Prospect Street High Income Portfolio Inc-Quarterly Schedule of Portfolio Holdings of Reg'd Management Investment Company (N-Q)
26 3월 2008 - 5:23AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-05557
Prospect Street
®
High Income Portfolio
Inc.
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(Exact name of registrant as specified in charter)
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NexBank Tower
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13455 Noel Road, Suite 800
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Dallas, Texas 75240
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(Address of principal executive offices) (Zip code)
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James D. Dondero
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Highland Capital Management, L.P.
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NexBank Tower
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13455 Noel Road, Suite 800
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Dallas, Texas 75240
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(Name and address of agent for service)
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Registrant's telephone number, including area code:
(877) 665-1287
Date of fiscal year end:
October 31
Date of reporting period:
January 31, 2008
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Schedule(s) of Investments is attached herewith.
PROSPECT STREET HIGH INCOME PORTFOLIO INC.
Schedule of Investments (unaudited)
As of January 31, 2008
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Ratings
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Principal
Amount ($)
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Description
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Moodys
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Standard &
Poors
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Value
($)
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Senior Loans - 15.91% (a) (b)
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Aerospace and Defense - 0.49%
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500,000
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US Airways
Group, Inc., Term Loan, 5.79%, 03/23/2014
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B2
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B+
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441,960
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Broadcasting and Entertainment - 1.93%
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1,000,000
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Bresnan
Communications, LLC, Additional Term Loan B First Lien, 06/30/2013 (c)
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B2
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BB-
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936,250
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Univision
Communications, Inc., Initial Term Loan, 7.20%,
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966,443
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09/29/2014
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Ba3
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B+
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793,556
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1,729,806
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Buildings and Real Estate - 5.14%
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2,970,344
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Pacific
Clarion, LLC, Term Loan, 15.00%, 01/23/2009 (d)
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NR
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NR
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2,921,431
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Realogy
Corp.
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1,570,973
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Initial Term B Loan, 10/10/2013 (c)
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Ba3
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BB-
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1,323,859
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424,017
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Synthetic Letter of Credit, 10/10/2013 (c)
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Ba3
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BB-
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357,281
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4,602,571
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Electronics - 3.68%
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3,840,302
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Freescale
Semiconductor, Inc. Term Loan, 6.98%, 11/29/2013
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Ba1
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BB
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3,299,780
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Finance - 0.01%
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Calpine
Construction Finance, Term Loan First Lien, 11.34%,
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5,508
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08/26/2009
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NR
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CCC
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5,565
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Healthcare, Education and Childcare - 2.10%
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1,972,318
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CCS Medical,
Inc., First Lien Term Loan, 8.45%, 09/30/2012
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B1
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B+
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1,878,632
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Housing - 2.10%
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Weststate
Land Partners LLC, Second Lien Term Loan, 13.35%,
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2,000,000
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05/01/2008
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Caa1
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NR
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1,880,000
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Retail Stores - 0.46%
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Burlington
Coat Factory Warehouse Corp., Term Loan, 7.76%,
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493,529
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05/28/2013
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B2
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B-
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412,892
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Total Senior Loans (cost $15,266,709)
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14,251,206
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Corporate Notes & Bonds - 116.02% (a)
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Aerospace and Defense - 2.43%
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4,000,000
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Delta Air
Lines, Inc., 8.30%, 08/11/2020 (e)
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NR
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NR
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220,000
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Northwest
Airlines, Inc.
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1,899,659
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Series 2002-1, Class C2, 9.06%, 05/20/2012
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NR
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NR
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1,904,824
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1,500,000
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8.88%, 12/30/2027 (e)
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NR
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NR
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54,375
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2,179,199
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Automobile - 3.94%
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3,500,000
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American
Tire Distributors Holdings, Inc., 11.08%, 04/01/2012 (f)
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Caa1
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CCC+
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3,360,000
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417,000
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Delphi
Corp., 6.50%, 05/01/2009 (g)
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NR
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NR
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164,715
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3,524,715
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Broadcasting and Entertainment - 4.16%
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2,960,000
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Univision
Communications, Inc., 9.75%, 03/15/2015 PIK (e) (h)
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B3
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CCC+
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2,227,400
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1
PROSPECT STREET HIGH INCOME PORTFOLIO INC.
