UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05639

Pacholder High Yield Fund, Inc.

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (877) 217-9502

Date of fiscal year end: December 31

Date of reporting period: January 1, 2015 through June 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

PACHOLDER HIGH YIELD FUND, INC.

Directors and Officers

Dr. Matthew Goldstein Chairman and Director John F. Finn Director Robert J. Higgins Director Frankie D. Hughes Director Peter C. Marshall Director Mary E. Martinez Director Marilyn McCoy Director Mitchell M. Merin Director William G. Morton, Jr. Director Dr. Robert A. Oden, Jr. Director Marian U. Pardo Director Frederick W. Ruebeck Director James J. Schonbachler Director Robert L. Young President and Principal Executive Officer Laura M. Del Prato Treasurer and Principal Financial Officer Frank J. Nasta Secretary Stephen M. Ungerman Chief Compliance Officer

Investment Objective

A closed-end fund seeking a high level of total return through current income and capital appreciation by investing primarily in high-yield, fixed income securities of domestic companies.

Investment Advisor

J.P. Morgan Investment Management Inc.

Administrator

JPMorgan Funds Management, Inc.

Custodian

JPMorgan Chase Bank, N.A.

Transfer Agent

Computershare Trust Company, N.A.

Legal Counsel

Dechert LLP

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Independent Directors’ Counsel

Kramer Levin Naftalis & Frankel LLP

Executive Offices

Pacholder High Yield Fund, Inc.

270 Park Avenue

New York, NY 10017

Shareholder Services

(877) 217-9502

Please visit our web site, www.pacholder.com, for information on the Fund’s net asset value, share price, news releases, and Securities and Exchange Commission filings. We created this site to provide stockholders quick and easy access to the most timely information available regarding the Fund.

This report is for the information of stockholders of Pacholder High Yield Fund, Inc. It is not a prospectus, offering circular or other representation intended for use in connection with the purchase or sale of shares of the Fund or any securities mentioned in this report.

PACHOLDER HIGH YIELD FUND, INC.

SEMI-ANNUAL REPORT

JUNE 30, 2015

(UNAUDITED)

CONTENTS

Letter to Shareholders	1
Schedule of Portfolio Investments	3
Financial Statements	30
Financial Highlights	32
Notes to Financial Statements	33
Annual Meeting Results	42
Supplemental Information	43

Investments in the Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

PACHOLDER HIGH YIELD FUND, INC.

(Unaudited)

Dear Shareholders:

First Half 2015 Review

The second quarter of 2015 proved to be much like the first quarter in the high yield bond (or “junk bond”) market with mixed returns and commodities driven sectors playing a big role in moving performance. Between an anticipated rise in interest rates, concerns over Greece, and swinging commodity prices, investors in general acted conservatively in the first half of 2015. This cautious sentiment was constructive for the market by keeping investors from taking riskier actions. Despite the volatile start to the year and wary market participants, we continued to have a constructive view of the leveraged credit space and believed that credit fundamentals generally remained positive, default expectations remained considerably below long term averages, and spreads and yields provided better return potential than other fixed income options.

Specific to the energy sector, most of the recent oil supply was generally at a higher cost — oil sands, deepwater offshore and some U.S. shale. Oil producers have cut back on capital spending in their 2015 budgets, based on the lower oil prices. Supply around the world remained high as the Organization of Petroleum Exporting Countries did not slow production and geopolitical concerns failed to materially affect producers in riskier areas. All energy credits were negatively affected by lower oil prices; however better-managed and more conservatively financed companies with lower costs, higher quality assets, and higher liquidity had a greater ability to manage through this tough time and perhaps became stronger through strategic opportunities.

Our investment strategy continues to be based upon a process that is intended to take specific, targeted credit risk when our analysis indicates a favorable risk reward opportunity, while building a core of improving credits. We made a conscious effort to position the portfolio into higher quality credits and continued to like that positioning as volatility persisted in the market. This increase in quality bias generally benefitted relative performance, especially in the energy and metals and mining sectors and we believe it could position the Pacholder High Yield Fund Inc. (the “Fund”) to perform well if volatility increases in conjunction with the U.S. Federal Reserve indicating that it will move to end its zero interest rate policy.

