SCHEDULE 13D
DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
8/11/05
1. NAME OF REPORTING PERSON
Phillip Goldstein
2. CHECK THE BOX IF MEMBER OF A GROUP a[X]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
________________________________________________________________
7. SOLE VOTING POWER
187,800
8. SHARED VOTING POWER
34,400
9. SOLE DISPOSITIVE POWER
765,700____________________________________________________
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
765,700
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
6.76%
14. TYPE OF REPORTING PERSON
IA
___________________________________________________________
1. NAME OF REPORTING PERSON
Andrew Dakos
2. CHECK THE BOX IF MEMBER OF A GROUP a[X]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
0
9. SOLE DISPOSITIVE POWER
0__________________________________________________________
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
0
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
0
14. TYPE OF REPORTING PERSON
IA
________________________________________________________________
The following constitutes Amendment No. 1 to the Schedule 13D
filed by the undersigned on May 23, 2005. This Amendment No. 1
amends the Schedule 13D as specifically set forth.
Item 4 is amended as follows:
ITEM 4. PURPOSE OF TRANSACTION
Because the issuer's shares continue to trade at a wide discount
to their net asset value, the filing persons have proposed that
the board of directors take action to reduce the discount.
Item 5 is amended as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
a. As per the proxy statement filed on March 7, 2005 there
were 11,327,784 shares outstanding as of February 28, 2005. The
percentage set forth in this item (5a) was derived using such
number.
Mr. Phillip Goldstein is deemed to be the beneficial owner of
765,700 shares of BIF or 6.76% of the outstanding shares.
b. Power to dispose of securities resides solely with Mr. Phillip
Goldstein for 765,700 shares. Power to vote securities resides
solely with Mr. Phillip Goldstein for 187,800 shares and jointly
for 34,400 shares.
c. During the last sixty days the following shares of common
stock were purchased by Mr. Goldstein (there were no sales).
8/19/05 6800 @ 6.67
8/17/05 13200 @ 6.65
8/17/05 1700 @ 6.64
8/16/05 6000 @ 6.65
8/16/05 13000 @ 6.7
8/15/05 100 @ 6.65
8/15/05 5000 @ 6.7
8/12/05 200 @ 6.654
8/11/05 26700 @ 6.65
8/9/05 4600 @ 6.65
8/8/05 16800 @ 6.7
8/2/05 1700 @ 6.73
7/28/05 800 @ 6.73
7/26/05 8400 @ 6.73
7/21/05 11500 @ 6.7
7/19/05 2700 @ 6.7
7/18/05 6000 @ 6.7
7/18/05 1400 @ 6.65
7/15/05 4800 @ 6.65
7/12/05 1500 @ 6.7
7/7/05 600 @ 6.55
7/5/05 1500 @ 6.59
7/1/05 2100 @ 6.56
6/24/05 2800 @ 6.6
6/22/05 5000 @ 6.6
d. Beneficiaries of accounts managed by Mr. Phillip Goldstein and
Mr. Dakos are entitled to receive any dividends or sales
proceeds.
e. NA
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
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.
Dated: 8/22/05
By: /s/ Phillip Goldstein
Name: Phillip Goldstein
By: /S/ Andrew Dakos
Name: Andrew Dakos