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, 1997
                     -----------------------------------------------------------

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

For the transition period from                         to
                               -----------------------    ----------------------

Commission File Number                             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>

                                                                    June 30,      December 31,
                                                                      1997            1996
       Assets

<S>                                                               <C>            <C>        
Cash                                                              $  1,653,996   $   698,301
                                                                  ------------   -----------


Investment in finance leases
   Minimum rents receivable                                         57,112,914    15,894,245
   Estimated unguaranteed residual values                           24,642,353     6,667,481
   Initial direct costs                                              1,796,008       869,559
   Unearned income                                                 (15,327,928)   (3,515,258)
   Allowance for doubtful account                                     (130,000)      (65,000)
                                                                  ------------   -----------

                                                                    68,093,347    19,851,027

Investment in estimated unguaranteed residual value                 12,325,000    12,325,000
                                                                  ------------   -----------

Net investment in leveraged leases                                   9,933,138     9,980,633
                                                                  ------------   -----------

Equity investment in joint venture                                   5,174,931             -
                                                                  ------------   -----------

Investment in financings
   Receivables due in installments                                   1,010,855     6,619,755
   Initial direct costs                                                 18,378       143,565
   Unearned income                                                    (215,920)   (1,271,152)
   Allowance for doubtful account                                      (20,000)      (10,000)
                                                                  ------------   -----------

                                                                       793,313     5,482,168

Other assets                                                           966,807       148,941
                                                                  ------------   -----------

Total assets                                                      $ 98,940,532   $48,486,070
                                                                  ============   ===========
</TABLE>



<PAGE>




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

                           Consolidated Balance Sheets

                                   (unaudited)
<TABLE>

                                                                    June 30,     December 31,
                                                                      1997           1996

       Liabilities and Partners' Equity

<S>                                                               <C>            <C>        
Notes payable - non-recourse                                      $ 52,964,238   $11,089,945
Note payable - recourse                                             10,075,000    12,225,000
Note payable - affiliate                                             4,250,000             -
Accounts payable - other                                                67,486        54,114
Security deposits and deferred credits                                  14,913         6,188
Accounts payable - equipment                                                -      1,790,717
Accounts payable - General Partner and affiliate                            -        438,297
Minority interest                                                       18,134        15,955
                                                                  ------------   -----------
                                                                    67,389,771    25,620,216

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner                                                     (24,028)       (8,694)
   Limited partners (393,611.01 and 275,540.47 units
     outstanding, $100 per unit original
     issue price in 1997 and 1996, respectively)                    31,574,789    22,874,548
                                                                  ------------   -----------

     Total partners' equity                                         31,550,761    22,865,854
                                                                  ------------   -----------

Total liabilities and partners' equity                            $ 98,940,532   $48,486,070
                                                                  ============   ===========


</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,
                                             1997          1996         1997        1996
                                             ----          ----         ----        ----
Revenues

<S>                                     <C>           <C>            <C>          <C>       
   Finance income                       $  1,320,681  $    143,282   $ 2,420,206  $  192,632
   Interest income and other                  16,342       106,035        40,507     131,820
   Net gain on sales or remarketing
     of equipment                              6,289         -            39,180       -
   Income from leveraged leases, net         371,683         -           752,313       -
   Income from equity investment
     in joint venture                        133,925         -           154,733       -
                                        ------------  ------------   -----------  ----------

   Total revenues                          1,848,920       249,317     3,406,939     324,452
                                        ------------  ------------   -----------  ----------

Expenses

   Interest                                  915,035        93,788     1,489,576     128,685
   Management fees - General Partner         310,152        31,095       667,629      44,531
   Amortization of initial direct costs      295,312        30,743       605,921      39,980
   Administrative expense
     reimbursements - General Partner        137,178        14,272       288,372      20,170
   Provision for bad debts                    75,000            -         75,000          -
   General and administrative                 71,789        16,982       109,350      21,790
   Minority interest in joint venture          1,085            -          2,179          -
                                        ------------  ------------   -----------  ---------


   Total expenses                          1,805,551       186,880     3,238,027     255,156
                                        ------------  ------------   -----------  ----------

