<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000089043
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 SEQUOIA FUND INC
001 B000000 811-1976
001 C000000 2128325280
002 A000000 767 FIFTH AVENUE SUITE 4701
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10153
002 D020000 4798
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
013 A000001 PRICEWATERHOUSE COOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
019 B000000 0
020 A000001 RUANE CUNNIFF & CO INC
020 B000001 13-2628641
020 C000001 132
020 A000002 JONES & ASSOCIATES INC
020 B000002 95-3583143
020 C000002 30
020 A000003 ROBERT BRANDT & CO
<PAGE> PAGE 2
020 B000003 95-2650507
020 C000003 6
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 168
022 A000001 FUJI SECURITIES INC
022 B000001 36-2880742
022 C000001 572154
022 D000001 175196
022 A000002 BANK OF NEW YORK
022 B000002 13-5160382
022 C000002 188932
022 D000002 244017
022 A000003 RUANE CUNNIFF & CO INC
022 B000003 13-2628641
022 C000003 0
022 D000003 118049
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 761086
023 D000000 537262
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
027 000000 Y
028 A010000 8560
028 A020000 0
028 A030000 0
028 A040000 28938
<PAGE> PAGE 3
028 B010000 8570
028 B020000 0
028 B030000 0
028 B040000 58562
028 C010000 9783
028 C020000 0
028 C030000 0
028 C040000 36802
028 D010000 5483
028 D020000 0
028 D030000 0
028 D040000 18812
028 E010000 6804
028 E020000 0
028 E030000 0
028 E040000 19384
028 F010000 16096
028 F020000 58744
028 F030000 0
028 F040000 54497
028 G010000 55296
028 G020000 58744
028 G030000 0
028 G040000 216995
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
048 000000 0.000
<PAGE> PAGE 4
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
<PAGE> PAGE 5
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 527893
071 B000000 775276
071 C000000 4489668
071 D000000 12
072 A000000 12
072 B000000 49836
072 C000000 21031
072 D000000 0
072 E000000 0
072 F000000 45280
072 G000000 0
072 H000000 0
072 I000000 372
072 J000000 80
072 K000000 0
072 L000000 0
072 M000000 187
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 30
072 S000000 50
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 160
072 X000000 46159
072 Y000000 729
072 Z000000 25437
072AA000000 146273
072BB000000 0
072CC010000 0
072CC020000 969232
072DD010000 26006
072DD020000 0
072EE000000 204435
073 A010000 0.8500
073 A020000 0.0000
073 B000000 6.5900
073 C000000 0.0000
074 A000000 152
074 B000000 0
074 C000000 836247
074 D000000 0
074 E000000 0
074 F000000 3051706
074 G000000 0
<PAGE> PAGE 6
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 12913
074 M000000 42
074 N000000 3901060
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4177
074 S000000 0
074 T000000 3896883
074 U010000 30619
074 U020000 0
074 V010000 127.27
074 V020000 0.00
074 W000000 0.0000
074 X000000 13362
074 Y000000 0
075 A000000 0
075 B000000 4524643
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 Y
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 VIGILANT INSURANCE COMPANY
080 C000000 15000
081 A000000 N
081 B000000 0
082 A000000 Y
<PAGE> PAGE 7
082 B000000 150
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE ROBERT D GOLDFARB
TITLE PRESIDENT
<PAGE>
Report of Independent Accountants
To the Board of Directors and Shareholders of
Sequoia Fund, Inc.
In planning and performing our audit of the financial statements of
Sequoia Fund, Inc. (the "Fund") for the year ended December 31, 1999,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that controls may become
inadequate because of changes in conditions or that the effectiveness of
their design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by error
or fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31,
1999.
<PAGE>
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
PricewaterhouseCoopers LLP
New York, New York
January 14, 2000
<PAGE>
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for the Sequoia Fund. We have
read their notification of change in independent accountants made in Item 77K
of Form N-SAR. We agree with the statements in the filing.
McGladrey & Pullen, LLP
New York, New York
February 29, 2000
<PAGE>
CHANGE IN INDEPENDENT ACCOUNTANTS
On August 13, 1999, McGladrey & Pullen, LLP ("McGladrey") resigned as
independent accountants of the Fund pursuant to an agreement by
PricewaterhouseCoopers LLP ("PwC") to acquire McGladrey's investment
company practice. The McGladrey partners and professionals serving the
Fund at the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during
the past two fiscal years contained no adverse opinion or disclaimer of
opinion, and were not qualified or modified as to uncertainty, audit
scope or accounting principles.
In connection with its audits for the two most recent fiscal years and
through August 13, 1999, there were no disagreements with McGladrey on
any matter of accounting principle or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements, if not
resolved to the satisfaction of McGladrey, would have caused it to make
reference to the subject matter of disagreement in connection with its
report.
On September 13, 1999 the Fund, with the approval of its Board of
Directors and its Audit Committee, engaged PwC as its independent
accountants.
