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                         June 30, 2001
                     -----------------------------------------------------------

[ ] 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)


              111 Church Street, White Plains, New York 10601-1505
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)


                                 (914) 993-1700
--------------------------------------------------------------------------------
               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>

                                                          June 30,       December 31,
                                                            2001             2000
                                                            ----             ----

       Assets

<S>                                                    <C>              <C>
Cash                                                   $   1,447,037    $   5,083,906
                                                       -------------    -------------

Investment in finance leases
   Minimum rents receivable                               31,006,593       42,346,689
   Estimated unguaranteed residual values                 35,803,487       64,929,338
   Initial direct costs                                       68,813          296,890
   Unearned income                                       (12,932,031)     (16,198,661)
   Allowance for doubtful accounts                        (1,400,389)      (1,467,610)
                                                       -------------    -------------

                                                          52,546,473       89,906,646

Investment in estimated unguaranteed residual values      19,393,541       19,393,541
                                                       -------------    -------------

Net investment in leveraged leases                        26,279,636       25,175,398
                                                       -------------    -------------

Investment in operating leases
   Equipment at cost                                      25,007,721             --
   Accumulated depreciation                                 (520,618)            --
                                                       -------------    -------------

                                                          24,487,103             --
                                                       -------------    -------------

Investment in financings
   Receivables due in installments                         3,883,984        1,003,883
   Initial direct costs                                        2,394            2,706
   Unearned income                                          (124,681)        (177,836)
   Allowance for doubtful accounts                            (9,611)          (9,611)
                                                       -------------    -------------

                                                           3,752,086          819,142
                                                       -------------    -------------

Investments in unconsolidated joint ventures               4,086,370        4,504,314
                                                       -------------    -------------

Other assets                                               1,528,905        2,082,803
                                                       -------------    -------------

Total assets                                           $ 133,521,151    $ 146,965,750
                                                       =============    =============
</TABLE>

                                                        (continued on next page)


<PAGE>


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

                     Consolidated Balance Sheets (Continued)

                                   (unaudited)
<TABLE>

                                                                 June 30,       December 31,
                                                                   2001             2000
                                                                   ----             ----

       Liabilities and Partners' Equity

<S>                                                           <C>              <C>
Notes payable - non-recourse                                  $  50,088,068    $  58,056,596
Note payable - recourse                                          23,207,144       23,832,595
Accounts payable - General Partner and affiliates                      --             59,122
Security deposits, deferred credits and other payables            1,273,199        1,056,953
Minority interest in consolidated joint ventures                     45,985           43,492
                                                              -------------    -------------

                                                                 74,614,396       83,048,758

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner                                                 (267,703)        (217,868)
   Limited partners (989,238 and 989,588 units outstanding,
     $100 per unit original issue price)                         59,174,458       64,134,860
                                                              -------------    -------------

     Total partners' equity                                      58,906,755       63,916,992
                                                              -------------    -------------

Total liabilities and partners' equity                        $ 133,521,151    $ 146,965,750
                                                              =============    =============
</TABLE>















See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Operations

                                   (unaudited)
<TABLE>

                                                  For the Three Months           For the Six Months
                                                     Ended June 30,                Ended June 30,
                                                   2001          2000           2001           2000
                                                   ----          ----           ----           ----

Revenues

<S>                                            <C>            <C>           <C>            <C>
Finance income                                 $ 1,712,124    $ 4,008,976   $ 4,215,316    $ 7,524,211
Income from leveraged leases                       552,119        789,377     1,104,238      1,578,754
Rental income                                      930,436           --         930,436           --
(Loss) income from investments in
  unconsolidated joint ventures                   (461,353)       105,123      (417,944)       210,274
Gain on sales of equipment                            --            1,497         5,310          4,144
Interest income and other                           10,940          6,375        33,014         23,886
                                               -----------    -----------   -----------    -----------

   Total revenues                                2,744,266      4,911,348     5,870,370      9,341,269
                                               -----------    -----------   -----------    -----------

