SPECTRA FUND INC
NSAR-A, 1999-06-21
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<PAGE>      PAGE  1
000 A000000 04/30/99
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 1 WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
008 A000001 FRED ALGER MANAGEMENT, INC.
008 B000001 A
008 C000001 801-06709
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
020 A000001 FRED ALGER & COMPANY, INCORPORATED
020 B000001 13-2665689
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022 A000001 MERRILL LYNCH PIERCE FENNER SMITH INC
022 B000001 13-5674085
022 C000001    259482
022 D000001    136927
022 A000002 LEHMAN BROTHERS INC
022 B000002 13-3216325
022 C000002     15996
022 D000002     13276
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
<PAGE>      PAGE  2
022 C000003     15752
022 D000003     12405
022 A000004 PRUDENTIAL SECURITIES INC.
022 B000004 22-2347336
022 C000004     25412
022 D000004      2685
022 A000005 MORGAN STANLEY & CO.
022 B000005 13-2655998
022 C000005     15124
022 D000005      3311
022 A000006 OPPENHEIMER & CO. INC.
022 B000006 13-2527171
022 C000006     13660
022 D000006      2279
022 A000007 J P MORGAN SECURITIES INC.
022 B000007 13-3224016
022 C000007     12366
022 D000007       702
022 A000008 DONALDON LUFKIN JENRETTE SECURITIES
022 B000008 13-2741729
022 C000008     11540
022 D000008       492
022 A000009 FURMAN SELZ MAGER
022 B000009 13-3856626
022 C000009      4530
022 D000009      6882
022 A000010 ROBERTSON STEPHENS & CO.
022 B000010 13-3255289
022 C000010      4904
022 D000010      4230
023 C000000     408903
023 D000000     207612
025 A000001 MORGAN STANLEY DEAN WITTER & CO.
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<PAGE>      PAGE  4
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SIGNATURE   GREGORY S. DUCH
TITLE       TREASURER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
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<S>                             <C>
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<PERIOD-END>                               APR-30-1999
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<SHARES-COMMON-PRIOR>                          9671331
<ACCUMULATED-NII-CURRENT>                    (5115726)
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<PER-SHARE-NAV-BEGIN>                             6.65
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<EXPENSE-RATIO>                                   1.85
[AVG-DEBT-OUTSTANDING]                          499807
[AVG-DEBT-PER-SHARE]                               .01



</TABLE>


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