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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Inefficient Market Fund
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
456613108
------------------------------------------------------
(CUSIP Number)
Walter R. Stevenson
Stevenson Capital Management
2420 Sand Hill Road, Suite 101
Menlo Park, CA 94025
(415) 854-6210
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 30, 1996
------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box /X/
Check the following box if a fee is being paid with the statement / /. (A fee is
not required only if the reporting 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.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
(continued on following pages)
(Page 1 of 8 Pages)
*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
disclosures provided in a prior cover page.
The information required on 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>
<TABLE>
SCHEDULE 13D
<CAPTION>
- ----------------------------------------------------------- -------------------------------
<S> <C> <C>
CUSIP NO. 456613108 Page 2 of 8 Pages
- ----------------------------------------------------------- -------------------------------
- ---------- -----------------------------------------------------------------------------------------------
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 SOURCE OF FUNDS*
00, PF
- ---------- -----------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
Not applicable.
- ---------- -----------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ---------- -----------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,022,500
NUMBER OF --------- ---------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY None.
OWNED BY EACH --------- ---------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 1,022,500
WITH --------- ---------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None.
- ---------- -----------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,022,500
- ---------- -----------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
Not applicable.
- ---------- -----------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.8 percent
- ---------- -----------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- ---------- -----------------------------------------------------------------------------------------------
<FN>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
</FN>
</TABLE>
<PAGE>
SCHEDULE 13D
- -------------------------- --------------------------
CUSIP No. 456613108 Page 3 of 8 Pages
- -------------------------- --------------------------
Item 1. Security and Issuer.
This filing relates to the Common Stock of Inefficient Market Fund
(the "Issuer"). The address of the Issuer's principal executive office is 388
Greenwich Street, 22nd Floor, New York, New York 10013.
Item 2. Identity and Background.
This statement is being filed by Stevenson Capital Management, the
sole proprietorship of Walter R. Stevenson. Walter R. Stevenson is a resident of
California and a citizen of the United States. The principal business of
Stevenson Capital Management is the provision of investment advisory services.
The address of its principal business and the address of its principal office is
2420 Sand Hill Road, Suite 101, Menlo Park, California 94025. Stevenson Capital
Management has not, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors). Stevenson
Capital Management has not, during the last five years, been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and
has not as a result of any such proceeding been subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
Item 3. Source and Amount of Funds and Other Consideration.
All funds used to purchase the Common Stock of the Issuer have been
client funds managed by Stevenson Capital Management and personal funds of
Walter R. Stevenson.
Item 4. Purpose of the Transaction.
Stevenson Capital Management believes it is a member of a group
with Bowling Portfolio Management and David E. Ware & Associates, Incorporated.
Each member of the group is registered as an investment adviser pursuant to
Section 203 of the Investment Advisors 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, including but
not limited to dividend policies and the conversion to an open-ended structure;
the solicitation and addition
<PAGE>
SCHEDULE 13D
- -------------------------- --------------------------
CUSIP No. 456613108 Page 4 of 8 Pages
- -------------------------- --------------------------
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
and, therefore, may not make a filing pursuant to Rule 13d-1(b)(3).
<TABLE>
Item 5. Interest in Securities of the Issuer.
<CAPTION>
=============================================
Power to Vote Power to Dispose
===========================================================================
No. of Shares
Beneficially Percentage
Owned of Class Sole Shared Sole Shared
==================-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Stevenson
Capital
Management 1,022,500 23.8 1,022,500 1,022,500
- -----------------------------------------------------------------------------------------------
Bowling
Portfolio
Management 390,200 9.1 390,200 390,200
- -----------------------------------------------------------------------------------------------
David E. Ware &
Associates,
Incorporated 257,300 6.0 257,300 257,300
===============================================================================================
</TABLE>
(c) The trading dates, number of shares purchased or sold and price
per share for all transactions by Stevenson Capital Management during the past
60 days are set forth on Schedule A hereto. All such transactions were open
market transactions and were effected on the American Stock Exchange. No other
transactions were effected by Stevenson Capital Management during such period.
Transaction information from other members of the group was not available to
Stevenson Capital Management.
(d) Stevenson Capital Management has purchased the Common Stock of
the Issuer on behalf of its investment advisory clients, and those clients have
the right to receive or the power to direct the receipt of dividends from or the
proceeds of the sale of such Common Stock.
<PAGE>
SCHEDULE 13D
- -------------------------- --------------------------
CUSIP No. 456613108 Page 5 of 8 Pages
- -------------------------- --------------------------
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Except for periodic communications among the members of the group
identified in Item 4 solely for the purposes described in Item 4, there are no
contracts, arrangements, understandings or relationships (legal or otherwise)
among the persons named in Item 2 hereof or between such persons and any other
person with respect to any securities of the Issuer, including but not limited
to transfer or voting of any other securities, finder's fees, joint ventures,
loan or option arrangements, puts or calls, guarantees of profits, divisions of
profits or loss, or the giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits.
