An updated prospectus will be available
by May 1 of the current calendar year. More detailed information
about the Sequoia Fund is available in the statement of additional
information (SAI) at the bottom of this page.
The XBRL file is not the Fund's complete prospectus. XBRL
is an interactive data format and is provided in addition to the Fund's prospectus as
linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool
is available on the SEC website at www.sec.gov. You can download an XBRL zip file and
view it on the SEC website or use the data for analysis with any compatible comparison tool.
This Statement of Additional Information (“SAI”)
is not a prospectus and is only authorized for distribution
when preceded or accompanied by the Fund’s Prospectus
dated April 29, 2016 (the “Prospectus”). This SAI contains additional and more
detailed information than that set forth in the Prospectus
and should be read in conjunction with the Prospectus. The
Fund’s financial statements for the fiscal year ended
December 31, 2015, included in the Fund’s Annual Report
to Shareholders, are incorporated into this SAI by reference.