Pacholder High Yield Fund, Inc.
Cincinnati, December 18, 2008 -- The Pacholder High Yield Fund, Inc. (PHF) announced that it is redeeming 120 shares of its Auction Rate Cumulative Preferred Stock, Series W (the "Preferred Shares") on January 22, 2009 (the "Redemption Date"). The Preferred Shares will be redeemed pursuant to and in accordance with Section 2(a)(i) of the Articles Supplementary. Shareholders will receive the liquidation preference of $25,000 per Preferred Share redeemed plus an amount equal to any accumulated but unpaid dividends (whether or not earned or declared) to January 22, 2009 (the "Redemption Price"). The amount owed to Preferred Shareholders as a result of the redemption of the Preferred Shares will be credited to the record holder of the Preferred Shares. No further dividends will accumulate on the redeemed Preferred Shares on or after the Redemption Date. In addition, upon deposit of the Redemption Price with the Fund's paying agent on December 18, 2008, 120 shares of the Preferred Shares will no longer be deemed to be outstanding and all rights of the holders of the shares called for redemption shall terminate except the right of such holders to receive the Redemption Price. This redemption is in addition to the redemption of 800 shares announced on December 10, 2008.
The Fund is a closed-end diversified management investment company with a leveraged capital structure. Its 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 NYSE ALTERNEXT US under the symbol "PHF".
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