Boulder Total Return Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is total return. The Fund seeks to produce both income and long-term capital appreciation by investing in a portfolio of equity and debt securities. The Fund invests primarily in common stocks, including dividend paying common stocks, such as those issued by utilities, real estate investment trusts (REITs) and regulated investment companies (RICs). It also invests in fixed income securities, such as the United States Government securities, preferred stocks and bonds. The Fund invests primarily in securities of United States-based companies and to a lesser extent in foreign equity securities and sovereign debt, in each case denominated in foreign currency. The Fund has no restrictions on its ability to invest in foreign securities. Boulder Investment Advisers, L.L.C. (BIA) and Stewart Investment Advisers (SIA) serve as the Fund's co-investment advisers.