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BOULDER GROWTH & INCOME FUND ANNOUNCES SUCCESSFUL RESULTS OF ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – June 12, 2009 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) held its reconvened annual stockholders' meeting in Boulder, Colorado on Friday, June 12, 2009, at which time stockholders elected Richard I. Barr, Joel W. Looney, Dr. Dean L. Jacobson, John S. Horejsi, and Susan L. Ciciora to serve as directors. 

In addition to the routine election of Directors, stockholders also approved an amendment to the Fund’s charter classifying the Board of Directors into three separate classes and making related changes to the charter.  As such, John S. Horejsi and Dean L. Jacobson were elected as Class I Directors, each to serve a one-year term and until their successors are duly elected and qualified, Joel W. Looney was elected as a Class II Director, to serve a 2-year term, and until his successor is duly elected and qualified, and Richard I. Barr and Susan L. Ciciora were elected as Class III Directors, each to serve a 3-year term, and until their successors are duly elected and qualified.  Ms. Ciciora and Mr. Horejsi were elected by a separate vote of the Fund’s preferred shares.

With respect to the proposal to classify the Board of Directors, as of the reconvened meeting date, proxies for approximately 66% of the Fund’s outstanding shares were received, with over 74% of such proxies voting in favor of the proposal. 

For more information on the Fund, please visit www.boulderfunds.net. 

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

 

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES ADJOURNMENT OF ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – May 29, 2009 –  The Boulder Growth & Income Fund, Inc. (NYSE:BIF) announced that its Annual Meeting of Stockholders scheduled to be reconvened on Friday, May 29, 2009 has been adjourned for an additional two weeks. 

In addition to the routine election of Directors, the Fund’s stockholders are being asked to approve an amendment to the Fund’s charter to classify the Board of Directors into three separate classes (Proposal 1).  As of the original meeting date, the nominee Directors have received the requisite vote by both common and preferred stockholders to be elected.  Nonetheless, the Fund is adjourning the meeting until June 12, 2009 to allow for further solicitation on Proposal 1.    

The Board of Directors, including all of the independent Directors, unanimously recommends that stockholders vote “FOR” Proposal 1.  A copy of the proxy statement is available on the Fund’s website at www.boulderfunds.net or by calling 1-800-992-2856.  Stockholders have a number of convenient means to vote, including telephone, internet, and by mail.  For questions regarding how to vote your shares please call 1-800-992-2856.

The reconvened Annual Meeting of Stockholders will be held at 2344 Spruce Street, Suite A, Boulder, Colorado at 9:00 A.M. local time on Friday, June 12, 2009.  The reconvened meeting will not include any new stockholder business; accordingly, neither the Board of Directors nor the Fund’s portfolio managers anticipate being in attendance.  Under the Fund’s bylaws, only record date stockholders are permitted to attend the meeting.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey, (303) 449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES LOCATION OF RECONVENED ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – May 18, 2009 –  The Boulder Growth & Income Fund, Inc. (NYSE:BIF) announced that its reconvened Annual Meeting of Stockholders will be held at 2344 Spruce Street, Suite A, Boulder, Colorado at 9:00 A.M. local time on Friday, May 29, 2009.  The reconvened meeting will not include any new stockholder business; accordingly, neither the Board of Directors nor the Fund’s portfolio managers anticipate being in attendance.  Under the Fund’s bylaws, only record date stockholders are permitted to attend the meeting.  On the day of the reconvened meeting, the Fund may determine to adjourn the meeting again if it does not have sufficient votes and additional solicitation time is needed.

In addition to the routine election of Directors, the Fund’s stockholders are being asked to approve an amendment to the Fund’s charter to classify the Board of Directors into three separate classes (Proposal 1).  The Board of Directors, including all of the independent Directors, unanimously recommends that stockholders vote “FOR” Proposal 1.  A copy of the proxy statement is available on the Fund’s website at www.boulderfunds.net or by calling the Fund’s proxy solicitor at 1-800-992-2856.  Stockholders have a number of convenient means to vote, including telephone, internet, and by mail.  For questions regarding how to vote your shares please call 1-800-992-2856.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey, (303) 449-0426

BOULDER GROWTH & INCOME FUND RECEIVES LIPPER AWARDS

Boulder, Colo. –  (BUSINESS WIRE) – May 15, 2009 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) is pleased to report that the Fund has received 2008 Performance Achievement Certificates from Lipper Analytical Services for the 1-Year and 5-Year periods ended 12/31/2008 in Lipper’s Core Funds category. 

Boulder Growth & Income Fund:

 

Commenting on the awards, Stewart Horejsi, the portfolio manager, stated “We’re pleased with the award, but not terribly satisfied with the losses in 2008.  We lost less than most, but a loss is a loss.  The Fund had a successful rights offering in June of ’08, before the market started its steep decline.  We held off on investing the proceeds from that rights offering and, in hindsight, we’re glad we did.”

Boulder Growth & Income Fund is co-advised by Boulder Investment Advisers, LLC (BIA) and Stewart Investment Advisers (SIA).  The Fund operates as a non-diversified investment company, as defined in the 1940 Act.    The Fund’s investment objective is total return.  The Fund seeks to produce both income and long-term capital appreciation by investing in a portfolio of equity and debt securities.  The Fund has an industry concentration policy requiring it to invest at least 25% of its assets in “real estate related companies.”

BIA and SIA serve as investment co-advisers to two other closed-end funds: the Boulder Total Return Fund, Inc. (NYSE: BTF) and The Denali Fund Inc. (NYSE DNY).  DNY received similar Lipper awards for the 1-year and 5-year periods ended December 31, 2008 in Lipper’s Real Estate Fund category.

For more information on the Fund, please visit www.boulderfunds.net. 

Past performance is no guarantee of future results. Lipper and Lipper Analytical Services are proprietary trademarks of Lipper, a Thomson Reuters Company.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES ADJOURNMENT OF ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – April 27, 2009 –  The Boulder Growth & Income Fund, Inc. (NYSE:BIF) announced that its Annual Meeting of Stockholders scheduled for Friday, April 24, 2009 in Phoenix, Arizona has been adjourned. 

In addition to the routine election of Directors, the Fund’s stockholders are being asked to approve an amendment to the Fund’s charter to classify the Board of Directors into three separate classes (Proposal 1).  As of the original meeting date, the nominee Directors have received the requisite vote by both common and preferred stockholders to be elected.  Nonetheless, the Fund is adjourning the meeting until May 29, 2009 to allow for further solicitation on Proposal 1.    Neither the Board of Directors nor the Fund’s portfolio managers anticipate being in attendance at the reconvened meeting.  Under the Fund’s bylaws, only record date stockholders are permitted to attend the meeting.

The Board of Directors, including all of the independent Directors, unanimously recommends that stockholders vote “FOR” Proposal 1.  A copy of the proxy statement is available on the Fund’s website at www.boulderfunds.net or by calling 1-800-992-2856.  Stockholders have a number of convenient means to vote, including telephone, internet, and by mail.  For questions regarding how to vote your shares please call 1-800-992-2856.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey, (303) 449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES WITHDRAWAL OF SHAREHOLDER PROPOSAL

Boulder, Colo. – (BUSINESS WIRE) – February 19,  2009 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that a shareholder proposal to elect alternative directors to the Fund’s Board of Directors and continue an “aggressive” level-rate distribution policy has been withdrawn.

This proposal was originally submitted by a shareholder, Ralph W. Bradshaw, on or about October 27, 2008. The proposal has been formally withdrawn by Mr. Bradshaw.

The Fund is a closed-end management investment company co-managed by Stewart Investment Advisers and Boulder Investment Advisers, L.L.C.  For more information on the Fund, please visit www.boulderfunds.net. Information contained in this press release was obtained from reputable third-party sources and is believed to be current and reliable.  The Fund is not responsible for the accuracy or reliability of such third-party information.  Past performance is no indicator or guarantee of future results.

Contact:

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES WITHDRAWAL OF SHAREHOLDER PROPOSAL

Boulder, Colo. – (BUSINESS WIRE) – November 26, 2008 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that a shareholder proposal to terminate the investment co-advisory agreement between the Fund and its co-advisers, Boulder Investment Advisers, L.L.C. and Stewart Investment Advisers (the “Boulder Advisers”), has been withdrawn.

This proposal was originally submitted by a shareholder, Ronald G. Olin, on October 27, 2008; it was formally withdrawn by Mr. Olin shortly thereafter.

Steve Miller, the Fund’s president said that “because of Mr. Olin’s on-going association with Doliver Capital Advisers, L.P. and Ralph Bradshaw, notwithstanding the withdrawal of Mr. Olin’s proposal, we continue to believe that Doliver and Messrs. Olin and Bradshaw are acting as a group under federal securities laws and will continue to explore our options given their past tactics with other closed-end funds.”

The Fund is a closed-end management investment company co-managed by Stewart Investment Advisers and Boulder Investment Advisers, L.L.C.  For more information on the Fund, please visit www.boulderfunds.net.  Information contained in this press release was obtained from reputable third-party sources and is believed to be current and reliable. The Fund is not responsible for the accuracy or reliability of such third-party information.  Past performance is no indicator or guarantee of future results.

Contact:

Nicole Murphey

Fund Administrative Services, L.L.C.

303-449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES SHAREHOLDER  PROPOSALS

 

Boulder, Colo. – (BUSINESS WIRE) – November 12, 2008 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that it recently received two unsolicited shareholder proposals.  The proposals seek to elect alternative directors to the Fund’s Board of Directors, terminate the Fund’s investment co-advisory contracts and continue an “aggressive” level-rate distribution policy.