Expenses
   Interest                                      1,202,863      1,604,062     2,584,174      3,128,202
   Depreciation expense                            520,618           --         520,618           --
   Management fees - General Partner               397,470        844,408     1,230,523      1,685,177
   General and administrative                      195,356        276,032       369,735        432,626
   Administrative expense reimbursements-
     General Partner                               154,151        264,843       497,377        733,701
   Amortization of initial direct costs            116,542        430,365       287,578        862,133
   Minority interest expense in consolidated
     joint venture                                   1,243          1,260         2,493          2,524
                                               -----------    -----------   -----------    -----------

   Total expenses                                2,588,243      3,420,970     5,492,498      6,844,363
                                               -----------    -----------   -----------    -----------

Net income                                     $   156,023    $ 1,490,378   $   377,872    $ 2,496,906
                                               ===========    ===========   ===========    ===========

Net income allocable to:
   Limited partners                            $   154,463    $ 1,475,474   $   374,093    $ 2,471,937
   General Partner                                   1,560         14,904         3,779         24,969
                                               -----------    -----------   -----------    -----------

                                               $   156,023    $ 1,490,378   $   377,872    $ 2,496,906
                                               ===========    ===========   ===========    ===========

Weighted average number of limited
   partnership units outstanding                   989,238        990,171       989,325        990,205
                                               ===========    ===========   ===========    ===========

Net income per weighted average
   limited partnership unit                    $       .16    $      1.49   $       .38    $      2.50
                                               ===========    ===========   ===========    ===========
</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 Six Months Ended June 30, 2001 and
                        the Year Ended December 31, 2000

                                   (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, 1999                                           $ 70,202,099  $(156,961) $ 70,045,138

Limited partnership units
   redeemed (650 units)                                             (37,811)       -         (37,811)

Cash distributions to partners        $6.09       $4.66         (10,641,411)  (107,493)  (10,748,904)

Net income                                                        4,611,983     46,586     4,658,569
                                                               ------------  ---------  ------------

Balance at
   December 31, 2000                                             64,134,860   (217,868)   63,916,992

Limited partnership units
   redeemed (350 units)                                             (16,908)       -         (16,908)

Cash distributions to partners        $5.00       $ .38          (5,317,587)   (53,614)   (5,371,201)

Net income                                                          374,093      3,779       377,872
                                                               ------------  ---------  ------------

Balance at
   June 30, 2001                                               $ 59,174,458  $(267,703) $ 58,906,755
                                                               ============  =========  ============



</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 Six Months Ended June 30,

                                   (unaudited)
<TABLE>
                                                                          2001           2000
                                                                          ----           ----
<S>                                                                   <C>            <C>
Cash flows from operating activities:
   Net income                                                         $   377,872    $ 2,496,906
                                                                      -----------    -----------
   Adjustments to reconcile net income to
    net cash (used in) provided by operating activities:
     Finance income portion of receivables paid directly
      to lenders by lessees                                            (3,740,457)    (6,062,450)
     Rental income paid directly to lender by lessee                     (930,436)          --
     Interest expense on non-recourse financing paid
      directly by lessees                                               2,403,214      2,775,456
     Interest accrued on notes payable - recourse                            --          152,346
     Amortization of initial direct costs                                 287,578        862,133
     Depreciation expense                                                 520,618           --
     Income from leveraged leases                                      (1,104,238)    (1,578,754)
     Loss (income) from investments in unconsolidated joint venture       417,944       (210,274)
     Gain on sales of equipment                                            (5,310)        (4,144)
     Minority interest in consolidated joint venture                        2,493          2,524
     Change in operating assets and liabilities:
      Collection of principal - non-financed receivables                  460,398      1,632,535
      Other assets                                                        553,897        331,990
      Security deposits, deferred credits and other payables              216,246       (169,306)
      Accounts payable - General Partner and affiliates                   (59,122)       287,040
      Other                                                               134,338       (123,236)
                                                                      -----------    -----------

        Total adjustments                                                (842,837)    (2,104,140)
                                                                      -----------    -----------

     Net cash (used in) provided by operating activities                 (464,965)       392,766
                                                                      -----------    -----------

