UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT
TO RULE 13d-2(a)
(Amendment No. 23)*
Boulder Total Return Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
101541100
(CUSIP Number)
Stephen C. Miller, Esq.
Krassa & Miller, LLC
1680 38th Street, Suite 800
Boulder, Colorado 80301
(303) 444-5483
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 2, 2002
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-
1(f) or 240.13d-1(g), check the following box. 0
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.
See ss.240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a
prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Ernest Horejsi Trust No. 1B
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 2,498,053
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 2,498,053
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,498,053
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 26.53%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Lola Brown Trust No. 1B
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 1,028,001
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 1,028,001
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,028,001
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 10.92%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Badlands Trust Company
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 12,735
Shares Bene-
ficially 8. Shared Voting Power 159,677
Owned by Each
Reporting 9. Sole Dispositive Power 12,735
Person With
10. Shared Dispositive Power 159,677
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
172,412
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 1.83%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Evergreen Atlantic LLC
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) OO
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization Colorado
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Number of 7. Sole Voting Power 257,811
Shares,Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 257,811
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
257,811
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 2.74%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart West Indies Trust
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not applicable
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 78,470
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 78,470
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
78,470
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 0.83%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Susan L. Ciciora Trust
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not Applicable
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 54,132
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 54,132
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
54,132
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 0.58%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
John S. Horejsi Trust
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not Applicable
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 27,075
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 27,075
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
27,075
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 0.29%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Evergreen Trust
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not Applicable
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power 19,273
Shares Bene-
ficially 8. Shared Voting Power
Owned by Each
Reporting 9. Sole Dispositive Power 19,273
Person With
10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
19,273
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
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13. Percent of Class Represented by Amount in Row (11) 0.20%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi Trust No. 2
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not Applicable
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization South Dakota
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Number of 7. Sole Voting Power
Shares Bene-
ficially 8. Shared Voting Power 172,412
Owned by Each
Reporting 9. Sole Dispositive Power
Person With
10. Shared Dispositive Power 172,412
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
172,412
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) X
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13. Percent of Class Represented by Amount in Row (11) 1.83%
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14. Type of Reporting Person (See Instructions) OO
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CUSIP No. 101541100
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Stewart R. Horejsi
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(A)
(B)
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3. SEC Use Only
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4. Source of Funds (See Instructions) Not applicable
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5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
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6. Citizenship or Place of Organization United States
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Number of 7. Sole Voting Power
Shares Bene-
ficially 8. Shared Voting Power 257,811
Owned by Each
Reporting 9. Sole Dispositive Power
Person With
10. Shared Dispositive Power 257,811
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
257,811
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) X
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13. Percent of Class Represented by Amount in Row (11) 2.73%
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14. Type of Reporting Person (See Instructions) IN
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Amendment No. 23 to Statement on Schedule 13D
This amended statement on Schedule 13D relates to the
Common Stock, $.001 par value per share (the "Shares"), of
Boulder Total Return Fund, Inc., a Maryland corporation (the
"Company"). Items 3, 4 and 5 of this statement, previously
filed by Horejsi, Inc. (HI), the Ernest Horejsi Trust No. 1B
(the "Ernest Trust"), the Lola Brown Trust No. 1B (the "Brown
Trust"), Badlands Trust Company ("Badlands"), Evergreen
Atlantic LLC ("Evergreen Atlantic"), the Stewart West Indies
Trust (the "West Indies Trust"), the Susan L. Ciciora Trust
(the "Susan Trust"), the John S. Horejsi Trust (the "John
Trust"), and the Evergreen Trust (the "Evergreen Trust"), as
the direct beneficial owner of Shares, and the Stewart R.
Horejsi Trust No. 2 (the "Stewart Trust") and Stewart R.
Horejsi, by virtue of the relationships described previously
in this Statement, are hereby amended, or amended and
restated, as set forth below.
Item 3. Source and Amount of Funds or Other Consideration.
No change except for the addition of the following:
The total amount of funds required by the Ernest Trust to
purchase the Shares as reported in Item 5(c) was $292,718.33. Such
funds were provided by the Ernest Trust's cash on hand, intertrust
advances from the Brown Trust, and margin borrowings under an
account maintained by the Ernest Trust with Merrill, Lynch, Pierce,
Fenner & Smith Incorporated. Intertrust advances bear interest at
short term applicable federal rates and are due monthly.
Item 4. Purpose of Transaction.
No change except for the addition of the following:
The Reporting Persons intend to liquidate a portion of the
Shares reported in Item 5(c) in order to reduce their holdings in
the Company and to generate cash flow to pay current and long-term
obligations. Notwithstanding a present intent to liquidate the
Shares, the extent of any liquidation will depend on the Reporting
Persons' evaluation of the Company's investments and prospects, and
upon future developments (including, but not limited to, performance
of the Shares in the market, the effective yield on the Shares,
availability of funds, alternative uses of funds, and money, stock
market, and general economic conditions). The Reporting Persons,
and in particular, the Ernest Trust, have indicated a present
intention to liquidate an aggregate of approximately 94,000 Shares
and have no present intentions of acquiring additional Shares. In
furtherance thereof, the Ernest Trust filed Form 144 with the
Securities and Exchange Commission on May 2, 2002, giving notice of
the proposed sale.
