<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000808303
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE SPECTRUM FUND, INC.
001 B000000 811-4998
001 C000000 4103452000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 SPECTRUM INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 SPECTRUM GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 SPECTRUM INTERNATIONAL FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 T. ROWE PRICE ASSOCIATES, INC.
008 B00AA01 A
008 C00AA01 801-856
008 D01AA01 BALTIMORE
008 D02AA01 MD
008 D03AA01 21202
011 A00AA01 T. ROWE PRICE INVESTMENT SERVICES, INC.
011 B00AA01 8-25130
011 C01AA01 BALTIMORE
011 C02AA01 MD
011 C03AA01 21202
012 A00AA01 T. ROWE PRICE SERVICES, INC.
012 B00AA01 84-1079
<PAGE> PAGE 2
012 C01AA01 BALTIMORE
012 C02AA01 MD
012 C03AA01 21202
013 A00AA01 PRICE WATERHOUSE
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21202
014 A00AA01 T. ROWE PRICE INVESTMENT SERVICES, INC.
014 B00AA01 8-25130
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 78
019 C00AA00 TROWEPRICE
022 A000001 T ROWE PRICE
022 C000001 454691
022 D000001 75821
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 454691
023 D000000 75821
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
<PAGE> PAGE 3
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
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 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
<PAGE> PAGE 4
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
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
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 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 C000000 Y
077 Q010000 N
078 000000 N
024 000100 N
028 A010100 81261
<PAGE> PAGE 5
028 A020100 6428
028 A030100 0
028 A040100 42660
028 B010100 61142
028 B020100 6299
028 B030100 0
028 B040100 32692
028 C010100 60197
028 C020100 7557
028 C030100 0
028 C040100 24443
028 D010100 57472
028 D020100 6680
028 D030100 0
028 D040100 37600
028 E010100 55209
028 E020100 7166
028 E030100 0
028 E040100 26346
028 F010100 63998
028 F020100 8208
028 F030100 0
028 F040100 25535
028 G010100 379279
028 G020100 42338
028 G030100 0
028 G040100 189276
028 H000100 0
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
<PAGE> PAGE 6
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 279554
071 B000100 44341
071 C000100 1475306
071 D000100 3
072 A000100 6
072 B000100 0
072 C000100 0
072 D000100 0
072 E000100 46346
072 F000100 0
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 0
072 Y000100 0
072 Z000100 46346
072AA000100 3847
072BB000100 0
072CC010100 23720
072CC020100 0
072DD010100 46346
072DD020100 0
072EE000100 0
073 A010100 0.3500
<PAGE> PAGE 7
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 1617174
074 J000100 0
074 K000100 0
074 L000100 4104
074 M000100 0
074 N000100 1621278
074 O000100 1349
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4052
074 S000100 0
074 T000100 1615877
074 U010100 141743
074 U020100 0
074 V010100 11.40
074 V020100 0.00
074 W000100 0.0000
074 X000100 55037
074 Y000100 0
075 A000100 0
075 B000100 1470651
076 000100 0.00
024 000200 N
028 A010200 86260
028 A020200 0
028 A030200 0
028 A040200 52288
028 B010200 62303
028 B020200 0
028 B030200 0
028 B040200 32015
028 C010200 53354
028 C020200 0
028 C030200 0
028 C040200 36871
028 D010200 53469
028 D020200 0
<PAGE> PAGE 8
028 D030200 0
028 D040200 53542
028 E010200 36195
028 E020200 0
028 E030200 0
028 E040200 35911
028 F010200 39013
028 F020200 0
028 F030200 0
028 F040200 32246
028 G010200 330594
028 G020200 0
028 G030200 0
028 G040200 242873
028 H000200 0
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
<PAGE> PAGE 9
071 A000200 129902
071 B000200 31311
071 C000200 2224094
071 D000200 1
072 A000200 6
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 7716
072 F000200 0
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 0
072 Y000200 0
072 Z000200 7716
072AA000200 6384
072BB000200 0
072CC010200 226774
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 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 2433768
074 J000200 0
<PAGE> PAGE 10
074 K000200 0
074 L000200 2637
074 M000200 0
074 N000200 2436405
074 O000200 3449
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 275
074 S000200 0
074 T000200 2432681
074 U010200 144709
074 U020200 0
074 V010200 16.81
074 V020200 0.00
074 W000200 0.0000
074 X000200 98876
074 Y000200 0
075 A000200 0
075 B000200 2227819
076 000200 0.00
024 000300 N
028 A010300 3030
028 A020300 0
028 A030300 0
028 A040300 188
028 B010300 16829
028 B020300 0
028 B030300 0
028 B040300 121
028 C010300 11050
028 C020300 0
028 C030300 0
028 C040300 1380
028 D010300 5657
028 D020300 0
028 D030300 0
028 D040300 659
028 E010300 6457
028 E020300 0
028 E030300 0
028 E040300 552
028 F010300 5736
