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 811-07390
                                                     ---------------------------

                         BOULDER TOTAL RETURN FUND, INC.
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               (Exact name of registrant as specified in charter)

                          Fund Administrative Services
                           1680 38th Street, Suite 800
                                BOULDER, CO 80301
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               (Address of principal executive offices) (Zip code)

                          Fund Administrative Services
                           1680 38th Street, Suite 800
                                BOULDER, CO 80301
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                     (Name and address of agent for service)

        Registrant's telephone number, including area code: 303-444-5483
                                                            ------------

                   Date of fiscal year end: NOVEMBER 30, 2004
                                            -----------------

                    Date of reporting period: AUGUST 31, 2004
                                              ---------------

Form N-Q is to be used by  management  investment  companies,  other  than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters,  pursuant to rule 30b1-5 under
the Investment  Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use
the  information  provided  on Form N-Q in its  regulatory,  disclosure  review,
inspection, and policymaking roles.

A registrant is required to disclose the information  specified by Form N-Q, and
the Commission will make this  information  public. A registrant is not required
to respond to the  collection  of  information  contained in Form N-Q unless the
Form displays a currently  valid Office of Management and Budget ("OMB") control
number.  Please  direct  comments  concerning  the  accuracy of the  information
collection  burden  estimate and any  suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609.  The OMB has reviewed this  collection of  information  under the
clearance requirements of 44 U.S.C. ss. 3507.





ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.



BOULDER TOTAL RETURN FUND, INC.
                                                                                                          PORTFOLIO OF INVESTMENTS
                                                                                                       AUGUST 31, 2004 (UNAUDITED)
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                                                                                                         SHARES           VALUE
                                                                                                       ---------        ----------
                                                                                                          
DOMESTIC COMMON STOCKS - 82.8%
                                    BEVERAGES -  1.3%  Pepsi Bottling Group, Inc.                        150,000    $    4,018,500
                                                                                                                    --------------
                                  DIVERSIFIED - 28.7%  Berkshire Hathaway Inc., Class A+                     750        65,250,000
                                                       Berkshire Hathaway Inc., Class B+                   9,010        26,074,940
                                                                                                                    --------------
                                                                                  TOTAL DIVERSIFIED                     91,324,940
                                                                                                                    --------------
                           FINANCIAL SERVICES -  8.5%  Citigroup, Inc.                                     293,360      13,664,709
                                                       Federated Investors, Inc.                           120,000       3,462,000
                                                       Providian Financial Corporation+                    698,000      10,079,120
                                                                                                                    --------------
                                              TOTAL FINANCIAL SERVICES                                                  27,205,829
                                                                                                                    --------------
              HEALTH CARE PRODUCTS & SERVICES -  0.9%  AmerisourceBergen Corporation                        55,000       2,975,500
                                                                                                                    --------------
                                    INSURANCE -  4.6%  First American Corporation                          120,000       3,476,400
                                                       Marsh & McLennan Companies, Inc.                     86,250       3,854,512
                                                       Torchmark Corporation                                90,000       4,633,200
                                                       Wesco Financial Corporation                           8,080       2,795,680
                                                                                                                    --------------
                                                                                    TOTAL INSURANCE                     14,759,792
                                                                                                                    --------------
                              PHARMACEUTICALS -  6.6%  Bristol-Meyers Squibb Company                       125,000       2,966,250
                                                       Merck & Company, Inc.                               150,000       6,745,500
                                                       Pfizer, Inc.                                        200,000       6,534,000
                                                       Schering-Plough Corporation                         264,000       4,873,440
                                                                                                                    --------------
                                                                              TOTAL PHARMACEUTICALS                     21,119,190
                                                                                                                    --------------
                                        REITS - 22.9%  Archstone-Smith Trust                                75,000       2,343,750
                                                       First Industrial Realty Trust, Inc.                 400,000      16,000,000
                                                       Hospitality Properties Trust                        400,000      16,780,000
                                                       HRPT Properties Trust                             1,300,000      14,014,000
                                                       Pan Pacific Retail Properties, Inc.                  60,000       3,203,400
                                                       Post Properties, Inc.                               391,000      11,886,400
                                                       Prentiss Properties Trust                           169,500       6,222,345
                                                       Regency Centers Corporation                          50,000       2,300,000
                                                                                                                    --------------
                                                                                        TOTAL REITS                     72,749,895
                                                                                                                    --------------
                                       RETAIL -  7.4%  Yum! Brands, Inc.                                   590,000      23,428,900
                                                                                                                    --------------
                     SAVINGS & LOAN COMPANIES -  1.9%  Washington Mutual, Inc.                             153,000       5,940,990
                                                                                                                    --------------

                         TOTAL DOMESTIC COMMON STOCKS
                                  (Cost $181,581,379)                                                                  263,523,536
                                                                                                                    --------------

FOREIGN COMMON STOCKS - 3.2%
                                  NETHERLANDS -  2.0%  Heineken NV                                          93,750       2,830,137
                                                       Unilever NV, ADR                                     60,000       3,603,600
                                                                                                                    --------------
                                                                                  TOTAL NETHERLANDS                      6,433,737
                                                                                                                    --------------
                               UNITED KINGDOM -  1.2%  Diageo PLC, Sponsored ADR                            75,000       3,746,250
                                                                                                                    --------------

                          TOTAL FOREIGN COMMON STOCKS
                                    (Cost $9,304,463)                                                                   10,179,987
                                                                                                                    --------------


