Sequoia Fund September 30, 2019  

Schedule of Investments (Unaudited)

September 30, 2019

(Percentages are of the Fund’s Net Assets)

Common Stocks (96.0%)

Shares			Value
		Aerospace & Defense (4.2%)
	16,675,950	Rolls-Royce Holdings plc (United Kingdom)	$	162,472,154
		Application Software (5.1%)
	199,611	Constellation Software, Inc. (Canada)		199,354,866
		Automotive Retail (8.0%)
	3,559,664	CarMax, Inc.(a)		313,250,432
		Cable & Satellite (4.1%)
	423,063	Liberty Broadband Corp.-Class A(a)		44,218,545
	1,091,312	Liberty Broadband Corp.-Class C(a)		114,227,627
				158,446,172
		Construction & Engineering (5.0%)
	2,121,601	Jacobs Engineering Group Inc.		194,126,491
		Consumer Finance (4.8%)
	410,229	Credit Acceptance Corp.(a)		189,242,740
		Data Processing & Outsourced Services (4.9%)
	701,051	Mastercard, Inc.-Class A		190,384,420
		Heavy Electrical Equipment (2.4%)
	37,857,351	Melrose Industries plc (United Kingdom)		93,839,274
		Home Furnishings (1.6%)
	512,559	Mohawk Industries, Inc.(a)		63,593,195
		Interactive Media & Services (15.5%)
	143,715	Alphabet, Inc.-Class A(a)		175,496,135
	228,578	Alphabet, Inc.-Class C(a)		278,636,582
	837,473	Facebook, Inc.-Class A(a)		149,137,192
				603,269,909
		Internet & Direct Marketing Retail (13.0%)
	78,874	Amazon.com, Inc.(a)		136,918,165
	63,908	Booking Holdings, Inc.(a)		125,426,480
	571,639	Naspers Ltd.-Class N (South Africa)		86,625,295
	571,639	Prosus NV (Netherlands)(a)		41,963,101
	1,041,526	Wayfair, Inc.-Class A(a)		116,775,895
				507,708,936
		Investment Banking & Brokerage (3.4%)
	3,143,365	The Charles Schwab Corp.		131,486,958
		Movies & Entertainment (8.0%)
	49,478	Liberty Media Corporation-Liberty Formula One - Series A(a)		1,958,834
	4,551,721	Liberty Media Corporation-Liberty Formula One - Series C(a)		189,306,076
	4,473,446	Vivendi SA (France)		122,773,900
				314,038,810
		Multi-Sector Holdings (8.7%)
	755	Berkshire Hathaway, Inc.-Class A(a)		235,433,160
	493,508	Berkshire Hathaway, Inc.-Class B(a)		102,659,534
				338,092,694
		Packaged Foods & Meats (2.3%)
	10,957,493	a2 Milk Co. Ltd. (New Zealand)(a)		89,932,515

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  Sequoia Fund September 30, 2019

Schedule of Investments (Unaudited) (Continued)

September 30, 2019

Shares			Value
		Property & Casualty Insurance (2.2%)
	4,168,266	Hiscox Ltd. (Bermuda)	$	85,076,067
		Miscellaneous Securities (2.8%)(b)		108,026,570
		Total Common Stocks (Cost $2,172,433,221)		3,742,342,203
Principal Amount
	U.S. Government Obligations (1.9%)
	$75,000,000	United States Treasury Bills, 1.80% due 10/15/2019		74,944,292
		Total U.S. Government Obligations
		(Cost $74,944,292)		74,944,292
		Total Investments (97.9%)
		(Cost $2,247,377,513)††		3,817,286,495
		Other Assets Less Liabilities (2.1%)		80,357,283
		Net Assets (100.0%)	$	3,897,643,778

†† The cost for federal income tax purposes is identical. At September 30, 2019, the aggregate gross tax basis unrealized appreciation and depreciation of securities were $1,655,938,313 and $86,029,331, respectively.

(a) Non-income producing security.

(b) ”Miscellaneous Securities“ include holdings that are not restricted, have been held for not more than one year prior to September 30, 2019, and have not previously been publicly disclosed.

Notes to Schedule of Investments (Unaudited)

Investments are carried at fair value as determined under the supervision of the Fund’s Board of Directors. Securities traded on a national securities exchange are valued at the last reported sales price on the principal exchange on which the security is listed; securities traded in the NASDAQ Stock Market (“NASDAQ”) are valued in accordance with the NASDAQ Official Closing Price. Securities for which there is no sale or Official Closing Price are valued at the mean of the last reported bid and asked prices.

Securities traded on a foreign exchange are valued at the closing price on the last business day of the period on the principal exchange on which the security is primarily traded. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the close of the New York Stock Exchange on the date of valuation.

U.S. Treasury Bills with remaining maturities of 60 days or less are valued at their amortized cost. U.S. Treasury Bills that when purchased have a remaining maturity in excess of 60 days are valued on the basis of market quotations and estimates until the sixtieth day prior to maturity, at which point they are valued at amortized cost. Fixed-income securities, other than U.S. Treasury Bills, are valued at the last quoted sales price or, if adequate trading volume is not present, at the mean of the last bid and asked prices.

When reliable market quotations are insufficient or not readily available at time of valuation or when Ruane, Cunniff & Goldfarb L.P. (the “Investment Adviser”) determines that the prices or values available do not represent the fair value of a security, such security is valued as determined in good faith by the Investment Adviser, in conformity with procedures adopted by and subject to review by the Fund’s Board of Directors.

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  Sequoia Fund September 30, 2019

Schedule of Investments (Unaudited) (Continued)

September 30, 2019

Generally accepted accounting principles establish a disclosure hierarchy that categorizes the inputs to valuation techniques used to value the investments at measurement date. These inputs are summarized in the three levels listed below:

Level 1	–	unadjusted quoted prices in active markets for identical securities.
Level 2	–	other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risk)
Level 3	–	unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are recognized at the end of the reporting period. During the nine months ended September 30, 2019, there were no transfers between Levels. There were no Level 3 securities held by the Fund during the nine months ended September 30, 2019.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2019:

	Common Stocks		U.S. Government Obligations		Total
Level 1 - Quoted Prices	$	3,742,342,203	$	—	$	3,742,342,203
Level 2 - Other Significant Observable Inputs		—		74,944,292		74,944,292
Total	$	3,742,342,203	$	74,944,292	$	3,817,286,495

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