<SEC-DOCUMENT>0000102426-16-000007.txt : 20160129
<SEC-HEADER>0000102426-16-000007.hdr.sgml : 20160129
<ACCEPTANCE-DATETIME>20160129170024
ACCESSION NUMBER:		0000102426-16-000007
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20151130
FILED AS OF DATE:		20160129
DATE AS OF CHANGE:		20160129
EFFECTIVENESS DATE:		20160129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOULDER GROWTH & INCOME FUND
		CENTRAL INDEX KEY:			0000102426
		IRS NUMBER:				132729672
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02328
		FILM NUMBER:		161374218

	BUSINESS ADDRESS:	
		STREET 1:		2344 SPRUCE STREET
		STREET 2:		SUITE A
		CITY:			BOULDER
		STATE:			CO
		ZIP:			80302
		BUSINESS PHONE:		3034445483

	MAIL ADDRESS:	
		STREET 1:		2344 SPRUCE STREET
		STREET 2:		SUITE A
		CITY:			BOULDER
		STATE:			CO
		ZIP:			80302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USLIFE INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>BoulderNSARB11.30.15.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 11/30/2015
000 C000000 0000102426
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 BOULDER GROWTH & INCOME FUND, INC.
001 B000000 811-2328
001 C000000 3034445483
002 A000000 2344 SPRUCE STREET, SUITE A
002 B000000 BOULDER
002 C000000 CO
002 D010000 80302
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
008 A000001 BOULDER INVESTMENT ADVISERS, LLC
008 B000001 A
008 C000001 801-56515
008 D010001 BOULDER
008 D020001 CO
008 D030001 80302
008 A000002 STEWART WEST INDIES TRADING COMPANY, LTD
008 B000002 A
008 C000002 801-56522
008 D010002 ST. PETER
008 D050002 BARBADOS
008 A000003 ROCKY MOUNTAIN ADVISERS, LLC
008 B000003 A
008 C000003 801-70202
008 D010003 BOULDER
008 D020003 CO
008 D030003 80302
010 A000001 ALPS FUND SERVICES, INC.
010 B000001 84-5730
010 C010001 DENVER
010 C020001 CO
010 C030001 80203
010 A000002 FUND ADMINISTRATIVE SERVICES, LLC
010 B000002 84-1282398
010 C010002 BOULDER
010 C020002 CO
010 C030002 80302
012 A000001 COMPUTERSHARE TRUST COMPANY, NA
012 B000001 85-11340
<PAGE>      PAGE  2
012 C010001 CANTON
012 C020001 MA
012 C030001 02021
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
015 A000001 THE BANK OF NEW YORK MELLON
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 NATIONAL AUSTRALIAN BANK
015 B000002 S
015 C010002 MELBOURNE
015 D010002 AUSTRALIA
015 E040002 X
015 A000003 UNICREDIT BANK AUSTRIA AG
015 B000003 S
015 C010003 VIENNA
015 D010003 AUSTRIA
015 E040003 X
015 A000004 CITIBANK INTERNATIONAL PLC
015 B000004 S
015 C010004 BRUSSLES
015 D010004 BELGIUM
015 E040004 X
015 A000005 CIBC MELLON TRUST COMPANY
015 B000005 S
015 C010005 TORONTO
015 D010005 CANADA
015 E040005 X
015 A000006 DANSKE BANK
015 B000006 S
015 C010006 COPENHAGEN
015 D010006 DENMARK
015 E040006 X
015 A000007 EUROCLEAR BANK
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
015 E040007 X
015 A000008 BNP PARIBAS SECURITIES SERVICES
015 B000008 S
015 C010008 PARIS
015 D010008 FRANCE
015 E040008 X
015 A000009 BHF-BANK
015 B000009 S
015 C010009 FRANKFURT
<PAGE>      PAGE  3
015 D010009 GERMANY
015 E040009 X
015 A000010 THE HONG KONG AND SHANGHAI BANKING CORP.
015 B000010 S
015 C010010 KOWLOON
015 D010010 HONG KONG
015 E040010 X
015 A000011 MIZHUO CORPORATE BANK LTD
015 B000011 S
015 C010011 TOKYO
015 D010011 JAPAN
015 E040011 X
015 A000012 BANCO NACIONAL DE MEXICO (BANAMEX)
015 B000012 S
015 C010012 MEXICO CITY
015 D010012 MEXICO
015 E040012 X
015 A000013 BNY MELLON ASSET SERVICING BV (NETHERLANDS)
015 B000013 S
015 C010013 AMSTERDAM
015 D010013 NETHERLANDS
015 E040013 X
015 A000014 NATIONAL AUSTRALIA BANK NEW ZEALAND-NATIONAL
015 B000014 S
015 C010014 WELLINGTON
015 D010014 NEW ZEALAND
015 E040014 X
015 A000015 CREDIT SUISSE
015 B000015 S
015 C010015 ZURICH
015 D010015 SWITZERLAND
015 E040015 X
015 A000016 DBS BANK LTD
015 B000016 S
015 C010016 SINGAPORE
015 D010016 SINGAPORE
015 E040016 X
015 A000017 BANCO BILBAO VIZCAYA ARGENTARIA
015 B000017 S
015 C010017 MADRID
015 D010017 SPAIN
015 E040017 X
015 A000018 DEUTSCHE BANK (TURKEY)
015 B000018 S
015 C010018 ISTANBUL
015 D010018 TURKEY
015 E040018 X
015 A000019 BANK OF NEW YORK, LONDON
015 B000019 S
015 C010019 LONDON
015 D010019 UNITED KINGDOM
<PAGE>      PAGE  4
015 E040019 X
015 A000020 BANK OF NEW YORK MELLON
015 B000020 C
015 C010020 NEW YORK
015 C020020 NY
015 C030020 10286
015 E010020 X
015 A000021 BANK OF TOKYO
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 E040021 X
015 A000022 CLEARSTREAM BANKING S.A.
015 B000022 S
015 C010022 FRANKFURT
015 D010022 GERMANY
015 E040022 X
015 A000023 DEUTSCHE BANK, AG (INDIA)
015 B000023 S
015 C010023 MUMBAI
015 D010023 INDIA
015 E040023 X
015 A000024 DEUTSCHE BANK, AG (JAKARTA)
015 B000024 S
015 C010024 JAKARTA
015 D010024 INDONESIA
015 E040024 X
015 A000025 SKANDINAVISKA ENSKILDA BANKEN AB
015 B000025 S
015 C010025 COPENHAGEN
015 D010025 DENMARK
015 E040025 X
018  000000 Y
019 A000000 Y
019 B000000    4
019 C000000 BOULDERINV
020 A000001 BLOOMBERG TRADEBOOK LLC
020 B000001 13-3880286
020 C000001      23
020 A000002 KNIGHT EQUITY MARKETS, L.P.
020 B000002 22-3660471
020 C000002      16
020 A000003 BNY CONVERGEX EXECUTION SOLUTIONS LLC
020 B000003 13-3989198
020 C000003      13
021  000000        52
022 A000001 DREYFUS TREASURY CASH MANAGEMENT MM FUND
022 C000001     216922
022 D000001     263016
022 A000002 JPMORGAN PRIME MONEY MARKET FUND
022 C000002      99500
<PAGE>      PAGE  5
022 D000002      77200
022 A000003 DREYFUS TREASURY CASH MANAGEMENT
022 C000003          0
022 D000003      46081
023 C000000      316481
023 D000000      386297
024  000000 Y
025 A000001 DREYFUS TREASURY CASH MANAGEMENT MM FUND
025 B000001 -
025 C000001 E
025 D000001     5117
025 A000002 JPMORGAN CHASE & CO.
025 B000002 13-264428
025 C000002 E
025 D000002    68547
025 A000003 WELLS FARGO BROKERAGE SERVICES, L.L.C.
025 B000003 41-1508325
025 C000003 E
025 D000003    67971
025 A000004 JP MORGAN PRIME MONEY MARKET FUND
025 C000004 E
025 D000004    22300
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
045  000000 Y
046  000000 Y
047  000000 Y
048  000000  1.000
048 A010000         0
048 A020000 0.000
048 B010000         0
048 B020000 0.000
048 C010000         0
048 C020000 0.000
048 D010000         0
048 D020000 0.000
048 E010000         0
048 E020000 0.000
048 F010000         0
048 F020000 0.000
048 G010000         0
048 G020000 0.000
048 H010000         0
<PAGE>      PAGE  6
048 H020000 0.000
048 I010000         0
048 I020000 0.000
048 J010000         0
048 J020000 0.000
048 K010000         0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 Y
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 N
060 B000000 N
061  000000         0
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
<PAGE>      PAGE  7
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
<PAGE>      PAGE  8
070 R020000 N
071 A000000     123680
071 B000000     103747
071 C000000     857476
071 D000000   12
072 A000000 12
072 B000000         0
072 C000000     16967
072 D000000         0
072 E000000        21
072 F000000      9297
072 G000000      1706
072 H000000         0
072 I000000        53
072 J000000       169
072 K000000         0
072 L000000        87
072 M000000       294
072 N000000         0
072 O000000         0
072 P000000       551
072 Q000000         0
072 R000000       193
072 S000000       590
072 T000000         0
072 U000000         0
072 V000000         0
072 W000000       498
072 X000000     13438
072 Y000000       220
072 Z000000      3770
072AA000000     17445
072BB000000         0
072CC010000         0
072CC020000    110425
072DD010000      3501
072DD020000         0
072EE000000      7500
073 A010000    0.0330
073 A020000    0.0000
073 B000000    0.2942
073 C000000    0.0000
074 A000000        63
074 B000000         0
074 C000000         0
074 D000000         0
074 E000000         0
074 F000000   1054569
074 G000000         0
074 H000000         0
074 I000000     47494
<PAGE>      PAGE  9
074 J000000       236
074 K000000         0
074 L000000      2283
074 M000000       170
074 N000000   1104815
074 O000000         0
074 P000000      1052
074 Q000000         0
074 R010000         0
074 R020000         0
074 R030000         0
