SPECTRA FUND INC
NSAR-A, 1997-06-27
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000 C000000 0000092751
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000 I000000 3.0.a
000 J000000 U
001 A000000 SPECTRA FUND
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002 A000000 75 MAIDEN LANE
002 B000000 NEW YORK
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004  000000 N
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020 A000001 FRED ALGER & COMPANY, INCORPORATED
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020 A000002 INSTINET CORP
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022 A000002 LEHMAN BROS, INC
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022 A000003 MORGAN STANLEY & CO. INC.
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022 A000004 GOLDMAN SACHS & CO
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SIGNATURE   GREGORY S. DUCH                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

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<CIK> 0000092751
<NAME> SPECTRA FUND
<MULTIPLIER> 1000
       
<S>                             <C>
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<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         28686380
<INVESTMENTS-AT-VALUE>                        30650193
<RECEIVABLES>                                  1030921
<ASSETS-OTHER>                                   22776
<OTHER-ITEMS-ASSETS>                                 0
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<PAYABLE-FOR-SECURITIES>                       1322084
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       191867
<TOTAL-LIABILITIES>                            1513951
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      29485937
<SHARES-COMMON-STOCK>                          2111774
<SHARES-COMMON-PRIOR>                           843549
<ACCUMULATED-NII-CURRENT>                     (966384)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (293427)
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<NET-INVESTMENT-INCOME>                       (117660)
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<PER-SHARE-NII>                                  (.08)
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<EXPENSE-RATIO>                                   2.30
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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