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It looks that way to me:
http://www.atf.treas.gov/firearms/legal/semi.htm

"§ 921(a)(30) The term 'semiautomatic assault weapon' means:
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.
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(D) a semiautomatic shotgun that has at least 2 of -
(i) a folding or telescoping stock;
(ii) a pistol grip that protrudes conspicuously beneath the action of the weapon;
(iii) a fixed magazine capacity in excess of 5 rounds; and
(iv) an ability to accept a detachable magazine.

§ 922(v)(1) It shall be unlawful for a person to manufacture, transfer, or possess a semiautomatic assault weapon."

So you could have the pistol grip OR the 7 rounds, but not both.
These regulations do not apply to pump action shotguns.
 
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