UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

 

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-07390

 

Boulder Total Return Fund, Inc.

(Exact name of registrant as specified in charter)

1680 38th Street, Suite 800
Boulder, CO

 

80301

(Address of principal executive offices)

 

(Zip code)

 

Stephen C. Miller, Esq.
1680 38th
Street, Suite 800

Boulder, CO  80301

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

303-444-5483

 

 

Date of fiscal year end:

November 30, 2005

 

 

Date of reporting period:

February 28, 2005

 

 



 

Item 1. Schedule of Investments. –  The schedule of investments for the period ended February 28, 2005 is filed herewith.

 

1



 

Portfolio of Investments as of February 28, 2005

 

(Unaudited)

Boulder Total Return Fund, Inc.

 

Shares

 

Description

 

Value (Note 1)

 

LONG TERM INVESTMENTS—82.9%

DOMESTIC COMMON STOCKS—79.2%

Beverages—1.2%

150,000

 

Pepsi Bottling Group, Inc.

 

$

4,083,000

 

 

 

 

 

 

 

Diversified—24.9%

690

 

Berkshire Hathaway Inc., Class A (†)

 

62,238,000

 

7,010

 

Berkshire Hathaway Inc., Class B (†)

 

21,135,150

 

 

 

 

 

83,373,150

 

 

 

 

 

 

 

Financial Services—8.8%

293,360

 

Citigroup, Inc.

 

13,999,139

 

120,000

 

Federated Investors, Inc.

 

3,544,800

 

698,000

 

Providian Financial Corporation (†)

 

11,970,700

 

 

 

 

 

29,514,639

 

 

 

 

 

 

 

Health Care Products & Services—1.0%

55,000

 

AmerisourceBergen Corporation

 

3,294,500

 

 

 

 

 

 

 

Insurance—4.4%

120,000

 

First American Corporation

 

4,386,000

 

169,250

 

Marsh & McLennan Companies, Inc.

 

5,526,013

 

90,000

 

Torchmark Corporation

 

4,689,900

 

 

 

 

 

14,601,913

 

 

 

 

 

 

 

Pharmaceuticals—5.4%

125,000

 

Bristol-Meyers Squibb Company

 

3,128,750

 

150,000

 

Merck & Company, Inc.

 

4,755,000

 

200,000

 

Pfizer, Inc.

 

5,258,000

 

264,000

 

Schering-Plough Corporation

 

5,002,800

 

 

 

 

 

18,144,550

 

 

 

 

 

 

 

REITS—23.0%

75,000

 

Archstone-Smith Realty Trust

 

2,537,250

 

400,000

 

First Industrial Realty Trust, Inc.

 

16,636,000

 

400,000

 

Hospitality Properties Trust

 

16,588,000

 

1,300,000

 

HRPT Properties Trust

 

16,484,000

 

60,000

 

Pan Pacific Retail Properties, Inc.

 

3,489,000

 

391,000

 

Post Properties, Inc.

 

12,609,750

 

169,500

 

Prentiss Properties Trust

 

5,947,755

 

50,000

 

Regency Centers Corporation

 

2,550,000

 

 

 

 

 

76,841,755

 

 

 

 

 

 

 

Retail—8.6%

590,000

 

Yum! Brands, Inc.

 

28,780,200

 

 

 

 

 

 

 

Savings & Loan Companies—1.9%

153,000

 

Washington Mutual, Inc.

 

6,419,880

 

 

 

 

 

 

 

 

 

Total Domestic Common Stocks (cost $170,619,177)

 

265,053,587

 

 

2



 

FOREIGN COMMON STOCKS—3.7%

Netherlands—2.2%

94,211

 

Heineken NV

 

$

3,223,814

 

60,000

 

Unilever NV, ADR

 

4,013,400

 

 

 

 

 

7,237,214

 

 

 

 

 

 

 

New Zealand—0.2%

620,216

 

Kiwi Income Property Trust

 

524,623

 

 

 

 

 

 

 

United Kingdom—1.3%

75,000

 

Diageo PLC, Sponsored ADR

 

4,295,250

 

 

 

 

 

 

 

 

 

Total Foreign Common Stocks (cost $9,836,403)

 

12,057,087

 

 

 

 

 

 

 

 

 

Total Long Term Investments (cost $180,455,580)

 

277,110,674

 

 

Par Value

 

 

 

 

 

SHORT TERM INVESTMENTS—16.7%

 

 

 

BANK DEPOSIT—0.4%

 

 

 

$

1,443,000

 

Investors Bank & Trust Money Market Deposit Account, 2.000% due 3/01/05 (cost $1,443,000)

 

1,443,000

 

 

Shares

 

 

 

 

 

AUCTION MARKET PREFERRED SECURITIES—8.3%

160

 

Blackrock Global Float, Inc., Trust, Series TH7

 

4,000,000

 

110

 

Calamos Convertible Opportunities & Income Fund, Series TH7

 

2,750,000

 

100

 

Calamos Strategic Total Return, Series A

 

2,500,000

 

159

 

Evergreen Managed Fund, Inc., Series TH28

 

3,975,000

 

120

 

Flaherty & Crumrine Claymore Preferred Securities, Income Fund, Series T7

 

3,000,000

 

80

 

