-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Pr+2dKI5vOc7dLBMzgTNVUJAuazpM27cyQd82H7n2pUbQprYy8Ozdy8p9psFT+qe
 Kl2f6qTmItyE/5cdFntFow==

<SEC-DOCUMENT>0000902664-10-002007.txt : 20100315
<SEC-HEADER>0000902664-10-002007.hdr.sgml : 20100315
<ACCEPTANCE-DATETIME>20100315155606
ACCESSION NUMBER:		0000902664-10-002007
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100315
DATE AS OF CHANGE:		20100315
EFFECTIVENESS DATE:		20100315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Prisma Spectrum Fund Ltd.
		CENTRAL INDEX KEY:			0001460067
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-129080
		FILM NUMBER:		10681431

	BUSINESS ADDRESS:	
		STREET 1:		C/O PRISMA CAPITAL PARTNERS LP
		STREET 2:		ONE PENN PLAZA, SUITE 3515
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		212-590-0900

	MAIL ADDRESS:	
		STREET 1:		C/O PRISMA CAPITAL PARTNERS LP
		STREET 2:		ONE PENN PLAZA, SUITE 3515
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRISMA SPECTRUM FUND LTD
		DATE OF NAME CHANGE:	20090326
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001460067</cik>
        <entityName>Prisma Spectrum Fund Ltd.</entityName>
        <issuerAddress>
            <street1>C/O PRISMA CAPITAL PARTNERS LP</street1>
            <street2>ONE PENN PLAZA, SUITE 3515</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10119</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-590-0900</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList></issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>PRISMA SPECTRUM FUND LTD</previousName>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Girish</firstName>
                <middleName>V.</middleName>
                <lastName>Reddy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Prisma Capital Partners LP</street1>
                <street2>One Penn Plaza, Suite 3515</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10119</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>P.</middleName>
                <lastName>Lennon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Prisma Capital Partners LP</street1>
                <street2>One Penn Plaza, Suite 3515</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10119</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lisa</firstName>
                <lastName>Alexander</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Walkers Corporate Services Limited</street1>
                <street2>87 Mary Street, George Town</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-9002</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-013075</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-05-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Atlantic Trust Company</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Invesco National Trust Company</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Two Peachtree Point</street1>
                    <street2>Suite 1100</street2>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <zipCode>30309</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Deutsche Bank Securities Inc.</recipientName>
                <recipientCRDNumber>2525</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>60 Wall Street</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10005</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>InterSecurities, Inc.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Transamerica Financial Advisors, Inc.</associatedBDName>
                <associatedBDCRDNumber>16164</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>570 Carillon Parkway</street1>
                    <city>St. Petersburg</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <zipCode>33768</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>126113645</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>25</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>189147</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The fund charges a management fee that is described in the fund's offering documents.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Prisma Spectrum Fund Ltd.</issuerName>
                <signatureName>/s/ Francis J. Conroy</signatureName>
                <nameOfSigner>Francis J. Conroy</nameOfSigner>
                <signatureTitle>Chief Operating Officer</signatureTitle>
                <signatureDate>2010-03-03</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----