Downing Protected VCT VII plc
Interim Management Statement
for the quarter ended 30 April 2009

In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority,  Downing Protected VCT VII plc  presents
an Interim Management Statement for the quarter ended 30 April 2009.
The statement also  includes relevant  financial information  between
the end of the period and the date of this statement.

Dividends paid or declared in the period
On 29 May  2009, the Company  declared a final  dividend of 2.0p  per
Ordinary Share  payable  on  31  July 2009  to  Shareholders  on  the
register at 10 July 2009.

Performance

                                               30 Apr 31 Jan 31 Jul
                                                 2009   2009   2008
                                                Pence  Pence  Pence
Net Asset Value per Ordinary Share              89.00  92.00  94.50
Net Asset Value per 'A' Share                    0.10   0.10   0.10
Dividends paid to date                           1.75   1.75   1.75
Total return* per Ordinary Share and 'A' Share  90.85  93.85  96.35

* Net Asset Value plus cumulative dividends paid since launch


Investment portfolio summary at 30 April 2009
Portfolio investments by value

                                                             Movement
                                                                 from
                                                        1 Feb 2009 to
                                     Cost   Valuation     30 Apr 2009
                                    £'000       £'000           £'000
Qualifying venture capital
investments
West Tower Holding Limited          1,150       1,000               -
Cadbury House Limited               1,000       1,000               -
The Thames Club Limited             1,000         850           (150)
Future Films Production Services
Limited                               825         825               -
Hoole Hall Country Club Holdings
Limited                               750         750               -
Crossco (1135) Ltd - Kingsclere
Nurseries                             665         665               -
Liongold Contracting Limited          434         434               -
Richstone Contracting Limited         407         317            (90)
                                    6,231       5,841           (240)
Non qualifying venture capital
investments
Kings Gap Limited                     400         400               -
JEB Leisure Limited                   300         300               -
Sanguine Hospitality Limited          250         250               -
Future Films Production Services
Limited                               225         225               -
Aminghurst Limited                    208         208               -
Downing Acquisitions 1 Ltd            188         188               -
Cannock Developments (Field End)
LLP                                   125         125               -
Cadbury House Limited                  75          75               -
Coastal Partnerships Limited           75          75               -
Chapel Street Hotel (2008) LLP         31          31               -
Vermont Development Limited           452          25            (75)
Chapel Street Hotel LLP                 1           1               -
                                    2,330       1,903            (75)

Total                               8,561       7,744           (315)


Investment disposals during the quarter ended 30 April 2009

                                    Market
                                  value at              Gain    Total
                                     1 Feb  Disposal against realised
                             Cost    2009*  proceeds    cost     gain
                            £'000    £'000     £'000   £'000    £'000
Loan Stock redemptions
Hoole Hall Country Club
Holdings Limited**            344      344       344       -        -
JEB Leisure Limited            12       12        12       -        -
                              356      356       356       -        -



* After adjusting for additions during the period

** Addition in the period

Between the 30 April 2009 and the date of this report no additions or
disposals have been made.

Changes to share capital
There have been no changes to the share capital during the period.


Material events
Other than described above, there were no material events during  the
period from 1 February 2009 to 30 April 2009 or in the period from  1
May 2009 to the date of this announcement.

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