<PAGE> PAGE 1
000 B000000 09/30/95
000 C000000 0000908711
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MINERVA FUND, INC.
001 B000000 811-7828
001 C000000 8003939988
002 A000000 230 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10169
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 EQUITY PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 FIXED INCOME PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 STANDARD & POORS CORPORATION
020 B000001 13-2671951
020 C000001 12
020 A000002 ALEX BROWN & SONS
020 B000002 52-2961507
020 C000002 3
020 A000003 CANTOR FITZGERALD
020 B000003 13-3680184
020 C000003 0
020 A000004 INSTINET CORPORATION
020 B000004 13-3443395
020 C000004 0
020 A000005 WEEDEN & CO. LP
020 B000005 13-3364318
020 C000005 0
<PAGE> PAGE 2
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 15
022 A000001 STANDARD & POOR'S CORPORATION
022 B000001 13-2671951
022 C000001 3872
022 D000001 4183
022 A000002 FEDERATED SECURIITES
022 B000002 25-1203925
022 C000002 3383
022 D000002 2877
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 2317
022 D000003 2114
022 A000004 ALEX BROWN & SONS
022 B000004 52-2961507
022 C000004 1376
022 D000004 992
022 A000005 FIDELITY DISTRIBUTORS CORP.
022 B000005 04-2270522
022 C000005 1280
022 D000005 532
022 A000006 MERRILL LYNCH & CO.
022 B000006 13-5674085
022 C000006 568
022 D000006 858
022 A000007 FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 498
022 D000007 711
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008 554
022 D000008 569
022 A000009 SALOMON BROTHERS
022 B000009 13-3082694
022 C000009 456
022 D000009 564
022 A000010 MENDHAM CAPITAL
022 B000010 22-3165996
022 C000010 0
022 D000010 992
023 C000000 15055
023 D000000 15327
027 000000 Y
077 A000000 Y
077 B000000 Y
<PAGE> PAGE 3
077 C000000 Y
077 D000000 N
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
078 000000 N
080 A00AA00 FIRST NATIONAL UNION FIRE INSURANCE CO
080 C00AA00 500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
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084 A00AA00 N
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<PAGE> PAGE 4
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055 A000100 N
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<PAGE> PAGE 5
068 B000100 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE JOHN J. PILEGGI
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 10,584,013
<INVESTMENTS-AT-VALUE> 12,404,952
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<TOTAL-LIABILITIES> 189,770
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,400,827
<SHARES-COMMON-STOCK> 1,040,939
<SHARES-COMMON-PRIOR> 1,021,930
<ACCUMULATED-NII-CURRENT> 19,577
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 482,713
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,820,939
<NET-ASSETS> 12,725,096
<DIVIDEND-INCOME> 264,831
<INTEREST-INCOME> 61,963
<OTHER-INCOME> 0
<EXPENSES-NET> 115,411
<NET-INVESTMENT-INCOME> 211,383
<REALIZED-GAINS-CURRENT> 490,664
<APPREC-INCREASE-CURRENT> 1,795,679
<NET-CHANGE-FROM-OPS> 2,497,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 202,662
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 18,234
<NET-CHANGE-IN-ASSETS> 2,497,726
<ACCUMULATED-NII-PRIOR> 18,856
<ACCUMULATED-GAINS-PRIOR> (6,774)
<OVERDISTRIB-NII-PRIOR> (18,362)
<OVERDIST-NET-GAINS-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> FIXED INCOME PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 2,673,258
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<SHARES-COMMON-PRIOR> 321,185
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