Net income                              $     43,369  $     62,437   $   168,912  $   69,296
                                        ============  ============   ===========  ==========

Net income allocable to:
   Limited partners                     $     42,935  $     61,813   $   167,223  $   68,603
   General Partner                               434           624         1,689         693
                                        ------------  ------------   -----------  ----------

                                        $     43,369  $     62,437   $   168,912  $   69,296
                                        ============  ============   ===========  ==========

Weighted average number of limited
   partnership units outstanding             371,828        83,994       343,141      83,994
                                        ============  ============   ===========  ==========

Net income per weighted average
   limited partnership unit             $        .12  $        .74   $       .49  $      .82
                                        ============  ============   ===========  ==========
</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, 1997, the Year Ended December 31, 1996
              and the Period from May 23, 1995 (date of inception)
                              to December 31, 1995
                                   (unaudited)
<TABLE>

                     Limited Partner Distributions
                        Return of   Investment        Limited       General
                         Capital      Income          Partners      Partner        Total
                      (Per weighted average unit)
Initial partners'
   capital contribution
<S>                         <C>        <C>         <C>             <C>         <C>          
   - May 23, 1995                                  $       1,000   $   1,000   $       2,000
                                                   -------------   ---------   -------------

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              $  6.14   $  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
   (118,223.25 units)                                 11,822,325           -      11,822,325

Sales and offering expenses                           (1,596,014)          -      (1,596,014)

Limited partnership units
   redeemed (102.71 units)                                (8,061)          -          (8,061)

Cash distributions
   to partners              $  4.42   $   .49         (1,685,232)    (17,023)     (1,702,255)

Net income                                               167,223       1,689         168,912
                                                   -------------   ---------   -------------

Balance at
   June 30, 1997                                   $  31,574,789   $ (24,028)  $  31,550,761
                                                   =============   =========   =============
</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>

                                                                     1997           1996
Cash flows from operating activities:
<S>                                                            <C>              <C>         
  Net income                                                   $     168,912    $     69,296
                                                               -------------    ------------
  Adjustments to reconcile net income to
   net cash provided by operating activities:
     Finance income portion of receivables paid directly
       to lenders by lessees                                      (2,190,935)       (159,364)
     Amortization of initial direct costs                            605,921          39,980
     Gain on sale of equipment                                       (39,180)           -
     Interest expense on non-recourse financing paid
       directly by lessees                                         1,376,939         127,955
     Collection of principal  - non-financed receivables             477,046          52,972
     Allowance for doubtful accounts                                  75,000            -
     Distribution from equity investment in joint venture            397,564            -
     Income from equity investment in joint venture                 (154,733)           -
     Income from leveraged leases, net                              (752,313)           -
     Change in operating assets and liabilities:
        Accounts payable - General Partner and affiliates, net      (438,297)        239,569
        Accounts payable - other                                      13,346         108,082
        Security deposits and deferred credits                         8,725           2,183
        Minority interest in joint venture                             2,179            -
        Other assets                                                (817,866)        (98,560)
        Other, net                                                   208,355         (13,990)
                                                               -------------    ------------

          Total adjustments                                       (1,228,249)        298,827
                                                               -------------    ------------

       Net cash provided by (used in) operating activities        (1,059,337)        368,123
                                                               -------------    ------------

Cash flows from investing activities:
  Equipment and receivables purchased                             (8,917,036)     (1,665,324)
  Initial direct costs                                            (1,678,530)       (325,758)
  Proceeds from sale of equipment                                  1,986,542               -
                                                               -------------    ------------

        Net cash used in investing activities                     (8,609,024)     (1,991,082)
                                                               -------------    ------------

Cash flows from financing activities:
  Issuance of limited partnership units, net of offering expenses 10,226,311      14,056,383
  Proceeds from note payable affiliate                             4,250,000           -
  Principal payments on recourse debt                             (2,150,000)          -
  Cash distributions to partners                                  (1,702,255)       (310,967)
  Refund of initial limited partners' capital contribution             -              (1,000)
                                                               -------------    ------------

        Net cash provided by financing activities                 10,624,056      13,744,416
                                                               -------------    ------------

