         (3,586)

Cash distributions to partners        $  7.46       $  3.29         (8,692,479)  (87,803)  (8,780,282)

Net income                                                           2,662,284    26,892    2,689,176
                                                                   -----------  --------  -----------

Balance at
   December 31, 1998                                                77,825,682   (84,234)  77,741,448

Cash distributions to partners        $  1.45       $  1.24         (2,678,115)  (27,052)  (2,705,167)

Limited Partnership units
   redeemed (200 units)                                                (13,155)      -        (13,155)

Net income                                                           1,235,140    12,476    1,247,616
                                                                   -----------  --------  -----------

Balance at March 31, 1999                                          $76,369,552  $(98,810) $76,270,742
                                                                   ===========  ========  ===========

</TABLE>

See accompanying notes to consolidated financial statements.


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

                      Consolidated Statements of Cash Flows

                      For the Three Months Ended March 31,

                                   (unaudited)
<TABLE>

                                                                            1999             1998
                                                                            ----             ----
Cash flows from operating activities:
<S>                                                                     <C>             <C>         
   Net income .......................................................   $  1,247,616    $    247,399
                                                                        ------------    ------------
   Adjustments to reconcile net income to
    net cash provided by operating activities:
      Finance income portion of receivables paid directly
        to lenders by lessees .......................................     (3,350,056)     (2,457,589)
      Interest expense on non-recourse financing paid
        directly by lessees .........................................      1,718,846       1,531,238
      Interest accrued on notes-payable-recourse ....................         48,674            --
      Amortization of initial direct costs ..........................        436,376         423,326
      Income from leveraged leases, net .............................       (369,386)       (344,909)
      Provision for bad debt ........................................        200,000         150,000
      Income from investments in unconsolidated joint venture .......       (125,869)        (93,533)
      Net gain on sales or remarketing of equipment .................       (176,579)           --
      Change in operating assets and liabilities:
         Collection of principal  - non-financed receivables ........        896,711          55,479
         Distributions received from unconsolidated joint ventures ..        172,132         113,243
         Investments in unconsolidated joint ventures ...............        (35,430)        (63,653)
         Other assets ...............................................        (28,051)        245,642
         Security deposits, deferred credits and other payables .....        270,849         300,186
         Accounts payable to General Partner and affiliates, net ....        (95,670)        (28,150)
         Accounts receivable from General Partner and affiliates, net       (227,563)           --
         Minority interest in consolidated joint venture ............          9,905           1,116
         Other, net .................................................       (321,271)        (50,240)
                                                                        ------------    ------------

           Total adjustments ........................................       (976,382)       (217,844)
                                                                        ------------    ------------

        Net cash provided by operating activities ...................        271,234          29,555
                                                                        ------------    ------------

Cash flows from investing activities:
   Equipment and receivables purchased ..............................       (504,740)     (9,131,425)
   Initial direct costs .............................................           --        (1,581,719)
   Proceeds from sale of equipment ..................................        769,046            --
                                                                        ------------    ------------

         Net cash provided by (used in) investing activities ........        264,306     (10,713,144)
                                                                        ------------    ------------
</TABLE>


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

                Consolidated Statements of Cash Flows (Continued)

                      For the Three Months Ended March 31,

                                   (unaudited)
<TABLE>

                                                                          1999            1998
                                                                          ----            ----

Cash flows from financing activities:
<S>                                                                     <C>            <C>
   Issuance of limited partnership units, net of offering expenses           --        14,530,069
   Proceeds from recourse debt ...................................      3,000,000            --
   Principal payments on notes payable - recourse ................     (2,250,000)           --
   Principle payments on notes payable - non-recourse ............       (133,142)           --
   Cash distributions to partners ................................     (2,705,167)     (1,874,212)
   Redemption of limited partnership units .......................        (13,155)           --
                                                                     ------------    ------------

         Net cash provided by (used in) financing activities .....     (2,101,464)     12,655,857
                                                                     ------------    ------------

Net increase (decrease) in cash ..................................     (1,565,924)      1,972,268

Cash at beginning of period ......................................      3,899,054       4,516,385
                                                                     ------------    ------------

Cash at end of period ............................................   $  2,333,130    $  6,488,653
                                                                     ============    ============

</TABLE>
























See accompanying notes to consolidated financial statements.


