NPORT-EX 2 STEW_Part_F_2.28.22.htm
Quarterly
Report
February
28,
2022
NYSE:
BIF
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
Quarterly
Report
February
28,
2022
1
See
Accompanying
Notes
to
Portfolio
of
Investments.
Description
Shares/Principal
Amount
Value
(Note
2)
LONG
TERM
INVESTMENTS
107.52%
DOMESTIC
COMMON
STOCK
97.29%
Banks
4.75%
Wells
Fargo
&
Co.
1,425,000
$
76,052,250
Construction
Machinery
1.17%
Caterpillar,
Inc.
100,000
18,758,000
Diversified
40.34%
Berkshire
Hathaway,
Inc.,
Class
A
(a)(b)
1,028
489,538,740
Berkshire
Hathaway,
Inc.,
Class
B
(a)(b)
485,000
155,903,250
645,441,990
Diversified
Financial
Services
11.38%
American
Express
Co.
(c)
105,000
20,426,700
Evercore,
Inc.,
Class
A
125,000
15,876,250
JPMorgan
Chase
&
Co.
1,028,000
145,770,400
182,073,350
Electric
3.61%
NRG
Energy,
Inc.
1,525,000
57,706,000
Food
1.71%
B&G
Foods,
Inc.
330,000
9,768,000
JM
Smucker
Co.
130,000
17,517,500
27,285,500
Healthcare
Products
&
Services
1.84%
Johnson
&
Johnson
179,100
29,474,487
Insurance
2.36%
Travelers
Cos.,
Inc.
220,000
37,802,600
Pharmaceuticals
4.03%
Pfizer,
Inc.
1,375,000
64,542,500
Real
Estate
Investment
Trusts
(REITs)
4.55%
Broadstone
Net
Lease,
Inc.
800,000
17,328,000
STAG
Industrial,
Inc.
500,000
19,480,000
STORE
Capital
Corp.
500,000
15,360,000
Ventas,
Inc.
383,200
20,692,800
72,860,800
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
www.bouldercef.com
2
See
Accompanying
Notes
to
Portfolio
of
Investments.
Description
Shares/Principal
Amount
Value
(Note
2)
Retail
11.62%
eBay,
Inc.
650,000
$
35,483,500
Walmart,
Inc.
335,000
45,278,600
Yum!
Brands,
Inc.
858,000
105,173,640
185,935,740
Semiconductors
3.58%
Intel
Corp.
1,200,000
57,240,000
Technology,
Hardware
&
Equipment
6.35%
Cisco
Systems,
Inc.
1,822,200
101,624,094
TOTAL
DOMESTIC
COMMON
STOCK
(Cost
$566,334,555)
1,556,797,311
CLOSED-END
FUNDS
4.66%
Cohen
&
Steers
Infrastructure
Fund,
Inc.
2,410,968
65,023,807
Reaves
Utility
Income
Fund
294,933
9,511,589
74,535,396
TOTAL
CLOSED-END
FUNDS
(Cost
$38,793,774)
74,535,396
LIMITED
PARTNERSHIPS
5.57%
Enterprise
Products
Partners
LP
3,650,000
89,133,000
TOTAL
LIMITED
PARTNERSHIPS
(Cost
$71,009,752)
89,133,000
TOTAL
LONG
TERM
INVESTMENTS
(Cost
$676,138,081)
1,720,465,707
SHORT
TERM
INVESTMENTS
6.71%
U.S.
Treasury
Obligations
1.25%
U.S.
Treasury
Bills
(d)
0.120%,
4/14/2022
10,000,000
9,998,558
0.200%,
5/5/2022
10,000,000
9,996,298
19,994,856
TOTAL
U.S.
TREASURY
OBLIGATIONS
(Cost
$19,994,856)
19,994,856
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
Quarterly
Report
February
28,
2022
3
See
Accompanying
Notes
to
Portfolio
of
Investments.
Percentages
are
stated
as
a
percent
of
the
Total
Net
Assets
Applicable
to
Common
Stockholders.
