Lightly coat beef with cooking spray; sprinkle evenly on all sides with pepper and 1 1/2 teaspoons salt. Loosely cover beef with plastic wrap; let stand at room temperature 30 minutes.
Preheat oven to 450°.
Heat a large, heavy skillet over medium-high heat. Coat pan with cooking spray. Add beef to pan; cook 2 minutes on all sides or until browned. Place beef on a broiler pan coated with cooking spray. Bake at 450° for 20 minutes or until a thermometer registers 128° or until desired degree of doneness. Remove from oven; let stand 15 minutes.
Return skillet to medium-high heat; add shallots and butter to pan, scraping pan to loosen browned bits. Cook 1 minute, stirring constantly. Stir in broth, port, jelly, vinegar, thyme, and rosemary; bring to a boil. Cook until reduced to 1 1/2 cups (about 17 minutes). Remove from heat; stir in remaining 1/4 teaspoon salt.
Cut beef crosswise into 16 slices. Serve with sauce.
This was outstanding! I couldn't find the Port Beach Plum jelly, so we used Danson Plum jelly. It could definitely be a company dish, but we made it just for the family, and even the small kids loved it. Very nice with Pinot Noir.
Fabulously easy and delicious! We used the currant jelly substitute, half of the shallots, about 50% more spices, and I don't think we boiled it down enough but it was still wonderful! We will definitely make it again for special occasions, but next time we will serve it with popovers!