<PAGE> PAGE 1
000 B000000 01/31/95
000 C000000 0000882417
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 NEW USA MUTUAL FUNDS, INC.
001 B000000 811-6519
001 C000000 3104486856
002 A000000 1776 HERITAGE DRIVE
002 B000000 NORTH QUINCY
002 C000000 MA
002 D010000 02171
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 THE NEW USA MUTUAL 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 NEW USA RESEARCH & MANAGEMENT CO.
008 B00AA01 A
008 C00AA01 801-40640
008 D01AA01 LOS ANGELES
008 D02AA01 CA
008 D03AA01 90066
010 A00AA01 STATE STREET BANK AND TRUST CO.
010 B00AA01 85-05003
010 C01AA01 NORTH QUINCY
010 C02AA01 MA
010 C03AA01 02171
011 A00AA01 WILLIAM O'NEIL & CO. INCORPORATED
011 B00AA01 8-11763
011 C01AA01 LOS ANGELES
011 C02AA01 CA
011 C03AA01 90066
012 A00AA01 STATE STREET BANK AND TRUST CO.
<PAGE> PAGE 2
012 B00AA01 85-05003
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
013 B04AA01 2604
014 A00AA01 WILLIAM O'NEIL & CO. INCORPORATED
014 B00AA01 8-11763
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 INSTINET
020 C000001 292
020 A000002 WILLIAM O'NEIL & CO. INCORPORATED
020 C000002 180
020 A000003 ROCHDALE SECURITIES CORP.
020 C000003 159
020 A000004 JONES & ASSOCIATES
020 C000004 143
020 A000005 JEFFRIES & CO.
020 C000005 109
020 A000006 OPPENHEIMER & CO. INC.
020 C000006 91
020 A000007 DEAN WITTER REYNOLDS INC.
020 C000007 75
020 A000008 SALOMON BROTHERS
020 C000008 38
020 A000009 PAINE WEBBER INC.
020 C000009 30
020 A000010 BEAR, STEARNS & CO.
020 C000010 29
021 000000 1413
022 A000001 STATE STREET BANK AND TRUST CO.
022 C000001 4939614
022 D000001 54816
022 A000002 SHERWOOD SECURITIES CORP.
022 C000002 21592
022 D000002 25429
022 A000003 HAMBRECHT & QUIST
022 C000003 20491
022 D000003 15508
022 A000004 MONTGOMERY SECURITIES
<PAGE> PAGE 3
022 C000004 19745
022 D000004 14709
022 A000005 PAINE WEBBER INC.
022 C000005 12561
022 D000005 16896
022 A000006 HERZOG HEINE GEDULD INC.
022 C000006 11689
022 D000006 16914
022 A000007 OPPENHEIMER & CO. INC.
022 C000007 11823
022 D000007 12456
022 A000008 BEAR, STEARNS & CO.
022 C000008 12616
022 D000008 11150
022 A000009 SALOMON BROTHERS INC.
022 C000009 11038
022 D000009 11199
022 A000010 ROBERTSON, STEPHENS AND COMPANY
022 C000010 7757
022 D000010 11668
023 C000000 5159886
023 D000000 253703
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
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
028 A01AA00 476
028 A02AA00 0
028 A03AA00 0
028 A04AA00 7762
028 B01AA00 1184
028 B02AA00 0
028 B03AA00 0
028 B04AA00 9852
028 C01AA00 2696
028 C02AA00 0
<PAGE> PAGE 4
028 C03AA00 0
028 C04AA00 5420
028 D01AA00 1306
028 D02AA00 0
028 D03AA00 0
028 D04AA00 3958
028 E01AA00 566
028 E02AA00 0
028 E03AA00 0
028 E04AA00 4611
028 F01AA00 1265
028 F02AA00 0
028 F03AA00 0
028 F04AA00 4438
028 G01AA00 7493
028 G02AA00 0
028 G03AA00 0
028 G04AA00 36041
028 H00AA00 4412
029 00AA00 Y
030 A00AA00 291
030 B00AA00 5.00
030 C00AA00 0.00
031 A00AA00 54
031 B00AA00 0
032 00AA00 237
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 5
042 C00AA00 51
042 D00AA00 44
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 1248
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 500000
048 A02AA00 1.000
<PAGE> PAGE 5
048 B01AA00 0
048 B02AA00 0.750
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 N
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
<PAGE> PAGE 6
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 Y
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 Y
070 G01AA00 N
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
<PAGE> PAGE 7
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 586514
071 B00AA00 665157
071 C00AA00 170282
071 D00AA00 344
072 A00AA00 12
072 B00AA00 1578
072 C00AA00 1452
072 D00AA00 0
072 E00AA00 0
072 F00AA00 2040
072 G00AA00 137
072 H00AA00 0
072 I00AA00 427
072 J00AA00 119
072 K00AA00 11
072 L00AA00 42
072 M00AA00 46
072 N00AA00 25
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 33
072 S00AA00 85
072 T00AA00 1248
072 U00AA00 68
072 V00AA00 0
072 W00AA00 43
072 X00AA00 4324
072 Y00AA00 0
072 Z00AA00 -1294
072AA00AA00 42579
072BB00AA00 52739
072CC01AA00 8601
072CC02AA00 0
072DD01AA00 0
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.0000
<PAGE> PAGE 8
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 13755
074 C00AA00 0
074 D00AA00 0
074 E00AA00 0
074 F00AA00 150062
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 16345
074 K00AA00 0
074 L00AA00 445
074 M00AA00 163
074 N00AA00 180770
074 O00AA00 9321
074 P00AA00 250
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 1083
074 S00AA00 0
074 T00AA00 170116
074 U01AA00 14625
074 U02AA00 0
074 V01AA00 11.63
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 7886
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 205289
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 750
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
<PAGE> PAGE 9
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
SIGNATURE MARGARET HARRIES
TITLE SR VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882417
<NAME> NEW USA MUTUAL FUNDS, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1995
<PERIOD-START> FEB-01-1995
<PERIOD-END> JAN-31-1995
<INVESTMENTS-AT-COST> 155,216,597
<INVESTMENTS-AT-VALUE> 163,817,157
<RECEIVABLES> 16,790,279
<ASSETS-OTHER> 162,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 180,770,240
<PAYABLE-FOR-SECURITIES> 9,321,635
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,332,815
<TOTAL-LIABILITIES> 10,654,450
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171,532,506
<SHARES-COMMON-STOCK> 14,624,596
<SHARES-COMMON-PRIOR> 20,691,362
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,017,277)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,600,561
<NET-ASSETS> 170,115,790
<DIVIDEND-INCOME> 1,452,343
<INTEREST-INCOME> 1,577,612
<OTHER-INCOME> 0
<EXPENSES-NET> 4,324,452
<NET-INVESTMENT-INCOME> (1,294,497)
<REALIZED-GAINS-CURRENT> (10,159,394)
<APPREC-INCREASE-CURRENT> (13,335,797)
<NET-CHANGE-FROM-OPS> (24,789,688)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,186,780
<NUMBER-OF-SHARES-REDEEMED> (7,253,546)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (96,489,057)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 142,177
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,040,219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,324,452
<AVERAGE-NET-ASSETS> 204,021,841
<PER-SHARE-NAV-BEGIN> 12.88
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> (1.10)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.63
<EXPENSE-RATIO> 2.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