Description
Shares/Principal
Amount
Value
(Note
2)
Money
Market
Funds
5.46%
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Administration
Class,
7-Day
Yield
-
0.01%
17,350,373
$
17,350,373
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Investor
Class,
7-Day
Yield
-
0.01%
70,000,000
70,000,000
87,350,373
TOTAL
MONEY
MARKET
FUNDS
(Cost
$87,350,373)
87,350,373
TOTAL
SHORT
TERM
INVESTMENTS
(Cost
$107,345,229)
107,345,229
TOTAL
INVESTMENTS
114.23%
1,827,810,936
(Cost
$783,483,310)
SENIOR
NOTES
(NET
OF
DEFERRED
OFFERING
COST
OF
$1,974,710)
(13.94%)
(223,025,290)
OTHER
ASSETS
AND
LIABILITIES,
NET
(0.29%)
(4,652,754)
TOTAL
NET
ASSETS
APPLICABLE
TO
COMMON
STOCKHOLDERS
100.00%
$1,600,132,892
(a)
Non-income
producing
security.
(b)
For
additional
information
on
portfolio
concentration,
see
Note
2.
(c)
A
portion
of
the
security
is
held
as
collateral
for
the
written
call
options
in
the
amount
of
$3,698,625.
(d)
Rate
shown
represents
the
bond
equivalent
yield
to
maturity
at
date
of
purchase.
Written
Call
Options:
Description
Counterparty
Exe
rcise
Price
Premiums
Received
Expiration
Date
Number
of
Contracts
Notional
Value
Value
(Note
2)
American
Express
Co.
Pershing
$
175
$
2,255,388
1/20/2023
(1,050)
$(20,426,700)
$(3,698,625)
$(20,426,700)
$(3,698,625)
Notes
to
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
www.bouldercef.com
4
Note
1.
FUND
ORGANIZATION
Boulder
Growth & Income Fund, 
Inc. 
(the 
“Fund” 
or 
“BIF”), 
is 
a 
non‐diversified, 
closed‐end 
management
company
organized
as
a
Maryland
corporation
and
is
registered
with
the
Securities
and 
Exchange 
Commission 
(“SEC”) 
under 
the 
Investment 
Company 
Act 
of 
1940, 
as 
amended 
(the
“1940
Act”).
The
Fund
is
considered
an
investment
company
for
financial
reporting
purposes
under
generally
accepted
accounting
principles
in
the
United
States
of
America
(“GAAP”)
and 
accordingly 
follows 
the 
investment 
company 
accounting 
and 
reporting 
guidance 
in 
the 
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946
“Financial
Services
–
Investment
Companies.”
Note
2.
VALUATION
AND
INVESTMENT
PRACTICES
Portfolio 
Valuation:
Equity 
securities 
including 
closed‐end 
funds 
and 
limited 
partnerships 
for 
which
market
quotations
are
readily
available
(including
securities
listed
on
national
securities
exchanges
and
those
traded
over‐the‐counter)
are
valued
based
on
the
last
sales
price
at
the
close
of
the
applicable
exchange.
If
such
equity
securities
were
not
traded
on
the
valuation
date,
but
market 
quotations 
are 
readily 
available, 
they 
are 
valued 
at 
the 
bid 
price 
provided 
by 
an 
independent
pricing
service
or
by
principal
market
makers.
Equity
securities
traded
on
NASDAQ
are
valued
at
the
NASDAQ
Official
Closing
Price.
Debt
securities
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices,
or
based
on
a
matrix
system
which
utilizes
information
(such
as
credit
ratings,
yields
and
maturities)
from
independent
pricing
services,
principal
market
makers,
or
other
independent
sources.
Money
market
mutual
funds
are
valued
at
their
net
asset
value
per
share. 
Short‐term 
fixed 
income 
securities 
such 
as 
Commercial 
Paper, 
Bankers 
Acceptances 
and 
U.S.
Treasury
Bills,
having
a
maturity
of
less
than
60
days
are
valued
using
market
quotations
or
a
matrix
method
provided
by
a
pricing
service.
If
prices
are
not
available
from
the
pricing
service,
then 
the 
securities 
will 
be 
priced 
at 
fair 
value 
under 
procedures 
approved 
by 
the 
Board 
of 
Directors
(the
“Board”).
The
Board
has
delegated
to
the
Valuation
Committee,
the
responsibility
of
determining 
the 
fair 
value 
of 
any 
security 
or 
financial 
instrument 
owned 
by 
the 
Fund 
for 
which 
market
quotations
are
not
readily
available
or
where
the
pricing
agent
or
market
maker
does
not
provide
a
valuation
or
methodology,
or
provides
a
valuation
or
methodology
that,
in
the
judgment
of 
the 
Valuation 
Committee, 
does 
not 
represent 
fair 
value 
(“Fair 
Value 
Securities”).  
The 
appointment
of
any
officer
or
employee
of
the
investment
adviser
or
Fund
to
the
Valuation
Committee
shall
be
promptly
reported
to
the
Board
and
ratified
by
the
Board
at
its
next
regularly
scheduled 
meeting. 
