PORTFOLIO OF INVESTMENTS	BOULDER GROWTH & INCOME FUND, INC.
February 28, 2015 (Unaudited)

Shares			Description		Value (Note 1)
LONG TERM INVESTMENTS 105.3%
DOMESTIC COMMON STOCK 89.3%
Banks 5.5%
	277,408		Wells Fargo & Co.(1)		$	15,199,184
Construction Machinery 1.3%
	42,200		Caterpillar, Inc.(1)(2)			3,498,380
Diversified 38.5%
	466		Berkshire Hathaway, Inc., Class A*(1)			103,069,880
	25,000		Berkshire Hathaway, Inc., Class B*(1)			3,685,250
						106,755,130
Diversified Financial Services 6.8%
	43,100		American Express Co.(1)(2)			3,516,529
	251,250		JPMorgan Chase & Co.(1)			15,396,600
						18,913,129
Environmental Control 0.4%
	30,000		Republic Services, Inc.(1)			1,227,600
Healthcare Products & Services 2.3%
	61,000		Johnson & Johnson(1)			6,253,110
Manufacturing 0.7%
	12,000		3M Co.(1)			2,023,800
Mining 2.4%
	312,350		Freeport-McMoRan, Inc.(1)			6,756,131
Oil & Gas 3.4%
	88,700		Chevron Corp.(1)			9,462,516
Pharmaceuticals 0.4%
	20,000		Merck & Co., Inc.(1)			1,170,800
Registered Investment Companies (RICs) 6.5%
	770,270		Cohen & Steers Infrastructure Fund, Inc.			17,893,372
Retail 7.3%
	240,000		Wal-Mart Stores, Inc.(1)			20,143,200
Software & Services 6.4%
	48,100		International Business Machines Corp.(1)			7,789,314
	229,400		Oracle Corp.(1)			10,052,308
						17,841,622
Technology, Hardware & Equipment 6.2%
	520,100		Cisco Systems, Inc.(1)(2)			15,348,151
	23,000		Harris Corp.(1)			1,786,640
						17,134,791
Tobacco Products 1.2%
	45,000		Altria Group, Inc.(1)			2,533,050
	10,800		Philip Morris International, Inc.(1)			895,968
						3,429,018
TOTAL DOMESTIC COMMON STOCK (Cost $137,996,411)					$	247,701,783

Shares			Description		Value (Note 1)
FOREIGN COMMON STOCK 11.2%
Beverages 3.9%
	120,000		Heineken Holding NV		$	8,348,561
	31,663		Heineken NV			2,474,605
						10,823,166
Iron/Steel 0.2%
	9,000		POSCO, Sponsored ADR			545,760
Oil & Gas 0.3%
	18,000		Total SA, Sponsored ADR			965,340
Pharmaceuticals 1.0%
	14,500		Sanofi			1,423,040
	30,000		Sanofi, ADR			1,465,800
						2,888,840
Real Estate 4.0%
	283,900		Cheung Kong Holdings, Ltd.			5,618,847
	126,445		Henderson Land Development Co., Ltd.			864,074
	2,110,000		Midland Holdings, Ltd.*			1,039,248
	650,000		Wheelock & Co., Ltd.			3,486,423
						11,008,592
Real Estate Investment Trust (REITs) 1.8%
	5,028,490		Kiwi Property Group, Ltd.			5,001,667
TOTAL FOREIGN COMMON STOCK (Cost $18,372,429)						31,233,365
LIMITED PARTNERSHIPS 3.6%
	300,400		Enterprise Products Partners L.P.			10,015,336
TOTAL LIMITED PARTNERSHIPS (Cost $6,788,177)						10,015,336
HEDGE FUND 1.2%
			Ithan Creek Partners L.P.*(3)(4)			3,236,073
TOTAL HEDGE FUND (Cost $1,288,000)						3,236,073
TOTAL LONG TERM INVESTMENTS (Cost $164,445,017)						292,186,557
SHORT TERM INVESTMENTS 0.6%
MONEY MARKET FUNDS 0.6%
	1,730,099		Dreyfus Treasury & Agency Cash Management Money Market Fund, Institutional Class, 7-Day Yield - 0.010%			1,730,099
TOTAL MONEY MARKET FUNDS (Cost $1,730,099)						1,730,099
TOTAL SHORT TERM INVESTMENTS (Cost $1,730,099)					$	1,730,099