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

                Consolidated Statements of Cash Flows (Continued)

Supplemental Disclosure of Cash Flow Information

      For the three  months ended March 31, 1999 and 1998,  non-cash  activities
included the following:

                                                1999          1998
                                                ----          ----

Fair value of equipment and receivables
   purchased for debt and payables ....   $       --      $(38,313,411)
Non-recourse notes payable assumed in
   purchase price .....................           --        36,628,091
Accounts payable - equipment ..........           --         1,685,320

Principal and interest on direct
   finance receivables paid directly
   to lenders by lessees ..............      8,631,488       7,223,016
Principal and interest on non-recourse
   financing paid directly to lenders
   by lessees .........................     (8,631,488)     (7,223,016)
                                          ------------    ------------

                                          $       --      $       --
                                          ============    ============

      Interest  expense of $1,801,892  and $1,531,238 for the three months ended
March 31, 1999 and 1998 consisted of interest expense on non-recourse  financing
paid or accrued  directly to lenders by lessees of  $1,718,846  and  $1,531,238,
respectively,   interest   on  notes   payable-recourse   of  $48,674   and  $0,
respectively, and other interest of $34,372 and $0, respectively.


<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                   Notes to Consolidated Financial Statements

                                 March 31, 1999

                                   (unaudited)
1.   Basis of Presentation

     The consolidated financial statements of ICON Cash Flow Partners L.P. Seven
(the  "Partnership") have been prepared pursuant to the rules and regulations of
the  Securities  and  Exchange  Commission  (the  "SEC")  and, in the opinion of
management,  include  all  adjustments  (consisting  only  of  normal  recurring
accruals)  necessary  for a fair  statement  of income  for each  period  shown.
Certain information and footnote  disclosures  normally included in consolidated
financial  statements  prepared in accordance with generally accepted accounting
principles  have  been  condensed  or  omitted  pursuant  to such SEC  rules and
regulations.  Management believes that the disclosures made are adequate to make
the information  represented not misleading.  The results for the interim period
are  not  necessarily  indicative  of the  results  for  the  full  year.  These
consolidated  financial  statements  should  be read  in  conjunction  with  the
consolidated  financial  statements and notes included in the Partnership's 1998
Annual Report on Form 10-K.

2.   Redemption of Limited Partnership Units

     The General  Partner  consented to the  Partnership  redeeming  200 limited
partnership  units during the three months ended March 31, 1999.  The redemption
amount  was  calculated  following  the  redemption  formula  specified  in  the
Partnership Agreement.  Redeemed units have no voting rights and do not share in
distributions. The Partnership Agreement limits the number of units which can be
redeemed  in any one year  and  redeemed  units  may not be  reissued.  Redeemed
limited  partnership  units are  accounted  for as a  reduction  from  partners'
equity.

3.   Related Party Transactions

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner or its  affiliates  for the three  months  ended March 31, 1999 and 1998
were as follows:

                               1999           1998
                               ----           ----

Underwriting commissions     $    -       $  335,955      Charged to Equity
Organization and offering         -          587,922      Charged to Equity
Acquisition fees                  -        1,423,345      Capitalized
Management fees               603,424        478,301      Charged to Operations
Administrative expense
  reimbursements              257,859        207,548      Charged to Operations
                             --------     ----------

Total                        $861,283     $3,033,071
                             ========     ==========

      The Partnership and affiliates  formed four joint ventures for the purpose
of acquiring and managing various assets. (See Note 5 for additional information
relating to the joint ventures.)




