Insider Trades - MILDRED B. HOREJSI TRUST

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MILDRED B. HOREJSI TRUST: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
The Denali Fund Inc Beneficial Owner (10% or more) NYSE:DNY (historical quotes, profile, SEC, other insiders)	27-Dec-11	1,030,344	Direct
FIRST OPPTY FUND Beneficial Owner (10% or more) Other OTC:FOFI (historical quotes, other insiders)	23-Jan-12	2,725,929	Direct

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
23-Jan-12 7,600 FOFI Purchase at $6.45 - $6.47 per share.
(Cost of about $49,000)
19-Jan-12 3,783 FOFI Purchase at $6.37 - $6.4 per share.
(Cost of about $24,000)
18-Jan-12 10,678 FOFI Purchase at $6.33 - $6.36 per share.
(Cost of about $68,000)
17-Jan-12 7,000 FOFI Purchase at $6.32 - $6.33 per share.
(Cost of about $44,000)
12-Jan-12 7,968 FOFI Purchase at $6.30 per share.
(Cost of $50,198)
11-Jan-12 10,667 FOFI Purchase at $6.30 - $6.31 per share.
(Cost of about $67,000)
10-Jan-12 350 FOFI Purchase at $6.31 per share.
(Cost of $2,208)
9-Jan-12 5,252 FOFI Purchase at $6.26 - $6.29 per share.
(Cost of about $33,000)
5-Jan-12 1,400 FOFI Purchase at $6.24 per share.
(Cost of $8,736)
4-Jan-12 10,000 FOFI Purchase at $6.20 - $6.22 per share.
(Cost of about $62,000)
3-Jan-12 691 FOFI Purchase at $6.26 per share.
(Cost of $4,325)
29-Dec-11 9,677 FOFI Purchase at $6.16 - $6.17 per share.
(Cost of about $60,000)
28-Dec-11 5,000 FOFI Purchase at $6.17 per share.
(Cost of $30,850)
27-Dec-11 1,030,344 DNY Purchase at $14.15 per share.
(Cost of $14,579,367)
22-Dec-11 5,000 FOFI Purchase at $6.15 per share.
(Cost of $30,750)
20-Dec-11 6,904 FOFI Purchase at $6.15 - $6.17 per share.
(Cost of about $43,000)
19-Dec-11 2,700 FOFI Purchase at $6.15 per share.
(Cost of $16,605)
15-Dec-11 5,000 FOFI Purchase at $6.13 per share.
(Cost of $30,650)
14-Dec-11 6,447 FOFI Purchase at $6.12 per share.
(Cost of $39,455)
13-Dec-11 14,712 FOFI Purchase at $6.15 - $6.17 per share.
(Cost of about $91,000)
12-Dec-11 12,000 FOFI Purchase at $6.16 per share.
(Cost of $73,920)
8-Dec-11 6,000 FOFI Purchase at $6.20 per share.
(Cost of $37,200)
7-Dec-11 5,938 FOFI Purchase at $6.23 per share.
(Cost of $36,993)
6-Dec-11 2 FOFI Purchase at $6.23 per share.
(Cost of $12)
1-Dec-11 4,220 FOFI Purchase at $6.18 per share.
(Cost of $26,079)
23-Nov-11 1,000 FOFI Purchase at $6.10 per share.
(Cost of $6,100)
21-Nov-11 5,287 FOFI Purchase at $6.13 per share.
(Cost of $32,409)
1-Nov-11 274 FOFI Purchase at $6.19 per share.
(Cost of $1,696)
24-Oct-11 6,106 FOFI Purchase at $6.32 - $6.35 per share.
(Cost of about $39,000)
22-Oct-11 5,000 FOFI Purchase at $6.16 per share.
(Cost of $30,800)
12-Oct-11 500 FOFI Purchase at $6.29 per share.
(Cost of $3,145)
11-Oct-11 7,000 FOFI Purchase at $6.25 - $6.26 per share.
(Cost of about $44,000)
4-Oct-11 5,000 FOFI Purchase at $5.78 per share.
(Cost of $28,900)
3-Oct-11 5,000 FOFI Purchase at $6 per share.
(Cost of $30,000)
29-Sep-11 826 FOFI Purchase at $6.11 per share.
(Cost of $5,046)
27-Sep-11 17,600 FOFI Purchase at $6.25 per share.
