UNITED STAES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                            SCHEDULE 14A INFORMATION

                Proxy Statement Pursuant to Section 14(a) of the
              Securities Exchange Act of 1934 (Amendment No. ___)

                           Filed by Registrant [ X ]
                 Filed by a Party other than the Registrant [ ]

                           Check the appropriate box:

                        [ ] Preliminary Proxy Statement
       [ ] Confidential, for Use of the Commission Only (as permitted by
                                Rule 14a-6(e)(2))
                         [X] Definitive Proxy Statement
                      [ ] Definitive Additional Materials
              [ ] Soliciting Material Pursuant to Sec. 240.14a-12

                         BOULDER TOTAL RETURN FUND, INC.
                       BOULDER GROWTH & INCOME FUND, INC.
                (Name of Registrant as Specified In Its Charter)


                             Stephen C. Miller, Esq.
                           2344 Spruce Street, Suite A
                            Boulder, Colorado 80302
                                 (303) 444-5483
                   (Name of Person(s) Filing Proxy Statement)

Payment of Filing Fee (Check the appropriate box):

[ X ]   No fee required.

[   ]   Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

          1)   Title of each class of securities to which transactions applies:

          2)   Aggregate number of securities to which transaction applies:

          3)   Per unit price or other underlying value of transaction  computed
               pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
               the filing fee is calculated and state how it was determined):

          4)   Proposed maximum aggregate value of transaction:

          5)   Total fee paid:

              [ ] Fee paid previously with preliminary materials.

[  ] Check box if any part of the fee is offset as provided  by  Exchange  Act

Rule  0-11(a)(2)  and identity the filing for which the  offsetting fee was paid
previously.  Identify the previous filing by registration  statement  number, or
the Form or Schedule and the date of its filing.

         1) Amount Previously Paid:
         2) Form, Schedule or Registration Statement No.:
         3) Filing Party:
         4) Date Filed:



[GRAPHIC OMITTED][GRAPHIC OMITTED]               BOULDER TOTAL RETURN FUND, INC.
                                              BOULDER GROWTH & INCOME FUND, INC.
                                                     2344 SPRUCE STREET, SUITE A
                                                        BOULDER, COLORADO  80302


To the Stockholders:

     The Joint Annual Meeting of  Stockholders  (the "Meeting") of Boulder Total
Return  Fund,  Inc.  ("BTF")  and Boulder  Growth & Income  Fund,  Inc.  ("BIF,"
together  with BTF, the  "Funds")  will be held on April 24, 2009 at the Arizona
Biltmore Resort & Spa, 2400 East Missouri Avenue, Phoenix, Arizona 85016 at 9:00
A.M. Mountain  Standard Time.  Stockholders who are unable to attend the Meeting
are  strongly  encouraged  to vote by proxy,  which is  customary  in  corporate
meetings of this kind. A Notice of Joint Annual Meeting of Stockholders, a joint
proxy statement  regarding the Annual Meeting (the "Proxy  Statement"),  a proxy
card for each Fund in which you hold shares for your vote at the Meeting,  and a
postage prepaid  envelope in which to return your proxy or proxies are enclosed.
You may  instead  choose to  authorize  your proxy by  touch-tone  telephone  or
through the Internet, as explained on your proxy card(s).

     At the  Meeting,  the  stockholders  of each Fund will  elect  that  Fund's
Directors and consider a proposal  regarding the  classification of the Board of
Directors  for that Fund as set forth in the Notice of Joint  Annual  Meeting of
Stockholders  and as  explained  in the Proxy  Statement.  There will also be an
opportunity to discuss matters of interest to you as a stockholder.  Your Fund's
Directors  recommend  that you vote in favor of the  nominees for  Director,  as
applicable  to the  class of shares  you hold,  and for  Proposal  1 as  further
outlined in the attached Proxy Statement.

     Your vote is very important to us. Thank you for your response and for your
continued investment.


Sincerely,

                                                             
Boulder Total Return Fund, Inc.                                 Boulder Growth & Income Fund, Inc.


/s/ Richard Barr                                                /s/ Joel Looney
Richard Barr                                                    Joel Looney
Chairman of the Board of Directors for BTF                      Chairman of the Board of Directors for BIF




[GRAPHIC OMITTED][GRAPHIC OMITTED]               BOULDER TOTAL RETURN FUND, INC.
                                              BOULDER GROWTH & INCOME FUND, INC.
                                                     2344 SPRUCE STREET, SUITE A
                                                        BOULDER, COLORADO  80302


                 NOTICE OF JOINT ANNUAL MEETING OF STOCKHOLDERS
                          To Be Held on April 24, 2009


To the Stockholders:

     The Joint Annual Meeting of Stockholders of Boulder Total Return Fund, Inc.
("BTF")  and Boulder  Growth & Income  Fund,  Inc.  ("BIF,"  together  with BTF,
referred to in this Proxy Statement as the "Funds"), each a Maryland corporation
(the "Meeting"), will be held on April 24, 2009 at the Arizona Biltmore Resort &
Spa, 2400 East Missouri  Avenue,  Phoenix,  Arizona 85016 at 9:00 A.M.  Mountain
Standard Time (local time).

     At the Joint Annual Meeting,  the stockholders of each Fund will elect that
Fund's  Directors and will be asked to consider and vote on the Proposals  below
with  respect  to the  Funds,  all of which  are  more  fully  described  in the
accompanying Proxy Statement.

MATTERS TO BE VOTED ON BY ALL STOCKHOLDERS OF EACH FUND, AS APPLICABLE:

     1.   An  amendment  to the  charter of each Fund  classifying  the Board of
          Directors of each Fund into three separate  classes and making related
          changes to the charter (Proposal 1);

     2.   The election of the Directors of each Fund (Proposal 2); and

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

     The Board of  Directors  of each Fund has  fixed the close of  business  on
March 4, 2009 as the record date for the  determination  of  stockholders of the
Fund entitled to notice of, and to vote at, the Meeting and any postponements or
adjournments thereof. This Proxy Statement,  Notice of Joint Annual Meeting, and
proxy card are first being mailed to stockholders on or about March 18, 2009.




                                             By Order of the Board of Directors,

                                             /s/ Stephanie Kelley
                                             STEPHANIE KELLEY
                                             Secretary
March 13, 2009


--------------------------------------------------------------------------------
SEPARATE PROXY CARDS ARE ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES. EVEN IF
YOU PLAN TO ATTEND THE MEETING, STOCKHOLDERS ARE URGED TO SIGN THE PROXY CARD(S)
(UNLESS  AUTHORIZING  THEIR  PROXIES BY  TOUCH-TONE  TELEPHONE  OR  THROUGH  THE
INTERNET) AND MAIL IT OR THEM IN THE ENCLOSED  POSTAGE PREPAID ENVELOPE SO AS TO
ENSURE A QUORUM AT THE MEETING.  THIS IS  IMPORTANT  WHETHER YOU OWN FEW OR MANY
SHARES.
--------------------------------------------------------------------------------



                      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, Executor




[GRAPHIC OMITTED][GRAPHIC OMITTED]               BOULDER TOTAL RETURN FUND, INC.
                                              BOULDER GROWTH & INCOME FUND, INC.
                                                     2344 SPRUCE STREET, SUITE A
                                                        BOULDER, COLORADO  80302

                    JOINT ANNUAL MEETING OF STOCKHOLDERS FOR
                         BOULDER TOTAL RETURN FUND, INC.
                                       and
                       BOULDER GROWTH & INCOME FUND, INC.

                          To Be Held on April 24, 2009

                              JOINT PROXY STATEMENT

     This joint proxy  statement  ("Proxy  Statement")  for Boulder Total Return
Fund, Inc.  ("BTF") and Boulder Growth & Income Fund, Inc. ("BIF," together with
BTF, the "Funds"), each a Maryland corporation,  is furnished in connection with
the solicitation of proxies by each Fund's board of directors (collectively, the
"Boards" and individually,  the "Directors") for use at the Joint Annual Meeting
of Stockholders of the Funds to be held on Friday,  April 24, 2009, at 9:00 A.M.
Mountain  Standard Time (local time), at the Arizona Biltmore Resort & Spa, 2400
East Missouri  Avenue,  Phoenix,  Arizona  85016,  and at any  adjournments  and
postponements  thereof  (the  "Meeting").  A Notice of Joint  Annual  Meeting of
Stockholders  and  proxy  cards  accompany  this  Proxy  Statement.  This  Proxy
Statement,  a Notice of Joint Annual  Meeting,  and a proxy card are first being
mailed to stockholders on or about March 18, 2009.  Proxy  solicitations  may be
made,  beginning  on or about  March  18,  2009,  primarily  by mail,  but proxy
solicitations  may also be made by  telephone,  Internet on the Funds'  website,
email or personal  interviews  conducted by officers of the Funds and PNC Global
Investment Servicing,  the transfer agent for the Funds. In addition,  the Funds
may  engage  professional  proxy  solicitation  firms  to  assist  the  Funds in
soliciting stockholder voting participation.  Any cost of proxy solicitation and
expenses incurred in connection with the preparation of this Proxy Statement and
its  enclosures  will  be paid by the  Funds.  The  Funds  also  will  reimburse
brokerage  firms  and  others  for their  expenses  in  forwarding  solicitation
material to the  beneficial  owners of their  shares.  The Boards have fixed the
close of business on March 4, 2009 as the record  date (the  "Record  Date") for
the  determination  of  stockholders  entitled  to  notice of and to vote at the
Meeting and any postponements or adjournments thereof.

