<PAGE> PAGE 1
000 A000000 09/30/97
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
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
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
013 B03AA01 55402
014 A00AA01 DELETE
015 A00AA01 NORWEST BANK MINNESOTA, N.A.
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55479
015 C04AA01 0065
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 19
019 C00AA00 INVESTADVS
020 A000001 WHEAT FIRST
020 B000001 54-0796506
020 C000001 23
020 A000002 ADAMS HARKNESS
020 B000002 04-2149932
020 C000002 4
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 4
020 A000004 ALPHA
020 B000004 94-3105302
020 C000004 4
020 A000005 DAIN BOSWORTH
020 B000005 41-0212020
020 C000005 4
020 A000006 INV TECH GROUP
020 B000006 95-4339369
020 C000006 3
020 A000007 FIRST BOSTON
020 B000007 13-5659485
020 C000007 3
020 A000008 LYNCH JONES RYAN
020 B000008 13-3356934
020 C000008 2
020 A000009 BEAR STEARNS
020 B000009 13-3299429
<PAGE> PAGE 3
020 C000009 2
020 A000010 BLAIR, WM
020 B000010 36-2214610
020 C000010 2
021 000000 63
022 A000001 ADAMS HARKNESS
022 B000001 04-2149932
022 C000001 2200
022 D000001 784
022 A000002 BARCLAYS DE ZOETTE
022 B000002 13-3551367
022 C000002 13938
022 D000002 7069
022 A000003 DAIN BOSWORTH
022 B000003 41-0212020
022 C000003 2290
022 D000003 135
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 10298
022 D000004 0
022 A000005 HONG KONG SHANGHAI BANK
022 B000005 FOREIGN
022 C000005 23458
022 D000005 998
022 A000006 MCDONALD
022 B000006 34-0642435
022 C000006 150
022 D000006 0
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 41191
022 D000007 1084
022 A000008 SALOMON
022 B000008 13-3082694
022 C000008 20593
022 D000008 1997
022 A000009 FIRST BOSTON
022 B000009 13-5659485
022 C000009 0
022 D000009 500
022 A000010 HERZOG
022 B000010 13-1955436
022 C000010 0
022 D000010 285
023 C000000 114122
023 D000000 12888
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
<PAGE> PAGE 4
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
<PAGE> PAGE 5
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 5000
077 A000000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 5000
081 A00AA00 Y
081 B00AA00 31
082 A00AA00 Y
082 B00AA00 75
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 4137
028 A020100 0
028 A030100 0
028 A040100 4890
028 B010100 1314
028 B020100 0
028 B030100 0
028 B040100 2564
028 C010100 3458
028 C020100 3229
028 C030100 0
028 C040100 1176
028 D010100 1660
028 D020100 0
028 D030100 0
028 D040100 2402
028 E010100 1734
028 E020100 0
028 E030100 0
028 E040100 2613
<PAGE> PAGE 6
028 F010100 1027
028 F020100 0
028 F030100 0
028 F040100 4631
028 G010100 13330
028 G020100 3229
028 G030100 0
028 G040100 18276
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 1.250
048 B010100 150000
048 B020100 1.150
048 C010100 250000
048 C020100 1.100
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 500000
048 K020100 1.000
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 N
062 B000100 0.0
<PAGE> PAGE 7
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
<PAGE> PAGE 8
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 11509
071 B000100 14777
071 C000100 98250
071 D000100 12
072 A000100 6
072 B000100 142
072 C000100 672
072 D000100 0
072 E000100 0
072 F000100 651
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 5
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 656
072 Y000100 5
072 Z000100 163
072AA000100 3109
072BB000100 1287
072CC010100 21353
072CC020100 0
072DD010100 236
072DD020100 0
072EE000100 3200
<PAGE> PAGE 9
073 A010100 0.0385
073 A020100 0.0000
073 B000100 0.5231
073 C000100 0.0000
074 A000100 90
074 B000100 0
074 C000100 1993
074 D000100 0
074 E000100 0
074 F000100 103542
074 G000100 0
074 H000100 0
074 I000100 3122
074 J000100 0
074 K000100 0
074 L000100 131
074 M000100 49
074 N000100 108926
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 108926
074 U010100 6023
074 U020100 0
074 V010100 18.08
074 V020100 0.00
074 W000100 0.0000
074 X000100 2887
074 Y000100 174
075 A000100 0
075 B000100 104
076 000100 0.00
SIGNATURE SUSAN J HAEDT
TITLE VP OF OPERATIONS
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> IAI GROWTH & INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 74617
<INVESTMENTS-AT-VALUE> 108657
<RECEIVABLES> 131
<ASSETS-OTHER> 90
<OTHER-ITEMS-ASSETS> 49
<TOTAL-ASSETS> 108926
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 602
<PAID-IN-CAPITAL-COMMON> 73082
<SHARES-COMMON-STOCK> 6023
<SHARES-COMMON-PRIOR> 6117
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 618
<ACCUMULATED-NET-GAINS> 1820
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34040
<NET-ASSETS> 108926
<DIVIDEND-INCOME> 672
<INTEREST-INCOME> 142
<OTHER-INCOME> 0
<EXPENSES-NET> 651
<NET-INVESTMENT-INCOME> 163
<REALIZED-GAINS-CURRENT> 1822
<APPREC-INCREASE-CURRENT> 21353
<NET-CHANGE-FROM-OPS> 23339
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 236
<DISTRIBUTIONS-OF-GAINS> 3200
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 814
<NUMBER-OF-SHARES-REDEEMED> 1098
<SHARES-REINVESTED> 190
<NET-CHANGE-IN-ASSETS> 18186
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3197
<OVERDISTRIB-NII-PRIOR> 546
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 656
<AVERAGE-NET-ASSETS> 104312
<PER-SHARE-NAV-BEGIN> 14.83
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 3.78
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> .52
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.08
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
