<PAGE> PAGE 1
000 B000000 10/31/2000
000 C000000 0000092751
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 6.1
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
020 A000001 FRED ALGER & COMPANY, INCORPORATED
020 B000001 13-2665689
020 C000001 1030
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 1
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 1031
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
022 C000001 5480677
022 D000001 0
022 A000002 MERRILL LYNCH PIERCE FENNER & SMITH INC.
022 B000002 13-5674085
022 C000002 951266
022 D000002 172780
022 A000003 BEAR STEARNS & CO.
022 B000003 13-3299429
022 C000003 124657
022 D000003 75145
022 A000004 DEUTSCHE BANK ALEX BROWN
022 B000004 13-2730828
<PAGE> PAGE 2
022 C000004 34841
022 D000004 88294
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-3216375
022 C000005 61998
022 D000005 51179
022 A000006 CREDIT SUISSE FIRST BOSTON
022 B000006 13-5659485
022 C000006 33153
022 D000006 75909
022 A000007 MORGAN STANLEY DEAN WITTER CO.
022 B000007 13-2655998
022 C000007 59082
022 D000007 39192
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 39209
022 D000008 46411
022 A000009 CIBC WORLD MARKETS
022 B000009 13-2527171
022 C000009 22272
022 D000009 40953
022 A000010 SALAMON SMITH BARNEY
022 B000010 11-2418191
022 C000010 57034
022 D000010 5602
023 C000000 7031783
023 D000000 778042
025 A000001 STATE STREET BANK AND TRUST CO..
025 B000001 04-1867445
025 C000001 E
025 D000001 2470
025 A000002 STATE STREET BANK AND TRUST CO.
025 B000002 04-1867445
025 C000002 D
025 D000002 21800
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 53318
028 A020000 0
028 A030000 0
028 A040000 40467
028 B010000 48749
028 B020000 0
028 B030000 0
028 B040000 32722
028 C010000 52688
<PAGE> PAGE 3
028 C020000 0
028 C030000 0
028 C040000 43588
028 D010000 57020
028 D020000 0
028 D030000 0
028 D040000 42504
028 E010000 43728
028 E020000 0
028 E030000 0
028 E040000 49707
028 F010000 44840
028 F020000 0
028 F030000 0
028 F040000 34438
028 G010000 300343
028 G020000 0
028 G030000 0
028 G040000 243426
028 H000000 0
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
071 A000000 578351
071 B000000 335665
071 C000000 853864
071 D000000 119
072 A000000 12
072 B000000 3714
072 C000000 1239
072 D000000 0
072 E000000 0
072 F000000 13987
072 G000000 0
072 H000000 0
072 I000000 2446
<PAGE> PAGE 4
072 J000000 79
072 K000000 0
072 L000000 196
072 M000000 36
072 N000000 164
072 O000000 0
072 P000000 4
072 Q000000 0
072 R000000 24
072 S000000 14
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 60
072 X000000 17010
072 Y000000 0
072 Z000000 -12057
072AA000000 252730
072BB000000 211901
072CC010000 0
072CC020000 78674
072DD010000 0
072DD020000 0
072EE000000 49922
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.9300
073 C000000 0.0000
074 A000000 277
074 B000000 21800
074 C000000 139337
074 D000000 0
074 E000000 18404
074 F000000 756940
074 G000000 0
074 H000000 0
074 I000000 40481
074 J000000 19522
074 K000000 0
074 L000000 10127
074 M000000 52
074 N000000 1006940
074 O000000 73094
074 P000000 41684
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1319
074 S000000 0
074 T000000 890843
<PAGE> PAGE 5
074 U010000 82437271
074 U020000 1384394
074 V010000 10.63
074 V020000 10.63
074 W000000 0.0000
074 X000000 27394
074 Y000000 0
075 A000000 0
075 B000000 929432
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 Y
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
080 A000000 VIGILANT INSURANCE CO
080 C000000 8000
081 A000000 Y
081 B000000 17
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
