<PAGE> PAGE 1
000 A000000 07/31/96
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 NEW USA GROWTH 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 CORP.
020 B000001 13-3443395
020 C000001 367
020 A000002 O'NEIL (WILLIAM) & CO. INCORPORATED
020 B000002 95-2269163
020 C000002 88
020 A000003 JONES & ASSOCIATES, INC.
020 B000003 95-2622900
020 C000003 62
020 A000004 JEFFERIES & COMPANY, INC.
020 B000004 95-3583143
020 C000004 35
020 A000005 MORGAN STANLEY & CO.
020 B000005 13-3360814
020 C000005 15
020 A000006 ROBINSON, HUMPHREY
020 B000006 13-3179859
020 C000006 14
020 A000007 BRADFORD (J.C.) & CO.
020 B000007 13-1912900
020 C000007 14
020 A000008 ROBERTSON, STEPHENS
020 B000008 13-2655998
020 C000008 13
020 A000009 ROCHDALE SECURITIES CORP.
020 B000009 52-1319768
020 C000009 13
020 A000010 MONTGOMERY SECURITIES
020 B000010 62-0136910
020 C000010 10
021 000000 692
<PAGE> PAGE 3
022 A000001 STATE STREET BANK AND TRUST CO.
022 B000001 04-1867445
022 C000001 883293
022 D000001 0
022 A000002 MONTGOMERY SECURITIES
022 B000002 13-5515160
022 C000002 16998
022 D000002 17118
022 A000003 SHERWOOD SECURITIES/BROADCORT
022 B000003 94-1701676
022 C000003 11420
022 D000003 14265
022 A000004 LEWCO SECS AGENT FOR HAMBRECHT
022 B000004 13-3680187
022 C000004 14778
022 D000004 10724
022 A000005 TROSTER SINGER
022 B000005 94-3220242
022 C000005 6817
022 D000005 17279
022 A000006 CANTOR FITZERGERALD & CO.
022 B000006 13-2625005
022 C000006 8054
022 D000006 14899
022 A000007 BROWN, ALEX & SONS INC.
022 B000007 13-2638166
022 C000007 11069
022 D000007 9078
022 A000008 ROBERTSON STEPHENS & CO.
022 B000008 13-2798343
022 C000008 11158
022 D000008 6295
022 A000009 BEAR STEARNS SEC CORP.
022 B000009 94-1671384
022 C000009 7496
022 D000009 9251
022 A000010 OPPENHEIMER & CO., INC.
022 B000010 95-2622900
022 C000010 7311
022 D000010 9182
023 C000000 1032324
023 D000000 159744
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
<PAGE> PAGE 4
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 1322
028 A02AA00 0
028 A03AA00 0
028 A04AA00 2809
028 B01AA00 917
028 B02AA00 0
028 B03AA00 0
028 B04AA00 3694
028 C01AA00 1862
028 C02AA00 0
028 C03AA00 0
028 C04AA00 3225
028 D01AA00 3061
028 D02AA00 0
028 D03AA00 0
028 D04AA00 4436
028 E01AA00 2342
028 E02AA00 0
028 E03AA00 0
028 E04AA00 3744
028 F01AA00 2115
028 F02AA00 0
028 F03AA00 0
028 F04AA00 4431
028 G01AA00 11619
028 G02AA00 0
028 G03AA00 0
028 G04AA00 22339
028 H00AA00 8769
029 00AA00 Y
030 A00AA00 360
030 B00AA00 5.00
030 C00AA00 0.00
031 A00AA00 49
031 B00AA00 0
032 00AA00 311
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
<PAGE> PAGE 5
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 5
042 C00AA00 50
042 D00AA00 45
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 549
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 500000
048 A02AA00 1.000
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 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
<PAGE> PAGE 6
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 Y
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
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
<PAGE> PAGE 7
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
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
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 Y
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
071 A00AA00 425758
071 B00AA00 484418
071 C00AA00 203508
071 D00AA00 209
072 A00AA00 6
072 B00AA00 167
072 C00AA00 158
072 D00AA00 0
072 E00AA00 19
072 F00AA00 1020
072 G00AA00 102
072 H00AA00 0
072 I00AA00 148
072 J00AA00 86
072 K00AA00 12
072 L00AA00 13
072 M00AA00 20
<PAGE> PAGE 8
072 N00AA00 12
072 O00AA00 0
072 P00AA00 296
072 Q00AA00 0
072 R00AA00 11
072 S00AA00 24
072 T00AA00 549
072 U00AA00 34
072 V00AA00 0
072 W00AA00 52
072 X00AA00 2379
072 Y00AA00 0
072 Z00AA00 -2034
072AA00AA00 59687
072BB00AA00 23523
072CC01AA00 0
072CC02AA00 13913
072DD01AA00 0
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 29603
074 C00AA00 0
074 D00AA00 0
074 E00AA00 0
074 F00AA00 167969
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 6850
074 K00AA00 0
074 L00AA00 175
074 M00AA00 92
074 N00AA00 204689
074 O00AA00 9556
074 P00AA00 241
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 528
074 S00AA00 0
074 T00AA00 194364
074 U01AA00 12175
074 U02AA00 0
074 V01AA00 15.96
074 V02AA00 0.00
<PAGE> PAGE 9
074 W00AA00 0.0000
074 X00AA00 6931
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 206217
076 00AA00 0.00
077 A000000 N
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
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 CATHY WHITE
TITLE SR VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882417
<NAME> THE NEW USA MUTUAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 190851079
<INVESTMENTS-AT-VALUE> 197571465
<RECEIVABLES> 7026086
<ASSETS-OTHER> 91660
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204689211
<PAYABLE-FOR-SECURITIES> 9556380
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 768706
<TOTAL-LIABILITIES> 10325086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 137240964
<SHARES-COMMON-STOCK> 12174940
<SHARES-COMMON-PRIOR> 12842466
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 50402775
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6720386
<NET-ASSETS> 194364125
<DIVIDEND-INCOME> 158249
<INTEREST-INCOME> 167201
<OTHER-INCOME> 19367
<EXPENSES-NET> 2379242
<NET-INVESTMENT-INCOME> (2034425)
<REALIZED-GAINS-CURRENT> 36164243
<APPREC-INCREASE-CURRENT> (13912698)
<NET-CHANGE-FROM-OPS> 20217120
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 693321
<NUMBER-OF-SHARES-REDEEMED> (1360847)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9497034
<ACCUMULATED-NII-PRIOR> 469484
<ACCUMULATED-GAINS-PRIOR> 14238532
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1020000
<INTEREST-EXPENSE> 296000
<GROSS-EXPENSE> 2379000
<AVERAGE-NET-ASSETS> 205111005
<PER-SHARE-NAV-BEGIN> 14.39
<PER-SHARE-NII> (0.17)
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.96
<EXPENSE-RATIO> 2.33
<AVG-DEBT-OUTSTANDING> 15400000
<AVG-DEBT-PER-SHARE> 1240
</TABLE>