The Boulder Total Return Fund, Inc. (NYSE: BTF) held its annual stockholders' meeting in Phoenix, Arizona on Friday, April 24, 2009, at which time stockholders elected Richard I. Barr, Joel W. Looney, Dr. Dean L. Jacobson, John S. Horejsi, and Susan L. Ciciora to serve as directors.

In addition to the routine election of Directors, the Fund’s stockholders also approved an amendment to the Fund’s charter classifying the Board of Directors into three separate classes and making related changes to the charter. As such, John S. Horejsi and Dean L. Jacobson were elected as Class I Directors, each to serve a one-year term and until their successors are duly elected and qualified, Joel W. Looney was elected as a Class II Director, to serve a two-year term, and until his successor is duly elected and qualified, and Richard I. Barr and Susan L. Ciciora were elected as Class III Directors, each to serve a three-year term, and until their successors are duly elected and qualified. Ms. Ciciora and Mr. Horejsi were elected by a separate vote of the Fund’s preferred shares.

For more information on the Fund, please visit www.boulderfunds.net.