Boulder Total Return Fund, Inc. Announces Level Distribution and Declares Dividend

The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that its Board of Directors has approved a level distribution policy for the Fund. As approved, the Fund will begin paying a fixed monthly common stock distribution of $0.24 per share, per month. The distributions may consist of ordinary income, if any, long-term capital gains, if any, short-term capital gains, if any, and return of capital, if any. The final tax character of the distributions will not be determined until after the end of the Funds fiscal year.

The Board has declared a monthly common stock distribution of $0.24 per share for the months of December 2007 and January 2008. As such, the December distribution will be payable December 31, 2007, to holders of record as of December 24, 2007; and the January distribution will be payable January 31, 2008, to holders of record as of January 24, 2008.

The $0.24 per share monthly distribution is equivalent to 12.5% of the Funds per share market price and 11.6% of the Funds most recent net asset value, both on an annualized basis. Currently, it is anticipated that the distribution will consists of return of capital to stockholders and ordinary income. A return of capital represents a return of a stockholders original investment in the Funds shares, and should not be confused with a dividend yield. The December distribution may include a component of capital gains, but this amount will not be known until the Funds year-end. An IRS Form 1099-DIV will be sent to stockholders indicating the tax characteristic of the distributions they received in 2007 and exactly how much would be ordinary income or long-term capital gains, if any, and return of capital, if any. To the extent stockholders receive a return of capital they will be required to adjust their cost basis by the same amount upon the sale of their Fund shares. Stockholders should seek their own tax advice regarding the reporting of income and the gain or loss on the sale of the Funds shares.

Although the Fund may indicate what it expects the tax characteristics of its distributions to be, it is subject to change depending on a number of factors, including market conditions throughout the year and the magnitude of income and realized gains for the year. Stockholders can expect to receive tax-reporting information for distributions from either their brokers or from the Fund's transfer agent indicating the exact composition per share of the dividends and distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

In adopting the Policy, the Fund seeks to provide a regular monthly distribution to its common stockholders which is not dependent on the amount of income earned or capital gains realized by the Fund. The Policy recognizes that many investors are willing to accept the potentially higher asset volatility of the Fund's equity investments, but would prefer a consistent cash distribution each month for reinvestment or other purposes of their choosing. The Fund seeks to have its long-term investment return exceed the level of distributions under the Policy; however, there can be no guarantee that this goal will be met.

The Fund has not yet received exemptive relief from the SEC to pay out more than one capital gain distribution per year. As such, if the Fund has capital gains in a given tax year, the Fund may be required to declare and pay a capital gains distribution in addition to the regular monthly distributions.

As of Friday, October 26, 2007, the Funds net asset value was $24.73 and the closing market price was $22.95, which was a 7.20% discount to NAV.

Contacts:

Fund Administrative Services, LLC
Nicole Murphey, 303-449-0426
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