Please note that the time and place for the Annual Meeting of the shareholders of Pacholder High Yield Fund has been changed. The new Annual Meeting date is February 25, 2005, at 10:30 a.m. The new meeting location for the Annual Meeting is the Bank One Conference Room, 8044 Montgomery Road, East Tower, 3rd Floor, Cincinnati, Ohio. All references to the February 22, 2005 Annual Meeting in the proxy and the proxy statement are changed to February 25, 2005.

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.”