SRH Total Return Fund, Inc. — Director's Dealing 2015

May 5, 2015

SEC Form 3/A — Form 3/A

Issuer: BOULDER GROWTH & INCOME FUND (BIF)
CIK: 0000102426
Period of Report: 2015-03-20

Reporting Person: SUSAN L CICIORA TRUST (10% Owner)
Reporting Person: HOREJSI STEWART R (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4985792	Direct

Footnotes

F1: On March 20, 2015, Boulder Total Return Fund, Inc. ("BTF"), The Denali Fund Inc. ("DNY") and First Opportunity Fund, Inc. ("FOFI") reorganized into Boulder Growth & Income Fund, Inc. ("BIF") (the "Reorganization") pursuant to that certain Agreement and Plan of Reorganization, dated as of March 5, 2015 (the "Agreement"). Pursuant to the Agreement, BIF acquired all of the assets and liabilities of BTF, DNY and FOFI in exchange for common shares of BIF (the "BIF Shares").

F2: The Reorganization occurred based on the relative net asset values ("NAV") of BIF, BTF, DNY and FOFI as of the close of regular trading on the New York Stock Exchange on March 20, 2015. At such time, BIF reported net assets of $273,608,352.67 and a NAV per share of $10.73, BTF reported net assets of $413,286,769.95 and a NAV per share of $33.50, DNY reported net assets of $108,819,429.37 and a NAV per share of $26.18; and FOFI reported net assets of $342,875,845.30 and a NAV per share of $11.93. Holders of BTF shares received 3.121182 BIF Shares for each BTF share owned, holders of DNY shares received 2.439214 BIF Shares for each DNY share owned; and holders of FOFI shares received 1.111719 BIF Shares for each FOFI share owned. Fractional shares were paid in cash.

F3: In connection with the Reorganization, the Susan L. Ciciora Trust received (i) 225,274 BIF Shares (and cash for fractional shares, if any) for its 72,176 shares of BTF, (ii) 2,828,826 BIF Shares (and cash for fractional shares, if any) for its 1,159,729 shares of DNY, and (iii) 1,931,692 BIF Shares (and cash for fractional shares, if any) for its 1,737,573 shares of FOFI.

F4: The trustee of the Susan L. Ciciora Trust (the "Trust") is Alaska Trust Company, which may be deemed to control the Trust. As a result of his advisory role with the Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the shares directly beneficially owned by the Trust. However, Mr. Horejsi disclaims such beneficial ownership of the shares directly beneficially held by the Trust.

F5: The Trust and trusts, persons and entities affiliated with the reporting person(s), including Evergreen Atlantic, LLC, Lola Brown Trust No. 1B, Ernest Horejsi Trust No. 1B, Mildred B. Horejsi Trust, Stewart West Indies Trust, Stewart R. Horejsi Trust No. 2, Susan L. Ciciora and Ellen O. Cooper (the "Horejsi Affiliates"), own an aggregate of 45,444,843 shares of BIF.