Prospect Street(R) High Income Portfolio Inc. Announces Declaration of Regular Distribution
06 Junho 2008 - 7:49PM
Business Wire
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 regular
distribution on its common stock, for the month of June 2008, of
$0.0235 per share, payable on last business day of the month to
holders of record at the close of business ten calendar days prior
to such date. The following are annualized historical distribution
rate calculations based on the total declared distribution for the
month, the Fund�s net asset value (�NAV�) at month-end and the
Fund�s month-end closing price (�Market Price�). Annualized
Period-End Distribution Rates � Amount � NAV � Market Price � May
30, 2008 $ 0.0235 9.49 % 10.76 % April 30, 2008 $ 0.0235 9.72 %
10.72 % March 31, 2008 $ 0.0235 10.11 % 11.51 % February 29, 2008 $
0.0235 10.04 % 11.06 % January 31, 2008 $ 0.0235 9.69 % 10.76 %
December 31, 2007 $ 0.0235 9.01 % 10.37 % November 30, 2007 $
0.0235 8.70 % 9.89 % October 31, 2007 $ 0.0235 8.25 % 9.37 %
September 28, 2007 $ 0.0235 8.32 % 9.28 % August 31, 2007 $ 0.0235
8.52 % 9.37 % July 31, 2007 $ 0.0235 8.55 % 9.13 % June 29, 2007 $
0.0235 7.99 % 8.62 % Distribution rates are calculated by
annualizing the distribution declared during the period and then
dividing the resulting annualized distribution by the month-end NAV
(in the case of NAV) or the month-end closing price (in the case of
Market Price). The distribution rate is based on an estimation of
investment income and may or may not include a return of capital.
The distribution rate is based solely on actual distributions,
which are made at the discretion of the Board of Directors. 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.
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