We have enhanced the online services available to our shareholders through our website, www.sequoiafund.com. Now, shareholders may check their account information online as well as purchase and redeem Fund shares online. In addition, the following types of accounts may be opened through the website: individual, joint, Transfer on Death, and UGMA/UTMA accounts and Traditional and Roth IRAs.

Registering for Online Privileges
You may establish online privileges by completing a users’ agreement, which is available on the Fund’s website. For security reasons, you must establish a password and personal identification number for log-in purposes. Please visit www.sequoiafund.com and click on the “Account Access” links for a step-by-step guide to registering for online privileges.

Reviewing Account Information Online
Once you have online privileges, you may access your account and check your account balances online. You may also review historical transaction information online.

Conducting Transactions Online
Once you have online privileges, you may purchase and redeem Fund shares online. Please note that online transactions are subject to the same minimums as other transaction methods.

• Purchases. To purchase shares online, you must have Automated Clearing House (“ACH”) instructions on record for your Fund account. Purchases of Fund shares online will be completed via ACH, and the amount of the purchase will be deducted from your bank account. Your Fund account will be credited with Fund shares on the trade date, but the dollar amount will not be reflected until the transaction clears the banking system.
• Redemptions. You may redeem up to $25,000 per Fund account per business day, unless your address has changed within the 60 days prior to the request. Redemption proceeds may be sent by check or, if your Fund account has bank information, by wire or ACH. Redemptions will be paid by check or by wire or ACH transfer only to the address or bank account of record.

Additional Information About Online Services and the Fund
Please review the Fund’s prospectus for more information about the online services as well as the limitations and risks relating to such services. Also, please review the investment objectives, risks, 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 accessing the Fund’s website at www.sequoiafund.com or by calling 1-800-686-6884. Please read the prospectus carefully before investing.