<PAGE> PAGE 1
000 A000000 02/28/97
000 C000000 0000704957
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 MERRILL LYNCH U.S.A. GOVERNMENT RESERVES
001 B000000 811-3534
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
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 A000001 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT, U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-7221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
<PAGE> PAGE 2
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 BANKERS TRUST COMPANY
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10006
015 E010002 X
015 A000003 CHEMICAL BANK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10017
015 E010003 X
015 A000004 CUSTODIAL TRUST CO.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
015 E010004 X
015 A000005 MORGAN GUARANTEE TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10260
015 E010005 X
018 000000 Y
019 A000000 Y
019 B000000 189
019 C000000 MERRILLLYN
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
<PAGE> PAGE 3
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001 5912123
022 D000001 5793
022 A000002 NESBITT BURNS SECURITIES INC.
022 B000002 13-2620737
022 C000002 5044151
022 D000002 4328
022 A000003 FUJI SECURITIES INC.
022 B000003 36-2880742
022 C000003 2994026
022 D000003 4506
022 A000004 HSBC SECURITIES, INC.
022 B000004 13-2650272
022 C000004 2760000
022 D000004 0
022 A000005 BEAR, STEARNS & CO. INC.
022 B000005 13-3299429
022 C000005 2658000
022 D000005 0
022 A000006 PAINEWEBBER INCORPORATED
022 B000006 13-2638166
022 C000006 2375322
022 D000006 8277
022 A000007 DAIWA SECURITIES AMERICA INC.
022 B000007 13-5680329
022 C000007 2307000
022 D000007 0
022 A000008 GREENWICH CAPITAL MARKETS, INC.
022 C000008 2255000
022 D000008 0
022 A000009 UBS SECURITIES LLC.
022 B000009 13-3873456
022 C000009 2109500
022 D000009 0
022 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000010 13-2741729
022 C000010 2064505
022 D000010 13070
023 C000000 37984116
023 D000000 89981
024 000000 Y
025 A000001 NESBITT BURNS SECURITIES, INC.
025 B000001 13-2620737
025 C000001 D
<PAGE> PAGE 4
025 D000001 55000
025 A000002 PAINEWEBBER INC.
025 C000002 D
025 D000002 51482
025 A000003 FUJI SECURITIES, INC.
025 B000003 36-2880742
025 C000003 D
025 D000003 27000
025 A000004 GREENWICH CAPITAL MARKETS, INC.
025 C000004 D
025 D000004 27000
025 A000005 DAIWA SECURITIES AMERICA, INC.
025 B000005 13-5680329
025 C000005 D
025 D000005 26000
025 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
025 B000006 13-2741729
025 C000006 D
025 D000006 26000
025 A000007 UBS SECURITIES LLC
025 B000007 13-3873456
025 C000007 D
025 D000007 26000
025 A000008 BEAR STEARNS & CO. INC.
025 B000008 13-3299429
025 C000008 D
025 D000008 20000
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
028 A010000 92762
028 A020000 1924
028 A030000 0
028 A040000 109356
028 B010000 115037
028 B020000 2236
028 B030000 0
028 B040000 116731
028 C010000 134159
028 C020000 1939
028 C030000 0
028 C040000 131165
028 D010000 142990
028 D020000 2347
<PAGE> PAGE 5
028 D030000 0
028 D040000 128762
028 E010000 166717
028 E020000 2237
028 E030000 0
028 E040000 169410
028 F010000 130157
028 F020000 2090
028 F030000 0
028 F040000 124135
028 G010000 781822
028 G020000 12773
028 G030000 0
028 G040000 779559
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 306
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.450
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
<PAGE> PAGE 6
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 38.4
062 C000000 0.0
062 D000000 62.3
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
<PAGE> PAGE 7
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 72
063 B000000 0.0
064 A000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
<PAGE> PAGE 8
071 A000000 0
071 B000000 0
071 C000000 0
071 D000000 0
072 A000000 6
072 B000000 15024
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 1238
072 G000000 29
072 H000000 0
072 I000000 502
072 J000000 39
072 K000000 0
072 L000000 27
072 M000000 22
072 N000000 55
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 16
072 S000000 16
072 T000000 306
072 U000000 0
072 V000000 0
072 W000000 10
072 X000000 2260
072 Y000000 0
072 Z000000 12764
072AA000000 20
072BB000000 8
072CC010000 215
072CC020000 0
072DD010000 12764
072DD020000 0
072EE000000 12
073 A010000 0.0233
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 354482
074 C000000 218920
074 D000000 0
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 120
<PAGE> PAGE 9
074 K000000 0
074 L000000 3187
074 M000000 88
074 N000000 576797
074 O000000 0
074 P000000 353
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 6908
074 S000000 0
074 T000000 569536
074 U010000 569525
074 U020000 0
074 V010000 1.00
074 V020000 0.00
074 W000000 1.0000
074 X000000 52556
074 Y000000 0
075 A000000 552641
075 B000000 0
076 000000 0.00
077 A000000 Y
077 P000000 Y
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000704957
<NAME> MERRILL LYNCH U.S.A. GOVERNMENT RESERVES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 573390774
<INVESTMENTS-AT-VALUE> 573401676
<RECEIVABLES> 3306982
<ASSETS-OTHER> 88725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 576797383
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7261342
<TOTAL-LIABILITIES> 7261342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 569525139
<SHARES-COMMON-STOCK> 569525139
<SHARES-COMMON-PRIOR> 554488831
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10902
<NET-ASSETS> 569536041
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15024505
<OTHER-INCOME> 0
<EXPENSES-NET> (2260317)
<NET-INVESTMENT-INCOME> 12764188
<REALIZED-GAINS-CURRENT> 11880
<APPREC-INCREASE-CURRENT> 215105
<NET-CHANGE-FROM-OPS> 12991173
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12764188)
<DISTRIBUTIONS-OF-GAINS> (11880)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 781822560
<NUMBER-OF-SHARES-REDEEMED> (779559363)
<SHARES-REINVESTED> 12773111
<NET-CHANGE-IN-ASSETS> 15251413
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1237769
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2260317
<AVERAGE-NET-ASSETS> 552641288
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