Depending upon their evaluation of the Company's investments
and prospects, and upon future developments (including but not
limited to, performance of the Shares in the market, the effective
yield on the Shares, availability of funds, alternative uses of
funds, and money, stock market, and general economic conditions),
any of the Reporting Persons or other entities that may be deemed to
be affiliated with the Reporting Persons may from time to time
purchase Shares, and any of the Reporting Persons or other entities
that may be deemed to be affiliated with the Reporting Persons may
from time to time dispose of all or a portion of the Shares held by
such person, or cease buying or selling Shares. Any such additional
purchases or sales of the Shares may be in open market or privately-
negotiated transactions or otherwise.
The Reporting Persons may be deemed to control the Company.
Item 5. Interest in Securities of the Issuer.
No change except for the addition of the following:
(a) The Ernest Trust is the direct beneficial owner of
2,498,053 Shares, or approximately 26.53% of the 9,416,743 Shares
outstanding as of February 28, 2002, according to information
contained in the Company's Annual Proxy Statement dated March 18,
2002 (the "Outstanding Shares").
The Brown Trust is the direct beneficial owner of
1,028,001 Shares, or approximately 10.92% of the Outstanding Shares.
Evergreen Atlantic is the direct beneficial owner of
257,811 Shares, or approximately 2.74% of the Outstanding Shares.
The West Indies Trust is the direct beneficial owner of
78,470 Shares, or approximately 0.83% of the Outstanding Shares.
The Susan Trust is the direct beneficial owner of 54,132
Shares, or approximately 0.57% of the Outstanding Shares.
The John Trust is the direct beneficial owner of 27,075
Shares, or approximately 0.29% of the Outstanding Shares.
The Evergreen Trust is the direct beneficial owner of
19,273 Shares, or approximately 0.20% of the Outstanding Shares.
Badlands is the direct beneficial owner of 12,735 Shares,
or approximately 0.14% of the Outstanding Shares. By virtue of the
relationships previously reported in this Statement, Badlands may be
deemed to be the indirect beneficial owner of the 159,677 Shares
directly beneficially held by the West Indies Trust, the Susan
Trust, and the John Trust, or approximately 1.70% of the Outstanding
Shares.
By virtue of the relationships previously reported in this
Statement, the Stewart Trust may be deemed to be the indirect
beneficial owner of the 172,412 Shares directly beneficially held by
Badlands, the West Indies Trust, the Susan Trust, and the John
Trust, or approximately 1.8% of the Outstanding Shares.
By virtue of the relationships previously reported in this
Statement, Mr. Horejsi may be deemed to share indirect beneficial
ownership of the 257,811 Shares directly beneficially held by
Evergreen Atlantic, or approximately 2.7% of the Outstanding Shares.
In addition, Mr. Horejsi may be deemed to share indirect beneficial
ownership of the Shares directly beneficially owned by the other
Reporting Persons. Except as set forth above with respect to
Evergreen Atlantic, Mr. Horejsi disclaims all such beneficial
ownership.
By virtue of the relationships and transactions previously
described in this Statement, the Reporting Persons may be deemed to
constitute a group. Except as specifically set forth above in
connection with Badlands (with respect to the West Indies Trust, the
Susan Trust and the John Trust), the Stewart Trust (with respect to
Badlands, the West Indies Trust, the Susan Trust, and the John
Trust) and Mr. Horejsi (with respect to Evergreen Atlantic), each
Reporting Person disclaims beneficial ownership of Shares directly
beneficially owned by the other Reporting Persons.
(c) The table below sets forth sales of the Shares by the
Ernest Trust since November 1, 1999. Such sales were effected by
the Ernest Trust on the New York Stock Exchange.
Date Amount of Shares Approximate Price
Per Share
(exclusive of commissions)
4/11/2000 5,000 $9.7500
4/11/2000 5,000 $9.6875
4/24/2000 2,700 $9.8125
4/24/2000 1,000 $9.6875
4/25/2000 100 $9.8125
4/26/2000 5,100 $9.8125
4/27/2000 2,100 $9.8125
5/1/2000 3,000 $9.6875
5/3/2000 6,000 $9.6875
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: May 3, 2002
/s/ Stewart R. Horejsi
Stewart R. Horejsi
individually and as manager of
Evergreen Atlantic LLC
/s/ Stephen C. Miller
Stephen C. Miller, as Vice
President of Badlands Trust
Company, trustee of the Ernest
Horejsi Trust No. 1B, the Lola
Brown Trust No. 1B, the Stewart R.
Horejsi Trust No. 2, the Susan L.
Ciciora Trust, the John S. Horejsi
Trust, the Stewart West Indies
Trust, and the Evergreen Trust.