                                       1




BOULDER TOTAL RETURN FUND, INC.
                                                                                                          PORTFOLIO OF INVESTMENTS
                                                                                                       AUGUST 31, 2004 (UNAUDITED)
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                                                                                                         SHARES           VALUE
                                                                                                       ---------        ----------
                                                                                                          
AUCTION MARKET PREFERRED SECURITIES - 8.7%
                                                       Calamos Convertible Opportunities & Income
                                                        Fund, Series TH7                                     160    $    4,000,000
                                                       Cohen & Steers Advantage Income Realty Fund,
                                                        Inc., Series TH                                       80         2,000,000
                                                       Flaherty & Crumrine Claymore Preferred
                                                        Securities, Income Fund, Series T7                    48         1,200,000
                                                       Flaherty & Crumrine Claymore Total Return
                                                        Fund, Series W28                                     280         7,000,000
                                                       Nuveen Quality Preferred Income Fund III,
                                                        Series M                                              80         2,000,000
                                                       Pimco Corporate Opportunity Fund, Series M             80         2,000,000
                                                       Preferred Income Strategies Fund, Inc.,
                                                        Series M                                             100         2,500,000
                                                       Scudder RREEF Real Estate Fund II, Series TH7          80         2,000,000
                                                       Western Asset Premier Bond Fund, Series M              80         2,000,000
                                                       Western Asset/Claymore US Treasury Inflation
                                                        Protected Securities Fund, Series T                  120         3,000,000

            TOTAL AUCTION MARKET PREFERRED SECURITIES
                                   (Cost $27,700,000)                                                                   27,700,000
                                                                                                                    --------------

                                                                                                          PAR
                                                                                                       ---------

U.S. TREASURY BILLS - 3.1% 
(Cost $9,991,750)                                      1.350% due 09/23/04++                        $ 10,000,000         9,991,750
                                                                                                                    --------------

REPURCHASE AGREEMENT - 2.2%
  (Cost $6,809,000)
                                                       Agreement with PNC Capital Markets, 1.380%
                                                       dated 08/31/04 to be repurchased
                                                       at $6,809,261 on 09/01/04, collateralized
                                                       by $6,692,000 FNMA Bond,
                                                       2.950% due 11/14/07 (Value $6,867,786)          6,809,000         6,809,000
                                                                                                                    --------------

TOTAL INVESTMENTS (COST $235,386,592*) - 100.0%                                                                        318,204,273
OTHER ASSETS AND LIABILITIES - 0.0%                                                                                        119,196
                                                                                                                    --------------
NET ASSETS - 100.0%                                                                                                 $  318,323,469
                                                                                                                    ==============

-----------------
*      Aggregate cost for Federal tax purposes.
+      Non-income producing security.
++     Annualized yield at date of purchase.
ADR    American Depository Receipt




                                       2

                         BOULDER TOTAL RETURN FUND, INC.
                           AUGUST 31, 2004 (UNAUDITED)

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, (ii) the aggregate liquidation value of the outstanding
Taxable Auction Market Preferred Stock and (iii) accumulated and unpaid
dividends on 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 on the accrual basis.

Cash distributions received from the Fund's investment in real estate investment
trusts ("REITs") and registered investment companies ("RICs") are recorded as
income. A portion of these distributions are returns of capital. As of August
31, 2004, all accumulated net realized gains relating to returns of capital from
REIT distributions have been reclassified to unrealized gain.

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.

2.  UNREALIZED APPRECIATION/(DEPRECIATION)

On August 31, 2004, net unrealized appreciation for Federal tax purposes was
$82,817,681, consisting of $86,010,425 aggregate gross unrealized appreciation
for all securities in which there is an excess of value over tax cost and
$3,192,744 aggregate gross unrealized depreciation for all securities in which
there is an excess of tax cost over value.

                                       3



ITEM 2. CONTROLS AND PROCEDURES.

(a)      The registrant's  principal executive and principal financial officers,
         or  persons  performing  similar  functions,  have  concluded  that the
         registrant's  disclosure  controls and  procedures  (as defined in Rule
         30a-3(c)  under the  Investment  Company Act of 1940,  as amended  (the
         "1940 Act") (17 CFR 270.30a-3(c)))  are effective,  as of a date within
         90 days of the filing date of the report that  includes the  disclosure
         required by this paragraph, based on their evaluation of these controls
         and  procedures  required by Rule  30a-3(b)  under the 1940 Act (17 CFR
         270.30a-3(b))  and Rules  13a-15(b) or 15d-15(b)  under the  Securities
         Exchange   Act  of  1934,   as  amended   (17  CFR   240.13a-15(b)   or
         240.15d-15(b)).

(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  pursuant to Rule 30a-2(a)  under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.





                                   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.

(Registrant) BOULDER TOTAL RETURN FUND, INC.
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By (Signature and Title)*  /S/ STEPHEN C. MILLER
                         -------------------------------------------------------
                           Stephen C. Miller, President
                           (principal executive officer)

Date  OCTOBER 26, 2004
    ----------------------------------------------------------------------------


Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By (Signature and Title)*  /S/ STEPHEN C. MILLER
                         -------------------------------------------------------
                           Stephen C. Miller, President
                           (principal executive officer)

Date  OCTOBER 26, 2004
    ----------------------------------------------------------------------------


By (Signature and Title)*  /S/ CARL D. JOHNS
                         -------------------------------------------------------
                           Carl D. Johns, Vice President and Treasurer
                           (principal financial officer)

Date  OCTOBER 26, 2004
    ----------------------------------------------------------------------------



* Print the name and title of each signing officer under his or her signature.