<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

             Notes to Consolidated Financial Statements - Continued

4.    Net Investment in Leveraged Leases

     In August 1996, the Partnership acquired, subject to a leveraged lease, the
residual interest in an aircraft on lease with Federal Express.  The aircraft is
a McDonnell Douglas DC-10-30F built in 1986, and the lease expires in July 2004.
The purchase price was $40,973,585.

     In December 1996, the  Partnership  and an affiliate (see Note 5) acquired,
subject to a leveraged  lease, an aircraft on lease with  Continental  Airlines,
Inc. The aircraft is a McDonnell  Douglas  DC-10-30 built in 1976, and the lease
expires in March 2003. The purchase price was $11,429,751.

The net investment in the leveraged leases as of March 31, 1999 consisted of the
following:

Non-cancelable minimum rents receivable (net of
  principal and interest on non-recourse debt)    $    910,000
Estimated unguaranteed residual values ........     20,818,001
Initial direct costs ..........................        919,987
Unearned income ...............................     (9,710,513)
                                                  ------------
                                                  $ 12,937,475
                                                  ============
      Unearned income is recognized  from leveraged  leases over the life of the
lease at a constant  rate of return based on the positive net  investment in the
lease in years such investment is positive.

5.   Investments in Joint Ventures

     The Partnership  and affiliates  formed four joint ventures for the purpose
of acquiring and managing various assets.

     The joint venture  described  below is majority  owned and is  consolidated
with the Partnership.

ICON Cash Flow Partners L.L.C. III

      On December 31, 1996,  the  Partnership  and an affiliate,  ICON Cash Flow
Partners,  L.P., Series E ("Series E") formed ICON Cash Flow Partners L.L.C. III
("ICON  Cash Flow LLC  III"),  for the  purpose of  acquiring  and  managing  an
aircraft currently on lease to Continental Airlines, Inc. The aircraft is a 1976
McDonnell Douglas DC-10-30 and cost $11,429,751.  The lease is a leveraged lease
and the lease term expires in March 2003 (see Note 4). Profits,  losses,  excess
cash and  disposition  proceeds are allocated 99% to the  Partnership  and 1% to
Series E. The Partnership's  financial statements include 100% of the assets and
liabilities  of ICON Cash Flow LLC III.  Series E's investment in ICON Cash Flow
LLC III has been reflected as "Minority interest in joint venture."



<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

             Notes to Consolidated Financial Statements - Continued

     The three joint  ventures  described  below are less than 50% owned and are
accounted for following the equity method.

ICON Receivables 1997-A L.L.C.

     In March 1997 the  Partnership,  ICON Cash Flow  Partners,  L.P.,  Series D
("Series D"), and ICON Cash Flow Partners L.P. Six ("L.P. Six"), contributed and
assigned  equipment  lease  and  finance   receivables  and  residuals  to  ICON
Receivables 1997-A L.L.C.  ("1997-A"),  a special purpose entity created for the
purpose  of  originating  leases,   managing  existing  contributed  assets  and
securitizing its portfolio. In September 1997 the Partnership, Series E and L.P.
Six contributed and assigned additional  equipment lease and finance receivables
and  residuals  to 1997-A.  The  Partnership,  Series D,  Series E and L.P.  Six
received a 19.97%, 17.81%, 31.19% and 31.03% interest,  respectively,  in 1997-A
based on the present value of their related  contributions.  In September  1997,
1997-A  securitized  substantially  all  of its  equipment  leases  and  finance
receivables and residuals.  1997-A became the beneficial  owner of a trust.  The
Partnership's  original  investment  was recorded at cost and is adjusted by its
share of earnings, losses and distributions thereafter.