Schedule of Investments (unaudited) (continued)
As of January 31, 2008
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Ratings
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Principal
Amount ($)
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Description
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Moodys
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Standard &
Poors
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Value
($)
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Corporate Notes & Bonds (continued)
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Broadcasting and Entertainment (continued)
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2,000,000
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Young
Broadcasting, Inc., 10.00%, 03/01/2011
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Caa2
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CCC-
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1,500,000
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3,727,400
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Buildings and Real Estate - 6.57%
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1,767,000
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Associated
Materials, Inc., 0.00%, 03/01/2014 (e) (i)
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Caa2
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CCC
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1,157,385
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250,000
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Masonite
Corp., 11.00%, 04/06/2015 (e)
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NR
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BB-
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183,750
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Realogy
Corp.
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5,000,000
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10.50%, 04/15/2014 (e) (h)
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Caa1
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CCC+
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3,600,000
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1,570,000
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12.38%, 04/15/2015 (e) (h)
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Caa2
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CCC+
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942,000
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5,883,135
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Cable and Other Pay Television Services - 3.92%
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4,861,000
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CCH I LLC,
11.00%, 10/01/2015
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Caa2
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CCC
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3,505,996
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Cable/Wireless Video - 5.05%
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4,500,000
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Intelsat
Bermuda, Ltd., 11.25%, 06/15/2016 (h)
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Caa2
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B-
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4,522,500
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Cargo Transport - 0.48%
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1,000,000
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Motor Coach
Industries International, Inc., 11.25%, 05/01/2009
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Ca
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CC
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425,000
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Chemicals, Plastics and Rubber - 0.87%
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1,000,000
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Georgia Gulf
Corp., 9.50%, 10/15/2014 (e)
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B2
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CCC+
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780,000
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Containers, Packaging and Glass - 7.62%
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8,300,000
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Solo Cup
Co., 8.50%, 02/15/2014 (e)
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Caa2
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CCC-
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6,826,750
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Electronics - 1.07%
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1,000,000
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WII
Components, Inc., 10.00%, 02/15/2012
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B2
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B-
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955,000
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Food, Beverage and Tobacco - 7.80%
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5,300,000
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Chiquita
Brands International, Inc., 7.50%, 11/01/2014
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Caa2
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CCC
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4,478,500
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500,000
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Land O
Lakes Capital Trust I, 7.45%, 03/15/2028 (h)
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B1
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BBB-
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442,500
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Pinnacle
Foods Finance LLC
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500,000
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9.25%, 04/01/2015 (h)
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Caa2
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CCC
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430,000
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2,000,000
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10.63%, 04/01/2017 (h) (e)
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Caa2
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CCC
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1,635,000
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6,986,000
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Forest Products - Containers - 0.27%
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279,321
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NewPage
Corp., 11.82%, 11/01/2013 PIK (f)
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B2
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NR
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244,406
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Healthcare, Education and Childcare - 11.14%
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3,511,539
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Argatroban
Royalty Sub, LLC, 18.50%, 09/30/2014
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NR
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NR
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3,529,097
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1,794,000
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Eszopiclone
Royalty Sub LLC, 12.00%, 06/30/2014
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NR
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NR
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1,865,760
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HCA, Inc.
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500,000
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7.69%, 06/15/2025
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Caa1
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B-
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404,595
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500,000
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7.50%, 11/15/2095
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Caa1
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B-
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373,622
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2,000,000
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Risperidone
Royalty Sub, 7.00%, 01/01/2018
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NR
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NR
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1,830,000
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Select
Medical Corp.
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975,000
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7.63%, 02/01/2015
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B3
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CCC+
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811,687
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1,412,000
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11.26%, 09/15/2015 (e) (f)
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Caa1
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CCC+
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1,161,370
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9,976,131
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2
PROSPECT STREET HIGH INCOME PORTFOLIO INC.
Schedule of Investments (unaudited) (continued)
As of January
31, 2008
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|
|
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|
|
Ratings
|
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|
Principal
Amount ($)
|
|
Description
|
|
Moodys
|
|
Standard &
Poors
|
|
Value
($)
|
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|
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Corporate Notes & Bonds (continued)
|
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|
Home and Office Furnishings, Housewares, and Durable Consumer - 3.81%
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|
|
|
|
|
|
Spectrum
Brands, Inc.