Cash flows from investing activities:
   Equipment and receivables purchased                                       --         (166,414)
   Proceeds from sale of equipment                                        729,930        182,399
   Proceeds from sale of interest in consolidated joint venture              --        2,250,000
   Distributions received from unconsolidated joint ventures                 --           90,016
                                                                      -----------    -----------

     Net cash provided by investing activities                            729,930      2,356,001
                                                                      -----------    -----------

</TABLE>




                                                        (continued on next page)


<PAGE>


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

                Consolidated Statements of Cash Flows (Continued)

                        For the Six Months Ended June 30,

                                   (unaudited)
<TABLE>
                                                            2001           2000
                                                            ----           ----

<S>                                                      <C>            <C>
Cash flows from financing activities:
   Proceeds from recourse debt                                 --        2,487,611
   Proceeds from notes payable - non recourse             2,111,726           --
   Principal payments on notes payable - recourse          (625,451)    (3,066,749)
   Principal payments on notes payable - non-recourse          --         (337,889)
   Cash distributions to partners                        (5,371,201)    (5,375,595)
   Redemption of limited partnership units                  (16,908)        (6,284)
                                                        -----------    -----------

     Net cash used in financing activities               (3,901,834)    (6,298,906)
                                                        -----------    -----------

Net decrease in cash                                     (3,636,869)    (3,550,139)

Cash at beginning of period                               5,083,906      4,688,025
                                                        -----------    -----------

Cash at end of period                                   $ 1,447,037    $ 1,137,886
                                                        ===========    ===========
</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 six months ended June 30, 2001 and 2000, non-cash activities
included the following:
<TABLE>

                                                           2001            2000
                                                           ----            ----

<S>                                                    <C>             <C>
Principal and interest on direct finance
   receivables paid directly to lenders by lessees     $ 11,553,032    $ 30,310,284
Rental income - assigned operating lease receivables        930,436            --
Principal and interest on non-recourse
   financing paid directly to lenders by lessees        (12,483,468)    (30,310,284)
                                                       ------------    ------------

                                                       $       --      $       --
                                                       ============    ============
</TABLE>

     Interest expense of $2,584,174 and $3,128,202 for the six months ended June
30, 2001 and 2000 consisted of interest  expense on non-recourse  financing paid
or  accrued  directly  to  lenders  by  lessees  of  $2,403,214  and  $2,775,456
respectively, and interest on notes payable - recourse of $180,960 and $352,746,
respectively.


<PAGE>


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

                   Notes to Consolidated Financial Statements

                                  June 30, 2001

                                   (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 accounting principles generally
accepted in the United States of America 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
2000 Annual Report on Form 10-K.

     Certain 2000 amounts have been  reclassified to conform to the presentation
used for 2001.

2.   Redemption of Limited Partnership Units

     There were 350 units of limited partnership  redeemed during the six months
ended June 30, 2001.  Redemption amounts are 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 six months ended June 30, 2001 and 2000 were
as follows:

                              2001           2000
                              ----           ----

Management fees            $1,230,523     $1,685,177      Charged to Operations
Administrative expense
  reimbursements              497,377        733,701      Charged to Operations
                           ----------     ----------

Total                      $1,727,900     $2,418,878
                           ==========     ==========

     The  Partnership  has formed seven joint  ventures with  affiliates 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

     The Partnership has ownership interests in two DC-10-30 aircraft subject to
leveraged  leases with  Continental  Airlines,  Inc.  (through 2003) and Federal
Express (through 2004).

     The net investment in the leveraged leases as of June 30, 2001 consisted of
the following:

     Non-cancelable minimum rents receivable (net of
       principal and interest on non-recourse debt)      $   10,002,727
     Estimated unguaranteed residual values                  22,875,000
     Initial direct costs                                       428,330
     Unearned income                                         (7,026,421)
                                                         --------------

                                                         $   26,279,636

     Unearned income is recognized  from leveraged  leases over the lives of the
leases at a constant rate of return based on the positive net  investment in the
lease  in  years  such  investment  is  positive.  There  are  no  deferred  tax
liabilities arising from the Partnership's leveraged lease investments since all
taxes  are  recognized  at the  individual  partner  level  rather  than  at the
Partnership level.

