Boulder Total Return Fund, Inc. Announces Rating Upgrades to 'AAA' on Its Taxable Auction Market Preferred Stock.

BOULDER, Colo. -- The Boulder Total Return Fund, Inc. (NYSE:BTF) is pleased to announce that the Fund's taxable auction market preferred stock ("AMPs") has received an upgrade in its rating from Moody's Investors Services from 'Aa1' to 'Aaa' and in its rating from Standard & Poor's from 'AA' to 'AAA.' The Fund is currently leveraged with $77.5 million of AMPs. Triple-A ratings assigned to the preferred shares are based on an assessment that the market value of the underlying assets of the portfolio is sufficient to provide the highest asset protection to investors in the preferred stock. These assets serve to collateralize the preferred shares, as well as the related dividend obligations. To meet the triple-A rating guidelines by both agencies, the Fund adheres to various eligibility and diversification limitations that supplement regulatory requirements of the Investment Company Act of 1940, as amended (the "1940 Act"), mandating an asset coverage ratio of 200% to cover the Fund's liabilities. Based on assets as of July 30, 2006, the Fund maintained a 1940 Act asset coverage ratio of 430%.