					Value (Note 1)
TOTAL INVESTMENTS 105.9% (Cost $166,175,116)					$	293,916,656
LEVERAGE FACILITY (6.0%)						(16,817,860	)
OTHER ASSETS AND LIABILITIES 0.1%						394,575
TOTAL NET ASSETS AVAILABLE TO COMMON STOCKHOLDERS 100.0%					$	277,493,371

 

Percentages are stated as a percent of the Total Net Assets Available to Common Stockholders.

Common Abbreviations:

ADR - American Depositary Receipt.

L.P. - Limited Partnership.

Ltd. - Limited.

NV - Naamloze Vennootchap is the Dutch term for a public limited liability corporation.

SA - Generally designates corporations in various countries, mostly those employing the civil law. This translates literally in all languages mentioned as anonymous company.

 

Regional Breakdown as a % of Total Net Assets Available to Common Stockholders
United States		94.7%
Hong Kong		4.0%
Netherlands		3.9%
New Zealand		1.8%
France		1.3%
South Korea		0.2%
Leverage Facility		(6.0)%
Other Assets and Liabilities		0.1%

 

See Accompanying Notes to Quarterly Portfolio of Investments.

Boulder Growth & Income Fund, Inc.

Notes to Quarterly Portfolio of Investments

 February 28, 2015 (Unaudited)

Note 1. Valuation and Investment Practices

 

Portfolio Valuation: Equity securities 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. Short-term securities which mature in more than 60 days are valued at current market quotations. Short-term securities which mature in 60 days or less are valued at amortized cost, which approximates fair value.

The Board of Directors (the “Board”) of Boulder Growth & Income Fund, Inc. (the “Fund” or “BIF”) has delegated to the advisers, through approval of the appointment of the members of the advisers’ 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 advisers, does not represent fair value (“Fair Value Securities”). The advisers use a third-party pricing consultant to assist the advisers in analyzing, developing, applying and documenting a methodology with respect to certain Fair Value Securities. The advisers and their valuation consultant, as appropriate, use valuation techniques that utilize both observable and unobservable inputs. In such circumstances, the Valuation Committee of the advisers is responsible for (i) identifying Fair Value Securities, (ii) analyzing the Fair Value Security and developing, applying and documenting a methodology for valuing Fair Value Securities, and (iii) periodically reviewing the appropriateness and accuracy of the methods used in valuing Fair Value Securities. The appointment of any officer or employee of the advisers to the Valuation Committee shall be promptly reported to the Board and ratified by the Board at its next regularly scheduled meeting. The advisers are 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.

The Fund’s investment in an unregistered pooled investment vehicle (“Hedge Fund”) is valued, as a practical expedient, at the most recent net asset value determined by the Hedge Fund manager according to such manager’s policies and procedures based on valuation information reasonably available to the Hedge Fund manager at that time; provided, however, that the advisers may consider whether it is appropriate, in light of relevant circumstances, to adjust such valuation in accordance with the Fund’s valuation procedures. If the Hedge Fund does not report a value to the Fund on a timely basis, the fair value of the Hedge Fund shall be based on the most recent value reported by the Hedge Fund, as well as any other relevant information available at the time the Fund values its portfolio. The frequency and timing of receiving valuations for the Hedge Fund investment is subject to change at any time, without notice to investors, at the discretion of the Hedge Fund manager or the Fund.

For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted under certain circumstances. If the Fund 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 its portfolio securities, the Fund will 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 Fund 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 Fund 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 Fund uses outside pricing services to provide it with closing prices. The advisers may consider whether it is appropriate, in light of relevant circumstances, to adjust such valuation in accordance with the Fund’s valuation procedures. The Fund 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 Fund uses adjusted prices, the Fund 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.