(Cost of $110,000)
26-Sep-11 23,362 FOFI Purchase at $6.01 - $6.08 per share.
(Cost of about $141,000)
22-Sep-11 5,000 FOFI Purchase at $6.10 per share.
(Cost of $30,500)
21-Sep-11 14,180 FOFI Purchase at $6.19 - $6.23 per share.
(Cost of about $88,000)
15-Sep-11 3,985 FOFI Purchase at $6.48 per share.
(Cost of $25,822)
14-Sep-11 2,000 FOFI Purchase at $6.48 per share.
(Cost of $12,960)
30-Aug-11 5,600 FOFI Purchase at $6.53 - $6.61 per share.
(Cost of about $37,000)
29-Aug-11 6,010 FOFI Purchase at $6.50 - $6.52 per share.
(Cost of about $39,000)
25-Aug-11 15,750 FOFI Purchase at $6.48 - $6.51 per share.
(Cost of about $102,000)
24-Aug-11 9,933 FOFI Purchase at $6.59 per share.
(Cost of $65,458)
23-Aug-11 9,800 FOFI Purchase at $6.38 - $6.41 per share.
(Cost of about $63,000)
22-Aug-11 11,325 FOFI Purchase at $6.36 - $6.41 per share.
(Cost of about $72,000)
18-Aug-11 9,910 FOFI Purchase at $6.45 per share.
(Cost of $63,919)
16-Aug-11 5,000 FOFI Purchase at $6.53 per share.
(Cost of $32,650)
26-Jul-11 9,572 FOFI Purchase at $6.99 - $7 per share.
(Cost of about $67,000)
25-Jul-11 5,800 FOFI Purchase at $7.03 per share.
(Cost of $40,774)
21-Jul-11 3,065 FOFI Purchase at $7.04 - $7.1 per share.
(Cost of about $22,000)
7-Jul-11 5,000 FOFI Purchase at $7.12 per share.
(Cost of $35,600)
6-Jul-11 2,824 FOFI Purchase at $7.09 per share.
(Cost of $20,022)
6-Jun-11 17,309 FOFI Purchase at $7.11 per share.
(Cost of $123,066)
1-Jun-11 9,750 FOFI Purchase at $7.10 per share.
(Cost of $69,225)
26-May-11 7,671 FOFI Purchase at $7.18 per share.
(Cost of $55,077)
25-May-11 1,420 FOFI Purchase at $7.15 per share.
(Cost of $10,153)

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
23-Jan-12	7,600	FOFI	Purchase at $6.45 - $6.47 per share. (Cost of about $49,000)
19-Jan-12	3,783	FOFI	Purchase at $6.37 - $6.4 per share. (Cost of about $24,000)
18-Jan-12	10,678	FOFI	Purchase at $6.33 - $6.36 per share. (Cost of about $68,000)
17-Jan-12	7,000	FOFI	Purchase at $6.32 - $6.33 per share. (Cost of about $44,000)
12-Jan-12	7,968	FOFI	Purchase at $6.30 per share. (Cost of $50,198)
11-Jan-12	10,667	FOFI	Purchase at $6.30 - $6.31 per share. (Cost of about $67,000)
10-Jan-12	350	FOFI	Purchase at $6.31 per share. (Cost of $2,208)
9-Jan-12	5,252	FOFI	Purchase at $6.26 - $6.29 per share. (Cost of about $33,000)
5-Jan-12	1,400	FOFI	Purchase at $6.24 per share. (Cost of $8,736)
4-Jan-12	10,000	FOFI	Purchase at $6.20 - $6.22 per share. (Cost of about $62,000)
3-Jan-12	691	FOFI	Purchase at $6.26 per share. (Cost of $4,325)
29-Dec-11	9,677	FOFI	Purchase at $6.16 - $6.17 per share. (Cost of about $60,000)
28-Dec-11	5,000	FOFI	Purchase at $6.17 per share. (Cost of $30,850)
27-Dec-11	1,030,344	DNY	Purchase at $14.15 per share. (Cost of $14,579,367)
22-Dec-11	5,000	FOFI	Purchase at $6.15 per share. (Cost of $30,750)
20-Dec-11	6,904	FOFI	Purchase at $6.15 - $6.17 per share. (Cost of about $43,000)
19-Dec-11	2,700	FOFI	Purchase at $6.15 per share. (Cost of $16,605)
