Boulder Total Return Fund 

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Holdings

These holdings are as of November 30, 2009.
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 Iinc., Class A               690  $         69,414,000 26.44%
2
Yum! Brands Inc      1,085,000  $         38,267,950 14.58%
3
Berkshire Hathaway Inc., Class B            9,200  $         30,847,600 11.75%
4
Wal-Mart Stores Inc         370,000  $         20,183,500 7.69%
5
United States T-Bill due 12/31/2009    14,500,000  $         14,499,637 5.52%
6
Johnson & Johnson         216,000  $         13,573,440 5.17%
7
Walgreen Co         177,000  $           6,883,530 2.62%
8
Cheung Kong Holdings         515,000  $           6,472,345 2.47%
9
Burlington Northern Santa Fe Corp           60,000  $           5,898,000 2.25%
10
Cohen & Steers REIT and Utility Income Fund         576,250  $           5,537,763 2.11%
11
Diageo PLC ADR           75,000  $           5,070,750 1.93%
12
Cohen & Steer Select Utility Fund         348,000  $           4,903,320 1.87%
13
Midland Holdings Ltd      6,156,000  $           4,599,098 1.75%
14
Heineken NV           95,117  $           4,473,204 1.70%
15
F&C/Claymore Preferred Securities Income Fund         341,549  $           4,320,595 1.65%
16
First American Corp         120,000  $           3,806,400 1.45%
17
Caterpillar Inc           60,000  $           3,503,400 1.33%
18
Kiwi Income Property Trust      4,601,836  $           3,395,192 1.29%
19
New Zealand Government Bond due 11/15/11, 6%      3,863,000  $           2,791,147 1.06%
20
Heineken Holding NV           60,000  $           2,472,597 0.94%
21
Pfizer Inc         123,300  $           2,240,361 0.85%
22
Home Depot Inc           72,500  $           1,983,600 0.76%
23
Redwood Trust Inc.           75,000  $           1,077,750 0.41%
24
GlaxoSmithKline ADR           20,000  $              829,400 0.32%
25
Henderson Land Dvpmt Co Ltd         104,500  $              737,563 0.28%
26
3M Co            8,000  $              619,520 0.24%
27
Franklin Resources Inc.            5,700  $              615,771 0.23%
28
F&C/Claymore Total Return Fund           45,077  $              591,410 0.23%
29
Boardwalk Pipeline Parners, LP           15,000  $              423,450 0.16%
30
Black Hills Corp           17,500  $              412,475 0.16%
31
Enterprise Products Partners, LP           13,700  $              408,123 0.16%
32
Energy Transfer Partners, LP            9,200  $              398,268 0.15%
33
Neuberger Berman Real Estate Securities Income Fund, Series C                   8  $              188,000 0.07%
34
Guoco Group Ltd           10,500  $              122,002 0.05%
35
Henderson Investment         500,000  $                38,064 0.01%
36
Dogus GE Gayrimenkul           57,183  $                32,930 0.01%
37
New City Residence               340  $                    786 0.00%
Total Common Stocks    $     261,632,942  
Cash and Short-Term Maturities    $            454,976  

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