5.   Investments in Joint Ventures

     The Partnership and affiliates  formed seven 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 consolidated joint venture."



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     The six  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 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 six months ended June 30, 2001 is summarized below:

                                            June 30, 2001        June 30, 2000
                                            -------------        -------------

Assets                                       $ 5,196,836          $13,162,724
                                             ===========          ===========

Liabilities                                  $ 4,872,966          $10,160,355
                                             ===========          ===========

Equity                                       $   323,870          $ 3,002,369
                                             ===========          ===========

Partnership's share of equity                $    64,673          $   750,655
                                             ===========          ===========

                                           Six Months Ended    Six Months Ended
                                            June 30, 2001        June 30, 2000
                                            -------------        -------------

Net (loss) income                            $(1,868,675)         $   186,848
                                             ===========          ===========

Partnership's share of net (loss) income     $  (516,524)         $    37,318
                                             ===========          ===========

     1997-A  recorded a  provision  for bad debts of  $1,825,000  during the six
month period ended June 30, 2001.


<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  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 six months ended June 30, 2001 is summarized below:

                                             June 30, 2001      June 30, 2000
                                             -------------      -------------

Assets                                        $13,597,728        $24,578,773
                                              ===========        ===========

Liabilities                                   $11,652,865        $22,186,671
                                              ===========        ===========

Equity                                        $ 1,944,863        $ 2,392,102
                                              ===========        ===========

Partnership's share of equity                 $   324,209        $   407,791
                                              ===========        ===========

                                           Six Months Ended    Six Months Ended
                                             June 30, 2001      June 30, 2000
                                             -------------      -------------

Net (loss) income                             $  (311,245)       $   461,992
                                              ===========        ===========

Partnership's share of net (loss) income      $   (51,885)       $    77,014
                                              ===========        ===========

     1997-B  recorded a provision for bad debts of $275,000 during the six month
period ended June 30, 2001.



<PAGE>


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

                    Notes to Financial Statements - Continued

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 of $56,960 and is adjusted by its share
of earnings, losses and distributions, thereafter.

     Information as to the financial  position and results of operations of ICON
BF as or June 30, 2001 is summarized below:

                                              June 30, 2001      June 30, 2000
                                              -------------      -------------

Assets                                         $23,911,926        $25,426,982
                                               ===========        ===========

Liabilities                                    $13,287,548        $16,006,365
                                               ===========        ===========

Equity                                         $10,624,378        $ 9,420,617
                                               ===========        ===========

Partnership's share of equity                  $    53,117        $    47,103
                                               ===========        ===========

                                            Six Months Ended    Six Months Ended
                                              June 30, 2001      June 30, 2000
                                              -------------      -------------

Net income                                     $   699,814        $   560,899
                                               ===========        ===========

Partnership's share of net income              $     3,499        $     2,804
                                               ===========        ===========



<PAGE>


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

                    Notes to Financial Statements - Continued

AIC Trust

     The  Partnership  acquired  a  portfolio  of  equipment  leases and in 1999
contributed  such  leases,  subject  to  related  debt,  with  a book  value  of
$6,854,830 to a wholly owned trust ("AIC Trust").  Subsequently, the Partnership
sold  interests in this trust at various  dates in 1999 to Eight A, an affiliate
of the  Partnership,  for  $3,000,000  and to  L.P.  Six,  an  affiliate  of the
Partnership,  for  $1,750,000.  These  transactions  were at book  value,  which
approximated fair market value at the dates of sale. Therefore,  the Partnership
recognized no gain or loss on the sales of these  interests to either Eight A or
to L.P. Six.

     As a result of the  sales of these  interests,  at June 30,  2001 and 2000,
respectively, L.P. Six and Eight A owned interests aggregating 25.51% and 43.73%
in the trust,  respectively,  with the Partnership owning a 30.76% interest. The
trust  is  operated  as a  joint  venture.  Profits,  losses,  excess  cash  and
disposition  proceeds  are  allocated  based upon the  Partnerships'  percentage
ownership   interests  in  the  venture  during  the   respective   periods  the
Partnerships  held such interests.  The Partnership  accounts for its investment
under the equity method of accounting.

