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, 1999
                     -----------------------------------------------------------

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

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

Commission File Number                         33-94458
                       ---------------------------------------------------------

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


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


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


                                 (914) 698-0600
--------------------------------------------------------------------------------
               Registrant's telephone number, including area code



         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                                        [ x ] Yes     [   ] No


<PAGE>


PART I  - FINANCIAL INFORMATION
Item 1.  Financial Statements

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

                           Consolidated Balance Sheets

                                   (unaudited)
<TABLE>

                                                                  June 30,       December 31,
                                                                    1999            1998

       Assets

<S>                                                            <C>              <C>
Cash .......................................................   $   1,125,540    $   3,899,054
                                                               -------------    -------------

Investment in finance leases
   Minimum rents receivable ................................      93,634,345      122,539,958
   Estimated unguaranteed residual values ..................      76,445,076       77,403,065
   Initial direct costs ....................................       2,763,911        3,943,900
   Unearned income .........................................     (28,452,342)     (39,516,143)
   Allowance for doubtful accounts .........................      (1,067,610)        (868,450)
                                                               -------------    -------------

                                                                 143,323,380      163,502,330

Investment in estimated unguaranteed residual values .......      31,718,541       31,718,541
                                                               -------------    -------------

Net investment in leveraged leases .........................      13,311,001       12,568,089
                                                               -------------    -------------

Investment in financings
   Receivables due in installments .........................       2,270,737        2,357,992
   Initial direct costs ....................................           4,086            5,169
   Unearned income .........................................        (548,353)        (620,501)
   Allowance for doubtful accounts .........................          (9,611)          (8,772)
                                                               -------------    -------------

                                                                   1,716,859        1,733,888

Investments in unconsolidated joint ventures ...............       1,438,696        1,490,820
                                                               -------------    -------------

Accounts receivable from General Partner and affiliates, net         202,897             --

Other assets ...............................................       1,381,711        1,474,518
                                                               -------------    -------------

Total assets ...............................................   $ 194,218,625    $ 216,387,240
                                                               =============    =============

</TABLE>

                                                        (continued on next page)


<PAGE>


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

                     Consolidated Balance Sheets (Continued)

                                   (unaudited)
<TABLE>

                                                            June 30,       December 31,
                                                              1999             1998

       Liabilities and Partners' Equity

<S>                                                      <C>              <C>
Notes payable - non-recourse .........................   $  89,852,771    $ 110,848,356
Notes payable - recourse .............................      29,072,788       26,224,398
Accounts payable-equipment ...........................            --            501,318
Accounts payable - General Partner and affiliates, net            --             95,670
Security deposits, deferred credits and other payables       1,097,260          951,199
Minority interest in consolidated joint venture ......          35,971           24,851
                                                         -------------    -------------

                                                           120,058,790      138,645,792

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner ...................................        (116,862)         (84,234)
   Limited partners (991,812.97 and 996,469.18  units
     outstanding, $100 per unit original
     issue price) ....................................      74,276,697       77,825,682
                                                         -------------    -------------

     Total partners' equity ..........................      74,159,835       77,741,448
                                                         -------------    -------------

Total liabilities and partners' equity ...............   $ 194,218,625    $ 216,387,240
                                                         =============    =============

</TABLE>














See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Operations

                                   (unaudited)
<TABLE>

                                                For the Three Months         For the Six Months
                                                    Ended June 30,              Ended June 30,
                                                 1999           1998          1999          1998
                                                 ----           ----          ----          ----
Revenues

<S>                                          <C>            <C>           <C>           <C>
   Finance income ........................   $ 6,303,335    $ 3,018,746   $10,287,466   $ 5,583,648
   Income from leveraged leases, net .....       373,527        354,253       742,913       699,162
   Income from equity investment
     in joint ventures ...................        39,266        161,846       165,135       255,379
   Interest income and other .............         3,812         74,693        12,409       167,512
   Net gain (loss) on sales or remarketing
     of equipment ........................       (68,040)         8,087       108,539         8,087
                                             -----------    -----------   -----------   -----------

   Total revenues ........................     6,651,900      3,617,625    11,316,462     6,713,788
                                             -----------    -----------   -----------   -----------