Net increase in cash                                                 955,695      12,121,457

Cash at beginning of period                                          698,301           2,000
                                                               -------------    ------------

Cash at end of period                                          $   1,653,996    $ 12,123,457
                                                               =============    ============
</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,  1997 and  1996,  non-cash  activities
included the following:
<TABLE>

                                                                     1997           1996
                                                                     ----           ----

Fair value of equipment and receivables
<S>                                                            <C>              <C>          
  purchased for debt and payables                              $ (49,162,092)   $ (9,176,980)
Non-recourse notes payable assumed in
  purchase price                                                  49,162,092       6,923,217
Accounts payable - equipment                                              -        2,253,763

Principal and interest on direct
  finance receivables paid directly
  to lenders by lessees                                           11,138,659         827,892
Principal and interest on non-recourse
  financing paid directly to lenders
  by lessees                                                     (11,138,659)       (827,892)

Decrease in investments in finance leases and financings
  due to contributions to joint venture                            5,190,238         -
Increase in equity investment in joint venture                    (5,190,238)        -
                                                               -------------    -----------

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

     Interest  expense of $1,489,576  and $128,685 for the six months ended June
30, 1997 and 1996 consisted of interest  expense on non-recourse  financing paid
or  accrued   directly  to  lenders  by  lessees  of  $1,376,939  and  $127,955,
respectively, and other interest of $112,637 and $730, respectively.


<PAGE>



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

                   Notes to Consolidated Financial Statements

                                  June 30, 1996

                                   (unaudited)
1.   Basis of Presentation

     The  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 1996
Annual Report on Form 10-K.

2.   Net Investment in Leveraged Leases

     On August 20, 1996 the partnership acquired,  subject to a leveraged lease,
the  residual  interest in an  aircraft.  The  aircraft  is a McDonnell  Douglas
DC-10-30F  currently  on  lease to  Federal  Express.  The  purchase  price  was
$40,973,585, consisting of $6,000,000 in cash and the assumption of non-recourse
senior debt of $26,217,294 and non-recourse junior debt of $8,756,291.

     On  December  31,  1996 the  Partnership  acquired,  subject to a leveraged
lease,  the residual  interest in an aircraft.  The aircraft is a 1976 McDonnell
Douglas DC-10-30 currently on lease to Continental Airlines.  The purchase price
was  $11,320,923,  consisting  of  $2,104,262  in  cash  and the  assumption  of
non-recourse senior debt of $9,216,661.

The net  investment  in  leveraged  leases as of June 30, 1997  consisted of the
following:

Non-cancelable minimum rents receivable (net of
  principal and interest on non-recourse debt)                   $     914,666
Estimated unguaranteed residual values                              24,818,000
Initial direct costs                                                 1,346,199
Unearned income                                                    (17,145,727)
                                                                 -------------
                                                                 $   9,933,138

     The  non-cancelable  rents are being paid  directly  to the  lenders by the
lessees to satisfy the principal and interest on the non-recourse debt assumed.

     Unearned  income is recognized  from leveraged  leases over the life of the
lease at a constant rate of return on the positive net investment.

     Prior to the acquisition of the Federal Express transaction,  the free cash
flow,  the rent in  excess of the  senior  debt  payments,  was  financed  by an
affiliated  partnership,  ICON Cash Flow Partners,  L.P.,  Series D, (i.e.,  the
junior debt). On January 29, 1997, the  Partnership  refinanced a portion of the
junior debt with a third party.


<PAGE>



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

             Notes to Consolidated Financial Statements - Continued

3.   Investment in Joint Venture

     The  Partnership  Agreement  allows  the  Partnership  to  invest  in joint
ventures  with other  limited  partnerships  sponsored  by the  General  Partner
provided that the  investment  objectives of the joint  ventures are  consistent
with that of the Partnership.

     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.  The Partnership and Series E contributed $1,579,514
(99%) and $15,955 (1%) of the cash required for such acquisition,  respectively,
to ICON  Cash  Flow LLC III.  ICON  Cash  Flow LLC III  acquired  the  aircraft,
assuming  $9,309,759 in non-recourse debt and utilizing  contributions  received
from the Partnership and Series E. The purchase price of the transaction totaled
$10,905,228.  The lease is a leveraged lease and the lease term expires in March
2003. 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."