     Information  as to the financial  position and results of operations of AIC
Trust as of and for the six months ended June 30, 2001 is summarized below:

                                          June 30, 2001         June 30, 2000
                                          -------------         -------------

Assets                                     $13,804,295           $18,050,244
                                           ===========           ===========

Liabilities                                $ 6,185,052           $10,910,913
                                           ===========           ===========

Equity                                     $ 7,619,243           $ 7,139,331
                                           ===========           ===========

Partnership's share of equity              $ 2,354,633           $ 2,207,033
                                           ===========           ===========

                                         Six Months Ended      Six Months Ended
                                           June 30, 2001        June 30, 2000
                                           -------------        -------------

Net income                                 $   252,956           $   302,631
                                           ===========           ===========

Partnership's share of net income          $    77,836           $    93,138
                                           ===========           ===========

ICON Cheyenne LLC

     In 2000, the Partnership and three  affiliates,  L.P. Six, Eight A and ICON
Income Fund Eight B ("Eight B") formed ICON Cheyenne LLC ("ICON  Cheyenne")  for
the purpose of acquiring a portfolio of lease  investments.  The purchase  price
totaled $29,705,716 and was funded with cash and non-recourse debt assumed.  The
Partnership,  L.P. Six, Eight A and Eight B received a 10.31%, 1%, 1% and 87.69%
interest,  respectively,  in ICON Cheyenne.  The  Partnership  accounts for this
investment under the equity method of accounting.


<PAGE>


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

                    Notes to Financial Statements - Continued

     Information  as to the financial  position and results of operations of the
joint  venture as of and for the six months  ended June 30,  2001 is  summarized
below:

                                                        June 30,  2001
                                                        --------------

      Assets                                             $26,577,444
                                                         ===========

      Liabilities                                        $14,555,068
                                                         ===========

      Equity                                             $12,022,376
                                                         ===========

      Partnership's share of equity                      $ 1,239,507
                                                         ===========

                                                     For the Six Months
                                                     Ended June 30, 2001
                                                     -------------------

      Net income                                         $   621,225
                                                         ===========

      Partnership's share of net income                  $    64,048
                                                         ===========

ICON Aircraft 24846, LLC

     In 2000, the  Partnership  and two  affiliates,  Eight A and Eight B formed
ICON  Aircraft  24846,  LLC ("ICON  Aircraft")  for the purpose of  acquiring an
investment in an aircraft with a purchase price of $44,515,416, which was funded
with cash and non-recourse  debt assumed in the purchase price. This aircraft is
subject to an operating lease with Scandinavian Airlines System. The Partnership
has a 2%  interest,  with  Eight A and  Eight  B  having  2% and 96%  interests,
respectively.  The  Partnership  accounts  for its  investment  under the equity
method of accounting.

     Information  as to the financial  position and results of operations of the
joint  venture as of and for the six months  ended June 30,  2001 is  summarized
below:

                                                       June 30, 2001
                                                       -------------

      Assets                                            $43,113,975
                                                        ===========

      Liabilities                                       $40,602,464
                                                        ===========

      Equity                                            $ 2,511,510
                                                        ===========

      Partnership's share of equity                     $    50,231
                                                        ===========

                                                    For the Six Months
                                                    Ended June 30, 2001
                                                    -------------------

      Net income                                        $   254,045
                                                        ===========

      Partnership's share of net income                 $     5,082
                                                        ===========


<PAGE>


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

                    Notes to Financial Statements - Continued

6.       Investment in Operating Leases

     In the second quarter of 2001, the original lease terms of offshore  supply
vessel leases  originally  accounted for as direct finance leases  expired.  The
residual  values  at the  expiration  of the  original  lease  terms  aggregated
$25,007,721.  These leases were renewed for a three month period with options to
extend the lease terms on an  additional  month-to-month  basis.  These  renewal
leases are now accounted for as operating leases.