     The  Funds  provide  Annual  and  Semi-Annual   Reports  to   stockholders.
Additional  copies of the Funds' most recent Annual  Reports are available  upon
request  and without  charge by writing to Boulder  Funds,  2344 Spruce  Street,
Suite A, Boulder, CO 80302, or by calling  1-877-561-7914.  The reports are also
viewable online at the Funds' website at  www.boulderfunds.net.  The reports are
not to be regarded as proxy solicitation material.

     One Proxy Statement is being delivered to multiple  stockholders sharing an
address,  unless the Funds have received contrary  instructions from one or more
of the stockholders.  The Funds will undertake to deliver promptly, upon written
or oral request,  a separate copy of the proxy  statement to any stockholder who
contacts  the  Funds in  writing,  or by  phone,  as  stated  above.  Similarly,
stockholders  sharing an address can  request  single  copies of a future  proxy
statement or annual report by  contacting  the Funds in writing or by contacting
the Fund's transfer agent by phone at 1-800-331-1710.

     Boulder  Investment  Advisers,  LLC ("BIA"),  2344 Spruce Street,  Suite A,
Boulder,  Colorado 80302, and Stewart Investment Advisers (also known as Stewart
West Indies Trading Company, Ltd.) ("SIA"),  Bellerive, Queen Street, St. Peter,
Barbados,  currently serve as  co-investment  advisers to the Funds. BIA and SIA
are  collectively  referred  to herein as the  "Advisers".  Fund  Administrative
Services,  L.L.C. ("FAS"), 2344 Spruce Street, Suite A, Boulder, Colorado 80302,
and ALPS Fund  Services,  Inc.  ("ALPS"),  1290  Broadway,  Suite 1100,  Denver,
Colorado 80203, serve as  co-administrators  to the Funds. PNC Global Investment
Servicing Inc. ("PNC"), 4400 Computer Drive,  Westborough,  Massachusetts 01581,
acts as the transfer agent for the Funds.

     If the enclosed  proxy is properly  executed and returned by April 24, 2009
in time to be  voted  at the  Meeting,  the  shares  of the  applicable  Fund(s)
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  Proposals 1 and 2, and in the  discretion  of the proxy holder 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 Funds' Secretary
at the above address prior to the date of the Meeting.


     Each Fund has two classes of stock: common stock, par value $0.01 per share
(the "Common  Stock"),  and auction market  preferred stock, par value $0.01 per
share (the "Preferred  Stock" or "AMPs").  The Common Stock and Preferred Stock,
respectively,  are  collectively  referred  to herein as the  "Shares"  for that
respective Fund. On the Record Date, the following numbers of Shares for each of
the Funds were issued and outstanding:




                   Common Stock                                 AMPS
                   Outstanding                              Outstanding
       ------------------------------------- -----------------------------------
                                                         
   BTF              12,338,660                                  775
   BIF              25,495,585                                 1,000




     A quorum of each respective Fund's stockholders is required for the conduct
of business at the Meeting  for that Fund.  Under the  respective  Bylaws of the
Funds,  a quorum for each Fund is  established  by the  presence in person or by
proxy of the holders of a majority of the outstanding  shares (without regard to
class) of the applicable  Fund as of the Record Date. In the event that a quorum
is not present at the Meeting for a particular  Fund  (including a quorum of the
Preferred  Stock  with  respect  to the  election  of  Directors  to be  elected
separately by the  Preferred  Stock  holders),  or in the event that a quorum is
present but sufficient  votes to approve one or more proposals are not received,
the chairman of the Meeting or the persons named as proxies may propose and vote
for one or more adjournments of the Meeting with respect to that particular Fund
in order 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.   If  submitted  to
stockholders,  any such  adjournment of a Fund will require the affirmative vote
of a majority of votes cast on the matter at the Meeting as applicable  for that
Fund.


     SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL OWNERS. The following table sets
forth certain  information  regarding the beneficial  ownership of the Shares of
each  Fund 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.




                                     BOULDER TOTAL RETURN FUND, INC.                    BOULDER GROWTH & INCOME FUND, INC.
--------------------------- --------------------------------------------------- ----------------------------------------------------
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
      Name of Owner*                         Number of Shares    Percentage                      Number of Shares     Percentage
                            Number of Shares   Beneficially     Beneficially    Number of Shares   Beneficially      Beneficially
                             Directly Owned       Owned            Owned         Directly Owned       Owned             Owned
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
                                                                                                      
Alaska Trust Company*              ---             ---***          41.26%              ---             ---***           15.48%
Ernest Horejsi Trust  No. 1B*   3,121,503        3,121,503         25.30%           3,945,637        3,945,637          15.48%
Lola Brown Trust No. 1B*        1,370,515        1,370,515         11.11%              ---              ---                 0%
Evergreen Atlantic LLC**          343,748          343,748          2.79%              ---              ---                 0%
Stewart West Indies Trust*        104,627          255,876          2.07%              ---              ---                 0%
Susan L. Ciciora Trust*            72,176          175,300          1.42%              ---              ---                 0%
John S. Horejsi Trust*             53,080          104,642          0.85%              ---              ---                 0%
Evergreen Trust*                   25,698           63,510          0.51%              ---              ---                 0%
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
Aggregate Shares Owned by       5,091,347        5,091,347         41.26%           3,945,637        3,945,637          15.48%
Horejsi Affiliates
(defined below)***
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
Doliver Capital Advisors, LP+      ---              ---              ---               ---            4,396,913         17.23%



*    The  address  of each Trust is c/o Alaska  Trust  Company,  1029 West Third
     Street, Suite 400, Anchorage, AK 99501.

**   The address of  Evergreen  Atlantic,  LLC is 2344 Spruce  Street,  Suite A,
     Boulder CO 80302.

***  Alaska Trust  Company  ("ATC")  serves as a trustee or  co-trustee  for the
     Horejsi Trusts (as defined below);  ATC disclaims  beneficial  ownership of
     shares owned by the Ernest  Horejsi Trust No. 1B ("EH  Trust"),  Lola Brown
     Trust No. 1B ("Lola Trust"),  Stewart West Indies Trust ("SWIT"),  Susan L.
     Ciciora  Trust ("SLC  Trust"),  John S. Horejsi Trust ("JSH Trust") and the
     Evergreen Trust ("Evergreen Trust")  (collectively,  the "Horejsi Trusts"),
     and shares owned by Evergreen  Atlantic LLC  ("Evergreen").  The  Evergreen
     Trust,  SLC  Trust,  JSH Trust,  and SWIT are  members  of  Evergreen  with
     ownership  percentages,  respectively,  of 11%, 30%, 15%, and 44%. ATC is a
     trust company  organized  under the laws of Alaska;  98% of its outstanding
     shares are owned by SWIT,  an  irrevocable  trust  organized  by Stewart R.
     Horejsi for the benefit of his issue;  Douglas J. Blattmachr,  President of
     ATC, owns 2% of the  outstanding  shares of ATC. The Directors and officers
     of ATC are Larry L. Dunlap  (Director),  Stephen C. Miller (Vice  President
     and Director),  Mr.  Blattmachr  (President and Director),  Brandon Cintula
     (Vice President and Director),  and Richard  Thwaites  (Secretary/Treasurer
     and  Director).  The  officers and  directors  of ATC  disclaim  beneficial
     ownership of shares  owned by the Horejsi  Trusts and  Evergreen.  Together
     with Mr. Dunlap and ATC, Ms.  Ciciora is a trustee of the EH Trust and also
     one of the  beneficiaries  of the EH Trust.  Because  two of the EH Trust's
     trustees  are  required  in  order  for the EH  Trust  to vote or  exercise
     dispositive  authority  with respect to shares  owned by the EH Trust,  Ms.
     Ciciora and Mr. Dunlap each disclaim  beneficial  ownership of such shares.
     Together  with Mr.  Dunlap  and ATC,  Ms.  Ciciora is a trustee of the Lola
     Trust and also one of the  beneficiaries of the Lola Trust.  Because two of
     the Lola Trust's  trustees are required in order for the Lola Trust to vote
     or exercise dispositive  authority with respect to shares owned by the Lola
     Trust,  Ms.  Ciciora and Mr. Dunlap each disclaim  beneficial  ownership of
     such shares.  ATC, Mr. Miller, and Mr. Dunlap are trustees to the Evergreen
     Trust;  because two of the Evergreen Trust's trustees are required in order
     for the  Evergreen  Trust to vote or exercise  dispositive  authority  with
     respect to shares owned by the Evergreen Trust,  Messrs.  Miller and Dunlap
     each disclaim beneficial ownership of such shares.

+    As stated in Schedule 13G  Amendment  No. 3 filed with the  Securities  and
     Exchange Commission on February 13, 2009.



     The following table sets forth certain information regarding the beneficial
ownership  of the  Preferred  Stock of each Fund as of the  Record  Date by each
person  who is  known  by the  Fund  to  beneficially  own 5% or  more  of  such
outstanding Preferred Stock.




                                     BOULDER TOTAL RETURN FUND, INC.                    BOULDER GROWTH & INCOME FUND, INC.
--------------------------- --------------------------------------------------- ----------------------------------------------------
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
      Name of Owner*                         Number of Shares     Percentage                     Number of Shares     Percentage
                            Number of Shares   Beneficially      Beneficially   Number of Shares   Beneficially      Beneficially
                             Directly Owned       Owned             Owned        Directly Owned       Owned             Owned
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------
                                                                                                       
Bank of America Corporation       ---              406+            52.39%+            ---              722++             72.2%++
and Merrill Lynch, Pierce,
Fenner & Smith Incorporated
--------------------------- ---------------- ---------------- ----------------- ---------------- ---------------- ------------------



+    As stated in Schedule 13G filed with the Securities and Exchange Commission
     on February 10, 2009.

