Boulder Total Return Fund Announces Monthly Distributions

BOULDER, Colo.--(Business Wire)--
The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today
that its Board of Directors has declared a monthly common stock
distribution of $0.273 per share for the months of August, September
and October, 2008. As such, the August distribution will be payable
August 29, 2008, to holders of record on August 22, 2008; the
September distribution will be payable September 30, 2008, to holders
of record as of September 23, 2008; and, the October distribution will
be payable October 31, 2008, to holders of record as of October 24,
2008.

The $0.273 per share monthly dividend is equivalent to 19.3% of
the Fund's per share market price and 18.3% of the Fund's most recent
net asset value of $17.90 per share, both on an annualized basis.
Management expects that the distribution paid for August, September
and October will consist almost entirely of a return of capital to
stockholders. However, this could change at any time. A "return of
capital" represents a return of a stockholder's original investment in
the Fund's shares and should not be confused with a dividend yield. An
IRS Form 1099-DIV will be sent to stockholders indicating the final
tax characteristic of the distributions they received in 2008. The
distributions may consist of ordinary income, if any, long-term
capital gains, if any, short-term capital gains, if any, and return of
capital, if any. To the extent stockholders receive a return of
capital they will be required to adjust their cost basis by the same
amount upon the sale of their Fund shares. Stockholders should seek
their own tax advice regarding the reporting of income and the gain or
loss on the sale of the Fund's shares.

Although the Fund may indicate what it expects the tax
characteristics of its distributions to be, it is subject to change
depending on a number of factors, including market conditions
throughout the year and the magnitude of income and realized gains for
the year. Stockholders can expect to receive tax-reporting information
for distributions from either their brokers or from the Fund's
transfer agent indicating the exact composition per share of the
dividends and distributions received during the calendar year.
Stockholders should consult their tax advisor for proper tax treatment
of the Fund's distributions.

Boulder Investment Advisers, LLC for
Boulder Total Return Fund, Inc.
Nicole Murphey, 303-449-0426

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