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| Report |
| | |
| | | Registrant: Sequoia Fund Inc. — List all N-SARs |
| | | Semi-Annual Report (at mid-year) for the 1st-half period ended: 12/31/00 |
| | | 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 |
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| Registrant |
| | |
| 1. | | SEC CIK: 89043 |
| | | SEC File #: 811-01976 |
| | | Telephone #: 212-832-5280 |
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| 2. | | Address: 767 Fifth Avenue Suite 4701 |
| | | New York, NY 10153 |
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| 3. | | Is this the first Form N-SAR filed by the Registrant? No |
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| 4. | | Is this the final Form N-SAR filed by the Registrant? No |
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| 7. | | Is the Registrant a Funds/Series (multiple portfolios) company? No |
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| Independent Public Accountant |
| | |
| 13.1 | | Name: Pricewaterhouse Coopers LLP |
| | | Location: New York, NY |
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| Custodian |
| | |
| 15.1 | | Name: Bank of New York |
| | | Role: Custodian |
| | | Location: New York, NY |
| | | Type of custody: Section 17(f)(1) — Bank |
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| 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): 1,805 |
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| 20.2 | | Broker: Cantor Fitzgerald & Co. Inc. |
| | | IRS #: 95-1786286 |
| | | Commissions paid ($000s): 15 |
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| 20.3 | | Broker: Morgan Stanley & Co. Inc. |
| | | IRS #: 13-2655998 |
| | | Commissions paid ($000s): 7 |
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| 20.4 | | Broker: Instinet Corp. |
| | | IRS #: 13-3443395 |
| | | Commissions paid ($000s): 3 |
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| 20.5 | | Broker: Jefferies & Co. Inc. |
| | | IRS #: 95-2622900 |
| | | Commissions paid ($000s): 2 |
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| 21. | | Total brokerage commissions paid by the Registrant during the period: Aggregate paid ($000s): 1,832 |
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| 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: Fuji Securities Inc. |
| | | IRS #: 36-2880742 |
| | | Registrant’s purchases ($000s): 965,100 |
| | | Registrant’s sales ($000s): 775,637 |
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| 22.2 | | Entity: Bank of New York |
| | | IRS #: 13-5160382 |
| | | Registrant’s purchases ($000s): 499,584 |
| | | Registrant’s sales ($000s): 437,235 |
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| 22.3 | | Entity: Ruane Cunniff & Co. Inc. |
| | | IRS #: 13-2628641 |
| | | Registrant’s sales ($000s): 142,302 |
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| 22.4 | | Entity: Herzog Heine Geduld Inc. |
| | | IRS #: 13-1955436 |
| | | Registrant’s purchases ($000s): 18,274 |
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| 22.5 | | Entity: Instinet Corp. |
| | | IRS #: 13-3443395 |
| | | Registrant’s purchases ($000s): 15,068 |
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| 22.6 | | Entity: NDB Capital Markets |
| | | IRS #: 13-2616318 |
| | | Registrant’s purchases ($000s): 5,839 |
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| 22.7 | | Entity: Morgan Stanley & Co. Inc. |
| | | IRS #: 13-2655998 |
| | | Registrant’s purchases ($000s): 4,473 |
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| 22.8 | | Entity: Keefe Bruyette & Woods Inc. |
| | | IRS #: 13-1964616 |
| | | Registrant’s purchases ($000s): 4,107 |
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| 22.9 | | Entity: Jones & Associates |
| | | IRS #: 95-3583143 |
| | | Registrant’s purchases ($000s): 3,699 |
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| 22.10 | | Entity: Cantor Fitzgerald & Co. Inc. |
| | | IRS #: 95-1786286 |
| | | Registrant’s purchases ($000s): 848 |
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| 23. | | Total purchase/sale transactions by the Registrant during the period: Aggregate purchases ($000s): 1,517,407 |
| | | Aggregate sales ($000s): 1,355,174 |
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| Investment Company Type |
| | |
| 27. | | Is the Registrant an “open-end” investment company? Yes, Open-End |
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| Sales and Repurchases |
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| 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) ............................ | 4,498 |
|
| | | Reinvestment of dividends and distributions ................ | – |
|
| | | Other ...................................................... | – |
|
| | | Total NAV of shares redeemed & repurchased (inc. exchanges) .. | 33,282 |
|
| | | 2nd Month: Total NAV of shares sold: New sales (including exchanges) ............................ | 3,760 |
|
| | | Reinvestment of dividends and distributions ................ | – |
|
| | | Other ...................................................... | – |
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| | | Total NAV of shares redeemed & repurchased (inc. exchanges) .. | 17,998 |
|
| | | 3rd Month: Total NAV of shares sold: New sales (including exchanges) ............................ | 3,425 |
|
| | | Reinvestment of dividends and distributions ................ | – |
|
| | | Other ...................................................... | – |
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| | | Total NAV of shares redeemed & repurchased (inc. exchanges) .. | 23,597 |
|
| | | 4th Month: Total NAV of shares sold: New sales (including exchanges) ............................ | 5,072 |
|
| | | Reinvestment of dividends and distributions ................ | – |
|
| | | Other ...................................................... | – |
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| | | Total NAV of shares redeemed & repurchased (inc. exchanges) .. | 39,872 |
|
| | | 5th Month: Total NAV of shares sold: New sales (including exchanges) ............................ | 9,780 |
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| | | Reinvestment of dividends and distributions ................ | – |
|
| | | Other ...................................................... | – |
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| | | Total NAV of shares redeemed & repurchased (inc. exchanges) .. | 12,940 |
|
| | | 6th Month: Total NAV of shares sold: New sales (including exchanges) ............................ | 18,874 |
|
| | | Reinvestment of dividends and distributions ................ | 677,186 |
|
| | | Other ...................................................... | – |
|
| | | Total NAV of shares redeemed & repurchased (inc. exchanges) .. | 128,636 |
|
| | | Total of all months: ($000s) Total NAV of shares sold: New sales (including exchanges) ............................ | 45,409 |
|
| | | Reinvestment of dividends and distributions ................ | 677,186 |
|
| | | Other ...................................................... | – |
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| | | Total NAV of shares redeemed & repurchased (inc. exchanges) .. | 256,325 |
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| | | Total NAV of the Registrant’s/Series’ share sales during the period subject to a sales load ($000s): 0 |
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| 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 |
