* Does not reflect Ruane, Cunniff & Goldfarb’s (“Ruane
Cunniff”) contractual reimbursement of a portion of the
Fund’s operating expenses. This reimbursement is a provision
of Ruane Cunniff’s investment advisory agreement with
the Fund and the reimbursement will be in effect only so long
as that investment advisory agreement is in effect. For the year
ended December 31, 2014, the Fundís annual operating expenses and
investment advisory fee, net of such reimbursement, were 1.00% and 0.97%, respectively.
The Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.
It assumes that you invest $10,000 in the Fund for the periods
indicated and then redeem all your shares at the end of those
periods. It also assumes that your investment has a 5% return
each year and that the Fund’s operating expenses stay
the same. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
SEQUOIA FUND, INC.
| 9 West 57th Street, Suite 5000 | New York, NY | 10019
Please consider the
investment objectives, risks and charges and expenses of the Fund carefully
before investing. The Fund's prospectus contains this and other information
about the Fund. You may obtain a copy of the prospectus by clicking
here or by calling 1-800-686-6884. Please read the prospectus carefully
Shares of the Fund are offered through the Fund’s distributor, Ruane,
Cunniff & Goldfarb LLC. Ruane, Cunniff & Goldfarb LLC is an affiliate
of Ruane, Cunniff & Goldfarb Inc. and is a member of FINRA. An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
The Fund may be offered only to persons in the United States and by way
of a prospectus. This website should not be considered a solicitation or
offering of any product or service to investors residing outside of the