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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	Director	Officer	Large Shareholder	Other
1245558	L Susan Ciciora	2344 Spruce Street, Ste A Boulder CO 80302	Yes	No	No	No
1246903	R Stewart Horejsi	200 South Santa Fe Salina KS 67401	No	No	Yes	No
1247992	1B Trust Brown Lola	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	Disposition	2011-12-30	1,154,404	$13.16	949,751	No	4	S	Direct

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

Footnotes

The Shares reported in Item 4 were sold at the closing bid price of the Fund's stock on December 30, 2011 through a privately negotiated transaction between Trusts affiliated with the Horejsi family.
The trustees of the Lola Brown Trust No. 1B (the "Brown Trust") are Alaska Trust Company ("Alaska Trust"), Susan L. Ciciora and Larry Dunlap. Such trustees may be deemed to control the Brown Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Brown Trust. However, none of the trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Brown Trust. Accordingly, Alaska Trust, Ms. Ciciora and Mr. Dunlap disclaim beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Brown Trust. In addition to serving as a trustee, Ms. Ciciora is also a beneficiary of the Brown Trust.As a result of his advisory role with the Brown Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the Shares directly beneficially owned by the Brown Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Brown Trust.
These transactions did not result in a change to the Horejsi Trust's aggregate ownership. Trusts affiliated with the Brown Trust, including the Mildred B. Horejsi Trust, the Evergreen Trust, and the Susan L. Ciciora Trust own an aggregate of 3,191,107 Shares of the Fund following these transactions.