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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1187520	Denali Fund Inc.	DNY	()	550799916

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1246903	R Stewart Horejsi	200 South Santa Fe Salina KS 67401		No	No	Yes	No
1248004	Trust Evergreen	1029 West 3Rd Avenue, Suite 400 Anchorage AK 99503		No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2011-12-27	56,608	$14.15	56,608	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct

Footnotes

The Shares reported in Item 4 were purchased at the closing bid price of the Fund's stock on December 23, 2011 through a privately negotiated transaction between Trusts affiliated with the Horejsi family.
The trustees of the Evergreen Trust are Alaska Trust Company ("Alaska Trust"), Stephen C. Miller and Larry L. Dunlap. Such trustees may be deemed to control the Evergreen Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Evergreen Trust. However, none of the trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Evergreen Trust. Accordingly, Alaska Trust, Mr. Miller and Mr. Dunlap disclaim beneficial ownership of the Shares beneficially owned directly or indirectly, by the Evergreen Trust.As a result of his advisory role with the Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership over the shares directly beneficially owned by the Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Trust.
These transactions did not result in a change to the Horejsi Trust's aggregate ownership. Trusts affiliated with the Evergreen Trust, including the Lola Brown Trust No. 1B and the Mildred B. Horejsi Trust, own an aggregate of 3,191,107 Shares of the Fund following these transactions.