074 R040000     50364
074 S000000         0
074 T000000   1053399
074 U010000    106097
074 U020000         0
074 V010000      9.93
074 V020000      0.00
074 W000000    0.0000
074 X000000      1091
074 Y000000    370808
075 A000000         0
075 B000000    843926
076  000000      7.78
077 A000000 Y
077 B000000 Y
077 Q010000 Y
077 Q020000 Y
078  000000 Y
079  010001 811-4605
079  020001 FOFI 1, Ltd.
080 A000000 ST. PAUL FIRE AND MARINE INSURANCE COMPANY
080 C000000      1250
081 A000000 Y
081 B000000    3
082 A000000 N
082 B000000         0
083 A000000 N
083 B000000         0
084 A000000 N
084 B000000         0
085 A000000 Y
085 B000000 N
086 A010000   80601
086 A020000  864982
086 B010000       0
086 B020000       0
086 C010000       0
086 C020000       0
086 D010000       0
086 D020000       0
<PAGE>      PAGE  10
086 E010000       0
086 E020000       0
086 F010000       0
086 F020000       0
087 A010000 COMMON STOCK
087 A020000 101507101
087 A030000 BIF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   NICOLE MURPHY
TITLE       PFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>nsarexhibit77bletterbif2015.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Stacey R. Wilson (Open)">
<META NAME="date" CONTENT="2015-12-22T23:13:00Z">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin-top:0px; margin-bottom:6.667px; font-family:'Arial'"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">To the Shareholders and Board of Directors of Boulder Growth &amp; Income Fund, Inc.:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">In planning and performing our audit of the financial statements of Boulder Growth &amp; Income Fund, Inc. (the <font style="font-family:'Arial Unicode MS,Arial'">&#8220;</font>Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8221;</font>), as of and for the year ended November 30, 2015, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including control over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s internal control over financial reporting. Accordingly, we express no such opinion.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">Our consideration of the Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of November 30, 2015. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">his report is intended solely for the information and use of management and the Board of Directors of Boulder Growth &amp; Income Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">/s/DELOITTE &amp; TOUCHE LLP</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'">Denver, Colorado</P>
<P style="margin:0px; font-family:'Arial'">January 29, 2016</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: B6F5B8A3 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>nsarexhibit77q1e_bif.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="sfranca">
<META NAME="date" CONTENT="2016-01-04T22:37:00Z">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:640px"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
<P style="margin-top:4.667px; margin-bottom:0px; padding-left:183.933px; padding-right:182.667px; font-size:11pt" align=center>INVESTMENT ADVISORY AGREEMENT</P>
<P style="line-height:12pt; margin-top:0.867px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:6px; padding-right:-1.333px; text-indent:42px; font-size:11pt" align=justify><I>THIS INVESTMENT ADVISORY AGREEMENT</I> (this &quot;<B>Agreement</B>&quot;) is made as of the <U>20th</U> day of <U>March</U>, 2015, by and among STEWART WEST INDIES TRADING CO., LTD. (aka Stewart Investment Advisers), a Barbados international business company (the &quot;<B>Adviser</B>&quot;) and BOULDER GROWTH &amp; INCOME FUND, INC., a Maryland corporation (the &quot;<B>Fund</B>&quot;).</P>
<P style="line-height:12pt; margin-top:0.933px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.667px; text-indent:48px; font-size:11pt" align=justify>1. &nbsp;&nbsp;&nbsp;<U>Investment Description; Appointment</U>. &nbsp;The Fund desires to employ its capital by investing and reinvesting in investments of the kind and in such manner and to such extent as may from time to time be approved by the Board of Directors of the Fund (the &quot;<B>Board</B>&quot;). &nbsp;The Fund desires to employ and hereby appoints the Adviser to act as investment adviser to the Fund. Adviser hereby accepts the appointment and agrees to furnish the services described herein for the compensation set forth below.</P>
<P style="line-height:6pt; margin-top:0.133px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.667px; text-indent:48px; font-size:11pt" align=justify>2. &nbsp;&nbsp;&nbsp;<U>Services as Investment Adviser</U>. &nbsp;Subject to the supervision and direction of the Board, the Adviser will (a) act in accordance with the Investment Company Act of 1940 (the &quot;<B>1940 Act</B>&quot;) and the Investment Advisers Act of 1940, as the same may be from time to time amended, (b) manage the Fund's portfolio on a discretionary basis in accordance with its investment objectives and policies, (c) make investment decisions and exercise voting rights in respect of portfolio securities for the Fund, (d) place purchase and sale orders on behalf of the Fund, (e) employ, at its own expense, professional portfolio managers and securities analysts to provide research services to the Fund, (f) determine the portion of the Fund's assets to be invested, from time to time, in various asset classes (e.g., common stocks, fixed income securities, cash equivalents), (g) determine the portion of the Fund's assets to be leveraged, from time to time, and the form that such leverage will take, and &nbsp;&nbsp;(h) monitor and evaluate the services provided by the Fund's investment sub-adviser(s), if any, under the terms of the applicable investment sub-advisory agreement(s). &nbsp;In providing these services, the Adviser will provide investment research and supervision of the Fund's portfolio and, if appropriate, sale and reinvestment of the Fund's assets. &nbsp;In addition, the Adviser will furnish the Fund with whatever statistical information the Fund may reasonably request with respect to the securities that the Fund may hold or contemplate purchasing.</P>
<P style="line-height:5.5pt; margin-top:0.667px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.6px; text-indent:48px; font-size:11pt" align=justify>3. &nbsp;&nbsp;&nbsp;<U>Co-Advisor to the Fund</U>. Subject to the approval of the Board and where required, the Fund's stockholders, the Fund will engage an investment co-adviser, Rocky Mountain Advisers, L.L.C., an Alaska limited liability company and registered investment adviser under the Investment Advisers Act of</P>
<P style="line-height:12.7pt; margin-top:0.067px; margin-bottom:0px; padding-left:8px; padding-right:3.667px; font-size:11pt" align=justify>1940 in respect of all or a portion of the Fund's assets (the &quot;<B>Co-Adviser</B>&quot;). &nbsp;&nbsp;The Adviser and the Co- Adviser will be jointly responsible for providing the services described in subparagraphs (b), (c), (d), &nbsp;(e), (f) and (g) in Paragraph 2 above and Paragraphs 5 and 6 below (Brokerage and Information Provided to Fund, respectively) with respect to the Fund's assets, although the Co-Adviser will have primary responsibility &nbsp;for &nbsp;all &nbsp;record-keeping &nbsp;and &nbsp;day-to-day &nbsp;business &nbsp;activities &nbsp;relating &nbsp;to &nbsp;the &nbsp;investment operations of the Fund. &nbsp;In the event that the Co-Adviser's engagement is terminated, the Adviser shall be responsible for furnishing the Fund with the services theretofore performed by such Co-Adviser under the applicable investment advisory agreement or arranging for a successor co-adviser or sub-adviser, as the case may be, to provide such services under terms and conditions acceptable to the Fund and the Board and subject to the requirements of the 1940 Act.</P>
