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000 B000000 12/31/95
000 C000000 856343
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 A
001 A000000 INEFFICIENT MARKET FUND
001 B000000 811-5928
001 C000000 2128166628
002 A000000 388 GREENWICH ST.
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10013
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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076 000000 9.81
077 A000000 N
080 A000000 FIDELITY BOND/ICI MUTUAL INSURANCE
080 C000000 78275
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SIGNATURE THOMAS M REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000856343
[NAME] INEFFICIENT MARKET FUND INC
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 49,355,504
[INVESTMENTS-AT-VALUE] 52,958,757
[RECEIVABLES] 734,555
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 53,920,263
[PAYABLE-FOR-SECURITIES] 544,334
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 830,100
[TOTAL-LIABILITIES] 1,374,434
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 48,132,804
[SHARES-COMMON-STOCK] 4,324,950
[SHARES-COMMON-PRIOR] 4,324,950
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (21,923)
[ACCUMULATED-NET-GAINS] 827,098
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,607,850
[NET-ASSETS] 52,545,829
[DIVIDEND-INCOME] 646,804
[INTEREST-INCOME] 500,977
[OTHER-INCOME] 0
[EXPENSES-NET] 681,129
[NET-INVESTMENT-INCOME] 466,652
[REALIZED-GAINS-CURRENT] 9,756,550
[APPREC-INCREASE-CURRENT] 133,385
[NET-CHANGE-FROM-OPS] 10,356,587
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 460,174
[DISTRIBUTIONS-OF-GAINS] 8,377,613
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 59,050
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 904,502
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (28,401)
[OVERDIST-NET-GAINS-PRIOR] (551,839)
[GROSS-ADVISORY-FEES] 418,387
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 681,129
[AVERAGE-NET-ASSETS] 55,651
[PER-SHARE-NAV-BEGIN] 11.78
[PER-SHARE-NII] 0.11
[PER-SHARE-GAIN-APPREC] 2.31
[PER-SHARE-DIVIDEND] (0.11)
[PER-SHARE-DISTRIBUTIONS] (1.94)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.15
[EXPENSE-RATIO] 1.22
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
