SARATOGA INVT CORP

Ticker: SAR CUSIP: 80349A208 Class: COM

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014

Shares 254 Value ($000) $4 Avg Close $15.46 Range $14.96 - $16.09

Q1 2014

Shares 254 Value ($000) $4 Avg Close $15.74 Range $15.01 - $16.88

Q4 2013

Shares 254 Value ($000) $4 Avg Close $17.22 Range $15.15 - $19.95

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	254	$4	$15.46	$14.96 - $16.09
Q1 2014	254	$4	$15.74	$15.01 - $16.88
Q4 2013	254	$4	$17.22	$15.15 - $19.95