 

Although the proposals were provided by two separate shareholders, Ralph W. Bradshaw and Ronald G. Olin, the Fund understands that these shareholders previously have submitted similar proposals to other closed-end funds in concert with an affiliated institutional manager, Doliver Capital Adviser, L.P. (“Doliver”).  Doliver’s most recent filing with the SEC indicates it holds approximately 17% of the Fund’s shares and Mr. Olin has indicated that he is employed by Doliver as its “chief trader”.  The Fund believes that Messrs. Olin and Bradshaw, who according to public records are brothers-in-law, together with Doliver and its investors, are “affiliates” and a “group” for purposes of various federal securities laws and have failed to make required filings as a group.  The Fund also believes that one or more of this group have acquired positions in the Fund’s shares in excess of that permitted under federal law.  The Fund intends to refer the group’s excess holdings to the SEC for review.  The Fund also intends to explore other independent remedies against the group, including Doliver and its investors, for possible violations of federal securities laws.

 

Mr. Bradshaw’s nominees consist of persons who either serve as directors for the Cornerstone Funds (i.e., Cornerstone Total Return Fund, Inc. (CRF) and Cornerstone Strategic Value Fund, Inc. (CLM)), or are employed by Cornerstone Funds’ investment manager, Cornerstone Advisors, Inc.

 

When asked about the group’s proposals, Steve Miller, the Fund’s president, said “the Cornerstone Funds’ track record speaks for itself.  For the trailing one-year period ending 10/31/08 CRF’s total return on NAV was -40.35% and CLM’s was -38.5%.  This compares to BIF’s return on NAV for the same period of -17.3%.  CRF’s market price has suffered even more, falling from a lofty 105% premium in July 2008 to about a 10% premium as of last Friday.  And CLM was at a 64% premium in May 2008 and as of Friday was at a discount of -1.2%.”  Mr. Miller noted that in October, the Cornerstone Funds held a special meeting for the purpose of effecting a reverse stock split, which the Fund regards as an effort to deal with the fallout of the Cornerstone “aggressive” distribution policy.

 

The group also proposed to terminate the investment co-advisory contract between the Fund and Boulder Investment Advisers and Stewart Investment Advisers (the “Boulder Advisers”).  We anticipate, based on the group’s past behavior, that the group would propose Cornerstone Advisors, Inc. as a replacement adviser.  Joel Looney, the Chairman of the Board of BIF, said “given the poor market and NAV performance of Cornerstone Funds, it is likely that the Board would vigorously oppose this sort of proposal.  Considering the state of the market and economy over the past several months, the Fund has performed remarkably well against the S&P 500, and especially relative to the Cornerstone Funds.”  The Boulder Advisers have managed the Fund since January 2002.  Over the trailing 5-year period ending 10/31/08, BIF has had an annualized total return on NAV of 7.35%.  Over the same trailing 5-year period, CRF has had an annualized LOSS of -2.6%.  The S&P 500 Index has had a total return over that 5-year period of 0.25% annualized.  Mr. Miller commented, “It’s hard to imagine that someone with Cornerstone’s track record would have the audacity to suggest that the Boulder Advisers with their track record be replaced.  Maybe they should take care of the cooking in their own kitchen before they recommend a new chef in ours.”

 

The group also said it will recommend to the Fund’s shareholders that the Fund continue an “aggressive level-rate distribution policy”.  At its regularly scheduled meeting on November 10, 2008, the Board considered the proposal, as well as an opposing proposal from Fund’s management which recommended a significant reduction or suspension of the Fund’s current distribution.  The Board viewed the group’s proposal as overlooking the many factors that the Board must take into consideration in implementing and maintaining a level-rate distribution policy.  Such factors include, for example, the Fund’s previously stated goal of tying its distribution rate to its long-term performance, compliance with certain federal securities laws on maintaining the level-rate distribution policy, the impact of an aggressive policy on the Fund’s leverage coverage ratio, the policy’s current and long-term efficacy in narrowing the Fund’s discount from net asset value, the tax consequences of level-rate distributions, and the long-term investment interests of all of the Fund’s shareholders.  Mr. Looney said that “the dissident’s proposals make no mention of any of these factors and, given Cornerstone’s performance, Mr. Bradshaw and his nominees appear not to fully appreciate these matters.  Their track record and unchecked distribution policy indicates that their interests are not aligned with the long-term interests of the shareholders for those funds.”

 

Mr. Miller said that “the Fund intends to pursue very aggressively its claims that this group and their investors are acting in violation of federal securities laws, including referring this matter to the SEC.  We are concerned that, given their past tactics and their poor stewardship of the Cornerstone Funds, their proposals would destroy value and not serve the long-term interests of our shareholders.  Any proposal such as theirs to destroy the long-term value of one of the better-performing closed-end equity funds must be viewed with great skepticism.”

 

Mr. Miller further stated: “We believe that the shareholder group led by Messrs. Olin and Bradshaw, including Doliver, is known in the closed-end fund industry as a group who acts in concert to gain control over closed-end funds with little regard for federal securities laws.  This group tries to take action with respect to its own interests to profit at the expense of the interests of long-term shareholders.  This group may posture itself to be an advocate for shareholder rights, but we believe that it acts only for its investors’ personal profit, irrespective of whether their proposed actions are detrimental to long-term shareholders who have invested in the Fund.  They have targeted the wrong Fund.”

 

The Fund is a closed-end management investment company co-managed by Stewart Investment Advisers and Boulder Investment Advisers, LLC.  For more information on the Fund, please visit www.boulderfunds.net.  Information contained in this press release was obtained from reputable third-party sources and is believed to be current and reliable.  The Fund is not responsible for the accuracy or reliability of such third-party information.  Past performance is no indicator or guarantee of future results.

 

This communication may be deemed to be solicitation material in respect to the Fund’s next stockholder meeting.  The Boulder Growth & Income Fund and its respective directors, executive officers and certain other members of management may be soliciting proxies from Fund stockholders in connection with the matters described in this press release. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of such stockholders in connection with these matters will be set forth in the proxy statement for the Fund’s next meeting when it is filed with the SEC.  Stockholders are advised to read that proxy statement when it becomes available because it will contain important information.  The proxy statement along with any other relevant documents will be available for free at www.sec.gov.

 

Contact:

Nicole Murphey

Fund Administrative Services, L.L.C.

303-449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES SUSPENSION OF LEVEL RATE DISTRIBUTION POLICY AND UPDATE ON AMPS

Boulder, Colo. – (BUSINESS WIRE) – November 11, 2008 - The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that, due to a number of factors, not the least of which includes the stock market decline and the recent unprecedented economic events, it will suspend its level-rate distribution policy (the “Policy”) and payment of monthly distributions for an indefinite period.  The suspension is effective immediately. 

At a regular meeting held on November 10, 2008, the Fund’s Board of Directors considered continuation of the Policy and a number of alternatives and other factors before coming to the conclusion to suspend the Policy.  Joel Looney, the Fund’s chairman, said that “suspending the policy was a very difficult decision; but we have to face the facts -- the stock market is down 35% not only in the U.S., but in virtually every major market.  We are at a historic moment in the economic history of the U.S. Our first responsibility is to the Fund and the long-term interest of its stockholders.  The Board has concluded that suspending the Policy will better serve that long-term interest.” 

The Board recognized that, as recently as June of 2008, the Fund stated a goal of providing predictable, but not assured, level of cash flow and some liquidity periodically with respect to common shares without having to sell shares.  Mr. Looney noted, however, that the Policy has always been subject to the Board’s discretion to suspend, modify or terminate the Policy at any time.  Mr. Looney noted that “the Fund, and the economy as a whole, are experiencing unprecedented and extraordinary economic circumstances and it is necessary for the Fund to adapt to those circumstances for the best long-term interest of stockholders.”

Steve Miller, the Fund’s president, identified a number of factors that influenced the Board in its decision to suspend the Policy: 

When asked whether suspension of the Policy would be permanent, Mr. Looney said “it will depend on two things:  first, whether it is in the best interest of our stockholders and second (and related to the first) on whether managed distribution programs provide pricing support for closed-end fund shares in the future.  Based on our research, it appears that the days when a managed distribution program was a net positive in narrowing a fund’s discount are over, especially after the SEC lifted its moratorium on exemptive applications.  Based on the number of exemptive applications that have been published over the past 3 months, dozens of new funds could come on line with managed distribution programs before the end of the year which, in the aggregate, is apt to dilute the discount-narrowing impact of all managed distribution programs including the Fund’s.”

At the meeting, the Board also reviewed the Fund’s outstanding auction market preferred shares and the options available to the Fund for substitute leverage.  Based on the Board’s review of the current and anticipated cost of the AMPS, the adequacy and availability of replacement leverage, and the long-term interests of the common stockholders, the Board found it in the Fund’s best interest to leave the AMPS outstanding.  The Fund continues to meet all obligations to the AMPS holders, the AMPS continue to receive AAA credit ratings from their respective rating agencies and AMPS holders continue to receive all periodic payments based on the applicable rate. 

As of Friday, November 7, 2008, the Fund’s net asset value was $6.06 and the closing market price was $5.34, which was an 11.9% discount to net asset value.  The Fund is a non-diversified closed-end management investment company co-managed by Stewart Investment Advisers and Boulder Investment Advisers, LLC.  For more information on the Fund, please visit www.boulderfunds.net.