     Information  as to the  financial  position  and results of  operations  of
1997-A as of and for the three months ended March 31, 1999 is summarized below:

                                                     March 31, 1999

      Assets                                         $    27,759,198
                                                     ===============

      Liabilities                                    $    23,176,757
                                                     ===============

      Equity                                         $     4,582,441
                                                     ===============

      Partnership's share of equity                  $     1,059,308
                                                     ===============

                                                    Three Months Ended
                                                      March 31, 1999

      Net income                                     $       315,487
                                                     ===============

      Partnership's share of net income              $        62,987
                                                     ===============

      Distributions                                  $       508,872
                                                     ===============

      Partnership's share of distributions           $       101,596
                                                     ===============



<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

ICON Receivables 1997-B L.L.C.

      In  August  1997  the  Partnership,  Series  E and L.P.  Six  formed  ICON
Receivables  1997-B L.L.C.  ("1997-B"),  a special purpose entity formed for the
purpose of originating  leases and securitizing its portfolio.  The Partnership,
Series E and L.P. Six contributed  cash and received a 16.67%,  75.00% and 8.33%
interest,  respectively,  in 1997-B. In order to fund the acquisition of leases,
1997-B obtained a warehouse borrowing facility from Prudential Securities Credit
Corporation (the "1997-B Warehouse Facility"). In October 1998, 1997-B completed
an equipment  securitization.  The net proceeds from the securitization of these
assets were used to pay-off the remaining 1997-B Warehouse  Facility balance and
any remaining proceeds were distributed to the 1997-B members in accordance with
their membership interests.  The Partnership's  original investment was recorded
at cost and is  adjusted  by its share of  earnings,  losses  and  distributions
thereafter.

     Information  as to the  financial  position  and results of  operations  of
1997-B as of and for the three months ended March 31, 1999 is summarized below:

                                                             March 31, 1999

        Assets                                               $    37,443,824
                                                             ===============

        Liabilities                                          $    35,136,630
                                                             ===============

        Equity                                               $     2,307,194
                                                             ===============

        Partnership's share of equity                        $       384,609
                                                             ===============

                                                             Three Months Ended
                                                               March 31, 1999

        Net income                                           $       365,571
                                                             ===============

        Partnership's share of net income                    $        60,941
                                                             ===============

        Distributions                                        $       286,775
                                                             ===============

        Partnership's share of distributions                 $        47,805
                                                             ===============

ICON Boardman Funding L.L.C.

     In  December  1998 the  Partnership  and three  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series C ("Series  C"),  L.P. Six and ICON Income Fund Eight A
L.P.  ("Eight A") formed ICON  Boardman  Funding  L.L.C.  ("ICON  BF"),  for the
purpose of acquiring a lease with Portland General Electric.  The purchase price
totaled  $27,421,810,  and was funded with cash and non-recourse debt assumed in
the purchase price. The Partnership,  Series C, L.P. Six, and Eight A received a
 .5%, .5%, .5% and 98.5% interest,  respectively,  in ICON BF. The  Partnership's
original investment was recorded at cost


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

of $56,960 and is adjusted by its share of earnings,  losses and  distributions,
thereafter. Simultaneously with the acquisition of the Portland General Electric
lease by ICON BF, a portion of the rent  receivable in excess of the senior debt
payments was acquired by L.P. Six from ICON BF for $3,801,108.

     On March 30, 1999,  ICON BF acquired L.P. Six's  investment in a portion of
the rent in excess of the senior debt payments for $3,097,637 and financed, with
a third party, all of the rent receivable in excess of the senior debt payments.
There  was no gain or loss to L.P.  Six on this  transaction.  ICON BF  received
$7,643,867  from the  financing.  The proceeds  from the  financing,  net of the
purchase of L.P. Six's investment, were distributed to the members of ICON BF in
accordance with their ownership interests.

