<PAGE> PAGE 1
000 B000000 10/31/97
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
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 FRED ALGER & COMPANY, INCORPORATED
020 B000001 13-2665689
020 C000001 128
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 1
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 129
022 A000001 MERRILL LYNCH PIERCE FENNER SMITH INC
022 B000001 13-5674085
022 C000001 119017
022 D000001 24551
<PAGE> PAGE 2
022 A000002 MORGAN STANLEY & CO
022 B000002 13-2655998
022 C000002 4746
022 D000002 4547
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518406
022 C000003 6829
022 D000003 1567
022 A000004 GOLDMAN SACHS & CO
022 B000004 13-5108880
022 C000004 3115
022 D000004 1928
022 A000005 SALOMON BROTHERS INC.
022 B000005 13-3082694
022 C000005 1652
022 D000005 1045
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006 2222
022 D000006 400
022 A000007 PAINE WEBBER INC.
022 B000007 13-2638166
022 C000007 1800
022 D000007 746
022 A000008 DONALDSON LUFKIN JENRETTE
022 B000008 13-2741729
022 C000008 1915
022 D000008 527
022 A000009 NEEDHAM & CO.
022 B000009 13-3255839
022 C000009 802
022 D000009 1498
022 A000010 ALEX BROWN & SONS, INC.
022 B000010 52-1319768
022 C000010 1623
022 D000010 662
023 C000000 156150
023 D000000 43508
024 000000 Y
025 A000001 MORGAN STANLEY DEAN WITTER & CO.
025 B000001 13-2655998
025 C000001 E
025 D000001 728
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 4371
<PAGE> PAGE 3
028 A020000 0
028 A030000 0
028 A040000 609
028 B010000 4222
028 B020000 0
028 B030000 0
028 B040000 606
028 C010000 7753
028 C020000 0
028 C030000 0
028 C040000 333
028 D010000 12094
028 D020000 0
028 D030000 0
028 D040000 1432
028 E010000 10572
028 E020000 0
028 E030000 0
028 E040000 735
028 F010000 15706
028 F020000 0
028 F030000 0
028 F040000 1522
028 G010000 54718
028 G020000 0
028 G030000 0
028 G040000 5237
028 H000000 0
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1
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
<PAGE> PAGE 4
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
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
<PAGE> PAGE 5
071 A000000 105696
071 B000000 47631
071 C000000 35552
071 D000000 134
072 A000000 12
072 B000000 168
072 C000000 234
072 D000000 0
072 E000000 0
072 F000000 573
072 G000000 0
072 H000000 0
072 I000000 105
072 J000000 17
072 K000000 0
072 L000000 32
072 M000000 1
072 N000000 56
072 O000000 1
072 P000000 0
072 Q000000 0
072 R000000 16
072 S000000 6
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 808
072 Y000000 0
072 Z000000 -406
072AA000000 5444
072BB000000 4270
072CC010000 5079
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 195
074 B000000 0
074 C000000 11952
074 D000000 0
074 E000000 0
074 F000000 75700
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2968
<PAGE> PAGE 6
074 K000000 0
074 L000000 729
074 M000000 9
074 N000000 91553
074 O000000 6259
074 P000000 105
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 201
074 S000000 0
074 T000000 84988
074 U010000 4939
074 U020000 0
074 V010000 17.21
074 V020000 0.00
074 W000000 0.0000
074 X000000 4627
074 Y000000 0
075 A000000 0
075 B000000 38741
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 5200
081 A000000 Y
081 B000000 17
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
<PAGE> PAGE 7
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
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-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 81632712
<INVESTMENTS-AT-VALUE> 87651843
<RECEIVABLES> 3697248
<ASSETS-OTHER> 204324
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91553415
<PAYABLE-FOR-SECURITIES> 6259158
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 306077
<TOTAL-LIABILITIES> 6565235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78967491
<SHARES-COMMON-STOCK> 4939489
<SHARES-COMMON-PRIOR> 2111774
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1254867)
<ACCUMULATED-NET-GAINS> 1256425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6019131
<NET-ASSETS> 84988180
<DIVIDEND-INCOME> 233773
<INTEREST-INCOME> 168150
<OTHER-INCOME> 0
<EXPENSES-NET> 808066
<NET-INVESTMENT-INCOME> (406143)
<REALIZED-GAINS-CURRENT> 1173958
<APPREC-INCREASE-CURRENT> 5079222
<NET-CHANGE-FROM-OPS> 5847037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4597737
<NUMBER-OF-SHARES-REDEEMED> 501797
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 73503529
<ACCUMULATED-NII-PRIOR> (848724)
<ACCUMULATED-GAINS-PRIOR> 82467
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 573068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 808066
<AVERAGE-NET-ASSETS> 38741117
<PER-SHARE-NAV-BEGIN> 13.61
<PER-SHARE-NII> (.17)
<PER-SHARE-GAIN-APPREC> 3.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.21
<EXPENSE-RATIO> 2.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>