The Boulder Funds
As of June 26, 2009

.................................................NAV ..........Market Price .......... (Discount)
Boulder Total Return Fund ........ $12.15 ............ $9.25 ................. (23.9)%
Boulder Growth & Income Fund .. $5.76 ............. $4.45 ................. (22.7)%


Boulder Total Return Fund largest 20 Holdings [as of February 28, 2009].
Berkshire A & B represented almost 40% of total equity value.

They are subject to change depending on subsequent purchases and sales of securities. Holdings will be updated as of the end of each fiscal quarter and published on this webpage no sooner than 60 days after quarter end.

ISSUE ................................................Shares ..................................% of Assets
1 Berkshire Hathaway Inc., Class A .......... 690 ...................................... 27.72%
2 Yum! Brands Inc ............................1,085,000 ...................................14.57%
3 Berkshire Hathaway Inc., Class B.......... 9,200 ......................................12.06%
4 Wal-Mart Stores Inc .........................370,000 ......................................9.31%
5 United States T-Bill due 04/29/09 ....11,100,000................................... 5.67%
6 Eaton Corp .....................................150,500 ..................................... 2.78%
7 Cheung Kong Holdings .................... 515,000 .......................................2.17%
8 Walgreen Co ..................................177,000 ...................................... 2.16%
9 Claymore Preferred Securities Inc...... 549,200 ...................................... 1.84%
10 Burlington Northern Santa Fe .......... 60,000 .......................................1.80%
11 Diageo PLC ....................................75,000 .......................................1.78%
12 Duff & Phelps Util. T7........................ 120 .........................................1.50%
13 First American Corp ........................120,000 ......................................1.42%
14 Johnson & Johnson ........................ 52,000 ...................................... 1.33%
15 Heineken NV ................................. 95,117 ...................................... 1.31%
16 Kiwi Income Property ................... 4,150,136 .................................... 1.05%
17 Cohen&Steers REIT T7 ...................... 81 .......................................... 1.01%
18 Midland Holdings Ltd .....................6,156,000 ..................................... 0.85%
19 Constellation Energy ....................... 80,000 ........................................ 0.81%
20 Home Depot Inc ............................ 72,500 ........................................ 0.77%

Total Common Stocks ................. $ 188,576,659
Cash and Short-Term Maturities .......... $1,277,518

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