<PAGE> PAGE 1
000 A000000 04/30/98
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
020 A000001 FRED ALGER & COMPANY, INCORPORATED
020 B000001 13-2665689
020 C000001 220
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 2
020 A000003 GOLDMAN SACHS
020 B000003 13-5108880
020 C000003 1
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 223
022 A000001 MERRILL LYNCH PIERCE FENNER SMITH INC
022 B000001 13-5674085
022 C000001 138625
022 D000001 69538
022 A000002 GOLDMAN SACHS & CO
022 B000002 13-5108880
022 C000002 7216
022 D000002 2812
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-3216325
022 C000003 7191
022 D000003 2122
<PAGE> PAGE 2
022 A000004 MORGAN STANLEY DEAN WITTER & CO
022 B000004 13-2655998
022 C000004 4643
022 D000004 3126
022 A000005 PRUDENTIAL BACHE SECURITIES
022 B000005 22-2347336
022 C000005 4428
022 D000005 320
022 A000006 J. P. MORGAN SECURITIES
022 B000006 13-3224016
022 C000006 3461
022 D000006 365
022 A000007 WESSELS ARNOLD
022 B000007 41-1554568
022 C000007 1064
022 D000007 2432
022 A000008 DONALDSON LUFKIN JENRETTE
022 B000008 13-2741729
022 C000008 2222
022 D000008 1247
022 A000009 BT ALEX BROWN
022 B000009 52-1319768
022 C000009 1608
022 D000009 1134
022 A000010 FURMAN SELZ & CO
022 B000010 13-3856626
022 C000010 1598
022 D000010 1016
023 C000000 177698
023 D000000 98037
024 000000 Y
025 A000001 MORGAN STANLEY DEAN WITTER & CO.
025 B000001 13-2655998
025 C000001 E
025 D000001 1171
025 A000002 MERRILL LYNCH & CO. INC.
025 B000002 13-5674085
025 C000002 D
025 D000002 4692
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 8088
028 A020000 0
028 A030000 0
028 A040000 1345
028 B010000 7140
028 B020000 584
<PAGE> PAGE 3
028 B030000 0
028 B040000 2101
028 C010000 22523
028 C020000 0
028 C030000 0
028 C040000 2268
028 D010000 8946
028 D020000 0
028 D030000 0
028 D040000 2366
028 E010000 10671
028 E020000 0
028 E030000 0
028 E040000 5073
028 F010000 8790
028 F020000 0
028 F030000 0
028 F040000 4587
028 G010000 66158
028 G020000 584
028 G030000 0
028 G040000 17740
028 H000000 0
055 A000000 Y
055 B000000 Y
056 000000 Y
057 000000 N
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
<PAGE> PAGE 4
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 Y
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 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 138615
071 B000000 88887
071 C000000 111495
071 D000000 80
072 A000000 6
072 B000000 170
072 C000000 320
072 D000000 0
072 E000000 0
072 F000000 876
<PAGE> PAGE 5
072 G000000 0
072 H000000 0
072 I000000 164
072 J000000 15
072 K000000 0
072 L000000 20
072 M000000 1
072 N000000 32
072 O000000 0
072 P000000 0
072 Q000000 14
072 R000000 17
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 1142
072 Y000000 0
072 Z000000 -652
072AA000000 10118
072BB000000 8432
072CC010000 17940
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 742
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.1400
073 C000000 0.0000
074 A000000 23
074 B000000 0
074 C000000 11510
074 D000000 0
074 E000000 1137
074 F000000 143919
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 943
074 K000000 0
074 L000000 611
074 M000000 21
074 N000000 158164
074 O000000 5385
074 P000000 186
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
<PAGE> PAGE 6
074 R040000 371
074 S000000 0
074 T000000 152222
074 U010000 7707
074 U020000 0
074 V010000 19.75
074 V020000 0.00
074 W000000 0.0000
074 X000000 6569
074 Y000000 0
075 A000000 0
075 B000000 117484
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000092751
<NAME> SPECTRA FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 132606502
<INVESTMENTS-AT-VALUE> 156565391
<RECEIVABLES> 1553557
<ASSETS-OTHER> 44602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158163550
<PAYABLE-FOR-SECURITIES> 5384567
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 557213
<TOTAL-LIABILITIES> 5941780
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127969374
<SHARES-COMMON-STOCK> 7706931
<SHARES-COMMON-PRIOR> 4939489
<ACCUMULATED-NII-CURRENT> 1907195
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2200702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23958889
<NET-ASSETS> 152221770
<DIVIDEND-INCOME> 319462
<INTEREST-INCOME> 170119
<OTHER-INCOME> 0
<EXPENSES-NET> 1141909
<NET-INVESTMENT-INCOME> (652328)
<REALIZED-GAINS-CURRENT> 1686707
<APPREC-INCREASE-CURRENT> 17939758
<NET-CHANGE-FROM-OPS> 18974137
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 742430
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3702122
<NUMBER-OF-SHARES-REDEEMED> 970581
<SHARES-REINVESTED> 35901
<NET-CHANGE-IN-ASSETS> 67233590
<ACCUMULATED-NII-PRIOR> (1254867)
<ACCUMULATED-GAINS-PRIOR> 1256425
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 875723
<INTEREST-EXPENSE> 13975
<GROSS-EXPENSE> 1141909
<AVERAGE-NET-ASSETS> 117484
<PER-SHARE-NAV-BEGIN> 17.21
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 2.78
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.75
<EXPENSE-RATIO> 1.96
<AVG-DEBT-OUTSTANDING> 327017
<AVG-DEBT-PER-SHARE> .05
</TABLE>