Expenses

   Interest ..............................     3,527,900      1,536,428     5,329,792     3,067,666
   Management fees - General Partner .....       870,359        613,753     1,473,783     1,092,054
   Amortization of initial direct costs ..       813,511        399,314     1,249,887       822,640
   Administrative expense
     reimbursements - General Partner ....       364,723        262,604       622,582       470,152
   Provision for bad debts ...............          --          250,000       200,000       400,000
   General and administrative ............       177,203        168,161       293,399       225,396
   Minority interest in joint venture ....         1,215          1,124         2,414         2,240
                                             -----------    -----------   -----------   -----------

   Total expenses ........................     5,754,911      3,231,384     9,171,857     6,080,148
                                             -----------    -----------   -----------   -----------

Net income ...............................   $   896,989    $   386,241   $ 2,144,605   $   633,640
                                             ===========    ===========   ===========   ===========

Net income allocable to:
   Limited partners ......................   $   888,019    $   382,379   $ 2,123,159   $   627,304
   General Partner .......................         8,970          3,862        21,446         6,336
                                             -----------    -----------   -----------   -----------

                                             $   896,989    $   386,241   $ 2,144,605   $   633,640
                                             ===========    ===========   ===========   ===========

Weighted average number of limited
   partnership units outstanding .........       993,444        813,275       994,914       747,141
                                             ===========    ===========   ===========   ===========

Net income per weighted average
   limited partnership unit ..............   $       .89    $       .47   $      2.13   $       .84
                                             ===========    ===========   ===========   ===========
</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, 1999 and
                        the Year Ended December 31, 1998

                                   (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, 1997                                                $45,924,446  $ (23,323) $45,901,123

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

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

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

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

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

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

Cash distributions to partners        $  3.25       $  2.13          (5,351,807)   (54,074)  (5,405,881)

Limited Partnership units
   redeemed (4,656.22 units)                                           (320,337)       -       (320,337)

Net income                                                            2,123,159     21,446    2,144,605
                                                                   ------------  ---------  -----------

Balance at June 30, 1999                                           $ 74,276,697  $(116,862) $74,159,835
                                                                   ============  ========== ===========
</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>

                                                                             1999            1998
                                                                             ----            ----
Cash flows from operating activities:
<S>                                                                     <C>             <C>
   Net income .......................................................   $  2,144,605    $    633,640
                                                                        ------------    ------------
   Adjustments to reconcile net income to
    net cash provided by operating activities:
      Finance income portion of receivables paid directly
        to lenders by lessees .......................................     (9,067,164)     (4,730,591)
      Interest expense on non-recourse financing paid
        directly by lessees .........................................      5,083,310       3,038,992
      Interest accrued on notes-payable-recourse ....................         98,390            --
      Amortization of initial direct costs ..........................      1,249,887         822,640
      Income from leveraged leases, net .............................       (742,913)       (699,162)
      Provision for bad debt ........................................        200,000         400,000
      Income from investments in unconsolidated joint venture .......       (165,135)       (255,379)
      Net gain on sales or remarketing of equipment .................       (108,539)         (8,087)
      Change in operating assets and liabilities:
         Collection of principal  - non-financed receivables ........      1,391,291         300,489
         Distributions received from unconsolidated joint ventures ..        339,846         163,156
         Investments in unconsolidated joint ventures ...............        (59,455)       (341,131)
         Other assets ...............................................        (13,308)        (61,070)
         Security deposits, deferred credits and other payables .....        146,061         248,239
         Accounts payable to General Partner and affiliates, net ....        (95,670)        (28,150)
         Accounts receivable from General Partner and affiliates, net       (202,897)       (259,265)
         Minority interest in consolidated joint venture ............         11,120           2,240
         Other, net .................................................       (279,613)       (104,980)
                                                                        ------------    ------------

           Total adjustments ........................................     (2,214,789)     (1,512,059)
                                                                        ------------    ------------

        Net cash used by operating activities .......................        (70,184)       (878,419)
                                                                        ------------    ------------

Cash flows from investing activities:
   Equipment and receivables purchased ..............................       (672,309)    (18,583,362)
   Initial direct costs .............................................           --        (2,730,941)
   Proceeds from sale of equipment ..................................      1,214,127          65,963
                                                                        ------------    ------------

         Net cash provided by (used in) investing activities ........        541,818     (21,248,340)
                                                                        ------------    ------------

</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>

                                                                          1999            1998
                                                                          ----            ----