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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

§	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)

 The following is a summary of the inputs used as of February 28, 2015 in valuing the Fund’s investments carried at value:

 

*	For detailed descriptions, see the accompanying Portfolio of Investments.

 

The Fund evaluates transfers into or out of Level 1, Level 2 and Level 3 as of the end of the reporting period. During the three months ended February 28, 2015, there were no transfers between Levels 1 and 2 securities.

 

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

*	For detailed descriptions, see the accompanying Portfolio of Investments.

 

The Fund is considered an investment company for financial reporting purposes under generally accepted accounting principles in the United States of America (“GAAP”).

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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. Non-cash dividends included in dividend income, if any, are recorded at the fair market 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 interest 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 in the Fund’s following year.

 

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 below.

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 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.

The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

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 advisers 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.

Concentration Risk: The Fund operates as a “non-diversified” investment company, as defined in the Investment Company Act of 1940 as amended, (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, 2015, the Fund held more than 25% of its assets in Berkshire Hathaway, Inc., as a direct result of the market appreciation of the issuer since the time of purchase. Thus, the volatility of the Fund’s net asset value and its performance in general, depends disproportionately more on the performance of its larger positions than that of a more diversified fund. As a result, the Fund may be subject to a greater risk of loss than a fund that diversifies its investments more broadly.

Changes in Investment Policies: On May 2, 2011, stockholders approved a proposal by the Fund to remove the Fund’s fundamental investment policy requiring the Fund to invest at least 25% of the value of the Fund’s total assets in real estate related companies. As a result, the Fund’s fundamental investment policy was amended to state that the Fund may not invest in the securities of companies conducting their principal business activity in the same industry if, immediately after such investment, the value of its investments in such industry would exceed 25% of the value of its total assets.

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On November 14, 2014, stockholders of the Fund approved a proposal to eliminate the Fund’s fundamental investment policy that limits the Fund’s ability to invest more than 4% of its total assets in any single issuer which became effective immediately.

Note 2. Unrealized Appreciation/ (Depreciation)

 

On February 28, 2015, based on cost of $165,761,172 for federal income tax purposes, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $136,632,775 and aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value was $8,477,291 resulting in net unrealized appreciation of $128,155,484.

Note 3. Restricted Securities

As of February 28, 2015, investments in securities included issues that are considered restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Board as reflecting fair value.

Restricted securities as of February 28, 2015 are as follows:

 

 

Note 4. Investment in a Hedge Fund

As of February 28, 2015, the Fund holds a residual interest in a Hedge Fund. As of June 30, 2014, the Fund had notified the managing general partner of the Hedge Fund that it was withdrawing its interest in the Hedge Fund. A portion of the interest was withdrawn at that time. However, certain illiquid securities designated at the discretion of the managing general partner of the Hedge Fund had been segregated in “side pockets”, and were not immediately available for distribution. Such illiquid securities are referred to as “Designated Investments”. As a result, the Fund continues to maintain a residual, non-participating interest in the Hedge Fund, associated with the Designated Investments held in side pockets. The Fund will maintain such interest until all the Designated Investments within the side pockets have been liquidated and distributed, which will likely occur incrementally and over a period of years. Because of the illiquidity of the Designated Investments, the limitation on withdrawal rights and because limited partnership interests are not tradable, the investment in the Hedge Fund is an illiquid investment and involves a high degree of risk. A management fee at an annual rate of 1% of net assets and an incentive fee of 20% of net profits is included in the partnership agreement. The value assigned to the Hedge Fund is based on available information and may not necessarily represent the amount which might ultimately be realized. Due to the inherent uncertainty of valuation, the estimated fair value may differ from the value that would have been realized had the Hedge Fund been liquidated and this difference could be material.

