Re: PCF
There was an agreement with Putnam last year that said,
" Participation by Other Shareholders in the Tender Offer. In order to meet the Tender Objective, each of the Bulldog Parties agrees that it will only tender its Fund Shares, and will use its discretion to ensure that the Bulldog Accounts only tender their Fund Shares, if (i) the Tender Offer is not oversubscribed and (ii) all Fund Shares tendered in the Tender Offer by shareholders other than the Bulldog Parties and the Bulldog Accounts will be accepted for payment by the Fund "
Everybody won.