Sub-item 77E:


Sequoia Fund
Legal Proceedings

On January 8, 2016, Stanley H. Epstein, Harriet P. Epstein,
and SEP IRAA/C Peter Christopher Gardner, derivatively and on
behalf of the Fund, filed a suit against Ruane, Cunniff &
Goldfarb Inc., Robert D. Goldfarb, David Poppe, Robert L.
Swiggett and Roger Lowenstein (collectively, the "Defendants")
in the Supreme Court of the State of New York, County of New
York. The Fund is also named in the suit as a Nominal
Defendant. On May 9, 2016, the plaintiffs filed an amended
complaint, adding Edward Lazarus as an additional Defendant.
The amended complaint asserts derivative claims in connection
with certain of the Fund's investments against the Defendants
for alleged breach of fiduciary duty, aiding and abetting
breach of fiduciary duty, breach of contract and gross
negligence. The case is Epstein v. Ruane, Cunniff & Goldfarb
Inc. et al., 650100/2016, Supreme Court of the State of New
York, County of New York (Manhattan). In February 2017, the
court granted the Defendants' motion to dismiss all claims in
the action.  On March 22, 2017, the plaintiffs filed a notice
of appeal from the court's dismissal.  On November 21, 2017,
plaintiffs Stanley Epstein and Harriet Epstein filed a
Stipulation of Voluntary Discontinuance of their claims.  On
December 21, 2017, SEP IRAA/C Peter Christopher Gardner,
derivatively and on behalf of the Fund, filed a brief in the
Appellate Division - First Department appealing the Supreme
Court's Order dismissing all claims.

On November 14, 2017, Donald Tapert, derivatively and on
behalf of the Fund, filed a suit against David M. Poppe,
Edward Lazarus, Robert L. Swiggett, Roger Lowenstein, Tim
Medley, John B. Harris, Peter Atkins, Melissa Crandall, Robert
D. Goldfarb, and Ruane, Cunniff & Goldfarb Inc., in the
Baltimore City Circuit Court, Maryland.  The Fund is also
named in the suit as a Nominal Defendant. The complaint
asserts derivative claims for breach of fiduciary duty, aiding
and abetting breach of fiduciary duty, waste of corporate
assets, and unjust enrichment.  The case is Donald Tapert v.
David M. Poppe et al., Case No. 24-C-17-005430 Baltimore City
Circuit Court, Maryland.

On February 9, 2018, Charles Wilfong & Ann R. Wilfong JTWROS,
derivatively on behalf of the Fund, filed a suit against
Ruane, Cunniff & Goldfarb Inc., Robert D. Goldfarb, David
Poppe and Roger Lowenstein, in the Supreme Court of the State
of New York.  The Fund is also named in the suit as a Nominal
Defendant.  The complaint asserts derivative claims for breach
of duty of loyalty, breach of duty of care, and wrongful
refusal to take action.  The case is Charles Wilfong v. Ruane,
Cunniff & Goldfarb Inc. et al., 650699/2018, Supreme Court of
the State of New York, County of New York (Manhattan).

On March 14, 2016, Clive Cooper, individually and as a
representative of a class, on behalf of DST Systems, Inc.
401(k) Profit Sharing Plan, filed a suit in the Southern
District of New York against Ruane, Cunniff & Goldfarb Inc.,
DST Systems, Inc., The Advisory Committee of the DST Systems,
Inc. 401(K) Profit Sharing Plan, the Compensation Committee of
the Board of Directors of DST Systems, Inc., Jerome H. Bailey,
Lynn Dorsey Bleil, Lowell L. Bryan, Gary D. Forsee, Gregg Wm.
Givens, Charles E. Haldeman, Jr., Samuel G. Liss and John Does
1-20. The complaint asserts claims for alleged breach of
fiduciary duty and violation of ERISA's prohibited transaction
rules, co-fiduciary breach, and breach of trust in connection
with certain investments made on behalf of the Plan. The case
is Cooper v. DST Systems, Inc. et al., Case No. 1:16-cv-01900-WHP,
U.S. District Court for the Southern District of New York. The
plaintiffs in the action dismissed without prejudice all
claims against all of the defendants other than Ruane, Cunniff
& Goldfarb Inc., which was thereby the only defendant in the
case. On August 15, 2017, the court granted Ruane, Cunniff &
Goldfarb Inc.'s motion to compel arbitration and the case was
dismissed on August 17,2017. On September 8, 2017, the
plaintiffs filed a notice of appeal from the Court's Order
granting the motion to compel arbitration and dismissing the
case.  The Fund is not a defendant in this lawsuit.

On September 1, 2017, plaintiffs Michael L. Ferguson, Myrl C.
Jeffcoat and Deborah Smith, on behalf of the DST Systems, Inc.
401(k) Profit Sharing Plan, filed a suit in the Southern
District of New York  against Ruane, Cunniff & Goldfarb Inc.,
DST Systems, Inc., The Advisory Committee of the DST Systems,
Inc. 401(K) Profit Sharing Plan, the Compensation Committee of
the Board of Directors of DST Systems, Inc., George L.
Argyros, Tim Bahr, Jerome H. Bailey, Lynn Dorsey Bleil, Lowell
L. Bryan, Ned Burke, John W. Clark, Michael G. Fitt, Gary D.
Forsee, Steven Gebben, Gregg Wm. Givens, Kenneth Hager,
Charles E. Haldeman, Jr., Lawrence M. Higby, Joan Horan,
Stephen Hooley, Robert T. Jackson, Gerard M. Lavin, Brent L.
Law, Samuel G. Liss, Thomas McDonnell, Jude C. Metcalfe,
Travis E. Reed, M. Jeannine Strandjord, Beth Sweetman,
Douglas Tapp and Randall Young.  The complaint asserts claims
for alleged breach of fiduciary duty under ERISA, breach of
trust, and other claims.  The case is Ferguson, et al. v.
Ruane, Cunniff & Goldfarb Inc., Case No. 1:17-cv-06685
(S.D.N.Y.).  The Fund is not a defendant in this lawsuit.

On September 7, 2017, plaintiff Stephanie Ostrander, as
representative of a class of similarly situated persons, and
on behalf of the DST Systems, Inc. 401(k) Profit Sharing Plan,
filed a suit in the Western District of Missouri against DST
Systems, Inc., The Advisory Committee of the DST Systems,
Inc,. 401(k) Profit Sharing Plan, The Compensation Committee
of The Board of Directors of DST Systems, Inc., Ruane, Cunniff
& Goldfarb, Inc. and John Does 1-20.  The complaint asserts
claims for alleged breach of fiduciary duty, breach of trust,
and other claims.  The case is Ostrander v. DST Systems, Inc.
et al., Case No. 4:17-cv-00747-GAF.  The Fund is not a
defendant in this lawsuit. On February 2, 2018, the court
granted the defendants' motion to dismiss all claims.

Ruane, Cunniff & Goldfarb Inc. believes that the foregoing
lawsuits are without merit and intends to defend itself
vigorously against the allegations in them. The outcomes of
these lawsuits are not expected to have a material impact on
the Fund's financial statements.