The 
Valuation 
Committee 
is 
responsible 
for 
reporting 
to 
the 
Board, 
on 
a 
quarterly
basis,
valuations
and
certain
findings
with
respect
to
the
Fair
Value
Securities.
Such
valuations
and
findings
are
reviewed
by
the
entire
Board
on
a
quarterly
basis.
For
valuation
purposes,
the
last
quoted
prices
of
non‐U.S.
equity
securities
may
be
adjusted
under
certain
circumstances
described
below.
If
the
Valuation
Committee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
New
York
Stock
Exchange
(“NYSE”)
will,
in 
its 
judgment, 
materially 
affect 
the 
value 
of 
some 
or 
all 
of 
the 
Fund’s 
portfolio 
securities, 
the 
Valuation
Committee
may
adjust
the
previous
closing
prices
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
as
of
the
close
of
the
NYSE.
In
deciding
whether
it
is
necessary
to
adjust
closing
prices
to
reflect
fair
value,
the
Valuation
Committee
reviews
a
variety
of
factors,
including
developments 
in 
foreign 
markets, 
the 
performance 
of 
U.S. 
securities 
markets, 
and 
the 
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities.
The
Valuation
Committee
may
also
fair
value
securities
in
other
situations,
such 
as 
when 
a 
particular 
foreign 
market 
is 
closed 
but 
the 
U.S. 
market 
is 
open. 
The 
Valuation 
Notes
to
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
Quarterly
Report
February
28,
2022
5
Committee
may
use
outside
pricing
services
to
provide
it
with
closing
prices.
The
Valuation
Committee 
may 
consider 
whether 
it 
is 
appropriate, 
in 
light 
of 
relevant 
circumstances, 
to 
adjust 
such
valuation
in
accordance
with
the
Fund’s
valuation
procedures.
The
Valuation
Committee
cannot
predict
how
often
it
will
use
closing
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
If
the
Valuation
Committee
adjusts
prices,
the
Valuation
Committee 
will 
periodically 
compare 
closing 
prices, 
the 
next 
day’s 
opening 
prices 
in 
the 
same 
markets
and
those
adjusted
prices
as
a
means
of
evaluating
its
security
valuation
process.
Options
are
valued
at
the
mean
of
the
highest
bid
and
lowest
ask
prices
on
the
principal
exchange
on
which
the
option
trades.
If
no
quotations
are
available,
fair
value
procedures
will
be
used.
Fair
value
procedures
will
also
be
used
for
any
options
traded
over‐the‐counter.
Various
inputs
are
used
to
determine
the
value
of
the
Fund's
investments.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
inputs
that
reflect
the
reporting
entity’s
own
assumptions
based
on
the
best
information
available
in
the
circumstances.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below.
Level
1
—
Unadjusted
quoted
prices
in
active
markets
for
identical
investments
that
the
Fund
has
the
ability
to
access
Level 2 — Significant 
observable 
inputs 
(including 
quoted 
prices 
for 
similar 
investments, 
interest rates,
prepayment
speeds,
credit
risk,
etc.)
Level 3 — Significant 
unobservable inputs 
(including the 
Fund’s own 
assumptions in 
determining
the
fair
value
of
investments)
Notes
to
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
www.bouldercef.com
6
The 
following 
is 
a 
summary 
of 
the 
Fund’s
investments
by
inputs 
used to
value
those
investments
and
other
financial
instruments
as of
February
28,
2022
:
Securities
Transactions
and
Investment
Income:
Securities
transactions
are
recorded
as
of
the
trade
date.
Realized
gains
and
losses
from
securities
sold
are
recorded
on
the
identified
cost
basis.
Dividend
income
is
recorded
as
of
the
ex‐dividend
date
or
for
certain
foreign
securities,
when
the
information
becomes
available
to
the
Fund.
Certain
dividend
income
from
foreign
securities
will
be
recorded,
in
the
exercise
of
reasonable
diligence,
as
soon
as
the
Fund
is
informed
of
the
dividend
if
such 
information 
is 
obtained 
subsequent 
to 
the 
ex‐dividend 
date 
and 
may 
be 
subject 
to 
withholding
taxes
in
these
jurisdictions.
Withholding
taxes
on
foreign
dividends
have
been
provided
for
in
accordance
with
the
Fund's
understanding
of
the
applicable
country's
tax
rules
and
rates.
Non‐cash
dividends
included
in
dividend
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received.
