Boulder Funds' Regularly Scheduled Board Meeting

The Boulder Growth & Income Fund, Inc. (NYSE: BIF), Boulder Total Return Fund, Inc. (NYSE: BTF), and The Denali Fund Inc. (NYSE: DNY) (the Funds) will conduct their next regularly scheduled meeting of the Boards of Directors on November 10, 2008 (the Board Meeting). Included among the items of business that may be discussed at the Board Meeting are the Funds level-rate distribution policies and the status of the Funds issued and outstanding auction rate preferred shares or ARPS.

The Boards are expected to review and consider the current economic climate faced by the Funds. It is expected that the Boards will discuss the Funds current level-rate distribution policies. As previously disclosed to stockholders, prior distributions have consisted almost entirely of a return of capital and the distribution rate has been generally based on the Funds historic performance. The Boards analysis may include recent economic events, the current distribution rate relative to the Funds net asset values, the impact of the level-rate distribution policies on the Funds expense ratios, the impact of level-rate distribution policies on mitigating the Funds discounts, whether stockholders are better served if the distributions are suspended, thus allowing the Funds to invest in stocks that are at long-time lows relative to value, and the long-term interests of the Funds common stockholders.

During the Board Meeting, the Boards are also expected to review the outstanding and issued ARPS and the options available to the Funds for substitute leverage. The Funds ARPS, as well as all other closed-end fund auction rate securities, have continued to experience failed auctions. The Funds continue to meet all obligations to the ARPS holders as required under their governing documents. All the ARPS continue to receive historic credit ratings from their respective rating agencies and ARPS holders continue to receive all periodic payments based on the applicable rate. At the Board Meeting, it is expected that the Boards will take into consideration the current options available for replacement leverage, the current and anticipated interest rate environment, and the long-term interests of the common stockholders as well as the ARPS holders in determining what action to take, if any, regarding the ARPS.

The Funds are closed-end management investment companies co-managed by Stewart Investment Advisers and Boulder Investment Advisers, LLC. For more information on the Funds, please visit and


Fund Administrative Services, L.L.C.
Nicole Murphey, 303-449-0426
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