Pacholder High Yield Fund Announces Payment of a Special Dividends on December 17, 2010

The Pacholder High Yield Fund, Inc. (NYSE AMEX:PHF) declared a special dividend of $0.205 per common share payable on December 30, 2010 to shareholders of record on December 28, 2010. The ex-date for the dividend is December 23, 2010. The dividend is in addition to the $0.060 per common share monthly dividend for December which is also payable on December 30, 2010 to shareholders of record on December 28, 2010.

In addition, the Fund anticipates continuing to pay a regular monthly dividend in 2011, which is currently set at $0.060 per common share, subject to market conditions and the requirement that the Fund maintain an asset coverage of at least 200% of the Auction Rate Preferred Shares (“ARPS”) after payment of dividends. The amount of monthly dividend may be more or less than the actual income earned by the Fund in a given month and the Board will continue to monitor the continuing appropriateness of the dividend level in light of market conditions and income earned by the Fund over time. In addition, during the last quarter of 2011, the Board will consider the amount of undistributed net income remaining, if any, and may declare a special dividend.

In the event that market conditions change such that the Fund does not meet its asset coverage requirements and/or is not able to declare or pay a dividend at the rate of $0.060 per common share, shareholders will be notified.

The Fund is a closed-end diversified management investment company with a leveraged capital structure. Its investment objective is to provide a high level of total return through current income and capital appreciation. Under normal circumstances, the Fund invests at least 80% of the value of its assets in high yield securities. The Fund invests primarily in fixed income securities of domestic companies. The Fund’s common stock is traded on the NYSE AMEX under the symbol “PHF”.

Pacholder HI Yld (AMEX:PHF)
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