For the six months ended June 30, 2015, the Fund returned 3.31% based on net asset value (“NAV”) compared to the 2.89% return for the Credit Suisse High Yield Index, Developed Countries Only (the “Index”) and the 3.31% average total return of the Morningstar Closed-End High Yield Category.

The Fund outperformed the Index during the reporting period. Contributing to this outperformance was positive security selection in the financial, aerospace, metals/minerals, and energy sectors. On an industry level, an underweight position in the metals/minerals sector and an overweight position to the food and drug sector added to relative returns. Security selection in the retail, utility, food and drug, and gaming/leisure sectors detracted from relative performance. On an industry level, an underweight position in the energy sector and an overweight position in the media/telecom sector weighed on relative returns.

Fund Strategy

The Fund invests in all types of high-yield, high-risk debt securities and focuses on value by looking at individual securities against the context of broader market factors. The Fund’s portfolio managers monitor investments by staying abreast of positive and negative credit developments and having regular discussions with senior management of issuers of the Fund’s investments.

Auction Rate Preferred Shares and Dividends

Since February 2008, most auctions for preferred shares of closed-end funds and auction rate securities of other issuers have failed. The weekly auctions for the Fund’s auction rate preferred stock (“ARPS”) have failed since February 13, 2008. Since that time, a number of broker-dealers have repurchased auction rate securities from certain clients. Any action taken by the Fund to provide liquidity to the ARPS must be in the best interest of the Fund as a whole.

Due to changes by Moody’s and S&P in their respective ratings methodology for securities issued by closed-end funds, the Fund’s ARPS were downgraded from Aaa to Aa3 by Moody’s in July 2012 and from AAA to AA by S&P in May 2014. There was no impact to the Fund’s performance and no change to its investment strategy as a result of these downgrades.

The Fund paid a monthly dividend of $0.053 per common share starting in September 2014 until March 2015. In March 2015, the Board of Trustees of the Fund authorized a reduction in the monthly dividend amount from $0.053 per common share to $0.050 per common share. The Board of Directors will continue to monitor the appropriateness of the dividend level going forward in light of market conditions and income earned by the Fund over time, and there can be no guarantee that the dividend level will continue or that a dividend will be paid at all. The amount of the monthly dividend, if any, may be more or less than the actual income earned by the Fund in a given month.

As always, we appreciate your interest in the Fund and look forward to your continued support.

Sincerely,

George C.W. Gatch

CEO-Global Funds Management

J.P. Morgan Asset Management

1

PACHOLDER HIGH YIELD FUND, INC.

(Unaudited)

The performance quoted is past performance and is not a guarantee of future results. Closed-end funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

Securities rated below investment grade are called “high-yield bonds,” “non-investment grade bonds,” “below investment-grade bonds,” or “junk bonds.” They generally are rated in the fifth or lower rating categories of Standard & Poor’s and Moody’s Investors Service. Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Fund’s share value will decline. Because this Fund primarily invests in bonds, it is subject to interest rate risks. Bond prices generally fall when interest rates rise.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting and legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

Availability of Portfolio Holdings and Other Information

No sooner than 10 days after the end of each month, the Fund’s uncertified complete schedule of its portfolio holdings will be available on our website (www.pacholder.com). In addition, the Fund files its certified, complete schedule of its portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Qs are available, without charge, on the SEC’s website at www.sec.gov. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

No sooner than 10 calendar days after the end of each month, the Fund’s top ten holdings as of the last day of each month as well as certain other fund facts including estimated undistributed net income and statistical information will also be available on the Fund’s website.

Total Return *	Net Asset Value (NAV)**			Market Price
6 Months #		3.31	%		(1.74	)%
1 Year		(0.85	)%		(16.19	)%
5 Year		10.10	%		6.87	%
10 Year		9.45	%		7.33	%
Price per share at June 30, 2015	$	8.11		$	6.93

* Total returns assume the reinvestment of all dividends and capital gains, if any. Total returns shown are average annual returns unless otherwise noted.