<P style="line-height:5.5pt; margin-top:0.667px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.8px; text-indent:48px; font-size:11pt" align=justify>4. &nbsp;&nbsp;&nbsp;<U>Engagement of Sub-Advisers to the Fund</U>. &nbsp;&nbsp;Subject to the approval of the Board and where required, the Fund's stockholders, the Adviser may engage an investment sub-adviser or sub-advisers to provide advisory services in respect of all or a portion of the Fund's assets (the &quot;<B>Sub-Advised &nbsp;Portion</B>&quot;) and may delegate to such investment sub-adviser(s) all or a portion of the responsibilities described in subparagraphs (b), (c), (d), (e), (f) and (g) in Paragraph 2 above and Paragraph 6 below (Information Provided to Fund) with respect to the Sub-Advised Portion. &nbsp;&nbsp;In the event that an investment sub-adviser's engagement has been terminated, the Adviser shall be responsible for furnishing the Fund with the services required to be performed by such investment sub-adviser(s) under the applicable investment sub- advisory agreements or arranging for a successor co-adviser or sub-adviser, as the case may be, to provide such services under terms and conditions acceptable to the Fund and the Board and subject to the </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; font-size:11pt" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
<P style="margin:0px; padding-left:8px; padding-right:3.8px; text-indent:48px; font-size:11pt" align=justify>requirements of the 1940 Act.</P>
<P style="margin-top:4.667px; margin-bottom:0px; padding-left:8px; padding-right:3.667px; text-indent:48px; font-size:11pt" align=justify>5. &nbsp;&nbsp;&nbsp;<U>Brokerage</U>. &nbsp;&nbsp;In executing transactions for the Fund and selecting brokers or dealers, the Adviser will use its best efforts to seek the best overall terms available. &nbsp;&nbsp;In assessing the best overall terms available for any Fund transaction, the Adviser will consider all factors it deems relevant including, but not limited to, breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer and the reasonableness of any commission for the specific transaction and on a continuing basis. &nbsp;In selecting brokers or dealers to execute any transaction and in evaluating the best overall terms available, the Adviser may consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to the Fund and/or other accounts over which the Adviser or any affiliate exercises investment discretion.</P>
<P style="line-height:6pt; margin-top:0.4px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:3.933px; text-indent:48px; font-size:11pt" align=justify>6. &nbsp;&nbsp;&nbsp;<U>Information Provided to the Fund</U>. &nbsp;&nbsp;The Adviser will use its best efforts to keep the Fund informed of developments materially affecting the Fund, and will, on its own initiative, furnish the Fund from time to time with whatever information the Adviser believes is appropriate for this purpose.</P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.533px; text-indent:48px; font-size:11pt" align=justify>7. &nbsp;&nbsp;&nbsp;<U>Standard of Care</U>. &nbsp;&nbsp;The Adviser shall exercise its best judgment in rendering the services described herein. &nbsp;The Adviser shall not be liable for any error of judgment or mistake of law or omission or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that nothing herein shall be deemed to protect or purport to protect the Adviser against any liability to the Fund to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement (&quot;<B>Disabling Conduct</B>&quot;). &nbsp;&nbsp;The Fund will indemnify the Adviser against, and &nbsp;hold &nbsp;it &nbsp;harmless &nbsp;from, &nbsp;any &nbsp;and &nbsp;all &nbsp;losses, &nbsp;claims, &nbsp;damages, &nbsp;liabilities &nbsp;or &nbsp;expenses &nbsp;(including reasonable counsel fees and expenses), including any amounts paid in satisfaction of judgments, in compromise &nbsp;&nbsp;or &nbsp;as &nbsp;fines &nbsp;or &nbsp;penalties, &nbsp;&nbsp;not &nbsp;resulting &nbsp;from &nbsp;Disabling &nbsp;Conduct &nbsp;by &nbsp;the &nbsp;Adviser. Indemnification shall be made only following (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Adviser was not liable by reason of Disabling Conduct, or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Adviser was not liable by reason of Disabling Conduct by (a) the vote of a majority of the Directors of the Fund who are neither &quot;interested persons&quot; of the Fund nor parties to the proceeding (&quot;disinterested non-party Directors&quot;), or (b) independent legal counsel in a written opinion. &nbsp;The Adviser shall be entitled to advances from the Fund for payment of the reasonable expenses incurred by it in connection with the matter to which it is seeking indemnification in the manner and to the fullest extent permissible under the law. &nbsp;The Adviser shall provide to the Fund a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. &nbsp;In addition, at least one of the following additional conditions shall be met: (a) the Adviser shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of disinterested non-party Directors, or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Adviser will ultimately be found to be entitled to indemnification.</P>
<P style="line-height:6pt; margin-top:0.2px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.6px; text-indent:48px; font-size:11pt" align=justify>8. &nbsp;&nbsp;&nbsp;<U>Compensation</U>. &nbsp;&nbsp;In consideration of the services rendered pursuant to this Agreement, the Fund will pay the Adviser the Advisory Fee (as defined in the Fee Schedule) such amount to be paid monthly, in the amount set forth in the fee schedule attached hereto as &nbsp;<U>Exhibit A</U> (the &quot;<B>Fee Schedule</B>&quot;). The Advisory Fee shall be the aggregate and entirety of all advisory fees to be paid by the Fund and will be divided between the Adviser and the Co-Adviser as set forth in the Fee Schedule, which fee allocation may be adjusted from time to time in the discretion of the Board so long as the aggregate advisory fee does not exceed the Advisory Fee. &nbsp;The fee payable to Adviser for any period shorter than a full calendar month shall be prorated according to the proportion that such payment bears to the full monthly payment.</P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.733px; text-indent:48px; font-size:11pt" align=justify>9. &nbsp;&nbsp;&nbsp;<U>Expenses</U>. &nbsp;&nbsp;Except as indicated below, the Adviser will bear all expenses in connection with the performance of its services under this Agreement, including the fees payable to the Co-Adviser and to </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; font-size:11pt" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
<P style="margin:0px; padding-left:8px; padding-right:3.733px; text-indent:48px; font-size:11pt" align=justify>any investment sub-adviser engaged pursuant to Paragraphs 3 or 4 of this Agreement. &nbsp;The Fund will bear certain other expenses to be incurred in its operation, including organizational expenses, taxes, interest, brokerage costs and commissions and stock exchange fees; fees of Directors of the Fund who are not also officers, directors or the employees of Adviser; Securities and Exchange Commission fees; state Blue Sky qualification fees; charges of any custodian, any sub-custodians and transfer and dividend-paying agents; insurance premiums; outside auditing and legal expenses; costs of maintenance of the Fund's existence; membership fees in trade associations; stock exchange listing fees and expenses; litigation and other extraordinary or non-recurring expenses.</P>
<P style="line-height:6pt; margin-top:0.133px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.467px; text-indent:48px; font-size:11pt" align=justify>10. &nbsp;<U>Services to other Companies or Accounts</U>. &nbsp;The Fund understands that the Adviser now acts, or may act in the future as an investment adviser to fiduciary and other managed accounts or other trusts, or as investment adviser to one or more other registered or unregistered investment companies, and the Fund has no objection to the Adviser so acting. &nbsp;The Fund understands that the persons employed by Adviser to assist in the performance of the Adviser's duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict the right of the Adviser or any affiliate of the Adviser to engage in and devote time and attention to other businesses or to render services of whatever kind or nature.</P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.733px; text-indent:48px; font-size:11pt" align=justify>11. &nbsp;<U>Term of Agreement</U>. &nbsp;This Agreement shall become effective as of <U>March 20, </U>2015 (the &quot;<B>Effective Date</B>&quot;) and shall continue for an initial two-year term and shall remain in effect from year to year so long as such continuance is specifically approved by (a) a majority of the Directors who are not &quot;interested persons&quot; of the Fund (as defined in the 1940 Act) and a majority of the full Board or (b) a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act). &nbsp;This Agreement is terminable by a party hereto, by the Board or by the vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days' written notice to the respective party. &nbsp;Any termination shall be without penalty and any notice of termination shall be deemed given when received by the addressee.</P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.733px; text-indent:48px; font-size:11pt" align=justify>12. &nbsp;<U>No Assignment</U>. &nbsp;This Agreement may not be transferred, assigned, sold or in any manner hypothecated or pledged by any party hereto and will terminate automatically in the event of its assignment (as defined in the 1940 Act). &nbsp;It may be amended by mutual agreement, in writing, by the parties hereto.</P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:56px; width:204px; font-size:11pt; float:left">13. &nbsp;<U>Entire Agreement</U>.</P>
<P style="margin:0px; padding-left:56px; padding-right:-1.333px; text-indent:-2px; font-size:11pt" align=justify>This Agreement constitutes the entire agreement between the parties</P>
<P style="line-height:12.6pt; margin:0px; padding-right:-4.867px; font-size:11pt; clear:left" align=justify>hereto.</P>
<P style="line-height:8.5pt; margin-top:0.2px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:137.333px; font-size:11pt; float:left">14. &nbsp;<U>Governing Law</U>.</P>
<P style="margin:0px; padding-right:-1.333px; text-indent:-2px; font-size:11pt" align=justify>This Agreement shall be governed by and construed and enforced in</P>
<P style="line-height:12.6pt; margin:0px; padding-right:-1.333px; font-size:11pt; clear:left" align=justify>accordance with the laws of the State of Colorado.</P>
<P style="line-height:6pt; margin-top:0.333px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:3.733px; text-indent:48px; font-size:11pt" align=justify>15. &nbsp;<U>Counterparts</U>. &nbsp;&nbsp;&nbsp;This Agreement may be executed in counterparts, each of which shall be deemed an original for all purposes, and together shall constitute one and the same Agreement.</P>
<P style="line-height:12.6pt; margin:0px" align=justify><BR></P>
<P style="line-height:12.6pt; margin:0px" align=justify><BR></P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:3.733px; font-size:11pt" align=center><I>[Remainder of page left blank; signature page follows.]</I></P>
<P style="line-height:5.5pt; margin-top:0.4px; margin-bottom:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:10.667px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.933px; text-indent:48px; font-size:11pt">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.</P>
<P style="line-height:12pt; margin-top:1.133px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt"><B>ADVISER:</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt"><B>STEWART WEST INDIES TRADING CO., LTD., </B></P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt">a Barbados international business company</P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; float:left">By: </P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:368.4px; text-indent:-2px; font-size:11pt"><U>/s/ Glade L. Christensen</U></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; clear:left; float:left"><U>Name:</U></P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:368.4px; text-indent:-2px; font-size:11pt">Glade L. Christensen</P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:54.667px; font-size:11pt; clear:left; float:left">Title:</P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:-1.333px; text-indent:-2px; font-size:11pt">President</P>
<P style="line-height:12.6pt; margin:0px; clear:left"><BR></P>
<P style="line-height:12.6pt; margin:0px"><BR></P>
<P style="line-height:12.6pt; margin:0px"><BR></P>
<P style="margin-top:3.6px; margin-bottom:0px; padding-right:-1.333px; text-indent:6px; font-size:11pt"><B>FUND:</B></P>
<P style="margin-top:3.6px; margin-bottom:0px"><BR></P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt"><B>BOULDER GROWTH &amp; INCOME FUND, INC.</B>, </P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt">a Maryland corporation</P>
<P style="line-height:8pt; margin-top:0.2px; margin-bottom:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; float:left">By:</P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:332.4px; text-indent:-2px; font-size:11pt"><U>/s/ Stephen C. Miller</U></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; clear:left; float:left">Name:</P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:332.4px; text-indent:-2px; font-size:11pt">Stephen C. Miller</P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:54px; font-size:11pt; clear:left; float:left">Title:</P>
<P style="line-height:12.6pt; margin:0px; padding-right:-1.333px; text-indent:-2px; font-size:11pt">&nbsp;President</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="line-height:12.6pt; margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px; font-size:11pt" align=center><I>Signature Page to Investment Advisory Agreement</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
<P style="margin:0px; padding-left:7.667px; padding-right:-0.933px; font-size:11pt" align=center><B>Exhibit A</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:7.667px; padding-right:-0.933px; font-size:11pt" align=center><B><U>FEE SCHEDULE</U></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.7pt; margin-top:0.067px; margin-bottom:0px; padding-left:8px; padding-right:3.733px; font-size:11pt" align=justify>The Fund shall pay the Adviser and Co-Adviser after the end of each calendar month an aggregate fee for the previous month (the <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font><B>Advisory Fee</B><font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>) at an annual rate of 1.00% on average monthly net assets plus leverage.</P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:8.8px; font-size:11pt" align=justify>For purposes of calculating the Advisory Fee, the Fund's average monthly net assets will be deemed to be the average monthly value of the Fund's total assets minus the sum of the Fund's liabilities (excluding leverage borrowings such as bank or institutional borrowings, preferred stock, bonds, debentures, etc.) and accrued dividends.</P>
<P style="line-height:12pt; margin-top:0.733px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt" align=justify><U>Fee Allocation between Adviser and Co-Adviser</U></P>
<P style="line-height:11pt; margin-top:0.667px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:7.667px; padding-right:-0.933px; font-size:11pt" align=justify>The Advisory Fee shall be allocated among Rocky Mountain Advisers and Stewart Investment Advisers in the proportion of 75% and 25% respectively. &nbsp;Such allocation may be adjusted from time to time by Board action alone so long as the Advisory Fee is not increased.</P>
<P style="margin-top:0px; margin-bottom:10.667px"><BR></P>
<P style="margin-top:4.667px; margin-bottom:0px" align=center><BR>
<BR></P>
<P style="margin:0px; font-size:11pt" align=center>4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
<P style="margin-top:4.667px; margin-bottom:0px; padding-left:183.933px; padding-right:182.667px; font-size:11pt" align=center>INVESTMENT ADVISORY AGREEMENT</P>
