<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000869964
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 RETIREMENT SYSTEM FUND INC.
001 B000000 811-6222
001 C000000 2125032800
002 A000000 317 MADISON AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 EMERGING GROWTH EQUITY FUND
007 C030200 N
007 C010300 3
007 C020300 INTERMEDIATE-TERM FIXED-INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 CORE EQUITY FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
<PAGE> PAGE 2
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
010 A00AA01 MCGLADREY AND PULLEN, LLP.
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10017
010 A00AA02 RETIREMENT SYSTEM CONSULTANTS, INC.
010 B00AA02 84-1972
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10017
011 A00AA01 RETIREMENT SYSTEM DISTRIBUTORS INC.
011 B00AA01 8-26249
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10017
012 A00AA01 RETIREMENT SYSTEM CONSULTANTS INC.
012 B00AA01 84-1972
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10017
013 A00AA01 MCGLADREY & PULLEN, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
014 A00AA01 RETIREMENT SYSTEM DISTRIBUTORS INC.
014 B00AA01 8-26249
015 A00AA01 CUSTODIAL TRUST COMPANY
015 B00AA01 C
015 C01AA01 PRINCETON
015 C02AA01 NJ
015 C03AA01 08540
015 E01AA01 X
018 00AA00 Y
<PAGE> PAGE 3
019 A00AA00 Y
019 B00AA00 4
019 C00AA00 RSFFUNDINC
020 A000001 NATIONS BANK
020 B000001 04-2547905
020 C000001 3
020 A000002 ROCHDALE SECURITIES CORP.
020 C000002 3
020 A000003 MERRILL LYNCH
020 C000003 1
020 A000004 SMITH BARNEY
020 C000004 1
020 A000005 MORGAN STANLEY COMPANY
020 C000005 0
020 A000006 GOLDMAN SACHS AND COMPANY
020 C000006 0
020 A000007 INSTITUTIONAL NETWORKS
020 C000007 0
020 A000008 SALOMON BROTHERS
020 C000008 0
020 A000009 AUTRANET INC
020 C000009 0
020 A000010 NEEDHAM AND COMPANY
020 C000010 0
021 000000 10
022 A000001 FIRST INSTITUTIONAL
022 B000001 13-3180817
022 C000001 964
022 D000001 0
022 A000002 FIRST TENNESSEE
022 C000002 572
022 D000002 0
022 A000003 FURMAN SELZ
022 C000003 537
022 D000003 259
022 A000004 GOLDMAN SACHS
022 C000004 4575
022 D000004 251
022 A000005 HERZOG HEINE AND GEDOULD
022 C000005 572
022 D000005 0
022 A000006 MERRILL LYNCH
022 B000006 94-1671384
022 C000006 550
022 D000006 0
022 A000007 MORGAN STANLEY
022 C000007 300
022 D000007 231
022 A000008 NATIONS BANK
022 C000008 229
022 D000008 74
<PAGE> PAGE 4
022 A000009 ROCHDALE SECURITIES
022 C000009 141
022 D000009 74
022 A000010 SMITH BARNEY
022 C000010 96
022 D000010 42
023 C000000 10052
023 D000000 6337
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
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
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
<PAGE> PAGE 5
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
077 A000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO.
080 B00AA00 NONE
080 C00AA00 3625
081 A00AA00 Y
081 B00AA00 8
082 A00AA00 N
082 B00AA00 0
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
008 A000101 RETIREMENT SYSTEM INVESTORS INC.
008 B000101 A
008 C000101 801-36893
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10017
024 000100 N
<PAGE> PAGE 6
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 49
028 A020100 5
028 A030100 0
028 A040100 57
028 B010100 32
028 B020100 6
028 B030100 0
028 B040100 30
028 C010100 25
028 C020100 5
028 C030100 0
028 C040100 21
028 D010100 9
028 D020100 5
028 D030100 0
028 D040100 26
028 E010100 26
028 E020100 6
028 E030100 0
028 E040100 45
028 F010100 160
028 F020100 5
028 F030100 0
028 F040100 22
028 G010100 301
028 G020100 32
028 G030100 0
028 G040100 201
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 100
043 000100 1
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
<PAGE> PAGE 7
048 A010100 50000
048 A020100 0.250
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 50000
048 K020100 0.200
062 A000100 Y
062 B000100 0.0
062 C000100 99.7
