UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number			811-02328
Boulder Growth and Income Fund, Inc.
(Exact name of registrant as specified in charter)
2344 Spruce Street, Suite A Boulder, CO					80302
(Address of principal executive offices)					(Zip code)
Stephen C. Miller, Esq. 2344 Spruce Street, Suite A Boulder, CO  80302
(Name and address of agent for service)
Registrant’s telephone number, including area code:			303-444-5483
Date of fiscal year end:	November 30, 2006
Date of reporting period:	August 31, 2006

 

Item 1. Schedule of Investments. – The schedule of investments for the period ended August 31, 2006 is filed herewith.

Portfolio of Investments as of August 31, 2006
(Unaudited)	Boulder Growth & Income Fund, Inc.

 

Shares		Description				Value (Note 1)
LONG TERM INVESTMENTS–91.7%
DOMESTIC COMMON STOCKS–74.3%
Beverages—6.7%
164,500		Anheuser-Busch Companies, Inc.				$	8,123,010
Buildings - Residential/Commercial—0.8%
5,000		Lennar Corp., Class A				224,200
5,000		MDC Holdings Inc.				213,950
9,000		Pulte Homes, Inc.				267,030
10,000		Standard Pacific Corp.				239,300
						944,480
Construction Machinery—1.1%
20,000		Caterpillar, Inc.				1,327,000
Diversified—25.8%
310		Berkshire Hathaway Inc., Class A+				29,790,070
500		Berkshire Hathaway Inc., Class B+				1,601,750
						31,391,820
Financial Services—0.5%
118,000		Doral Financial Corp.				591,180
Food—0.8%
21,000		Wm. Wrigley Jr. Company				974,820
Health Care Products & Services—0.9%
18,000		Johnson & Johnson				1,163,880
Insurance—3.3%
38,500		Fidelity National Financial, Inc.				1,548,855
6,737		Fidelity National Title Group Inc., Class A				135,818
40,000		First American Corporation				1,624,800
27,000		Marsh & McLennan Companies, Inc.				706,320
						4,015,793
Manufacturing—2.7%
50,500		Eaton Corporation				3,358,250
Pharmaceuticals—1.6%
70,000		Pfizer, Inc.				1,929,200
REITS—15.9%
44,000		AvalonBay Communities, Inc.				5,324,000
41,100		General Growth Properties, Inc.				1,863,063
160,000		HRPT Properties Trust				1,856,000
75,000		Nationwide Health Properties, Inc.				1,954,500
30,000		Pan Pacific Retail Properties, Inc.				2,094,600
25,000		Redwood Trust, Inc.				1,216,000
55,000		Regency Centers Corporation				3,699,850
42,000		Sun Communities, Inc.				1,351,980
						19,359,993

 

1

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Retail—5.9%
35,000		The Home Depot, Inc.				$	1,200,150
133,000		Wal-Mart Stores, Inc.				5,947,760
						7,147,910
RICS—6.6%
10,000		Citigroup Investments Corporate Loan Fund, Inc.				132,900
80,000		Eaton Vance Senior Income Trust				656,000
25,500		First Trust/Four Corners Senior Floating Rate Income Fund				452,625
20,000		First Trust/Four Corners Senior Floating Rate Income Fund II				356,400
145,600		Flaherty & Crumrine Claymore Preferred Securities Income Fund, Inc.				2,984,800
32,800		Flaherty & Crumrine Claymore Total Return Fund, Inc.				670,432
70,000		Floating Rate Income Strategies Fund II, Inc.				1,225,700
49,000		Floating Rate Income Strategies Fund, Inc.				857,010
50,000		Nuveen Floating Rate Income Fund				654,000
						7,989,867
Savings & Loans—1.7%
51,000		Washington Mutual, Inc.				2,136,390
		Total Domestic Common Stocks (cost $74,128,787)				90,453,593
FOREIGN COMMON STOCKS—17.4%
Australia—0.9%
983,610		ING Office Fund, REIT				1,107,922
France—1.5%
9,500		Unibail, REIT				1,853,256
Germany—1.0%
4,138		Deutsche Wohnen AG, REIT+				1,284,062
Hong Kong—2.7%
95,750		Cheung Kong Holdings, Ltd.				1,057,630
600,000		Hang Lung Properties, Ltd., REIT				1,279,198
2,052,000		Midland Holdings, Ltd.				912,968
						3,249,796
Netherlands—1.2%
31,663		Heineken NV				1,467,599
New Zealand—3.1%
4,150,135		Kiwi Income Property Trust, REIT				3,803,059
Singapore—0.9%
850,000		Ascendas Real Estate Investment Trust				1,113,443

 

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United Kingdom—6.1%
65,000		British Land Co. PLC, REIT				$	1,687,683
25,000		Diageo PLC, Sponsored ADR				1,787,500
155,000		Great Portland Estates PLC, REIT				1,665,808
235,000		Lloyds TSB Group PLC				2,331,132
						7,472,123
		Total Foreign Common Stocks (cost $16,717,359)				21,351,260
WARRANTS—0.0%*
1,500		Ono Finance Certificate, Warrant, Expires 5/31/09 +				15
		Total Long Term Investments (cost $90,846,146)				111,804,868
SHORT TERM INVESTMENTS—8.0%

 

Par Value				Description				Value (Note 1)
BANK DEPOSIT—2.6%
$	3,121,000		Investors Bank & Trust Money Market Deposit Account, 4.200% due 9/01/06 (cost $3,121,000)					3,121,000

 

Par Value			Description				Value (Note 1)
FOREIGN GOVERNMENT BONDS—5.4%
New Zealand—1.6%
3,076,000		New Zealand Government Bond, 8.000% due 11/15/06					2,017,096
United Kingdom—3.8%
2,424,000		UK Gilt Treasury Bond, 7.750% due 9/08/06					4,613,186
		Total FOREIGN GOVERNMENT BONDS (cost $6,348,999)					6,630,282
		Total Short Term Investments (cost $9,469,999)					9,751,282
Total Investments – 99.7% (cost $100,316,145)							121,556,150
		Other Assets and Liabilities – 0.3%					313,454
		Total Net Assets Available to Common Stock and Preferred Stock — 100%					121,869,604
		Auction Market Preferred Stock (AMPs) Redemption Value					(25,000,000		)
		Total Net Assets Available to Common Stock					$	96,869,604

 

+		Non-income producing security.
*		Amount represents less than 0.1% of net assets.

 

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ADR	-	American Depository Receipt
REIT	-	Real Estate Investment Trust
RIC	-	Registered Investment Company

 

4

Boulder Growth and Income Fund, Inc.
August 31, 2006 (Unaudited)

Note 1.  Valuation and Investment Practices

Portfolio Valuation:  The net asset value of the Fund’s Common Stock is determined by the Fund’s administrator no less frequently than on the last business day of each week and month. It is determined by dividing the value of the Fund’s net assets attributable to common shares by the number of shares of Common Stock outstanding. The value of the Fund’s net assets attributable to common shares is deemed to equal the value of the Fund’s total assets less (i) the Fund’s 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.

The actual amounts of dividend income and return of capital received from investments in real estate trusts (“REITS”) and registered investment companies (“RICS”) at calendar year-end are determined after the end of the fiscal year. The Fund therefore estimates these amounts for accounting purposes until the actual characterization of REIT and RIC distributions is known. Distributions received in excess of the estimate are recorded as a reduction of the cost of investments.

Foreign Currency Translation: The books and records of the Fund are maintained in US dollars. Foreign currencies, investments and other assets and liabilities denominated in foreign currencies are translated into US dollars at the exchange rate prevailing at the end of the period, and the purchase and sales of investment securities, income and expenses transacted in foreign currencies are translated at the exchange rate on the dates of such transactions.

Foreign currency gains and losses result from fluctuations in exchange rates between trade date and settlement date on securities transactions, foreign currency transactions and the difference between amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and the subsequent sale trade date is included in gains and losses on investment securities sold.

Repurchase Agreements: The Fund may engage in repurchase agreement transactions. The Fund’s 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, 2006, the net unrealized appreciation on investments based on cost of $100,329,536 for federal income tax purposes was $21,226,614 consisting of $22,601,446 aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost and $(1,374,832) aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value.

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s 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 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

SIGNATURES

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.

BOULDER GROWTH AND INCOME FUND, INC.
By	/s/ Stephen C. Miller
	Stephen C. Miller, President
	(Principal Executive Officer)
Date	10/17/06

 

Pursuant to the requirement of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report had 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
	Stephen C. Miller, President
	(Principal Executive Officer)
Date	10/17/06

 

By	/s/ Carl D. Johns
	Carl D. Johns, Chief Financial Officer, Vice President and Treasurer
	(Principal Financial Officer)
Date	10/17/06