# Shares                    Company / Symbol                   Avg Price Paid

BANK HOLDING COMPANIES   (12.95%)

     8,710,393                    Fifth Third Bancorp   FITB                   $    10.01

        243,300                    Mercantile Bankshares  MRBK                  10.47
 

BUILDING MATERIALS  (3.10%)

    1,963,000                    Fastenal Company   FAST                           57.15
 

DIVERSIFIED COMPANIES   (35.33%)

          19,661                   Berkshire Hathaway 'A'    BRKA            8,035.00

ELECTRONIC  (0.31%)

        476,700                    Molex Inc 'A'   MOLXA                            27.25

HOME FURNISHINGS   (2.39%)

      2,414,000                    Ethan Allen Interiors   ETH                         25.48
 

INSURANCE   (8.62%)

     2,430,500                    Progressive Corp - Ohio   PGR                   33.55
 

LAUNDRY SERVICES   (0.47%)

        414,400                    Cintas Corporation   CTAS                         26.71
 

MANUFACTURING   (3.03%)

      3,087,350                    Dover Corporation   DOV                         35.38

         240,500                    Harley Davidson Inc    HDI                          6.57
 

PERSONAL CREDIT   (2.15%)

     1,532,200                    Household International   HI                         17.32
 

PROCESS CONTROL INSTRUMENTS   (0.38%)

        263,700                    Danaher Corporation   DHR                         37.46

RACETRACKS   (0.74%)

        803,700                    International Speedway 'A'   ISCA                32.05

RETAILING  (7.54%)

          54,600                    Costco Wholesale Corp   COST                   30.50

     7,893,800                    TJX Companies   TJX                                   21.55
 

MISC SECURITIES   (2.93%)
 

U.S. GOVERNMENT OBLIGATIONS   (20.10%)
 

REPORTS TO SHAREHOLDERS:

           Sequoia Fund Annual / Quarterly Reports

SEQUOIA FUND NEWS / LINKS :

           Sequoia Fund Announcements
           Sequoia Fund Inc News
           Smartmoney.com: The Fall of the Mighty Sequoia (8/3/99)
           Smartmoney.com: Mutual Funds Break Out in '99
           Smartmoney.com: Come On, Concentrate
           The Sequoia Mutual Fund information archive and share wanted page
           Should Sequoia investors leave the nest?
           Careful Investor -- Is there still value in value funds? - MSN MoneyCentral

S.E.C. FILINGS:

           Ruane, Cunniff - SEC EDGAR Archives
           Sequoia Fund - SEC EDGAR Archives