7.       Investment in Financings

     In 2001, the original lease term of a production  facility accounted for as
a direct  finance lease  expired.  The residual value at the end of the original
lease  term was  $3,375,000.  The  underlying  equipment  was  financed  under a
five-year  note  agreement.  The note  received as a result of the  financing is
included in investment in financings.

     There was no gain or loss recognized when the underlying equipment residual
value was financed under the note agreement.



<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,  operating
leases,   financings  and   investments  in   unconsolidated   joint   ventures,
representing  42%,  15%, 19%,  18%, 3% and 3% of total  investments  at June 30,
2001,  respectively,  and 57%, 23%, 17%, 1% and 2% of total  investments at June
30, 2000, respectively.

Results of Operations for the Three Months Ended June 30, 2001 and 2000

     Revenues  for  the  three  months  ended  June  30,  2001  were  $2,744,266
representing  a decrease  of  $2,167,082  from 2000.  The  decrease  in revenues
resulted primarily from a decrease in finance income of $2,296,852,  income from
leveraged  leases of $237,258 and a loss from  investments  in joint ventures in
2001 of $461,353  versus income of $105,123 in 2000. The decrease in revenue was
partially  offset by an increase in rental  income of $930,436.  The decrease in
finance income resulted primarily from (1) a decrease in the average size of the
Partnership's  lease  portfolio,  (2) certain  leases which were renewed and are
generating  lower levels of finance income during the  respective  renewal terms
and (3) due to certain  finance  leases which were renewed in 2001 which are now
classified  as operating  leases  during their  renewal  terms.  The decrease in
income from  leveraged  leases  resulted  from a  reassessment  of an  estimated
residual  value in the fourth  quarter of 2000,  which reduced  leveraged  lease
income to be  recognized  over the  remaining  lease term.  The loss from equity
investment in joint  ventures in 2001 was due  primarily to  provisions  for bad
debts recorded by two of the  underlying  joint  ventures,  1997-A and 1997-B of
$1,700,000  and  $150,000,  respectively,  in the 2001  period.  The increase in
rental income was due to the finance leases which were renewed in 2001 and which
are now classified as operating leases.  As a result,  rentals received relating
to such leases are now reported as rental income; prior to the reclassification,
such rentals were included as collection of finance lease  receivables  with the
finance portion included in finance income.

     Expenses  for the  three  months  ended  June  30,  2001  were  $2,588,243,
representing a decrease of $832,727. The decrease in expenses resulted primarily
from a decrease  in  interest  expense of  $401,199,  management  fees - General
Partner of  $446,938,  amortization  of initial  direct  costs of  $313,823  and
administrative expense reimbursements - General Partner of $110,692,  which were
partially  offset by an increase in depreciation  expense of $520,618.  Interest
expense decreased due to a decrease in the average debt outstanding from 2000 to
2001.  The decreases in  management  fees - General  Partner and  administrative
expense  reimbursement - General Partner  resulted from the overall  decrease in
the average size of the Partnership's lease investment  portfolio and the timing
of rentals  received.  The  increase in  depreciation  expense was due to leases
renewed  in 2001 which are now  classified  as  operating  leases  during  their
renewal  terms.  The decrease in  amortization  of initial direct costs resulted
from decreases in the size of the lease investment portfolio.

     Net income for the three  months  ended June 30, 2001 and 2000 was $156,023
and  $1,490,378,  respectively.  The net income  per  weighted  average  limited
partnership   unit  was  $.16  and  $1.49,   for  the  2001  and  2000  periods,
respectively.