++   As stated in Schedule 13G  Amendment  No. 1 filed with the  Securities  and
     Exchange Commission on February 11, 2009.

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

     The EH Trust,  Lola Trust,  Evergreen,  SWIT, SLC Trust, JSH Trust, and the
Evergreen  Trust  are  collectively  referred  to as the  "Horejsi  Affiliates".
Information as to beneficial  ownership  discussed in the previous paragraph was
obtained from the respective  representative(s)  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.

     For BTF, as of the Record Date,  Cede & Co., a nominee  partnership  of the
Depository  Trust  Company,  held of record,  but not  beneficially,  12,286,748
shares  or  99.58% of Common  Stock  outstanding  and 775  shares or 100% of the
Preferred  Stock  outstanding.  For BIF,  as of the Record  Date,  Cede & Co., a
nominee  partnership of the Depository  Trust Company,  held of record,  but not
beneficially,  24,678,379 shares or 96.80% of Common Stock outstanding and 1,000
shares or 100% of the Preferred Stock outstanding.

     For BTF, as of the Record Date, the executive officers and directors of the
Fund, as a group,  owned 5,123,950  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  Preferred  Stock,  representing  41.53% of Common  Stock
outstanding  and 0% of  Preferred  Stock.  For BIF, as of the Record  Date,  the
executive officers and directors of the Fund, as a group, owned 4,026,259 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  Preferred  Stock,
representing 15.79% of Common Stock outstanding and 0% of Preferred Stock.






     MATTERS TO BE VOTED ON BY ALL STOCKHOLDERS OF EACH FUND, AS APPLICABLE:

                                   PROPOSAL 1

    AMENDMENT TO THE CHARTER CLASSIFYING THE BOARD OF DIRECTORS OF EACH FUND
      INTO THREE SEPARATE CLASSES AND MAKING RELATED CHANGES TO THE CHARTER

     The Boards  have  considered  and  recommend  to each  Fund's  stockholders
amending the Funds'  respective  charters (the  "Charters") in order to classify
the Boards into three separate classes.

     Presently the Charters  provide that  Directors  serve a one-year term. The
Charters read as follows:

     The directors  shall be elected at each annual meeting of the  stockholders
     commencing  in 2004,  except as necessary to fill any  vacancies,  and each
     director  elected  shall hold  office  until his or her  successor  is duly
     elected and qualifies,  or until his or her earlier resignation,  death, or
     removal.

In addition,  under Maryland General Corporation Law ("MGCL"),  Directors may be
removed with or without cause by the  affirmative  vote of a majority of all the
votes entitled to be cast generally for election of directors.  Thus,  presently
under the Charters and the MGCL, only a single meeting of stockholders  would be
required to effect a complete change in the Boards.

     In 2004,  stockholders for both Funds approved  "de-classification"  of the
Boards from three separate classes,  each serving a three-year term, to a single
class  elected  on an annual  basis.  However,  the Boards  now  believe  that a
classified  board  structure will best serve the Funds'  longer-term  interests.
Thus, if stockholders  approve Proposal 1 and approve a new board structure with
three classes of directors with each class serving a three-year term (instead of
the current  one-year term),  the Charters will be amended  accordingly and such
changes  will take  effect  immediately  and with  respect  to the  election  of
Directors at the Meeting  under  Proposal 2. Class I Directors  will hold office
initially for a term expiring at the 2010 annual meeting of stockholders,  Class
II Directors  will hold office  initially for a term expiring at the 2011 annual
meeting of stockholders and Class III Directors will hold office initially for a
term expiring at the 2012 annual  meeting of  stockholders,  with the members of
each class to hold office until their  successors  are duly elected and qualify.
At each  annual  meeting of the  stockholders,  the  successors  to the class of
Directors whose term expires at such meeting shall be elected to hold office for
a term  expiring at the annual  meeting of  stockholders  held in the third year
following the year of their election and until their successors are duly elected
and qualify.

     Background on the Classification Proposal. In 2004, the Funds' stockholders
approved a comprehensive set of corporate governance proposals, one of which was
to "de-classify"  the Boards such that Directors would serve an annual term (the
"2004  Proposal").  Prior to the 2004 Proposal,  each Fund had a "classified" or
"staggered" board. Various industry trade groups,  activist investor groups, the
New York Stock Exchange,  and other industry  professionals  generally advocated
de-classification  as well as the other corporate  governance proposals advanced
by the Funds in 2004.  It was  thought at that time that  having  all  Directors
stand for election  every year would lead to better  stockholder  governance,  a
more responsive Board and more access to fund management.

     Since that time,  the Boards have had the  opportunity  to  experience  and
review the effect of the adoption of these corporate governance  proposals,  and
in particular the effect of the 2004  Proposal.  In assessing the 2004 Proposal,
close attention was paid to the Funds' investment objectives,  the makeup of the
Funds' stockholders and other developments within the past four years.

     Board  Considerations.  At its regular meeting in February 2009, each Board
considered a proposal from  management  to classify the Board.  At that meeting,
each Board  considered a number of factors before coming to a conclusion  that a
classified  board would better serve the  long-term  investment  interest of the
Fund and its stockholders.

     Each Board  recognized  that the overall effect of the Proposal would be to
make any hostile  attempt to take  control of the Fund  through a proxy  contest
more  difficult.  In  order  to  change  the  membership  of a  majority  of the
Directors,  at least two years would be required.  Each Board believes that this
would  encourage  persons  seeking to  acquire  control of the Fund to engage in
good-faith,  arm's-length  negotiations with the Board. Each Board also believes
that  ensuring  continuity  of service  among the Board  members and  three-year
commitments for Board service is desirable and that the Proposal will facilitate
the Fund's  attracting and retaining  qualified  members of the Board and hiring
and retaining competent  management  personnel by increasing the likelihood of a
stable employment environment.

     The  Boards  understand  the  Funds'  stockholder  bases  to  be  generally
comprised of many  stockholders  holding smaller  positions who have a long-term
investment horizon similar to that expressed by the Funds' largest  stockholders
(i.e., the Horejsi Affiliates).  A primary reason that these stockholders invest
with the Funds is the potential for long-term capital  appreciation coupled with
responsible  and  deliberative  asset  management  and  an  eye  toward  capital
preservation.   Neither  the  Boards  nor  the  Funds'  investment  managers  or
stockholders  contemplate  sudden,  drastic  changes in the makeup of the Funds'
investment portfolios.


     The Boards noted that, in general,  closed-end funds such as the Funds seem
to be  more  subject  than  operating  companies  to  pressures  from  "hostile"
stockholders,  arbitragers  and  other  groups  of  investors  seeking  to  take
advantage of short-term  market cycles for their own benefit.  These  activities
are often detrimental to stockholders seeking a particular  investment style and
a long-term investment horizon. For example,  twice in the past three years, BIF
was subject to activist pressure to change its fundamental operations.  In 2005,
Scott  Schultz and Phil  Goldstein  joined  together to pressure  BIF to adopt a
managed  distribution  program  and,  in  October  2008,  Ronald  Olin and Ralph
Bradshaw  sought to float  stockholder  proposals that called for removal of the
Advisers,  replacement  of  the  current  Board  and  an  aggressive  level-rate
distribution  policy at odds with the  then-current  market and BIF's  long-term
rate of return. Messrs. Olin and Bradshaw's proposals have since been withdrawn.

     The Boards  ultimately  concluded that the Proposal achieves a fair balance
between the corporate  governance intent of the 2004 Proposal and protecting the
stockholders'  long-term  interests and recommends that  stockholders vote "FOR"
this proposal.

     The Boards noted that,  because  Directors will be directly affected by the
Proposal, they may be deemed to have an interest in its outcome.

     If approved by the  stockholders,  the Proposal would impose the classified
board  structure  effective  immediately  and for this Meeting.  The table below
illustrates  the effect  stockholder  approval of the Proposal would have on the
terms of Directors:



                 -------------------------------     -------------------------------
                    BOULDER TOTAL RETURN FUND          BOULDER GROWTH & INCOME FUND
                 -------------------------------     -------------------------------
                 ---------- ---------- ---------     ---------- ---------- ---------
                 Class I    Class II   Class III     Class I    Class II   Class III
                 2009-10    2009-11    2009-12       2009-10    2009-11    2009-12
                 ---------- ---------- ---------     ---------- ---------- ---------
                 ---------- ---------- ---------     ---------- ---------- ---------
                                                            
Richard Barr                               X                                  X
Susan Ciciora*+                            X                                  X
John Horejsi*+       X                                   X
Dean Jacobson        X                                   X
Joel Looney                      X                                  X
                 ---------- ---------- ---------     ---------- ---------- ---------


*    "Interested" director as that term is defined in the Investment Company Act
     of 1940, as amended.

+    These  Directors  are  elected by the  Funds'  respective  Preferred  Stock
     holders pursuant to the Funds' respective Articles Supplementary.

Accordingly,  and for each Fund,  Messrs.  Horejsi and Jacobson will hold office
initially for a term expiring at the 2010 annual  meeting of  stockholders,  Mr.
Looney will hold office initially for a term expiring at the 2011 annual meeting
of stockholders and Ms. Ciciora and Mr. Barr hold will hold office initially for
a term expiring at the 2012 annual meeting of stockholders.

     The  amendment  also  clarifies  that  (1) in the  event  that  holders  of
Preferred  Stock are entitled to elect  additional  directors in connection with
dividend  arrearages,  the election of such  additional  directors may cause the
total  number of Directors on the Board of Directors to exceed five and (2) that
the  terms of  Directors  elected  separately  by  holders  of  Preferred  Stock
terminate if all such Preferred Stock is redeemed.

