.


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


                                    FORM 10-Q



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

For the period ended                                  March 31, 2001
                     -----------------------------------------------------------

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

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

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

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


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


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


                                 (914) 993-1700
--------------------------------------------------------------------------------
               Registrant's telephone number, including area code



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

                                                          [ x ] Yes     [   ] No


<PAGE>


PART I - FINANCIAL INFORMATION,
Item 1.  Financial Statements

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

                           Consolidated Balance Sheets

                                   (unaudited)
<TABLE>
<CAPTION>

                                                           March 31,     December 31,
                                                             2001            2000
                                                             ----            ----

       Assets

<S>                                                    <C>              <C>
Cash ...............................................   $   3,559,828    $   5,083,906
                                                       -------------    -------------

Investment in finance leases
   Minimum rents receivable ........................      32,154,777       42,346,689
   Estimated unguaranteed residual values ..........      64,037,899       64,929,338
   Initial direct costs ............................         157,451          296,890
   Unearned income .................................     (13,763,133)     (16,198,661)
   Allowance for doubtful accounts .................      (1,467,610)      (1,467,610)
                                                       -------------    -------------

                                                          81,119,384       89,906,646

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

Net investment in leveraged leases .................      25,727,517       25,175,398
                                                       -------------    -------------

Investment in financings
   Receivables due in installments .................         577,612        1,003,883
   Initial direct costs ............................           2,544            2,706
   Unearned income .................................         (55,347)        (177,836)
   Allowance for doubtful accounts .................          (9,611)          (9,611)
                                                       -------------    -------------

                                                             515,198          819,142
                                                       -------------    -------------

Investments in unconsolidated joint ventures .......       4,547,723        4,504,314
                                                       -------------    -------------

Other assets .......................................       3,130,235        2,082,803
                                                       -------------    -------------

Total assets .......................................   $ 137,993,426    $ 146,965,750
                                                       =============    =============
</TABLE>


                                                        (continued on next page)


<PAGE>


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

                     Consolidated Balance Sheets (Continued)

                                   (unaudited)
<TABLE>
<CAPTION>

                                                                 March 31,      December 31,
                                                                   2001             2000
                                                                   ----             ----

       Liabilities and Partners' Equity

<S>                                                           <C>              <C>
Notes payable - non-recourse ..............................   $  52,541,094    $  58,056,596
Note payable - recourse ...................................      23,425,661       23,832,595
Accounts payable - General Partner and affiliates .........            --             59,122
Security deposits, deferred credits and other payables ....         545,660        1,056,953
Minority interest in consolidated joint ventures ..........          44,742           43,492
                                                              -------------    -------------

                                                                 76,557,157       83,048,758

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner ........................................        (242,409)        (217,868)
   Limited partners (989,238 and 989,588 units outstanding,
     $100 per unit original issue price) ..................      61,678,678       64,134,860
                                                              -------------    -------------

     Total partners' equity ...............................      61,436,269       63,916,992
                                                              -------------    -------------

Total liabilities and partners' equity ....................   $ 137,993,426    $ 146,965,750
                                                              =============    =============

</TABLE>














See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Operations

                      For the Three Months Ended March 31,

                                   (unaudited)
<TABLE>
<CAPTION>

                                                   2001        2000
                                                   ----        ----
Revenues

<S>                                            <C>          <C>
Finance income .............................   $2,503,192   $3,845,396
Income from leveraged leases ...............      552,119      789,377
Income from investments in
  unconsolidated joint ventures ............       43,409      105,151
Gain on sales of equipment .................        5,310        2,647
Interest income and other ..................       22,074       17,511
                                               ----------   ----------

   Total revenues ..........................    3,126,104    4,760,082
                                               ----------   ----------

Expenses

   Interest ................................    1,381,311    1,792,258
   Management fees - General Partner .......      833,053      840,769
   Amortization of initial direct costs ....      171,036      493,811
   Administrative expense reimbursements -
     General Partner .......................      343,226      468,858
   General and administrative ..............      174,379      156,594
   Minority interest expense in consolidated
     joint venture .........................        1,250        1,264
                                               ----------   ----------

Total expenses .............................    2,904,255    3,753,554
                                               ----------   ----------

Net income .................................   $  221,849   $1,006,528
                                               ==========   ==========

Net income allocable to:
   Limited partners ........................      219,631   $  996,463
   General Partner .........................        2,218       10,065
                                               ----------   ----------

                                               $  221,849   $1,006,528
                                               ==========   ==========

Weighted average number of limited
   partnership units outstanding ...........      989,413      990,238
                                               ==========   ==========

Net income per weighted average
   limited partnership unit ................   $      .22   $     1.01
                                               ==========   ==========
</TABLE>

See accompanying notes to consolidated financial statements.


