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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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<PAGE> PAGE 5
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SIGNATURE THOMAS M REYNOLDS
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0000856343
[NAME] INEFFICIENT MARKET FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 53,082,752
[INVESTMENTS-AT-VALUE] 57,810,721
[RECEIVABLES] 159,256
[ASSETS-OTHER] 330
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 57,970,407
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 114,771
[TOTAL-LIABILITIES] 114,771
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 47,910,325
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 116,336
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 5,283,621
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 4,545,354
[NET-ASSETS] 57,855,636
[DIVIDEND-INCOME] 327,552
[INTEREST-INCOME] 149,270
[OTHER-INCOME] 476,822
[EXPENSES-NET] 338,563
[NET-INVESTMENT-INCOME] 138,259
[REALIZED-GAINS-CURRENT] 4,456,523
[APPREC-INCREASE-CURRENT] 937,504
[NET-CHANGE-FROM-OPS] 5,532,286
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 5,309,807
[ACCUMULATED-NII-PRIOR] 7,179
[ACCUMULATED-GAINS-PRIOR] 797,897
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 207,826
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 207,826
[AVERAGE-NET-ASSETS] 56,302,169
[PER-SHARE-NAV-BEGIN] 12.15
[PER-SHARE-NII] 00.03
[PER-SHARE-GAIN-APPREC] 01.26
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 10.6
[PER-SHARE-NAV-END] 13.44
[EXPENSE-RATIO] 01.21
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
