Pacholder High Yield Fund : Announces Monthly Distribution

PACHOLDER HIGH YIELD FUND, INC.

For additional information contact: 1-877-217-9502

For Immediate Release September 14, 2016

NEW YORK - (BUSINESS WIRE) -- The Pacholder High Yield Fund, Inc. (NYSE MKT: PHF) declared a dividend of $0.045 per common share payable on September 30, 2016 to shareholders of record on September 28, 2016. The ex-date for the dividend is September 26, 2016.

The Board of Directors has also authorized the Fund to decrease the amount of monthly dividends from

$0.050 per common share to $0.045 per common share beginning with the September dividend described above. From September 2014 until February 2015, the Fund paid a monthly dividend of $0.053 per common share. From February 2015 until September 2016, the Fund paid a monthly dividend of

$0.050 per common share. The Fund currently anticipates declaring and paying a monthly dividend of

$0.045 per common share, although there is no guarantee that the Fund will continue to do so and the declaration and payment of any dividend is subject to market conditions and the requirement that the Fund maintains certain asset coverage requirements. The amount of a monthly dividend, if any, may be more or less than the actual income earned by the Fund in a given month. 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 the year, the Board will consider the amount of undistributed net income remaining, if any, and may declare a special dividend.

Updated information on the amount of undistributed net income will continue to be included on the fact sheet available on the Fund's website at www.pacholder.com. In the event that market conditions change such that the Fund does not believe it would be able to meet its asset coverage requirements and/or is appropriate to declare or pay a dividend at the rate of $0.045 per common share, shareholders will be notified.

The Fund is a closed-end diversified management investment company with a leveraged capital structure. The Fund's 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 New York Stock Exchange MKT under the symbol "PHF."

The information presented here is not intended as a solicitation. New investors cannot purchase shares directly from the Fund. Shares are listed on the New York Stock Exchange MKT, and interested investors should contact their financial advisor or broker‐dealer for more information.

The Fund was organized as a corporation under the laws of Maryland on August 17, 1988 and has registered with the SEC under the Investment Company Act of 1940, as amended. The Fund's principal office is located at 270 Park Avenue, New York, New York 10017. For more information visit us at www.pacholder.com, or call 1‐877‐217‐9502.

The Fund's investment adviser is J.P. Morgan Investment Management Inc., an investment management firm registered with the SEC under the Investment Advisers Act of 1940.