The Pacholder High Yield Fund, Inc. declared a regular monthly dividend of $0.09 per common share for the month ending October 31, 2002. The dividend will be payable on November 11, 2002 to shareholders of record on October 31, 2002. The ex-date for the dividend is October 29, 2002.

The Fund is a closed-end diversified investment management company whose investment objective is to provide a high level of total return through current income and capital appreciation by investing primarily in high yield, lower rated fixed income securities of domestic companies. The Fund’s common stock is traded on the American Stock Exchange under the symbol “PHF.”