Cash flows from financing activities:
<S>                                                                     <C>            <C>
   Issuance of limited partnership units, net of offering expenses           --        25,810,449
   Proceeds from recourse debt ...................................      5,000,000            --
   Proceeds from notes payable - non-recourse ....................           --         2,181,892
   Principal payments on notes payable - recourse ................     (2,250,000)     (2,250,000)
   Principal payments on notes payable - non-recourse ............       (268,930)       (493,328)
   Cash distributions to partners ................................     (5,405,881)     (4,326,056)
   Redemption of limited partnership units .......................       (320,337)        (47,610)
                                                                     ------------    ------------

         Net cash provided by (used in) financing activities .....     (3,245,148)     20,875,347
                                                                     ------------    ------------

Net decrease in cash .............................................     (2,773,514)     (1,251,412)

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

Cash at end of period ............................................   $  1,125,540    $  3,264,973
                                                                     ============    ============


</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,  1999 and 1998,  non-cash  activities
included the following:
<TABLE>

                                                                1999           1998
                                                                ----           ----

Fair value of equipment and receivables purchased
<S>                                                        <C>             <C>
   for debt and payables ...............................   $   (957,919)   $(64,079,135)
Non-recourse notes payable assumed in purchase price ...        957,919      64,030,448
Accounts payable - equipment ...........................         48,687

Principal and interest on direct finance receivables
   paid directly to lenders by lessees .................     26,767,884      15,421,865
Principal and interest on non-recourse financing paid
   directly to lenders by lessees ......................    (26,767,884)    (15,421,865)

Decrease in investments in finance leases and financings
   due to contribution to joint ventures ...............        (63,032)           --
Increase in equity investment in joint ventures ........         63,032            --
                                                           ------------    ------------

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

      Interest  expense of $5,329,792  and  $3,067,666  for the six months ended
June 30, 1999 and 1998 consisted of interest  expense on non-recourse  financing
paid or accrued  directly to lenders by lessees of  $5,083,310  and  $3,038,992,
respectively,  interest  on notes  payable -  non-recourse  of  $66,096 in 1999,
interest on notes  payable - recourse of $180,386 in 1999 and other  interest of
$28,674 in 1998.


<PAGE>


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

                   Notes to Consolidated Financial Statements

                                  June 30, 1999

                                   (unaudited)

1.    Basis of Presentation

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

2.    Redemption of Limited Partnership Units

      The  General  Partner  consented  to the  Partnership  redeeming  4,656.22
limited  partnership  units  during the six  months  ended  June 30,  1999.  The
redemption amount was calculated  following the redemption  formula specified in
the Partnership Agreement. Redeemed units have no voting rights and do not share
in distributions. The Partnership Agreement limits the number of units which can
be redeemed in any one year and  redeemed  units may not be  reissued.  Redeemed
limited  partnership  units are  accounted  for as a  reduction  from  partners'
equity.

3.    Related Party Transactions

      Fees and other expenses paid or accrued by the  Partnership to the General
Partner or its  affiliates  for the six months ended June 30, 1999 and 1998 were
as follows:

                                 1999          1998
                                 ----          ----

Underwriting commissions     $      -       $  596,773  Charged to Equity
Organization and offering           -        1,044,353  Charged to Equity
Acquisition fees                    -        2,852,838  Capitalized
Management fees               1,473,783      1,092,054  Charged to Operations
Administrative expense
  reimbursements                622,582        470,152  Charged to Operations
                             ----------     ----------

Total                        $2,096,365     $6,056,170
                             ==========     ==========

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


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

4.    Net Investment in Leveraged Leases

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

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

The net investment in the leveraged  leases as of June 30, 1999 consisted of the
following:

Non-cancelable minimum rents receivable (net of
  principal and interest on non-recourse debt)             $    910,000
Estimated unguaranteed residual values                       20,818,001
Initial direct costs                                            862,980
Unearned income                                              (9,279,980)
                                                           ------------
                                                           $ 13,311,001
                                                           ============

      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
leases in years such investments are positive.

5.    Investments in Joint Ventures

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

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

ICON Cash Flow Partners L.L.C. III

      On December 31, 1996,  the  Partnership  and an affiliate,  ICON Cash Flow
Partners,  L.P., Series E ("Series E") formed ICON Cash Flow Partners L.L.C. III
("ICON  Cash Flow LLC  III"),  for the  purpose of  acquiring  and  managing  an
aircraft  currently on lease to  Continental  Airlines,  Inc.  (see Note 4). 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.  Profits,  losses,
excess cash and disposition proceeds are allocated 99% to the Partnership and 1%
to Series E. The Partnership's  financial  statements include 100% of the assets
and  liabilities  of ICON Cash Flow LLC III.  Series E's investment in ICON Cash
Flow LLC III has been reflected as "Minority interest in joint venture."



