<PAGE> PAGE 1
000 A000000 04/30/99
000 C000000 0000092751
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
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
055 A000000 Y
055 B000000 Y
056 000000 Y
057 000000 Y
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059 000000 Y
060 A000000 Y
060 B000000 Y
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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
071 A000000 302346
071 B000000 166638
<PAGE> PAGE 2
071 C000000 293571
071 D000000 57
072 A000000 6
074 N000000 426713
074 T000000 414640
075 A000000 0
075 B000000 303263
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 Y
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
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
SPECTRA FUND
EXHIBIT 77 D
FORM N-SAR
APRIL 30, 1999
Effective December 8, 1998, Spectra Fund changed its status from a non-
diversified to a diversified investment company.