** The return shown is based on net asset value which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

# Not Annualized.

2

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
CONVERTIBLE BOND — 0.0%
CONSUMER DISCRETIONARY — 0.0%
HOTELS, RESTAURANTS & LEISURE — 0.0%
Real Mex Restaurants, Inc., 1.120%, (PIK) 03/21/189,17 (Cost $41,188)	$	41	$	—		0.0	%
CORPORATE BONDS — 124.1%
CONSUMER DISCRETIONARY — 24.1%
AUTO COMPONENTS — 2.5%
Goodyear Tire & Rubber Co. (The), Co Guar, 7.000%, 05/15/22		815		886,109		0.8
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Co Guar, 5.875%, 02/01/22		528		537,900		0.5
JB Poindexter & Co., Inc., Private Placement, Sr Unsec’d Nt, 9.000%, 04/01/222		182		194,740		0.2
MPG Holdco I, Inc., Co Guar, 7.375%, 10/15/22		288		306,720		0.3
Pittsburgh Glass Works LLC, Private Placement, Sr Sec’d Nt, 8.000%, 11/15/182		96		101,040		0.1
Tenneco, Inc., Co Guar, 5.375%, 12/15/24		53		54,457		0.1
ZF North America Capital, Inc., Private Placement, Co Guar,
4.000%, 04/29/202		185		184,769		0.2
4.500%, 04/29/222		150		146,932		0.1
4.750%, 04/29/252		204		197,499		0.2
				2,610,166		2.5
AUTOMOBILES — 1.7%
FCA US LLC/CG Co-Issuer Inc., Sec’d Nt, 8.250%, 06/15/21		600		654,000		0.6
Fiat Chrysler Automobiles N.V., Private Placement, Sr Unsec’d Nt, (Netherlands),
4.500%, 04/15/202		249		247,755		0.2
5.250%, 04/15/232		200		196,040		0.2
General Motors Co., Sr Unsec’d Nt,
3.500%, 10/02/18		116		119,771		0.1
4.000%, 04/01/25		110		107,980		0.1
4.875%, 10/02/23		125		131,784		0.2

Description	Par (000)			Value		Percent of Net Assets*
AUTOMOBILES (continued)
Jaguar Land Rover Automotive plc, Private Placement, Co Guar, (United Kingdom),
4.125%, 12/15/182	$	200		$	202,500		0.2	%
5.625%, 02/01/232		150			155,250		0.1
Motors Liquidation Co.,
5.250%, 03/06/329		25 Units			3		0.0	12
6.250%, 07/15/339		15 Units			1		0.0	12
7.250%, 04/15/419		—Units	11		—		0.0
7.250%, 07/15/419		—Units	11		—		0.0
7.250%, 02/15/529		7 Units			1		0.0	12
7.375%, 10/01/519		—Units	11		—		0.0
7.735%, 05/15/489		10 Units			1		0.0	12
7.750%, 03/15/361,4,9		55 Units			—		0.0
Motors Liquidation Co., Debentures,
6.750%, 05/01/281,4,9		50			—		0.0
8.100%, 06/15/241,4,9		1,725			2		0.0	12
8.375%, 07/15/331,4,9		425			—		0.0
					1,815,088		1.7
DISTRIBUTORS — 0.5%
AmeriGas Finance LLC/AmeriGas Finance Corp., Co Guar, 6.750%, 05/20/20		126			132,615		0.1
Global Partners LP/GLP Finance Corp., Co Guar, 6.250%, 07/15/22		56			53,760		0.0	12
Global Partners LP/GLP Finance Corp., Private Placement, Co Guar, 7.000%, 06/15/232		150			147,375		0.1
VWR Funding, Inc., Co Guar, 7.250%, 09/15/17		220			227,425		0.2
					561,175		0.5
HOTELS, RESTAURANTS & LEISURE — 4.8%
1011778 B.C. ULC/New Red Finance, Inc., Private Placement, Sec’d Nt, (Canada), 6.000%, 04/01/222		110			113,025		0.1
1011778 B.C. ULC/New Red Finance, Inc., Private Placement, Sr Sec’d Nt, (Canada), 4.625%, 01/15/222		60			59,100		0.1
Boyd Gaming Corp., Co Guar, 6.875%, 05/15/23		72			73,800		0.1
CCM Merger, Inc., Private Placement, Co Guar, 9.125%, 05/01/192		52			55,640		0.1