     On March 11,  1997,  the  Partnership  and two  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series D and ICON Cash Flow Partners  L.P. Six,  (collectively
"the Members"),  contributed and assigned $6,582,150,  $5,794,273 and $6,712,631
in equipment  lease and finance  receivables and residuals with a net book value
of  $5,465,238,  $4,874,857 and  $5,553,962,  respectively  to ICON  Receivables
1997-A LLC  ("1997-A"),  a special  purpose entity  created by the Members.  The
Members received a 34.39%, 30.67% and 34.94% interest,  respectively,  in 1997-A
based on the present value of their related contributions. 1997-A was formed for
the purpose of originating new leases, managing existing contributed assets and,
eventually,  securitizing its portfolio. In order to fund the acquisition of new
leases,   1997-A  obtained  a  warehouse   borrowing  facility  from  Prudential
Securities Credit  Corporation (the  "Facility").  Borrowings under the Facility
are  based  on the  present  value  of the  new  leases,  provided  that  in the
aggregate, the amount outstanding cannot exceed $20,000,000. Outstanding amounts
under the  Facility  bear  interest  equal to Libor  plus 1.5%.  Collections  of
receivables from new leases are used to pay down the Facility,  however,  in the
event of a default,  all of 1997- A's assets are available to cure such default.
The net proceeds from the expected  securitization  of these assets will be used
to pay-off the remaining  Facility  balance and the  remaining  proceeds will be
distributed to the Members in accordance with their  membership  interests.  The
Partnership accounts for its investment in 1997- A under the equity method.




<PAGE>



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

             Notes to Consolidated Financial Statements - Continued

     Information  as to the  financial  position  and results of  operations  of
1997-A as of and for the six months ended June 30, 1997 is summarized below:

                                                  June 30, 1997

              Assets                              $  31,019,376
                                                  =============

              Liabilities                         $  15,969,603
                                                  =============

              Equity                              $  15,049,773
                                                  =============

                                                 Six Months Ended
                                                  June 30, 1997

              Net income                          $     450,002
                                                  =============

4.   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, 1997 and 1996 were
as follows:

                                1997         1996

Underwriting commissions    $  236,447    $  325,003     Charged to Equity
Organization and offering      413,781       568,755     Charged to Equity
Acquisition fees             1,678,530       325,758     Capitalized
Management fees                667,629        44,531     Charged to operations
Administrative expense
 reimbursements                288,372        20,170     Charged to operations
                            ----------    ----------

Total                       $3,284,759    $1,284,217
                            ==========    ==========

     On December  31, 1996,  the  Partnership  and an  affiliate  formed a joint
venture for the purpose of acquiring  and managing an aircraft.  (See Note 3 for
additional information relating to the joint venture.)

     On March 11, 1997, the  Partnership  borrowed  $4,250,000  from 1997-A , an
affiliate of the Partnership  (see Note 3). The note is a short term note, bears
interest  at Libor  plus 1.5% and will be paid from the  Partnership's  share of
securitization proceeds.



<PAGE>



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


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

           ICON Cash Flow Partners L.P. Seven (the  "Partnership") was formed on
May 23,  1995 as a  Delaware  limited  partnership.  The  Partnership  commenced
business  operations  on its initial  closing date,  January 19, 1996,  with the
admission of 26,367.95  limited  partnership units at $100 per unit representing
$2,636,795.17  of  capital  contributions.  Through  June 30,  1997,  367,395.78
additional   units  were   admitted,   bringing  the  total  units  and  capital
subscriptions to 393,763.72 and $39,376,372, respectively.

           The Partnership's  portfolio consisted of a net investment in finance
leases,   estimated   unguaranteed  residual  value,  leveraged  leases,  equity
investment in joint venture and financings representing 71%, 13%, 10%, 5% and 1%
of total  investments at June 30, 1997,  respectively and 77%, 0%, 0% 0% and 23%
at June 30, 1996, respectively.