Note 5. Line of Credit and Securities Lending

 

On March 19, 2013 the Fund entered into a financing package that includes a Committed Facility Agreement (the “Agreement”) with BNP Paribas Prime Brokerage, Inc. (“BNP”) that allowed the Fund to borrow up to $50,000,000 (“Initial Maximum Commitment”) and a Lending Agreement, as defined below. Borrowings under the Agreement are secured by assets of the Fund that are held by the Fund’s custodian in a separate account (the “Pledged Collateral”). Under the terms of the Agreement, BNP was permitted in its discretion, with 270 calendar days advance notice (the “Notice Period”), to reduce or call the entire Initial Maximum Commitment. Interest on the borrowing is charged at the one month LIBOR (London Inter-bank Offered Rate) plus 0.80% on the amount borrowed.

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For the period of December 1, 2014 to February 28, 2015, the average amount borrowed under the Agreement and the average interest rate for the amount borrowed were $15,060,082 and 0.97%, respectively. Due to the short term nature of the Agreement, face value approximates fair value at February 28, 2015. This fair value is based on Level 2 inputs under the three tier fair valuation hierarchy (see Note 1). As of February 28, 2015, the amount of such outstanding borrowings is $16,817,860. The interest rate applicable to the borrowings on February 28, 2015 was 0.97%. As of February 28, 2015, the amount of Pledged Collateral was $136,982,010.

 

The Lending Agreement is a separate side-agreement between the Fund and BNP pursuant to which BNP may borrow a portion of the Pledged Collateral (the “Lent Securities”) in an amount not to exceed the outstanding borrowings owed by the Fund to BNP under the Agreement. The Lending Agreement is intended to permit the Fund to reduce the cost of its borrowings under the Agreement. BNP has the ability to reregister the Lent Securities in its own name or in another name other than the Fund to pledge, re-pledge, sell, lend or otherwise transfer or use the collateral with all attendant rights of ownership. The Fund may designate any security within the Pledged Collateral as ineligible to be a Lent Security, provided there are eligible securities within the Pledged Collateral in an amount equal to the outstanding borrowing owed by the Fund. During the period in which the Lent Securities are outstanding, BNP must remit payment to the Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities. The Fund receives income from BNP based on the value of the Lent Securities.

 

Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the “Current Borrowings”), BNP must, on that day, either (1) return Lent Securities to the Fund’s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with the Fund’s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, the Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. The Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to the Fund’s custodian no later than three business days after such request. If the Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable to the Fund’s custodian for the ultimate delivery of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings. As of February 28, 2015, the value of securities on loan was $5,969,816. As the Fund has the ability to offset the fair value of any Lent Securities not returned from BNP against an equal amount of Current Borrowings outstanding, the Fund had no net exposure from the Lending Agreement as of February 28, 2015.

 

The Board has approved the Agreement and the Lending Agreement. No violations of the Agreement or the Lending Agreement occurred during the period ended February 28, 2015.

 

Note 6. Subsequent Event- Fund Reorganization

On March 20, 2015, Boulder Total Return Fund, Inc. (“BTF”), The Denali Fund Inc. (“DNY”) and First Opportunity Fund, Inc. (“FOFI”) reorganized into the Fund (the “Reorganization”), pursuant to that certain Agreement and Plan of Reorganization, dated as of March 5, 2015 (the “Agreement”).

Pursuant to the Agreement, the Fund acquired all of the assets and liabilities of BTF, DNY and FOFI in exchange for common shares of the Fund. The Reorganization occurred based on the relative net asset values (“NAV”) of the Fund, BTF, DNY and FOFI as of the close of regular trading on the New York Stock Exchange on March 20, 2015. At such time, the Fund reported net assets of $273,608,353 and a NAV per share of $10.73; BTF reported net assets of $413,286,770 and a NAV per share of $33.50; DNY reported net assets of $108,819,429 and a NAV per share of $26.18; and FOFI reported net assets of $342,875,845 and a NAV per share of $11.93. As such, BTF stockholders received 3.121182 Fund shares for each BTF share owned, DNY stockholders received 2.439214 Fund shares for each DNY share owned, and FOFI stockholders received 1.111719 Fund shares for each FOFI share owned. Fractional shares were paid in cash. The Reorganization qualified as a tax-free reorganization for federal income tax purposes.

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.