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

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

ICON Receivables 1997-A L.L.C.

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

      Information  as to the  financial  position and results of  operations  of
1997-A as of and for the six months ended June 30, 1999 is summarized below:

                                                  June 30, 1999

    Assets                                         $23,781,936
                                                   ===========

    Liabilities                                    $19,546,193
                                                   ===========

    Equity                                         $ 4,235,743
                                                   ===========

    Partnership's share of equity                  $   989,115
                                                   ===========

                                                 Six Months Ended
                                                  June 30, 1999

    Net income                                     $   331,975
                                                   ===========

    Partnership's share of net income              $    66,292
                                                   ===========

    Distributions                                  $ 1,192,722
                                                   ===========

    Partnership's share of distributions           $   238,127
                                                   ===========



<PAGE>


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

                    Notes to Financial Statements - Continued

ICON Receivables 1997-B L.L.C.

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

      Information  as to the  financial  position and results of  operations  of
1997-B as of and for the six months ended June 30, 1999 is summarized below:

                                                            June 30, 1999

       Assets                                               $ 34,538,412
                                                            ============

       Liabilities                                          $(32,067,782)
                                                            ============

       Equity                                               $  2,470,630
                                                            ============

       Partnership's share of equity                        $    411,854
                                                            ============

                                                          Six Months Ended
                                                            June 30, 1999

       Net income                                           $    571,948
                                                            ============

       Partnership's share of net income                    $     95,344
                                                            ============

       Distributions                                        $    473,835
                                                            ============

       Partnership's share of distributions                 $     78,988
                                                            ============

ICON Boardman Funding L.L.C.

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


<PAGE>


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

                    Notes to Financial Statements - Continued

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

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

      Information as to the financial position and results of operations of ICON
BF as of and for the six months ended June 30, 1999 is summarized below:

                                                       June 30, 1999

            Assets                                      $26,061,621
                                                        ===========

            Liabilities                                 $18,516,096
                                                        ===========

            Equity                                      $ 7,545,525
                                                        ===========

            Partnership's share of equity               $    37,728
                                                        ===========

                                                      Six Months Ended
                                                        June 30, 1999

            Net income                                  $    699,768
                                                        ============

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

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

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



<PAGE>


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

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

      The  Partnership's  portfolio  consisted  of a net  investment  in finance
leases, estimated unguaranteed residual values, leveraged leases, financings and
investments in unconsolidated joint ventures,  representing 75%, 16%, 7%, 1% and
1% of total investments at June 30, 1999, respectively, and 81%, 12%, 5%, 1% and
1% of total investments at June 30, 1998, respectively.

Results of Operations for the Three Months Ended June 30, 1999 and 1998

      For the three months ended June 30, 1999 and 1998 the  Partnership  leased
or  financed  additional   equipment  with  an  initial  cost  of  $171,941  and
$35,217,661,  respectively, to 1 and 146 lessees or equipment users. At June 30,
1999 the weighted  average  remaining  transaction  term of the portfolio was 21
months.

      Revenues  for the  three  months  ended  June 30,  1999  were  $6,651,900,
representing  an  increase of  $3,034,275  or 83.9% from 1998.  The  increase in
revenues resulted  primarily from an increase in finance income of $3,284,589 or
108.8% and an increase in income from  leveraged  leases net of $19,274 or 5.4%.
These increases were partially offset by a decrease in interest income and other
of  $70,881  or  94.9%,   a  decrease  in  income  from  equity   investment  in
unconsolidated  joint  ventures  of  $122,580  or  75.7%  and a loss on sales or
remarketing  of  equipment  of  $68,040 in 1999  compared  to a gain on sales or
remarketing  of  equipment  of $8,087 in 1998.  The  increase in finance  income
resulted  from an increase in the average  size of the finance  lease  portfolio
from 1998 to 1999.  Income from leveraged leases increased due to an increase in
the net investment in leveraged leases.  The net loss on sales or remarketing of
equipment  resulted from  equipment  being sold or remarketed for which proceeds
received were less than the remaining  carrying value.  The decrease in interest
income  and other was  primarily  due to a decrease  in  interest  income  which
resulted  from a decrease in the size of the average  cash  balance from 1998 to
1999. As a result of an analysis of delinquency,  assessment of overall risk and
a review of historical loss experience ICON Receivables 1997-A L.L.C. ("1997-A")
recorded a loss  provision  of $270,000 for the three months ended June 30, 1999
which  resulted  in a  decrease  for  the  Partnership  in  income  from  equity
investment in unconsolidated joint ventures.