Results of Operations

Three Months Ended June 30, 1997 and 1996

           For the three  months  ended June 30,  1997 and 1996 the  Partnership
leased or financed equipment with an initial cost of $12,121,225 and $5,962,528,
respectively to 6 and 67 lessees or equipment users respectively.

           Revenue for the three  months  ended June 30,  1997 were  $1,848,920,
representing  an  increase of  $1,599,603  from 1996.  The  increase in revenues
resulted  primarily from an increase in finance income of $1,177,399 an increase
in income  from  leveraged  leases of  $371,683,  an  increase in income from an
equity  investment in a joint venture of $133,925 and an increase in net gain on
sales or  remarketing  of equipment of $6,289.  These  increases  were partially
offset by a decrease in  interest  income and other of $89,693 or 85% from 1996.
The increase in finance income  resulted from an increase in the average size of
the portfolio from 1996 to 1997.  Income from  leveraged  leases and income from
equity investment in joint venture increased due to the Partnership's  increased
investment in these types of transactions.  The net gain on sales or remarketing
of equipment increased due to the early termination of a financing  transaction.
Interest  income and other  decreased  due to a  decrease  in the  average  cash
balance from 1996 to 1997.

           Expenses for the three  months  ended June 30, 1997 were  $1,805,551,
representing  an increase of $1,618,671  from 1996. The increase in expenses was
due to an increase in interest  expense of $821,247,  an increase in  management
fees of  $279,057,  an  increase  in  amortization  of initial  direct  costs of
$264,569, an increase in administrative  expense  reimbursements of $122,906, an
increase  in  provision  for bad debts of  $75,000,  an  increase in general and
administrative  expense of $54,807 and an increase in minority interest in joint
venture of $1,085.  Interest expense increased due to an increase in the average
debt  outstanding from 1996 to 1997.  Management  fees,  amortization of initial
direct   costs,   administrative   expense   reimbursements   and   general  and
administrative  expense  increased due to an increase in the average size of the
portfolio  from 1996 to 1997.  As a result of an  analysis  of  delinquency,  an
assessment of overall risk and a review of historical  loss  experience,  it was
determined  that a $75,000  provisions  for bad debts was required for the three
months ended June 30, 1997.

           Net income  for the three  months  ended  June 30,  1997 and 1996 was
$43,369 and $62,437,  respectively.  The net income per weighted average limited
partnership unit was $.12 and $.74, respectively.



<PAGE>



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

Six Months Ended June 30, 1997 and 1996

           For the six  months  ended  June 30,  1997  and 1996 the  Partnership
leased  or  financed   equipment  with  an  initial  cost  of  $56,130,601   and
$10,856,638,  respectively to 21 and 75 lessees or equipment users respectively.
The weighted average initial transaction term for each year was 51 and 36 months
respectively.

           Revenues  for the six  months  ended June 30,  1997 were  $3,406,939,
representing  an  increase of  $3,082,487  from 1996.  The  increase in revenues
resulted from an increase in finance income of $2,227,574, an increase in income
from leveraged leases of $752,313,  an increase in income from equity investment
in joint venture of $154,733 and an increase in net gain on sales or remarketing
of equipment of $39,180.  These increases were partially offset by a decrease in
interest  income and other of $91,313 or 69% from 1996.  The increase in finance
income resulted from the increase in the average size of the portfolio from 1996
to 1997.  Income from  leveraged  leases,  and income from equity  investment in
joint venture increased due to the Partnership's  increased  investment in these
types  of  transactions.  The net  gain on sales  or  remarketing  of  equipment
increased  due to the early  termination  of a financing  transaction.  Interest
income and other  decreased  due to a decrease in the average  cash balance from
1996 to 1997.

           Expenses for the three  months  ended June 30, 1997 were  $3,238,027,
representing  an increase of $2,982,871  from 1996. The increase in expenses was
due to an increase in interest expense of $1,360,891,  an increase in management
fees of  $623,098,  an  increase  in  amortization  of initial  direct  costs of
$565,941, an increase in administrative  expense  reimbursements of $268,202, an
increase  in  provision  for bad debts of  $75,000,  an  increase in general and
administrative  expense of $87,560 and an increase in minority interest in joint
venture of $2,179.  Interest expense increased due to an increase in the average
debt  outstanding from 1996 to 1997.  Management  fees,  amortization of initial
direct   costs,   administrative   expense   reimbursement   and   general   and
administrative  expense  increased due to an increase in the average size of the
portfolio  from 1996 to 1997.  As a result of an  analysis  of  delinquency,  an
assessment of overall risk and a review of historical  loss  experience,  it was
determined  that a $75,000  provision  for bad debts  was  required  for the six
months ended June 30, 1997.