<PAGE>


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

             Consolidated Statements of Changes in Partners' Equity

                  For the Three Months Ended March 31, 2001 and
                        the Year Ended December 31, 2000

                                   (unaudited)
<TABLE>
<CAPTION>

                                   Limited Partner Distributions

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

<S>                                   <C>           <C>             <C>           <C>        <C>
Balance at
   December 31, 1999                                               $ 70,202,099  $(156,961) $ 70,045,138

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

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

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

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

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

Cash distributions to partners        $  2.47       $   .22          (2,658,905)   (26,759)   (2,685,664)

Net income                                                              219,631      2,218       221,849
                                                                   ------------  ---------  ------------

Balance at
   March 31, 2001                                                  $ 61,678,678  $(242,409) $ 61,436,269
                                                                   ============  =========  ============

</TABLE>










See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Cash Flows

                      For the Three Months Ended March 31,

                                   (unaudited)
<TABLE>
<CAPTION>

                                                                       2001           2000
                                                                       ----           ----
Cash flows from operating activities:
<S>                                                                <C>            <C>
   Net income ..................................................   $   221,849    $ 1,006,528
                                                                   -----------    -----------
   Adjustments to reconcile net income to
     net cash (used in) provided by operating activities:
     Finance income portion of receivables paid directly
       to lenders by lessees ...................................    (2,706,442)    (2,756,064)
     Interest expense on non-recourse financing paid
       directly by lessees .....................................     1,182,740      1,658,757
     Interest accrued on notes payable - recourse ..............          --         (134,347)
     Amortization of initial direct costs ......................       171,036        493,811
     Income from leveraged leases ..............................      (552,119)      (789,377)
     Income from investments in unconsolidated joint venture ...       (43,409)      (105,151)
     Gain on sales of equipment ................................        (5,310)        (2,647)
     Minority interest in consolidated joint venture ...........         1,250          1,264
     Change in operating assets and liabilities:
       Collection of principal - non-financed receivables ......     2,338,524        517,120
       Distributions received from unconsolidated joint ventures          --           22,960
       Other assets ............................................   (1,047,4312)        94,925
       Security deposits, deferred credits and other payables ..      (511,293)       384,414
       Accounts payable - General Partner and affiliates .......       (59,122)          --
       Other ...................................................      (246,500)        92,976
                                                                   -----------    -----------

         Total adjustments .....................................    (1,478,077)      (521,359)
                                                                   -----------    -----------

        Net cash (used in) provided by operating activities ....    (1,256,228)       485,169
                                                                   -----------    -----------

Cash flows from investing activities:
   Equipment and receivables purchased .........................          --         (166,414)
   Proceeds from sale of equipment .............................       729,930         10,239
   Proceeds from sale of interest in consolidated joint venture           --        2,250,000
                                                                   -----------    -----------

         Net cash provided by investing activities .............       729,930      2,093,825
                                                                   -----------    -----------

</TABLE>

<PAGE>


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

                Consolidated Statements of Cash Flows (Continued)

                      For the Three Months Ended March 31,

                                   (unaudited)
<TABLE>

                                                             2001          2000
                                                             ----          ----

Cash flows from financing activities:
<S>                                                        <C>             <C>
   Proceeds from recourse debt ......................          --          232,096
   Proceeds from notes payable - non recourse .......     2,111,726
   Principal payments on notes payable - recourse ...      (406,934)    (2,250,000)
   Principal payments on notes payable - non-recourse          --         (190,977)
   Cash distributions to partners ...................    (2,685,664)    (2,687,707)
   Redemption of limited partnership units ..........       (16,908)
                                                        -----------    -----------

         Net cash used in financing activities ......      (997,780)    (4,896,588)
                                                        -----------    -----------

Net decrease in cash ................................    (1,524,078)    (2,317,594)

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

Cash at end of period ...............................   $ 3,559,828    $ 2,370,431
                                                        ===========    ===========

</TABLE>
























See accompanying notes to consolidated financial statements.


