SRH Total Return Fund, Inc. — Director's Dealing 2020

Nov 3, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BOULDER GROWTH & INCOME FUND (BIF)
CIK: 0000102426
Period of Report: 2020-10-30

Reporting Person: STEWART WEST INDIES TRUST (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-10-30	COMMON STOCK	P	2411987	$6.5643	Acquired	4211106	Direct
2020-10-30	COMMON STOCK	P	12689062	$6.5643	Acquired	16900168	Direct

Footnotes

F1: On October 30, 2020, the Reporting Person purchased shares (the "Shares") of Issuer from two affiliated trusts, Stewart R. Horejsi Trust No. 2 ("SRHT") and Ernest Horejsi Trust ("EHT"). The Reporting Person (also referred to herein as the "Trust") purchased 2,411,987 Shares from SRHT and 12,689,062 Shares from EHT, representing all the Shares then owned by SRHT and EHT. The purchase price for the Shares was calculated based on the average of the opening and closing prices reported for such shares by the New York Stock Exchange on October 30, 2020, after applying a blockage discount because of the large size of the aggregate holdings of the Reporting Person and affiliated trusts.

F2: The trustee of the Trust is Peak Trust Company-AK, which may be deemed to control the Trust. Although Stewart R. Horejsi is neither a trustee nor beneficiary under the Trust, because of his advisory role with the Trust, he 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.

F3: The Trust and trusts, persons and entities affiliated with the Trust, including Susan L. Ciciora Trust, John S. Horejsi Trust, John X. Ciciora Trust, Jack S. Ciciora Trust, Amanda N. Ciciora Trust, Courtney M. Ciciora Trust and Susan L. Ciciora own an aggregate of 45,384,254 shares of the Issuer.