0000919574-16-015083.txt : 20160822 0000919574-16-015083.hdr.sgml : 20160822 20160822161957 ACCESSION NUMBER: 0000919574-16-015083 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160822 DATE AS OF CHANGE: 20160822 EFFECTIVENESS DATE: 20160822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEQUOIA FUND INC CENTRAL INDEX KEY: 0000089043 IRS NUMBER: 132663968 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-35566 FILM NUMBER: 161845469 BUSINESS ADDRESS: STREET 1: 9 WEST 57TH STREET STREET 2: SUITE 5000 CITY: NEW YORK STATE: NY ZIP: 10019-2701 BUSINESS PHONE: 2128325280 MAIL ADDRESS: STREET 1: 9 WEST 57TH STREET STREET 2: SUITE 5000 CITY: NEW YORK STATE: NY ZIP: 10019-2701 FORMER COMPANY: FORMER CONFORMED NAME: CIMARRON FUND INC DATE OF NAME CHANGE: 19700625 0000089043 S000012155 SEQUOIA FUND INC C000033159 SEQUOIA FUND INC SEQUX 497 1 d7240544_497.htm
SEQUOIA FUND, INC.

Supplement dated August 22, 2016
to the Prospectus dated April 29, 2016
 


At a recent meeting, the Board of Directors of Sequoia Fund, Inc. (the "Fund") considered and approved offering the Fund's shares to all new investors, including those seeking to purchase shares of the Fund through financial intermediaries with which the Fund has agreements.  Effective August 23, 2016, the Fund will begin accepting orders for the purchase of Fund shares from all new investors.  At that time, Fund shares will be available for purchase as described in the section of the prospectus titled "Purchase and Sale of Shares" as amended by this supplement.

Accordingly, the first paragraph under the heading "Purchase and Sale of Fund Shares" on page 4 of the Prospectus is deleted in its entirety, and the first paragraph under the heading "How to Buy Shares" on page 7 of the Prospectus is deleted in its entirety.

In addition, the fourth paragraph under the heading "How to Buy Shares" on page 7 of the Prospectus is deleted in its entirety and replaced with the following:

Important Note to New Taxable Investors:  As of August 16, 2016, the net unrealized appreciation of the Fund's portfolio was approximately 50.4% of the Fund's net assets.  If the Fund sells appreciated securities and distributes the profit, the distributed appreciation will be taxable to you either as capital gains or as ordinary income, depending upon how long the Fund held the appreciated securities. You should carefully consider the potential tax effects prior to making an investment in the Fund.


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YOU SHOULD RETAIN THIS SUPPLEMENT WITH YOUR PROSPECTUS
FOR FUTURE REFERENCE.