<PAGE>


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

                Consolidated Statements of Cash Flows (Continued)

Supplemental Disclosure of Cash Flow Information

      For the three months ended March 31, 2001 and 2000, non-cash activities
included the following:

                                                        2001            2000
                                                        ----            ----

Principal and interest on direct
   finance receivables paid directly
   to lenders by lessees .......................   $  8,809,968    $ 17,422,818
Principal and interest on non-recourse
   financing paid directly to lenders by lessees     (8,809,968)    (17,422,818)
                                                   ------------    ------------

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

      Interest expense of $1,381,311 and $1,792,258 for the three months ended
March 31, 2001 and 2000 consisted of interest expense on non-recourse financing
paid or accrued directly to lenders by lessees of $1,182,740 and $1,658,757
respectively, interest on notes payable - recourse of $198,571 and $133,501,
respectively.


<PAGE>


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

                   Notes to Consolidated Financial Statements

                                 March 31, 2001

                                   (unaudited)
1.    Basis of Presentation

     The consolidated financial statements of ICON Cash Flow Partners L.P. Seven
(the  "Partnership") have been prepared pursuant to the rules and regulations of
the  Securities  and  Exchange  Commission  (the  "SEC")  and, in the opinion of
management,  include  all  adjustments  (consisting  only  of  normal  recurring
accruals)  necessary  for a fair  statement  of income  for each  period  shown.
Certain information and footnote  disclosures  normally included in consolidated
financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been condensed or omitted pursuant
to such SEC rules and regulations. Management believes that the disclosures made
are adequate to make the information represented not misleading. The results for
the interim  period are not  necessarily  indicative of the results for the full
year. These consolidated financial statements should be read in conjunction with
the consolidated  financial  statements and notes included in the  Partnership's
2000 Annual Report on Form 10-K.

2.    Redemption of Limited Partnership Units

     There  were 350 units of  limited  partnership  redeemed  during  the three
months ended March 31, 2001.  Redemption  amounts are  calculated  following the
redemption formula specified in the Partnership  Agreement.  Redeemed units have
no voting rights and do not share in  distributions.  The Partnership  Agreement
limits the number of units which can be  redeemed  in any one year and  redeemed
units may not be reissued.  Redeemed limited partnership units are accounted for
as a reduction from partners' equity.

3.    Related Party Transactions

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner or its  affiliates  for the three  months  ended March 31, 2001 and 2000
were as follows:

                              2001            2000
                              ----            ----

Management fees          $    833,053     $     840,769  Charged to Operations
Administrative expense
  reimbursements              343,226           468,858  Charged to Operations
                         ------------     -------------

Total                    $  1,176,279     $   1,309,627
                         ============     =============

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


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

4.    Net Investment in Leveraged Leases

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

The net investment in the leveraged leases as of March 31, 2001 consisted of the
following:

Non-cancelable minimum rents receivable (net of
  principal and interest on non-recourse debt)    $ 10,002,727
Estimated unguaranteed residual values ........     22,875,000
Initial direct costs ..........................        474,767
Unearned income ...............................     (7,624,977)
                                                  ------------

                                                  $ 25,727,517

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

5.    Investments in Joint Ventures

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

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

ICON Cash Flow Partners L.L.C. III

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



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

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

ICON Receivables 1997-A L.L.C.

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

     Information  as to the  financial  position  and results of  operations  of
1997-A as of and for the three months ended March 31, 2001 is summarized below:

                                                    March 31, 2001

     Assets                                         $     7,487,972
                                                    ===============

     Liabilities                                    $     5,383,524
                                                    ===============

     Equity                                         $     2,104,448
                                                    ===============

     Partnership's share of equity                  $       571,334
                                                    ===============

                                                   Three Months Ended
                                                     March 31, 2001

     Net (loss)                                     $       (49,144)
                                                    ===============

     Partnership's share of net (loss)              $        (9,812)
                                                    ================

     1997-A  recorded a  provision  for bad debts of  $125,000  during the three
month period ended March 31, 2001.


<PAGE>


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

                    Notes to Financial Statements - Continued

ICON Receivables 1997-B L.L.C.