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
11.50%,
10/02/2013 PIK (e) (f)
|
|
|
Caa3
|
|
|
CCC-
|
|
|
1,700,000
|
|
2,450,000
|
|
7.38%,
02/01/2015
|
|
|
Caa3
|
|
|
CCC-
|
|
|
1,715,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,415,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 8.80%
|
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
Charys
Holding Co., Inc., 8.75%, 02/16/2012 (g) (h)
|
|
|
NR
|
|
|
NR
|
|
|
1,387,500
|
|
2,000,000
|
|
Freescale
Semiconductor, Inc., 8.87%, 12/15/2014 (f)
|
|
|
B2
|
|
|
B
|
|
|
1,450,000
|
|
6,500,000
|
|
MagnaChip
Semiconductor, 8.24%, 12/15/2011 (f)
|
|
|
B2
|
|
|
B
|
|
|
5,037,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,875,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance - 5.98%
|
|
|
|
|
|
|
|
|
|
|
7,000,000
|
|
HUB
International Holdings, Inc., 10.25%, 06/15/2015 (h)
|
|
|
Caa1
|
|
|
CCC+
|
|
|
5,355,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure, Amusement, Motion Pictures, Entertainment - 18.34%
|
|
|
|
|
|
|
|
|
|
Ames True
Temper, Inc.
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
8.26%, 01/15/2012 (f)
|
|
|
Caa3
|
|
|
CCC-
|
|
|
1,630,000
|
|
1,375,000
|
|
10.00%, 07/15/2012 (e)
|
|
|
Caa3
|
|
|
CCC-
|
|
|
666,875
|
|
8,000,000
|
|
Blockbuster,
Inc., 9.00%, 09/01/2012 (e)
|
|
|
Caa2
|
|
|
CCC
|
|
|
6,360,000
|
|
|
|
Six Flags,
Inc.
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
8.88%, 02/01/2010 (e)
|
|
|
Caa2
|
|
|
CCC
|
|
|
1,475,000
|
|
2,267,000
|
|
Convertible, 4.50%, 05/15/2015
|
|
|
Caa2
|
|
|
CCC
|
|
|
1,414,041
|
|
8,000,000
|
|
Tropicana
Entertainment LLC, 9.63%, 12/15/2014 (e)
|
|
|
Caa1
|
|
|
CC
|
|
|
4,880,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,425,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas - 4.14%
|
|
|
|
|
|
|
|
|
|
|
1,750,000
|
|
Energy XXI
Gulf Coast, Inc., 10.00%, 06/15/2013
|
|
|
Caa2
|
|
|
CCC
|
|
|
1,483,125
|
|
1,100,000
|
|
Helix Energy
Solutions, 9.50%, 01/15/2016 (h)
|
|
|
B3
|
|
|
B+
|
|
|
1,122,000
|
|
1,080,000
|
|
McMoran
Exploration Co., 11.88%, 11/15/2014
|
|
|
Caa1
|
|
|
CCC+
|
|
|
1,104,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,709,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal, Food, and Miscellaneous Services - 0.00%
|
|
|
|
|
|
|
|
|
|
|
801,760
|
|
Outsourcing
Services Group, Inc., 9.00%, 03/01/2009 PIK (j)
|
|
|
NR
|
|
|
NR
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Stores - 3.38%
|
|
|
|
|
|
|
|
|
|
|
3,250,000
|
|
Dollar
General Corp., 10.63%, 07/15/2015 (e) (h)
|
|
|
Caa1
|
|
|
CCC+
|
|
|
3,022,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunications - 16.25%
|
|
|
|
|
|
|
|
|
|
|
6,537,854
|
|
Digicel
Group, Ltd., 9.13%, 01/15/2015 PIK (e) (h)
|
|
|
Caa2
|
|
|
NR
|
|
|
5,769,656
|
|
2,000,000
|
|
Grande
Communications Holdings, Inc., 14.00%, 04/01/2011
|
|
|
Caa1
|
|
|
B-
|
|
|
2,058,000
|
|
500,000
|
|
Nordic
Telephone Co. Holdings, 8.88%, 05/01/2016 (h)
|
|
|
B2
|
|
|
B
|
|
|
510,000
|
|
6,000,000
|
|
SunCom
Wireless Holdings, Inc., 8.50%, 06/01/2013
|
|
|
Caa2
|
|
|
CCC
|
|
|
6,210,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,547,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities - 0.00%
|
|
|
|
|
|
|
|
|
|
|
56,303
|
|
USGen New
England, Inc., 7.46%, 01/02/2015 (g) (h)
|
|
|
NR
|
|
|
NR
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Notes & Bonds (cost $122,558,006)
|
|
|
|
|
|
|
|
|
103,886,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
PROSPECT STREET HIGH INCOME PORTFOLIO INC.
