SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 4, 1999
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Prospect Street High Income Portfolio Inc.
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(Exact name of registrant as specified in its charter)
Maryland 811-5557 04-302-8343
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
60 State Street, Boston, Massachusetts 02109
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Address of principal executive offices
Registrant's telephone number, including area code: (617) 742-3800
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N/A
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(Former name or former address, if changed since last report.)
Item 5. Other Events
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On October 4, 1999 Prospect Street High Income Portfolio Inc. (the
"Fund") announced that its investment adviser, Prospect Street Investment
Management Co., Inc. has entered into an agreement to sell certain of its assets
and goodwill relating to the management of the Fund to Highland Capital
Management, L.P. ("Highland"). The Fund further announced that (i) the
Independent Directors of the Fund approved a new two-year advisory agreement
with Highland which will be submitted to shareholders of the Fund for their
approval at a special meeting of shareholders and (ii) C. William Carey had been
appointed as interim Chairman of the Board of Directors of the Fund.
A copy of the press release announcing the foregoing is being filed as
an exhibit to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and
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Exhibits
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Exhibit 99 - Press Release dated October 4, 1999.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROSPECT STREET HIGH INCOME
PORTFOLIO INC.
Dated: October 6, 1999 By: /s/ John A. Frabotta
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John A. Frabotta
Vice President, Treasurer,
Chief Investment Officer and
Chief Financial Officer
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