MERRILL LYNCH USA GOVERNMENT RESERVES
NSAR-A, 2000-04-26
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<PAGE>      PAGE  1
000 A000000 02/29/2000
000 C000000 0000704957
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
000 I000000 6.1
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
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008 B000001 A
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008 D020001 NJ
008 D030001 08543
008 D040001 9011
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
011 C040001 9011
012 A000001 FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
<PAGE>      PAGE  2
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
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 THE CHASE MANHATTAN 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 GUARANTY TRUST CO. OF NEW YORK
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10260
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020 C000009      0
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<PAGE>      PAGE  3
021  000000        0
022 A000001 HSBC SECURITIES (U.S.A.) INC.
022 B000001 13-2650272
022 C000001   1916701
022 D000001       251
022 A000002 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000002 13-2642206
022 C000002   1242000
022 D000002         0
022 A000003 NESBITT BURNS SECURITIES INC.
022 C000003   1053027
022 D000003         0
022 A000004 LANSTON (AUBREY G.) & CO. INC.
022 B000004 13-5552129
022 C000004   1046121
022 D000004        72
022 A000005 PARIBAS CORP.
022 B000005 13-3235334
022 C000005   1017842
022 D000005      8126
022 A000006 CHASE SECURITIES INC.
022 B000006 13-3112953
022 C000006    971385
022 D000006         0
022 A000007 DEUTSCHE BANK SECURITIES INC.
022 B000007 13-2730828
022 C000007    855510
022 D000007     41159
022 A000008 MORGAN (J.P.) SECURITIES INC.
022 B000008 13-3224016
022 C000008    835319
022 D000008         0
022 A000009 BZW SECURITIES INC.
022 C000009    803385
022 D000009       561
022 A000010 GREENWICH CAPITAL MARKETS, INC.
022 C000010    741000
022 D000010         0
023 C000000   15822043
023 D000000      66070
024  000000 Y
025 A000001 NOMURA SECURITIES INTERNATIONAL, INC.
025 B000001 13-2642206
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<PAGE>      PAGE  4
025 D000008       0
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<PAGE>      PAGE  5
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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
SIGNATURE   DONALD C. BURKE
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-31-2000
<PERIOD-START>                             SEP-01-1999
<PERIOD-END>                               FEB-29-2000
<INVESTMENTS-AT-COST>                        556236744
<INVESTMENTS-AT-VALUE>                       555818447
<RECEIVABLES>                                  1553851
<ASSETS-OTHER>                                   37600
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               557409898
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      8113413
<TOTAL-LIABILITIES>                            8113413
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     549714782
<SHARES-COMMON-STOCK>                        549714781
<SHARES-COMMON-PRIOR>                        616260921
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (418297)
<NET-ASSETS>                                 549296485
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                             15759034
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (2457889)
<NET-INVESTMENT-INCOME>                       13301145
<REALIZED-GAINS-CURRENT>                       (12347)
<APPREC-INCREASE-CURRENT>                      (38242)
<NET-CHANGE-FROM-OPS>                         13250556
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   (13288798)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      677518763
<NUMBER-OF-SHARES-REDEEMED>                (757352006)
<SHARES-REINVESTED>                           13287104
<NET-CHANGE-IN-ASSETS>                      (66584381)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          1325733
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                2457889
<AVERAGE-NET-ASSETS>                         591346151
<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>                                    .83



</TABLE>


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