Nicole Murphey
About Nicole L. Murphey
Independent fund governance and compliance executive; Director of SRH Total Return Fund, Inc. (STEW) since 2021. Birth Year: 1977. Previously served as the Fund’s CFO, CAO, Treasurer, VP, and Assistant Secretary (2003–2018). Holds a B.A., magna cum laude, from the University of Colorado. Currently deemed an “Interested Director” by virtue of her role as Chief Compliance Officer at SRH Advisors, LLC (the Fund’s sub-adviser). Core credentials: deep compliance and closed-end fund operations experience.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SRH Total Return Fund, Inc. (STEW) | Chief Financial Officer; Chief Accounting Officer; Treasurer; Vice President; Assistant Secretary | CFO/CAO/Treasurer 2011–2018; VP 2008–2018; Asst. Secretary 2003–2018 | Senior finance and reporting leadership for predecessor and current fund entities |
| Boulder Total Return Fund (BTF); The Denali Fund (DNY); First Opportunity Fund (FOFI) | CFO; CAO; Treasurer; VP; Assistant Secretary | 2003/2007–2015 (roles vary by fund) | Roles prior to reorganization into STEW; contributed to fund operations and compliance readiness |
| SRH Advisors, LLC (SRH) | Vice President; Treasurer | 2011–2018 | Supported adviser operations and finance |
| Fund Administrative Services, LLC (FAS) | Assistant Manager | 2011–2018 | Admin and operational support to the fund complex |
| Boulder Investment Advisors (BIA) | Vice President; Treasurer | 2011–2015 | Adviser entity (prior to dissolution) |
External Roles
| Organization | Role | Tenure | Notes / Interlocks |
|---|---|---|---|
| SRH Advisors, LLC (Sub-Adviser to STEW) | Chief Compliance Officer | Since 2016 | Creates an “Interested Director” status under the 1940 Act |
| Whistlepig Compliance Solutions, LLC | Founder & Managing Director | Since 2018 | Outsourced compliance/ops for RIAs |
| BSW Wealth Partners, Inc. | Chief Compliance Officer | Since 2019 | Public benefit corporation; separate from STEW |
| R3 Returns, LLC (subsidiary of BSW) | Chief Compliance Officer | 2019–2023 | Separate from STEW |
Board Governance
- Classification: Interested Director (not independent) by virtue of serving as CCO of SRH (the Sub‑Adviser).
- Committees: Board has Audit, Nominating, and Qualified Legal Compliance Committee (QLCC); each is composed entirely of Independent Directors (Moore, Norgaard, Quinlan). Ms. Murphey does not serve on these committees.
- Board leadership: Chairman (Looney) is an Interested Director; Board employs a Lead Independent Director (Norgaard) and independent-only committees to mitigate conflicts.
- Attendance: “Each Director currently serving in such capacity for the entire fiscal year attended at least 75%” of Board/committee meetings in FY2024.
- Audit Committee activity: Met two times in FY2024.
- Compensation Committee: Board does not have one.
Fixed Compensation (Director)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from Fund (STEW) | $0 | $0 |
| Notes | Not paid director fees as an Interested Director | Not paid director fees as an Interested Director |
Sources: “Director and Officer Compensation” tables for respective years.
- Independent Director fee schedule (for context; not applicable to Murphey): $10,000 per quarter; $5,000 per in‑person meeting; $3,000 per Audit Committee meeting; $1,000 per Nominating Committee meeting; $1,000 per telephonic Board meeting; Audit Chair +$3,000/meeting; Lead Independent Director +$3,125/regular quarterly meeting.
Performance Compensation
- No performance‑based compensation, stock options, RSUs/PSUs, or director equity program disclosed for directors; no performance metrics or vesting schedules disclosed.
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Other public company boards | None disclosed. |
| Fund/Adviser interlock | CCO of SRH Advisors, LLC (Fund’s Sub‑Adviser), while serving as Fund Director (Interested Director status). |
| Board leadership interlock context | Chairman is President of SRH; committees are independent‑only to address potential conflicts. |
Expertise & Qualifications
- Compliance/operations leader across adviser and fund entities; founder of a compliance services firm; selected for “deep‑rooted compliance and operational knowledge” and substantial closed‑end fund experience.
- Education: B.A., magna cum laude, University of Colorado.
Equity Ownership
| As of Record Date | Shares Beneficially Owned | $ Range of Ownership | Ownership % of Class |
|---|---|---|---|
| Oct 4, 2024 | 1,022 | $10,000 to $50,000 | <1% |
| Oct 3, 2025 | 1,022 | $10,000 to $50,000 | <1% |
Sources: Beneficial ownership table and dollar range tables (record dates/periods shown in DEF 14A).
- Pledging/hedging: No pledging or hedging by Ms. Murphey disclosed.
- Ownership guidelines: No director stock ownership guidelines disclosed.
Governance Assessment
Strengths
- Deep compliance expertise and long operational history with the Fund and predecessor entities; Board explicitly cites compliance/operations as rationale for selection.
- Independent-only committee structure (Audit, Nominating, QLCC) and Lead Independent Director in place to mitigate conflicts from Interested Directors.
- Minimum attendance threshold met (≥75% for FY2024).
Watch items / potential conflicts
- Interested Director status due to concurrent role as CCO of SRH, the Fund’s Sub‑Adviser—an inherent related‑party interlock; governance relies on committee independence to mitigate.
- Board Chair is also an Interested Director (President of SRH), reinforcing reliance on independent committees and Lead Independent structure.
- Highly concentrated ownership: Horejsi‑related trusts collectively held ~47.07% as of 2025 record date—control dynamics may influence governance outcomes (not directly tied to Ms. Murphey but relevant to investor confidence).
Not disclosed
- No director equity grants, options, or performance plans; no severance/CIC, clawback, or perquisite disclosures for directors.
- No other public company directorships for Ms. Murphey.
- No specific board/committee attendance rates beyond the ≥75% statement.