Contact:

Fund Administrative Services, LLC

Nicole Murphey

303/449-0426

BOULDER FUNDS’ REGULARLY SCHEDULED BOARD MEETING

Boulder, Colo. – (BUSINESS WIRE) – October 24, 2008 - The Boulder Growth & Income Fund, Inc. (NYSE: BIF), Boulder Total Return Fund, Inc. (NYSE: BTF), and The Denali Fund Inc. (NYSE: DNY) (the “Funds”) will conduct their next regularly scheduled meeting of the Boards of Directors on November 10, 2008 (the “Board Meeting”). Included among the items of business that may be discussed at the Board Meeting are the Funds’ level-rate distribution policies and the status of the Funds’ issued and outstanding auction rate preferred shares or ARPS.

The Boards are expected to review and consider the current economic climate faced by the Funds. It is expected that the Boards will discuss the Funds’ current level-rate distribution policies.  As previously disclosed to stockholders, prior distributions have consisted almost entirely of a return of capital and the distribution rate has been generally based on the Funds’ historic performance.  The Boards’ analysis may include recent economic events, the current distribution rate relative to the Funds’ net asset values, the impact of the level-rate distribution policies on the Funds’ expense ratios, the impact of level-rate distribution policies on mitigating the Funds’ discounts, whether stockholders are better served if the distributions are suspended, thus allowing the Funds to invest in stocks that are at long time lows relative to value, and the long-term interests of the Funds’ common stockholders.

During the Board Meeting, the Boards are also expected to review the outstanding and issued ARPS and the options available to the Funds for substitute leverage. The Funds’ ARPS, as well as all other closed-end fund auction rate securities, have continued to experience failed auctions.  The Funds continue to meet all obligations to the ARPS holders as required under their governing documents. All the ARPS continue to receive historic credit ratings from their respective rating agencies and ARPS holders continue to receive all periodic payments based on the applicable rate.  At the Board Meeting, it is expected that the Boards will take into consideration the current options available for replacement leverage, the current and anticipated interest rate environment, and the long-term interests of the common stockholders as well as the ARPS holders in determining what action to take, if any, regarding the ARPS.

The Funds are closed-end management investment companies co-managed by Stewart Investment Advisers and Boulder Investment Advisers, LLC.  For more information on the Funds, please visit www.boulderfunds.net and www.thedenalifund.com.

Contact:

Fund Administrative Services, L.L.C.

303-449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES MONTHLY DISTRIBUTIONS

Boulder, Colo. –  (BUSINESS WIRE) – August 5, 2008 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its Board of Directors has declared the Fund's monthly common stock distribution of $0.115 per share for the months of August, September and October, 2008.  As such, the August distribution will be payable August 29, 2008, to holders of record on August 22, 2008; the September distribution will be payable September 30, 2008, to holders of record as of September 23, 2008; and, the October distribution will be payable October 31, 2008, to holders of record as of October 24, 2008.

The $0.115 per share monthly dividend is equivalent to 18.5% of the Fund's per share market price and 19.3% of the Fund’s most recent net asset value of $7.15 per share, both on an annualized basis.  Management expects that the distribution paid for August, September and October will consist almost entirely of a return of capital to stockholders. However, this could change at any time.  A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares and should not be confused with a dividend yield.  An IRS Form 1099-DIV will be sent to stockholders indicating the final tax characteristic of the distributions they received in 2008. The distributions may consist of ordinary income, if any, long-term capital gains, if any, short-term capital gains, if any, and return of capital, if any. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

Although the Fund may indicate what it expects the tax characteristics of its distributions to be, it is subject to change depending on a number of factors, including market conditions throughout the year and the magnitude of income and realized gains for the year.  Stockholders can expect to receive tax-reporting information for distributions from either their brokers or from the Fund's transfer agent indicating the exact composition per share of the dividends and distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

 

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES COMPLETION OF RIGHTS OFFERING

Boulder, Colo. – (BUSINESS WIRE) – June 23, 2008 - The Boulder Growth & Income Fund, Inc. (NYSE: BIF) is pleased to announce the completion and full subscription of its one-for-three rights offering which expired Friday, June 20, 2008. Under the terms of the rights offering, record date stockholders were entitled to purchase one newly issued share of common stock of the Fund for every three rights held.  The subscription price for each newly issued share was determined to be $7.48 which, under the terms of the prospectus, was the Fund's net asset value per share at the close of trading on Friday, June 20, 2008.

Based on preliminary results provided by the Fund's subscription agent, the Fund received subscriptions for approximately 11 million of the 10,182,696 shares available for issuance. Exact details regarding the shares available for the over-subscription privilege are not yet available. Due to the number of over-subscriptions the Fund received, the shares available to over-subscribing stockholders will be allocated on a pro rata basis among those who over-subscribed based on the shares requested and the number of rights originally issued to them by the Fund. Additional information regarding the method for allocating shares under the over-subscription privilege may be found in the prospectus.

The subscription price of $7.48 is lower than the original estimated subscription price of $7.90.  Under the prospectus, any excess payment is to be applied to the purchase of unsubscribed shares.  However, because the offering and over-allotment appear to be fully subscribed based on preliminary results, unsubscribed shares will likely not be available and thus participants would be entitled to a refund of $0.42 per share (the difference between the estimated and actual subscription price). 

Shares will not be issued until after expiration of the notice of guaranteed delivery.  It is anticipated that shares will be issued on or shortly after Friday, June 27, 2008.  Stockholders are encouraged to contact their broker regarding the specifics of their account.  Newly issued shares will not be entitled to the June dividend.

The Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company. As of Friday, June 20, 2008, the Fund's NAV was $7.48 and the closing market price was $7.64, a premium of 2.1%.

Contact:

Boulder Growth & Income Fund, Inc.

Nicole Murphey, 303-449-0426

BOULDER GROWTH & INCOME FUND, INC. URGES STOCKHOLDERS TO PARTICIPATE IN PENDING RIGHTS OFFERING

Boulder, Colo. –  (BUSINESS WIRE) – June 17, 2008 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) urged stockholders today that they should consider participating in the Fund’s recently announced rights offering, as it may offer stockholders the opportunity to purchase shares of the Fund at less than the current market price per share.  As of Friday, June 13, 2008, stockholders would pay $7.79 per share based on the most recently calculated net asset value; the closing market price of $8.11 per share on June 16, 2008 represents a premium of 4.1% to the Fund’s most recently calculated net asset value. 

The Fund distributed non-transferable rights to its stockholders in May, and the expiration date and pricing date of the offering is Friday, June 20, 2008, at 5:00 pm New York time, unless extended.  The actual subscription price will be equal to the net asset value per share as calculated at the close of trading on the date of expiration of the rights offering.  There can be no guarantee that the market closing price per share on the expiration date of the offering will exceed the subscription price per share.

Stockholders who fully exercise all rights issued to them will be entitled to subscribe for additional shares at the subscription price pursuant to an over-subscription privilege.  Any additional shares a stockholder receives will come from the combined pool of shares left by those stockholders who do not exercise their rights and the shares available in the over-allotment (if any).  Accordingly, the number of shares stockholders might receive above their original allotment cannot be known at this time.  To exercise rights in the rights offering, stockholders should contact their financial advisor, custodian or trust officer with instructions prior to expiration.

This press release contains a summary of certain terms of the offering, and stockholders are urged to read the prospectus.  Persons seeking further information regarding the Fund's rights offering, or interested in obtaining a prospectus, should contact their broker or nominee, or contact the Fund's Information Agent, Morrow & Co., Inc., at 1-800-607-0088.  The prospectus for the offering is also available through the Fund’s website: www.boulderfunds.net.

INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND AND CAN BE OBTAINED AS SET FORTH ABOVE.  INVESTORS SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH STATE.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey, (303) 449-0426

BOULDER GROWTH & INCOME FUND, INC. RIGHTS OFFERING DECLARED EFFECTIVE

Boulder, Colo. –  (BUSINESS WIRE) – May 14, 2008 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its N-2 registration statement has been declared effective by the Securities and Exchange Commission.  The non-transferable rights offering will permit record date holders of common stock to purchase one new share of the Fund for every three rights held at a subscription price equal to the net asset value (“NAV”) per share of common stock at the close of trading on the expiration date of the offering.  In addition to the shares offered in the primary subscription, the Fund will offer a 100% over-allotment to oversubscribing stockholders.  Stockholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares which may be available.  The Fund will proportionally allocate shares to oversubscribing stockholders based on the number of rights originally issued to them. 

As previously announced, the record date for the rights offering is May 15, 2008; the Fund traded ex-rights on May 13, 2008.   Only record date stockholders may participate in the rights offering. 

The rights are expected to be distributed the week of May 19, 2008.  The expiration date and pricing date of the offering is expected to be Friday, June 20, 2008, at 5:00 pm New York time, unless the Fund determines to extend the subscription period beyond this date.  The prospectus for the rights offering is expected to be mailed to record date holders on or about May 23, 2008.  If you have questions about how to exercise your rights, contact your broker.  Additional stockholder inquiries should be directed to the Fund’s information agent, Morrow & Co., Inc., at (800) 607-0088.

A copy of the Fund’s prospectus will be available on the Fund’s website at www.boulderfunds.net.  Stockholders are encouraged to contact their broker regarding decisions to participate in the offering.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey, (303) 449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES RECORD DATE FOR RIGHTS OFFERING

Boulder, Colo. – May 5, 2008 – Boulder Growth & Income Fund, Inc. (NYSE: BIF), announced today that it has fixed the close of business on May 15, 2008 as the record date for determination of stockholders entitled to participate in the Fund’s 1-for-3 rights offering.  Each common stockholder will receive one non-transferable right for each share held as of the record date.  For every three rights a common stockholder receives, they will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the net asset value (“NAV”) per share of common stock at the close of trading on the expiration date of the offering.  Fractional shares will not be issued.  In addition to the shares offered in the primary subscription, the Fund will offer a 100% over-allotment to oversubscribing stockholders.  Stockholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares which may be available.  The Fund will proportionally allocate shares to oversubscribing stockholders based on the number of rights originally issued to them. 

