February 01, 2008 at 15:45 PM EST
Boulder Total Return Fund, Inc. Increases Monthly Distributions and Announces Proxy Proposal

The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that its Board of Directors has declared a monthly common stock distribution of $0.273 per share for the months of February, March and April, 2008. This is a $0.033 increase over the prior distribution rate of $0.24 per share per month.

The February distribution will be payable February 29, 2008, to holders of record on February 22, 2008; the March distribution will be payable March 31, 2008, to holders of record as of March 24, 2008; and the April distribution will be payable April 30, 2008, to holders of record as of April 23, 2008.

The $0.273 per share monthly distribution is equivalent to 13.9% of the Funds most recent published net asset value of $23.51, and approximately 15% of the Funds per share market price, both on an annualized basis. The distribution rate is approximately equal to the long-term performance of the Fund based on a rolling 5-year performance history.

In addition to increasing the monthly distribution, the Board also determined that the Fund's stockholders should be given the opportunity to vote on the Funds level distribution policy. Accordingly, the Board has recommended inclusion of a proposal in the Funds upcoming proxy statement which seeks stockholder approval of the policy. In putting the proposal up to vote, stockholders would be given the opportunity to show their support or dislike of the policy. The Fund expects to mail the proxy statement in March.

Management expects that the dividends paid for February, March and April will consist almost entirely of a return of capital to stockholders. However, this could change at any time. 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. An IRS Form 1099-DIV will be sent to stockholders indicating the final tax characteristic of the distributions they received in 2008. 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. 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.

Contacts:

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