Interest
income,
including
amortization
of
premium
and
accretion
of
discount
on
debt
securities,
as
required,
is
recorded
on
the
accrual
basis
using
the
effective
yield
method.
Dividend 
income 
from 
investments 
in 
real 
estate 
investment 
trusts 
(“REITs”) 
is 
recorded 
at 
management’s
estimate
of
income
included
in
distributions
received.
Distributions
received
in
excess
of
this
amount
are
recorded
as
a
reduction
of
the
cost
of
investments.
The
actual
amount
of
income
and
return
of
capital
are
determined
by
each
REIT
only
after
its
fiscal
year‐end,
and
may
differ 
from 
the 
estimated 
amounts. 
Such 
differences, 
if 
any, 
are 
recorded 
by 
the 
Fund 
in 
the  
following
annual
financial
reporting
period.
Foreign
Currency
Translations:
The
Fund
may
invest
a
portion
of
its
assets
in
foreign
securities.
In
the
event
that
the
Fund
executes
a
foreign
security
transaction,
the
Fund
will
generally
enter
into 
a 
forward 
foreign 
currency 
contract 
to 
settle 
the 
foreign 
security 
transaction. 
Foreign 
securities
may
carry
more
risk
than
U.S.
securities,
such
as
political,
market
and
currency
risks.
See
Foreign
Issuer
Risk.
The
books
and
records
of
the
Fund
are
maintained
in
U.S.
dollars.
Foreign
currencies,
investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
prevailing
at
the
end
of
the
period,
and
purchases
and
sales
of
investment
securities,
income
and
expenses
transacted
in
foreign
currencies
are
translated
at
the
exchange
rate
on
the
dates
of
such
transactions.
Foreign
currency
gains
and
losses
result
from
fluctuations
in
Investments
in
Securities
at
Value
*
Level
1
Level
2
Level
3
Total
Domestic
Common
Stock
$
1,556,797,311
$
–
$
–
$
1,556,797,311
Closed-End
Funds
74,535,396
–
–
74,535,396
Limited
Partnerships
89,133,000
–
–
89,133,000
U.S.
Treasury
Obligations
–
19,994,856
–
19,994,856
Money
Market
Funds
87,350,373
–
–
87,350,373
TOTAL
$
1,807,816,080
$
19,994,856
$
–
$
1,827,810,936
Other
Financial
Instruments
**
Level
1
Level
2
Level
3
Total
Written
Call
Options
$
(3,698,625)
$
–
$
–
$
(3,698,625)
TOTAL
$
(3,698,625)
$
–
$
–
$
(3,698,625)
*
For
detailed
descriptions
and
other
security
classifications,
see
the
accompanying
Portfolio
of
Investments.
**
Other
financial
instruments
are
derivative
instruments
reflected
in
the
Portfolio
of
Investments.
Notes
to
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
Quarterly
Report
February
28,
2022
7
exchange
rates
between
trade
date
and
settlement
date
on
securities
transactions,
foreign
currency
transactions,
and
the
difference
between
the
amounts
of
foreign
interest
and
dividends
recorded
on
the
books
of
the
Fund
and
the
amounts
actually
received.
Concentration
Risk:
The
Fund
operates
as
a
“non‐diversified”
investment
company,
as
defined
in
the
1940
Act.
As
a
result
of
being
“non‐diversified”
with
respect
to
50%
of
the
Fund’s
portfolio,
the
Fund
must
limit
the
portion
of
its
assets
invested
in
the
securities
of
a
single
issuer
to
5%,
measured
at
the
time
of
purchase.
In
addition,
no
single
investment
can
exceed
25%
of
the
Fund’s
total
assets
at
the
time
of
purchase.
A
more
concentrated
portfolio
may
cause
the
Fund’s
net
asset
value
to
be
more
volatile
and
thus
may
subject
stockholders
to
more
risk.
Thus,
the
volatility
of
the
Fund’s
net
asset
value
and
its
performance
in
general,
depends
disproportionately
more
on
the
performance
of
a
smaller
number
of
holdings
than
that
of
a
more
diversified
fund.
As
a
result,
the
Fund
is
subject
to
a
greater
risk
of
loss
than
a
fund
that
diversifies
its
investments
more
broadly.
As
of
February
28,
2022
,
the
Fund
held
more
than
25%
of
its
assets
in
Berkshire
Hathaway,
Inc.
