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SRH Total Return Fund (STEW) NPORT-PBoulder Growth & Income Fund, Inc. (Feb 2022 report)

Filed: 26 Apr 22, 12:00am

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”).

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