     Information as to the financial  position and results of operations of ICON
BF as of March 31, 1999 is summarized below: 
                                                       March 31, 1999

          Assets                                      $    25,365,163
                                                      ===============

          Liabilities                                 $    18,131,166
                                                      ===============

          Equity                                      $     7,233,997
                                                      ===============

          Partnership's share of equity               $        36,170
                                                      ===============

                                                      Three Months Ended
                                                        March 31, 1999

          Net income                                  $       388,238
                                                      ===============

          Partnership's share of net income           $         1,941
                                                      ===============

          Distributions                               $     4,546,230
                                                      ===============

          Partnership's share of distributions        $        22,731
                                                      ===============


<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations

     The  Partnership's  portfolio  consisted  of a net  investment  in  finance
leases, estimated unguaranteed residual values, leveraged leases, financings and
investments in unconsolidated joint ventures,  representing 77%, 15%, 6%, 1% and
1% of total  investments at March 31, 1999,  respectively,  and 77%, 14%, 7%, 1%
and 1% of total investments at March 31, 1998, respectively.

Results of Operations for the Three Months Ended March 31, 1999 and 1998

     For the three  months  ended March 31, 1999 the  Partnership  did not enter
into any new leases or  financing  agreements.  For the three months ended March
31,  1998,  the  Partnership  leased or financed  additional  equipment  with an
initial cost of $47,444,836 to 6 lessees or equipment  users.  At March 31, 1999
the weighted average remaining transaction term of the portfolio was 28 months.

     Revenues  for the  three  months  ended  March  31,  1999  were  $4,664,562
representing  an  increase  of  $1,568,399  or 51% from 1998.  The  increase  in
revenues resulted from an increase in finance income of $1,419,229 or 55%, a net
gain on sales or  remarketing  of equipment  of $176,579,  an increase in income
from  leveraged  leases  of  $24,477  or 7%  and  an  increase  in  income  from
investments in unconsolidated  joint ventures of $32,336 or 35%. These increases
were partially  offset by a decrease in interest  income and other of $84,222 or
91%. The  increase in finance  income was a result of an increase in the average
size of the finance lease  portfolio from 1998 to 1999. The net gain on sales of
remarketing  of equipment was due to the sales of equipment  for which  proceeds
received were in excess of the remaining  carrying value. There were no sales of
equipment  in the  first  quarter  1998.  The  increase  in income  from  equity
investment  in joint  ventures was due to an increase in the average size of the
finance  lease  portfolio  of  one  of  the  underlying  joint  ventures,   ICON
Receivables 1997-B. Income from leveraged leases increased due to an increase in
the net  investment  in leveraged  leases.  The decrease in interest  income and
other was primarily due to a decrease in interest  income which  resulted from a
decrease in the size of the average cash balance from 1998 to 1999.

     Expenses  for the  three  months  ended  March 31,  1999  were  $3,416,946,
representing  an increase of $568,182 or 20% from 1998. The increase in expenses
resulted from an increase in interest expense of $270,654 or 18%, an increase in
provision  for bad debts of  $50,000,  an  increase  in the  management  fees of
$125,123 or 26%, an increase in administrative expense reimbursements of $50,311
or 24%,  an  increase  in general  and  administrative  of  $58,961 or 103%,  an
increase  in  amortization  of  initial  direct  costs of  $13,050  or 3% and an
increase in minority  interest in joint  venture of $83 or 7%. The  increases in
management  fees,  administrative  expense  reimbursements  and  amortization of
initial  direct  costs were a result of an increase  in the average  size of the
finance  lease  portfolio  from  1998 to  1999.  The  increase  in  general  and
administrative  expense  was  primarily  due to an  increase  in legal and other
professional  fees and an  increase  in printing  and  postage  costs.  Interest
expense  increased due to an increase in the average debt  outstanding from 1998
to 1999. Minority interest expense increased due to an increase in net income of
the  underlying  joint  venture.  As a result  of an  analysis  of  delinquency,
assessment  of  overall  risk and a review of  historical  loss  experience  the
Partnership determined that an additional provision for bad debt of $200,000 was
required for the three months ending March 31, 1999.



<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

     Net  income  for the  three  months  ended  March  31,  1999  and  1998 was
$1,247,616  and  $247,399,  respectively.  The net income per  weighted  average
limited partnership unit was $1.24 and $.36, respectively.