Not applicable.
SIGNATURES
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.
Dated: October 4, 1996
STEVENSON CAPITAL MANAGEMENT
By: /s/ Walter R. Stevenson
-------------------------------------------
Walter R. Stevenson, Proprietor
<PAGE>
<TABLE>
Schedule A
Transactions Within the Last 60 Days
<CAPTION>
================================================================================================================
Party No. of Shares Bought Type of Transaction
(same for all transactions) Date (Sold) Price Per Share (same for all transactions)
================================================================================================================
<S> <C> <C> <C> <C>
Stevenson Capital 08/01/96 500 10.25 Broker/AMEX
Management
- ----------------------------------------------------------------------------------------------------------------
08/02/96 3,800 10.50
- ----------------------------------------------------------------------------------------------------------------
08/02/96 2,600 10.50
- ----------------------------------------------------------------------------------------------------------------
08/02/96 1,000 10.50
- ----------------------------------------------------------------------------------------------------------------
08/02/96 1,000 10.50
- ----------------------------------------------------------------------------------------------------------------
08/05/96 100 10.50
- ----------------------------------------------------------------------------------------------------------------
08/08/96 2,000 10.50
- ----------------------------------------------------------------------------------------------------------------
08/08/96 2,500 10.50
- ----------------------------------------------------------------------------------------------------------------
08/08/96 2,000 10.63
- ----------------------------------------------------------------------------------------------------------------
08/08/96 2,500 10.63
- ----------------------------------------------------------------------------------------------------------------
08/09/96 3,000 10.63
- ----------------------------------------------------------------------------------------------------------------
08/12/96 2,500 10.63
- ----------------------------------------------------------------------------------------------------------------
08/16/96 100 10.62
- ----------------------------------------------------------------------------------------------------------------
08/21/96 6,500 10.63
- ----------------------------------------------------------------------------------------------------------------
08/21/96 2,000 10.75
- ----------------------------------------------------------------------------------------------------------------
08/21/96 10,000 10.75
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
================================================================================================================
Party No. of Shares Bought Type of Transaction
(same for all transactions) Date (Sold) Price Per Share (same for all transactions)
================================================================================================================
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
08/22/96 300 10.63
- ----------------------------------------------------------------------------------------------------------------
08/26/96 600 10.63
- ----------------------------------------------------------------------------------------------------------------
08/27/96 1,400 10.63
- ----------------------------------------------------------------------------------------------------------------
08/27/96 1,800 10.75
- ----------------------------------------------------------------------------------------------------------------
08/29/96 3,800 10.62
- ----------------------------------------------------------------------------------------------------------------
08/30/96 1,200 10.62
- ----------------------------------------------------------------------------------------------------------------
09/06/96 600 10.62
- ----------------------------------------------------------------------------------------------------------------
09/10/96 9,400 10.87
- ----------------------------------------------------------------------------------------------------------------
09/10/96 3,000 10.87
- ----------------------------------------------------------------------------------------------------------------
09/10/96 2,000 10.87
- ----------------------------------------------------------------------------------------------------------------
09/10/96 1,900 10.75
- ----------------------------------------------------------------------------------------------------------------
09/11/96 1,800 10.75
- ----------------------------------------------------------------------------------------------------------------
09/11/96 2,100 10.75
- ----------------------------------------------------------------------------------------------------------------
09/11/96 4,800 10.75
- ----------------------------------------------------------------------------------------------------------------
09/11/96 1,500 10.75
- ----------------------------------------------------------------------------------------------------------------
09/11/96 4,000 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 1,500 10.87
- ----------------------------------------------------------------------------------------------------------------
09/12/96 5,000 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 1,200 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 2,500 10.75
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
================================================================================================================
Party No. of Shares Bought Type of Transaction
(same for all transactions) Date (Sold) Price Per Share (same for all transactions)
================================================================================================================
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
09/12/96 1,500 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 1,800 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 2,000 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 2,200 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 11,000 10.75
- ----------------------------------------------------------------------------------------------------------------
09/12/96 6,000 10.75
- ----------------------------------------------------------------------------------------------------------------
09/18/96 2,000 11.25
- ----------------------------------------------------------------------------------------------------------------
09/18/96 4,800 11.25
- ----------------------------------------------------------------------------------------------------------------
09/19/96 6,000 10.75
- ----------------------------------------------------------------------------------------------------------------
09/20/96 3,500 11.25
- ----------------------------------------------------------------------------------------------------------------
09/20/96 12,000 11.25
- ----------------------------------------------------------------------------------------------------------------
09/20/96 4,500 11.25
- ----------------------------------------------------------------------------------------------------------------
09/26/96 400 11.13
- ----------------------------------------------------------------------------------------------------------------
09/26/96 400 11.13
- ----------------------------------------------------------------------------------------------------------------
09/27/96 2,500 11.13
================================================================================================================
</TABLE>
