IAI INVESTMENT FUNDS VII INC
NSAR-B, 1997-05-30
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<PAGE>      PAGE  1
000 B000000 03/31/97
000 C000000 0000072699
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 IAI INVESTMENT FUND VII
001 B000000 811-2147
001 C000000 6123762600
002 A000000 3700 FIRST BANK PLACE, 601 2ND AVE SOUTH
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
002 D020000 4327
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 IAI GROWTH & INCOME FUND
007 C030100 N
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007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
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008 A00AA01 INVESTMENT ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-3784
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
008 D04AA01 4327
010 A00AA01 INVESTMENT ADVISERS, INC.
010 B00AA01 8013784
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010 C03AA01 55402
010 C04AA01 4327
011 A00AA01 INVESTMENT ADVISERS, INC.
011 B00AA01 8-013784
011 C01AA01 MINNEAPOLIS
<PAGE>      PAGE  2
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 4327
012 A00AA01 INVESTMENT ADVISERS, INC.
012 B00AA01 84-1664
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55402
012 C04AA01 4327
013 A00AA01 KPMG PEAT MARWICK, LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
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014 A00AA01 DELETE
015 A00AA01 NORWEST BANK MINNESOTA, N.A.
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020 C000005      7
020 A000006 JEFFERIES & COMPANY
020 B000006 95-2622900
020 C000006      7
020 A000007 RAYMOND JAMES
020 B000007 59-1237041
020 C000007      4
020 A000008 UST SECURITIES
020 B000008 22-2413670
020 C000008      4
020 A000009 O'NEIL, WILLIAM & COMPANY
020 B000009 95-2269163
<PAGE>      PAGE  3
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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SIGNATURE   SUSAN J HAEDT                                
TITLE       VP OF OPERATIONS    
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 01
   <NAME> IAI GROWTH AND INCOME FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                            77547
<INVESTMENTS-AT-VALUE>                           90234
<RECEIVABLES>                                     4295
<ASSETS-OTHER>                                      71
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   94600
<PAYABLE-FOR-SECURITIES>                          3859
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                               3859
<SENIOR-EQUITY>                                    612
<PAID-IN-CAPITAL-COMMON>                         74790
<SHARES-COMMON-STOCK>                             6117
<SHARES-COMMON-PRIOR>                             5534
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             546
<ACCUMULATED-NET-GAINS>                           3198
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         12687
<NET-ASSETS>                                     90741
<DIVIDEND-INCOME>                                 1359
<INTEREST-INCOME>                                  184
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    1095
<NET-INVESTMENT-INCOME>                            448
<REALIZED-GAINS-CURRENT>                          9984
<APPREC-INCREASE-CURRENT>                           40
<NET-CHANGE-FROM-OPS>                            10472
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         1058
<DISTRIBUTIONS-OF-GAINS>                         12411
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           2284
<NUMBER-OF-SHARES-REDEEMED>                       2562
<SHARES-REINVESTED>                                861
<NET-CHANGE-IN-ASSETS>                            6079
<ACCUMULATED-NII-PRIOR>                             64
<ACCUMULATED-GAINS-PRIOR>                         5626
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             1095
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   1103
<AVERAGE-NET-ASSETS>                             87628
<PER-SHARE-NAV-BEGIN>                            15.30
<PER-SHARE-NII>                                    .10
<PER-SHARE-GAIN-APPREC>                           1.88
<PER-SHARE-DIVIDEND>                               .20
<PER-SHARE-DISTRIBUTIONS>                         2.25
<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                   1.25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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