NEW YORK--(BUSINESS WIRE)--The Pacholder High Yield Fund, Inc. (NYSE MKT: PHF) declared a dividend of $0.0530 per common share payable on September 30, 2014 to shareholders of record on September 26, 2014. The ex-date for the dividend is September 24, 2014.
The Board of Directors has also authorized the Fund to decrease the amount of monthly dividends from $0.0575 per common share to $0.0530 per common share beginning with the September 2014 dividend described above. From September 2013 until August 2014, the Fund paid a monthly dividend of $0.0575 per common share. The Fund anticipates paying a monthly dividend of $0.0530 per common share, subject to market conditions and the requirement that the Fund maintains asset coverage of at least 200% of the Auction Rate Preferred Shares (“ARPS”) after payment of dividends. The amount of a monthly dividend, if any, may be more or less than the actual income earned by the Fund in a given month and the Board will continue to monitor the continuing appropriateness of the dividend level in light of market conditions and income earned by the Fund over time. In addition, during the last quarter of the year, the Board will consider the amount of undistributed net investment income remaining, if any, and may declare a special dividend.
Updated information on the amount of undistributed net investment income will continue to be included on the fact sheet available on the Fund’s website at www.pacholder.com. In the event that market conditions change such that the Fund would not meet its asset coverage requirements and/or is not able to declare or pay a dividend at the rate of $0.0530 per common share, shareholders will be notified.
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 New York Stock Exchange MKT under the symbol “PHF.”
The information presented here is not intended as a solicitation. New investors cannot purchase shares directly from the Fund. Shares are listed on the New York Stock Exchange MKT, and interested investors should contact their financial advisor or broker-dealer for more information.
The Fund was organized as a corporation under the laws of Maryland on August 17, 1988 and has registered with the SEC under the Investment Company Act of 1940, as amended. The Fund's principal office is located at 270 Park Avenue, New York, New York 10017. For more information visit us at www.pacholder.com, or call 1-877-217-9502.
The Fund's investment adviser is J.P. Morgan Investment Management Inc., an investment management firm registered with the SEC under the Investment Advisers Act of 1940.