The interpretation of in vivo spectral reflectance measurements of the ocular fundus requires an accurate model of radiation transport within the eye. As well as considering the scattering and absorption processes, it is also necessary to account for appropriate histological variation. This variation results in experimentally measured spectra which vary, both with position in the eye, and between individuals. In this paper the results of a Monte Carlo simulation are presented. Three histological variables are considered: the RPE melanin concentration, the choriodal haemoglobin concentration and the choroidal melanin concentration. By considering these three variables, it is possible to generate model spectra which agree well with in vivo experimental measurements of the nasal fundus. The model has implications for the problem of extracting histological parameters from spectral reflectance measurements. These implications are discussed and a novel approach to interpretation of images of the ocular fundus suggested.