Liquidity and Capital Resources

     The Partnership's primary sources of funds for the three months ended March
31, 1999 and 1998 were  capital  contributions  from  limited  partners,  net of
offering  expenses,  of $0 and $14,530,069,  respectively,  net cash provided by
operations  of  $271,233  and  $29,555,  respectively,  proceeds  from  sales of
equipment of $769,046 in 1999 and proceeds  from  recourse debt of $3,000,000 in
1999.  These  funds  were  used  to  make  payments  on  borrowings,  fund  cash
distributions,  and in 1998, to purchase  equipment.  The Partnership intends to
purchase  additional  equipment  and  fund  cash  distributions  utilizing  cash
provided by operations, proceeds from sales of equipment and borrowings.

     Cash distributions to limited partners for the three months ended March 31,
1999 and 1998,  which were paid  monthly,  totaled  $2,678,115  and  $1,858,176,
respectively,  of which  $1,235,140  and  $244,925  was  investment  income  and
$1,442,975  and $1,613,251  was a return of capital,  respectively.  The monthly
annualized cash distributions rate to limited partners was 10.75% of which 4.96%
and 1.42% was  investment  income  and 5.79% and 9.33% was a return of  capital,
respectively.  The  limited  partner  distribution  per  weighted  average  unit
outstanding  for the three  months  ended March 31, 1999 and 1998 was $2.69,  of
which $1.24 and $.35 was  investment  income and $1.45 and $2.34 was a return of
capital, respectively.

     The Partnership and an affiliate, ICON Income Fund Eight A L.P. ("Eight A")
entered into a joint line of credit  agreement (the "Facility") with a lender in
December 1998. The maximum  amount  available  under the Facility is $5,000,000.
The Facility is secured by eligible receivables and residuals and bears interest
at the rate of Prime plus one half  percent.  At March 31, 1999 the  Partnership
and Eight A had $3,000,000 and $0, respectively, outstanding under the Facility.

      In March 1997 the  Partnership,  Series D and L.P.  Six,  contributed  and
assigned  equipment  lease and finance  receivables  and residuals to 1997-A,  a
special purpose entity created for the purpose of originating  leases,  managing
existing  contributed  assets and securitizing its portfolio.  In September 1997
the  Partnership,  Series E and L.P. Six  contributed  and  assigned  additional
equipment  lease  and  finance   receivables   and  residuals  to  1997-A.   The
Partnership,  Series D, Series E and L.P. Six received a 19.97%,  17.81%, 31.19%
and 31.03% interest, respectively, in 1997-A based on the present value of their
related contributions.  In September 1997, 1997-A securitized  substantially all
of its equipment leases and finance receivables and residuals. 1997-A became the
beneficial owner of a trust. The Partnership's  original investment was recorded
at cost and is  adjusted  by its share of  earnings,  losses  and  distributions
thereafter.

      In August 1997 the  Partnership,  Series E and L.P. Six formed  1997-B,  a
special  purpose  entity  formed  for the  purpose  of  originating  leases  and
securitizing its portfolio.  The Partnership,  Series E and L.P. Six contributed
$500,000 (16.67%  interest),  $2,250,000  (75.00%  interest) and $250,000 (8.33%
interest),  respectively to 1997-B.  In order to fund the acquisition of leases,
1997-B obtained a warehouse borrowing facility from Prudential Securities Credit
Corporation (the "1997-B Warehouse Facility"). In October 1998, 1997-B completed
an equipment securitization. The net proceeds from


<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

the  securitization  of these assets were used to pay-off the  remaining  1997-B
Warehouse  Facility  balance and any remaining  proceeds were distributed to the
1997-B members in accordance with their membership interests.  The Partnership's
original  investment  was  recorded  at cost  and is  adjusted  by its  share of
earnings, losses and distributions thereafter.

