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

Mar 24, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: LOLA BROWN TRUST 1B (10% Owner)
Reporting Person: HOREJSI STEWART R (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-20	Common Stock	P	5202720	—	Acquired	6793014	Direct
2015-03-20	Common Stock	P	2316647	—	Acquired	9109661	Direct
2015-03-20	Common Stock	P	5302657	—	Acquired	14412318	Direct

Footnotes

F1: Received in exchange for 1,666,907 shares of Boulder Total Return Fund, Inc. (BTF) common stock, 949,751 shares of The Denali Fund Inc. (DNY) common stock and 4,769,782 shares of First Opportunity Fund, Inc. (FOFI) common stock pursuant to an Agreement and Plan of Reorganization between the Issuer the foregoing funds (the Merger).

F2: On March 20, 2015, the effective date of the Merger, Shares of BTF were exchanged for shares of Issuer at a conversion rate of 3.121182 Shares of Issuers common stock (net asset value $10.73 per share) for each share of BTFs common stock (net asset value $33.50 per share).

F3: On March 20, 2015, the effective date of the Merger, Shares of DNY were exchanged for shares of Issuer at a conversion rate of 2.439214 Shares of Issuers common stock (net asset value $10.73 per share) for each share of DNYs common stock (net asset value $26.18 per share).

F4: On March 20, 2015, the effective date of the Merger, Shares of FOFI were exchanged for shares of Issuer at a conversion rate of 1.111719 Shares of Issuers common stock (net asset value $10.73 per share) for each share of FOFIs common stock (net asset value $11.93 per share).

F5: The trustees of the Lola Brown Trust No. 1B (the "Brown Trust") are Alaska Trust Company ("Alaska Trust"), Susan L. Ciciora and Larry Dunlap. Such trustees may be deemed to control the Brown Trust and may be deemed to possess indirect beneficial ownership of the Shares held by the Brown Trust. However, none of the trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Brown Trust. Accordingly, Alaska Trust, Ms. Ciciora and Mr. Dunlap disclaim beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Brown Trust. In addition to serving as a trustee, Ms. Ciciora is also a beneficiary of the Brown Trust. As a result of his advisory role with the Brown Trust, Stewart R. Horejsi may be deemed to have indirect beneficial ownership of the Shares directly beneficially owned by the Brown Trust. However, Mr. Horejsi disclaims such beneficial ownership of the Shares directly beneficially held by the Brown Trust.

F6: 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 and the Susan L. Ciciora Trust, will own an aggregate of 45,444,848 Shares of the Issuer after the reorganization of the Issuer on March 20, 2015.