SRH Total Return Fund, Inc. — Director's Dealing 2012

Oct 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BOULDER GROWTH & INCOME FUND (BIF)
CIK: 0000102426
Period of Report: 2012-10-26

Reporting Person: ERNEST HOREJSI TRUST NO 1B (10% Owner)
Reporting Person: CICIORA SUSAN L (Director)
Reporting Person: HOREJSI STEWART R (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-26	Common Stock	S	1590294	$6.57	Disposed	7048611	Direct

Footnotes

F1: The Shares reported in Item 4 were sold at the closing price of the Fund's stock on October 25, 2012 through a privately negotiated transaction between Trusts affiliated with the Horejsi family.

F2: The trustees of the Ernest Horejsi Trust No. 1B (the "Ernest Trust") are Alaska Trust Company ("Alaska Trust"), Susan L. Ciciora and Larry Dunlap. Such trustees may be deemed to control the Ernest Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Ernest Trust. However, none of the trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Ernest Trust. Accordingly, Alaska Trust, Ms. Ciciora and Mr. Dunlap disclaim beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Ernest Trust. In addition to serving as a trustee, Ms. Ciciora is also a beneficiary of the Ernest Trust.

As a result of his advisory role with the Ernest Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the Shares directly beneficially owned by the Ernest Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Ernest Trust.

F3: These transactions did not result in a change to the Horejsi Trust's aggregate ownership. Trusts affiliated with the Ernest Trust, including the Lola Brown Trust No. 1B, own an aggregate of 8,638,905 Shares of the Fund following these transactions.