15-Dec-11	5,000	FOFI	Purchase at $6.13 per share. (Cost of $30,650)
14-Dec-11	6,447	FOFI	Purchase at $6.12 per share. (Cost of $39,455)
13-Dec-11	14,712	FOFI	Purchase at $6.15 - $6.17 per share. (Cost of about $91,000)
12-Dec-11	12,000	FOFI	Purchase at $6.16 per share. (Cost of $73,920)
8-Dec-11	6,000	FOFI	Purchase at $6.20 per share. (Cost of $37,200)
7-Dec-11	5,938	FOFI	Purchase at $6.23 per share. (Cost of $36,993)
6-Dec-11	2	FOFI	Purchase at $6.23 per share. (Cost of $12)
1-Dec-11	4,220	FOFI	Purchase at $6.18 per share. (Cost of $26,079)
23-Nov-11	1,000	FOFI	Purchase at $6.10 per share. (Cost of $6,100)
21-Nov-11	5,287	FOFI	Purchase at $6.13 per share. (Cost of $32,409)
1-Nov-11	274	FOFI	Purchase at $6.19 per share. (Cost of $1,696)
24-Oct-11	6,106	FOFI	Purchase at $6.32 - $6.35 per share. (Cost of about $39,000)
22-Oct-11	5,000	FOFI	Purchase at $6.16 per share. (Cost of $30,800)
12-Oct-11	500	FOFI	Purchase at $6.29 per share. (Cost of $3,145)
11-Oct-11	7,000	FOFI	Purchase at $6.25 - $6.26 per share. (Cost of about $44,000)
4-Oct-11	5,000	FOFI	Purchase at $5.78 per share. (Cost of $28,900)
3-Oct-11	5,000	FOFI	Purchase at $6 per share. (Cost of $30,000)
29-Sep-11	826	FOFI	Purchase at $6.11 per share. (Cost of $5,046)
27-Sep-11	17,600	FOFI	Purchase at $6.25 per share. (Cost of $110,000)
26-Sep-11	23,362	FOFI	Purchase at $6.01 - $6.08 per share. (Cost of about $141,000)
22-Sep-11	5,000	FOFI	Purchase at $6.10 per share. (Cost of $30,500)
21-Sep-11	14,180	FOFI	Purchase at $6.19 - $6.23 per share. (Cost of about $88,000)
15-Sep-11	3,985	FOFI	Purchase at $6.48 per share. (Cost of $25,822)
14-Sep-11	2,000	FOFI	Purchase at $6.48 per share. (Cost of $12,960)
30-Aug-11	5,600	FOFI	Purchase at $6.53 - $6.61 per share. (Cost of about $37,000)
29-Aug-11	6,010	FOFI	Purchase at $6.50 - $6.52 per share. (Cost of about $39,000)
25-Aug-11	15,750	FOFI	Purchase at $6.48 - $6.51 per share. (Cost of about $102,000)
24-Aug-11	9,933	FOFI	Purchase at $6.59 per share. (Cost of $65,458)
23-Aug-11	9,800	FOFI	Purchase at $6.38 - $6.41 per share. (Cost of about $63,000)
22-Aug-11	11,325	FOFI	Purchase at $6.36 - $6.41 per share. (Cost of about $72,000)
18-Aug-11	9,910	FOFI	Purchase at $6.45 per share. (Cost of $63,919)
16-Aug-11	5,000	FOFI	Purchase at $6.53 per share. (Cost of $32,650)
26-Jul-11	9,572	FOFI	Purchase at $6.99 - $7 per share. (Cost of about $67,000)
25-Jul-11	5,800	FOFI	Purchase at $7.03 per share. (Cost of $40,774)
21-Jul-11	3,065	FOFI	Purchase at $7.04 - $7.1 per share. (Cost of about $22,000)
7-Jul-11	5,000	FOFI	Purchase at $7.12 per share. (Cost of $35,600)
6-Jul-11	2,824	FOFI	Purchase at $7.09 per share. (Cost of $20,022)
6-Jun-11	17,309	FOFI	Purchase at $7.11 per share. (Cost of $123,066)
1-Jun-11	9,750	FOFI	Purchase at $7.10 per share. (Cost of $69,225)
26-May-11	7,671	FOFI	Purchase at $7.18 per share. (Cost of $55,077)
25-May-11	1,420	FOFI	Purchase at $7.15 per share. (Cost of $10,153)