<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000092751
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 SPECTRA FUND
001 B000000 811-1743
001 C000000 2128068800
002 A000000 75 MAIDEN LANE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10038
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
020 A000001 FRED ALGER & COMPANY, INCORPORATED
020 B000001 13-2665689
020 C000001 17
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 2
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 19
022 A000001 MERRILL LYNCH PIERCE FENNER SMITH INC
022 B000001 13-5674085
022 C000001 18363
022 D000001 6802
022 A000002 LEHMAN BROS, INC
022 B000002 13-2518406
022 C000002 1276
022 D000002 731
<PAGE> PAGE 2
022 A000003 WESSELS ARNOLD & HENDERSEN INC
022 B000003 41-1554568
022 C000003 743
022 D000003 833
022 A000004 GOLDMAN SACHS & CO
022 B000004 13-5108880
022 C000004 1167
022 D000004 372
022 A000005 MORGAN STANLEY & CO
022 B000005 13-2655998
022 C000005 726
022 D000005 411
022 A000006 PRUDENTIAL BACHE
022 B000006 22-2347336
022 C000006 687
022 D000006 362
022 A000007 ALEX BROWN & SONS INC
022 B000007 52-1319768
022 C000007 646
022 D000007 282
022 A000008 SMITH BARNEY HARRIS UPHAM
022 B000008 13-1912900
022 C000008 599
022 D000008 282
022 A000009 COWEN & COMPANY
022 B000009 13-5616116
022 C000009 326
022 D000009 250
022 A000010 DONALDSON LUFKIN & JENRETTE
022 B000010 13-2741729
022 C000010 93
022 D000010 477
023 C000000 27063
023 D000000 14128
028 A010000 54
028 A020000 0
028 A030000 0
028 A040000 8
028 B010000 9
028 B020000 0
028 B030000 0
028 B040000 47
028 C010000 1222
028 C020000 0
028 C030000 0
028 C040000 3
028 D010000 446
028 D020000 0
028 D030000 0
028 D040000 1603
028 E010000 3589
<PAGE> PAGE 3
028 E020000 0
028 E030000 0
028 E040000 129
028 F010000 797
028 F020000 0
028 F030000 0
028 F040000 22
028 G010000 6117
028 G020000 0
028 G030000 0
028 G040000 1812
028 H000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 17480
071 B000000 11998
071 C000000 6089
071 D000000 197
072 A000000 12
072 B000000 25
072 C000000 28
072 D000000 0
072 E000000 0
072 F000000 99
<PAGE> PAGE 4
072 G000000 0
072 H000000 0
072 I000000 23
072 J000000 7
072 K000000 0
072 L000000 20
072 M000000 1
072 N000000 19
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 20
072 S000000 12
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 6
072 X000000 207
072 Y000000 45
072 Z000000 -109
072AA000000 1290
072BB000000 1370
072CC010000 849
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 2133
073 A010000 0.0000
073 A020000 0.0000
073 B000000 8.3100
073 C000000 0.0000
074 A000000 66
074 B000000 0
074 C000000 382
074 D000000 0
074 E000000 60
074 F000000 11334
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 112
074 K000000 0
074 L000000 125
074 M000000 10
074 N000000 12089
074 O000000 558
074 P000000 14
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
<PAGE> PAGE 5
074 R040000 32
074 S000000 0
074 T000000 11485
074 U010000 843549
074 U020000 0
074 V010000 13.61
074 V020000 0.00
074 W000000 0.0000
074 X000000 971
074 Y000000 0
075 A000000 0
075 B000000 6428
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 VIGILANT INSURANCE COMPANIES
080 C000000 4125
081 A000000 Y
081 B000000 17
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
<PAGE> PAGE 6
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000092751
<NAME> SPECTRA FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 10836724
<INVESTMENTS-AT-VALUE> 11776633
<RECEIVABLES> 236194
<ASSETS-OTHER> 76573
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12089400
<PAYABLE-FOR-SECURITIES> 557532
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47217
<TOTAL-LIABILITIES> 604749
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11310999
<SHARES-COMMON-STOCK> 843549
<SHARES-COMMON-PRIOR> 522106
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 848724
<ACCUMULATED-NET-GAINS> 82467
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 939909
<NET-ASSETS> 11484651
<DIVIDEND-INCOME> 28123
<INTEREST-INCOME> 25045
<OTHER-INCOME> 0
<EXPENSES-NET> 161751
<NET-INVESTMENT-INCOME> (108583)
<REALIZED-GAINS-CURRENT> (79935)
<APPREC-INCREASE-CURRENT> 848827
<NET-CHANGE-FROM-OPS> 660309
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2133339)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 740865
<NUMBER-OF-SHARES-REDEEMED> 154035
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6110576
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2295741
<OVERDISTRIB-NII-PRIOR> 740141
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 99209
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 208245
<AVERAGE-NET-ASSETS> 6428128
<PER-SHARE-NAV-BEGIN> 20.93
<PER-SHARE-NII> (.23)
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (8.31)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.61
<EXPENSE-RATIO> 2.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
