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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
1247999	Trust Ciciora L Susan	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	2012-05-17	2,000	$14.50	1,158,729	No	4	P	Direct
Common Stock	Acquisiton	2012-05-17	1,000	$14.48	1,159,729	No	4	P	Direct

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

Footnotes

The trustee of the Susan L. Ciciora Trust (the "Susan Trust") is Alaska Trust Company ("Alaska Trust"). Such trustee may be deemed to control the Susan Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Susan Trust. However, Alaska Trust does not vote or exercise dispositive authority over Shares held by the Susan Trust. Accordingly, Alaska Trust disclaims beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Susan Trust.As a result of his advisory role with the Susan Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the Shares directly beneficially owned by the Susan Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Susan Trust.
Trusts affiliated with the Susan Trust, including the Lola Brown Trust No. 1B, the Mildred B. Horejsi Trust, and the Evergreen Trust, own an aggregate of 3,196,432 Shares of the Fund following these transactions.