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

     Information as to the financial position and results of operations of
1997-B as of and for the three months ended March 31, 2001 is summarized below:

                                                            March 31, 2001

       Assets                                               $    16,276,983
                                                            ===============

       Liabilities                                          $    14,145,168
                                                            ===============

       Equity                                               $     2,131,815
                                                            ===============

       Partnership's share of equity                        $       355,374
                                                            ===============

                                                            Three Months Ended
                                                              March 31, 2001

       Net (loss)                                           $      (124,293)
                                                            ===============

       Partnership's share of net (loss)                    $       (20,720)
                                                            ===============

     1997-B  recorded a  provision  for bad debts of  $125,000  during the three
month period ended March 31, 2001.



<PAGE>


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

                    Notes to Financial Statements - Continued

ICON Boardman Funding L.L.C.

     In  December  1998 the  Partnership  and three  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series C ("Series  C"),  L.P. Six and ICON Income Fund Eight A
L.P.  ("Eight A") formed ICON  Boardman  Funding  L.L.C.  ("ICON  BF"),  for the
purpose of acquiring a lease with Portland General Electric.  The purchase price
totaled  $27,421,810,  and was funded with cash and non-recourse debt assumed in
the purchase price. The Partnership,  Series C, L.P. Six, and Eight A received a
 .5%, .5%, .5% and 98.5% interest,  respectively,  in ICON BF. The  Partnership's
original investment was recorded at cost of $56,960 and is adjusted by its share
of earnings, losses and distributions, thereafter.

     Information as to the financial  position and results of operations of ICON
BF as or March 31, 2001 is summarized below:

                                                   March 31, 2001

       Assets                                      $    23,335,491
                                                   ===============

       Liabilities                                 $    13,101,405
                                                   ===============

       Equity                                      $    10,234,086
                                                   ===============

       Partnership's share of equity               $        51,173
                                                   ===============

                                                   Three Months Ended
                                                     March 31, 2001

       Net income                                  $       310,871
                                                   ===============

       Partnership's share of net income           $         1,554
                                                   ===============



<PAGE>


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

                    Notes to Financial Statements - Continued

AIC Trust

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

     As a result of the sales of these  interests,  at September 30, 2000 and at
December  31,  1999,  respectively,   L.P.  Six  and  Eight  A  owned  interests
aggregating 25.51% and 43.73% in the trust,  respectively,  with the Partnership
owning a 30.76%  interest.  The trust is operated as a joint  venture.  Profits,
losses,  excess  cash and  disposition  proceeds  are  allocated  based upon the
Partnerships'   percentage   ownership  interests  in  the  venture  during  the
respective  periods  the  Partnerships  held  such  interests.  The  Partnership
accounts for its investment under the equity method of accounting.

     Information  as to the financial  position and results of operations of AIC
Trust as of and for the three months ended March 31, 2001 is summarized below:

                                                   March 31, 2001

    Assets                                         $    13,936,750
                                                   ===============

    Liabilities                                    $     6,439,033
                                                   ===============

    Equity                                         $     7,497,717
                                                   ===============

    Partnership's share of equity                  $     2,317,291
                                                   ===============

                                                  Three Months Ended
                                                    March 31, 2001

    Net income                                     $       131,431
                                                   ===============

    Partnership's share of net income              $        40,442
                                                   ===============

ICON Cheyenne LLC

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

     Information  as to the financial  position and results of operations of the
joint  venture as of and for the three months ended March 31, 2001 is summarized
below:

                                                       March 31, 2001

         Assets                                        $    28,044,339
                                                       ===============

         Liabilities                                   $    16,356,405
                                                       ===============

         Equity                                        $    11,687,934
                                                       ===============

         Partnership's share of equity                 $     1,205,025
                                                       ===============

                                                     For the Three Months
                                                     Ended March 31, 2001

         Net income                                    $       286,784
                                                       ===============

         Partnership's share of net income             $        29,567
                                                       ===============

ICON Aircraft 24846, LLC

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

     Information  as to the financial  position and results of operations of the
joint  venture as of and for the three months ended March 31, 2001 is summarized
below:

                                                         March 31, 2001

         Assets                                          $    43,782,355
                                                         ===============

         Liabilities                                     $    41,406,021
                                                         ===============

         Equity                                          $     2,376,334
                                                         ===============

         Partnership's share of equity                   $        47,526
                                                         ===============

                                                       For the Three Months
                                                       Ended March 31, 2001

         Net income                                      $       118,868
                                                         ===============

         Partnership's share of net income               $         2,378
                                                         ===============



<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 62%, 15%, 20%, .4%,
3.6% of total investments at March 31, 2001, respectively, and 61%, 21%, 15%, 1%
, 2% of total investments at March 31, 2000, respectively.