The offering is subject to the filing of an amended registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals.  Any rights offering conducted by the Fund will be made only by means of a prospectus. 

Boulder Growth & Income Fund, Inc. is a non-diversified, closed-end management company organized as a Maryland corporation and is registered with the SEC under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website:  www.boulderfunds.net

Contact:   Nicole Murphey (303) 449-0426

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Fund to attract or retain key employees, inability of the Fund to implement its operating strategy and acquisition strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

BOULDER GROWTH & INCOME FUND ANNOUNCES RESULTS OF ANNUAL MEETING, MONTHLY DISTRIBUTIONS AND STATEMENT REGARDING AUCTION MARKET PREFERRED STOCK

Boulder, Colo. –  (BUSINESS WIRE) – April 29, 2008 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) held its annual stockholders' meeting in Paradise Valley, Arizona on Friday, April 25, 2008, at which time stockholders elected Richard I. Barr, Joel W. Looney, Dr. Dean L. Jacobson, John S. Horejsi, and Susan L. Ciciora to serve as directors for a one year period. 

At the regularly scheduled Board of Directors meeting held the same day, the Board considered, among other things, the illiquidity problems that holders of the Fund’s auction market preferred stock (AMPs) are experiencing as a result of recent failed auctions.  Stephen Miller, the Fund’s president, said that “senior management and the Board are aware of the illiquidity in the AMPs market.  The illiquidity is due to an absence of bidders in the market.  It is not a result of a deterioration of credit or ratings of the Fund’s AMPs.  The AMPs are still “AAA” rated.  Any alternative to the AMPS will be assessed based on its potential short- and long-term impact to all stockholders.”  Mr. Miller continued by saying that “there is not an easy solution to the AMPs illiquidity problem. We would like to give the AMPs holders the liquidity they seek, but at the same time avoid actions that could have a significant adverse impact on the common stockholders.”

In accordance with the level distribution policy approved by stockholders, the Board also declared the Fund's monthly common stock distribution of $0.115 per share for the months of May, June and July, 2008.  As such, the May distribution will be payable May 30, 2008, to holders of record on May 23, 2008; the June distribution will be payable June 30, 2008, to holders of record as of June 23, 2008; and, the July distribution will be payable July 31, 2008, to holders of record as of July 24, 2008.

The $0.115 per share monthly dividend is equivalent to 15.7% of the Fund's per share market price and 17.4% of the Fund’s most recent net asset value of $7.95 per share, both on an annualized basis.  Management expects that the distribution paid for May, June and July will consist almost entirely of a return of capital to stockholders. However, this could change at any time.  A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares and should not be confused with a dividend yield.  An IRS Form 1099-DIV will be sent to stockholders indicating the final tax characteristic of the distributions they received in 2008. The distributions may consist of ordinary income, if any, long-term capital gains, if any, short-term capital gains, if any, and return of capital, if any. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

Although the Fund may indicate what it expects the tax characteristics of its distributions to be, it is subject to change depending on a number of factors, including market conditions throughout the year and the magnitude of income and realized gains for the year.  Stockholders can expect to receive tax-reporting information for distributions from either their brokers or from the Fund's transfer agent indicating the exact composition per share of the dividends and distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

The Boulder Growth & Income Fund, Inc. is a closed-end non-diversified management investment company.  As of April 25, 2008, the Fund’s net asset value was $7.95 and the closing market price was $8.66, a premium of 8.9% to NAV.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND, INC. HAS NOT YET ANNOUNCED RECORD DATE FOR RIGHTS OFFERING

Boulder, Colo. –  (BUSINESS WIRE) – April 3, 2008 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) is reminding stockholders that a record date for stockholders entitled to participate in the Fund’s 1-for-3 non-transferable rights offering has not been set. 

To date, only a preliminary registration statement has been filed with the Securities and Exchange Commission (“SEC”).  The rights offering will not take place until the SEC declares the registration statement effective, which presently the SEC has not done.  Although a record date was listed in the Fund’s preliminary registration statement, the date was only preliminary and no record date has been established.

Once the Fund has established a record date for the rights offering it will follow the necessary channels to properly declare the record date; including notification to the New York Stock Exchange and issuance of a press release.

On February 20, 2008, the Fund announced that its Board of Directors had approved a 1-for-3 non-transferable rights offering for the Fund. The rights offering will permit record date stockholders to acquire one new share of the Fund for every three rights held at a subscription price equal to the net asset value (NAV) per share of common stock at the close of trading on the expiration date of the offering.  The record date for the offering has not been set.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES RIGHTS OFFERING

Boulder, Colo. –  (BUSINESS WIRE) – February 20, 2008 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its Board of Directors has approved a 1-for-3 non-transferable rights offering for the Fund. The rights offering will permit record date stockholders to acquire one new share of the Fund for every three rights held at a subscription price equal to the net asset value (NAV) per share of common stock at the close of trading on the expiration date of the offering.  In addition to the shares offered in the primary subscription, the Fund will offer a 100% over-allotment (5.08 million shares) to over-subscribing stockholders.  The record date for the offering has not been set.

The offering is subject to the filing of a registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals.  The Fund intends to file a registration statement with the SEC.  Any rights offering conducted by the Fund will be made only by means of a prospectus.  Subject to making the necessary filings with the SEC and receiving subsequent SEC approval, it is expected that the rights offering will be conducted in April or May, 2008.

The rights offering is not expected to affect the Fund’s monthly distribution policy.  The Fund’s Board has declared distributions for February, March and April, 2008 and will continue to review the distributions on a quarterly basis.  Holders of newly issued shares of common stock acquired through the rights offering will receive distributions for their shares for record dates subsequent to the issuance of the newly issued shares, but will not receive a distribution for their new shares for the record date immediately prior to the issuance of the newly issued shares.

The Boulder Growth & Income Fund, Inc. is a closed-end non-diversified management investment company.  The Fund currently has 15,241,509 shares of common stock outstanding.  As of February 15, 2008, the Fund’s net asset value was $8.47 and the closing market price was $10.14, a premium of 19.7% to NAV.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES MONTHLY DISTRIBUTIONS

Boulder, Colo. –  (BUSINESS WIRE) – February 1, 2008 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its Board of Directors has declared a monthly common stock distribution of $0.115 per share for the months of February, March and April, 2008. 

The February distribution will be payable February 29, 2008, to holders of record on February 22, 2008; the March distribution will be payable March 31, 2008, to holders of record as of March 24, 2008; and the April distribution will be payable April 30, 2008, to holders of record as of April 23, 2008.

The $0.115 per share monthly dividend is equivalent to 14.3% of the Fund's per share market price and 16.4% of the Fund’s most recent net asset value of $8.43 per share, both on an annualized basis.  Management expects that the dividend paid for February, March and April will consist almost entirely of a return of capital to stockholders. However, this could change at any time.  A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares and should not be confused with a dividend yield.  An IRS Form 1099-DIV will be sent to stockholders indicating the final tax characteristic of the distributions they received in 2008. The distributions may consist of ordinary income, if any, long-term capital gains, if any, short-term capital gains, if any, and return of capital, if any. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

Although the Fund may indicate what it expects the tax characteristics of its distributions to be, it is subject to change depending on a number of factors, including market conditions throughout the year and the magnitude of income and realized gains for the year.  Stockholders can expect to receive tax-reporting information for distributions from either their brokers or from the Fund's transfer agent indicating the exact composition per share of the dividends and distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES MONTHLY DISTRIBUTIONS

 

Boulder, Colo. –  (BUSINESS WIRE) – October 30, 2007 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its Board of Directors has declared a monthly common stock distribution of $0.115 per share for the months of November and December, 2007 and January, 2008.  As such, the November distribution will be payable November 30, 2007, to holders of record on November 23, 2007; the December distribution will be payable December 31, 2007, to holders of record as of December 24, 2007; and the January distribution will be payable January 31, 2008, to holders of record as of January 24, 2008.

 

The $0.115 per share monthly dividend is equivalent to 15.0% of the Fund's per share market price and 15.6% of the Fund’s most recent net asset value (NAV) of $8.84 per share, both on an annualized basis.  Currently the dividend consists of both return of capital to stockholders and ordinary income. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares, and should not be confused with a dividend yield. The distribution will include a component of ordinary income, but this amount will not be known until the Fund’s year-end. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received in 2007 and exactly how much would be ordinary income or long-term capital gains, if any, and return of capital, if any. It is likely that a portion of the distributions will represent capital gains realized by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

 

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES SHARES OF COMMON STOCK OUTSTANDING

Boulder, Colo. - (BUSINESS WIRE) – October 8, 2007 - The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that it now has 15,218,682 shares of common stock outstanding.  As a result of the Fund’s recent rights offering, the Fund issued 3,801,119 shares of common stock in late September.  This issuance, along with the monthly issuance of shares resulting from participation in the Fund’s dividend reinvestment plan, brought the total number of shares of common stock outstanding to over 15.2 million.

The Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company. As of Friday, October 5, 2007, the Fund's net asset value was $8.84 and the closing market price was $9.89, a premium of 11.9%.

Contact:

Boulder Growth & Income Fund, Inc.

Nicole Murphey, 303-449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES RIGHTS OFFERING OVER-SUBSCRIPTION ALLOCATION RATE

Boulder, Colo. - (BUSINESS WIRE) – September 21, 2007 - The Boulder Growth & Income Fund, Inc. (NYSE: BIF) is pleased to announce the over-subscription allocation rate for the Fund’s recently completed rights offering.  Over-subscribing stockholders are eligible to receive approximately 9 shares in the over-subscription for every one share received in the primary offering.   For example, if a stockholder received 100 shares in the primary subscription and oversubscribed for 100 more, he would have received all 100 shares in the over-subscription.  If the same stockholder with 100 shares in the primary over-subscribed for 1,000 shares, he would have received approximately 900 shares.  The allocation procedure is described more fully in the prospectus for the rights offering.