     Attached at Exhibit A are Articles of Amendment containing the amendment to
each Fund's  respective  Charter (the "Amendment")  which, if approved,  will be
filed with the State  Department  of  Assessments  and Taxation of Maryland.  If
stockholders  approve the Proposal  for either or both of the Funds,  the Annual
Meeting for that Fund will be temporarily adjourned so that the Amendment may be
filed immediately and effective immediately.  Thereafter, the Annual Meeting for
that Fund will resume and Proposal 2 will be considered.  If stockholders do not
approve this Proposal 1 for either or both of the Funds, but do approve Proposal
2, the Board of Directors for the respective Fund will be elected to serve until
the annual meeting of stockholders  in 2010 and until their  successors are duly
elected and qualify.


     Vote  required.  Approval of Proposal 1 for each of the Funds  requires the
affirmative  vote of a  majority  of all the  votes  entitled  to be cast by the
stockholders of that respective Fund on the matter.  Holders of record of Shares
of each Fund at the close of business on the Record Date will be entitled to one
vote per  share on each  matter  as to which  they are  entitled  to vote at the
Meeting and any postponements or adjournments thereof.

THE BOARD OF DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS,  UNANIMOUSLY
RECOMMENDS  THAT THE  STOCKHOLDERS  OF BTF AND BIF,  AS  APPLICABLE,  VOTE "FOR"
PROPOSAL 1.

                                   PROPOSAL 2

                      ELECTION OF DIRECTORS OF BTF AND BIF

     The Funds' respective  Charters currently provide that all of the Directors
stand for election each year. If stockholders  approve  Proposal 1 for either or
both of the Funds,  then the Charter  for that Fund will be  amended,  effective
immediately  and  for  purposes  of this  Meeting,  so that  the  terms  of each
Director,  if elected,  would be classified in accordance with Proposal 1. Thus,
if Proposal 1 is approved, and the Directors as nominated in this Proposal 2 are
elected,  Messrs.  Horejsi and Jacobson  will hold office  initially  for a term
expiring at the 2010 annual meeting of stockholders, Mr. Looney will hold office
initially for a term expiring at the 2011 annual meeting of stockholders and Mr.
Barr and Ms. Ciciora will hold office  initially for a term expiring at the 2012
annual  meeting of  stockholders,  with the members of each class to hold office
until their  successors are duly elected and qualify.  At each annual meeting of
the stockholders, the successors to the class of Directors whose term expires at
such meeting  shall be elected to hold office for a term  expiring at the annual
meeting  of  stockholders  held in the third  year  following  the year of their
election and until their successors are duly elected and qualify.

         The Boards have nominated the following five Director nominees to stand
for election and serve terms as follows:



                 -------------------------------     -------------------------------
                    BOULDER TOTAL RETURN FUND          BOULDER GROWTH & INCOME FUND
                 -------------------------------     -------------------------------
                 --------- ---------- ----------     --------- ---------- ----------
                 Class I   Class II   Class III      Class I   Class II   Class III
                 2009-10   2009-11    2009-12        2009-10   2009-11    2009-12
                 --------- ---------- ----------     --------- ---------- ----------
                 --------- ---------- ----------     --------- ---------- ----------
                                                           
Richard Barr                               X                                 X
Susan Ciciora*+                            X                                 X
John Horejsi*+       X                                  X
Dean Jacobson        X                                  X
Joel Looney                     X                                  X
                 --------- ---------- ----------     --------- ---------- ---------


*    "Interested" director as that term is defined in the Investment Company Act
     of 1940, as amended.

+    These  Directors  are  elected by the  Funds'  respective  Preferred  Stock
     holders pursuant to the Funds' respective Articles Supplementary.

Holders of the Common Stock and  Preferred  Stock as of the Record Date for each
respective  Fund are entitled to vote on the election of Messrs.  Looney,  Barr,
and  Jacobson,  and only the  Preferred  Stock holders as of the Record Date for
each respective Fund are entitled to vote on the election of Ms. Ciciora and Mr.
Horejsi.  The above  nominees have consented to serve as Directors if elected at
the Meeting for the term as indicated above. 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 for the Board.


     INFORMATION ABOUT DIRECTORS AND OFFICERS.  Set forth in the following table
is information about the nominees for election to the Board of Directors for BTF
and BIF:




------------------------------ ------------------------ ---------------------------------------------- --------------------
                               Position, Length of Term                                                  Number of Funds
                                  Served, and Term of          Principal Occupation(s) and Other         in Fund Complex+
Name, Address*, Age                     Office          Directorships Held During the Past Five Years  Overseen by Director
------------------------------ ------------------------ ---------------------------------------------- --------------------
Independent Directors
------------------------------ ------------------------ ---------------------------------------------- --------------------
                                                                                                      
Joel W. Looney                 Director of BTF since    Partner  (since 1999),  Financial  Management           4
                               2001 and BIF since       Group,  LLC  (investment  adviser);  Director
Chairman of BIF                2002. Chairman of the    and Chairman (since 2003),  First Opportunity
                               Board of BIF since       Fund,  Inc.;  Director  and  Chairman  (since
Age:  47                       2003. Current Nominee    2007), The Denali Fund Inc.
                               for BTF and BIF for a
                               term to expire at the
                               2011 annual meeting.

Dr. Dean L. Jacobson           Director of BTF since    Founder and President (since 1989),  Forensic           4
                               2004 and BIF since       Engineering,         Inc.        (engineering
Age: 70                        2006. Current Nominee    investigations);  Professor  Emeritus  (since
                               for BTF and BIF for a    1997),  Arizona  State  University;  Director
                               term to expire at the    (since 2003),  First  Opportunity Fund, Inc.;
                               2010 annual meeting.     Director (since 2007), The Denali Fund Inc.

Richard I. Barr                Director of BTF since    Retired  (since 2001).  Manager  (1963-2001),           4
                               1999 and BIF since       Advantage  Sales and  Marketing,  Inc.  (food
Chairman of BTF                2002.  Chairman of the   brokerage);   Director  (since  2001),  First
                               Board of BTF since       Opportunity   Fund,  Inc.;   Director  (since
Age:  71                       2003. Current Nominee    2007), The Denali Fund Inc.
                               for BTF and BIF for a
                               term to expire at the
                               2012 annual meeting.



------------------------------ ------------------------ ---------------------------------------------- --------------------
Interested Directors**
------------------------------ ------------------------ ---------------------------------------------- --------------------
John S. Horejsi***             Director of BTF since    Director  (since  1997),  Horejsi  Charitable           4
                               2006 and BIF since       Foundation (private  charitable  foundation);
Age: 41                        2004. Current Nominee    Director  (since  2006),   First  Opportunity
                               for BTF and BIF for a    Fund,   Inc.;   Director  (since  2007),  The
                               term to expire at the    Denali Fund Inc.
                               2010 annual meeting.

Susan L. Ciciora***            Director of BTF since    Trustee  (since  1994),  Lola Brown Trust No.           4
                               2001 and BIF since       1B;  Trustee  (since  1992),  Ernest  Horejsi
Age: 44                        2006. Current Nominee    Trust No. 1B; Director (since 1997),  Horejsi
                               for BTF and BIF for a    Charitable    Foundation,    Inc.    (private
                               term to expire at the    charitable   foundation);   Director   (since
                               2012 annual meeting.     2003),    First   Opportunity   Fund,   Inc.;
                                                        Director (since 2007), The Denali Fund Inc.



*    The Directors'  respective  addresses are c/o Boulder Investment  Advisers,
     LLC, 2344 Spruce Street, Suite A, Boulder, Colorado 80302.

**   Mr. Horejsi and Ms. Ciciora are each "interested persons" of BTF and BIF as
     a result of the extent of their  beneficial  ownership of the Funds' shares
     and by virtue of their indirect beneficial ownership of BIA and FAS.

***  Mr. Horejsi and Ms. Ciciora are siblings.

+    Includes the Funds, First Opportunity Fund, Inc., and The Denali 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 Funds are listed in the table
below.  Each  officer was  elected to office by each Board at a meeting  held on
February 9, 2009. This table also shows certain additional information. Officers
are elected  annually  and each  officer will hold such office until a successor
has been elected by the applicable 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 BTF since     President  and General  Counsel  (since 1999),  BIA;  Manager
                               1999 and BIF since 2002.   (since  1999),   FAS;  Vice  President  (since  1999),   SIA;
Age:  56                       Director of BTF from       Director  and  Chairman   (2003-2004)  and  President  (since
                               1999-2004. Director of     2003), First Opportunity Fund, Inc.;  President (since 2007),
                               BIF from 2002-2004.        The Denali  Fund  Inc.;  Of Counsel  (since  1991),  Krassa &
                               Chief Compliance Officer   Miller, LLC.
                               from 2004-2007.
                               Appointed annually.

Carl D. Johns                  Chief Financial Officer,   Vice  President and Treasurer  (since 1999),  BIA;  Assistant
                               Chief Accounting           Manager (since 1999), FAS; Vice President,  Treasurer,  Chief
Age: 46                        Officer, Vice President    Financial Officer and Chief Accounting Officer,  (since 2003)
                               and Treasurer since 1999   First  Opportunity  Fund,  Inc.  and (since  2007) The Denali
                               for BTF and since 2002     Fund Inc.
                               for BIF.  Appointed
                               annually.