     In December 1998 the Partnership and three  affiliates,  Series C, L.P. Six
and Eight A formed ICON  Boardman  Funding  LLC,  for the purpose of acquiring a
lease with Portland General  Electric.  The purchase price totaled  $27,421,810,
and was funded with cash and  non-recourse  debt assumed in the purchase  price.
The  Partnership,  Series C, L.P.  Six and Eight A received a .5%,  .5%, .5% and
98.5% interest,  respectively,  in the joint venture. The Partnership's original
investment was recorded at cost and is adjusted by its share of earnings, losses
and  distributions,  thereafter.  Simultaneously  with  the  acquisition  of the
Portland  General Electric lease by ICON BF, a portion of the rent receivable in
excess of the senior debt  payments  was  acquired by L.P.  Six from ICON BF for
$3,801,108.

     On March 30, 1999,  ICON BF acquired L.P. Six's  investment in a portion of
the rent in excess of the senior debt payments for $3,097,637 and financed, with
a third party, all of the rent receivable in excess of the senior debt payments.
There  was no gain or loss to L.P.  Six on this  transaction.  ICON BF  received
$7,643,867  from the  financing.  The proceeds  from the  financing,  net of the
purchase of L.P. Six's investment, were distributed to the members of ICON BF in
accordance with their ownership interests.

     As of March 31, 1999 there were no known  trends or  demands,  commitments,
events  or  uncertainties  which  are  likely  to have any  material  effect  on
liquidity.  As  cash  is  realized  from  operations,  sales  of  equipment  and
borrowings, the Partnership will invest in equipment leases and financings where
it deems it to be prudent while  retaining  sufficient  cash to meet its reserve
requirements and recurring obligations.

Year 2000 Issue

    The Year 2000 issue arose because many existing  computer programs have been
written  using two digits rather than four to define the  applicable  year. As a
result,  programs could  interpret  dates ending in "00" as the year 1900 rather
than the year  2000.  In  certain  cases,  such  errors  could  result in system
failures  or  miscalculations   that  disrupt  the  operation  of  the  affected
businesses.

    The Partnership  uses computer  information  systems provided by the General
Partner and has no computer information systems of its own. The software related
to the General  Partner's primary computer  information  systems are provided by
third party vendors.  The General Partner has formally  communicated  with these
vendors and has received  assurance that their programs are Year 2000 compliant.
In addition,  the General Partner has gathered  information  about the Year 2000
readiness of  significant  vendors and  third-party  servicers  and continues to
monitor  developments  in this area.  All of the  General  Partner's  peripheral
computer  technologies,  such as its  network  operating  system and third party
software  applications,  including  payroll  and  electronic  banking  have been
evaluated and have been found to be Year 2000 compliant.  The ultimate impact of
the Year 2000  issue on the  Partnership  will  depend to a great  extent on the
manner in which the issue is addressed by the Partnership's lessees. Each of the
Partnership's  lessees will have a material  self interest in resolving any Year
2000 issue, however, non-compliance on the part of a lessee could result in lost
or  delayed  revenues  to the  Partnership.  The  effect  of  this  risk  to the
Partnership is not determinable.

    The General  Partner is responsible for costs relating to the assessment and
development of its Year 2000 compliance remediation plan, as well as the testing
of the hardware and software owned or licensed for its personal  computers.  The
General  Partner's  costs  incurred to date and  expected  future  costs are not
material.



<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)


PART II - OTHER INFORMATION

Item 6 - Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed by the  Partnership  during the quarter  ended
March 31, 1999.



<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)



                                   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.

                                      ICON Cash Flow Partners L. P. Seven
                                      File No. 33-94458 (Registrant)
                                      By its General Partner,
                                      ICON Capital Corp.




May 14, 1999                          /s/ Kevin F. Redmond
------------                          ------------------------------------------
    Date                              Kevin F. Redmond
                                      Chief Financial Officer
                                      (Principal financial and account officer
                                      of the General Partner of the Registrant)




<PAGE>