Schedule of Investments (unaudited) (continued)
As of January
31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount ($)
|
|
Description
|
|
Moodys
|
|
Standard &
Poors
|
|
|
Value
($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claims - 0.10% (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace and Defense - 0.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Airlines, Inc.
|
|
|
|
|
|
|
|
|
|
|
600,000
|
|
ALPA Trade Claim, 08/21/2013
|
|
|
NR
|
|
|
NR
|
|
|
18,000
|
|
1,065,300
|
|
Flight Attendant Claim, 08/21/2013
|
|
|
NR
|
|
|
NR
|
|
|
31,959
|
|
632,250
|
|
IAM Trade Claim, 08/21/2013
|
|
|
NR
|
|
|
NR
|
|
|
18,968
|
|
702,450
|
|
Retiree Claim, 08/21/2013
|
|
|
NR
|
|
|
NR
|
|
|
21,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Claims (cost $647,521)
|
|
|
|
|
|
|
|
|
90,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - 5.44% (a) (k)
|
|
|
|
|
|
|
|
|
|
|
555,258
|
|
Altiva
Financial Corp.
|
|
|
|
|
|
|
|
|
3,331
|
|
46,601
|
|
American
Banknote Corp. (j)
|
|
|
|
|
|
|
|
|
1,095,123
|
|
1
|
|
Delta Air
Lines, Inc.
|
|
|
|
|
|
|
|
|
14
|
|
853,905
|
|
ICO Global
Communications Holding, Ltd. (e)
|
|
|
|
|
|
|
|
|
2,356,778
|
|
232
|
|
Knology,
Inc.
|
|
|
|
|
|
|
|
|
2,633
|
|
73,730
|
|
Northwest
Airlines, Inc.
|
|
|
|
|
|
|
|
|
1,379,479
|
|
24,015
|
|
Outsourcing
Services Group, Inc. (j)
|
|
|
|
|
|
|
|
|
0
|
|
1,184
|
|
Time Warner
Cable, Inc., Class A
|
|
|
|
|
|
|
|
|
29,790
|
|
303
|
|
Viatel
Holding, Ltd.
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (cost $12,855,290)
|
|
|
|
|
|
|
|
|
4,867,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants - 0.00% (a) (k)
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
XM Satellite
Radio, Inc., 03/15/2010
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Warrants (cost $870,339)
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 137.47% (cost $152,197,865) (l)
|
|
|
|
|
|
|
|
|
123,095,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets & Liabilities, Net - 7.20%
|
|
|
|
|
|
|
|
|
6,449,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares - (44.67)%
|
|
|
|
|
|
|
|
|
(40,000,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Stock - 100.00%
|
|
|
|
|
|
|
|
$
|
89,544,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Percentages
are based on net assets applicable to common stock.
|
(b)
|
Senior loans
in which the Prospect Street High Income Portfolio, Inc. (the Fund) invests
generally pay interest at rates which are periodically redetermined by
reference to a base lending rate plus a premium. (Unless otherwise identified
by (d), all senior loans carry a variable rate interest.) These base lending
rates are generally (i) the Prime Rate offered by one or more major U.S.
banks, (ii) the lending rate offered by one or more European banks such as
the London Interbank Offered Rate (LIBOR) or (iii) the certificate of
deposit rate. Rate shown represents the weighted average rate at January 31,
2008. Senior loans, while exempt from registration under the Securities Act
of 1933, as amended (the 1933 Act), contain certain restrictions on resale
and cannot be sold publicly. Senior secured floating rate loans often require
prepayments from excess cash flow or permit the borrower to repay at its
election. The degree to which borrowers repay, whether as a contractual
requirement or at their election, cannot be predicted with accuracy. As a
result, the actual remaining maturity may be substantially less than stated
maturities shown.
|
(c)
|
All or a
portion of this position has not settled. Contract rates do not take effect
until settlement date.
|
(d)
|
Fixed rate
senior loan.
|
(e)
|
Securities
(or a portion of securities) on loan. As of January 31, 2008, the market
value of securities loaned was $42,071,085. The loans were secured with cash
collateral of $44,689,058.
|
(f)
|
Variable
rate Corporate Note & Bond. The interest rate shown reflects the rate in
effect at January 31, 2008.
|
(g)
|
Issuer is in
default of certain debt covenants. Income is not being accrued.
|
4
PROSPECT STREET HIGH INCOME PORTFOLIO INC.