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.9
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 36
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
<PAGE> PAGE 8
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 1256
071 D000100 0
072 A000100 12
072 B000100 72
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 3
072 G000100 0
072 H000100 0
072 I000100 8
072 J000100 2
072 K000100 0
072 L000100 8
072 M000100 8
<PAGE> PAGE 9
072 N000100 5
072 O000100 1
072 P000100 0
072 Q000100 0
072 R000100 6
072 S000100 2
072 T000100 0
072 U000100 8
072 V000100 0
072 W000100 3
072 X000100 54
072 Y000100 47
072 Z000100 66
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0250
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 162
074 D000100 1176
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 8
074 K000100 0
074 L000100 0
074 M000100 5
074 N000100 1351
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 1351
074 U010100 1351
074 U020100 0
074 V010100 1.00
074 V020100 0.00
<PAGE> PAGE 10
074 W000100 1.0070
074 X000100 38
074 Y000100 0
075 A000100 0
075 B000100 1256
076 000100 0.00
008 A000201 THE PUTNAM ADVISORY CO., INC.
008 B000201 S
008 C000201 801-50973
008 D010201 BOSTON
008 D020201 MA
008 D030201 02109
008 A000202 RETIREMENT SYSTEM INVESTORS INC.
008 B000202 A
008 C000202 801-36893
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10017
024 000200 N
025 A000201 DELETE
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 163
028 A020200 0
028 A030200 0
028 A040200 44
028 B010200 255
028 B020200 0
028 B030200 0
028 B040200 2
028 C010200 268
028 C020200 0
028 C030200 0
028 C040200 89
028 D010200 215
028 D020200 0
028 D030200 0
028 D040200 25
028 E010200 595
028 E020200 0
028 E030200 0
028 E040200 73
028 F010200 450
028 F020200 0
028 F030200 0
<PAGE> PAGE 11
028 F040200 65
028 G010200 1946
028 G020200 0
028 G030200 0
028 G040200 298
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 3
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 25000
048 A020200 1.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 25000
048 K020200 0.750
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
<PAGE> PAGE 12
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 Y
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 Y
070 O010200 N
<PAGE> PAGE 13
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 5096
071 B000200 3196
071 C000200 4101
071 D000200 78
072 A000200 12
072 B000200 20
072 C000200 3
072 D000200 0
072 E000200 0
072 F000200 39
072 G000200 0
072 H000200 0
072 I000200 24
072 J000200 38
072 K000200 0
072 L000200 8
072 M000200 8
072 N000200 5
072 O000200 1
072 P000200 0
072 Q000200 0
072 R000200 6
072 S000200 2
072 T000200 0
072 U000200 10
072 V000200 0
072 W000200 8
072 X000200 149
072 Y000200 64
072 Z000200 -62
072AA000200 698
072BB000200 0
072CC010200 927
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 55
074 C000200 0
<PAGE> PAGE 14
074 D000200 0
074 E000200 0
074 F000200 3891
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 134
074 K000200 0
074 L000200 0
074 M000200 12
074 N000200 4092
074 O000200 36
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 26
074 S000200 0
074 T000200 4030
074 U010200 193
074 U020200 0
074 V010200 20.91
074 V020200 0.00
074 W000200 0.0000
074 X000200 140
074 Y000200 0
075 A000200 0
075 B000200 3404
076 000200 0.00
008 A000301 RETIREMENT SYSTEM INVESTORS INC.
008 B000301 A
008 C000301 801-36893
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10017
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 33
028 A020300 52
028 A030300 0
028 A040300 17
028 B010300 27
028 B020300 27
<PAGE> PAGE 15
028 B030300 0
028 B040300 20
028 C010300 27
028 C020300 52
028 C030300 0
028 C040300 87
028 D010300 41
028 D020300 26
028 D030300 0
028 D040300 31
028 E010300 216
028 E020300 22
028 E030300 0
028 E040300 170
028 F010300 164
028 F020300 27
028 F030300 0
028 F040300 54