Nuveen Quality Preferred Income Fund III, Series M

 

2,000,000

 

48

 

Pimco Corporate Income Fund, Series T

 

1,200,000

 

80

 

Pimco Corporate Opportunity Fund, Series M

 

2,000,000

 

100

 

Preferred Income Strategies Fund, Inc., Series M

 

2,500,000

 

40

 

Western Asset Premier Bond Fund, Series M

 

1,000,000

 

110

 

Western Asset/Claymore US Treasury Inflation Protected Securities Fund, Series T

 

2,750,000

 

 

 

Total Auction Market Preferred Securities (cost $27,675,000)

 

27,675,000

 

 

Par
Value

 

 

 

 

 

 

 

 

 

 

 

FOREIGN GOVERNMENT BONDS—4.4%

New Zealand—1.2%

$

5,500,000

 

New Zealand T-Bills, 5.939% due 3/23/05

 

 

3,994,838

 

 

3



 

United Kingdom—3.2%

$

2,800,000

 

UK Gilt Conversion Bond, 9.500% due 4/18/05

 

$

5,423,773

 

2,700,000

 

UK Gilt Treasury Bond, 8.500% due 12/07/05

 

5,349,132

 

 

 

 

 

10,772,905

 

 

 

 

 

 

 

 

 

Total Foreign Government Bonds (cost $13,996,087)

 

14,767,743

 

 

 

 

 

 

 

U.S. TREASURY BILLS—3.6%

6,000,000

 

1.970% due 3/03/05

 

5,999,343

 

6,000,000

 

2.210% due 3/31/05

 

5,988,950

 

 

 

 

 

 

 

 

 

Total U.S. Treasury Bills (cost $11,988,293)

 

11,988,293

 

 

 

 

 

 

 

 

 

Total Short Term Investments (cost $55,102,380)

 

55,874,036

 

 

 

 

 

 

 

Total Investments — 99.6% (cost $235,557,960)

$

332,984,710

 

 

 

Other Assets In Excess Of Other Liabilities—0.4%

 

1,302,405

 

 

 

 

 

 

 

 

 

Net Assets100%

 

334,287,115

 

 


(†)                                  Non-income producing security.

ADR                     American Depository Receipt.

 

4



 

Boulder Total Return Fund, Inc.
February 28, 2005 (Unaudited)

 

Note 1.  Valuation and Investment Practices

 

Portfolio Valuation:  The net asset value of the Fund’s Common Stock is determined by the Fund’s administrator no less frequently than on the last business day of each week and month. It is determined by dividing the value of the Fund’s net assets attributable to common shares by the number of shares of Common Stock outstanding. The value of the Fund’s net assets attributable to common shares is deemed to equal the value of the Fund’s total assets less (i) the Fund’s liabilities, (ii) the aggregate liquidation value of the outstanding Taxable Auction Market Preferred Stock and (iii) accumulated and unpaid dividends on the outstanding Taxable Auction Market Preferred Stock. Securities listed on a national securities exchange are valued on the basis of the last sale on such exchange or the NASDAQ Official Close Price (“NOCP”) on the day of valuation. In the absence of sales of listed securities and with respect to securities for which the most recent sale prices are not deemed to represent fair market value and unlisted securities (other than money market instruments), securities are valued at the mean between the closing bid and asked prices when quoted prices for investments are readily available. Investments for which market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Board of Directors of the Fund, including reference to valuations of other securities which are considered comparable in quality, maturity and type. Investments in money market instruments, which mature in 60 days or less at the time of purchase, are valued at amortized cost.

 

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 on ex-dividend dates. Interest income is recorded on the accrual basis.

 

Cash distributions received from the Fund’s investment in real estate investment trusts (“REITs”) and registered investment companies (“RICs”) are recorded as income. A portion of these distributions are returns of capital. As of February 28, 2005, all accumulated net realized gains relating to returns of capital from REIT distributions have been reclassified to unrealized gain.

 

Repurchase Agreements: The Fund may engage in repurchase agreement transactions. The Fund’s Management reviews and approves periodically the eligibility of the banks and dealers with which the Fund enters into repurchase agreement transactions. The value of the collateral underlying such transactions is at least equal at all times to the total amount of the repurchase obligations, including interest. The Fund maintains possession of the collateral and, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is the possibility of loss to the Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities.

 

Note 2.  Unrealized Appreciation/ (Depreciation)

 

On February 28, 2005, net unrealized appreciation for Federal tax purposes was $97,426,750, consisting of $102,618,416 aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost and $5,191,666 aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value.

 

5



 

Item 2. Controls and Procedures.

 

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17CFR 270.30a-3(c)), are effective based on his evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

 

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SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

BOULDER TOTAL RETURN FUND, INC.

 

By

/s/ Stephen C. Miller

 

Stephen C. Miller, President

 

(Principal Executive Officer)

 

Date

4/13/2005

 

 

 

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

 

By (Signature and Title)

/s/ Stephen C. Miller

 

Stephen C. Miller, President

 

(Principal Executive Officer)

 

Date

4/13/2005

 

By (Signature and Title)

/s/ Carl D. Johns

 

Carl D. Johns, Vice President and Treasurer

 

(Principal Financial Officer)

 

Date

4/13/2005

 

7