Joel L. Terwilliger            Chief Compliance Officer   Associate General Counsel (since 2006) and Chief Compliance
                               for BTF and BIF since      Officer (since 2007), BIA, SIA, FAS, First Opportunity Fund,
Age:  40                       2007. Appointed annually.  Inc.  and  The  Denali  Fund  Inc.;  Senior   Associate/Legal
                                                          Counsel  (2002-2006),  Great-West  Life &  Annuity  Insurance
                                                          Company and affiliated companies.

Stephanie J. Kelley            Secretary for BTF since    Secretary  (since  2003),   First   Opportunity  Fund,  Inc.;
                               2000 and BIF since 2002.   Secretary  (since  2007),  The Denali  Fund  Inc.;  Assistant
Age:  52                       Appointed annually.        Secretary and Assistant  Treasurer of various other  entities
                                                          affiliated  with the Horejsi  family;  employee (since 1999),
                                                          FAS.

Nicole L. Murphey              Vice President since       Vice President (since 2008) and Assistant Secretary (since
                               2008 for BTF and BIF;      2003), First Opportunity Fund, Inc.; Vice President (since
Age:  32                       Assistant Secretary        2008) and Assistant Secretary (since 2007), The Denali Fund
                               since 2000 for BTF and     Inc.; employee (since 1999), FAS.
                               since 2002 for BIF.
                               Appointed annually.



*    Unless  otherwise  specified,  the Officers'  respective  addresses are c/o
     Boulder  Investment  Advisers,  LLC, 2344 Spruce Street,  Suite A, Boulder,
     Colorado 80302.

     Set forth in the  following  table are the  nominees  for  election  to the
Funds' Boards together with the dollar range of equity  securities  beneficially
owned by each  Director  as of the  Record  Date for each  Fund,  as well as the
aggregate dollar range of the Funds' equity  securities in all funds overseen in
a family of investment companies (i.e., other funds managed by the Advisers).




--------------------------------------------------------------------------------------------------------------------
                                        OWNERSHIP OF THE FUNDS BY DIRECTORS
------------------------------ ---------------------- ----------------------- --------------------------------------
                                                                              Aggregate Dollar Range of Equity
Independent Directors and      Dollar Range of Equity Dollar Range of Equity  Securities in All Funds in the
Nominees                       Securities in BTF      Securities in BIF       Family of Investment Companies
------------------------------ ---------------------- ----------------------- --------------------------------------
                                                                             
       Richard I. Barr           $50,001 to $100,000    $10,001 to  $50,000           Over $100,000
       Joel W. Looney            $10,001 to  $50,000    $50,001 to $100,000           $50,001 to $100,000
      Dean L. Jacobson           $10,001 to  $50,000    Less than   $10,001           $10,001 to  $50,000
------------------------------ ---------------------- ----------------------- --------------------------------------
------------------------------ ---------------------- ----------------------- --------------------------------------
Interested Directors and
Nominees
------------------------------ ---------------------- ----------------------- --------------------------------------
------------------------------ ---------------------- ----------------------- --------------------------------------
       John S. Horejsi           Over $100,000+         Over $100,000++               Over $100,000
      Susan L. Ciciora           Over $100,000+         Over $100,000++               Over $100,000



+    3,049,103,  343,748, and 1,370,515,  shares of Common Stock of BTF are held
     by the EH Trust, EALLC and the Lola Trust, respectively.  Accordingly,  Ms.
     Ciciora and Mr. Horejsi may be deemed to have indirect beneficial ownership
     of such  Shares.  Ms.  Ciciora  and Mr.  Horejsi  each  disclaim  all  such
     beneficial  ownership.  Ms.  Ciciora  directly  owns 6,267 shares of Common
     Stock of BTF. Mr. Horejsi does not directly own any Shares of BTF.

++   3,945,637  shares  of  Common  Stock of BIF are held by the EH  Trust.  Ms.
     Ciciora is a trustee and beneficiary under the EH Trust and John Horejsi is
     a beneficiary under the EH Trust. Accordingly,  Ms. Ciciora and Mr. Horejsi
     may be deemed to have indirect  beneficial  ownership of the Shares held by
     the EH Trust.  Ms.  Ciciora and Mr.  Horejsi  disclaim all such  beneficial
     ownership.  Ms. Ciciora directly owns 20,000 shares of Common Stock of BIF.
     Mr. Horejsi does not directly own any Shares of BIF.



     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 Funds'  Directors for the fiscal
year ended November 30, 2008. No persons (other than the independent  Directors,
as set forth below) currently receive  compensation from the Funds for acting as
a Director  or officer.  Directors  and  executive  officers of the Funds do not
receive pension or retirement benefits from the Funds.  Non-interested Directors
receive  reimbursement  for travel and other out-of-pocket expenses  incurred in
connection with Board meetings.




Name of Person and Position with the      Aggregate Compensation    Aggregate Compensation     Total Compensation from
Funds                                           from BTF                  from BIF           the Funds and Fund Complex
---------------------------------------- ------------------------- ------------------------- ----------------------------
                                                                                             
Richard I. Barr, Director for BTF and            $30,500                   $23,000                    $105,000
BIF and Chairman for BTF                                                                              (4 funds)

Dr. Dean Jacobson, Director for BTF              $26,500                   $23,000                    $101,000
and BIF                                                                                               (4 funds)

Joel W. Looney, Director for BTF and             $28,500                   $29,000                    $121,000
BIF and Chairman for BIF                                                                              (4 funds)

Susan L. Ciciora, Director for BTF and              $0                        $0                         $0
BIF

John S. Horejsi, Director for BTF and               $0                        $0                         $0
BIF



     Each  Director  of the Funds who was not a Director,  officer,  employee or
affiliate of one of the Advisers, or any of their affiliates,  receives a fee of
$8,000 per annum plus  $3,000  (for BIF) or $4,000  (for BTF) for each in person
meeting,  $500 for each Audit  Committee  meeting  and $500 for each  telephonic
meeting of the applicable Board. In addition, for each of the Funds the Chairman
of the Board  and the  Chairman  of the  Audit  Committee  receives  $1,000  per
meeting. Each non-interested  Director of the Funds is reimbursed for travel and
out-of-pocket  expenses  associated with attending Board and Committee meetings.
The Board for BTF held seven  meetings  (three of which  were held by  telephone
conference  call) during the fiscal year ended  November 30, 2008. The Board for
BIF held eight meetings (four of which were held by telephone  conference  call)
during the fiscal year ended November 30, 2008. Each Director  currently serving
in such  capacity  for the  entire  fiscal  year  attended  at least  75% of the
meetings of Directors  for both Funds and any  Committee of which he or she is a
member. The aggregate remuneration paid to the Directors of the Funds for acting
as such during the fiscal year ended  November 30, 2008  amounted to $85,500 for
BTF and $75,000 for BIF.


              COMMITTEES OF THE BOARD OF DIRECTORS FOR BTF AND BIF

     AUDIT  COMMITTEE;  REPORT  OF AUDIT  COMMITTEE.  The  purpose  of the Audit
Committee for each of the Funds is to assist Board oversight of the integrity of
the Funds' financial statements, the Funds' compliance with legal and regulatory
requirements,  the independent auditor's qualifications and independence and the
performance of the Funds' independent auditors. The Audit Committee of each Fund
reviews the scope and results of the  applicable  Fund's  annual  audit with the
Fund's respective independent  accountants and recommends the engagement of such
accountants.   Management,   however,   is  responsible  for  the   preparation,
presentation,  and integrity of the Fund's respective financial statements,  and
the independent accountants are responsible for planning and carrying out proper
audits  and  reviews.  The Board of  Directors  of each  Fund  adopted a written
charter for the Audit  Committees on January 23, 2002 and most recently  amended
the Audit  Committee  Charters  on January  25, 2008 to add The Denali Fund Inc.
Subsequent minor amendments to the Audit Committee  Charters were adopted by the
Funds on February 9, 2009.

     The Audit  Committee  of each Fund is composed  entirely of the  applicable
Fund's independent  Directors,  consisting of Messrs. Barr, Jacobson, and Looney
for  both BTF and BIF.  The  Board of each  Fund  determined  that  Joel  Looney
qualifies  as an  "audit  committee  financial  expert,"  as  defined  under the
Securities  and Exchange  Commission's  Regulation  S-K, Item 401(h).  The Audit
Committee of each Fund is in  compliance  with  applicable  rules of the listing
requirements  for closed-end  fund audit  committees;  including the requirement
that all members of the audit  committee be  "financially  literate" and that at
least one member of the audit  committee have  "accounting or related  financial
management  expertise,"  as  determined  by  the  applicable  Board.  The  Audit
Committee of each Fund is required to conduct its operations in accordance  with
applicable  requirements  of the  Sarbanes-Oxley  Act  and  the  Public  Company
Accounting  Oversight  Board, and the members of the Audit Committee are subject
to the fiduciary duty to exercise  reasonable care in carrying out their duties.
Each member of the Audit  Committees is independent,  as that term is defined by
the New York Stock Exchange Listing  Standards.  The Audit Committee for each of
the Funds met twice during the fiscal year ended November 30, 2008.