<P style="line-height:12pt; margin-top:0.867px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:12px; padding-right:-1.333px; text-indent:48px; font-size:11pt" align=justify><I>THIS INVESTMENT ADVISORY AGREEMENT</I> (this &quot;<B>Agreement</B>&quot;) &nbsp;is made as of the 20<SUP>th</SUP> day of March, 2015, by and among ROCKY MOUNTAIN ADVISERS, L.L.C., an Alaska limited liability company (the &quot;<B>Adviser</B>&quot;) and BOULDER GROWTH &amp; INCOME FUND, INC., a Maryland corporation (the &quot;<B>Fund</B>&quot;).</P>
<P style="line-height:12pt; margin-top:0.933px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.667px; text-indent:48px" align=justify>1. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Inv</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>stme</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>De</U></FONT><FONT style="font-size:11pt"><U>s</U></FONT><FONT style="font-size:11pt"><U>c</U></FONT><FONT style="font-size:11pt"><U>r</U></FONT><FONT style="font-size:11pt"><U>i</U></FONT><FONT style="font-size:11pt"><U>p</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>io</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>;</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>A</U></FONT><FONT style="font-size:11pt"><U>ppoi</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>me</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt">. &nbsp;The Fund desires to employ its capital by investing and reinvesting in investments of the kind and in such manner and to such extent as may from time to time be approved by the Board of Directors of the Fund (the &quot;</FONT><FONT style="font-size:11pt"><B>B</B></FONT><FONT style="font-size:11pt"><B>oar</B></FONT><FONT style="font-size:11pt"><B>d</B></FONT><FONT style="font-size:11pt">&quot;). &nbsp;&nbsp;The Fund desires to employ and hereby appoints the Adviser to act as investment adviser to the Fund. &nbsp;Adviser hereby accepts the appointment and agrees to furnish the services described herein for the compensation set forth below.</FONT></P>
<P style="line-height:6pt; margin-top:0.133px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.533px; text-indent:48px" align=justify>2. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Ser</U></FONT><FONT style="font-size:11pt"><U>v</U></FONT><FONT style="font-size:11pt"><U>ic</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>s</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>as</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>I</U></FONT><FONT style="font-size:11pt"><U>nv</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>st</U></FONT><FONT style="font-size:11pt"><U>m</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>A</U></FONT><FONT style="font-size:11pt"><U>d</U></FONT><FONT style="font-size:11pt"><U>vis</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>r</U></FONT><FONT style="font-size:11pt">. &nbsp;Subject to the supervision and direction of the Board, the Adviser will (a) act in accordance with the Investment Company Act of 1940 (the &quot;</FONT><FONT style="font-size:11pt"><B>1</B></FONT><FONT style="font-size:11pt"><B>940</B></FONT><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt"><B>Ac</B></FONT><FONT style="font-size:11pt"><B>t</B></FONT><FONT style="font-size:11pt">&quot;) and the Investment Advisers Act of 1940, as the same may be from time to time amended, (b) manage the Fund's portfolio on a discretionary basis in accordance with its investment objectives and policies, (c) make investment decisions and exercise voting rights in respect of portfolio securities for the Fund, (d) place purchase and sale orders on behalf of the Fund, (e) employ, at its own expense, professional portfolio managers and securities analysts to provide research services to the Fund, (f) determine the portion of the Fund's assets to be invested, from time to time, in various asset classes (e.g., common stocks, fixed income securities, cash equivalents), (g) determine the portion of the Fund's assets to be leveraged, from time to time, and the form that such leverage will take, and &nbsp;&nbsp;(h) monitor and evaluate the services provided by the Fund's investment sub-adviser(s), if any, under the terms of the applicable investment sub-advisory agreement(s). &nbsp;In providing these services, the Adviser will provide investment research and supervision of the Fund's portfolio and, if appropriate, sale and reinvestment of the Fund's assets. &nbsp;In addition, the Adviser will furnish the Fund with whatever statistical information the Fund may reasonably request with respect to the securities that the Fund may hold or contemplate purchasing.</FONT></P>
<P style="line-height:5.5pt; margin-top:0.667px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:4px; text-indent:48px" align=justify>3. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Co-Adv</U></FONT><FONT style="font-size:11pt"><U>i</U></FONT><FONT style="font-size:11pt"><U>sor</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>to</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>h</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>F</U></FONT><FONT style="font-size:11pt"><U>u</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>d</U></FONT><FONT style="font-size:11pt">. Subject to the approval of the Board and where required, the Fund's stockholders, the Fund will engage an investment co-adviser, Stewart Investment Advisers, a Barbados international business company and registered investment adviser under the Investment Advisers Act of</FONT></P>
<P style="line-height:12.7pt; margin-top:0.067px; margin-bottom:0px; padding-left:8px; padding-right:3.8px; font-size:11pt" align=justify>1940, in respect of all or a portion of the Fund's assets (the &quot;<B>Co-Adviser</B>&quot;). &nbsp;&nbsp;&nbsp;&nbsp;The Adviser and the Co- Adviser will be jointly responsible for providing the services described in subparagraphs (b), (c), (d), &nbsp;(e), (f) and (g) in Paragraph 2 above and Paragraphs 5 and 6 below (Brokerage and Information Provided to Fund, &nbsp;respectively) &nbsp;with &nbsp;respect &nbsp;to &nbsp;the &nbsp;Fund's &nbsp;assets, &nbsp;although &nbsp;the &nbsp;Adviser &nbsp;will &nbsp;have &nbsp;primary responsibility &nbsp;for &nbsp;all &nbsp;record-keeping &nbsp;and &nbsp;day-to-day &nbsp;business &nbsp;activities &nbsp;relating &nbsp;to &nbsp;the &nbsp;investment operations of the Fund. &nbsp;In the event that the Co-Adviser's engagement is terminated, the Adviser shall be responsible for furnishing the Fund with the services theretofore performed by such Co-Adviser under the applicable investment advisory agreement or arranging for a successor co-adviser or sub-adviser, as the case may be, to provide such services under terms and conditions acceptable to the Fund and the Board and subject to the requirements of the 1940 Act.</P>
<P style="line-height:5.5pt; margin-top:0.667px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.8px; text-indent:48px" align=justify>4. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Engageme</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>f</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>S</U></FONT><FONT style="font-size:11pt"><U>ub-A</U></FONT><FONT style="font-size:11pt"><U>d</U></FONT><FONT style="font-size:11pt"><U>vi</U></FONT><FONT style="font-size:11pt"><U>se</U></FONT><FONT style="font-size:11pt"><U>rs</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>to</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>the</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>F</U></FONT><FONT style="font-size:11pt"><U>und</U></FONT><FONT style="font-size:11pt">. &nbsp;&nbsp;Subject to the approval of the Board and where required, the Fund's stockholders, the Adviser may engage an investment sub-adviser or sub-advisers to provide advisory services in respect of all or a portion of the Fund's assets (the &quot;</FONT><FONT style="font-size:11pt"><B>Sub</B></FONT><FONT style="font-size:11pt"><B>-</B></FONT><FONT style="font-size:11pt"><B>Adv</B></FONT><FONT style="font-size:11pt"><B>i</B></FONT><FONT style="font-size:11pt"><B>s</B></FONT><FONT style="font-size:11pt"><B>ed &nbsp;</B></FONT><FONT style="font-size:11pt"><B>P</B></FONT><FONT style="font-size:11pt"><B>o</B></FONT><FONT style="font-size:11pt"><B>r</B></FONT><FONT style="font-size:11pt"><B>t</B></FONT><FONT style="font-size:11pt"><B>ion</B></FONT><FONT style="font-size:11pt">&quot;) and may delegate to such investment sub-adviser(s) all or a portion of the responsibilities described in subparagraphs (b), (c), (d), (e), (f) and (g) in Paragraph 2 above and Paragraph 6 below (Information Provided to Fund) with respect to the Sub-Advised Portion. &nbsp;&nbsp;In the event that an investment sub-adviser's engagement has been terminated, the Adviser shall be responsible for furnishing the Fund with the services required to be performed by such investment sub-adviser(s) under the applicable investment sub- advisory agreements or arranging for a successor co-adviser or sub-adviser, as the case may be, to provide such services under terms and conditions acceptable to the Fund and the Board and subject to the requirements of the 1940 Act.