  We report on the spectrum of the SU(3) gauge theory with twelve flavours in
the fundamental representation of the gauge group. We isolate distinctive
features of the hadronic phase - the one proper of QCD at zero temperature -
and the so called conformal phase. The latter should emerge at sufficiently
large Nf and before the loss of asymptotic freedom. In particular, we analyse
available lattice data for the spectrum of Nf=12 and include a comparison with
results with Nf=16; the latter theory, predicted by the perturbative
beta-function to develop an IRFP and therefore be in the conformal phase, can
serve as a paradigm for the study of theories in the conformal window. Our
analysis suggests that the theory with twelve flavours is in the conformal
window, possibly close to its lower boundary.