     In  connection  with the  audited  financial  statements  as of and for the
period ended November 30, 2008, included in the Funds' respective Annual Reports
for the period ended November 30, 2008 (the "Annual  Report"),  at meetings held
on January 19, 2009 and February 9, 2009,  the Audit  Committees  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 Committees have received the written disclosures and letters from
the independent  accountants  required by Independence  Standards Board Standard
No. 1 (Independence  Discussions with Audit  Committees) and have discussed with
independent accountants their independence.  The Audit Committees discussed with
the independent  accountants the accounting  principles applied by the Funds and
such other  matters  brought to the  attention  of the Audit  Committees  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 Committees are not  professionally  engaged in the
practice  of  auditing or  accounting  and are not  employed by the Funds in any
accounting,  financial  management or internal control capacity.  Moreover,  the
Audit Committee for each Fund relies on and makes no independent verification of
the  facts  presented  to  it or  representations  made  by  management  or  the
independent  accountants.  Accordingly,  each of 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, each
of the Audit Committee's considerations and discussions referred to above do not
provide  assurance  that the audit of the Funds'  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
Committees set forth in the Funds' Charter and those discussed  above, the Audit
Committee of each Fund recommended to the Boards of each of BTF and BIF that the
audited financial  statements be included in the Funds' respective Annual Report
and be mailed  to  stockholders  and  filed  with the  Securities  and  Exchange
Commission.
<
     Submitted  by the  Audit  Committee  of  each  of BTF and  BIF's  Board  of
Directors: Richard I. Barr, Dean L. Jacobson, and Joel W. Looney.

     NOMINATING COMMITTEE.  The Board of Directors of each Fund has a nominating
committee (the "Nominating  Committee") consisting of Messrs.  Looney,  Jacobson
and Barr,  which is responsible for  considering  candidates for election to the
Board of the Funds in the event a position is vacated or created. Each member of
the Nominating Committee is independent, as that term is defined by the New York
Stock Exchange Listing Standards.  The Nominating  Committee met on February 23,
2009 with regard to the  nomination  of the  Director  nominees set forth in the
proposals  above.  The  Nominating  Committee  of each Fund met once  during the
fiscal year ended  November 30, 2008. The Funds' Board of Directors have adopted
a charter for the Nominating Committees that is available on the Funds' website,
www.boulderfunds.net.

     The  Nominating  Committees  do not have a formal  process for  identifying
candidates.  The Nominating  Committees take into  consideration such factors as
they deem  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  Committees  will consider all qualified  candidates in the same
manner.  The Nominating  Committees may modify their policies and procedures for
director  nominees  and  recommendations  in  response to changes in each Fund's
respective circumstances, and as applicable legal or listing standards change.

     The  Nominating  Committees  would  consider  director  candidates  for the
applicable Fund and as 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 BTF  or  BIF,  as
applicable.

     The Funds do not have a compensation committee.


                           OTHER BOARD-RELATED MATTERS

     Stockholders of BTF or BIF who wish to send  communications to either Board
should send them to the address of that  respective Fund and to the attention of
the respective Board. All such communications will be directed to the respective
Board's attention.

     The Funds do not have a formal policy regarding Board member  attendance at
the Annual Meeting of Stockholders;  however, all of the Directors of the Funds,
who were  Directors at the time,  attended the April 25, 2008 Annual  Meeting of
Stockholders for BTF and BIF.

Vote Required.  The election of Messrs.  Looney, Barr, and Jacobson as Directors
of the Funds requires the  affirmative  vote of a plurality of the votes cast by
the respective  holders of the Common Stock and Preferred Stock for each Fund at
the Meeting in person or by proxy on Proposal 2. The  election of Ms Ciciora and
Mr.  Horejsi as  Directors of the Fund will  require the  affirmative  vote of a
plurality of the votes cast by the respective holders of the Preferred Stock for
each Fund at the Meeting in person or by proxy on Proposal 2.  Additionally,  if
Proposal 1 is approved by the  stockholders for either or both of the Funds, the
terms of each Director  (whether elected or held-over) for that Fund would be as
follows:  Messrs.  Horejsi and Jacobson  will hold office  initially  for a term
expiring at the 2010 annual meeting of stockholders, Mr. Looney will hold office
initially for a term expiring at the 2011 annual meeting of stockholders and Ms.
Ciciora and Mr. Barr hold will hold office  initially for a term expiring at the
2012  annual  meeting of  stockholders,  with the  members of each class to hold
office until their successors are duly elected and qualify. Holders of record of
Shares of each Fund at the close of business on the Record Date will be entitled
to one vote per share on each  matter as to which they are  entitled  to vote at
the Meeting and any postponements or adjournments thereof.

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


                       SUBMISSION OF STOCKHOLDER PROPOSALS

     Notice is hereby given that for a stockholder proposal to be considered for
inclusion in the Funds' proxy  material  relating to its 2010 annual  meeting of
stockholders,  the  stockholder  proposal must be addressed to, and received by,
that  applicable  Fund not earlier than October 14, 2009 or later than  November
13, 2009.  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
applicable Fund's books, of the stockholder  proposing such business,  (iii) the
class and number of shares of the capital stock of the applicable 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 for that  applicable
Fund  with a market  value of  $2,000  and must  have  held  such  Shares in the
applicable Fund 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.  Joint
proposals  of the Funds are not  permissible;  stockholders  may not  submit one
proposal (plus the required  additional  documentation)  for more than one Fund.
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 an applicable Fund's proxy materials.

     Pursuant  to the Funds'  respective  Bylaws,  at any annual  meeting of the
stockholders,  only business that has been properly  brought  before the meeting
will be  conducted.  To be  properly  brought  before  the annual  meeting,  the
business  must be (i)  specified  in the  notice of  meeting,  (ii) by or at the
direction of the Board of Directors,  or (iii) otherwise properly brought before
the meeting by a  stockholder.  For business to be properly  brought  before the
annual meeting by a stockholder,  the stockholder  must have given timely notice
thereof in writing to the  Secretary of the  applicable  Fund.  To be timely,  a
stockholder's  notice must be received by the  Secretary at 2344 Spruce  Street,
Suite A, Boulder, Colorado 80302 by 5:00 P.M. Mountain Standard Time not earlier
than  the  150th  day and not  later  than the  120th  day  prior  to the  first
anniversary of the date of public release of the notice for the preceding year's
annual  meeting.  However,  if the date of the  annual  meeting is  advanced  or
delayed  by more  than 30 days  from the  first  anniversary  of the date of the
preceding year's annual meeting,  for notice by the stockholder to be timely, it
must be received by the  Secretary  not later than 5:00 P.M.  Mountain  Standard
Time on the later of the 120th day prior to the date of such  annual  meeting or
the tenth day following the day on which public announcement of the date of such
meeting is first made. The public  announcement of a postponement or adjournment
of an annual  meeting  shall not  commence a new time period for the giving of a
stockholder's notice as described above.


     Pursuant to the Funds' respective Bylaws,  such stockholder's  notice shall
set forth (i) as to each individual  whom the  stockholder  proposes to nominate
for election or reelection as a director,  (A) the name, age,  business  address
and residence  address of such individual,  (B) the class,  series and number of
any shares of stock of the applicable Fund that are  beneficially  owned by such
individual,  (C) the date such shares were acquired and the investment intent of
such acquisition,  (D) whether such stockholder believes any such individual is,
or is not, an "interested person" of the applicable Fund, as defined in the 1940
Act  and  information  regarding  such  individual  that is  sufficient,  in the
discretion of the Board of Directors or any committee  thereof or any authorized
officer of the applicable  Fund, to make such  determination,  (E) the extent to
which such individual (including such individual's  principals) has entered into
any hedging  transaction or arrangement  with the effect or intent of mitigating
or otherwise managing profit, loss or risk of changes in the value of the common
stock or the  daily  quoted  market  price of the Fund  held by such  individual
(including such individual's principals), or increasing or decreasing the voting
power of such individual  (including such  individual's  principals),  including
independently  verifiably  information  in  support  of the  foregoing,  (F) the
investment strategy or objective - including any related disclosure documents or
other  independently  verifiable  information  in support of the foregoing - for
such individual  (including  such  individual's  principals),  and (G) all other
information  relating to such  individual  that is required to be  disclosed  in
solicitations  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 Exchange Act
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);  (ii) as to any other business that the stockholder  proposes to bring
before the meeting,  a description of such  business,  the reasons for proposing
such business at the meeting and any material  interest in such business of such
stockholder   and  any  Stockholder   Associated   Person  (as  defined  below),
individually  or in the  aggregate,  including  any  anticipated  benefit to the
stockholder and the Stockholder  Associated  Person  therefrom;  (iii) as to the
stockholder giving the notice and any Stockholder  Associated Person, the class,
series and number of all shares of stock of the applicable  Fund which are owned
by such stockholder and by such Stockholder  Associated  Person, if any, and the
nominee holder for, and number of, shares owned  beneficially  but not of record
by such stockholder and by any such Stockholder  Associated  Person;  (iv) as to
the stockholder giving the notice and any Stockholder  Associated Person covered
by the immediately preceding clauses (ii) or (iii), the name and address of such
stockholder,  as they appear on the  applicable  Fund's stock ledger and current
name and address, if different,  and of such Stockholder  Associated Person; and
(v) to the  extent  known by the  stockholder  giving the  notice,  the name and
address  of any  other  stockholder  supporting  the  nominee  for  election  or
reelection  as a director or the proposal of other  business on the date of such
stockholder's notice.  "Stockholder  Associated Person" of any stockholder shall
mean (i) any person  controlling,  directly or indirectly,  or acting in concert
with,  such  stockholder,  (ii) any  beneficial  owner of shares of stock of the
applicable Fund owned of record or  beneficially  by such  stockholder and (iii)
any  person  controlling,  controlled  by or  under  common  control  with  such
Stockholder  Associated Person.  Joint notices to the Funds are not permissible;
stockholders  may not submit more than one notice (plus the required  additional
documentation) for more than one Fund.

