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UNITED STATES |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-07390 |
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Boulder Total Return Fund, Inc. |
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(Exact name of registrant as specified in charter) |
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1680 38th Street, Suite 800 |
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(Address of principal executive offices) (Zip code) |
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Stephen C. Miller, Esq. |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
303-444-5483 |
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Date of fiscal year end: |
November 30, 2005 |
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Date of reporting period: |
August 31, 2005 |
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Item 1. Schedule of Investments. The schedule of investments for the period ended August 31, 2005 is filed herewith.
Portfolio of Investments as of August 31, 2005 |
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(Unaudited) |
Boulder Total Return Fund, Inc. |
Shares |
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Description |
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Value (Note 1) |
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LONG TERM INVESTMENTS110.2% |
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DOMESTIC COMMON STOCKS106.1% |
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Beverages7.4% |
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323,000 |
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Anheuser-Busch Companies, Inc. |
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$ |
14,312,130 |
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150,000 |
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Pepsi Bottling Group, Inc. |
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4,422,000 |
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18,734,130 |
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Diversified30.4% |
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690 |
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Berkshire Hathaway Inc., Class A (+) |
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57,373,500 |
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7,010 |
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Berkshire Hathaway Inc., Class B (+) |
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19,459,760 |
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76,833,260 |
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Financial Services12.7% |
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293,360 |
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Citigroup, Inc. |
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12,840,367 |
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177,000 |
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Doral Financial Corp. |
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2,538,180 |
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120,000 |
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Federated Investors, Inc. |
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3,727,200 |
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698,000 |
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Providian Financial Corporation (+) |
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12,982,800 |
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32,088,547 |
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Insurance6.7% |
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60,000 |
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Fidelity National Financial, Inc. |
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2,347,200 |
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120,000 |
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First American Corporation |
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4,993,200 |
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169,250 |
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Marsh & McLennan Companies, Inc. |
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4,747,463 |
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90,000 |
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Torchmark Corporation |
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4,746,600 |
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16,834,463 |
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Manufacturing3.8% |
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150,500 |
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Eaton Corporation |
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9,619,960 |
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Pharmaceuticals5.9% |
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63,000 |
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Bristol-Meyers Squibb Company |
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1,541,610 |
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90,000 |
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Forest Laboratories, Inc. (+) |
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3,996,000 |
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150,000 |
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Merck & Company, Inc. |
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4,234,500 |
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200,000 |
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Pfizer, Inc. |
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5,094,000 |
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14,866,110 |
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REITS22.2% |
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400,000 |
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First Industrial Realty Trust, Inc. |
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15,160,000 |
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400,000 |
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Hospitality Properties Trust |
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17,344,000 |
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1,300,000 |
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HRPT Properties Trust |
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16,640,000 |
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60,000 |
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Pan Pacific Retail Properties, Inc. |
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3,976,200 |
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50,000 |
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Regency Centers Corporation |
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2,916,500 |
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56,036,700 |
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Retail14.5% |
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190,500 |
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Wal-Mart Stores, Inc. |
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8,564,880 |
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590,000 |
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Yum! Brands, Inc. |
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27,954,200 |
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36,519,080 |
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Savings & Loan Companies2.5% |
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153,000 |
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Washington Mutual, Inc. |
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6,361,740 |
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Total Domestic Common Stocks (cost $185,127,538) |
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267,893,990 |
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1
FOREIGN COMMON STOCKS4.1% |
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Netherlands1.2% |
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95,117 |
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Heineken NV |
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$ |
3,063,697 |
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New Zealand1.2% |
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3,750,136 |
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Kiwi Income Property Trust |
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3,012,049 |
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United Kingdom1.7% |
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75,000 |
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Diageo PLC, Sponsored ADR |
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4,328,250 |
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Total Foreign Common Stocks (cost $9,128,143) |
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10,403,996 |
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Total Long Term Investments (cost $194,255,681) |
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278,297,986 |
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SHORT TERM INVESTMENTS18.4% |