028 G010300 508
028 G020300 206
028 G030300 0
028 G040300 379
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 100
043 000300 6
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 50000
048 A020300 0.400
048 B010300 100000
048 B020300 0.300
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
<PAGE> PAGE 16
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 150000
048 K020300 0.200
062 A000300 Y
062 B000300 0.0
062 C000300 0.8
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.4
062 M000300 13.0
062 N000300 85.8
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 3.7
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
<PAGE> PAGE 17
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 2463
071 B000300 2010
071 C000300 5069
071 D000300 40
072 A000300 12
072 B000300 403
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 22
072 G000300 0
072 H000300 0
072 I000300 33
072 J000300 3
072 K000300 0
072 L000300 8
072 M000300 8
072 N000300 5
072 O000300 1
072 P000300 0
072 Q000300 0
072 R000300 6
072 S000300 2
072 T000300 0
072 U000300 10
072 V000300 0
072 W000300 12
072 X000300 110
072 Y000300 56
072 Z000300 349
072AA000300 2
<PAGE> PAGE 18
072BB000300 0
072CC010300 0
072CC020300 144
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 249
074 C000300 0
074 D000300 5295
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 73
074 K000300 0
074 L000300 0
074 M000300 8
074 N000300 5625
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 20
074 S000300 0
074 T000300 5605
074 U010300 529
074 U020300 0
074 V010300 10.59
074 V020300 0.00
074 W000300 0.0000
074 X000300 78
074 Y000300 0
075 A000300 0
075 B000300 4894
076 000300 0.00
008 A000401 RETIREMENT SYSTEM INVESTORS INC.
008 B000401 A
008 C000401 801-36893
008 D010401 NEW YORK
008 D020401 NY
008 D030401 10017
024 000400 N
025 D000401 0
<PAGE> PAGE 19
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 243
028 A020400 0
028 A030400 0
028 A040400 11
028 B010400 72
028 B020400 0
028 B030400 0
028 B040400 24
028 C010400 135
028 C020400 0
028 C030400 0
028 C040400 70
028 D010400 47
028 D020400 0
028 D030400 0
028 D040400 5
028 E010400 562
028 E020400 0
028 E030400 0
028 E040400 118
028 F010400 348
028 F020400 0
028 F030400 0
028 F040400 105
028 G010400 1407
028 G020400 0
028 G030400 0
028 G040400 333
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 100
043 000400 6
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 50000
<PAGE> PAGE 20
048 A020400 0.600
048 B010400 150000
048 B020400 0.500
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 200000
048 K020400 0.400
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 C000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
<PAGE> PAGE 21
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 2490
071 B000400 1132
071 C000400 6258
071 D000400 18
072 A000400 12
072 B000400 39
072 C000400 115
072 D000400 0
072 E000400 0
072 F000400 42
072 G000400 0
072 H000400 0
072 I000400 42
072 J000400 5
072 K000400 0
072 L000400 8
072 M000400 8
072 N000400 5
072 O000400 1
<PAGE> PAGE 22
072 P000400 0
072 Q000400 0
072 R000400 6
072 S000400 2
072 T000400 0
072 U000400 14
072 V000400 0
072 W000400 14
072 X000400 147
072 Y000400 79
072 Z000400 86
072AA000400 365
072BB000400 0
072CC010400 980
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 275
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 6182
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 19
074 K000400 0
074 L000400 0
074 M000400 411
074 N000400 6887
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 23
074 S000400 0
074 T000400 6864
074 U010400 66
074 U020400 0
074 V010400 17.85
074 V020400 0.00
074 W000400 0.0000
074 X000400 130
<PAGE> PAGE 23
074 Y000400 0
075 A000400 0
075 B000400 5635
076 000400 0.00
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 0
028 F020500 0
028 F030500 0
028 F040500 0
028 G010500 0
028 G020500 0
028 G030500 0
028 G040500 0
028 H000500 0