In
addition
to
market
appreciation
of
the
issuer
since
the
time
of
purchase,
the
Fund
acquired
additional
interest
in
Berkshire
Hathaway,
Inc.
in
the
March
20,
2015
reorganization.
After
the
reorganization
was
completed,
shares
held
of
the
issuer
were
liquidated
to
bring
the
concentration
to
25%.
Concentration
of
the
Berkshire
Hathaway,
Inc.
position
was
a
direct
result
of
market
appreciation
and
decreased
leverage
since
the
time
the
Fund
and
the
funds
acquired
in
the
reorganization
purchased
the
security.
Foreign
Issuer
Risk:
Investment
in
non‐U.S.
issuers
may
involve
unique
risks
compared
to
investing
in
securities
of
U.S.
issuers.
These
risks
may
include,
but
are
not
limited
to:
(i)
less
information
about
non‐U.S.
issuers
or
markets
may
be
available
due
to
less
rigorous
disclosure,
accounting
standards
or
regulatory
practices;
(ii)
many
non‐U.S.
markets
are
smaller,
less
liquid
and
more
volatile
thus,
in
a
changing
market,
the
Fund’s
adviser
may
not
be
able
to
sell
the
Fund’s
portfolio
securities
at
times,
in
amounts
and
at
prices
they
consider
reasonable;
(iii)
currency
exchange
rates
or
controls
may
adversely
affect
the
value
of
the
Fund’s
investments;
(iv)
the
economies
of
non‐U.S.
countries
may
grow
at
slower
rates
than
expected
or
may
experience
downturns
or
recessions;
and,
(v)
withholdings
and
other
non‐U.S.
taxes
may
decrease
the
Fund’s
return.
Market
Disruption
Risk:
The
Fund
is
subject
to
investment
and
operational
risks
associated
with
financial,
economic
and
other
global
market
developments
and
disruptions,
including
the
recent
spread
of
an
infectious
respiratory
illness
caused
by
a
novel
strain
of
coronavirus
(known
as
COVID‐19),
which
can
negatively
impact
the
securities
markets
and
cause
a
Fund
to
lose
value.
The
spread
of
COVID‐19
has
caused
volatility,
severe
market
dislocations
and
liquidity
constraints
in
many
markets,
including
markets
for
the
securities
the
Fund
holds,
and
may
adversely
affect
the
Fund’s
investments
and
operations.
The
transmission
of
COVID‐19
and
efforts
to
contain
its
spread
have
resulted
in
travel
restrictions
and
disruptions,
closed
international
borders,
enhanced
health
screenings
at
ports
of
entry
and
elsewhere,
disruption
of
and
delays
in
healthcare
service
preparation
and
delivery,
quarantines,
event
and
service
cancellations
or
interruptions,
disruptions
to
business
operations
and
supply
chains,
and
a
reduction
in
consumer
and
business
spending,
as
well
as
general
concern
and
uncertainty
that
has
negatively
affected
the
economy.
These
disruptions
have
led
to
instability
in
the
market
place
and
the
jobs
market.
The
impact
of
COVID‐19
could
adversely
affect
the
economies
of
many
nations
or
the
entire
global
economy,
the
financial
well‐being
and
performance
of
individual
issuers,
borrowers
and
sectors
and
the
health
of
the
markets
generally
in
potentially
significant
and
unforeseen
ways.
The
foregoing
could
lead
to
a
significant
economic
downturn
or
recession,
increased
market
volatility,
a
greater
number
of
market
closures,
higher
default
rates
and
adverse
effects
on
the
values
and
Notes
to
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
www.bouldercef.com
8
liquidity
of
the
Fund’s
securities
or
other
assets.
Such
impacts
may
adversely
affect
the
performance
of
the
Fund.
Note
3.
DERIVATIVE
FINANCIAL
INSTRUMENTS
As
a
part
of
its
investment
strategy,
the
Fund
may
invest
to
a
lesser
extent
in
derivatives
contracts.
In
doing
so,
the
Fund
will
employ
strategies
in
differing
combinations
to
permit
them
to
increase,
decrease,
or
change
the
level
or
types
of
exposure
to
market
factors.
Central
to
those
strategies
are
features
inherent
in
derivatives
that
make
them
more
attractive
for
this
purpose
than
equity
or
debt
securities;
they
require
little
or
no
initial
cash
investment,
they
can
focus
exposure
on
only
certain 
selected 
risk 
factors, 
and 
they 
may 
not 
require 
the 
ultimate 
receipt 
or 
delivery 
of 
the 
underlying
security
(or
securities)
to
the
contract.
