Report 
 
      
Registrant:   Sequoia Fund, Inc. — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  12/31/95

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  Yes
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      89043
SEC File #:   811-01976

Telephone #:  212-832-5280
 
 2.
Address:      767 Fifth Avenue, Suite 4701
              New York, NY  10153
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Ruane Cunniff & Co. Inc.
IRS #:        13-2628641
Commissions paid ($000s):  188
 
20.2
Broker:       Cantor Fitzgerald & Co. Inc.
IRS #:        95-1786286
Commissions paid ($000s):  148
 
20.3
Broker:       Sanford C Bernstein & Co. Inc.
IRS #:        13-2625874
Commissions paid ($000s):  15
 
20.4
Broker:       Jones & Associates Inc.
IRS #:        95-3583143
Commissions paid ($000s):  10
 
20.5
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  9
 
20.6
Broker:       Cowen & Co.
IRS #:        13-5616116
Commissions paid ($000s):  6
 
20.7
Broker:       Robert Brandt & Co.
IRS #:        95-2650507
Commissions paid ($000s):  3
 
20.8
Broker:       Morgan Stanley & Co. Inc.
IRS #:        13-2655998
Commissions paid ($000s):  3
 
20.9
Broker:       Merrill Lynch Pierce Fenner & Smith Inc.
IRS #:        13-5674085
Commissions paid ($000s):  2
 
20.10
Broker:       Oppenheimer & Co. Inc.
IRS #:        13-2798343
Commissions paid ($000s):  2
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  386
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       JP Morgan Securities Inc.
IRS #:        13-3224016
Registrant’s purchases ($000s):  207,530
Registrant’s sales ($000s):  181,429
 
22.2
Entity:       Fuji Securities Inc.
IRS #:        36-2880742
Registrant’s purchases ($000s):  101,492
Registrant’s sales ($000s):  87,862
 
22.3
Entity:       Cantor Fitzgerald & Co. Inc.
IRS #:        95-1786286
Registrant’s purchases ($000s):  5,181
Registrant’s sales ($000s):  13,213
 
22.4
Entity:       Morgan Keegan & Co. Inc.
IRS #:        64-0474907
Registrant’s purchases ($000s):  2,230
 
22.5
Entity:       Jones & Associates Inc.
IRS #:        95-3583143
Registrant’s purchases ($000s):  379
Registrant’s sales ($000s):  1,295
 
22.6
Entity:       Herzog HG Inc.
IRS #:        13-1955436
Registrant’s sales ($000s):  1,069
 
22.7
Entity:       Keefe Bruyette Woods Inc.
IRS #:        13-1964616
Registrant’s purchases ($000s):  1,045
 
22.8
Entity:       Sherwood Securities Inc.
IRS #:        13-2616318
Registrant’s purchases ($000s):  118
 
22.9
Entity:       Instinet Corp.
IRS #:        13-3443395
Registrant’s purchases ($000s):  40
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  318,015
   Aggregate sales ($000s):  284,868
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 6,764
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 8,201
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 4,648
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 18,366
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 8,196
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,233
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 4,932
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 5,838
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 8,878
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 10,577
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 11,256
      Reinvestment of dividends and distributions ................
 2,960
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 10,334

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 44,674
      Reinvestment of dividends and distributions ................
 2,960
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 56,549

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
Advisory Fee 
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.0%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
Classification and Asset Allocation 
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  No
    Growth?                           Yes
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  275,524
Sales ($000s):      266,444

Monthly average Value of portfolio ($000s):  1,837,098

Percent turnover (lesser of Purchases or Sales, divided by Value):  15%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 6,652
Net dividend income ..............................................
 20,795
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 18,559
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 173
Custodian fees ...................................................
 155
Postage ..........................................................
 –
Printing expenses ................................................
 –
Directors’ fees ..................................................
 132
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 30
Legal fees .......................................................
 86
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 78
Total expenses ...................................................
 19,213

Expense reimbursements ($000s):   505

Net investment income ($000s):    8,739

Realized capital gains ($000s):   0
Realized capital losses ($000s):  13,915

Net unrealized appreciation during the period ($000s):  646,623
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  8,810

Total capital gains distributions for which the record date passed
during the period ($000s):  2,201
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.3130

Distribution of capital gains:  $0.0800
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 1,251
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 68,358
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 2,113,592
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 4,315
All other assets .................................................
 36
Total assets .....................................................
 2,187,552

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 –
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 2,029

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 2,185,523

Number of shares outstanding (000s):   27,972

Net Asset Value (NAV) per share (to nearest cent):  $78.13

Total number of shareholder accounts:  8,484

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  1,852,090
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Vigilant Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  15,000
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  150
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Richard T Cunniff      
Name:   Richard T Cunniff
Title:  President