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.8px; text-indent:48px" align=justify>5. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Broke</U></FONT><FONT style="font-size:11pt"><U>r</U></FONT><FONT style="font-size:11pt"><U>age</U></FONT><FONT style="font-size:11pt">. &nbsp;&nbsp;In executing transactions for the Fund and selecting brokers or dealers, the Adviser will use its best efforts to seek the best overall terms available. &nbsp;&nbsp;In assessing the best overall terms available for any Fund transaction, the Adviser will consider all factors it deems relevant including, but not limited to, breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer and the reasonableness of any commission for the specific transaction and on a continuing basis. &nbsp;In selecting brokers or dealers to execute any transaction and in evaluating the best overall terms available, the Adviser may consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to the Fund and/or other accounts over which the Adviser or any affiliate exercises investment discretion.</FONT></P>
<P style="line-height:6pt; margin-top:0.4px; margin-bottom:0px"><BR></P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:3.933px; text-indent:48px" align=justify>6. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Inf</U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>rma</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>ion</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>Pr</U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>vi</U></FONT><FONT style="font-size:11pt"><U>d</U></FONT><FONT style="font-size:11pt"><U>ed</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>h</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>Fund</U></FONT><FONT style="font-size:11pt">. &nbsp;&nbsp;The Adviser will use its best efforts to keep the Fund informed of developments materially affecting the Fund, and will, on its own initiative, furnish the Fund from time to time with whatever information the Adviser believes is appropriate for this purpose.</FONT></P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.533px; text-indent:48px" align=justify>7. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Stand</U></FONT><FONT style="font-size:11pt"><U>a</U></FONT><FONT style="font-size:11pt"><U>rd</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>of</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>C</U></FONT><FONT style="font-size:11pt"><U>a</U></FONT><FONT style="font-size:11pt"><U>r</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt">. &nbsp;&nbsp;The Adviser shall exercise its best judgment in rendering the services described herein. &nbsp;The Adviser shall not be liable for any error of judgment or mistake of law or omission or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that nothing herein shall be deemed to protect or purport to protect the Adviser against any liability to the Fund to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement (&quot;</FONT><FONT style="font-size:11pt"><B>D</B></FONT><FONT style="font-size:11pt"><B>i</B></FONT><FONT style="font-size:11pt"><B>sa</B></FONT><FONT style="font-size:11pt"><B>b</B></FONT><FONT style="font-size:11pt"><B>l</B></FONT><FONT style="font-size:11pt"><B>ing</B></FONT><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt"><B>Conduc</B></FONT><FONT style="font-size:11pt"><B>t</B></FONT><FONT style="font-size:11pt">&quot;). &nbsp;&nbsp;The Fund will indemnify the Adviser against, and &nbsp;hold &nbsp;it &nbsp;harmless &nbsp;from, &nbsp;any &nbsp;and &nbsp;all &nbsp;losses, &nbsp;claims, &nbsp;damages, &nbsp;liabilities &nbsp;or &nbsp;expenses &nbsp;(including reasonable counsel fees and expenses), including any amounts paid in satisfaction of judgments, in compromise &nbsp;&nbsp;or &nbsp;as &nbsp;fines &nbsp;or &nbsp;penalties, &nbsp;&nbsp;not &nbsp;resulting &nbsp;from &nbsp;Disabling &nbsp;Conduct &nbsp;by &nbsp;the &nbsp;Adviser. Indemnification shall be made only following (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Adviser was not liable by reason of Disabling Conduct, or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Adviser was not liable by reason of Disabling Conduct by (a) the vote of a majority of the Directors of the Fund who are neither &quot;interested persons&quot; of the Fund nor parties to the proceeding (&quot;disinterested non-party Directors&quot;), or (b) independent legal counsel in a written opinion. &nbsp;The Adviser shall be entitled to advances from the Fund for payment of the reasonable expenses incurred by it in connection with the matter to which it is seeking indemnification in the manner and to the fullest extent permissible under the law. &nbsp;The Adviser shall provide to the Fund a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. &nbsp;In addition, at least one of the following additional conditions shall be met: (a) the Adviser shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of disinterested non-party Directors, or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Adviser will ultimately be found to be entitled to indemnification.</FONT></P>
<P style="line-height:6pt; margin-top:0.2px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.6px; text-indent:48px" align=justify>8. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>C</U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>m</U></FONT><FONT style="font-size:11pt"><U>pensa</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>i</U></FONT><FONT style="font-size:11pt"><U>on</U></FONT><FONT style="font-size:11pt">. &nbsp;&nbsp;In consideration of the services rendered pursuant to this Agreement, the Fund will pay the Adviser the Advisory Fee (as defined in the Fee Schedule) such amount to be paid monthly, in the amount set forth in the fee schedule attached hereto as &nbsp;</FONT><FONT style="font-size:11pt"><U>Exhi</U></FONT><FONT style="font-size:11pt"><U>b</U></FONT><FONT style="font-size:11pt"><U>it</U></FONT><FONT style="font-size:11pt"><U> A</U></FONT><FONT style="font-size:11pt"> (the &quot;</FONT><FONT style="font-size:11pt"><B>F</B></FONT><FONT style="font-size:11pt"><B>e</B></FONT><FONT style="font-size:11pt"><B>e</B></FONT><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt"><B>S</B></FONT><FONT style="font-size:11pt"><B>ched</B></FONT><FONT style="font-size:11pt"><B>u</B></FONT><FONT style="font-size:11pt"><B>l</B></FONT><FONT style="font-size:11pt"><B>e</B></FONT><FONT style="font-size:11pt">&quot;). The Advisory Fee shall be the aggregate and entirety of all advisory fees to be paid by the Fund and will be divided between the Adviser and the Co-Adviser as set forth in the Fee Schedule, which fee allocation may be adjusted from time to time in the discretion of the Board so long as the aggregate advisory fee does not exceed the Advisory Fee. &nbsp;The fee payable to Adviser for any period shorter than a full calendar month shall be prorated according to the proportion that such payment bears to the full monthly payment.</FONT></P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.8px; text-indent:48px" align=justify>9. &nbsp;&nbsp;<FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Expen</U></FONT><FONT style="font-size:11pt"><U>s</U></FONT><FONT style="font-size:11pt"><U>es</U></FONT><FONT style="font-size:11pt">. &nbsp;&nbsp;Except as indicated below, the Adviser will bear all expenses in connection with the performance of its services under this Agreement, including the fees payable to the Co-Adviser and to </FONT></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; font-size:11pt" align=center>5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