Results of Operations for the Three Months Ended March 31, 2001 and 2000

     Revenues  for the  three  months  ended  March  31,  2001  were  $3,126,104
representing  a decrease  of  $1,633,978  from 2000.  The  decrease  in revenues
resulted primarily from a decreases in finance income of $1,342,204, income from
leveraged  leases of $237,258 and income from  investments  in joint ventures of
$61,742.  The decrease in finance income resulted from a decrease in the average
size of the  Partnership's  lease portfolio and due to certain leases which were
renewed and are generating  lower levels of finance income during the respective
renewal  terms.  The decrease in income from  leveraged  leases  resulted from a
reassessment of an estimated residual value in the fourth quarter of 2000, which
reduced  leveraged  lease  income  in the  fourth  quarter  of 2000 and  reduced
leveraged  lease income to be  recognized  over the  remaining  lease term.  The
decrease in income from equity investment in joint ventures was due primarily to
a provision for bad debts recorded by two of the underlying joint ventures, ICON
Receivables 1997-B and ICON Receivables 1997-A in the 2001 period.

     Expenses  for the  three  months  ended  March 31,  2001  were  $2,904,255,
representing a decrease of $849,299. The decrease in expenses resulted primarily
from a decrease in interest expense of $410,947,  amortization of initial direct
costs of $322,775,  administrative  expense  reimbursements - General Partner of
$125,632 and management fees - General  Partner of $7,716,  which were partially
offset by an  increase  in  general  and  administrative  expenses  of  $17,785.
Interest  expensed  decreased due to a decrease in the average debt  outstanding
from  2000  to  2001.  The  decreases  in  management  fees -  General  Partner,
administrative  expense  reimbursement  - General  Partner and  amortization  of
initial direct costs  resulted from the overall  decrease in the average size of
the Partnership's lease investment portfolio.

     Net income for the three  months ended March 31, 2001 and 2000 was $221,849
and  $1,006,528,  respectively.  The net income  per  weighted  average  limited
partnership   unit  was  $.22  and  $1.01,   for  the  2001  and  2000  periods,
respectively.

Liquidity and Capital Resources

     The Partnership's primary sources of funds for the three months ended March
31, 2001 and 2000 were provided by sale  proceeds of $729,930 and  $2,260,239 in
2001 and 2000,  respectively,  $2,111,726 of non-recourse borrowings in 2001 and
net cash  provided by  operations  of  $485,169  in 2000.  These funds were used
primarily  to make  payments  on  borrowings  and  fund  cash  distributions  to
partners.  Cash  distributions  to limited  partners  for the three months ended
March 31, 2001 and 2000 totaled $2,658,905 and $2,687,707, respectively.

     As of March 31, 2001 there were no known  trends or  demands,  commitments,
events  or  uncertainties  which  are  likely  to have any  material  effect  on
liquidity.  As  cash  is  realized  from  operations,  sales  of  equipment  and
borrowings, the Partnership will invest in equipment leases and financings where
it deems it to be prudent while  retaining  sufficient  cash to meet its reserve
requirements and recurring obligations.


<PAGE>


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

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

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

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

     The  Partnership  borrows funds under two floating rate lines of credit and
is  therefore  exposed to interest  rate risk until the  floating  rate lines of
credit are repaid.  The  Partnership's  borrowings  under floating rate lines of
credit as of March 31, 2001 was $4,551,762.  The  Partnership  believes the risk
associated with rising interest rates under these lines are not significant.





<PAGE>


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


PART II - OTHER INFORMATION

Item 6 - Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed by the Partnership during the quarter ended
March 31, 2001.



<PAGE>


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



                                   SIGNATURES


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

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




     May 11, 2001                    /s/ Thomas W. Martin
--------------------                 ------------------------------------------
        Date                         Thomas W. Martin
                                     Executive Vice President
                                     (Principal financial and accounting officer
                                     of the General Partner of the Registrant)