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Par |
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BANK DEPOSIT0.5% |
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1,431,000 |
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Investors Bank &
Trust Money Market Deposit Account, 2.750% due 9/01/05 |
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1,431,000 |
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Shares |
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AUCTION MARKET PREFERRED SECURITIES9.9% |
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110 |
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Calamos Convertible Opportunities & Income Fund, Series TH7 |
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2,750,000 |
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100 |
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Calamos Strategic Total Return, Series A |
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2,500,000 |
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120 |
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Cohen & Steers Income Fund, Inc., Series TH28 |
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3,000,000 |
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27 |
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Evergreen Managed Income Fund, Inc., Series TH28 |
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675,000 |
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120 |
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Flaherty & Crumrine Claymore Preferred Securities, Income Fund, Series T7 |
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3,000,000 |
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48 |
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Pimco Corporate Income Fund, Series T |
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1,200,000 |
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110 |
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Pimco Corporate Opportunity Fund, Series TH |
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2,750,000 |
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110 |
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Pimco Floating Rate Income Fund, Series TH |
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2,750,000 |
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40 |
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Western Asset Premier Bond Fund, Series M |
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1,000,000 |
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200 |
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Western Asset/Claymore US Treasury Inflation Protected Securities Fund, Series TH |
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5,000,000 |
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Total Auction Market Preferred Securities (cost $24,625,000) |
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24,625,000 |
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Par |
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FOREIGN GOVERNMENT BONDS3.1% |
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United Kingdom3.1% |
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$ |
2,700,000 |
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UK Gilt Treasury Bond, 8.500% due 12/07/05 |
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4,911,454 |
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1,620,000 |
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UK Treasury Bill, .000% due 10/24/05 (*) |
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2,895,878 |
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7,807,332 |
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Total FOREIGN GOVERNMENT BONDS (cost $7,703,877) |
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7,807,332 |
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2
U.S. TREASURY BILLS4.9% |
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$ |
2,500,000 |
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3.270% due 9/01/05 |
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$ |
2,500,000 |
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4,400,000 |
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3.315% due 10/13/05 |
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4,382,983 |
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5,600,000 |
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3.330% due 10/13/05 |
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5,578,589 |
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Total U.S. Treasury Bills (cost $12,461,572) |
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12,461,572 |
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Total Short Term Investments (cost $46,221,449) |
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46,324,904 |
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Total Investments 128.6% (cost $240,477,130) |
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324,622,890 |
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Other Assets and Liabilities |
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5,326,967 |
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Total Net Assets Available to Common Stock and Preferred Stock |
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329,949,857 |
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Auction Market Preferred Stock (AMPs) Redemption Value |
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(77,500,000 |
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Total Net Assets Available to Common Stock |
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252,449,857 |
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(+) Non-income producing security.
(*) Zero coupon bond.
ADR - American Depository Receipt.
3
Boulder Total Return Fund, Inc.
August 31, 2005 (Unaudited)
Note 1. Valuation and Investment Practices
Portfolio Valuation: The net asset value of the Funds Common Stock is determined by the Funds administrator no less frequently than on the last business day of each week and month. It is determined by dividing the value of the Funds net assets attributable to common shares by the number of shares of Common Stock outstanding. The value of the Funds net assets attributable to common shares is deemed to equal the value of the Funds total assets less (i) the Funds liabilities and (ii) the aggregate liquidation value of 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 using the interest method.
Dividend income is recorded at managements estimate of the income included in distributions received from investments in real estate investment trusts (REITs) and registered investment companies (RICs). Distributions received in excess of this amount are recorded as a reduction of the cost of investments. The actual amounts of income and return of capital are determined by each REIT or RIC only after its fiscal year-end, and may differ from the estimated amounts.
Repurchase Agreements: The Fund may engage in repurchase agreement transactions. The Funds 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 August 31, 2005, the net unrealized appreciation on investments based on cost of $237,889,414 for federal income tax purposes was $86,733,476, consisting of $93,647,162 aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost and $(6,913,686) aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value.
4
Item 2. Controls and Procedures.
(a) The Registrants Principal Executive Officer and Principal Financial Officer concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (17CFR 270.30a-3(c)), are effective based on their evaluation of the Registrants 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 Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-3(d)) that occurred during the Registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants 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, as amended, (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.
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.
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BOULDER TOTAL RETURN FUND, INC. |
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By |
/s/ Stephen C. Miller |
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Stephen C. Miller, President |
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(Principal Executive Officer) |
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Date |
10/7/05 |
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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 |
/s/ Stephen C. Miller |
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Stephen C. Miller, President |
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(Principal Executive Officer) |
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Date |
10/7/05 |
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By |
/s/ Carl D. Johns |
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Carl D. Johns, Chief Financial Officer, Vice President and Treasurer |
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(Principal Financial Officer) |
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Date |
10/7/05 |
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