Schedule of Investments (unaudited) (continued)
As of January
31, 2008
|
|
(h)
|
Rule 144A
securities - Private placement securities issued under Rule 144A are exempt
from the registration requirement of the 1933 Act. These securities may only
be resold, in transactions exempt from registration, to qualified
institutional buyers. At January 31, 2008, the market value of these
securities aggregated to $30,966,056 or 34.58% of net assets applicable to
common stock. Pursuant to procedures duly adopted by the Funds Board of
Directors, the Adviser has determined that all of the Rule 144A securities,
with the exception of Charys Holding Co., Inc., which represented a market
value of $1,387,500 or 1.55% of the Funds net assets at January 31, 2008,
were, at the time of acquisition, readily marketable.
|
(i)
|
Step Coupon.
A bond that pays an initial coupon rate for the first period and then a
higher coupon rate for the following periods until maturity. The coupon rate
will be 0.000% until the date shown below and the subsequent rate below,
thereafter.
|
|
|
|
|
|
|
Security
|
|
Date
|
|
Rate
|
|
|
|
|
|
|
|
Associated
Materials, Inc.
|
|
03/01/09
|
|
11.25
|
%
|
|
|
(j)
|
Represents
fair value as determined by the Investment Adviser, in good faith, pursuant
to the policies and procedures approved by the Funds Board of Directors.
Securities with a total market value of $1,095,123, or 1.22% of net assets,
were valued under fair value by the Investment Adviser as of January 31,
2008.
|
(k)
|
Non-income
producing security.
|
(l)
|
The cost on
a tax basis is identical to book. Unrealized appreciation and depreciation on
investments are as follows:
|
|
|
|
|
|
Gross
unrealized appreciation
|
|
$
|
1,177,851
|
|
Gross
unrealized depreciation
|
|
|
(30,280,625
|
)
|
|
|
|
|
|
Net
unrealized depreciation
|
|
$
|
(29,102,774
|
)
|
|
|
|
|
|
|
|
PIK
|
Payment in
Kind
|
NR
|
Not Rated
|
Unfunded Loan Commitment:
As of January
31, 2008, the Fund had an unfunded loan commitment to Univision Communications,
Inc. of $33,557, which could be extended at the option of the borrower,
pursuant to the loan agreement.
Security Valuation:
Investments
for which listed market quotations are readily available are stated at market
value, which is determined by using the last reported sale price or, if no
sales are reported, as in the case of some securities traded over-the-counter,
the last reported bid price. Short-term investments having remaining maturities
of 60 days or less are stated at amortized cost, which approximates market
value.
Other investments,
which comprise the major portion of the Funds portfolio holdings, are
primarily non-investment grade corporate debt securities, for which market
quotations are not readily available due to a thinly traded market with a
limited number of market makers. These investments are stated at fair value on
the basis of subjective valuations furnished by an independent pricing service
or broker dealers, subject to review and adjustment by Highland Capital
Management, L.P. (Highland, or Investment Adviser) based upon quotations
obtained from market makers. The independent pricing service determines value
based primarily on quotations from dealers and brokers, market transactions,
accessing data from quotation services, offering sheets obtained from dealers
and various relationships between securities. The independent pricing service
utilizes the last sales price based on odd-lot trades, if available. If such
price is not available, the price furnished is based on round-lot or
institutional size trades. For securities in which there is no independent
price from a pricing service or from round-lot or institutional size trades,
they are fair value priced in good faith by the Funds Board of Directors
(Board of Directors).
For more
information with regard to significant accounting policies, see the most recent
annual report filed with the Securities and Exchange Commission.
5
Item 2. Controls and Procedures.
|
(a)
|
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
|
(b)
|
There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
|
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)
|
Prospect Street
®
High Income Portfolio Inc.
|
By (Signature and Title)*
|
/s/ James D. Dondero
|
|
James D. Dondero, Chief Executive Officer
|
|
(principal executive officer)
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By
(Signature and Title)*
|
/s/
James D. Dondero
|
|
James D. Dondero, Chief Executive Officer
|
|
(principal executive officer)
|
By
(Signature and Title)*
|
/s/
M. Jason Blackburn
|
|
M. Jason Blackburn, Secretary
and Treasurer
|
|
(principal financial officer)
|
*
Print the name and title of each signing officer under his or her signature.
Prospect ST HI New (NYSE:PHY)
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