                             ADDITIONAL INFORMATION

     INDEPENDENT  ACCOUNTANTS.  At its regularly scheduled Board meeting held on
November  10,  2008,  the Audit  Committee  of each  Fund,  consisting  of those
Directors  who are not  "interested  persons"  (as  defined  in the  1940  Act),
selected,  and  the  Board  of  each  Fund  ratified,   Deloitte  &  Touche  LLP
("Deloitte") of Denver,  Colorado as the Funds'  independent  registered  public
accounting  firm for the Funds' fiscal year ending  November 30, 2009.  Deloitte
served as  independent  accountant  for each Fund's  prior  fiscal  years ending
November 30, 2007 and November 30, 2008. A  representative  of Deloitte 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
Funds for  professional  services  received  from Deloitte for the Funds' fiscal
years ended November 30, 2007 and November 30, 2008.




-----------------------------------------------------------------------------------------------------------
                                    BOULDER TOTAL RETURN FUND, INC.
-----------------------------------------------------------------------------------------------------------
---------------------- -------------------- -------------------- -------------------- ---------------------
  Fiscal Year Ended        Audit Fees       Audit-Related Fees       Tax Fees*         All Other Fees+
                                                                               
     11/30/2007              $25,500                $0                $6,875               $4,250
     11/30/2008              $27,350                $0                $7,250               $5,000
---------------------- -------------------- -------------------- -------------------- ---------------------
-----------------------------------------------------------------------------------------------------------
                                   BOULDER GROWTH & INCOME FUND, INC.
-----------------------------------------------------------------------------------------------------------
---------------------- -------------------- -------------------- -------------------- ---------------------
  Fiscal Year Ended        Audit Fees       Audit-Related Fees**      Tax Fees*          All Other Fees+
     11/30/2007              $25,500              $6,500              $6,875               $4,250
     11/30/2008              $27,350                $0                $7,250               $5,000



*    "Tax Fees" are those fees  billed to the Funds by  Deloitte  in  connection
     with tax consulting services,  including primarily the review of the Funds'
     income tax returns, excise tax returns and Maryland property tax returns.

+    This fee  pertains  to those  fees  billed  to the  Funds  by  Deloitte  in
     connection with their agreed-upon procedures reports under the terms of the
     Preferred Stock.

**   Audit-Related Fees of $6,500 were billed to BIF for providing an opinion in
     connection with a rights offering conducted by the Fund.



     The Audit Committee  Charter requires that the Audit Committee of each Fund
pre-approve  all audit and non-audit  services to be provided by the auditors to
the Funds,  and all  non-audit  services to be  provided by the  auditors to the
Funds' 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 fees described
above for which  Deloitte  billed the Funds for the fiscal years ended  November
30, 2007 and November 30, 2008 were pre-approved by the Audit Committees for the
Funds.

     Deloitte has informed the Funds that it has no direct or indirect financial
interest in the Funds.  For the Funds'  fiscal  year ended  November  30,  2008,
Deloitte  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 Funds.  For the twelve  months  ended  November  30,  2008,  the
Horejsi Affiliates paid $0 to Deloitte for their services.  The Audit Committees
have  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 Funds' Directors and
officers,  persons affiliated with the Funds' investment  advisers,  and persons
who own more than 10% of a registered  class of the Funds'  securities,  to file
reports of ownership and changes of ownership  with the  Securities and Exchange
Commission   and  the  New  York  Stock   Exchange.   Directors,   officers  and
greater-than-10% stockholders are required by Securities and Exchange Commission
regulations to furnish the  applicable  Fund(s) with copies of all Section 16(a)
forms they file. Based solely upon the Funds' review of the copies of such forms
it receives and written  representations  from such  persons,  the Funds believe
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 with respect to a particular
Fund 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 will be counted as shares that are present and entitled to vote
on the matter for purposes of determining the presence of a quorum.  Abstentions
and broker  non-votes will have the effect of a vote against Proposal 1 and will
have no  effect  on the  result  of the vote in the  election  of  directors  in
Proposal 2.


--------------------------------------------------------------------------------
SEPARATE PROXY CARDS ARE ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES. EVEN IS
YOU PLAN TO ATTEND THE MEETING, STOCKHOLDERS ARE URGED TO SIGN THE PROXY CARD(S)
(UNLESS  AUTHORIZING  THEIR  PROXIES BY  TOUCH-TONE  TELEPHONE  OR  THROUGH  THE
INTERNET) AND MAIL IT OR THEM IN THE ENCLOSED  POSTAGE PREPAID ENVELOPE SO AS TO
ENSURE A QUORUM AT THE MEETING.  THIS IS IMPORTANT WHETHER YOU OWN A FEW OR MANY
SHARES.  INSTRUCTIONS  FOR THE PROPER  EXECUTION OF PROXIES ARE SET FORTH ON THE
INSIDE COVER.
--------------------------------------------------------------------------------



EXHIBIT A

                          FORM OF ARTICLES OF AMENDMENT

                         BOULDER TOTAL RETURN FUND, INC.

                              ARTICLES OF AMENDMENT


     BOULDER   TOTAL   RETURN   FUND,   INC.,   a  Maryland   corporation   (the
"Corporation"), certifies to the State Department of Assessments and Taxation of
Maryland that:

     FIRST:  The charter (the "Charter") of the Corporation is hereby amended by
repealing Section 5.2 of Article V in its entirety and inserting in lieu thereof
a new Section 5.2 to read as follows:

     Section 5.2 Upon the effectiveness of articles of amendment containing this
     Section (the  "Effective  Time"),  the  Directors  (other than any Director
     elected  solely by holders of Preferred  Stock in connection  with dividend
     arrearages)  shall be classified,  with respect to the terms for which they
     severally hold office, into three classes: Class I, Class II and Class III.

     Class I Directors  shall hold office  initially  for a term expiring at the
     annual meeting of stockholders next succeeding the Effective Time, Class II
     Directors  shall hold office  initially  for a term  expiring at the second
     succeeding  annual meeting of  stockholders  and Class III Directors  shall
     hold office  initially for a term expiring at the third  succeeding  annual
     meeting of  stockholders,  with the  members  of each class to hold  office
     until their successors are duly elected and qualify.

     At each annual meeting of the stockholders,  the successors to the class of
     Directors  whose  term  expires  at such  meeting  shall be elected to hold
     office for a term expiring at the annual  meeting of  stockholders  held in
     the  third  year  following  the year of their  election  and  until  their
     successors are duly elected and qualify. The Directors shall be apportioned
     among the classes as  determined  by the  Directors  so as to maintain  the
     number of  Directors  in each class as nearly  equal in number as possible.
     Subject to the  following  paragraph,  in no case  shall a decrease  in the
     number of Directors shorten the term of any incumbent Director.

     If the Corporation has issued and outstanding Preferred Stock entitling the
     holders of such Preferred Stock to elect additional Directors in connection
     with  dividend  arrearages  (such  directors,   the  "Additional  Preferred
     Directors"),  the election of such Additional Preferred Directors may cause
     the total  number of Directors to exceed  five.  Upon the  redemption  as a
     whole  but not in part of the  Preferred  Stock,  the term of office of any
     Directors   elected  solely  by  the  holders  of  Preferred   Stock  shall
     automatically and immediately terminate.

     SECOND:  The  amendment  to the  Charter  as set forth  above has been duly
advised  by the Board of  Directors  and  approved  by the  stockholders  of the
Corporation as required by law.

     THIRD:  The  undersigned  President of the Corporation  acknowledges  these
Articles of Amendment to be the corporate act of the Corporation  and, as to all
matters or facts required to be verified under oath, the  undersigned  President
acknowledges that, to the best of his knowledge,  information and belief,  these
matters and facts are true in all material  respects and that this  statement is
made under the penalties for perjury.

     IN WITNESS WHEREOF,  the Corporation has caused these Articles of Amendment
to be signed in its name and on its behalf by its  President  and attested to by
its Secretary on this [_____________], 2009.

ATTEST:
BOULDER TOTAL RETURN FUND, INC.



-------------------------                   ------------------------------
Stephanie Kelley                            Stephen C. Miller
Secretary                                   President




                          FORM OF ARTICLES OF AMENDMENT

                       BOULDER GROWTH & INCOME FUND, INC.

                              ARTICLES OF AMENDMENT


     BOULDER  GROWTH  &  INCOME  FUND,   INC.,  a  Maryland   corporation   (the
"Corporation"), certifies to the State Department of Assessments and Taxation of
Maryland that:

     FIRST:  The charter (the "Charter") of the Corporation is hereby amended by
repealing Section 5.2 of Article V in its entirety and inserting in lieu thereof
a new Section 5.2 to read as follows:

     Section 5.2 Upon the effectiveness of articles of amendment containing this
     Section (the  "Effective  Time"),  the  Directors  (other than any Director
     elected  solely by holders of Preferred  Stock in connection  with dividend
     arrearages)  shall be classified,  with respect to the terms for which they
     severally hold office, into three classes: Class I, Class II and Class III.

     Class I Directors  shall hold office  initially  for a term expiring at the
     annual meeting of stockholders next succeeding the Effective Time, Class II
     Directors  shall hold office  initially  for a term  expiring at the second
     succeeding  annual meeting of  stockholders  and Class III Directors  shall
     hold office  initially for a term expiring at the third  succeeding  annual
     meeting of  stockholders,  with the  members  of each class to hold  office
     until their successors are duly elected and qualify.

     At each annual meeting of the stockholders,  the successors to the class of
     Directors  whose  term  expires  at such  meeting  shall be elected to hold
     office for a term expiring at the annual  meeting of  stockholders  held in
     the  third  year  following  the year of their  election  and  until  their
     successors are duly elected and qualify. The Directors shall be apportioned
     among the classes as  determined  by the  Directors  so as to maintain  the
     number of  Directors  in each class as nearly  equal in number as possible.
     Subject to the  following  paragraph,  in no case  shall a decrease  in the
     number of Directors shorten the term of any incumbent Director.

