BOULDERCEF.COM | 1.877.561.7914

BOULDER GROWTH AND INCOME FUND, INC.As of 6.30.20

FUND OVERVIEW

The Fund seeks long term capital appreciation and current income through investment in equity and fixed income US securities.

BIFJUN 2020

MANAGER COMMENTARY

The quarter ended June 30, 2020 was a positive quarter for the S&P 500 Index. The S&P 500 Index experienced its best quarterly performance since 1998. Even so, it still was not enough to completely recover from the losses in the first quarter of 2020. Boulder Growth & Income Fund, Inc. (the “Fund” or “BIF”) lagged in performance in its net asset value (“NAV”) this quarter on absolute and relative basis versus the S&P 500 Index, DJIA, NASDAQ Composite, and Large Value benchmarks. The underperformance is partially attributable to the underperformance of Berkshire Hathaway, Inc. (BRK/A & BRK/B) and Wells Fargo & Co (WFC) during the quarter. This was partially offset by the outperformance of Yum! Brands Inc. (YUM) and Cisco Systems Inc. (CSCO) during the quarter.

At quarter end, the asset allocation of the Fund was approximately 81.2% equity, 14.9% cash and cash equivalents and 3.9% other assets. The majority of the “other assets” is a holding in another registered investment company that primarily invests in equities. The top 10 holdings made up 76.3% of the Fund’s total assets. The Fund remains highly concentrated.

During the quarter, the Fund repurchased shares to take advantage of the wide discount to NAV and relatively low market price of BIF shares. The Fund repurchased and retired 2,020,790 shares of BIF during the quarter at a weighted average price paid of $9.35 per share.

SHARE INFORMATION

Symbol NYSE BIF

Inception Date 1/31/02

Market Price $9.42

NAV $11.37

Fund Premium/(Discount) (17.15%)

Total Net Assets $1,133,560,444.51

Shares Outstanding 99,716,861.29

Number of Holdings 33

GROWTH OF $10K

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

1/31

/02

6/30

/02

6/30

/03

6/30

/04

NAV - $30,632 Market - $27,109 S&P 500 Total Return Index - $39,814

6/30

/05

6/30

/06

6/30

/07

6/30

/18

6/30

/20

6/30

/19

6/30

/10

6/30

/09

6/30

/08

6/30

/11

6/30

/12

6/30

/13

6/30

/14

6/30

/15

6/30

/16

6/30

/17

The chart above represents the total return historical performance of a hypothetical investment of $10,000 in the Fund over the life of the Fund. Performance calculations are as of the end of each month. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

PERFORMANCE

1 Mo YTD 1 Yr 5 Yr 10 Yr S. I.(1)

Boulder Growth & Income Fund (NAV(2)) -2.49% -16.29% -12.61% 5.70% 9.11% 6.27%

Boulder Growth & Income Fund (Market Price(3)) -2.99% -18.52% -12.97% 6.35% 9.42% 5.57%

S&P 500 Total Return Index (4) 1.99% -3.08% 7.51% 10.73% 13.99% 7.79%

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.(1) Fund inception date is December 7, 1972(2) NAV is the net asset value of the fund on the as of date referenced above and equals the value of all the fund’s

assets (less liabilities) divided by the number of shares outstanding.(3) Market Price is the price that the fund closed at on the primary listing exchange on the as of date

referenced above.(4) S&P 500 Total Return Index (SPTR): A market value weighted index of 500 stocks chosen for market size,

liquidity and industry grouping, among other factors. This index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. This index reflects the effects of dividend reinvestment. One may not invest directly in an index.

TOP 10 HOLDINGS* (% OF NET ASSETS)

Berkshire Hathaway, Inc. 26.27%

JPMorgan Chase & Co. 8.53%

Berkshire Hathaway, Inc. 7.64%

Cisco Systems, Inc. 7.50%

Yum! Brands, Inc. 6.58%

Caterpillar, Inc. 4.41%

Cohen & Steers Infrastructure Fund, Inc. 4.11%

State Street Institutional U.S. Government Money Market Fund, Investor Class 3.97%

Walmart, Inc. 3.54%

Wells Fargo & Co. 3.22%

Total 75.77%

* Data as of 6/30/20. Subject to change.

ASSET ALLOCATION

Common Stock 80.10%

Government Bond 9.50%

Mutual Fund 4.10%

Limited Partnerships 1.10%

Hedge Fund 0.10%

Written Options -0.20%

Cash & Cash Equivalents 5.30%

Total 100.0%

DISTRIBUTION DETAILS

Current Dividend Rate Per Share $0.102

Distribution Rate* 4.33%

* Based on 6/30/2020 market price of $9.42 and most current dividend rate per share of $0.102.

Distributions are paid from ordinary income; net realized short-term capital gains; net realized long-term capital gains; and return of capital, or some combination of the aforementioned. Based on current estimates, we anticipate the current distribution has been paid from ordinary income, short-term capital gains and long-term capital gains. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. The annualized distribution rate is the monthly per share distribution times 12, divided by the end-of-month market price.

BOULDERCEF.COM | 1.877.561.7914

BOULDER GROWTH AND INCOME FUND, INC.As of 6.30.20

BIFJUN 2020

IMPORTANT INFORMATION AND RISK FACTORSAn investor should carefully consider the Fund’s investment objectives, risk factors and expenses before investing. The Fund’s proxy statements and annual reports contain this and other information about the Fund and should be read carefully before investing.

An investment in the Fund involves risk, including loss of principal. There is no assurance the Fund will meet its investment objective.

The Fund is a closed-end investment company traded on the New York Stock Exchange and does not continuously offer shares.

Not FDIC Insured | May Lose Value | No Bank Guarantee.

ALPS Advisors, Inc. is the investment adviser to the Fund.

Rocky Mountain Advisers, LLC is the investment sub-adviser to the Fund. Rocky Mountain Advisers, LLC is not affiliated with ALPS Advisors, Inc., ALPS Portfolio Solutions Distributor, Inc., and Peak Trust Company, or any of its affiliates.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member.

BDR000149 10/31/2020

INDUSTRY ALLOCATION

Diversified 34.00%Diversified Financial Services 10.30%Retail 10.10%Sovereign 9.50%Technology, Hardware & Equipment 7.50%Construction Machinery 4.40%Registered Investment Companies (RICs) 4.10%Banks 3.20%Pharmaceuticals 2.30%Healthcare Products & Services 2.20%Insurance 2.20%Telecommunications 1.40%Beverages 1.30%Real Estate Investment Trusts (REITs) 1.20%Pipelines 1.10%Hedge Fund 0.10%Machinery-Constr&Mining -0.20%Cash & Cash Equivalents 5.30%Total 100.0%

Allocations are subject to change.