The Pacholder High Yield Fund, Inc. (NYSE MKT: PHF) declared a dividend of $0.025 per common share payable on May 31, 2017 to shareholders of record on May 26, 2017. The ex-date for the dividend is May 24, 2017.

In conjunction with the impending liquidation of the Fund, the Board of Directors authorized the Fund to decrease the amount of monthly dividend from $0.045 per common share to $0.025 per common share for the May 2017 dividend. Any subsequent distributions between May 31, 2017 and liquidation date shall be considered liquidating distributions. The Fund currently anticipates that the liquidation and dissolution of the Fund will take place on or about July 31, 2017 (absent unforeseen circumstances). Additional details regarding the liquidation, including the day on which the books of the Fund will be closed with respect to shareholders and the date on which the liquidating distribution is expected to occur, will be provided in a future press release.

The distribution is expected to be paid from net investment income (regular interest). Because distribution source estimates are updated throughout the year based on the Fund's performance and forecast for its current fiscal year (which is the calendar year), these estimates may differ from both the tax information reported to you in your 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment.

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.