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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)
Inefficient Market Fund
- - --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- - --------------------------------------------------------------------------------
(Title of Class of Securities)
456613108
- - --------------------------------------------------------------------------------
(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ] . (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 6 Pages
<PAGE>
- - ----------------------------- ------------------------------------
CUSIP NO. 456613108 13G Page 2 of 6 Pages
------------- ----- -----
- - ----------------------------- ------------------------------------
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stevenson Capital Management
S.S. No.: ###-##-####
- - --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
a) |X|
b) |_|
- - --------------------------------------------------------------------------------
3 SEC USE ONLY
- - --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- - --------------------------------------------------------------------------------
5 SOLE VOTING POWER
737,000
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------------------------------------------------------
6 SHARED VOTING POWER
410,000
------------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,147,000
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
NONE
- - --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,147,000
- - --------------------------------------------------------------------------------
10 CHECK BOX OF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- - --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
26.7 percent
- - --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- - --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 6 Pages
<PAGE>
Item 1.
(a) Name of Issuer:
Inefficient Market Fund
(b) Address of Issuer's Principal Executive Offices:
388 Greenwich Street, 22nd Floor
New York, New York 10013
Item 2.
(a) Name of Person Filing:
Stevenson Capital Management
(b) Address of Principal Business Office:
2420 Sand Hill Road, Suite 101
Menlo Park, California 94025
(c) Citizenship:
United States
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
456613108
Item 3. Statement Concerning Filings Pursuant to Rule 13d-1(b)
or 13d-2(b)
(e) Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(h) Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
This statement is filed by Stevenson Capital Management
as a member of a group. See Item 8.
Item 4. Ownership
(a) Amount Beneficially Owned:
1,147,000 shares by the group.
Page 3 of 6 Pages
<PAGE>
(b) Percent of Class:
26.7 percent.
(c) Number of Shares as to Which Such Person Has:
(i) sole power to vote or to direct the vote:
737,000
(ii) shared power to vote or to direct the vote:
410,000
(iii) sole power to dispose or to direct the
disposition of:
1,147,000
(iv) shared power to dispose or to direct the
disposition of:
None.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of
Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the
Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the
Group
See Item 3 and Exhibit A.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
Page 4 of 6 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
May 1, 1996
------------------------------
Date
STEVENSON CAPITAL MANAGEMENT
/s/ Walter R. Stevenson
-------------------------------
Signature
Walter R. Stevenson, Proprietor
-------------------------------
Name/Title
Page 5 of 6 Pages
<PAGE>
EXHIBIT A
Identity and Classification of Members of the Group:
Stevenson Capital Management, an investment adviser registered under Section 203
of the Investment Advisers Act of 1940.
Bowling Portfolio Management, an investment adviser registered under Section 203
of the Investment Advisers Act of 1940.
The group may take various actions in an effort to enhance the value of its
members' investments in the issuer. These actions may include: proxy
solicitations for shareholder approval of certain proposals; the solicitation
and addition of other members to the group; the formation of other groups;
meetings and other communications with management of the issuer; and any other
actions deemed useful by members of the group in enhancing shareholder value.
The group may include other members after the date of this filing.
Members of the group other than Stevenson Capital Management may not take the
position that a group has been formed for purposes of Rule 13d-1(b)(ii)(H) and,
therefore, may not make a filing pursuant to Rule 13d-1(b)(2).
Page 6 of 6 Pages