048 000500 0.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
<PAGE> PAGE 24
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
025 D000601 0
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 0
028 G020600 0
028 G030600 0
028 G040600 0
028 H000600 0
048 000600 0.000
<PAGE> PAGE 25
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
025 D000701 0
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 0
028 A020700 0
028 A030700 0
<PAGE> PAGE 26
028 A040700 0
028 B010700 0
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 0
028 C020700 0
028 C030700 0
028 C040700 0
028 D010700 0
028 D020700 0
028 D030700 0
028 D040700 0
028 E010700 0
028 E020700 0
028 E030700 0
028 E040700 0
028 F010700 0
028 F020700 0
028 F030700 0
028 F040700 0
028 G010700 0
028 G020700 0
028 G030700 0
028 G040700 0
028 H000700 0
048 000700 0.000
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
025 D000801 0
025 D000802 0
<PAGE> PAGE 27
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 1596
028 A020800 0
028 A030800 0
028 A040800 833
028 B010800 1150
028 B020800 0
028 B030800 0
028 B040800 941
028 C010800 1956
028 C020800 0
028 C030800 0
028 C040800 541
028 D010800 1253
028 D020800 0
028 D030800 0
028 D040800 5360
028 E010800 1095
028 E020800 0
028 E030800 0
028 E040800 895
028 F010800 1467
028 F020800 0
028 F030800 0
028 F040800 2215
028 G010800 8517
028 G020800 0
028 G030800 0
028 G040800 10785
028 H000800 0
025 D001401 0
025 D001402 0
025 D001403 0
025 D001404 0
025 D001405 0
025 D001406 0
025 D001407 0
025 D001408 0
048 001400 0.000
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
<PAGE> PAGE 28
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
SIGNATURE JOHN F. MEUSER
TITLE VICE PRESIDENT AND TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CORE EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 5310892
<INVESTMENTS-AT-VALUE> 8118092
<RECEIVABLES> 32990
<ASSETS-OTHER> 828960
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8980042
<PAYABLE-FOR-SECURITIES> 71536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43490
<TOTAL-LIABILITIES> 115026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5675248
<SHARES-COMMON-STOCK> 440844
<SHARES-COMMON-PRIOR> 338972
<ACCUMULATED-NII-CURRENT> 44834
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 337734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2807200
<NET-ASSETS> 8865016
<DIVIDEND-INCOME> 114807
<INTEREST-INCOME> 38808
<OTHER-INCOME> 0
<EXPENSES-NET> 67762
<NET-INVESTMENT-INCOME> 85853
<REALIZED-GAINS-CURRENT> 364855
<APPREC-INCREASE-CURRENT> 980258
<NET-CHANGE-FROM-OPS> 1430966
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 86059
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 138929
<NUMBER-OF-SHARES-REDEEMED> 42161
<SHARES-REINVESTED> 5104
<NET-CHANGE-IN-ASSETS> 3207578
<ACCUMULATED-NII-PRIOR> 45040
<ACCUMULATED-GAINS-PRIOR> 1799821
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41833
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 142829
<AVERAGE-NET-ASSETS> 6973618
<PER-SHARE-NAV-BEGIN> 16.69
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 3.45
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.11
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> EMERGING GROWTH EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 4699341
<INVESTMENTS-AT-VALUE> 6513704
<RECEIVABLES> 172870
<ASSETS-OTHER> 13956
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6700530
<PAYABLE-FOR-SECURITIES> 59900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31736
<TOTAL-LIABILITIES> 91636
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4187065
<SHARES-COMMON-STOCK> 263504
<SHARES-COMMON-PRIOR> 154859
<ACCUMULATED-NII-CURRENT> (61578)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 669044
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1814363
<NET-ASSETS> 6608894
<DIVIDEND-INCOME> 3307
<INTEREST-INCOME> 19772
<OTHER-INCOME> 0