      Expenses  for the  three  months  ended  June 30,  1999  were  $5,754,911,
representing  an  increase of  $2,523,527  or 78.1% from 1998.  The  increase in
expenses  resulted  primarily from an increase in interest expense of $1,991,472
or 129.6%,  an increase in  amortization  of initial direct costs of $414,197 or
103.7%,  an increase  in  management  fees of $256,606 or 41.8%,  an increase in
administrative  expense  reimbursements  of  $102,119  or 38.9%,  an increase in
general and administrative expense of $9,042 or 5.4% and an increase in minority
interest in  consolidated  joint venture of $91 or 8.1%.  These  increases  were
partially  offset by a  decrease  in the  provision  for bad debts of  $250,000.
Interest  expense  increased  as a result of an  increase  in the  average  debt
outstanding from 1998 to 1999.  Amortization of initial direct costs, management
fees,  administrative  expense  reimbursements  and general  and  administrative
expense  increased  due to an increase in the average size of the finance  lease
portfolio from 1998 to 1999. The increase in minority  interest in  consolidated
joint venture was due to an increase in the net income of the  underlying  joint
venture from 1998 to 1999. As a result of an analysis of delinquency, assessment
of overall  risk and a review of  historical  loss  experience  the  Partnership
determined that no additional  provision for bad debt was required for the three
months  ending June 30,  1999  compared  to a $250,000  provision  for the three
months ended June 30, 1998.


<PAGE>


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

      Net income for the three  months ended June 30, 1999 and 1998 was $896,989
and  $386,241,  respectively.  The  net  income  per  weighted  average  limited
partnership unit was $.89 and $.47, respectively.

Results of Operations for the Six Months Ended June 30, 1999 and 1998

      For the six months ended June 30, 1999 and 1998 the Partnership  leased or
financed additional  equipment with an initial cost of $171,941 and $81,651,301,
respectively,  to 1 and 150  lessees or  equipment  users.  At June 30, 1999 the
weighted average remaining transaction term of the portfolio was 21 months.

      Revenues  for the  six  months  ended  June  30,  1999  were  $11,316,462,
representing  an  increase of  $4,602,674  or 68.6% from 1998.  The  increase in
revenues resulted  primarily from an increase in finance income of $4,703,818 or
84.2%,  an increase in net gain on sales or remarketing of equipment of $100,452
or 1,242.1%  and an increase in income from  leveraged  leases net of $43,751 or
6.3%. These increases were partially offset by a decrease in interest income and
other of $155,103 or 92.6% and a decrease  in income from equity  investment  in
unconsolidated  joint  ventures  of $90,244 or 35.3%.  The  increase  in finance
income  resulted  from an  increase in the  average  size of the  finance  lease
portfolio from 1998 to 1999. The increase in net gain on sales of remarketing of
equipment  resulted  from an increase in the number of leases  maturing  and the
underlying  equipment being sold or remarketed for which proceeds  received were
in  excess  of the  remaining  carrying  value.  Income  from  leveraged  leases
increased  due to an increase in the net  investment  in leveraged  leases.  The
decrease in interest  income was due to a decrease in the average cash  balances
from 1998 to 1999.  As a result of an analysis  of  delinquency,  assessment  of
overall risk and a review of historical loss experience ICON Receivables  1997-A
L.L.C.  ("1997-A")  recorded a loss  provision  of $270,000 for the three months
ended June 30, 1999 which  resulted in a decrease for the  Partnership in income
from equity investment in unconsolidated joint ventures for the six months ended
June 30, 1999.

