Pacholder High Yield Fund Changes Pricing Methodology CINCINNATI, Dec. 27 /PRNewswire-FirstCall/ -- Effective on Wednesday, December 22, 2004, the Pacholder High Yield Fund, Inc. (the "Fund") has changed the way it values the Fund's fixed income securities. Specifically, the Fund's procedures for valuing its portfolio securities have been amended to provide that fixed income securities shall be valued based on bid prices. Previously, the Fund valued fixed income securities based on the mean of bid and asked prices. Valuations based on bid prices generally are lower than those based on the mean of bid and asked prices. The effect of this change on the Fund's NAV for Wednesday, December 22, 2004, was to lower the NAV by $.06, from $9.52 to $9.46 per share. DATASOURCE: Pacholder High Yield Fund, Inc. CONTACT: James E. Gibson of Pacholder High Yield Fund, Inc., +1-513-985-3200 Web site: http://www.phf-hy.com/

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