<EXPENSES-NET> 84657
<NET-INVESTMENT-INCOME> (61578)
<REALIZED-GAINS-CURRENT> 697630
<APPREC-INCREASE-CURRENT> 926887
<NET-CHANGE-FROM-OPS> 1562939
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 252458
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 125953
<NUMBER-OF-SHARES-REDEEMED> 31299
<SHARES-REINVESTED> 13991
<NET-CHANGE-IN-ASSETS> 3658428
<ACCUMULATED-NII-PRIOR> (24013)
<ACCUMULATED-GAINS-PRIOR> 1135361
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 39330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 149070
<AVERAGE-NET-ASSETS> 4321557
<PER-SHARE-NAV-BEGIN> 19.05
<PER-SHARE-NII> (0.17)
<PER-SHARE-GAIN-APPREC> 7.62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.42
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.08
<EXPENSE-RATIO> 1.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> INTERMEDIATE-TERM FIXED-INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 5966507
<INVESTMENTS-AT-VALUE> 5861575
<RECEIVABLES> 48186
<ASSETS-OTHER> 9404
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5919165
<PAYABLE-FOR-SECURITIES> 10347
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24228
<TOTAL-LIABILITIES> 34575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5961225
<SHARES-COMMON-STOCK> 561002
<SHARES-COMMON-PRIOR> 475143
<ACCUMULATED-NII-CURRENT> 26214
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2083
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (104932)
<NET-ASSETS> 5884590
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 403284
<OTHER-INCOME> 0
<EXPENSES-NET> 53978
<NET-INVESTMENT-INCOME> 349306
<REALIZED-GAINS-CURRENT> 2356
<APPREC-INCREASE-CURRENT> (143605)
<NET-CHANGE-FROM-OPS> 208057
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 375199
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 131098
<NUMBER-OF-SHARES-REDEEMED> 82620
<SHARES-REINVESTED> 37381
<NET-CHANGE-IN-ASSETS> 748855
<ACCUMULATED-NII-PRIOR> 52107
<ACCUMULATED-GAINS-PRIOR> 38400
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22308
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 110339
<AVERAGE-NET-ASSETS> 5576083
<PER-SHARE-NAV-BEGIN> 10.81
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> (0.26)
<PER-SHARE-DIVIDEND> 0.72
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.49
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1472345
<INVESTMENTS-AT-VALUE> 1472345
<RECEIVABLES> 16921
<ASSETS-OTHER> 8220
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1497486
<PAYABLE-FOR-SECURITIES> 9777
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24448
<TOTAL-LIABILITIES> 34225
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1434573
<SHARES-COMMON-STOCK> 1463276
<SHARES-COMMON-PRIOR> 1207382
<ACCUMULATED-NII-CURRENT> 28688
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1463261
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 72152
<OTHER-INCOME> 0
<EXPENSES-NET> 6491
<NET-INVESTMENT-INCOME> 65661
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 65661
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 65661
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 560439
<NUMBER-OF-SHARES-REDEEMED> 369464
<SHARES-REINVESTED> 64916
<NET-CHANGE-IN-ASSETS> 255891
<ACCUMULATED-NII-PRIOR> 24931
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53646
<AVERAGE-NET-ASSETS> 1297256
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Directors and Shareholders
Retirement System Fund Inc.
In planning and performing our audit of the financial statements of Retirement
System Fund Inc., a series investment company consisting of the Core Equity
Fund, Emerging Growth Equity Fund, Intermediate-Term Fixed-Income Fund and Money
Market Fund for the year ended September 30, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Retirement System Fund Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ McGladrey and Pullen
New York, New York
November 15, 1996