     If the Corporation has issued and outstanding Preferred Stock entitling the
     holders of such Preferred Stock to elect additional Directors in connection
     with  dividend  arrearages  (such  directors,   the  "Additional  Preferred
     Directors"),  the election of such Additional Preferred Directors may cause
     the total  number of Directors to exceed  five.  Upon the  redemption  as a
     whole  but not in part of the  Preferred  Stock,  the term of office of any
     Directors   elected  solely  by  the  holders  of  Preferred   Stock  shall
     automatically and immediately terminate.

     SECOND:  The  amendment  to the  Charter  as set forth  above has been duly
advised  by the Board of  Directors  and  approved  by the  stockholders  of the
Corporation as required by law.

     THIRD:  The  undersigned  President of the Corporation  acknowledges  these
Articles of Amendment to be the corporate act of the Corporation  and, as to all
matters or facts required to be verified under oath, the  undersigned  President
acknowledges that, to the best of his knowledge,  information and belief,  these
matters and facts are true in all material  respects and that this  statement is
made under the penalties for perjury.

     IN WITNESS WHEREOF,  the Corporation has caused these Articles of Amendment
to be signed in its name and on its behalf by its  President  and attested to by
its Secretary on this [_____________], 2009.

ATTEST:
BOULDER GROWTH & INCOME FUND, INC.



-------------------------                   ------------------------------
Stephanie Kelley                            Stephen C. Miller
Secretary                                   President




                                      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  Nicole L.  Murphey,  or any of them,  as  proxies  for the
undersigned,  with full  power of  substitution  in each of them,  to attend the
Annual Meeting of Stockholders  (the "Annual Meeting") to be held at the Arizona
Biltmore Resort & Spa, 2400 East Missouri Avenue, Phoenix,  Arizona at 9:00 a.m.
Mountain  Standard Time (local time), on April 24, 2009, 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 Proposals. The undersigned hereby acknowledges receipt of the Notice
of  Annual  Meeting  and  Proxy  Statement  (the  terms  of  each of  which  are
incorporated  by  reference  herein).  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.

If this  proxy  is  properly  executed,  the  votes  entitled  to be cast by the
undersigned will be cast in the manner directed by the undersigned  stockholder.
IF NO DIRECTION IS MADE, THE VOTES ENTITLED TO BE CAST BY THE  UNDERSIGNED  WILL
BE CAST  "FOR"  PROPOSAL 1 AND "FOR" THE  ELECTION  OF EACH OF THE  NOMINEES  IN
PROPOSAL 2. ADDITIONALLY,  THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL
BE CAST IN THE  DISCRETION  OF THE PROXY  HOLDER ON ANY  OTHER  MATTER  THAT MAY
PROPERLY COME BEFORE THE MEETING AND ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

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



------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
                                                                                             
1.           To approve  an  amendment  to the  charter  classifying  the  FOR____     AGAINST_____      ABSTAIN ____
             Board of Directors  into three  separate  classes and making
             related changes to the charter.
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------------------------------------------------------
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
             Election  of   Directors:   Nominees  are  Joel  W.  Looney,  FOR____     WITHHOLD___       FOR ALL EXCEPT ___
 2.          Richard I. Barr, and Dr. Dean L. Jacobson.
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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




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 Nicole L.
Murphey,  or any of them as  proxies  for the  undersigned,  with full  power of
substitution in each of them, to attend the Annual Meeting of Stockholders  (the
"Annual  Meeting") to be held at the Arizona  Biltmore  Resort & Spa,  2400 East
Missouri Avenue,  Phoenix,  Arizona at 9:00 a.m.  Mountain  Standard Time (local
time), on April 24, 2009, 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  Proposals.  The
undersigned  hereby  acknowledges  receipt of the Notice of Annual  Meeting  and
Proxy  Statement  (the  terms of each of which  are  incorporated  by  reference
herein). 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.

If this  proxy  is  properly  executed,  the  votes  entitled  to be cast by the
undersigned will be cast in the manner directed by the undersigned  stockholder.
IF NO DIRECTION IS MADE, THE VOTES ENTITLED TO BE CAST BY THE  UNDERSIGNED  WILL
BE CAST  "FOR"  PROPOSAL 1 AND "FOR" THE  ELECTION  OF EACH OF THE  NOMINEES  IN
PROPOSAL 2. ADDITIONALLY,  THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL
BE CAST IN THE  DISCRETION  OF THE PROXY  HOLDER ON ANY  OTHER  MATTER  THAT MAY
PROPERLY COME BEFORE THE MEETING AND ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

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



------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
                                                                                             
1.           To approve  an  amendment  to the  charter  classifying  the  FOR____     AGAINST_____      ABSTAIN ____
             Board of Directors  into three  separate  classes and making
             related changes to the charter.
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------------------------------------------------------
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
2.           Election  of   Directors:   Nominees  are  Joel  W.  Looney,  FOR____     WITHHOLD___       FOR ALL EXCEPT ___
             Richard I. Barr, Dr. Dean L. Jacobson,  Susan L. Ciciora and
             John S. Horejsi
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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



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:
                   -------------------------




                                      PROXY


                       BOULDER GROWTH & INCOME FUND, INC.

                    PROXY SOLICITED BY THE BOARD OF DIRECTORS

The  undersigned  holder of shares of Common  Stock of  Boulder  Growth & Income
Fund,  Inc., a Maryland  corporation  (the "Fund"),  hereby appoints  Stephen C.
Miller, Carl D. Johns, and Nicole L. Murphey, or any of them, as proxies for the
undersigned,  with full  power of  substitution  in each of them,  to attend the
Annual Meeting of Stockholders  (the "Annual Meeting") to be held at the Arizona
Biltmore Resort & Spa, 2400 East Missouri Avenue, Phoenix,  Arizona at 9:00 a.m.
Mountain  Standard Time (local time), on April 24, 2009, 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 Proposals. The undersigned hereby acknowledges receipt of the Notice
of  Annual  Meeting  and  Proxy  Statement  (the  terms  of  each of  which  are
incorporated  by  reference  herein).  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.

If this  proxy  is  properly  executed,  the  votes  entitled  to be cast by the
undersigned will be cast in the manner directed by the undersigned  stockholder.
IF NO DIRECTION IS MADE, THE VOTES ENTITLED TO BE CAST BY THE  UNDERSIGNED  WILL
BE CAST  "FOR"  PROPOSAL 1 AND "FOR" THE  ELECTION  OF EACH OF THE  NOMINEES  IN
PROPOSAL 2. ADDITIONALLY,  THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL
BE CAST IN THE  DISCRETION  OF THE PROXY  HOLDER ON ANY  OTHER  MATTER  THAT MAY
PROPERLY COME BEFORE THE MEETING AND ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

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



------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
                                                                                             
1.           To approve  an  amendment  to the  charter  classifying  the  FOR____     AGAINST_____      ABSTAIN ____
             Board of Directors  into three  separate  classes and making
             related changes to the charter.
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------------------------------------------------------
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
             Election  of   Directors:   Nominees  are  Joel  W.  Looney,  FOR____     WITHHOLD___       FOR ALL EXCEPT ___
 2.          Richard I. Barr, and Dr. Dean L. Jacobson.
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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



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 GROWTH & INCOME FUND, INC.

                    PROXY SOLICITED BY THE BOARD OF DIRECTORS

The undersigned  holder of shares of the Taxable Auction Market  Preferred Stock
("AMPS") of Boulder  Growth & Income  Fund,  Inc., a Maryland  corporation  (the
"Fund"),  hereby  appoints  Stephen  C.  Miller,  Carl D.  Johns,  and Nicole L.
Murphey,  or any of them as  proxies  for the  undersigned,  with full  power of
substitution in each of them, to attend the Annual Meeting of Stockholders  (the
"Annual  Meeting") to be held at the Arizona  Biltmore  Resort & Spa,  2400 East
Missouri Avenue,  Phoenix,  Arizona at 9:00 a.m.  Mountain  Standard Time (local
time), on April 24, 2009, 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  Proposals.  The
undersigned  hereby  acknowledges  receipt of the Notice of Annual  Meeting  and
Proxy  Statement  (the  terms of each of which  are  incorporated  by  reference
herein). 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.

If this  proxy  is  properly  executed,  the  votes  entitled  to be cast by the
undersigned will be cast in the manner directed by the undersigned  stockholder.
IF NO DIRECTION IS MADE, THE VOTES ENTITLED TO BE CAST BY THE  UNDERSIGNED  WILL
BE CAST  "FOR"  PROPOSAL 1 AND "FOR" THE  ELECTION  OF EACH OF THE  NOMINEES  IN
PROPOSAL 2. ADDITIONALLY,  THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL
BE CAST IN THE  DISCRETION  OF THE PROXY  HOLDER ON ANY  OTHER  MATTER  THAT MAY
PROPERLY COME BEFORE THE MEETING AND ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

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



------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
                                                                                             
1.           To approve  an  amendment  to the  charter  classifying  the  FOR____     AGAINST_____      ABSTAIN ____
             Board of Directors  into three  separate  classes and making
             related changes to the charter.
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------------------------------------------------------
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
2.           Election  of   Directors:   Nominees  are  Joel  W.  Looney,  FOR____     WITHHOLD___       FOR ALL EXCEPT ___
             Richard I. Barr, Dr. Dean L. Jacobson,  Susan L. Ciciora and
             John S. Horejsi
------------ ------------------------------------------------------------- ----------- ----------------- -------------------------
----------------------------------------------------------------------------------------------------------------------------------

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



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:
                   -------------------------