<PAGE>


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

Results of Operations for the Six Months Ended June 30, 2001 and 2000

     Revenues  for  the  six  months   ended  June  30,  2001  were   $5,870,370
representing  a decrease  of  $3,470,899  from 2000.  The  decrease  in revenues
resulted primarily from a decrease in finance income of $3,308,895,  income from
leveraged  leases of $474,516 and a loss from  investments  in joint ventures in
2001 of $417,944  versus income of $210,274 in 2000. The decrease in revenue was
partially  offset by the increase in rental income of $930,436.  The decrease in
finance income resulted primarily from (1) a decrease in the average size of the
Partnership's  lease  portfolio,  (2) certain  leases which were renewed and are
generating lower levels of finance income during their renewal terms and (3) due
to  certain  finance  leases  which  were  renewed  in 2001  and  which  are now
classified  as operating  leases  during their  renewal  terms.  The decrease in
income from  leveraged  leases  resulted  from a  reassessment  of an  estimated
residual  value in the fourth  quarter of 2000,  which reduced  leveraged  lease
income to be  recognized  over the  remaining  lease term.  The loss from equity
investment  in joint  ventures  was due  primarily to  provisions  for bad debts
recorded  by two  of  the  underlying  joint  ventures,  1997-A  and  1997-B  of
$1,825,000  and  $275,000,  respectively,  in the 2001  period.  The increase in
rental income was due to the finance leases which were renewed in 2001 and which
are now classified as operating  leases during their renewal terms. As a result,
rentals  received  relating  to such leases are now  reported as rental  income;
prior to the  reclassification,  such rentals  were  included as  collection  of
finance lease receivables with the finance portion included in finance income.

     Expenses  for  the  six  months  ended  June  30,  2001  were   $5,492,498,
representing  a decrease  of  $1,351,865.  The  decrease  in  expenses  resulted
primarily  from a decrease  in interest  expense of  $544,028,  amortization  of
initial direct costs of $574,555,  management fees - General Partner of $454,654
and administrative expense  reimbursements - General Partner of $236,324,  which
were  partially  offset by an  increase  in  depreciation  expense of  $520,618.
Interest  expense  decreased  due to a decrease in the average debt  outstanding
from  2000 to 2001.  The  decrease  in  management  fees - General  Partner  and
administrative expense reimbursement - General Partner resulted from the overall
decrease in the average size of the Partnership's lease investment portfolio and
the timing of rentals received.  The increase in depreciation expense was due to
leases renewed in 2001 which are now classified as operating leases during their
renewal terms. The decrease in amortization of initial direct cost resulted from
a decrease in the size of the lease investment portfolio.

     Net income for the six months ended June 30, 2001 and 2000 was $377,872 and
$2,496,906,   respectively.   The  net  income  per  weighted   average  limited
partnership   unit  was  $.38  and  $2.50,   for  the  2001  and  2000  periods,
respectively.

Liquidity and Capital Resources

     The  Partnership's  primary  sources of funds for the six months ended June
30, 2001 and 2000 were provided by sale  proceeds of $729,930 and  $2,432,399 in
2001 and 2000, respectively, and $2,111,726 and $2,487,611 of borrowings in 2001
and 2000, respectively. These funds along with available cash balances were used
primarily  to make  payments  on  borrowings  and  fund  cash  distributions  to
partners.  Cash distributions to partners for the six months ended June 30, 2001
and 2000 totaled $5,371,201 and $5,375,595, respectively.


     As of June 30,  2001 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.


<PAGE>


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

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

     The  Partnership is exposed to certain market risks,  including  changes in
interest rates. The Partnership  believes its exposure to other market risks are
insignificant to both its financial position and results of operations.

     The  Partnership  manages its interest  rate risk by  obtaining  fixed rate
debt. The fixed rate debt service  obligation  streams are generally  matched by
fixed  rate  lease  receivable  streams  generated  by the  Partnership's  lease
investments.

     The  Partnership  borrows funds under two floating rate lines of credit and
is  therefore  exposed to interest  rate risk until the  floating  rate lines of
credit are repaid.  The  Partnership's  borrowings  under floating rate lines of
credit as of June 30, 2001 was  $4,551,762.  The  Partnership  believes the risk
associated with rising interest rates under these lines are not significant.





<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 June 30, 2001.



<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.




   August 10, 2001                 /s/ Thomas W. Martin
---------------------              ---------------------------------------------
          Date                     Thomas W. Martin
                                   Executive Vice President
                                   (Principal financial and accounting officer
                                   of the General Partner of the Registrant)