028 F020300 0
028 F030300 0
028 F040300 915
028 G010300 48759
028 G020300 0
028 G030300 0
<PAGE> PAGE 11
028 G040300 3815
028 H000300 0
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 45235
071 B000300 169
071 C000300 25435
071 D000300 1
072 A000300 6
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 82
072 F000300 0
072 G000300 0
072 H000300 0
072 I000300 0
<PAGE> PAGE 12
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 0
072 Y000300 0
072 Z000300 82
072AA000300 1
072BB000300 0
072CC010300 4028
072CC020300 0
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 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 49195
074 J000300 0
074 K000300 0
074 L000300 274
074 M000300 0
074 N000300 49468
074 O000300 76
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 237
074 S000300 0
074 T000300 49155
<PAGE> PAGE 13
074 U010300 4420
074 U020300 0
074 V010300 11.12
074 V020300 0.00
074 W000300 0.0000
074 X000300 5721
074 Y000300 0
075 A000300 0
075 B000300 25170
076 000300 0.00
SIGNATURE HENRY H. HOPKINS
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000808303
<NAME> TRP SPECTRUM FUND, INC
<SERIES>
<NUMBER> 01
<NAME> SPECTRUM INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1546976
<INVESTMENTS-AT-VALUE> 1617174
<RECEIVABLES> 4104
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1621278
<PAYABLE-FOR-SECURITIES> 1349
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4052
<TOTAL-LIABILITIES> 5401
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1542098
<SHARES-COMMON-STOCK> 141743
<SHARES-COMMON-PRIOR> 121047
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 266
<ACCUMULATED-NET-GAINS> 3847
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70198
<NET-ASSETS> 1615877
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 46346
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 46346
<REALIZED-GAINS-CURRENT> 3847
<APPREC-INCREASE-CURRENT> 23720
<NET-CHANGE-FROM-OPS> 73913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 46346
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 379228
<NUMBER-OF-SHARES-REDEEMED> 189276
<SHARES-REINVESTED> 42388
<NET-CHANGE-IN-ASSETS> 259907
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 266
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1470651
<PER-SHARE-NAV-BEGIN> 11.20
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> .20
<PER-SHARE-DIVIDEND> .35
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.40
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000808303
<NAME> TRP SPECTRUM FUND, INC
<SERIES>
<NUMBER> 02
<NAME> SPECTRUM GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1817557
<INVESTMENTS-AT-VALUE> 2433768
<RECEIVABLES> 2637
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2436405
<PAYABLE-FOR-SECURITIES> 275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3449
<TOTAL-LIABILITIES> 3724
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1802370
<SHARES-COMMON-STOCK> 144709
<SHARES-COMMON-PRIOR> 139027
<ACCUMULATED-NII-CURRENT> 7716
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6384
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 616211
<NET-ASSETS> 2432681
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 7716
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 7716
<REALIZED-GAINS-CURRENT> 6384
<APPREC-INCREASE-CURRENT> 226774
<NET-CHANGE-FROM-OPS> 233158
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 330586
<NUMBER-OF-SHARES-REDEEMED> 242873
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 328587
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 2227819
<PER-SHARE-NAV-BEGIN> 15.13
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.81
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000808303
<NAME> TRP SPECTRUM FUND, INC
<SERIES>
<NUMBER> 03
<NAME> SPECTRUM INTERNATIONAL FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 45167
<INVESTMENTS-AT-VALUE> 49195
<RECEIVABLES> 273
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49468
<PAYABLE-FOR-SECURITIES> 237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 76
<TOTAL-LIABILITIES> 313
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45044
<SHARES-COMMON-STOCK> 4420
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 82
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4028
<NET-ASSETS> 49155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 82
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 82
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 4028
<NET-CHANGE-FROM-OPS> 4111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48859
<NUMBER-OF-SHARES-REDEEMED> 3815
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 49155
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 25170
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.12
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