The subscription price for each newly issued share was determined to be $8.67 which, under the terms of the prospectus, was the Fund's net asset value per share at the close of trading on Friday, September 14, 2007.  The initial estimate for the subscription price at the beginning of the rights offering was $8.43 per share.  Under the terms of the prospectus, stockholders will be required to pay the additional $0.24 per share for each subscribed and over-subscribed share.  This will be done automatically through your broker or agent.

It is anticipated that shares will be issued the week of September 24, 2007.  Stockholders are encouraged to contact their broker regarding the specifics of their account.

The Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company. As of Friday, September 14, 2007, the Fund's NAV was $8.67 and the closing market price was $9.75, a premium of 12.5%.

Contact:

Boulder Growth & Income Fund, Inc.

Nicole Murphey, 303-449-0426

BOULDER GROWTH & INCOME FUND ANNOUNCES COMPLETION OF RIGHTS OFFERING


Boulder, Colo. - (BUSINESS WIRE) – September 17, 2007 - The Boulder Growth & Income Fund, Inc. (NYSE: BIF) is pleased to announce the completion and full subscription of its one-for-three rights offering. Under the terms of the rights offering, stockholders were entitled to purchase one newly issued share of common stock of the Fund for every three rights held. The subscription price for each newly issued share was determined to be $8.67 which, under the terms of the prospectus, was the Fund's net asset value per share at the close of trading on Friday, September 14, 2007.
Based on preliminary results provided by the Fund's subscription agent, the Fund received subscriptions for approximately 5.7 million of the 3.8 million shares to be issued. Exact details regarding the shares available for the over-subscription privilege are not yet available. Due to the number of over-subscriptions the Fund received, the shares available to over-subscribing stockholders will be allocated on a pro rata basis among those who over-subscribed based on the shares requested and the number of rights originally issued to them by the Fund. Additional information regarding allocation of shares under the over-subscription privilege may be found in the prospectus.
Because the subscription price of $8.67 is higher than the estimated subscription price of $8.43, participants will be assessed the difference between the estimated and actual subscription price when confirmations are sent to participants.
The Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company. As of Friday, September 14, 2007, the Fund's NAV was $8.67 and the closing market price was $9.75, a premium of 12.5%.

Contact:
Boulder Growth & Income Fund, Inc.
Nicole Murphey, 303-449-0426

BOULDER GROWTH & INCOME FUND, INC. URGES STOCKHOLDERS TO PARTICIPATE IN PENDING RIGHTS OFFERING

Boulder, Colo. –  (BUSINESS WIRE) – September 11, 2007 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) urged stockholders today that they should consider participating in the Fund’s recently announced rights offering, as it may offer stockholders the opportunity to purchase shares of the Fund at less than the current market price per share.  Steve Miller, president of the Fund, said "If the offering expired today, stockholders would pay $8.47 per share based on the most recently calculated net asset value as of September 7, 2007.  The closing market price of $9.32 per share on September 10, 2007 represents a premium of 10% to the Fund’s most recently calculated net asset value." 

The Fund distributed non-transferable rights to its stockholders in August, and the expiration date and pricing date of the offering is Friday, September 14, 2007, at 5:00 pm New York time, unless extended.  The actual subscription price will be equal to the net asset value per share as calculated at the close of trading on the date of expiration of the rights offering.  There can be no guarantee that the market closing price per share on the expiration date of the offering will exceed the subscription price per share.

Stockholders who fully exercise all rights issued to them will be entitled to subscribe for additional shares at the subscription price pursuant to an over-subscription privilege.  Any additional shares a stockholder receives will come from the pool of shares left by those stockholders who do not exercise their rights.  Accordingly, the number of shares stockholders might receive above their original allotment cannot be known at this time.  To exercise rights in the rights offering, stockholders should contact their financial advisor, custodian or trust officer with instructions prior to expiration.

This press release contains a summary of certain terms of the offering, and stockholders are urged to read the prospectus.  Persons seeking further information regarding the Fund's rights offering, or interested in obtaining a prospectus, should contact their broker or nominee, or contact the Fund's Information Agent, Morrow & Co., Inc., at 1-800-607-0088.  The prospectus for the offering is also available through the Fund’s website: www.boulderfunds.net.

INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVE, RISKS AND CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND AND CAN BE OBTAINED AS SET FORTH ABOVE.  INVESTORS SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH STATE.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey, (303) 449-0426

BOULDER GROWTH & INCOME FUND, INC. RIGHTS OFFERING DECLARED EFFECTIVE

Boulder, Colo. –  (BUSINESS WIRE) – August 9, 2007 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its N-2 registration statement has been declared effective by the Securities and Exchange Commission.  The non-transferable rights offering will permit record date holders of common stock to purchase one new share of the Fund for every three rights held at a subscription price equal to the net asset value (“NAV”) per share of common stock at the close of trading on the expiration date of the offering.  As previously announced, the record date for the rights offering was August 1, 2007.   Only record date stockholders can participate in the rights offering. 

The rights are expected to be distributed the week of August 13, 2007.  The expiration date and pricing date of the offering is expected to be Friday, September 14, 2007, at 5:00 pm New York time, unless the Fund determines to extend the subscription period beyond this date.  The prospectus for the rights offering is expected to be mailed to record date holders on or about August 15, 2007.  If you have questions about how to exercise your rights, contact your broker; if you are a registered holder, contact the Fund’s transfer agent.

A copy of the Fund’s prospectus will be available on the Fund’s website at www.boulderfunds.net.  Stockholders are encouraged to contact their broker regarding decisions to participate in the offering.

Boulder Growth & Income Fund, Inc. is a non-diversified, closed-end management company.  As of August 3, 2007, the Fund’s NAV was $8.44 and the closing market price was $9.49, a 12.4% premium to NAV.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey, (303) 449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES MONTHLY DISTRIBUTIONS AND RESPONDS TO QUESTIONS REGARDING RIGHTS OFFERING

 

Boulder, Colo. –  (BUSINESS WIRE) – August 7, 2007 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its Board of Directors has declared a monthly common stock distribution of $0.115 per share for the months of August, September and October, 2007.  As such, the August distribution will be payable August 31, 2007, to holders of record on August 24, 2007; the September distribution will be payable September 28, 2007, to holders of record as of September 21, 2007; and, the October distribution will be payable October 31, 2007, to holders of record as of October 24, 2007.

 

The $0.115 per share monthly dividend is equivalent to 14.5% of the Fund's per share market price and 16.4% of the Fund’s most recent net asset value (NAV) of $8.44 per share, both on an annualized basis.  Currently the dividend consists of both return of capital to stockholders and ordinary income. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares, and should not be confused with a dividend yield. The distribution will include a component of ordinary income, but this amount will not be known until the Fund’s year-end. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received in 2007 and exactly how much would be ordinary income or long-term capital gains, if any, and return of capital, if any. It is likely that a portion of the distributions will represent capital gains realized by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

 

Stockholders have made a number of recent inquiries regarding the Fund, its distribution policy and the announced rights offering, including the following:

 

Will the announced 1-for-3 rights offering affect the Fund’s managed distribution policy (i.e., monthly distributions)?

No, the rights offering will not affect the Fund’s monthly distribution policy.  The Fund’s Board has declared distributions for the months of August, September and October, 2007 and will continue to review the distributions on a regular basis.  Holders of newly issued shares of common stock acquired through the rights offering will receive distributions for their shares for record dates subsequent to the issuance of the newly issued shares, but will not receive a distribution for their new shares for the record date immediately prior to the issuance of the newly issued shares.

 

Does the Board intend to change the distribution rate?

The Board does not currently intend to change the annual distribution rate under the Fund’s distribution policy.  However, the annual distribution rate is reviewed periodically by the Board and will be subject to the Board’s discretion to suspend, modify or terminate the distribution policy at any time. 

 

Will exhaustion of the Fund’s capital loss carry-forwards result in the Board’s termination of the monthly managed distribution policy?

No, exhaustion of the Fund’s capital loss carry-forwards will not impact continuation of the managed distribution.  In the event the Fund uses all of its tax loss carry-forwards, the Fund will declare and pay a single dividend consisting of any net realized long-term capital gains in the month of December.

 

At what price will stockholders be able to purchase shares in the rights offering?

New shares will be priced at the Fund’s net asset value on the expiration date of the offering (i.e., the last day on which stockholders may exercise their rights).

 

How will stockholders know when they can exercise their rights?

Record date stockholders will receive a copy of the Fund’s prospectus by mail.  The prospectus will contain information regarding exercising rights.  Stockholders should contact their broker regarding decisions to exercise or not exercise their rights.

 

ABOUT THE FUND 

 

Boulder Growth & Income Fund, Inc. is a non-diversified, closed-end management company organized as a Maryland corporation and is registered with the SEC under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website:  www.boulderfunds.net

 

FORWARD-LOOKING STATEMENTS 

 

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Fund to attract or retain key employees, inability of the Fund to implement its operating strategy and acquisition strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

 

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES RECORD DATE FOR RIGHTS OFFERING

Boulder, Colo. – July 20, 2007 – Boulder Growth & Income Fund, Inc. (NYSE: BIF), announced today that it has fixed the close of business on August 1, 2007 as the record date for determination of stockholders entitled to participate in the Fund’s 1-for-3 rights offering.  Each common stockholder will receive one non-transferable right for each share held as of the record date.  For every three rights a common stockholder receives, they will be entitled to purchase one new share of the Fund at a subscription price equal to the net asset value (“NAV”) per share of common stock at the close of trading on the expiration date of the offering.  Fractional shares will not be issued.

