The Denali Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund invests a significant portion of its assets in securities issued by real estate companies, including real estate investment trusts (REITs). Its investment will be concentrated in income-producing common equity securities, preferred securities, convertible securities and non-convertible debt securities issued by companies deriving the majority of their revenue from the ownership, construction, financing, management and/or sale of commercial, industrial and/or residential real estate. Its investment advisor is Boulder Investment Advisers, L.L.C.