The Pacholder High Yield Fund, Inc. declared a regular monthly dividend of $0.08 per common share for the month ending January 31, 2003. The dividend will be payable on February 10, 2003 to shareholders of record on January 31, 2003. The ex-date for the dividend is January 29, 2003.

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 American Stock Exchange under the symbol “PHF.”