The offering is subject to the filing of an amended registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals.  Any rights offering conducted by the Fund will be made only by means of a prospectus. 

 

ABOUT THE FUND 

Boulder Growth & Income Fund, Inc. is a non-diversified, closed-end management company organized as a Maryland corporation and is registered with the SEC under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website:  www.boulderfunds.net

Contact:   Nicole Murphey (303) 449-0426

FORWARD-LOOKING STATEMENTS 

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Fund to attract or retain key employees, inability of the Fund to implement its operating strategy and acquisition strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES CHANGES TO TERMS OF RIGHTS OFFERING

Boulder, Colo. – July 12, 2007 – Boulder Growth & Income Fund, Inc. (NYSE: BIF), announced today that the Fund’s Board of Directors has approved certain changes to the terms of the Fund’s previously announced rights offering.  As approved by the Board, the rights offering will be a 1-for-3 non-transferable rights offering with no over-allotment, priced at net asset value.

The rights offering will permit holders of common stock to purchase one new share of the Fund for every three rights held at a subscription price equal to the net asset value (“NAV”) per share of common stock at the close of trading on the expiration date of the offering.  Record date common stockholders will receive one right per share; the rights will be non-transferable and not subject to purchase or sale.  In addition, any rights not fully subscribed for during the primary subscription will be available in an over-subscription privilege to subscribing stockholders on a pro-rata basis.

 

The offering is subject to the filing of an amended registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals. The Fund intends to file an amended registration statement with the Securities and Exchange Commission within the next two weeks. Any rights offering conducted by the Fund will be made only by means of a prospectus. Subject to making the necessary additional filings with the SEC and receiving any necessary subsequent SEC approval, it is expected that the rights offering will commence in July or August of 2007. The record date for the offering has not been set.

 

ABOUT THE FUND 

Boulder Growth & Income Fund, Inc. is a non-diversified, closed-end management company organized as a Maryland corporation and is registered with the SEC under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website:  www.boulderfunds.net

Contact:   Nicole Murphey (303) 449-0426

FORWARD-LOOKING STATEMENTS 

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Fund to attract or retain key employees, inability of the Fund to implement its operating strategy and acquisition strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES WITHDRAWAL AND DISMISSAL OF CLASS ACTION LAWSUIT

Boulder, Colo. – Business Wire – July 6, 2007 – Boulder Growth & Income Fund, Inc. (NYSE: BIF), a closed-end investment company trading on the New York Stock Exchange, announced today that the purported class action lawsuit filed on May 18, 2007 in the United States District Court for the District of Colorado against the Fund and its directors, investment advisers and portfolio manager has been dismissed with prejudice. The plaintiff in the lawsuit withdrew the complaint and promised not to pursue further claims against the Fund, its directors, investment advisers, and/or portfolio manager. There were no settlement payments involved in the withdrawal of the lawsuit and the parties will assume their respective legal fees subject to any applicable insurance reimbursement to the Fund and the other defendants.

Stephen Miller, the Fund's President, said “the Board has always looked out for stockholders' best interests and the quick and decisive resolution of this lawsuit should give stockholders confidence of that fact.”

ABOUT THE FUND 

Boulder Growth & Income Fund, Inc. is a non-diversified, closed-end management company organized as a Maryland corporation and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website:  www.boulderfunds.net

Contact:     Steve Miller or Joel Terwilliger (303) 449-0426

Media Contact:     Nicole Murphey (303) 449-0426

FORWARD-LOOKING STATEMENTS 

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Fund to attract or retain key employees, inability of the Fund to implement its operating strategy and acquisition strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

BOULDER GROWTH & INCOME FUND, INC. REPORTS FILING OF PURPORTED CLASS ACTION SUIT

Boulder Growth & Income Fund, Inc. (the “Fund”), a closed-end investment company traded on the New York Stock Exchange (NYSE:BIF) announced today that a purported class action lawsuit was filed on May 18, 2007 in the United States District Court for the District of Colorado against the Fund and its directors, investment advisers and portfolio manager.  The complaint alleges, among other things, that the defendants failed to make adequate disclosures in the Fund's recent proxy and registration statements. Stephen Miller, the Fund's president, said "we believe the claims are without merit and will defend against them vigorously.  We have turned the matter over to our attorneys and will continue to focus on our more important business of investing." 

ABOUT THE FUND 

Boulder Growth & Income Fund, Inc. (the “Fund”), is a non-diversified, closed-end management company organized as a Maryland corporation and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website:  www.boulderfunds.net

Contact:   Steve Miller or Joel Terwilliger (303) 449-0426

Media Contact:   Nicole Murphey (303) 449-0426

FORWARD-LOOKING STATEMENTS 

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Fund to attract or retain key employees, inability of the Fund to implement its operating strategy and acquisition strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES RIGHTS OFFERING, RESULTS OF ANNUAL MEETING AND MONTHLY DISTRIBUTIONS

 

Boulder, Colo. –  (BUSINESS WIRE) – April 30, 2007 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) held its annual stockholders' meeting in Scottsdale, Arizona on Friday, April 27, 2007, at which time stockholders elected Richard I. Barr, Joel W. Looney, Dr. Dean L. Jacobson, John S. Horejsi, and Susan L. Ciciora to serve as directors for a one year period.  Stockholders also approved a proposal to change the Fund’s industry concentration policy so that the Fund must invest more than 25% of its assets in "real estate related companies" rather than solely in REITs and related companies. 

 

At the regularly scheduled Board of Directors meeting held the same day, the Board approved a 1-for-1 transferable rights offering for the Fund. The rights offering will permit stockholders to acquire one new share of the Fund for each right held at a subscription price equal to the greater of net asset value (NAV) on the expiration date of the offering or 80% of the volume-weighted average sales price of a share of the Fund’s common stock on the New York Stock Exchange (NYSE) on the expiration date of the offering and the four immediately preceding trading days.  It is expected that the rights will be transferable and will be registered and admitted for trading on the NYSE.  In addition to the shares offered in the primary subscription, the Fund will offer an over-allotment of 11.3 million shares to over-subscribing stockholders. 

 

The offering is subject to the filing of a registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals.  The Fund intends to file a registration statement with the SEC within the next two weeks.  Any rights offering conducted by the Fund will be made only by means of a prospectus.  Subject to making the necessary filings with the SEC and receiving subsequent SEC approval, it is expected that the rights offering will be conducted in June or July of 2007. The record date for the offering has not been set.

 

In accordance with the managed distribution policy approved by stockholders, the Board also declared the Fund's monthly common stock distribution of $0.115 per share for the months of May, June and July 2007.  As such, the May distribution will be payable May 31, 2007, to holders of record on May 24, 2007; the June distribution will be payable June 29, 2007, to holders of record as of June 22, 2007; and, the July distribution will be payable July 31, 2007, to holders of record as of July 24, 2007.

 

The $0.115 per share monthly dividend is equivalent to 9.2% of the Fund's current per share market price and 15.0% of the Fund’s most recent per share net asset value (NAV) of $9.19 per share, both on an annualized basis.  Currently the dividend consists mostly of a return of capital to stockholders. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares, and should not be confused with a dividend yield. The distribution may include a component of net investment income, but this amount will not be known until the Fund’s year-end. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received and exactly how much would be net investment income, ordinary income, capital gains, if any, and return of capital, if any. The Fund does not expect that distributions will include any capital gain component. However, it is possible that a portion of the distributions will represent capital gains earned by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

 

The Boulder Growth & Income Fund, Inc. is a closed-end non-diversified management investment company.  The Fund currently has 11,377,908 shares of common stock outstanding.  As of April 27, 2007, the Fund’s net asset value was $9.19 and the closing market price was $15.06, a premium of 63.9% to NAV.

BOULDER GROWTH & INCOME FUND, INC. INCREASES MONTHLY DISTRIBUTIONS

Boulder, Colo. – (BUSINESS WIRE) – February 6, 2007 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the "Fund") announced today that its Board of Directors has declared monthly common stock distributions of $0.115 per share for the months of February, March and April, 2007. This is a 15% increase in the dividend over the prior distribution rate of $0.10 per month. The managed distribution policy was approved by stockholders in May 2006.

The $0.115 monthly dividend (or $1.38 per year) is 13.3% of the Fund's current market price and 14.6% of the Fund’s most recent net asset value (NAV), both on an annualized basis. Management expects that the dividends paid for February, March and April, will consist entirely of a return of capital to stockholders. However, this could change at any time. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares and it is not taxable. It should not be confused with a dividend yield. An IRS Form 1099-DIV will be sent to stockholders after the year-end indicating the tax characteristic of the distributions they received and exactly how much is net investment income, ordinary income, capital gains, if any, and return of capital, if any. The Fund does not expect that distributions will include any capital gain component. However, it is possible that a portion of the distributions will represent capital gains earned by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital, they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

The February distribution will be payable February 28, 2007, to holders of record on February 21, 2007; the March distribution will be payable March 30, 2007, to holders of record as of March 23, 2007; and, the April distribution will be payable April 30, 2007, to holders of record as of April 23, 2007.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF". As of Friday, February 2, 2007, the Fund’s net asset value was $9.45 per share and the closing market price was $10.30, which was a 9.0% premium to its net asset value.


