RETIREMENT SYSTEM FUND INC
NSAR-A, 1997-05-23
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0000869964
000 D000000 N
000 E000000 F
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
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007 C012000 20
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<PAGE>      PAGE  2
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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 ROCHDALE
020 C000001      3
020 A000002 MERRILL LYNCH
020 C000002      2
020 A000003 SMITH BARNEY
020 C000003      1
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020 C000006      0
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021  000000        6
022 A000001 HERZOG HEINE & GEDULD
022 C000001      4200
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022 A000002 MERRILL LYNCH
022 B000002 94-1671384
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022 D000002       235
022 A000003 RAYMOND JAMES
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022 D000003       627
022 A000004 SMITH BARNEY
022 C000004       277
022 D000004       311
022 A000005 ALEX BROWN & SONS
022 C000005       279
022 D000005       262
022 A000006 ROBERTSON STEPHENS
022 C000006       265
022 D000006        89
022 A000007 FIRST INSTITUTIONAL SECURITIES
022 B000007 13-3180817
022 C000007       353
022 D000007         0
022 A000008 MONTGOMERY SECURITIES
022 C000008       252
022 D000008       101
022 A000009 HAMBRECHT & QUITS
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022 A000010 OTHER
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022 D000010      2906
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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008 A000101 RETIREMENT SYSTEM INVESTORS INC.
008 B000101 A
008 C000101 801-36893
008 D010101 NEW YORK
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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
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008 A000201 THE PUTNAM ADVISORY CO., INC.
<PAGE>      PAGE  10
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
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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008 A000301 RETIREMENT SYSTEM INVESTORS INC.
008 B000301 A
008 C000301 801-36893
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008 D030301 10017
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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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 A000401 JP MORGAN & CO
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042 C000400   0
042 D000400   0
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400 100
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044  000400      0
045  000400 Y
046  000400 N
047  000400 Y
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<PAGE>      PAGE  20
048 D010400        0
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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
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
<PAGE>      PAGE  21
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      2325
071 B000400       700
071 C000400      9489
071 D000400    7
072 A000400  6
072 B000400       25
072 C000400       75
072 D000400        0
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072 F000400       32
072 G000400        0
072 H000400        0
072 I000400       32
072 J000400        3
072 K000400        3
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<PAGE>      PAGE  22
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072 W000400       12
072 X000400      104
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073 A010400   0.0000
073 A020400   0.0000
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073 C000400   0.0000
074 A000400      427
074 B000400        0
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074 V010400    20.02
074 V020400     0.00
074 W000400   0.0000
074 X000400        0
074 Y000400        0
075 A000400        0
075 B000400     9489
076  000400     0.00
025 D000501       0
<PAGE>      PAGE  23
025 D000502       0
025 D000503       0
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025 D000505       0
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025 D000508       0
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<PAGE>      PAGE  24
048 H010500        0
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025 D000601       0
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<PAGE>      PAGE  25
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062 A000600 N
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<PAGE>      PAGE  26
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048  000700  0.000
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<PAGE>      PAGE  27
025 D000808       0
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048  001400  0.000
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<PAGE>      PAGE  28
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072 Y003400        0
072 Z003400        0
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073 A013400   0.0000
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SIGNATURE   STEPHEN P. POLLAK                            
TITLE       SR VP, COUNSEL & SEC

<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 SEMI-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>
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<FISCAL-YEAR-END>               SEP-30-1997
<PERIOD-START>                  OCT-01-1996
<PERIOD-END>                    MAR-31-1997
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</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 SEMI-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>                   6-MOS
<FISCAL-YEAR-END>               SEP-30-1997
<PERIOD-START>                  OCT-01-1996
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<SENIOR-EQUITY>                 0
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</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 SEMI-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>                   6-MOS
<FISCAL-YEAR-END>               SEP-30-1997
<PERIOD-START>                  OCT-01-1996
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<GROSS-EXPENSE>                 65897
<AVERAGE-NET-ASSETS>            6405658
<PER-SHARE-NAV-BEGIN>           10.49
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<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 SEMI-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>                   6-MOS
<FISCAL-YEAR-END>               SEP-30-1997
<PERIOD-START>                  OCT-01-1996
<PERIOD-END>                    MAR-31-1997
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<ASSETS-OTHER>                  10513
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<OTHER-ITEMS-LIABILITIES>       46547
<TOTAL-LIABILITIES>             46547
<SENIOR-EQUITY>                 0
<PAID-IN-CAPITAL-COMMON>        1839596
<SHARES-COMMON-STOCK>           1868300
<SHARES-COMMON-PRIOR>           1463276
<ACCUMULATED-NII-CURRENT>       28689
<OVERDISTRIBUTION-NII>          0
<ACCUMULATED-NET-GAINS>         0
<OVERDISTRIBUTION-GAINS>        0
<ACCUM-APPREC-OR-DEPREC>        0
<NET-ASSETS>                    1868285
<DIVIDEND-INCOME>               0
<INTEREST-INCOME>               44756
<OTHER-INCOME>                  0
<EXPENSES-NET>                  4165
<NET-INVESTMENT-INCOME>         40591
<REALIZED-GAINS-CURRENT>        0
<APPREC-INCREASE-CURRENT>       0
<NET-CHANGE-FROM-OPS>           40591
<EQUALIZATION>                  0
<DISTRIBUTIONS-OF-INCOME>       48247
<DISTRIBUTIONS-OF-GAINS>        0
<DISTRIBUTIONS-OTHER>           0
<NUMBER-OF-SHARES-SOLD>         632275
<NUMBER-OF-SHARES-REDEEMED>     265798
<SHARES-REINVESTED>             46203
<NET-CHANGE-IN-ASSETS>          405024
<ACCUMULATED-NII-PRIOR>         28688
<ACCUMULATED-GAINS-PRIOR>       0
<OVERDISTRIB-NII-PRIOR>         0
<OVERDIST-NET-GAINS-PRIOR>      0
<GROSS-ADVISORY-FEES>           2083
<INTEREST-EXPENSE>              0
<GROSS-EXPENSE>                 35018
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