<P style="margin:0px; padding-left:8px; padding-right:3.8px; text-indent:48px; font-size:11pt" align=justify>any investment sub-adviser engaged pursuant to Paragraphs 3 or 4 of this Agreement. &nbsp;The Fund will bear certain other expenses to be incurred in its operation, including organizational expenses, taxes, interest, brokerage costs and commissions and stock exchange fees; fees of Directors of the Fund who are not also officers, directors or the employees of Adviser; Securities and Exchange Commission fees; state Blue Sky qualification fees; charges of any custodian, any sub-custodians and transfer and dividend-paying agents; insurance premiums; outside auditing and legal expenses; costs of maintenance of the Fund's existence; membership fees in trade associations; stock exchange listing fees and expenses; litigation and other extraordinary or non-recurring expenses.</P>
<P style="line-height:6pt; margin-top:0.133px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.467px; text-indent:48px" align=justify>10. <FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Ser</U></FONT><FONT style="font-size:11pt"><U>v</U></FONT><FONT style="font-size:11pt"><U>ic</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>s to</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>her</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>C</U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>m</U></FONT><FONT style="font-size:11pt"><U>pa</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>i</U></FONT><FONT style="font-size:11pt"><U>es</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>or</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>Acc</U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>un</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt"><U>s</U></FONT><FONT style="font-size:11pt">. &nbsp;The Fund understands that the Adviser now acts, or may act in the future as an investment adviser to fiduciary and other managed accounts or other trusts, or as investment adviser to one or more other registered or unregistered investment companies, and the Fund has no objection to the Adviser so acting. &nbsp;The Fund understands that the persons employed by Adviser to assist in the performance of the Adviser's duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict the right of the Adviser or any affiliate of the Adviser to engage in and devote time and attention to other businesses or to render services of whatever kind or nature.</FONT></P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.733px; text-indent:48px" align=justify>11. <FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Term</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>o</U></FONT><FONT style="font-size:11pt"><U>f</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>Ag</U></FONT><FONT style="font-size:11pt"><U>r</U></FONT><FONT style="font-size:11pt"><U>ee</U></FONT><FONT style="font-size:11pt"><U>m</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt">. &nbsp;This Agreement shall become effective as of </FONT><FONT style="font-size:11pt"><U>March 20, </U></FONT><FONT style="font-size:11pt">2015 (the &quot;</FONT><FONT style="font-size:11pt"><B>E</B></FONT><FONT style="font-size:11pt"><B>ffec</B></FONT><FONT style="font-size:11pt"><B>t</B></FONT><FONT style="font-size:11pt"><B>iv</B></FONT><FONT style="font-size:11pt"><B>e</B></FONT><FONT style="font-size:11pt"><B> </B></FONT><FONT style="font-size:11pt"><B>D</B></FONT><FONT style="font-size:11pt"><B>a</B></FONT><FONT style="font-size:11pt"><B>t</B></FONT><FONT style="font-size:11pt"><B>e</B></FONT><FONT style="font-size:11pt">&quot;) and shall continue for an initial two-year term and shall remain in effect from year to year so long as such continuance is specifically approved by (a) a majority of the Directors who are not &quot;interested persons&quot; of the Fund (as defined in the 1940 Act) and a majority of the full Board or (b) a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act). &nbsp;This Agreement is terminable by a party hereto, by the Board or by the vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days' written notice to the respective party. &nbsp;Any termination shall be without penalty and any notice of termination shall be deemed given when received by the addressee.</FONT></P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px"><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.533px; text-indent:48px" align=justify>12. <FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>No</U></FONT><FONT style="font-size:11pt"><U> </U></FONT><FONT style="font-size:11pt"><U>As</U></FONT><FONT style="font-size:11pt"><U>s</U></FONT><FONT style="font-size:11pt"><U>i</U></FONT><FONT style="font-size:11pt"><U>gnme</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt">. &nbsp;This Agreement may not be transferred, assigned, sold or in any manner hypothecated or pledged by any party hereto and will terminate automatically in the event of its assignment (as defined in the 1940 Act). &nbsp;It may be amended by mutual agreement, in writing, by the parties hereto.</FONT></P>
<P style="line-height:5.5pt; margin-top:0.6px; margin-bottom:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:56px; width:204px; float:left">13. <FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Ent</U></FONT><FONT style="font-size:11pt"><U>i</U></FONT><FONT style="font-size:11pt"><U>re Ag</U></FONT><FONT style="font-size:11pt"><U>r</U></FONT><FONT style="font-size:11pt"><U>ee</U></FONT><FONT style="font-size:11pt"><U>m</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>t</U></FONT><FONT style="font-size:11pt">.</FONT></P>
<P style="margin:0px; padding-left:56px; padding-right:-1.333px; text-indent:-2px; font-size:11pt" align=justify>This Agreement constitutes the entire agreement between the parties </P>
<P style="line-height:12.6pt; margin:0px; padding-right:-4.867px; font-size:11pt; clear:left" align=justify>hereto.</P>
<P style="line-height:8.5pt; margin-top:0.2px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:-1.333px" align=justify>14. <FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>G</U></FONT><FONT style="font-size:11pt"><U>over</U></FONT><FONT style="font-size:11pt"><U>n</U></FONT><FONT style="font-size:11pt"><U>ing La</U></FONT><FONT style="font-size:11pt"><U>w</U></FONT><FONT style="font-size:11pt">. This Agreement shall be governed by and construed and enforced in </FONT></P>
<P style="line-height:12.6pt; margin:0px; padding-right:-1.333px; font-size:11pt" align=justify>accordance with the laws of the State of Colorado.</P>
<P style="line-height:6pt; margin-top:0.333px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:3.667px; text-indent:48px" align=justify>15. <FONT style="font-size:11pt">&nbsp;</FONT><FONT style="font-size:11pt"><U>Count</U></FONT><FONT style="font-size:11pt"><U>e</U></FONT><FONT style="font-size:11pt"><U>rpa</U></FONT><FONT style="font-size:11pt"><U>r</U></FONT><FONT style="font-size:11pt"><U>ts</U></FONT><FONT style="font-size:11pt">. &nbsp;&nbsp;&nbsp;This Agreement may be executed in counterparts, each of which shall be deemed an original for all purposes, and together shall constitute one and the same Agreement.</FONT></P>
<P style="line-height:12.6pt; margin:0px"><BR></P>
<P style="line-height:12.6pt; margin:0px"><BR></P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:3.733px; font-size:11pt" align=center><I>[Remainder of page left blank; signature page follows.]</I></P>
<P style="line-height:12.6pt; margin:0px" align=center><BR></P>
