DENVER--(BUSINESS WIRE)--Boulder Growth and Income Fund, Inc. (NYSE: BIF) (the “Fund”) announced the results of a special stockholder meeting (the “Meeting”) that occurred on July 17, 2018, at which stockholders voted to approve a new investment advisory agreement between the Fund and ALPS Advisors, Inc. (“ALPS”), and a new investment sub-advisory agreement between ALPS and Rocky Mountain Advisers, LLC (“RMA”), with respect to the Fund. Each of the agreements became effective following the Meeting. Until that point, ALPS and RMA had been serving as the Fund’s interim adviser and sub-adviser, respectively, since June 1, 2018.
The new investment advisory and sub-advisory agreements were presented to stockholders as part of a new servicing structure approved by the Fund’s Board of Directors (the “Board”) on May 10, 2018, which also included a new administration agreement for the Fund with ALPS Fund Services, Inc. (“AFS”), an affiliate of ALPS (collectively, the “New Servicing Structure”). The New Servicing Structure was approved by the Board with the intent of reducing the Fund's overall expenses and fees through the provision of an integrated set of high-quality advisory and administrative services under ALPS’ unified platform, while ensuring that the Fund continues to receive RMA’s high quality portfolio management services it has previously received. The Board estimates that the New Servicing Structure will provide stockholders with aggregate savings of approximately 0.13% of its total assets annually.
Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF". As of July 16, 2018, the Fund’s net asset value was $12.55 per share and the closing market price was $10.43 (a 16.89% discount to net asset value). For more information on the Fund, please visit the Fund’s webpage at www.boulderfunds.net.
The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.
Through its subsidiary companies, ALPS Holdings, Inc. is a leading provider of innovative investment products and customized servicing solutions to the financial services industry. Founded in 1985, Denver-based ALPS delivers its asset management and asset servicing solutions through offices in Boston, New York, Seattle, and Toronto. ALPS is a wholly owned subsidiary of SS&C Technologies, Inc. For more information about ALPS and its services, visit www.alpsinc.com. Information about ALPS products is available at www.alpsfunds.com.
Rocky Mountain Advisers, LLC
RMA is an investment adviser registered with the SEC based out of Kansas. More information about RMA is available at www.boulderfunds.net as well as the SEC’s investment adviser search website at www.adviserinfo.sec.gov.
ALPS Portfolio Solutions Distributor, Inc., FINRA Member.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee