SPECTRA FUND INC
NSAR-B, 1997-12-22
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000 B000000 10/31/97
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020 A000001 FRED ALGER & COMPANY, INCORPORATED
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020 A000002 INSTINET CORP
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022 A000001 MERRILL LYNCH PIERCE FENNER SMITH INC
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022 A000002 MORGAN STANLEY & CO
022 B000002 13-2655998
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022 A000003 LEHMAN BROTHERS, INC.
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022 A000004 GOLDMAN SACHS & CO
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022 A000009 NEEDHAM & CO.
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SIGNATURE   GREGORY S. DUCH                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

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<NAME> SPECTRA FUND
<MULTIPLIER> 1
       
<S>                             <C>
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