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OMB
APPROVAL
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OMB
Number: 3235-0145
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Expires: February
28, 2009
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Estimated
average burden
Hours
per
response 14.5
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CUSIP
No. 723761102
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1
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Names
of Reporting Persons
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I.R.S.
Identification Nos. of above persons (entities
only)
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Bulldog
Investors General Partnership
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56-2585535
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2
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Check
the Appropriate Box if a Member of a Group (See
Instructions)
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(a) [ ]
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(b) [
X ]
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3
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SEC
Use Only
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4
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Source
of Funds (See Instructions)
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WC
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5
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Check
if Disclosure of legal Proceedings is Required Pursuant to Items
2(d) or
2(e) [ ]
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6
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Citizenship
or Place of Organization
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New
York
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Number
of
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7
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Sole
Voting
Power 5,002,565
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Shares
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Beneficially
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8
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Shared
Voting
Power 0
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Owned
by
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Each
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9
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Sole
Dispositive
Power
5,002,565
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Reporting
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Person
With:
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10
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Shared
Dispositive
Power 0
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11
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Aggregate
Amount Beneficially Owned by Each Reporting
Person
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5,002,565
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12
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Check
if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [ ]
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13
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Percent
of Class Represented by Amount in Row (11)
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17.43%
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14
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Type
of Reporting Person (See Instructions)
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PN
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This
Amendment No. 5 amends the Schedule 13D filed September 7, 2007 (the
“Schedule 13D”), as amended by Amendment No. 1 filed October 30, 2007, as
amended by Amendment No. 2 filed November 6, 2007, as amended by
Amendment
No. 3 filed November 19, 2007, as amended by Amendment No. 4 filed
November 26, 2007, and is filed by Bulldog Investors General Partnership
(the “Reporting Person”), with respect to the common shares of beneficial
interest, no par value, of PBF (the “Common
Stock”). Capitalized terms used herein but not defined herein
shall have the meanings attributed to them in the Schedule
13D.
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Item
3.
Source and Amount of Funds or Other
Consideration.
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Item
3 of the Schedule 13D is supplemented as follows:
The
responses of the Reporting Person to Row (4) of the cover pages of
this
Amendment No. 5 are incorporated herein by reference. Pursuant
to the Tender Offer, the Reporting Person purchased an aggregate
of
2,633,913 shares of Common Stock at a price per share of Common Stock
equal to $13.4292, which represents 93% of net asset value (“NAV”) per
share of Common Stock determined as of the close of the regular trading
session of the NYSE on the expiration date of the Tender Offer, upon
the
terms and subject to the conditions set forth in the Offer to Purchase,
dated October 30, 2007 (as supplemented and amended), and in the
related
Letter of Transmittal. The NAV as of the close of the regular
trading session of the NYSE on the expiration date of the Tender
Offer was
$14.44 per share of Common Stock. The aggregate amount of funds
expended by the Reporting Person for such purchases was $35,371,344.46,
including all execution related costs.
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Item
4. Purpose
of Transaction.
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Item
4 of the Schedule 13D is supplemented as follows:
On
December 17, 2007, the Reporting Person issued a press release announcing
the expiration of the Tender Offer. A copy of such press
release is attached to this Amendment No. 5 as Exhibit
1.
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Item
5. Interest
in Securities of the Issuer.
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(a)-(b) The
responses of the Reporting Person to Rows (7) through (13) of the
cover
pages and Item 2 of this Statement are incorporated herein by
reference. The Reporting Person has the sole power to vote or
direct the vote of the shares described in the responses of the Reporting
Person to Rows (7) through (13) of the cover pages of this Statement
or to
dispose or direct the disposition of such shares.
(c) During
the past 60 days, the Reporting Person has only made the purchases
and
sales of Common Stock described in Item 3 of this Amendment No. 5
and as
previously disclosed in the Schedule 13D.
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Item
7.
Material to be Filed as Exhibits.
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Exhibit
No.
Description
1.
Press Release Issued by the Reporting Person, dated December 17,
2007,
Announcing the Expiration of the Tender Offer.
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DATE: December
20, 2007
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BULLDOG
INVESTORS GENERAL PARTNERSHIP
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By:
KIMBALL & WINTHROP, INC., general partner
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By:
/s/ Phillip Goldstein
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Name:
Phillip Goldstein
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Title: President
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