           Net  income  for the six  months  ended  June  30,  1997 and 1996 was
$168,912 and $69,296,  respectively. The net income per weighted average limited
partnership unit was $.49 and $.82, respectively.

Liquidity and Capital Resources

           The  Partnership's  primary sources of funds for the six months ended
June 30, 1997 and 1996 were capital contributions,  net of offering expenses, of
$10,226,311  and  $14,056,383,  from limited  partners,  respectively,  net cash
provided by operations  of $368,123 in 1996,  proceeds from sale of equipment of
$1,986,542 in 1997 and proceeds from affiliate note of $4,250,000 in 1997. These
funds were used to make payments on borrowings,  fund cash  distributions and to
purchase equipment. The Partnership intends to purchase additional equipment and
fund  cash  distributions  utilizing  capital  contributions  cash  provided  by
operations, proceeds from sales of equipment and borrowings.

           Cash  distributions to limited partners for the six months ended June
30, 1997 and 1996,  which were paid monthly,  totaled  $1,685,232  and $307,857,
respectively, of which $167,223 and $68,603 was investment income and $1,518,009
and $239,254 was a return of capital,  respectively. The monthly annualized cash
distribution  rate to limited  partners was 9.8% and 7.3% for 1996 and 1997,  of
which  1.0% and 1.6% was  investment  income  and 8.8% and 5.7% was a return  of
capital  respectively,  calculated  as a percentage  of each  partner's  initial
capital contribution. The limited partner distribution per weighted average unit
outstanding for the six months ended June 30, 1997 and 1996 was $4.91 and $3.67,
respectively,  of which $.49 and $.82 was investment  income and $4.42 and $2.85
was a return of capital, respectively.


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

           On March 11, 1997, the Partnership and two affiliates, ICON Cash Flow
Partners,  L.P.,  Series D and ICON Cash Flow Partners  L.P. Six,  (collectively
"the Members"),  contributed and assigned $6,582,150,  $5,794,273 and $6,712,631
in equipment  lease and finance  receivables and residuals with a net book value
of  $5,465,238,  $4,874,857 and  $5,553,962,  respectively  to ICON  Receivables
1997-A LLC  ("1997-A"),  a special  purpose entity  created by the Members.  The
Members received a 34.39%, 30.67% and 34.94% interest,  respectively,  in 1997-A
based on the present value of their related contributions. 1997-A was formed for
the purpose of originating new leases, managing existing contributed assets and,
eventually,  securitizing its portfolio. In order to fund the acquisition of new
leases,   1997-A  obtained  a  warehouse   borrowing  facility  from  Prudential
Securities Credit  Corporation (the  "Facility").  Borrowings under the Facility
are  based  on the  present  value  of the  new  leases,  provided  that  in the
aggregate, the amount outstanding cannot exceed $25,000,000. Outstanding amounts
under the  Facility  bear  interest  equal to Libor  plus 1.5%.  Collections  of
receivables from new leases are used to pay down the Facility,  however,  in the
event of a default,  all of 1997-A's  assets are available to cure such default.
The net proceeds from the expected  securitization  of these assets will be used
to pay-off the remaining  Facility  balance and the  remaining  proceeds will be
distributed to the Members in accordance with their  membership  interests.  The
Partnership accounts for its investment in 1997-A under the equity method.

           As of June 30,  1997,  except  as noted  above,  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 as they become due.



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                       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, 1997.



<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 14, 1997                    Gary N. Silverhardt
---------------                    ---------------------------------------------
      Date                         Gary N. Silverhardt
                                   Chief Financial Officer
                                  (Principal financial and account officer
                                   of the General Partner of the Registrant)




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