<P style="line-height:5.5pt; margin-top:0.4px; margin-bottom:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; font-size:11pt" align=center>6</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
</DIV><DIV style="width:604px"><P style="margin:0px; padding-left:8px; padding-right:4px; text-indent:48px; font-size:11pt" align=justify>IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.</P>
<P style="line-height:12pt; margin-top:1.133px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt"><B>ADVISER:</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt"><B>ROCKY MOUNTAIN ADVISERS, LLC</B>, </P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt">an Alaska limited liability company</P>
<P style="line-height:8pt; margin-top:0.2px; margin-bottom:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; float:left">By: </P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:368.4px; text-indent:-2px; font-size:11pt"><U>/s/ Nicole L. Murphey</U></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; clear:left; float:left">Name:</P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:368.4px; text-indent:-2px; font-size:11pt">Nicole L. Murphey</P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:54.667px; font-size:11pt; clear:left; float:left">Title:</P>
<P style="line-height:12.6pt; margin:0px; padding-left:8px; padding-right:-1.333px; text-indent:-2px; font-size:11pt">Vice President</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:3.6px; margin-bottom:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt"><B>FUND:</B></P>
<P style="margin-top:3.6px; margin-bottom:0px"><BR></P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt"><B>BOULDER GROWTH &amp; INCOME FUND, INC., </B></P>
<P style="line-height:12.35pt; margin:0px; padding-left:8px; padding-right:-1.333px; font-size:11pt">a Maryland corporation</P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; float:left">By: </P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:332.4px; text-indent:-2px; font-size:11pt"><U>/s/ Stephen C. Miller</U></P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:8px; width:56px; font-size:11pt; clear:left; float:left"><U>Name:</U></P>
<P style="line-height:12.6pt; margin:0px; padding-left:56px; padding-right:332.4px; text-indent:-2px; font-size:11pt">Stephen C. Miller</P>
<P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; width:54.667px; font-size:11pt; clear:left; float:left">&nbsp;&nbsp;&nbsp;Title:</P>
<P style="line-height:12.6pt; margin:0px; padding-right:-1.333px; text-indent:-2px; font-size:11pt">President</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px; font-size:11pt" align=center><I>Signature Page to Investment Advisory Agreement</I></P>
</DIV><DIV style="width:664px"><P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">N-SAR Exhibit Sub-Item 77Q1(e) <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> New or Amended Registrant Investment Advisory Contracts</P>
</DIV><DIV style="width:624px"><P style="margin:0px; font-size:11pt" align=center><B>Exhibit A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=center><B><U>FEE SCHEDULE</U></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:12.7pt; margin-top:0.067px; margin-bottom:0px; padding-left:8px; padding-right:2.867px; font-size:11pt" align=justify>The Fund shall pay the Adviser and Co-Adviser after the end of each calendar month an aggregate fee for the previous month (the <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font><B>Advisory Fee</B><font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>) at an annual rate of 1.00% on average monthly net assets plus leverage.</P>
<P style="line-height:12.7pt; margin-top:0.067px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:8px; padding-right:3.533px; font-size:11pt" align=justify>For purposes of calculating the Advisory Fee, the Fund's average monthly net assets will be deemed to be the average monthly value of the Fund's total assets minus the sum of the Fund's liabilities (excluding leverage borrowings such as bank or institutional borrowings, preferred stock, bonds, debentures, etc.) and accrued dividends.</P>
<P style="line-height:12.7pt; margin-top:0.067px; margin-bottom:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:-1.333px; text-indent:8px; font-size:11pt" align=justify><U>Fee Allocation between Adviser and Co-Adviser</U></P>
<P style="line-height:11pt; margin-top:0.667px; margin-bottom:0px" align=justify><BR></P>
<P style="line-height:12.7pt; margin-top:0.067px; margin-bottom:0px; padding-left:8px; padding-right:2.867px; font-size:11pt" align=justify>The Advisory Fee shall be allocated among Rocky Mountain Advisers and Stewart Investment Advisers in the proportion of 75% and 25% respectively. &nbsp;Such allocation may be adjusted from time to time by Board action alone so long as the Advisory Fee is not increased.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<DIV style="width:48.667px">
<P style="line-height:13.75pt; margin:0px"><BR></P>
</DIV>
<P style="line-height:10pt; margin:0px"><BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 589F3281 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>4
<FILENAME>nsarexhibit77q2_bif.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Vilma Valdez">
<META NAME="date" CONTENT="2016-01-04T21:04:00Z">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin-top:0px; margin-bottom:13.333px; font-size:12pt">Exhibit 77Q.2 <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8211;</font> Boulder Growth &amp; Income Fund, Inc.</P>
<P style="margin-top:0px; margin-bottom:13.333px; font-size:12pt" align=justify><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; font-size:12pt">Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Boulder Growth &amp; Income Fund, Inc.<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s (the <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>Fund<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>) officers and Directors, officers and directors of the investment adviser, affiliated persons of the investment adviser, and persons who beneficially own more than 10% of a registered class of the Fund<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s Common Shares (the <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>Reporting Persons<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>) to file reports of ownership and changes in ownership with the Securities and Exchange Commission (<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>SEC<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>) and the New York Stock Exchange and to furnish the Fund with copies of all Section 16(a) forms they file.&#160; Based solely on a review of the reports filed with the SEC and upon representations that no applicable Section 16(a) forms were required to be filed, the Fund believes that as of the Fund<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s fiscal year end on November 30, 2015, all Section 16(a) filing requirements applicable to the Fund<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8217;</font>s officers, Directors and greater than 10% beneficial owners were complied with; with the exception of a statement of initial beneficial ownership on Form 3 of the Stewart R. Horejsi Trust No. 2 (the <font style="font-family:'Arial Unicode MS,Times New Roman'">&#8220;</font>Trust<font style="font-family:'Arial Unicode MS,Times New Roman'">&#8221;</font>), a beneficial owner of the Fund, that was not filed within 10 days following the day on which the Trust became a reporting person; and with the exception of a statement of changes in beneficial ownership on Form 4 of Ms. Ciciora, a Director of the Fund and a statement of changes in beneficial ownership on Form 4 of Mr. Barr, a Director of the Fund, that were not filed before the end of the second business day following the day on which the subject transaction had been executed. </P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR>
<BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 5413EB24 -->
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
