The Pacholder High Yield Fund, Inc. declared a regular monthly dividend of $0.075 per common share for the month ending May 31, 2005. The dividend will be payable on June 10, 2005 to shareholders of record on May 31, 2005. The ex-date for the dividend is May 26, 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.”