Boulder Total Return Fund 

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Holdings

These holdings are as of August 31, 2008.
They are subject to change depending on subsequent purchases and sales of securities. Holdings will be updated as of the end of each fiscal quarter and published on this webpage no sooner than 60 days after quarter end.

  ISSUE Shares Market Value
% of Assets
1
Berkshire Hathaway Inc, Class A              690  $        80,454,000 27.06%
2
Yum! Brands Inc     1,180,000  $        42,102,400 14.16%
3
Berkshire Hathaway Inc, Class B            9,200  $        35,898,400 12.07%
4
Wal-Mart Stores Inc        370,000  $        21,855,900 7.35%
5
Eaton Corp        150,500  $        11,013,590 3.70%
6
Anheuser-Busch Companies        127,100  $          8,625,006 2.90%
7
Cheung Kong Holdings        515,000  $          7,403,711 2.49%
8
Claymore Preferred Securities Income        549,200  $          7,370,264 2.48%
9
Walgreen Co        177,000  $          6,448,110 2.17%
10
Burlington Northern Santa Fe          60,000  $          6,444,000 2.17%
11
Diageo PLC          75,000  $          5,580,000 1.88%
12
Cohen&Steers REIT T7              200  $          5,000,000 1.68%
13
Legg Mason Inc        106,328  $          4,734,786 1.59%
14
Heineken NV          95,117  $          4,470,906 1.50%
15
Caterpillar Inc          60,000  $          4,243,800 1.43%
16
Johnson & Johnson          52,000  $          3,662,360 1.23%
17
Kiwi Income Property     4,150,136  $          3,224,433 1.08%
18
Midland Holdings Ltd     6,156,000  $          3,155,062 1.06%
19
First American Corp        120,000  $          3,032,400 1.02%
20
Cohen&Steers Quality M7              120  $          3,000,000 1.01%
21
Duff & Phelps Util. T7              120  $          3,000,000 1.01%
22
American International Group        131,000  $          2,815,190 0.95%
23
Citigroup Inc        125,000  $          2,373,750 0.80%
24
Home Depot Inc          72,500  $          1,966,200 0.66%
25
Pfizer Inc        100,000  $          1,911,000 0.64%
26
Redwood Trust Inc.          75,000  $          1,406,250 0.47%
27
Washington Mutual        317,549  $          1,286,073 0.43%
28
Neuberger Berman C W7                50  $          1,250,000 0.42%
29
Canfor Pulp Income Fund        123,000  $          1,144,509 0.38%
30
YRC Worldwide Inc.          63,100  $          1,142,110 0.38%
31
Henderson Land Dvpmt Co Ltd        104,500  $            636,003 0.21%
32
Ryland Group Inc          22,700  $            526,186 0.18%
33
New City Residence              340  $            492,074 0.17%
34
Toll Brothers Inc          18,900  $            470,232 0.16%
35
DR Horton Inc          34,100  $            424,886 0.14%
36
KB Home          10,000  $            208,000 0.07%
37
Dogus GE Gayrimenkul          57,183  $              37,652 0.01%
38
Henderson Investment        500,000  $              33,314 0.01%
Total Common Stocks    $     288,842,559  
Cash and Short-Term Maturities    $         8,806,792  

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