BOULDER GROWTH & INCOME FUND, INC. FILES AMENDED APPLICATION FOR MANAGED DISTRIBUTIONS

Boulder, Colo. – (BUSINESS WIRE) – December 4, 2006 – The Boulder Growth & Income Fund, Inc. (NYSE:BIF) announced today that it filed an amended and restated application with the Securities and Exchange Commission (SEC) requesting exemption from the provisions of Section 19(b) of the Investment Company Act of 1940, as amended, and Rule 19b-1 thereunder to permit more than one capital gain distribution per year. The Fund currently pays a regular dividend $0.10 per share, per month. The Fund is able to do this because of capital loss carryforwards which offset net realized gains. However, these capital loss carryforwards do not last indefinitely. Exemption would allow the Fund to continue making a managed distribution payment.

The Fund originally applied for exemptive relief in 2004 but did not receive a response until recently when the SEC issued a letter proposing conditions for future Rule 19b-1 exemptions. The Fund has amended and restated its original application in response to the conditions proposed in the SEC letter.

At the Annual Meeting of Stockholders held earlier this year, stockholders approved a distribution policy whereby the Fund pays $0.10 per share, per month (or $1.20 per year) which equates to 11.5% of the Fund’s current market price. Continuance of the $0.10 monthly dividend is contingent upon either (i) the Fund maintaining a tax loss carryforward or (ii) receiving exemption from Rule 19b-1 allowing the Fund to make multiple capital gain distributions in a year. The primary purpose of applying for relief under Rule 19b-1 is to continue to provide investors with regular distributions which are not dependent on the amount of income earned or capital gains realized by the Fund. The Board has not received any indication from the SEC on whether the application will be approved or the timeframe to expect a response in regard to its request for exemptive relief.

The Board currently reviews the payout rate quarterly and will make a final determination about continuation of the policy and determine any change in the rate of payout only after issuance of an SEC exemptive order and consideration of circumstances then existing. Although the Board cannot determine if any change would be made to the amount of the periodic payout at this time, the proposed distributions could include a return of capital to the extent that net investment income and net capital gain are insufficient to meet the fixed dividend. The Board has the ability to amend or terminate the managed distribution at any time, without prior notice to stockholders.

The Board believes that the managed distribution policy may help the Fund attract new investors, which could have a positive effect on the market price of the Fund’s common shares. The distributions also provide stockholders with a dependable monthly cash source.

BOULDER GROWTH & INCOME FUND, INC. DECLARES MONTHLY DISTRIBUTIONS

Boulder, Colo. – (BUSINESS WIRE) – November 8, 2006 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the "Fund") announced today that, in accordance with the managed distribution policy approved by stockholders, its Board of Directors has declared monthly common stock distributions of $0.10 per share for the months of November and December, 2006 and January, 2007. As such, the November distribution will be payable November 30, 2006, to holders of record on November 24, 2006; the December distribution will be payable December 29, 2006, to holders of record as of December 22, 2006; and, the January distribution will be payable January 31, 2007, to holders of record as of January 24, 2007.

The $0.10 monthly dividend (or $1.20 per year) is 12.3% of the Fund's current market price and 13.6% of the Fund’s most recent net asset value (NAV), both on an annualized basis. Management expects that the dividends paid for November and December, and the dividends paid fiscal year-to-date, will consist of approximately 40% of net investment income and 60% return of capital to stockholders. However, this could change before year-end. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares, and should not be confused with a dividend yield. The exact amounts will not be known until the Fund’s fiscal year-end, November 30, 2006. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received in 2006, and exactly how much is net investment income, ordinary income, capital gains, if any, and return of capital.

Though the Fund had net realized gains as of the end of October, 2006, these gains would be offset by tax loss carry-forwards for book purposes but not for tax purposes. Therefore, management will attempt to offset any gains with losses before its year-end on November 30, 2006. If the Fund has net realized capital gains at year-end, then a portion of each distribution will represent capital gains earned by the Fund but offset by capital loss carry-forwards for book purposes. Any such gain would be taxable at ordinary income tax rates, which is why management will try to offset any realized gains with losses before fiscal year-end. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF". As of Friday, November 3, 2006, the Fund’s net asset value was $8.82 per share and the closing market price was $9.67, which was a 9.6% premium to its net asset value.

BOULDER GROWTH & INCOME FUND, INC. DECLARES MONTHLY DISTRIBUTIONS

Boulder, Colo. –  (BUSINESS WIRE) – August 8, 2006 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the "Fund") announced today that, in accordance with the managed distribution policy approved by stockholders, its Board of Directors has declared monthly common stock distributions of  $0.10 per share for the months of August, September and October, 2006.  As such, the August distribution will be payable August 31, 2006, to holders of record on August 24, 2006; the September distribution will be payable September 29, 2006, to holders of record as of September 22, 2006; and, the October distribution will be payable October 31, 2006, to holders of record as of October 24, 2006. 

The $0.10 monthly dividend (or $1.20 per year) is 15% of the Fund's current market price on an annualized basis and consists mostly of a return of capital to stockholders. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares, and should not be confused with a dividend yield. The distribution may include a small component of net investment income, but this amount will not be known until the Fund’s year-end. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received and exactly how much would be net investment income, ordinary income, capital gains, if any, and return of capital, if any. The Fund does not expect that distributions will include any capital gain component. However, it is possible that a portion of the distributions will represent capital gains earned by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF".  As of Friday, August 4, 2006, the Fund’s net asset value was $8.42 per share and the closing market price was $7.88, which was a 6.4% discount to its net asset value.

BOULDER GROWTH & INCOME FUND, INC. DECLARES MONTHLY DISTRIBUTION

Boulder, Colo. –  (BUSINESS WIRE) – July 10, 2006 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the "Fund") announced today that, in accordance with the managed distribution policy approved by stockholders, it has declared a common stock distribution of  $0.10 per share payable July 31, 2006, to holders of record on July 24, 2006. 

The $0.10 monthly dividend (or $1.20 per year) is 15% of the Fund's current market price on an annualized basis and consists mostly of a return of capital to stockholders. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares, and should not be confused with a dividend yield. The distribution may include a small component of net investment income, but this amount will not be known until the Fund’s year-end. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received and exactly how much would be net investment income, ordinary income, capital gains, if any, and return of capital, if any. The Fund does not expect that distributions will include any capital gain component. However, it is possible that a portion of the distributions will represent capital gains earned by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF".  As of Friday, July 7, 2006, the Fund’s net asset value was $8.34 per share and the closing market price was $7.80, which was a 6.4% discount to its net asset value.  The Fund’s website is www.boulderfunds.net

BOULDER GROWTH & INCOME FUND, INC. DECLARES MONTHLY DISTRIBUTION

Boulder, Colo. –  (BUSINESS WIRE) – June 9, 2006 – The Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the "Fund") announced today that, in accordance with the managed distribution policy approved by stockholders, it has declared a common stock distribution of  $0.10 per share payable June 30, 2006, to holders of record on June 23, 2006. 

The $0.10 monthly dividend (or $1.20 per year) is 15% of the Fund's current market price on an annualized basis and consists mostly of a return of capital to stockholders. A “return of capital” represents a return of a stockholder’s original investment in the Fund’s shares, and should not be confused with a dividend yield. The distribution may include a small component of net investment income, but this amount will not be known until the Fund’s year-end. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received and exactly how much would be net investment income, ordinary income, capital gains, if any, and return of capital, if any. The Fund does not expect that distributions will include any capital gain component. However, it is possible that a portion of the distributions will represent capital gains earned by the Fund but offset by capital loss carry-forwards, which will be taxable at ordinary income tax rates. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Fund’s shares.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF".  As of Friday, June 2, 2006, the Fund’s net asset value was $8.53 per share and the closing market price was $7.98, which was a 6.4% discount to its net asset value.

BOULDER GROWTH & INCOME FUND, INC. DECLARES MONTHLY DISTRIBUTION

Boulder, Colo. –  (BUSINESS WIRE) – May 15, 2006 – Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the "Fund") announced today that, in accordance with the managed distribution policy approved by stockholders at the recent annual meeting, it is declaring a common stock distribution of  $0.10 per share payable May 31, 2006, to holders of record on May 25, 2006. 

At a reconvened annual stockholder meeting held in Boulder, Colorado, on May 12, 2006, stockholders approved a managed distribution policy (the "Policy") whereby the Fund would make common stock distributions of $0.10 per month, or $1.20 per year, subject to the Board's right to suspend, modify or terminate the distributions at any time.  Based on the closing market price for BIF as of May 12, 2006, the distribution amounts to 14.9% of the market price on an annualized basis.  Distributions under the Policy should not be confused with "yield" or investment return on the Fund's portfolio.

In adopting the Policy, the Fund seeks to provide a regular monthly distribution to its common stockholders which is not dependent on the amount of income earned or capital gains realized by the Fund. The Policy recognizes that many investors are willing to accept the potentially higher asset volatility of the Fund's equity investments, but would prefer a consistent level of cash distributions be available each month for reinvestment or other purposes of their choosing.

It is expected that distributions under the Policy will consist mostly of a return-of-capital to stockholders.   The distribution may have a small component of net investment income, but the exact tax characteristics of the distributions will not be known until the Fund’s fiscal year-end.  Stockholders should not confuse a return-of-capital with "dividend yield" and should realize that a “return of capital” represents a return of their original investment in the Fund’s shares.

Because the Fund has substantial capital loss carry-forwards from losses, it is not likely that there will be long-term capital gains to distribute for some time – at least until the capital loss carry-forwards are exhausted.  To the extent the Fund were to have net realized long-term capital gains at any fiscal year-end, they would be taxed at ordinary rates until such time as the capital loss carry-forwards are exhausted or expired.  This is due to tax treatment of distributions when a fund has capital loss carry-forwards.  Distributions that are designated as return-of-capital are not taxable in the year they are distributed.   However, shareholders must reduce their cost basis by the amount of the return-of-capital.  Stockholders should seek their own tax counsel if they have questions on this matter.