      Expenses  for  the  six  months  ended  June  30,  1999  were  $9,171,857,
representing  an  increase of  $3,091,709  or 50.8% from 1998.  The  increase in
expenses  resulted  primarily from an increase in interest expense of $2,262,126
or 73.7%,  an increase in  amortization  of initial  direct costs of $427,247 or
51.9%,  an increase in the management  fees of $381,729 or 35.0%, an increase in
administrative  expense  reimbursements  of  $152,430  or 32.4%,  an increase in
general  and  administrative  of $68,003 or 30.2%,  and an  increase in minority
interest in  consolidated  joint venture of $174 or 7.8%.  These  increases were
partially  offset by a  decrease  in the  provision  for bad debts of  $200,000.
Interest  expense  increased  as a result of an  increase  in the  average  debt
outstanding from 1998 to 1999.  Amortization of initial direct costs, management
fees,  administrative  expense  reimbursements  and general  and  administrative
expense  increased  due to an increase in the average size of the finance  lease
portfolio from 1998 to 1999. The increase in minority  interest in  consolidated
joint venture was due to an increase in the net income of the  underlying  joint
venture from 1998 to 1999. As a result of an analysis of delinquency, assessment
of overall  risk and a review of  historical  loss  experience  the  Partnership
determined  that a provision  for bad debt of $200,000  was required for the six
months  ending June 30,  1999  compared  to a $400,000  provision  for the three
months ended June 30, 1998. .

      Net income for the six months ended June 30, 1999 and 1998 was  $2,144,605
and  $633,640,  respectively.  The  net  income  per  weighted  average  limited
partnership unit was $2.13 and $.84, respectively.


<PAGE>


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

Liquidity and Capital Resources

      The  Partnership's  primary sources of funds for the six months ended June
30, 1999 and 1998 were  capital  contributions  from  limited  partners,  net of
offering expenses,  of $25,810,449 in 1998,  proceeds from sales of equipment of
$1,214,127 and $65,963, respectively,  proceeds from recourse debt of $5,000,000
in 1999 and proceeds  from  non-recourse  notes  payable of  $2,181,892 in 1998.
These funds were used to make payments on borrowings,  fund cash  distributions,
and in 1998,  to  purchase  equipment.  The  Partnership  intends  to fund  cash
distributions  utilizing cash provided by operations and to purchase  additional
equipment utilizing proceeds from sales of equipment and borrowings.

      Cash  distributions  to limited partners for the six months ended June 30,
1999 and 1998,  which were paid  monthly,  totaled  $5,351,807  and  $4,289,724,
respectively,  of which  $2,123,159  and  $627,304  was  investment  income  and
$3,228,648  and $3,662,420  was a return of capital,  respectively.  The monthly
annualized cash  distributions  rate to limited partners was 10.75% for 1999 and
1998 of which  4.26% and 1.57% was  investment  income and 6.49% and 9.18% was a
return of capital,  respectively.  The limited partner distribution per weighted
average  unit  outstanding  for the six months  ended June 30, 1999 and 1998 was
$5.38,  of which $2.13 and $.79 was investment  income and $3.25 and $4.59 was a
return of capital, respectively.

      The  Partnership and an affiliate,  ICON Income Fund Eight A L.P.  ("Eight
A") entered into a joint line of credit agreement (the "Facility") with a lender
in December 1998. The maximum amount available under the Facility is $5,000,000.
The Facility is secured by eligible receivables and residuals and bears interest
at the rate of Prime plus one half  percent.  On May 28, 1999 the  Facility  was
amended and restated  removing Eight A as  co-borrower on the Facility.  At June
30, 1999 the Partnership had $5,000,000 outstanding under the Facility.

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

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



<PAGE>


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

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

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

      As of June 30, 1999 there were no known  trends or  demands,  commitments,
events  or  uncertainties  which  are  likely  to have any  material  effect  on
liquidity.  As  cash  is  realized  from  operations,  sales  of  equipment  and
borrowings, the Partnership will invest in equipment leases and financings where
it deems it to be prudent while  retaining  sufficient  cash to meet its reserve
requirements and recurring obligations.

Year 2000 Issue

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

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

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



<PAGE>


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

PART II - OTHER INFORMATION

Item 6 - Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed by the  Partnership  during the quarter  ended
June 30, 1999.



<PAGE>


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



                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

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




August 12, 1999                      /s/ Patricia A. Walsh
---------------                      -----------------------------------------
     Date                            Patricia A. Walsh
                                     Vice President and Controller
                                     (Principal financial and account officer
                                     of the General Partner of the Registrant)





<PAGE>