The Boulder Funds consist of four separate closed–end funds that each have a total return investment objective. These Funds are the Boulder Growth & Income Fund, Inc. (BIF), the Boulder Total Return Fund, Inc. (BTF), The Denali Fund Inc. (DNY) and the First Opportunity Fund, Inc. (FOFI). The Boulder Growth & Income Fund, Inc., the Boulder Total Return Fund, Inc. and The Denali Fund Inc. are publically traded on the NYSE. The First Opportunity Fund, Inc. is publically traded in the over-the-counter market.
The Boulder Funds are managed by a combination of three registered investment advisers. The three advisers are Boulder Investment Advisers, LLC (BIA), Rocky Mountain Advisers, LLC (RMA) and Stewart Investment Advisers (SIA). Brendon Fischer, CFA and Stewart Horejsi each hold various positions with the Advisers, and both serve as the portfolio managers for each of the four Funds.
Investment Philosophy
The investment philosophy of the Advisers is simple: Invest in good businesses at attractive valuations for the long-run. To implement this philosophy, the Advisers utilize a disciplined, bottom-up, value driven investment process.
Recent News

October 15, 2014 - Boulder Growth & Income Fund, Inc.’s N-14 pertaining to reorganization of BTF, DNY and FOFI into BIF is declared effective by the SEC.  A copy of the Joint N-14/Proxy Statement may be found here and a copy of the Statement of Additional Information may be found here.
September 22, 2014 - Boulder Growth & Income Fund, Inc. Announces Date of Annual Stockholder Meeting
September 4, 2014 - First Opportunity Fund, Inc. Announces Redemption of Hedge Fund Positions