The Fund seeks to have its long-term investment return exceed the level of distributions under the Policy; however, there can be no guarantee that this goal will be met.

The final tax character of the distributions for 2006 cannot be determined until after the end of the Fund's fiscal year (11/30/06).  Although the Fund may indicate what it expects the tax characteristics of its distributions to be, it is subject to change depending on a number of factors, including market conditions throughout the year and the magnitude of income and realized gains for the year.  Stockholders can expect to receive tax-reporting information for 2006 distributions from either their brokers or from the Fund's transfer agent indicating the exact composition per share of the dividends and distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

The Fund's Board of Directors remains convinced that stockholders are well served by the Policy and that regular distributions will increase liquidity and provide flexibility to individual stockholders in managing their investment. Stockholders have the option of reinvesting these distributions in additional shares of the Fund or receiving them in cash.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF".  As of Friday, May 12, 2006, the Fund’s net asset value was $8.56 per share and the closing market price was $8.08, which was a 5.6% discount to its net asset value.

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES RESULTS OF RECONVENED ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – May 12, 2006 –  The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced results of its reconvened Annual Meeting of Stockholders held today in Boulder, Colorado.  The meeting was previously adjourned with respect to the election of preferred stock directors and adoption of the proposed managed distribution policy.

At today's meeting, auction market preferred stockholders elected Richard I. Barr and John S. Horejsi each for a one-year term expiring at the 2007 annual meeting.  Stockholders further approved a managed distribution policy for the Fund (Proposal 2).  Proxies for approximately 61% of the Fund’s outstanding shares were voted and, of the proxies voted, over 99% voted in favor of the managed distribution proposal.   The Fund intends to declare the first dividend under the managed distribution policy early next week (the week of May 15). 

All proposals on the Fund’s 2006 Proxy Statement have been approved by stockholders.

BOULDER GROWTH & INCOME FUND, INC. ANNOUNCES RESULTS OF ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – April 25, 2006 –  The Boulder Growth & Income Fund, Inc. (NYSE:BIF) announced results of its Annual Meeting of Stockholders held yesterday in Scottsdale, Arizona. 

Common stockholders elected Dennis R. Causier, Dr. Dean L. Jacobson and Joel W. Looney each for a one-year term expiring at the 2007 annual meeting.  Stockholders further approved an amendment to the Fund’s charter to provide that the number of directors of the Fund shall be five, subject to the provisions of any class or series of Preferred Stock.  With respect to election of the Auction Market Preferred Stock Directors (Messrs. Barr and Horejsi) the meeting was adjourned until May 12, 2006 to permit further solicitation of the holders of the Auction Market Preferred Stock.  Proposal 2, to approve a managed distribution policy, was also adjourned until May 12, 2006 to allow stockholders additional time to vote on this proposal given the late mailing date for the proxy materials and the Board’s desire to provide all shareholders with ample opportunity to vote on this matter.  As of the original meeting date, proxies for approximately 51% of the Fund’s outstanding shares had been received, with over 98.5% of such proxies voting in favor of the proposal. 

The meeting will be reconvened at 9:00 a.m. local time at the Fund’s corporate offices in Boulder, Colorado located at 1680 38th Street, Suite 800.

BOULDER GROWTH & INCOME FUND CONSIDERING A REGULAR MONTHLY DISTRIBUTION

Boulder, CO (Business Wire) – February 15, 2006 –  Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its Board of Directors has been considering a proposal from the Fund’s management to implement a regular monthly distribution program in the approximate amount of $.10 per share.  Based on the closing market price on February 14, 2006 of $7.19 per share, the distribution would equal approximately 16.7% of the Fund’s per share market price on an annualized basis.  The tax characteristic of these distributions is not known at this time, but it is expected that, at least in the near term, the distributions will consist almost entirely of return of capital.  A return of capital is not taxable to shareholders to the extent aggregate return of capital distributions do not exceed a shareholder’s tax basis in the shares.  Shareholders should understand that a return of capital is not a distribution of earnings or gains from the Fund.  Shareholders will receive, as always, an IRS tax Form 1099 after the end of the year providing the exact tax characteristics of any distributions. Typically a return of capital requires shareholders to adjust their cost basis by the amount of the return of capital.  Shareholders should consult their own tax advisors.

In 2004, the Fund sought exemptive relief from the Securities and Exchange Commission (SEC) under Rule 19b-1 of the Investment Company Act of 1940 (1940 Act) so that it could pay a managed distribution.  Section 19 of the 1940 Act limits an investment company's ability to make multiple distributions of long-term capital gains annually.  The SEC did not respond either favorable or unfavorably to the Fund's request.  The Fund believes that the SEC has imposed a moratorium on granting this type of request for exemptive relief under Rule 19b-1 over concerns that inadequate disclosure by investment companies regarding the tax characteristics of distributions has resulted in fund investors not understanding that the distribution of a fund’s capital is not a dividend yield. 

The Fund has substantial capital loss carry-forwards from prior years and does not expect to generate net capital gains in 2006 that would exceed these capital loss carry-forwards.   Accordingly, the Fund’s management believes that exemptive relief from Rule 19b-1 will not be required in the near term for the Fund to make regular monthly distributions to its shareholders.   As stated above, at this time it is expected that distributions will likely consist almost entirely of return of capital.  If exemptive relief is required in the future and is not granted by the SEC, the Fund may be required to suspend the distributions.  The Board expects to act on management’s proposal by mid-March.

The Fund’s website is at www.boulderfunds.net

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company.  As of Friday, February 10, 2006, the Fund’s NAV was $8.21 per share and the closing market price was $7.24, which was an 11.8% discount to NAV.

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BOULDER GROWTH & INCOME FUND DECLARES DIVIDEND

Boulder, CO (Business Wire) – December 13, 2005 –  Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today that its Board of Directors declared a common stock dividend of $0.02 per share payable December 30, 2005 to holders of record on December 23, 2005.  The dividend consists entirely of net investment income.  The amount of the dividend that qualifies for the QDI (Qualified Dividend Income) as well as the DRD (Dividends Received Deduction) will be posted on the Fund’s website at www.boulderfunds.net when the information is available and in the Fund’s Annual Report which will be mailed in January, 2006.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company.  As of Friday, December 9, 2005, the Fund’s NAV was $8.02 per share and the closing market price was $6.92, which is a 13.8% discount to NAV.

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BOULDER GROWTH & INCOME FUND ISSUES AUCTION MARKET PREFERRED SHARES

Boulder, CO. (Business Wire) – October 17, 2005 - The Boulder Growth & Income Fund, Inc. (NYSE: BIF) announced today the issuance of $25 million in Auction Market Preferred Shares, resulting in an increase in the Fund’s leverage and total assets. The Fund issued 1,000 shares Auction Market Preferred Shares, Series M28, par value $0.01, liquidation preference of $25,000 per share (the “AMPS”).

The Fund was leveraged with a $20 million revolving line of credit provided by Custodial Trust Company, a subsidiary of Bear Stearns & Co. The proceeds from the AMPS issuance will be, in part, used to pay off the full outstanding line of credit. Therefore, the net increase in leverage for the Fund will be $5 million.

The proceeds of the leverage will be invested in accordance with the Fund’s investment objective.

The Fund’s AMPS received a rating of 'Aaa' by Moody’s Investors Services and ‘AAA’ by Fitch Ratings.

Boulder Growth & Income Fund is a non-diversified, closed-end management investment company with an investment objective of total return. The Fund seeks to produce both income and long-term capital appreciation by investing in a portfolio of equity and debt securities. As of Friday, October 14, 2005, the Fund’s NAV was $7.61 and the closing market price was $6.58, which is a 13.5% discount to NAV.
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BOULDER GROWTH & INCOME FUND ANNOUNCES HOLD ON MANAGED DISTRIBUTION POLICY

Boulder, Colo. –  (BUSINESS WIRE) – April 22, 2005 –  The Boulder Growth & Income Fund, Inc. (NYSE:BIF) announced today that its Board of Directors has no current expectation that the Fund will be able to proceed with its proposed managed distribution policy.

In July, 2004, the Fund submitted an application for exemptive relief to the Securities and Exchange Commission (SEC) to permit the Fund to include net long-term capital gains in distributions to shareholders more frequently than is permitted under the Investment Company Act of 1940.  The Board of Directors believes that obtaining such relief in the foreseeable future is unlikely given the SEC’s current position on managed distributions by closed-end funds.

The staff of the SEC has apparently suspended review of exemptive applications requesting the type of relief sought by the Fund pending an SEC investigation into the dividend practices of closed-end funds.  Although similar exemptive applications previously were routinely granted, the SEC staff now appears concerned that managed distributions, which may include a return of capital to the extent such distributions exceed a fund’s net income, may be inappropriate for closed-end funds or that the conditions for granting relief to permit managed distributions may need to be revised.  The Board of Directors understands that the SEC has not granted an exemptive order permitting managed distributions since mid-2004.

In light of this development, the Board of Directors currently does not anticipate that the Fund will be in a position to include long-term capital gains in distributions to shareholders more frequently than annually as permitted under the Investment Company Act of 1940.

As of Friday, April 22, 2005, the Fund’s net asset value was $7.48 and the closing market price was $6.45, which is a discount of 13.72% to the Fund’s net asset value.

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Fund Administrative Services, LLC, the administrator for the Boulder Funds, also serves as the Administrator to another closed-end fund, First Opportunity Fund, Inc. To go directly to the website for this fund, CLICK HERE: www.firstopportunityfund.com