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BOULDER TOTAL RETURN FUND ANNOUNCES SUSPENSION OF LEVEL RATE DISTRIBUTION POLICY AND UPDATE ON AMPS

Boulder, Colo. – (BUSINESS WIRE) – November 11, 2008 - The Boulder Total Return Fund, Inc. (NYSE: BTF) 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, Director of the Fund, 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 the Fund has indicated a goal of providing predictable, but not assured, level of cash flow.  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), 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 $13.52 and the closing market price was $12.30, which was a 9.0% discount to net asset value.  The Fund is a diversified closed-end management investment company co-managed by Stewart Investment Advisers and Boulder Investment Advisers, LLC.  For more information on the Funds, 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 TOTAL RETURN FUND ANNOUNCES MONTHLY DISTRIBUTIONS

Boulder, Colo. –  (BUSINESS WIRE) – August 5, 2008 –  The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that its Board of Directors has declared a monthly common stock distribution of $0.273 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 $0.273 per share monthly dividend is equivalent to 19.3% of the Fund's per share market price and 18.3% of the Fund’s most recent net asset value of $17.90 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 TOTAL RETURN FUND ANNOUNCES RESULTS OF ANNUAL MEETING, MONTHLY DISTRIBUTIONS AND STATEMENT REGARDING AUCTION MARKET PREFERRED STOCK

Boulder, Colo. –  (BUSINESS WIRE) – April 29, 2008 –  The Boulder Total Return Fund, Inc. (NYSE: BTF) 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.”

The Board also declared the Fund's monthly common stock distribution of $0.273 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 $0.273 per share monthly dividend is equivalent to 15.9% of the Fund's per share market price and 15.0% of the Fund’s most recent net asset value of $21.86 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.

Contact:

Boulder Investment Advisers, LLC

Nicole Murphey

303/449-0426

 

BOULDER TOTAL RETURN FUND, INC. REMOVES PROXY PROPOSAL

Boulder, Colo. –  (BUSINESS WIRE) – March 10, 2008 –  The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that the Board determined that the Fund would not include a proposal on its upcoming proxy seeking stockholder approval of the Fund’s current level-rate distribution policy.  Management determined that including such a proposal on the proxy would result in undue proxy solicitation expense and burden on the Fund.  Under New York Stock Exchange rules, inclusion of the proposal would cause all the proposals in the proxy to be “non-routine”, including the election of common stock and preferred stock directors, thus requiring the Fund to engage a proxy solicitor.  In lieu of seeking stockholder approval of the current level-rate distribution policy, management indicated that the Fund would informally seek stockholder input, possibly at a later date. 

Steve Miller, president of the Fund, said that “withdrawing the proposal will not affect the Fund’s current level-rate distribution policy nor the rate at which the Fund presently distributes under the policy.  This is purely a cost saving measure and the Fund’s commitment to its current level-rate distribution program has not changed nor is it anticipated to change unless stockholders feedback suggests otherwise”.  Presently under its level-rate distribution policy, the Fund makes monthly distributions of $0.273 per share and has declared these distributions for the months of March and April, 2008.   The $0.273 per share monthly distribution is equivalent to 15.2% of the Fund’s most recent published net asset value of $21.60, and approximately 16.1% of the Fund’s per share market price, both on an annualized basis.  The distribution is subject to the Board’s right to suspend, modify, or terminate the distributions at any time.  The distribution rate is approximately equal to the long-term performance of the Fund based on a rolling 5-year performance history.

As of Friday, March 7, 2008, the Fund’s net asset value was $21.60 and the closing market price was $20.40, which was a 5.6% discount to NAV.

Contact:

Fund Administrative Services, LLC

Nicole Murphey, (303) 449-0426

BOULDER TOTAL RETURN FUND, INC. INCREASES MONTHLY DISTRIBUTIONS AND ANNOUNCES PROXY PROPOSAL

Boulder, Colo. –  (BUSINESS WIRE) – February 1, 2008 –  The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that its Board of Directors has declared a monthly common stock distribution of $0.273 per share for the months of February, March and April, 2008.  This is a $0.033 increase over the prior distribution rate of $0.24 per share per month. 

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 $0.273 per share monthly distribution is equivalent to 13.9% of the Fund’s most recent published net asset value of $23.51, and approximately 15% of the Fund’s per share market price, both on an annualized basis.  The distribution rate is approximately equal to the long-term performance of the Fund based on a rolling 5-year performance history. 

In addition to increasing the monthly distribution, the Board also determined that the Fund's stockholders should be given the opportunity to vote on the Fund’s level distribution policy.  Accordingly, the Board has recommended inclusion of a proposal in the Fund’s upcoming proxy statement which seeks stockholder approval of the policy.  In putting the proposal up to vote, stockholders would be given the opportunity to show their support or dislike of the policy.  The Fund expects to mail the proxy statement in March.

Management expects that the dividends 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:

Fund Administrative Services, LLC

Nicole Murphey, (303) 449-0426

BOULDER TOTAL RETURN FUND, INC. ANNOUNCES LEVEL DISTRIBUTION AND DECLARES DIVIDEND

Boulder, Colo. –  (BUSINESS WIRE) – October 29, 2007 –  The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that its Board of Directors has approved a level distribution policy for the Fund.  As approved, the Fund will begin paying a fixed monthly common stock distribution of $0.24 per share, per month.  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.  The final tax character of the distributions will not be determined until after the end of the Fund’s fiscal year. 

The Board has declared a monthly common stock distribution of $0.24 per share for the months of December, 2007 and January, 2008.  As such, 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 $0.24 per share monthly distribution is equivalent to 12.5% of the Fund’s per share market price and 11.6% of the Fund’s most recent net asset value, both on an annualized basis.  Currently, it is anticipated that the distribution will consists of 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 December distribution may include a component of capital gains, 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. 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.

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 cash distribution each month for reinvestment or other purposes of their choosing.  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 Fund has not yet received exemptive relief from the SEC to pay out more than one capital gain distribution per year.  As such, if the Fund has capital gains in a given tax year, the Fund may be required to declare and pay a capital gains distribution in addition to the regular monthly distributions.  

As of Friday, October 26, 2007, the Fund’s net asset value was $24.73 and the closing market price was $22.95, which was a 7.20% discount to NAV.

 

Contact:

Fund Administrative Services, LLC

Nicole Murphey, (303) 449-0426

BOULDER TOTAL RETURN FUND, INC. ANNOUNCES PROPOSED LEVEL DISTRIBUTION

 

Boulder, Colo. –  (BUSINESS WIRE) – October 18, 2007 –  Management of the Boulder Total Return Fund, Inc. (NYSE:BTF) announced today that it plans to propose to the Fund’s Board of Directors at the upcoming regularly-scheduled Board meeting, to be held on October 26, 2007, that the Fund adopt a level distribution policy and begin paying a regular, fixed monthly distribution.  If the Board approves the proposed level distribution policy, the amount of the distribution will be at the Board’s discretion as will the date of the first payment.  The level distribution proposal has not yet been considered or approved by the Board.   There can be no assurance that a level distribution policy will be approved by the Board.

 

If the Board approves a level distribution policy, it is expected that the majority of any monthly distribution would consist of a return of capital. 

 

The Fund has not yet received exemptive relief from the SEC to pay out more than one capital gain distribution per year.  The Fund’s exemptive relief application is still pending. 

 

As of Friday, October 12, 2007, the Fund’s net asset value was $25.05 and the closing market price was $22.25, which was an 11.2% discount to NAV.

 

 

Contact:

Fund Administrative Services, LLC

Nicole Murphey, (303) 449-0426

BOULDER TOTAL RETURN FUND, INC. DECLARES DIVIDEND

Boulder, Colo. – (BUSINESS WIRE) – December 13, 2006 – The Boulder Total Return Fund, Inc. (NYSE:BTF) announced today that its Board of Directors declared a common stock dividend of $1.03 per share payable December 29, 2006 to holders of record on December 22, 2006. The dividend consists of $0.19 net investment income and $0.84 long-term capital gain.

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, 2007.

As of Friday, December 8, 2006, the Fund’s net asset value was $23.70 and the closing market price was $22.49, which is a 5.1% discount to NAV.

BOULDER TOTAL RETURN FUND, INC. FILES AMENDED APPLICATION FOR MANAGED DISTRIBUTIONS

Boulder, Colo. – (BUSINESS WIRE) – December 4, 2006 – The Boulder Total Return Fund, Inc. (NYSE:BTF) 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. Exemption would allow the Fund to make periodic long-term capital gain distributions to common stockholders as often as monthly.

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.

The primary purpose of the managed distribution policy is to provide investors with regular distributions which are not necessarily dependent on the amount of income earned or capital gains realized by the Fund. The Board will make a final determination about implementing the policy and determine the precise rate of payout only after issuance of an SEC exemptive order and consideration of circumstances then existing. Although the Board cannot determine the precise amount of the managed distribution 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 would have the ability to amend or terminate the managed distribution plan at any time, without prior notice to stockholders.

The Board believes that the proposed 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 and aid in narrowing the Fund’s discount. The distributions also would provide stockholders with a dependable monthly cash source.

BOULDER TOTAL RETURN FUND, INC. ANNOUNCES RATING UPGRADES TO ‘AAA’ ON ITS TAXABLE AUCTION MARKET PREFERRED STOCK

  

Boulder, Colo. –  (BUSINESS WIRE) – August 1, 2006 –  The Boulder Total Return Fund, Inc. (NYSE:BTF) is pleased to announce that the Fund’s taxable auction market preferred stock (“AMPs”) has received an upgrade in its rating from Moody’s Investors Services from ‘Aa1’ to ‘Aaa’ and in its rating from Standard & Poor’s from ‘AA’ to ‘AAA.’  The Fund is currently leveraged with $77.5 million of AMPs.  Triple-A ratings assigned to the preferred shares are based on an assessment that the market value of the underlying assets of the portfolio is sufficient to provide the highest asset protection to investors in the preferred stock. These assets serve to collateralize the preferred shares, as well as the related dividend obligations.  To meet the triple-A rating guidelines by both agencies, the Fund adheres to various eligibility and diversification limitations that supplement regulatory requirements of the Investment Company Act of 1940, as amended (the “1940 Act”), mandating an asset coverage ratio of 200% to cover the Fund's liabilities. Based on assets as of July 30, 2006, the Fund maintained a 1940 Act asset coverage ratio of 430%.

BOULDER TOTAL RETURN FUND, INC. ANNOUNCES RESULTS OF RECONVENED ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – May 12, 2006 –  The Boulder Total Return Fund, Inc. (NYSE:BTF) announced results of its reconvened Annual Meeting of Stockholders held today in Boulder, Colorado.  The meeting was previously adjourned with respect to Proposal 2.

Stockholders approved new terms of the Fund’s taxable auction market preferred stock (“AMPS”) to facilitate a rating upgrade (Proposal 2).  The Fund is currently leveraged with $77.5 million of AMPS, rated “Aa1” by Moody’s Investors Services, Inc. and “AA” from Standard & Poor’s.  With the approval of the new Articles of Amendment, the Fund intends to pursue a ratings upgrade to “Aaa” and “AAA” respectively.

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

BOULDER TOTAL RETURN FUND, INC. ANNOUNCES RESULTS OF ANNUAL MEETING OF STOCKHOLDERS

Boulder, Colo. –  (BUSINESS WIRE) – April 25, 2006 –  The Boulder Total Return Fund, Inc. (NYSE:BTF) announced results of its Annual Meeting of Stockholders held yesterday in Scottsdale, Arizona.  Stockholders elected Richard I. Barr, Dennis R. Causier, Susan L. Ciciora, 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 Proposal 2, to approve new terms of the Fund’s taxable auction market preferred stock to facilitate a rating upgrade, the meeting was adjourned until May 12, 2006 to permit further solicitation of the Auction Market Preferred stockholders.  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 TOTAL RETURN FUND DECLARES DIVIDEND

Boulder, Colo. –  (BUSINESS WIRE) – December 13, 2005 –  Boulder Total Return Fund, Inc. (NYSE:BTF) announced today that its Board of Directors declared a common stock dividend of $0.74 per share payable December 30, 2005 to holders of record on December 23, 2005.  The dividend consists of $0.17 net investment income and $0.57 long-term capital gain.  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.

 

As of Friday, December 9, 2005, the Fund’s net asset value was $20.98 and the closing market price was $17.48, which is a 16.7% discount to NAV.

BOULDER TOTAL RETURN FUND ANNOUNCES HOLD ON MANAGED DISTRIBUTION POLICY

Boulder, Colo. –  (BUSINESS WIRE) – April 22, 2005 –  The Boulder Total Return Fund, Inc. (NYSE:BTF) 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 $19.70 and the closing market price was $17.39, which is a discount of 11.73% to the Fund’s net asset value.

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