This
may
allow
the
Fund
to
pursue
its
objectives
more
quickly
and
efficiently
than
if
it
were
to
make
direct
purchases
or
sales
of
securities
capable
of
affecting
a
similar
response
to
market
factors.
Risk 
of 
Investing 
in 
Derivatives: 
The 
Fund’s 
use 
of 
derivatives 
can 
result 
in 
losses 
due 
to 
unanticipated
changes
in
the
market
risk
factors
and
the
overall
market.
In
instances
where
the
Fund
is
using
derivatives
to
decrease,
or
hedge,
exposures
to
market
risk
factors
for
securities
held
by
the
Fund,
there
are
also
risks
that
those
derivatives
may
not
perform
as
expected,
resulting
in
losses
for
the
combined
or
hedged
positions.
Derivatives 
may 
have 
little 
or 
no initial 
cash investment relative 
to their 
market 
value 
exposure 
and
therefore
can
produce
significant
gains
or
losses
in
excess
of
their
cost.
This
use
of
embedded
leverage
allows
the
Fund
to
increase
its
market
value
exposure
relative
to
its
net
assets
and
can
substantially
increase
the
volatility
of
the
Fund’s
performance.
Associated 
risks 
from 
investing 
in 
derivatives 
also 
exist 
and 
potentially 
could 
have 
significant 
effects
on
the
valuation
of
the
derivative
and
the
Fund.
Typically,
the
associated
risks
are
not
the
risks 
that 
the 
Fund 
is 
attempting 
to 
increase 
or 
decrease 
exposure 
to, 
per 
its 
investment 
objectives,
but
are
the
additional
risks
from
investing
in
derivatives.
Examples
of
these
associated
risks
are
liquidity
risk,
which
is
the
risk
that
the
Fund
will
not
be
able
to
sell
or
close
out
the
derivative
in
a
timely
manner,
and
counterparty
credit
risk,
which
is
the
risk
that
the
counterparty
will
not
fulfill
its
obligation
to
the
Fund.
In
addition,
use
of
derivatives
may
increase
or
decrease
exposure
to
the
following
risk
factors:
Equity
Risk:
Equity
risk
relates
to
the
change
in
value
of
equity
securities
as
they
relate
to
increases
or
decreases
in
the
general
market.
Associated
risks
can
be
different
for
each
type
of
derivative
and
are
discussed
by
each
derivative
type
in
the
notes
that
follow.
Option Contracts:
The 
Fund 
may 
enter 
into 
options 
transactions 
for 
hedging 
purposes 
and 
for 
non‐hedging
purposes
such
as
seeking
to
enhance
return.
The
Fund
may
write
put
and
call
options
on
any
stocks
or
stock
indices,
currencies
traded
on
domestic
and
foreign
securities
exchanges,
or
futures 
contracts 
on stock 
indices, 
interest rates 
and 
currencies traded 
on 
domestic 
and, to the 
extent
permitted
by
the
Commodity
Futures
Trading
Commission,
foreign
exchanges.
A
call
option
on 
an 
asset 
written 
by 
the 
Fund 
obligates 
the 
Fund 
to 
sell 
the 
specified 
asset 
to 
the 
holder 
(purchaser)
at
a
stated
price
(the
exercise
price)
if
the
option
is
exercised
before
a
specified
date
(the
expiration
date).
A
put
option
on
an
asset
written
by
the
Fund
obligates
the
Fund
to
buy
the
specified 
asset 
from 
the 
purchaser 
at 
the 
exercise 
price 
if 
the 
option 
is 
exercised 
before 
the 
expiration
date.
Premiums
received
when
writing
options
are
recorded
as
liabilities
and
are
subsequently
adjusted
to
the
current
value
of
the
options
written.
Premiums
received
from
writing
options
that
expire
are
treated
as
realized
gains.
Premiums
received
from
writing
options,
which
are 
Notes
to
Portfolio
of
Investments
Boulder
Growth
&
Income
Fund,
Inc.
February
28,
2022
(Unaudited)
Quarterly
Report
February
28,
2022
9
either 
exercised 
or 
closed, 
are 
offset 
against 
the 
proceeds 
received 
or 
amount 
paid 
on 
the 
transaction
to
determine
realized
gains
or
losses.
Note
4.
SUBSEQUENT
EVENT
On
April
4,
2022,
the
Fund
changed
its
name
and
ticker
from
Boulder
Growth
&
Income
Fund,
Inc.
(“BIF”)
to
SRH
Total
Return
Fund,
Inc.
(“STEW”).