3

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
HOTELS, RESTAURANTS & LEISURE (continued)
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Co Guar,
5.250%, 03/15/21	$	100	$	102,750		0.1	%
5.375%, 06/01/24		70		70,784		0.1
Choice Hotels International, Inc., Co Guar, 5.750%, 07/01/22		83		89,951		0.1
Downstream Development Authority of the Quapaw Tribe of Oklahoma, Private Placement, Sr Sec’d Nt, 10.500%, 07/01/192		54		51,570		0.0	12
ESH Hospitality, Inc., Private Placement, Co Guar, 5.250%, 05/01/252		105		102,112		0.1
Graton Economic Development Authority, Private Placement, Sr Sec’d Nt, 9.625%, 09/01/192		100		107,840		0.1
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Co Guar, 5.625%, 10/15/21		90		93,483		0.1
Isle of Capri Casinos, Inc., Co Guar,
5.875%, 03/15/21		100		102,750		0.1
8.875%, 06/15/20		150		162,000		0.1
MGM Resorts International, Co Guar,
6.000%, 03/15/23		175		177,187		0.2
6.625%, 12/15/21		162		169,290		0.1
6.750%, 10/01/20		263		278,780		0.3
7.750%, 03/15/22		224		246,400		0.2
8.625%, 02/01/19		260		293,800		0.3
MTR Gaming Group, Inc., Sec’d Nt, 11.500%, 08/01/19		95		101,056		0.1
NCL Corp. Ltd., Private Placement, Sr Unsec’d Nt, (Bermuda), 5.250%, 11/15/192		112		114,660		0.1
Pinnacle Entertainment, Inc., Co Guar,
6.375%, 08/01/21		75		79,594		0.1
7.500%, 04/15/21		180		190,575		0.2
Real Mex Restaurants, Inc., 7.000%, 03/21/169		83		82,890		0.1

Description	Par (000)		Value		Percent of Net Assets*
HOTELS, RESTAURANTS & LEISURE (continued)
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., Private Placement, Sr Sec’d Nt, 9.500%, 06/15/192	$	68	$	71,485		0.1	%
Sabre GLBL, Inc., Private Placement, Sr Sec’d Nt, 5.375%, 04/15/232		99		97,515		0.1
Scientific Games International, Inc., Co Guar, 10.000%, 12/01/22		255		244,163		0.2
Scientific Games International, Inc., Private Placement, Sr Sec’d Nt, 7.000%, 01/01/222		75		77,438		0.1
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Private Placement, Co Guar, 5.875%, 05/15/212		220		222,200		0.2
Shingle Springs Tribal Gaming Authority, Private Placement, Sr Unsec’d Nt, 9.750%, 09/01/212		193		214,230		0.2
Six Flags Entertainment Corp., Private Placement, Co Guar, 5.250%, 01/15/212		35		35,788		0.0	12
Speedway Motorsports, Inc., Co Guar, 5.125%, 02/01/23		110		108,350		0.1
Studio City Finance Ltd., Private Placement, Co Guar, (United Kingdom), 8.500%, 12/01/202		250		251,250		0.2
Viking Cruises Ltd., Private Placement, Sr Unsec’d Nt, (Bermuda),
6.250%, 05/15/252		70		69,475		0.1
8.500%, 10/15/222		134		148,740		0.1
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Private Placement, Co Guar, 5.500%, 03/01/252		280		266,700		0.3
Wynn Macau Ltd., Private Placement, Sr Unsec’d Nt, (Cayman Islands), 5.250%, 10/15/212		285		274,177		0.3
				5,000,548		4.8

