[GRAPHIC OMITTED]                                BOULDER TOTAL RETURN FUND, INC.
                                                     1680 38TH STREET, SUITE 800
                                                        BOULDER, COLORADO  80301



March  ____, 2005



Dear Fellow Stockholder,

     You are cordially invited to attend the 2005 Annual Meeting of Stockholders
of Boulder  Total  Return  Fund,  Inc.,  which will be held on April 26, 2005 at
10:00 a.m.  Mountain  Standard  Time  (local  time),  at the  Millennium  Resort
McCormick Ranch, 7401 N. Scottsdale Road,  Scottsdale,  Arizona.  Details of the
business to be presented at the meeting can be found in the accompanying  Notice
of Annual Meeting and Proxy Statement.

     There are two  non-routine  proposals  contained  in this  Proxy.  They are
corporate governance matters which establish the number of directors at five and
change the voting  standard  for  stockholder  approved  bylaws to a majority of
votes entitled to be cast.

     As Chairman of the Board, I encourage you to support each of the proposals.
After  careful  review by the  independent  directors,  the  Board of  Directors
unanimously  approved and has recommended to stockholders that they approve each
of the proposals.

     We hope you plan to attend the meeting. Your vote is important.  Whether or
not you are able to attend,  it is important  that your shares be represented at
the  Meeting.  Accordingly,  we ask that you  please  sign,  date and return the
enclosed  Proxy Card or vote via  telephone  or the  Internet  at your  earliest
convenience.

     On behalf of the Board of Directors  and the  management  of Boulder  Total
Return Fund, Inc., I extend our appreciation for your continued support.

Sincerely,
/s/ Richard I. Barr
Richard I. Barr

Chairman of the Board




[GRAPHIC OMITTED]                                BOULDER TOTAL RETURN FUND, INC.
                                                     1680 38TH STREET, SUITE 800
                                                        BOULDER, COLORADO  80301


                    NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
                          To Be Held on April 26, 2005


To the Stockholders:

     Notice is hereby given that the Annual Meeting of  Stockholders  of Boulder
Total Return Fund, Inc. (the "Fund"),  a Maryland  corporation,  will be held at
the Millennium  Resort McCormick Ranch,  7401 N. Scottsdale  Road,,  Scottsdale,
Arizona at 10:00 a.m.  Mountain  Standard Time (local time),  on April 26, 2005,
for the following purposes:

     1.   The election of Directors of the Fund (Proposal 1).

     2.   An amendment  to the Charter to  establish  the number of Directors at
          five (5) (Proposal 2).

     3.   An  amendment  to  the  Charter   changing  the  voting  standard  for
          stockholders  to amend or adopt  Bylaws to the  affirmative  vote of a
          majority of all the votes entitled to be cast on the matter  (Proposal
          3).

     4.   To  transact  such other  business  as may  properly  come  before the
          Meeting or any adjournments and postponements thereof.

     The Board of  Directors  of the Fund has fixed  the  close of  business  on
February 28, 2005 as the record date for the  determination  of  stockholders of
the Fund entitled to notice of and to vote at the Annual Meeting.

                                  By Order of the Board of Directors,
                                  /s/ Stephanie Kelley
                                  STEPHANIE KELLEY
                                  Secretary
March ___, 2005




--------------------------------------------------------------------------------
STOCKHOLERS  WHO DO NOT EXPECT TO ATTEND THE ANNUAL  MEETING  ARE  REQUESTED  TO
COMPLETE,  SIGN AND DATE THE  ENCLOSED  PROXY  CARD.  THE PROXY  CARD  SHOULD BE
RETURNED  IN THE  ENCLOSED  ENVELOPE,  WHICH  NEEDS NO  POSTAGE IF MAILED IN THE
UNITED STATES. INSTRUCTIONS FOR THE PROPER EXECUTION OF PROXIES ARE SET FORTH ON
THE INSIDE COVER.

STOCKHOLDERS  WHO HAVE  QUESTIONS  OR NEED  ASSISTANCE  IN  VOTING  MAY  CONTACT
MACKENZIE   PARTNERS,   INC.  TOLL  FREE  AT   1-800-322-2885  OR  BY  EMAIL  AT
PROXY@MACKENZIEPARTNERS.COM
--------------------------------------------------------------------------------






                      Instructions for Signing Proxy Cards


         The following general rules for signing proxy cards may be of
assistance to you and may avoid the time and expense to the Fund involved in
validating your vote if you fail to sign your proxy card properly.

         1. Individual Accounts: Sign your name exactly as it appears in the
registration on the proxy card.

         2. Joint Accounts: Either party may sign, but the name of the party
signing should conform exactly to a name shown in the registration.

         3. All Other Accounts: The capacity of the individual signing the proxy
card should be indicated unless it is reflected in the form of registration. For
example:


                                                                    

            Registration                                               Valid Signature

            Corporate Accounts
            (1)  ABC Corp.                                             ABC Corp.
            (2)  ABC Corp.                                             John Doe, Treasurer
            (3)  ABC Corp., c/o John Doe Treasurer                     John Doe
            (4)  ABC Corp. Profit Sharing Plan                         John Doe, Trustee

            Trust Accounts
            (1)  ABC Trust                                             Jane B. Doe, Trustee
            (2)  Jane B. Doe, Trustee, u/t/d 12/28/78                  Jane B. Doe

            Custodian or Estate Accounts
            (1)  John B. Smith, Cust.,                                 John B. Smith
                  f/b/o John B. Smith, Jr. UGMA
            (2)  John B. Smith                                         John B. Smith, Jr., Executor






[GRAPHIC OMITTED]                                BOULDER TOTAL RETURN FUND, INC.
                                                     1680 38TH STREET, SUITE 800
                                                        BOULDER, COLORADO  80301

             QUESTIONS & ANSWERS REGARDING THE MEETING AND PROPOSALS


Question 1: What is the purpose of the Annual Meeting?

Answer:  At the Meeting,  stockholders  will be asked to vote on the election of
directors  and two corporate  governance  proposals  (i.e.,  Proposals 2 and 3),
which  involve   amending  the  Fund's   charter  (the   "Corporate   Governance
Proposals").

Question 2: Who is being nominated for election at the Meeting?

Answer:  The Board has nominated the following five  Directors,  each to serve a
one-year term until the annual  meeting in 2006 and until their  successors  are
duly elected and qualify:  Richard I. Barr, Joel W. Looney,  Alfred G. Aldridge,
Jr., Susan L. Ciciora and Dr. Dean L. Jacobson. The holders of Common Stock will
elect  three of the five  directors  standing  for  election  and the holders of
Preferred Stock will elect the remaining two directors. Ms. Ciciora and Mr. Barr
are being  nominated to represent  the interests of the holders of the Preferred
Stock (i.e., Taxable Auction Market Preferred Stock or "AMPs").

Question 3: Why is the Board recommending the Corporate Governance Proposals?

Answer: The Board is recommending the Corporate  Governance Proposals to enhance
and clarify  certain  proposals that were approved by  stockholders  at the 2004
Annual Meeting.  Last May, after stockholders  approved a comprehensive range of
corporate  governance  proposals,  the Board determined that several  additional
changes should be made in order to give the effect  intended by the Board,  that
is, to balance the efficiency of operating the Fund with stockholders  having an
effective voice. The first of these is a charter  amendment that established the
"maximum" number of directors at five (5). The Board believes  stockholders will
be better served if the number of directors is instead "fixed" at five, no more,
no less, in order to avoid  altogether  the common abuse of  manipulating  board
size to affect the voting impact of directors. The second is a charter amendment
that would permit  stockholders to amend bylaws with a "majority of votes cast."
The Board has  determined  that this  standard was perhaps too relaxed and might
encourage  unwanted activism and nuisance  proposals to change bylaws that would
be costly and result in a diversion to the important business of the Fund.

Question 4: How do the Horejsi Affiliates (as defined below at Page 2) intend to
vote on the Corporate Governance Proposals?

Answer: The Horejsi Affiliates intend to vote in favor of each of the Proposals,
including each Corporate Governance Proposal.

Question 5: How does the Board recommend that  stockholders  vote on the various
proposals?

Answer:  If no  instructions  are indicated on your proxy,  the  representatives
holding proxies will vote in accordance with the  recommendations  of the Board.
The  Board,  including  all  of  the  Independent  Directors,   has  unanimously
recommended that stockholders vote FOR all of the Proposals.

Question 6: Who is entitled to vote?

Answer:  Stockholders  of record at the close of business  on February  28, 2005
(the "Record  Date") are entitled to notice of and to vote at the Meeting.  Each
of the shares  outstanding on the Record Date is entitled to one vote on each of
the Proposals.

Question 7: What is the required quorum for the Meeting?

Answer: The holders of at least a majority of the outstanding common shares must
be  represented  at the  Meeting,  either in  person  or by  proxy,  in order to
constitute a quorum permitting  business to be conducted at the Meeting.  If you
have completed,  executed and returned valid proxy instructions (in writing,  by
phone or by Internet) or attend the Meeting and vote in person, your shares will
be counted for purposes of  determining  whether there is a quorum,  even if you
abstain from voting on any or all matters introduced at the Meeting.



Question 8: How do I vote?

Answer:  Your  vote is very  important.  Stockholders  can vote in person at the
Meeting or authorize proxies to cast their votes ("proxy voting") by proxy. Most
stockholders   will  have  a  choice  of  proxy  voting  over  the  Internet  at
http://www.proxyvote.com, by using a toll-free telephone number or by completing
a Proxy Card and mailing it in the postage-paid envelope provided.  Please refer
to your Proxy Card or the  information  forwarded by your bank,  broker or other
nominee to see which options are available to you. If you proxy vote by Internet
or  telephone,  you do NOT need to return your Proxy Card. If you vote by proxy,
the  individuals  named on the Proxy Card as proxy holders will vote your shares
in accordance with your instructions. You may specify whether your shares should
be voted for all,  some or none of the  nominees  for  director and whether your
shares  should be voted for or against  the other  proposals.  If you execute an
otherwise valid proxy but do not provide voting instructions,  the persons named
as proxies will cast your votes FOR all of the Proposals.

Question 9: Can I revoke or change my proxy?

Answer:  Yes. You may change or revoke your proxy at any time before the Meeting
by timely  delivery of a properly  executed,  later-dated  proxy  (including  an
Internet or phone vote), by sending a written revocation to the Secretary of the
Fund at the Fund's address listed on the accompanying  Notice of Meeting,  or by
attending  and voting in person at the Meeting.  The powers of the proxy holders
will be  suspended  with  respect to your  shares if you  attend the  meeting in
person and so request, but attendance at the Meeting will not by itself revoke a
previously granted proxy.





[GRAPHIC OMITTED]                                BOULDER TOTAL RETURN FUND, INC.
                                                     1680 38TH STREET, SUITE 800
                                                        BOULDER, COLORADO  80301

                         ANNUAL MEETING OF STOCKHOLDERS
                                 April 26, 2005

                                 PROXY STATEMENT

     This proxy  statement  ("Proxy  Statement")  for Boulder Total Return Fund,
Inc., a Maryland  corporation ("BTF" or the "Fund"),  is furnished in connection
with the solicitation of proxies by the Fund's Board of Directors (collectively,
the "Board" and individually,  the "Directors") for use at the Annual Meeting of
Stockholders  of the Fund to be held on Tuesday,  April 26, 2005,  at 10:00 a.m.
Mountain  Standard Time (local time), at the Millennium  Resort McCormick Ranch,
7401 N. Scottsdale  Drive,  Scottsdale,  Arizona,  and at any  adjournments  and
postponements   thereof  (the   "Meeting").   A  Notice  of  Annual  Meeting  of
Stockholders and proxy card for the Fund accompany this Proxy  Statement.  Proxy
solicitations will be made,  beginning on or about March ___, 2005, primarily by
mail, but proxy solicitations may also be made by telephone,  by Internet on the
Fund's web site,  telegraph or personal interviews  conducted by officers of the
Fund and PFPC Inc., the transfer  agent of the Fund, and by MacKenzie  Partners,
Inc. ("MacKenzie"), the Fund's proxy solicitor. MacKenzie's fee to assist in the
solicitation  of proxies is estimated to be $______ plus expenses.  The costs of
proxy  solicitation and expenses  incurred in connection with the preparation of
this Proxy  Statement and its enclosures will be paid by the Fund. The Fund also
will  reimburse  brokerage  firms and others for their  expenses  in  forwarding
solicitation  material to the  beneficial  owners of its  shares.  The Board has
fixed the close of business on February 28, 2005 as the record date (the "Record
Date") for the  determination of stockholders  entitled to notice of and to vote
at the Meeting.

     The Annual Report of the Fund,  including audited financial  statements for
the fiscal  period ended  November 30,  2004,  has been mailed to  stockholders.
Additional  copies  are  available  upon  request,  without  charge,  by calling
[1-800-331-1710].  The report is also viewable  online at the Fund's  website at
www.boulderfunds.net.  The report is not to be  regarded  as proxy  solicitation
material.

     Boulder Investment Advisers,  L.L.C.  ("BIA"), 1680 38th Street, Suite 800,
Boulder,  Colorado 80301 and Stewart  Investment  Advisers  ("SIA"),  Bellerive,
Queen Street, St. Peter, Barbados,  currently serve as co-investment advisers to
the Fund.  BIA and SIA are  collectively  referred to herein as the  "Advisers".
Fund Administrative Services,  L.L.C. ("FAS"), serves as co-administrator to the
Fund and is located at 1680 38th Street,  Suite 800,  Boulder,  Colorado  80301.
Investors Bank & Trust Company ("IBT") acts as the  co-administrator to the Fund
and is located at 200 Clarendon Street,  Boston,  Massachusetts 02116. PFPC Inc.
("PFPC") acts as the transfer  agent to the Fund and is located at 4400 Computer
Drive, Westborough, Massachusetts 01581.

     If the enclosed  proxy is properly  executed and returned by April 26, 2005
in time to be voted at the Meeting,  the Shares (as defined  below)  represented
thereby will be voted in accordance with the instructions marked thereon. Unless
instructions to the contrary are marked  thereon,  a proxy will be voted FOR the
election of the nominees for Directors,  FOR each of the other Proposals and, in
the discretion of the proxy holders, on any other matters that may properly come
before  the  Meeting.  Any  stockholder  who has  given a proxy has the right to
revoke it at any time prior to its exercise  either by attending the Meeting and
casting his or her votes in person or by  submitting a letter of revocation or a
later-dated proxy to the Fund's Secretary at the above address prior to the date
of the Meeting.

     A quorum of the Fund's stockholders is required for the conduct of business
at the  Meeting.  Under the Bylaws of the Fund, a quorum is  constituted  by the
presence in person or by proxy of the  holders of a majority of the  outstanding
shares of the Fund as of the  Record  Date.  In the  event  that a quorum is not
present at the Meeting,  or in the event that a quorum is present but sufficient
votes to approve one or more  proposals are not  received,  the persons named as
proxies  may  propose  and vote for one or more  adjournments  of the Meeting to
permit further solicitation of proxies with respect to any proposal that did not
receive the votes necessary for its passage. With respect to those proposals for
which there is represented a sufficient number of votes in favor,  actions taken
at the Meeting will be approved and implemented irrespective of any adjournments
with  respect to any other  proposals.  Any such  adjournment  will  require the
affirmative vote of a majority of votes cast on the matter at the Meeting.  If a
quorum is present,  the persons  named as proxies will vote those  proxies which
they are entitled to vote FOR any proposal in favor of such an  adjournment  and
will vote those proxies  required to be voted  AGAINST any proposal  against any
such adjournment.



     The Fund has two classes of stock:  common stock, par value $0.01 per share
(the  "Common  Stock"),  and  preferred  stock,  par value  $0.01 per share (the
"Preferred Stock"), 1000 shares of which have been designated as Taxable Auction
Market  Preferred Stock (the "AMPs") (the Common Stock and AMPs are collectively
referred to herein as the "Shares"). On the Record Date, the following number of
Shares of the Fund were issued and outstanding:



             Common Stock                                   AMPs
              Outstanding                               Outstanding
              -----------                               -----------
              12,338,660                                    775


     Security  Ownership of Certain  Beneficial Owners. The following table sets
forth certain information regarding the beneficial ownership of the Shares as of
the Record Date by each person who is known by the Fund to  beneficially  own 5%
or more of the Fund's outstanding  Common Stock. To the Fund's knowledge,  there
are no 5% or greater beneficial owners of the AMPs.




              Name of Owner*                   Number of Shares          Number of Shares            Percentage
                                              Directly Owned (1)      Beneficially Owned (2)     Beneficially Owned
------------------------------------------- ------------------------ -------------------------- ----------------------
                                                                                                  
Badlands Trust Company, LLC  (1)(3)                          0               5,382,982                  43.63%
Stewart R. Horejsi Trust No. 2 (4)                           0               5,382,982                  43.63%
Ernest Horejsi Trust  No. 1B (1)                     3,413,138               3,413,138                  27.66%
Lola Brown Trust No. 1B (1)                          1,370,515               1,370,515                  11.11%
Evergreen Atlantic LLC (1)                             343,748                 343,748                   2.79%
Stewart West Indies Trust (1)(2)                       104,627                 255,876                   2.07%
Susan L. Ciciora Trust (1)(2)                           72,176                 175,300                   1.42%
John S. Horejsi Trust (1)(2)                            53,080                 104,642                   0.85%
Evergreen Trust (1)(2)                                  25,698                  63,510                   0.51%

                                            ------------------------ -------------------------- ----------------------
Aggregate Shares Owned by Horejsi                    5,382,982               5,382,982                  43.63%
Affiliates (defined below) **
------------------------------------------- ------------------------ -------------------------- ----------------------

Alter Asset Management, Inc.***                      1,159,159               1,159,159                   9.40%



*    The  address of  Evergreen  Atlantic  LLC is 1680 38th  Street,  Suite 800,
     Boulder,  Colorado  80301.  The address of each other  listed  owner is c/o
     Badlands Trust Company, LLC, 3601 C Street, Suite 600, Anchorage, AK 99503.

**   Aggregate  number  and  percentage  are less than the sum total of  amounts
     shown for each owner  because  the same  shares may be deemed  beneficially
     owned by more than one party (see Footnotes 1 through 4 below).

***  As  stated  in a  Schedule  13G  filed  with the  Securities  and  Exchange
     Commission on February 7, 2005.

(1)  Direct Ownership.  Evergreen Atlantic,  LLC ("EALLC"),  The Evergreen Trust
     (the "Evergreen  Trust"),  John S. Horejsi Trust ("John  Trust"),  Susan L.
     Ciciora Trust ("Susan Trust"), Stewart West Indies Trust ("SWI Trust"), the
     Lola Brown Trust No. 1B (the "Brown  Trust"),  the Ernest Horejsi Trust No.
     1B (the "EH Trust"), Badlands Trust Company, LLC ("Badlands"),  the Stewart
     R.  Horejsi  Trust No. 2 (the "SRH Trust") and Stewart R. Horejsi are, as a
     group,  considered  to be a  "control  person" of the Fund (as that term is
     defined  in Section  2(a)(9)  of the  Investment  Company  Act of 1940,  as
     amended (the "1940 Act")).  EALLC, the Evergreen Trust,  John Trust,  Susan
     Trust, SWI Trust, the Brown Trust, the EH Trust and Badlands (collectively,
     the "Horejsi Affiliates") directly own the shares indicated for such entity
     in the table above,  totaling 5,382,982 (43.63%).  However,  these entities
     and other trusts or companies with  interlocking  management  and/or common
     ownership may be deemed to indirectly own additional Fund shares, which are
     included in the table above.



(2)  Indirect Ownership Through EALLC. Numbers shown in the table include shares
     held  directly  (see  Footnote  No. 1) and shares  that may be deemed to be
     beneficially  owned indirectly  through ownership of EALLC. The outstanding
     membership  interests in EALLC are owned by the Evergreen  Trust, the Susan
     Trust, the John Trust and the SWI Trust in the following percentages - 11%,
     30%,  15% and 44%.  The  Trustees  of the  Evergreen  Trust are  Stephen C.
     Miller, Larry Dunlap and Badlands. Badlands is the sole trustee for each of
     the Susan  Trust,  the John Trust and the SWI Trust.  Mr.  Horejsi is not a
     beneficiary under any of the foregoing trusts. Badlands has sole discretion
     with respect to the Susan Trust,  John Trust and SWI Trust while any action
     by  the  Evergreen   Trust  requires  a  majority  vote  of  the  trustees.
     Consequently,   both  the  trusts  and  each  trustee  disclaim  beneficial
     ownership of shares owned by EALLC. Mr. Horejsi is the manager of EALLC.

(3)  Ownership by Badlands.  The number shown includes shares that may be deemed
     to be beneficially  owned indirectly by Badlands through direct or indirect
     ownership by the Brown Trust,  the EH Trust,  EALLC,  Evergreen  Trust, the
     Susan Trust, the John Trust and the SWI Trust. Badlands is the sole trustee
     of the Susan Trust,  the John Trust and the SWI Trust,  which together with
     the  Evergreen  Trust  control  EALLC (see  Footnote  No. 2), the other two
     trustees  of  Evergreen  Trust being  Stephen C.  Miller and Larry  Dunlap.
     Badlands,  together  with Larry  Dunlap and Susan  Ciciora  (Mr.  Horejsi's
     daughter),  is one of three  trustees  of both the  Brown  Trust and the EH
     Trust.

     Badlands is a limited  liability company organized under the laws of Alaska
     authorized to do business as a trust company,  which is wholly owned by the
     SRH Trust,  an irrevocable  trust  organized by Mr. Stewart Horejsi for the
     benefit of his issue. The Managers of Badlands are Larry Dunlap, Stephen C.
     Miller,  Robert  Ciciora,  who is the brother of Mr.  Horejsi's  son-in-law
     (John Ciciora),  Laura Rhodenbaugh and Kevin VanNortwick.  Badlands and its
     managers  disclaim  beneficial  ownership of shares  owned  directly by the
     EALLC, the Evergreen Trust, the Susan Trust, the John Trust, the SWI Trust,
     the Brown Trust and the EH Trust.

(4)  Indirect  Ownership by SRH Trust.  The number  shown in the table  reflects
     shares that may be deemed to be beneficially  owned indirectly  through the
     SRH  Trust's  ownership  of  Badlands.  The  trustees  of the SRH Trust are
     Badlands,  Robert Ciciora and Brian Sippy.  Both the Trust and its trustees
     disclaim  beneficial  ownership of shares  beneficially  owned  directly or
     indirectly by Badlands.

----------------------------

Information  as to  beneficial  ownership  in the  previous  paragraph  has been
obtained from a representative of the beneficial  owners;  all other information
as to  beneficial  ownership is based on reports filed with the  Securities  and
Exchange Commission (the "SEC") by such beneficial owners.

     As of the Record Date, Cede & Co., a nominee  partnership of the Depository
Trust Company, held of record, but not beneficially, 12,269,012 shares or 99.44%
of Common Stock outstanding and 775 shares or 100% of AMPs outstanding.

     As of the Record Date, the executive officers and directors of the Fund, as
a group,  owned  5,409,820  shares of Common  Stock (this  amount  includes  the
aggregate  shares of Common  Stock  owned by the  Horejsi  Affiliates  set forth
above)  and 0 shares of AMPs of the Fund,  representing  43.84% of Common  Stock
outstanding and 0% of AMPs.

     In order  that your  Shares  may be  represented  at the  Meeting,  you are
requested to vote on the following matters:

                                   PROPOSAL 1

                        ELECTION OF DIRECTORS OF THE FUND

     The Charter  provides  that all of the  Directors  stand for election  each
year. The Board has nominated the following five Director  nominees to stand for
election,  each for a one-year term and until their  successors are duly elected
and qualify:  Richard I. Barr, Joel W. Looney, Alfred G. Aldridge, Jr., Susan L.
Ciciora and Dr. Dean L. Jacobson.  Only the Common Stock holders are entitled to
vote on the election of Messrs. Looney,  Aldridge and Jacobson and only the AMPs
holders are entitled to vote on the election of Mr. Barr and Ms.  Ciciora.  At a
regularly  scheduled meeting of the Board of Directors held on October 15, 2004,
the Board  accepted  the  resignation  of Stephen C. Miller as a Director of the
Fund.  The  remaining  directors  elected  Dean  L.  Jacobson  as  Mr.  Miller's
replacement. Mr. Miller, previously an interested director of the Fund, resigned
in order to bring the Fund into  compliance  with  recent SEC  regulations  that
become  effective  in January  2006 and which  require  that 75% of the Board be
non-interested  directors.  The  above  nominees  have  consented  to  serve  as
Directors if elected at the Meeting for the  one-year  term.  If the  designated
nominees  decline or otherwise  become  unavailable for election,  however,  the
proxy confers  discretionary power on the persons named therein to vote in favor
of a substitute nominee or nominees.

     INFORMATION ABOUT DIRECTORS AND OFFICERS.  Set forth in the following table
is information about the nominees for election to the Board of Directors, all of
whom are currently Directors of the Fund:






------------------------------ ------------------------ ---------------------------------------------- ------------------
Name, Address*, Age              Position, Length of          Principal Occupation(s) and Other         Number of Funds
                                Term Served, and Term   Directorships Held During the Past Five Years  in Fund Complex+
                                      of Office                                                           Overseen by
                                                                                                           Director
------------------------------ ------------------------ ---------------------------------------------- ------------------

Independent Directors

                                                                                                      
Richard I. Barr                Director of the Fund     Retired.    From   1963-2001,    Manager   of          3
Chairman                       since 1999.  Chairman    Advantage  Sales and  Marketing,  Inc.  (food
Age:  66                       of the Board since       brokerage);   Director,   Boulder   Growth  &
                               2003. Current Nominee    Income Fund, Inc., since 2002; Director, 
                               for a term to expire     First Financial Fund, Inc., since 2001. 
                               at the 2006
                               annual meeting.

Joel W. Looney,                Director of the Fund     Partner,   Financial  Management  Group,  LLC          3
Age:  43                       since 2001. Current      (investment  adviser)  since July 1999;  CFO,
                               Nominee for a term to    Bethany  College  from  1995-1999;  Director,
                               expire at the 2006       Boulder  Growth & Income  Fund,  Inc.,  since
                               annual meeting.          2002;  Director  and  Chairman  of the Board,
                                                        First Financial Fund, Inc. since 2003.

Alfred G. Aldridge, Jr.        Director of the Fund     Retired.  From  1982-2002,  Sales  Manager of          2
Brig. Gen. (Retired)           since 1999.  Current     Shamrock  Foods  Company;   Director  of  the
Cal. Air National Guard        Nominee for a term to    Fiesta   Bowl,    Tempe,   AZ   since   1997;
Age: 67                        expire at the 2006       Director,   Boulder  Growth  &  Income  Fund,
                               annual meeting.          Inc.,  since 2002;  Director,  Maricopa Youth
                                                        Assistance  Foundation,   Phoenix,  AZ  since
                                                        2004;  Executive  Vice  President,   Business
                                                        Development  Specialists,  Phoenix,  AZ since
                                                        2004.

Dr. Dean L. Jacobson           Director of the Fund     Founder    and    President    of    Forensic          2
Age:  66                       since October 2004.      Engineering,         Inc.        (engineering
                               Current Nominee for a    investigations);    since   1997,   Professor
                               term to expire at the    Emeritus at Arizona State  University;  prior
                               2006 annual meeting.     to 1997  Professor of  Engineering at Arizona
                                                        State University;  Director,  First Financial
                                                        Fund, Inc., since 2003.
------------------------------ ------------------------ ---------------------------------------------- ------------------
Interested Director**
------------------------------ ------------------------ ---------------------------------------------- ------------------

Susan L. Ciciora               Director of the Fund     Trustee  of  the  Brown   Trust  and  the  EH          1
Age:  40                       since 2001.  Current     Trust;  Director,  Boulder  Growth  &  Income
                               nominee for a term to    Fund,  Inc.,  January  2002 to October  2004;
                               expire at the 2006       Director,  First  Financial  Fund, Inc. since
                               annual meeting.          2003.



*    Unless otherwise  specified,  the Directors'  respective  addresses are c/o
     Boulder  Total Return Fund,  Inc.,  1680 38th Street,  Suite 800,  Boulder,
     Colorado 80301.

**   Ms.Ciciora  is an  "interested  person"  as a result  of the  extent of her
     beneficial  ownership  of  Fund  shares  and  by  virtue  of  her  indirect
     beneficial ownership of BIA and FAS.

+    Includes the Fund,  Boulder Growth & Income Fund,  Inc. and First Financial
     Fund, Inc.

----------------------------

     From the late 1980's  until  January,  2001,  Mr.  Looney  served,  without
compensation,  as  one of  three  trustees  of the  Mildred  Horejsi  Trust,  an
affiliate of the EH Trust.



     The names of the  executive  officers  of the Fund are  listed in the table
below.  Each  officer  was  elected to office by the Board at a meeting  held on
January 21, 2005.  This table also shows certain  additional  information.  Each
officer will hold such office until a successor has been elected by the Board.





------------------------------ -------------------------- ----------------------------------------------------------
                                  Position, Length of
Name, Address, Age             Term Served, and Term of     Principal Occupation(s) and Other Directorships held
                        Office During the Past Five Years
------------------------------ -------------------------- ----------------------------------------------------------

                                                    
Stephen C. Miller              President of the Fund      President  of and  General  Counsel  for BIA;  Manager of
1680 38th Street,              since 1999.  Appointed     FAS; Vice President of SIA;  Director and Chairman of the
Suite 800                      annually.                  Fund from 1999 to October  2004;  President  and Director
Boulder, CO 80301                                         of  Boulder  Growth  &  Income  Fund,  Inc.,  since  2002
Age:  52                                                  (resigned as Director in 2004);  Director  and  President
                                                          of First  Financial  Fund,  Inc.  since 2003 (resigned as
                                                          Director  and  Chairman in 2004);  President  and General
                                                          Counsel,  Horejsi,  Inc.  (liquidated  in 1999);  General
                                                          Counsel,  Brown  Welding  Supply,  LLC  (sold  in  1999);
                                                          officer of various other Horejsi Affiliates;  Of Counsel,
                                                          Krassa & Miller, LLC since 1991.

Carl D. Johns                  Chief Financial Officer,   Vice President and Treasurer of BIA and Assistant
1680 38th Street,              Chief Accounting           Manager of FAS, since 1999; Vice President, Chief
Suite 800                      Officer, Vice President    Financial Officer and Chief Accounting Officer, Boulder
Boulder, CO 80301              and Treasurer since        Growth & Income Fund, Inc., since 2002 and First
Age: 42                        1999.  Appointed           Financial Fund, Inc., since August 2003.
                               annually.

Stephanie J. Kelley            Secretary since 2000.      Secretary, Boulder Growth & Income Fund, Inc., since
1680 38th Street,              Appointed annually.        2002 and First Financial Fund, Inc., since August 2003;
Suite 800                                                 Assistant Secretary and Assistant Treasurer of various
Boulder, CO 80301                                         Horejsi Affiliates; employee of FAS since March 1999.
Age:  48

Nicole L. Murphey              Assistant Secretary        Assistant Secretary, Boulder Growth & Income Fund, Inc.
1680 38th Street,              since 2000.  Appointed     since 2002 and First Financial Fund, Inc. since August
Suite 800                      annually.                  2003; employee of FAS since July 1999.
Boulder, CO 80301
Age:  28



     Set forth in the following table are the nominees for election to the Board
(all of whom are current  Directors of the Fund)  together with the dollar range
of equity securities  beneficially owned by each Director as of the Record Date,
as well as the  aggregate  dollar range of the Fund's  equity  securities in all
funds overseen in a family of investment companies (i.e., other funds managed by
BIA and SIA (collectively, the "Advisers")).





                                   OWNERSHIP OF THE FUND BY DIRECTORS
---------------------------------------------------------------------------------------------------------

 Independent Directors and Nominees        Dollar Range of Equity          Aggregate Dollar Range of
                                           Securities in the Fund        Equity Securities in All Funds
                                                                          in the Family of Investment
                                                                                   Companies
-------------------------------------- -------------------------------- ---------------------------------
                                                                        
       Alfred G. Aldridge, Jr.               $10,001 to $50,000               $50,000 to $100,000
           Richard I. Barr                      Over $100,000                    Over $100,000
           Joel W. Looney                    $50,000 to $100,000                 Over $100,000
          Dr. Dean Jacobson                          $0                                $0

  Interested Directors and Nominees
-------------------------------------- -------------------------------- ---------------------------------
          Susan L. Ciciora                     Over $100,000+                    Over $100,000



+ 3,413,138,  343,748 and 1,370,515 Shares of the Fund are held by the EH Trust,
EALLC and the Lola Trust, respectively.  Accordingly,  Ms. Ciciora may be deemed
to have indirect beneficial  ownership of such Shares. Ms. Ciciora disclaims all
such beneficial ownership. Ms. Ciciora directly owns 6,267 shares of the Fund.

----------------------------



     None  of  the   independent   Directors  or  their  family   members  owned
beneficially  or of record any securities of the Advisers or any person directly
or  indirectly  controlling,  controlled  by, or under  common  control with the
Advisers.

     DIRECTOR AND OFFICER  COMPENSATION.  The following table sets forth certain
information  regarding the  compensation of the Fund's  Directors for the fiscal
year ended November 30, 2004. No persons (other than the independent  Directors,
as set forth below) currently receive compensation from the Fund for acting as a
Director or officer. Directors and executive officers of the Fund do not receive
pension or retirement  benefits from the Fund.  Directors receive  reimbursement
for travel and other out of pocket  expenses  incurred in connection  with Board
meetings.




                                              Aggregate
                                             Compensation
Name of Person and Position with the        from the Fund       Total Compensation from
Fund                                           Paid to         the Fund and Fund Complex
                                              Directors             Paid to Directors
----------------------------------------- ------------------- ----------------------------
                                                                      
Alfred G. Aldridge, Jr., Director              $26,500                  $49,500
                                                                       (2 funds)

Richard I. Barr, Director and Chairman         $30,500                  $79,000
of the Board                                                           (3 funds)

Joel W. Looney, Director                       $28,500                  $86,000
                                                                       (3 funds)

Dr. Dean L. Jacobson, Director                  $5,533                  $31,033
                                                                       (2 funds)

Susan L. Ciciora Director                         $0                      $0



Each Director of the Fund who was not a Director,  officer or employee of one of
the  Advisers,  or any of their  affiliates,  receives a fee of $8,000 per annum
plus $4,000 for each in person meeting,  $500 for each Audit  Committee  meeting
and $500 for each telephonic meeting of the Board. In addition,  the Chairman of
the Board and the  Chairman of the Audit  Committee  receive  $1000 per meeting.
Each Director of the Fund is reimbursed  for travel and  out-of-pocket  expenses
associated  with attending  Board and Committee  meetings.  The Board held seven
meetings  (three of which were held by  telephone  conference  call)  during the
fiscal year ended  November 30, 2004.  Each Director  currently  serving in such
capacity  for the entire  fiscal year  attended at least 75% of the  meetings of
Directors and any Committee of which he is a member. Directors currently serving
and who served less than the entire  fiscal  year  attended at least 75% of such
meetings held during their tenure as a Director. The aggregate remuneration paid
to the  Directors  of the Fund for acting as such  during the fiscal  year ended
November 30, 2004 amounted to $91,032.97.


                      COMMITTEES OF THE BOARD OF DIRECTORS

     AUDIT  COMMITTEE;  REPORT  OF AUDIT  COMMITTEE.  The  purpose  of the Audit
Committee is to assist Board oversight of the integrity of the Fund's  financial
statements,  the Fund's compliance with legal and regulatory  requirements,  the
independent auditor's qualifications and independence and the performance of the
Fund's independent  auditors.  The Audit Committee reviews the scope and results
of  the  Fund's  annual  audit  with  the  Fund's  independent  accountants  and
recommends  the  engagement  of  such  accountants.   Management,   however,  is
responsible  for the  preparation,  presentation  and  integrity  of the  Fund's
financial  statements,  and the  independent  accountants  are  responsible  for
planning  and carrying  out proper  audits and  reviews.  The Board of Directors
adopted a written  charter for the Audit  Committee on January 23, 2002 and most
recently  amended the Charter on January 23, 2004. A copy of the Audit Committee
Charter  was  attached as an  appendix  to the Fund's  proxy in 2004.  The Audit
Committee is composed entirely of the Fund's independent  Directors,  consisting
of  Messrs.  Aldridge,  Barr,  Jacobson  and  Looney.  Each  member of the Audit
Committee is independent, as that term is defined by the NYSE Listing Standards.
The Audit  Committee  met two times  during the fiscal year ended  November  30,
2004.

     In  connection  with the  audited  financial  statements  as of and for the
period ended  November  30, 2004  included in the Fund's  Annual  Report for the
period  ended  November  30, 2004 (the  "Annual  Report"),  at a meeting held on
January 21, 2005,  the Audit  Committee  considered  and  discussed  the audited
financial  statements  with  management  and the  independent  accountants,  and
discussed  the  audit  of  such  financial   statements   with  the  independent
accountants.



     The Audit  Committee has received the written  disclosures  and letter from
the independent  accountants  required by Independence  Standards Board Standard
No. 1 (Independence  Discussions  with Audit  Committees) and has discussed with
independent  accountants their independence.  The Audit Committee discussed with
the independent  accountants the accounting  principles  applied by the Fund and
such  other  matters  brought to the  attention  of the Audit  Committee  by the
independent  accountants  required by  Statement of Auditing  Standards  No. 61,
Communications With Audit Committees, as currently modified or supplemented.

     The members of the Audit  Committee are not  professionally  engaged in the
practice  of  auditing  or  accounting  and are not  employed by the Fund in any
accounting,  financial  management or internal control capacity.  Moreover,  the
Audit  Committee  relies on and makes no independent  verification  of the facts
presented  to it or  representations  made  by  management  or  the  independent
accountants.  Accordingly,  the Audit Committee's  oversight does not provide an
independent  basis to  determine  that  management  has  maintained  appropriate
accounting and financial reporting principles and policies, or internal controls
and procedures,  designed to assure  compliance  with  accounting  standards and
applicable   laws  and   regulations.   Furthermore,   the   Audit   Committee's
considerations  and discussions  referred to above do not provide assurance that
the audit of the Fund's financial  statements has been carried out in accordance
with generally accepted  accounting  standards or that the financial  statements
are presented in accordance with generally accepted accounting principles.

     Based on its  consideration  of the audited  financial  statements  and the
discussions  referred to above with management and the  independent  accountants
and  subject to the  limitation  on the  responsibilities  and role of the Audit
Committee  set  forth in the  charter  and  those  discussed  above,  the  Audit
Committee  of the Fund  recommended  to the  Board  that the  audited  financial
statements be included in the Fund's Annual Report and be mailed to stockholders
and filed with the SEC.

     Submitted by the Audit Committee of the Fund's Board of Directors:

                  Alfred G. Aldridge, Jr.
                  Richard I. Barr
                  Dr. Dean L. Jacobson
                  Joel W. Looney

     NOMINATING  COMMITTEE.  The Board of Directors  has a nominating  committee
(the "Nominating  Committee") consisting of Messrs. Looney,  Aldridge,  Jacobson
and Barr,  which is responsible for  considering  candidates for election to the
Board in the  event a  position  is  vacated  or  created.  Each  member  of the
Nominating Committee is independent, as that term is defined by the NYSE Listing
Standards.  The  Nominating  Committee  met once  during the  fiscal  year ended
November 30, 2004. The Nominating  Committee met on October 15, 2004 to consider
the nomination of Dr. Dean L.  Jacobson.  Dr.  Jacobson was being  considered to
fill a vacancy on the Board  resulting from the resignation of Stephen C. Miller
as a Director of the Fund. Mr. Miller,  previously an interested director of the
Fund,  resigned  in order to bring  the Fund into  compliance  with  recent  SEC
regulations which become effective in January 2006 and which require that 75% of
the Board be  non-interested  directors  The Board of  Directors  has  adopted a
charter for the Nominating  Committee  that is available on the Fund's  website,
www.boulderfunds.net.

     The Nominating  Committee  does not have a formal  process for  identifying
candidates. The Nominating Committee takes into consideration such factors as it
deems  appropriate  when  nominating  candidates.   These  factors  may  include
judgment,  skill,  diversity,  experience  with  investment  companies and other
organizations  of comparable  purpose,  complexity,  size and subject to similar
legal  restrictions and oversight,  the interplay of the candidate's  experience
with  the  experience  of other  Board  members,  and the  extent  to which  the
candidate would be a desirable addition to the Board and any committees thereof.
The  Nominating  Committee  will consider all  qualified  candidates in the same
manner.  The  Nominating  Committee may modify its policies and  procedures  for
director  nominees  and  recommendations  in  response  to changes in the Fund's
circumstances, and as applicable legal or listing standards change.

         The Nominating Committee would consider director candidates recommended
by stockholders (if a vacancy were to exist) and submitted in accordance with
applicable law and procedures as described in this Proxy Statement (see
"Submission of Stockholder Proposals" below). Such recommendations should be
forwarded to the Secretary of the Fund.

     The Fund does not have a compensation committee.




                          OTHER BOARD-RELATED MATTERS.

     Stockholders who wish to send  communications to the Board should send them
to the  address  of  the  Fund  and to the  attention  of the  Board.  All  such
communications will be directed to the Board's attention.

     The Fund does not have a formal policy regarding Board member attendance at
the Annual Meeting of Stockholders;  however,  all of the Directors of the Fund,
who were  directors  at the time,  attended  the May 18, 2004 Annual  Meeting of
Stockholders.

Vote  Required.  The  election  of Messrs.  Looney,  Aldridge  and  Jacobson  as
Directors  of the Fund will require the  affirmative  vote of a plurality of the
votes cast by holders of the Common  Stock at the  Meeting in person or by proxy
on Proposal 1; and the election of Mr. Barr and Ms.  Ciciora as Directors of the
Fund will require the  affirmative  vote of a plurality of the votes cast by the
holders of the AMPs at the Meeting in person or by proxy on Proposal 1.

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS THAT THE STOCKHOLDERS VOTE "FOR" THE ELECTION OF ALL THE NOMINEES.


                                   PROPOSAL 2

      AMENDMENT TO THE CHARTER TO ESTABLISH THE NUMBER OF DIRECTORS AT FIVE

     The Board proposes and unanimously  recommends that stockholders approve an
amendment to the Charter  providing that the number of Directors  shall be five.
Any  subsequent  amendment  to this new  Charter  provision  would  require  the
affirmative  vote of the holders of a majority  of all the votes  entitled to be
cast on the matter.  If stockholders  approve this Proposal,  the Fund will take
action to implement  the Proposal by filing the  appropriate  charter  documents
with the State  Department of Assessments of Maryland  ("SDAT").  If approved by
stockholders,  Article 5,  Section  5.1 will be  repealed  in its  entirety  and
replaced by the following provision:

     The number of directors shall be five.

Purpose  of  the  Amendment.  The  Board  is  submitting  this  Proposal  to the
stockholders  as part of its ongoing  corporate  governance  initiatives  and in
keeping with its goal of ensuring that the Fund's corporate  governance policies
maximize  Board  and  management  accountability  to  stockholders.   Last  May,
stockholders  approved a charter amendment that established the "maximum" number
of  directors at five (5). In  retrospect,  the Board  determined  that the Fund
would be better served if the number of directors was fixed at five, no more, no
less.  Company  charters  often  contain  provisions  that  permit  the board to
increase  or  decrease  the  number of board  seats in the  board's  discretion.
Currently  the Fund's  Charter  sets a "maximum" on the Board seats at five (5),
leaving it to the  discretion  of the Board to  decrease  that number to no less
than  that  required  by  Maryland  law  (i.e.,  three).  Boards  often use such
provisions in an effort to dilute the voting impact of directors - such as those
elected in proxy  contests - with views  contrary  to those of  management.  The
Board  views the  ability  to  manipulate  the number of members on the Board as
unnecessary and ultimately  ineffective in thwarting  stockholder  activism.  In
addition,  it  potentially  increases Fund expenses and insulates the Board from
stockholders.

The Board  considered  this Proposal as well as Proposal No. 3 at its meeting on
January 21, 2005. The Board has determined that this Proposal  furthers the goal
of ensuring that the Fund's  corporate  governance  policies  maximize Board and
management  accountability  to stockholders  and allow  stockholders  better and
consistent access to effect change in the Fund's governing documents.

Vote  Required.  Approval  of  Proposal 2  requires  the  affirmative  vote of a
majority  of the votes  entitled  to be cast on the matter by the holders of the
Common Stock and Preferred Stock, voting as a single class.

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS THAT THE STOCKHOLDERS VOTE "FOR" PROPOSAL 2.



                                   PROPOSAL 3

         AMENDMENT TO THE CHARTER VESTING IN THE STOCKHOLDERS THE POWER
                            TO AMEND OR ADOPT BYLAWS

     Last May,  stockholders  approved a charter  amendment  that  would  permit
stockholders to amend bylaws with a "majority of votes cast".  After review, the
Board  determined  that the  "majority  of votes cast"  standard was perhaps too
relaxed and might encourage  unwanted activism and nuisance  proposals to change
bylaws  that  would be costly and result in a  diversion  to the more  important
business of the Fund. Accordingly, the Board proposes and unanimously recommends
that  stockholders  approve an  amendment  to the Charter  which would  impose a
"majority of  outstanding  shares"  standard on  stockholders'  ability to adopt
bylaws. If Proposal 3 is approved,  any subsequent proposal to amend the Charter
to alter  stockholders'  power to amend the Bylaws would require the affirmative
vote of the holders of a majority of all outstanding shares.

     If  stockholders  approve  this  Proposal,  the Fund  will  take  action to
implement  the Proposal by filing the  appropriate  Charter  documents  with the
SDAT. If approved by stockholders, Article 4.3 of the Charter will be amended by
deleting  the  phrase  "cast at a  stockholders  meeting  at  which a quorum  is
present;" and replacing it with  "entitled to be cast on the matter",  such that
the amended Article 4.3 would read as follows:

          The  Bylaws  of the  Corporation,  whether  adopted  by the  Board  of
          Directors  or  the  stockholders,   shall  be  subject  to  amendment,
          alteration  or repeal,  and new Bylaws may be made,  by either (a) the
          affirmative vote of a majority of all the votes entitled to be cast on
          the matter; or (b) the Board of Directors; provided, however, that the
          Board of Directors may not (i) amend or repeal a Bylaw that  allocates
          solely to  stockholders  the power to amend or repeal such  Bylaw,  or
          (ii) amend or repeal  Bylaws or make new Bylaws that  conflict with or
          otherwise  alter  in  any  material   respect  the  effect  of  Bylaws
          previously adopted by the stockholders.

Purpose  of  the  Amendment.  The  Board  is  submitting  this  Proposal  to the
stockholders  as part of its ongoing  corporate  governance  initiatives  and in
keeping with its goal of ensuring that the Fund's corporate  governance policies
maximize Board and management accountability to stockholders. The Board believes
that the authority to make,  alter or repeal Bylaws should be a shared authority
between the Board and  stockholders.  This permits the Board to be responsive to
house-keeping as well as substantive matters regarding Fund operations, while at
the same time giving stockholders the power to effect changes should they choose
to do so. However, the Board thinks it is important to place a sufficiently high
barrier on  stockholders'  ability to  initiate  bylaws so as to avoid  unwanted
activism  and  nuisance  proposals  that are  costly  to the  Fund,  divert  its
attention  from its primary  business and are  generally  not in the Fund's best
interest.   The  Board  believes  that  this  Proposal  will   accommodate   the
practicalities  of  managing  the  Fund  while at the same  time  protecting  an
important  right of  stockholders to effect bylaw changes if there is sufficient
and broad stockholder support.

The Board  considered  this Proposal as well as Proposal No. 2 at its meeting on
January 21, 2005. The Board has determined that this Proposal  furthers the goal
of ensuring that the Fund's  corporate  governance  policies  maximize Board and
management  accountability  to stockholders  and allow  stockholders  better and
consistent access to effect change in the Fund's governing documents.

Vote  Required.  Approval  of  Proposal 3  requires  the  affirmative  vote of a
majority  of the votes  entitled  to be cast on the matter by the holders of the
Common Stock and Preferred Stock, voting as a single class.

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS THAT THE STOCKHOLDERS VOTE "FOR" PROPOSAL 3.


                       SUBMISSION OF STOCKHOLDER PROPOSALS

     All proposals by stockholders of the Fund that are intended to be presented
at the Fund's next Annual Meeting of  stockholders to be held in 2006 must be in
writing and received by the Fund for  consideration  for inclusion in the Fund's
proxy  statement  relating to the meeting no later than [December 6, 2005].  Any
such  proposal  shall set forth as to each  matter the  stockholder  proposes to
bring before the meeting (i) a brief  description of the business  desired to be
brought before the meeting and the reasons for  conducting  such business at the
meeting,  (ii) the name and address,  as they appear on the Fund's books, of the
stockholder proposing such business, (iii) the class and number of shares of the
capital stock of the Fund which are beneficially  owned by the stockholder,  and
(iv) any material  interest of the  stockholder  in such  business.  Stockholder
proposals,  including any accompanying supporting statement,  may not exceed 500
words.  A  stockholder  desiring  to  submit  a  proposal  must be a  record  or
beneficial owner of Shares with a market value of $2,000 and must have held such
Shares for at least one year.  Further,  the  stockholder  must continue to hold
such Shares through the date on which the meeting is held.  Documentary  support
regarding the  foregoing  must be provided  along with the  proposal.  There are
additional  requirements regarding proposals of stockholders,  and a stockholder
contemplating  submission  of a proposal is  referred to Rule 14a-8  promulgated
under the 1934 Act. The timely  submission  of a proposal does not guarantee its
inclusion in the Fund's proxy materials.



     Any  submission of a director  nomination  should  include at a minimum the
following   information:   As  to  each  individual  proposed  for  election  or
re-election as director, the name, age, business address,  residence address and
principal  occupation or employment of such  individual,  the class,  series and
number  of  shares  of  stock of the Fund  that are  beneficially  owned by such
individual,  the date shares were  acquired  and the  investment  intent of such
acquisition, whether such stockholder believes such individual is, or is not, an
"interested  person" of the Fund (as defined in the 1940 Act),  and  information
regarding  such  individual  that  is  sufficient,  in  the  discretion  of  the
Nominating  Committee,  to make such  determination,  and all other  information
relating to such  individual that is required to be disclosed in solicitation of
proxies for election of directors  in an election  contest  (even if an election
contest is not  involved) or is  otherwise  required,  in each case  pursuant to
Regulation 14A (or any successor provision) under the Securities Exchange Act of
1934, as amended, and the rules thereunder  (including such individual's written
consent to being named in the proxy  statement  as a nominee and to serving as a
director  (if  elected)).  In  the  case  of  the  Fund  holding  a  meeting  of
stockholders, any such submission in order to be considered for inclusion in the
Fund's proxy  statement,  should be submitted by a date not later than the 120th
calendar day before the date the Fund's proxy statement was released to security
holders in connection  with the Fund's previous year's annual meeting or, if the
Fund has changed the meeting date by more than 30 days or if no meeting was held
the previous year,  within a reasonable time before the Fund begins to print and
mail its proxy statement.

     A stockholder  may nominate an individual to serve as a director or propose
other business at an annual meeting, even if the stockholder does not submit the
nomination  or proposal for  inclusion in the Fund's  proxy  statement.  In this
case, the stockholder must provide notice to the Fund,  including certain of the
information  described  above,  at least 60 days  before  the date of the annual
meeting.  If less than 70 days' notice or prior public disclosure of the meeting
is given or made to the stockholders,  the stockholder's notice to the Fund must
be  received  by the Fund not later than the close of  business on the tenth day
following the day on which the notice of the date of the annual meeting is given
or the public disclosure was made.


                             ADDITIONAL INFORMATION

     INDEPENDENT  ACCOUNTANTS.  On January 21, 2005, the Audit  Committee of the
Board,  consisting  of those  Directors  who are not  "interested  persons"  (as
defined in the 1940 Act),  selected KPMG LLP ("KPMG"),  99 High Street,  Boston,
Massachusetts 02110-2371, as independent accountants for the Fund for the Fund's
fiscal year ending  November 30, 2005. The selection of KPMG was ratified by the
entire Board.  KPMG also served as independent  accountants for the Fund for the
Fund's fiscal year ending November 30, 2004. A  representative  of KPMG will not
be present at the Meeting but will be available  by  telephone  and will have an
opportunity  to make a statement  if the  representative  so desires and will be
available to respond to appropriate questions.

     Set forth  below are audit fees and  non-audit  related  fees billed to the
Fund for  professional  services  received from KPMG for the Fund's fiscal years
ended November 30, 2003 and 2004, respectively.





              Fiscal Year Ended        Audit Fees       Audit-Related Fees*      Tax Fees**         All Other Fees

                                                                                               
                  11/30/2003             $22,500              $16,000              $5,600              $5,000+

                  11/30/2004             $23,600              $16,800             $ 5,850                $ 0


*    "Audit-Related  Fees"  are  those  fees  billed  to the  Fund  by  KPMG  in
     connection  with  their  agreed-upon  procedures  reports  under the Fund's
     Articles  Supplementary.  Such  reports are  required  quarterly by Moody's
     Investor Service, Inc. and Standard & Poor's in connection with maintaining
     public ratings for the Fund's AMP Shares.

**   "Tax Fees" are those fees  billed to each Fund by KPMG in  connection  with
     tax  consulting  services,  including  primarily  the review of each Fund's
     income tax returns.

+    This  fee  relates  to  services  provided  by  KPMG in  connection  with a
     registration statement filed by the Fund in June 2003.



     The Audit Committee  Charter requires that the Audit Committee  pre-approve
all audit and non-audit services to be provided by the auditors to the Fund, and
all non-audit  services to be provided by the auditors to the Fund's  investment
adviser and any service  providers  controlling,  controlled  by or under common
control with the Funds' investment adviser  ("affiliates") that provide on-going
services to each Fund, if the engagement  relates directly to the operations and
financial reporting of each Fund, or to establish detailed pre-approval policies
and procedures for such services in accordance with applicable  laws. All of the
audit,  audit-related and tax services described above for which KPMG billed the
Fund fees for the fiscal  years ended  November  30, 2003 and  November 30, 2004
were pre-approved by the Audit Committee.

     KPMG has  informed  the Fund that it has no direct  or  indirect  financial
interest in the Fund. For the Fund's fiscal year ended  November 30, 2004,  KPMG
did not provide any non-audit services or bill any fees for such services to the
Funds' investment adviser or any affiliates thereof that provide services to the
Fund. The Horejsi  Affiliates have engaged KPMG from time to time in the past to
provide  various  accounting,  auditing and  consulting  services and  currently
engages KPMG as a consultant with respect to ongoing tax related issues. For the
twelve months ended November 30, 2003, the Horejsi  Affiliates paid $875 to KPMG
for their  services.  For the twelve months ended November 30, 2004, the Horejsi
Affiliates  paid  $3,800 to KPMG for their  services.  The Audit  Committee  has
considered and concluded that the provision of non-audit  services is compatible
with maintaining the auditors' independence.

     SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING  COMPLIANCE.  Section 16(a) of
the 1934 Act and Section 30(h) of the 1940 Act requires the Fund's Directors and
officers,  persons affiliated with the Fund's investment  advisers,  and persons
who own more than 10% of a registered  class of the Fund's  securities,  to file
reports of  ownership  and  changes of  ownership  with the SEC and the New York
Stock  Exchange.  Directors,  officers  and  greater-than-10%  stockholders  are
required by SEC regulations to furnish the Fund with copies of all Section 16(a)
forms they file. Based solely upon the Fund's review of the copies of such forms
it receives and written  representations  from such  persons,  the Fund believes
that  through the date hereof all such filing  requirements  applicable  to such
persons were complied with.

     BROKER NON-VOTES AND ABSTENTIONS.  An uninstructed proxy for shares held by
brokers or nominees as to which (i) instructions have not been received from the
beneficial owners or the persons entitled to vote and (ii) the broker or nominee
does not have  discretionary  voting  power on a  particular  matter is a broker
"non-vote".  Proxies that reflect abstentions or broker non-votes  (collectively
"abstentions")  will be counted as shares that are present and  entitled to vote
on the  matter  for  purposes  of  determining  the  presence  of a  quorum.  In
circumstances  where the vote to approve a matter is a percentage  of votes cast
(e.g.,  Proposal  y1),  abstentions  have no effect  because they are not a vote
cast.  Thus,  they will be disregarded  in  determining  the "votes cast" on the
particular  issue.  However,  with respect to Proposals y2 and 3, where the vote
required  to approve  the  matter is the  affirmative  vote of the  holders of a
percentage of the total number of votes entitled to be cast, an abstention  will
have the effect of a vote "against" the respective proposals.


                    OTHER MATTERS TO COME BEFORE THE MEETING

     The Fund does not intend to present any other business at the Meeting,  nor
is it aware  that any  stockholder  intends  to do so.  If,  however,  any other
matters are  properly  brought  before the  Meeting,  the  persons  named in the
accompanying   form  of  proxy  will  vote  thereon  in  accordance  with  their
discretion.




--------------------------------------------------------------------------------
IT IS  IMPORTANT  THAT  PROXIES BE RETURNED  PROMPTLY.  STOCKHOLDERS  WHO DO NOT
EXPECT TO ATTEND THE MEETING ARE  THEREFORE  URGED TO COMPLETE,  SIGN,  DATE AND
RETURN  ALL  PROXY  CARDS  AS  SOON AS  POSSIBLE  IN THE  ENCLOSED  POSTAGE-PAID
ENVELOPE.
--------------------------------------------------------------------------------






                                      PROXY


                         BOULDER TOTAL RETURN FUND, INC.

                    PROXY SOLICITED BY THE BOARD OF DIRECTORS

The  undersigned  holder of shares of Common Stock of Boulder Total Return Fund,
Inc., a Maryland  corporation  (the "Fund"),  hereby appoints Stephen C. Miller,
Carl D.  Johns,  and  Candace C.  Cavalier,  or any of them,  as proxies for the
undersigned,  with full powers of  substitution  in each of them,  to attend the
Annual  Meeting  of  Stockholders  (the  "Annual  Meeting")  to be  held  at the
Millennium Resort McCormick Ranch, 7401 N. Scottsdale Road, Scottsdale,  Arizona
at 10:00 a.m.  Mountain  Standard Time (local time),  on April 26, 2005, and any
adjournments or postponements  thereof, to cast on behalf of the undersigned all
votes that the  undersigned  is  entitled  to cast at the Annual  Meeting and to
otherwise  represent the  undersigned  at the Annual Meeting with all the powers
possessed by the  undersigned  if personally  present at the Meeting.  The votes
entitled to be cast will be cast as instructed  below. If this Proxy is executed
but no  instruction is given,  the votes entitled to be cast by the  undersigned
will be cast "FOR" each of the nominees for Director and "FOR" each of the other
proposals described in the Proxy Statement.  The undersigned hereby acknowledges
receipt  of  the  Notice  of  Annual  Meeting  and  Proxy  Statement.  In  their
discretion,  the proxies are  authorized to vote upon such other business as may
properly come before the Meeting.  A majority of the proxies  present and acting
at the Annual  Meeting in person or by  substitute  (or, if only one shall be so
present,  then  that  one)  shall  have and may  exercise  all of the  power and
authority of said proxies  hereunder.  The undersigned  hereby revokes any proxy
previously given.


                   CONTINUED AND TO BE SIGNED ON REVERSE SIDE





Please indicate your vote by an "X" in the appropriate box below.

This proxy, if properly executed, will be voted in the manner directed by the
undersigned stockholder. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR
PROPOSALs 1 THROUGH 4.

Please refer to the Proxy Statement for a discussion of the Proposals.

1    Election of  Directors:  Nominees are Joel W. Looney,  Alfred G.  Aldridge,
     Jr., and Dr. Dean L. Jacobson.
                               FOR____     WITHHOLD___        FOR ALL EXCEPT ___

Instruction:  If you do not wish your shares voted "for" a  particular  nominee,
mark the "For All  Except"  box and  strike a line  through  the  name(s) of the
nominee(s). Your shares will be voted "For" the remaining nominee(s).

THE BOARD OF DIRECTORS  RECOMMENDS THAT THE STOCKHOLDERS  VOTE "FOR" ELECTION OF
ALL THE NOMINEES

------------- ----------------------------------------------------------- ------

STOCKHOLDERS MAY VOTE WITH RESEPCT TO ALL OF THE PROPOSALS 2 AND 3 BY MAKING THE
APPROPRIATE OMNIBUS SELECTION TO THE RIGHT
                                      FOR___      AGAINST ___        ABSTAIN ___
------------------------------------------------------------------------- ------

2    An amendment to the Fund's charter (the  "Charter") to establish the number
     of Directors at five (5).
                                      FOR___      AGAINST ___        ABSTAIN ___

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS  THAT THE  STOCKHOLDERS  VOTE  "FOR"  THIS  PROPOSAL,  AS MORE  FULLY
DESCRIBED IN THE PROXY STATEMENT

3    An amendment to the Charter  changing the voting standard for  stockholders
     to amend or adopt Bylaws to the  affirmative  vote of a majority of all the
     votes entitled to be cast on the matter.
                                                  FOR___ AGAINST ___ ABSTAIN ___

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS  THAT THE  STOCKHOLDERS  VOTE  "FOR"  THIS  PROPOSAL,  AS MORE  FULLY
DESCRIBED IN THE PROXY STATEMENT

4    TO VOTE AND OTHERWISE  REPRESENT THE  UNDERSIGNED  ON ANY OTHER MATTER THAT
     MAY  PROPERLY  COME  BEFORE  THE  ANNUAL  MEETING  OR  ANY  ADJOURNMENT  OR
     POSTPONEMENT THEREOF IN THE DISCRETION OF THE PROXY HOLDER


MARK HERE FOR ADDRESS CHANGE AND NOTE AT LEFT        ____

PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.

NOTE: Please sign exactly as your name appears on this Proxy. If joint owners,
EACH should sign this Proxy. When signing as attorney, executor, administrator,
trustee, guardian or corporate officer, please give your full title.

Signature:                                  
                   -------------------------

Date:                                       
                   -------------------------

Signature:                                  
                   -------------------------

Date:                                       
                   -------------------------






                                [AMPS PROXY CARD]

                                      PROXY


                         BOULDER TOTAL RETURN FUND, INC.

                    PROXY SOLICITED BY THE BOARD OF DIRECTORS

The undersigned  holder of shares of the Taxable Auction Market  Preferred Stock
("AMPS")  of Boulder  Total  Return  Fund,  Inc.,  a Maryland  corporation  (the
"Fund"),  hereby  appoints  Stephen C.  Miller,  Carl D.  Johns,  and Candace C.
Cavalier,  or any of them as proxies  for the  undersigned,  with full powers of
substitution in each of them, to attend the Annual Meeting of Stockholders  (the
"Annual  Meeting") to be held at the Millennium  Resort McCormick Ranch, 7401 N.
Scottsdale Road, Scottsdale, Arizona at 10:00 a.m. Mountain Standard Time (local
time), on April 26, 2005, and any adjournments or postponements thereof, to cast
on behalf of the  undersigned all votes that the undersigned is entitled to cast
at the Annual Meeting and to otherwise  represent the  undersigned at the Annual
Meeting with all the powers  possessed by the undersigned if personally  present
at the Meeting.  The votes entitled to be cast will be cast as instructed below.
If this Proxy is executed but no instruction is given,  the votes entitled to be
cast by the undersigned will be cast "FOR" each of the nominees for Director and
"FOR"  each  of the  other  proposals  described  in the  Proxy  Statement.  The
undersigned  hereby  acknowledges  receipt of the Notice of Annual  Meeting  and
Proxy Statement.  In their  discretion,  the proxies are authorized to vote upon
such other  business as may properly come before the Meeting.  A majority of the
proxies present and acting at the Annual Meeting in person or by substitute (or,
if only one shall be so present,  then that one) shall have and may exercise all
of the power and authority of said proxies  hereunder.  The  undersigned  hereby
revokes any proxy previously given.


                   CONTINUED AND TO BE SIGNED ON REVERSE SIDE





Please indicate your vote by an "X" in the appropriate box below.

This proxy,  if properly  executed,  will be voted in the manner directed by the
undersigned  stockholder.  IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR
PROPOSALs 1 THROUGH 4.

Please refer to the Proxy Statement for a discussion of the Proposals.

1    Election of Directors: Nominees are Susan L. Ciciora and Richard I. Barr.
                               FOR____     WITHHOLD___        FOR ALL EXCEPT ___

Instruction:  If you do not wish your shares voted "for" a  particular  nominee,
mark the "For All  Except"  box and  strike a line  through  the  name(s) of the
nominee(s). Your shares will be voted "For" the remaining nominee(s).

THE BOARD OF DIRECTORS  RECOMMENDS THAT THE STOCKHOLDERS  VOTE "FOR" ELECTION OF
ALL THE NOMINEES

------------- ----------------------------------------------------------- ------

STOCKHOLDERS MAY VOTE WITH RESEPCT TO ALL OF THE PROPOSALS 2 AND 3 BY MAKING THE
APPROPRIATE OMNIBUS SELECTION TO THE RIGHT
                                      FOR___      AGAINST ___        ABSTAIN ___
------------------------------------------------------------------------- ------

2    An amendment to the Fund's charter (the  "Charter") to establish the number
     of Directors at five (5).
                                      FOR___      AGAINST ___        ABSTAIN ___

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS  THAT THE  STOCKHOLDERS  VOTE  "FOR"  THIS  PROPOSAL,  AS MORE  FULLY
DESCRIBED IN THE PROXY STATEMENT

3    An amendment to the Charter  changing the voting standard for  stockholders
     to amend or adopt Bylaws to the  affirmative  vote of a majority of all the
     votes entitled to be cast on the matter.
                                                  FOR___ AGAINST ___ ABSTAIN ___

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS  THAT THE  STOCKHOLDERS  VOTE  "FOR"  THIS  PROPOSAL,  AS MORE  FULLY
DESCRIBED IN THE PROXY STATEMENT

4    TO VOTE AND OTHERWISE  REPRESENT THE  UNDERSIGNED  ON ANY OTHER MATTER THAT
     MAY  PROPERLY  COME  BEFORE  THE  ANNUAL  MEETING  OR  ANY  ADJOURNMENT  OR
     POSTPONEMENT THEREOF IN THE DISCRETION OF THE PROXY HOLDER


MARK HERE FOR ADDRESS CHANGE AND NOTE AT LEFT        ____

PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.

NOTE: Please sign exactly as your name appears on this Proxy. If joint owners,
EACH should sign this Proxy. When signing as attorney, executor, administrator,
trustee, guardian or corporate officer, please give your full title.

Signature:                                  
                   -------------------------

Date:                                       
                   -------------------------

Signature:                                  
                   -------------------------

Date:                                       
                   -------------------------