Prospect ST HI New (NYSE:PHY)
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Prospect Street® High Income Portfolio Inc.
(the “Fund”) (NYSE:
PHY), a diversified, closed-end management investment company, today
announced that its Board of Directors has declared a distribution on its
common stock of $0.1215 per share, payable on July 17, 2008, to
holders of record as of July 17, 2008.
This press release is not for tax reporting purposes but is being
provided to announce the amount of the Fund’s
distributions that have been declared by the Board of Directors. In
early 2009, after definitive information is available, the Fund will
send stockholders a Form 1099-DIV specifying how the distributions paid
by the Fund during the calendar year should be characterized for
purposes of reporting the distributions on a stockholder’s
tax return (e.g., ordinary income, short-term capital gain, long-term
capital gain or return of capital).
About Prospect Street® High Income
Portfolio Inc.
Prospect Street® High Income Portfolio Inc. is
a diversified, closed-end management investment company. The Fund’s
investment objective is to provide high current income, while seeking to
preserve stockholders’ capital. The Fund seeks
to primarily invest in fixed-income securities rated in the lower
categories by established rating agencies (rated “BB”
or lower by S&P and “Ba”
or lower by Moody’s) or nonrated fixed-income
securities deemed by the Fund’s investment
adviser to be of comparable quality. Highland Capital Management, L.P. (“Highland”)
has served as the Fund’s investment adviser
since 2000. The Fund’s shares are listed on
the NYSE under the symbol “PHY”.
An investment in the Fund is not appropriate for all investors. No
assurance can be given that the Fund will achieve its investment
objectives.
Shares of closed-end investment companies frequently trade at a discount
to net asset value. The price of the Fund’s
shares is determined by a number of factors, several of which are beyond
the control of the Fund. Therefore, the Fund cannot predict whether its
shares will trade at, below or above net asset value.
Highland Capital Management, L.P., the Fund’s
investment adviser, is a leading alternative investment management firm
specializing in credit and structured products. Headquartered in Dallas,
Texas, Highland manages assets on behalf of investors around the world
with offices in New York and London.
Past performance does not guarantee future results.