SPECTRA FUND INC
NSAR-B, 1998-12-29
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<PAGE>      PAGE  1
000 B000000 10/31/98
000 C000000 0000092751
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000 I000000 3.0.a
000 J000000 U
001 A000000 SPECTRA FUND
001 B000000 811-1743
001 C000000 2128068800
002 A000000 1 WORLD TRADE CENTER
002 B000000 NEW YORK
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004  000000 N
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020 A000001 FRED ALGER & COMPANY, INCORPORATED
020 B000001 13-2665689
020 C000001    563
020 A000002 INSTINET CORP
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020 A000003 GOLDMAN SACHS
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022 A000001 MERRILL LYNCH PIERCE FENNER SMITH INC
022 B000001 13-5674085
022 C000001    279407
022 D000001    127336
022 A000002 LEHMAN BROTHERS INC
022 B000002 13-3216325
022 C000002     28791
022 D000002     14085
022 A000003 PRUDENTIAL BACHE SECURITIES
022 B000003 22-2347336
022 C000003     17109
022 D000003      8828
<PAGE>      PAGE  2
022 A000004 MORGAN STANLEY DEAN WITTER & CO
022 B000004 13-2655998
022 C000004     15117
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022 A000005 FURMAN SELZ & CO
022 B000005 13-3856626
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022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006      9324
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022 A000007 CANTOR FITZGERALD & CO INC
022 B000007 13-3680187
022 C000007      5129
022 D000007      4918
022 A000008 DEUTSCHE BANK SECURITIES INC
022 B000008 13-2730828
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022 A000009 BT ALEX BROWN
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<PAGE>      PAGE  6
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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-31-1998
<PERIOD-END>                               OCT-31-1998
<INVESTMENTS-AT-COST>                        156008051
<INVESTMENTS-AT-VALUE>                       184409238
<RECEIVABLES>                                 12325997
<ASSETS-OTHER>                                   10255
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               196745490
<PAYABLE-FOR-SECURITIES>                       2539792
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      1167142
<TOTAL-LIABILITIES>                            3706934
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     167379082
<SHARES-COMMON-STOCK>                          9671331
<SHARES-COMMON-PRIOR>                          7706931
<ACCUMULATED-NII-CURRENT>                    (3055380)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         313667
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      28401187
<NET-ASSETS>                                 193038556
<DIVIDEND-INCOME>                               639691
<INTEREST-INCOME>                               394163
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 2834367
<NET-INVESTMENT-INCOME>                      (1800513)
<REALIZED-GAINS-CURRENT>                      (200328)
<APPREC-INCREASE-CURRENT>                     22382056
<NET-CHANGE-FROM-OPS>                         20381215
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                      (742430)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        9494099
<NUMBER-OF-SHARES-REDEEMED>                    4798158
<SHARES-REINVESTED>                              35901
<NET-CHANGE-IN-ASSETS>                       108050376
<ACCUMULATED-NII-PRIOR>                      (1254867)
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<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          2172536
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<GROSS-EXPENSE>                                2834367
<AVERAGE-NET-ASSETS>                         144835733
<PER-SHARE-NAV-BEGIN>                            17.21
<PER-SHARE-NII>                                  (.06)
<PER-SHARE-GAIN-APPREC>                           2.95
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.14)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              19.96
<EXPENSE-RATIO>                                   1.96
<AVG-DEBT-OUTSTANDING>                         1044096
<AVG-DEBT-PER-SHARE>                               .14
        

</TABLE>


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