The Boulder Total Return Fund, Inc. (NYSE:BTF) announced today that its Board of Directors declared a common stock dividend of $1.03 per share payable December 29, 2006, to holders of record on December 22, 2006. The dividend consists of $0.19 net investment income and $0.84 long-term capital gain.

The amount of the dividend that qualifies for the QDI (Qualified Dividend Income) as well as the DRD (Dividends Received Deduction) will be posted on the Fund's website at www.boulderfunds.net when the information is available and in the Fund's Annual Report which will be mailed in January 2007.

As of Friday, December 8, 2006, the Fund's net asset value was $23.70 and the closing market price was $22.49, which is a 5.1% discount to NAV.