4

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
HOUSEHOLD DURABLES — 1.8%
Brookfield Residential Properties, Inc., Private Placement, Co Guar, (Canada), 6.500%, 12/15/202	$	95	$	94,565		0.1	%
Brookfield Residential Properties, Inc., Private Placement, Sr Nt, (Canada), 6.375%, 05/15/252		58		56,840		0.1
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., Private Placement, Co Guar, (Canada), 6.125%, 07/01/222		104		102,440		0.1
Century Communities, Inc., Private Placement, Co Guar, 6.875%, 05/15/222		150		147,375		0.1
K. Hovnanian Enterprises, Inc., Co Guar, 11.875%, 10/15/159		130		133,087		0.1
Lennar Corp., Co Guar,
4.500%, 06/15/19		29		29,580		0.0	12
4.500%, 11/15/19		64		64,800		0.1
4.750%, 05/30/25		125		121,250		0.1
6.950%, 06/01/18		40		43,900		0.0	12
Series B, 12.250%, 06/01/17		150		177,000		0.2
M/I Homes, Inc., Co Guar, 8.625%, 11/15/18		152		157,320		0.1
Meritage Homes Corp., Co Guar,
7.000%, 04/01/22		133		141,977		0.1
7.150%, 04/15/20		10		10,800		0.0	12
Standard Pacific Corp., Co Guar,
5.875%, 11/15/24		67		69,010		0.1
8.375%, 01/15/21		75		87,000		0.1
10.750%, 09/15/16		29		32,118		0.0	12
Taylor Morrison Communities, Inc./Monarch Communities, Inc., Private Placement, Co Guar, 5.875%, 04/15/232		129		127,710		0.1
WCI Communities, Inc., Co Guar, 6.875%, 08/15/21		257		265,353		0.3
Woodside Homes Co. LLC/Woodside Homes Finance, Inc., Private Placement, Co Guar, 6.750%, 12/15/212		80		75,600		0.1
				1,937,725		1.8

Description	Par (000)		Value		Percent of Net Assets*
INTERNET & CATALOG RETAIL — 0.7%
Netflix, Inc., Private Placement, Sr Unsec’d Nt,
5.500%, 02/15/222	$	75	$	77,438		0.0	%12
5.875%, 02/15/252		75		77,633		0.1
Netflix, Inc., Sr Unsec’d Nt,
5.375%, 02/01/21		143		148,362		0.2
5.750%, 03/01/24		140		143,850		0.1
SITEL LLC/Sitel Finance Corp., Co Guar, 11.500%, 04/01/18		191		167,603		0.2
SITEL LLC/Sitel Finance Corp., Private Placement, Sr Sec’d Nt, 11.000%, 08/01/172		105		106,575		0.1
				721,461		0.7
MEDIA — 10.5%
Adelphia Communications Corp., Pfd, 6.000%, 02/15/061,4		125		—		0.0
Adelphia Communications Corp., Sr Nt,
8.125%, 07/15/031,4		750		5,625		0.0	12
9.375%, 11/15/091,4		560		4,200		0.0	12
Altice S.A., Private Placement, Co Guar, (Luxembourg), 7.750%, 05/15/222		282		272,835		0.3
AMC Entertainment, Inc., Co Guar, 5.875%, 02/15/22		191		193,865		0.2
Cablevision Systems Corp., Sr Unsec’d Nt, 8.000%, 04/15/20		669		725,865		0.7
Cenveo Corp., Private Placement, Sec’d Nt, 8.500%, 09/15/222		145		121,075		0.1
Cenveo Corp., Private Placement, Sr Sec’d Nt, 6.000%, 08/01/192		60		56,400		0.1
Cequel Communications Holdings I LLC/Cequel Capital Corp., Private Placement, Sr Unsec’d Nt,
5.125%, 12/15/212		128		116,240		0.1
6.375%, 09/15/202		60		59,595		0.1
Cinemark USA, Inc., Co Guar, 5.125%, 12/15/22		75		74,344		0.1
Clear Channel Worldwide Holdings, Inc., Co Guar,
6.500%, 11/15/22		171		175,275		0.2
Series B, 6.500%, 11/15/22		399		415,459		0.4
Series A, 7.625%, 03/15/20		25		25,812		0.0	12
Series B, 7.625%, 03/15/20		734		765,195		0.7

5

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
MEDIA (continued)
CSC Holdings LLC, Sr Unsec’d Nt, 6.750%, 11/15/21	$	80	$	84,400		0.1	%
DISH DBS Corp., Co Guar,
5.875%, 11/15/24		85		81,653		0.1
6.750%, 06/01/21		1,079		1,124,858		1.0
7.875%, 09/01/19		65		72,085		0.1
Gannett Co., Inc., Co Guar, 6.375%, 10/15/23		280		291,550		0.3
Gray Television, Inc., