At a stockholders’ meeting held on Monday, May 3, 2010, stockholders approved new investment co-advisory agreements with Rocky Mountain Advisers, LLC (RMA) and Stewart Investment Advisers (SIA), as well as a new sub-advisory agreement with Wellington Management Company, LLP.  Wellington Management served as investment adviser to the Fund since inception in 1986 through May 31, 2010.

RMA and SIA are affiliated with Boulder Investment Advisers, LLC  (“BIA”) who, together with SIA, serves as co-adviser to three other registered investment companies: the Boulder Total Return Fund, Inc. (NYSE: BTF), the Boulder Growth & Income Fund, Inc. (NYSE: BIF) and The Denali Fund Inc. (NYSE: DNY). Stewart Horejsi is the primary portfolio manager for RMA, SIA and BIA.

Under the new structure approved by Fund stockholders, RMA and SIA intend to make a substantial investment in certain private investment funds currently managed by an affiliate of Wellington Management.  Separately, Wellington Management will act as sub-adviser with respect to a discrete portion of the Fund’s portfolio containing positions with respect to which Wellington Management has long-term familiarity in its role as the Fund’s previous advisor.  The term of Wellington Management’s role as sub-adviser will not last more than 2 years and will be limited to liquidating a portion of the Fund’s legacy holdings.  RMA and SIA oversee the Fund’s investments in private investment funds, supervise and oversee all sub-advisory activities and manage the balance of the Fund’s assets in accordance with stockholder approved changes and the Fund’s investment objective and policies.