UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT
TO RULE 13d-2(a)
(Amendment No. 20)*
The Denali Fund Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
24823A102
(CUSIP Number)
Stephen C. Miller, Esq.
2344 Spruce Street, Suite A
Boulder, Colorado 80302
(303) 444-5483
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
January 25, 2010
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box.|_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 24823A102
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Lola Brown Trust No. 1B
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization Alaska
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Number of 7. Sole Voting Power 3,145,944
Shares Bene- --------------------------------------------------------------
ficially Owned 8. Shared Voting Power
by Each --------------------------------------------------------------
Reporting 9. Sole Dispositive Power 3,145,944
Person With --------------------------------------------------------------
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 3,145,944
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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13. Percent of Class Reported by Amount in Row (11) 75.68%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 24823A102
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Stewart R. Horejsi
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not applicable
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e)
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6. Citizenship or Place of Organization United States
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Number of 7. Sole Voting Power 0
Shares Bene- --------------------------------------------------------------
ficially Owned 8. Shared Voting Power 0
by Each --------------------------------------------------------------
Reporting 9. Sole Dispositive Power 0
Person With --------------------------------------------------------------
10. Shared Dispositive Power 0
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 0
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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13. Percent of Class Reported by Amount in Row (11) 0%
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14. Type of Reporting Person (See Instructions) IN
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Amendment No. 20 to Statement on Schedule 13D
This statement on Schedule 13D relates to the Common Stock, $0.0001 par
value per share of The Denali Fund Inc. (formerly Neuberger Berman Real Estate
Income Fund, Inc.), a Maryland corporation (the "Company"). Items 3, 4 and 5 of
this statement, previously filed by the Lola Brown Trust No. 1B (the "Lola
Trust") and the Ernest Horejsi Trust No. 1B (the "Ernest Trust"), as the direct
beneficial owner of the Shares, and Stewart R. Horejsi, by virtue of the
relationships described previously in this statement, are hereby amended as set
forth below.
Item 3. Source and Amount of Funds or Other Consideration.
No change except for addition of the following:
The total amount of funds required by the Lola Trust to purchase the Shares
as reported in Item 5(c) was $665,220.20. Such funds were provided by the Lola
Trust's cash on hand, inter-trust advances and margin borrowings under an
account maintained by Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Item 4. Purpose of Transaction
No change except for addition of the following:
The Lola Trust purchased the Shares reported in Item 5(c) in order to
increase its equity ownership of the Company. Depending upon their evaluation of
the Company's investments and prospects, and upon future developments
(including, but not limited to, performance of the Shares in the market,
effective yield on the Shares, availability of funds, alternative uses of funds,
and money, stock market and general economic conditions), any of the Reporting
Persons or other entities that may act with the Reporting Persons (collectively
referred to as the "Other Entities") may from time to time purchase Shares, and
any of the Reporting Persons or Other Entities may from time to time dispose of
all or a portion of the Shares held by such person, or cease buying or selling
Shares. Any such additional purchase or sale of the Shares may be in open
market, in privately-negotiated transactions or otherwise.
Item 5. Interest in Securities of the Issuer.
No change except for addition of the following:
(a) The Lola Trust is the direct beneficial owner of 3,145,944 shares or
approximately 75.68% of the 4,157,117 Shares outstanding as of October 31, 2009
(the "Outstanding Shares"), according to information contained in the Company's
annual report to stockholders. By virtue of the relationships reported in this
Statement, Mr. Horejsi may be deemed to share indirect beneficial ownership of
the Shares directly beneficially owned by the Lola Trust. Mr. Horejsi disclaims
all such beneficial ownership. By virtue of the relationships and transactions
described in this Statement, the Reporting Persons may be deemed to constitute a
group. Unless otherwise specifically stated, each Reporting Person disclaims
beneficial ownership of Shares directly beneficially owned by other Reporting
Persons.
(c) The table below sets forth information relating to the purchases of
Shares by the Lola Trust. Such purchases were effected by the Lola Trust on the
New York Stock Exchange.
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Date Shares Purchase Price
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11/23/09 300 $13.78
11/24/09 700 $13.72
12/01/09 4,000 $13.90
12/03/09 300 $13.82
12/08/09 4,000 $14.03
12/10/09 1,279 $13.95
12/14/09 100 $13.97
12/15/09 350 $13.96
12/15/09 1,500 $13.98
12/17/09 180 $13.83
12/18/09 2,400 $13.80
12/21/09 100 $13.83
12/21/09 787 $13.82
12/23/09 5,000 $14.01
01/08/10 2,000 $14.20
01/11/10 2,498 $14.20
01/11/10 1,600 $14.25
01/14/10 700 $14.26
01/14/10 1,000 $14.31
01/14/10 200 $14.30
01/14/10 2,000 $14.29
01/14/10 500 $14.25
01/14/10 400 $14.24
01/20/10 1,546 $14.32
01/21/10 4,100 $14.33
01/21/10 1,900 $14.35
01/21/10 200 $14.34
01/22/10 162 $14.25
01/25/10 2,000 $13.94
01/28/10 400 $14.13
01/28/10 1,000 $14.10
01/28/10 400 $14.04
01/28/10 100 $14.05
01/29/10 600 $14.21
01/29/10 1,300 $14.23
01/29/10 200 $14.06
01/29/10 500 $14.20
01/29/10 850 $14.16
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 1, 2010
/s/ Stewart R. Horejsi
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Stewart R. Horejsi
/s/ Douglas J. Blattmachr
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Douglas J. Blattmachr as President of Alaska Trust
Company, trustee of the Lola Brown Trust No. 1B