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| 34. | | Did the Registrant/Series impose a deferred or contingent deferred sales load during the period? No |
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| 37. | | Did the Registrant/Series impose a redemption fee other than a deferred or contingent sales load during the period? No |
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| 39. | | Were any account maintenance fees or other administrative fees imposed directly on shareholders during the period? No |
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| 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 |
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| Advisory Fee |
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| 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% |
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| 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 |
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| 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 |
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| 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 |
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| 67. | | Is the Registrant/Series a “balanced” Fund? No |
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| 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 |
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| 69. | | Is the Registrant/Series an index Fund? No |
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| Portfolio Turnover |
| | |
| 71. | | Portfolio turnover rate for the period: |
| | | Purchases ($000s): 1,328,027 |
| | | Sales ($000s): 1,943,336 |
| | | Monthly average Value of portfolio ($000s): 3,652,351 |
| | | Percent turnover (lesser of Purchases or Sales, divided by Value): 36% |
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| 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 .............................................. | 63,862 |
|
| | | Net dividend income .............................................. | 17,901 |
|
| | | Account maintenance fees ......................................... | – |
|
| | | Net other income ................................................. | 71 |
|
| | | Expenses ($000s) Advisory fees .................................................... | 36,687 |
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| | | Administrator fees ............................................... | – |
|
| | | Salaries and other compensation .................................. | – |
|
| | | Shareholder Servicing Agent fees ................................. | 371 |
|
| | | Custodian fees ................................................... | 80 |
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| | | Postage .......................................................... | – |
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| | | Printing expenses ................................................ | – |
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| | | Directors’ fees .................................................. | 187 |
|
| | | Registration fees ................................................ | – |
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| | | Taxes ............................................................ | – |
|
| | | Interest ......................................................... | – |
|
| | | Bookkeeping fees paid to anyone performing this service .......... | – |
|
| | | Auditing fees .................................................... | 30 |
|
| | | Legal fees ....................................................... | 52 |
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| | | Marketing/distribution payments, incl. Rule 12b-1 plan payments .. | – |
|
| | | Amortization of organization expenses ............................ | – |
|
| | | Shareholder meeting expenses ..................................... | – |
|
| | | Other expenses ................................................... | 121 |
|
| | | Total expenses ................................................... | 37,528 |
|
| | | Expense reimbursements ($000s): 691 |
| | | Net investment income ($000s): 44,997 |
| | | Realized capital gains ($000s): 942,244 |
| | | Realized capital losses ($000s): 0 |
| | | Net unrealized appreciation during the period ($000s): 0 |
| | | Net unrealized depreciation during the period ($000s): 315,157 |
| | | Total income dividends for which the record date passed during the period ($000s): 45,137 |
| | | Total capital gains distributions for which the record date passed during the period ($000s): 761,659 |
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| 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: $1.6600 |
| | | Distribution of capital gains: $28.5100 |
| | | Other distributions: $0.0000 |
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| Financial Info — Condensed Balance Sheet Data |
| | |
| 74. | | Assets ($000s) |
| | | Cash ............................................................. | 974 |
|
| | | Repurchase agreements ............................................ | – |
|
| | | Short-term debt securities, other than repurchase agreements ..... | 970,966 |
|
| | | Long-term debt securities, including convertible debt ............ | – |
|
| | | Preferred, conv. preferred and adjustable-rate preferred stock ... | – |
|
| | | Common stock ..................................................... | 2,946,306 |
|
| | | Options on equities .............................................. | – |
|
| | | Options on all futures ........................................... | – |
|
| | | Other investments ................................................ | – |
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| | | Receivables from portfolio instruments sold ...................... | – |
|
| | | Receivables from affiliated persons .............................. | – |
|
| | | Other receivables ................................................ | 30,919 |
|
| | | All other assets ................................................. | 44 |
|
| | | Total assets ..................................................... | 3,949,209 |
|
| | | 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 .......................................... | 5,330 |
|
| | | Equity ($000s) Senior equity .................................................... | – |
|
| | | Net assets of common shareholders ................................ | 3,943,879 |
|
| | | Number of shares outstanding (000s): 32,303 |
| | | Net Asset Value (NAV) per share (to nearest cent): $122.09 |
| | | Total number of shareholder accounts: 13,448 |
| | | Total value of assets in segregated accounts ($000s): 0 |
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| 75. | | Monthly average net assets during the period ($000s): 3,732,349 |
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| 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 |
| | | EX-99.77Q1: Other Disclosure? Yes |
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| 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 |
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| 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 |
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| 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 |
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Signature | | ↑Top of Form N-SAR |
| | | |
| | | /s/ Robert D Goldfarb |
| | | Name: Robert D Goldfarb |
| | | Title: President |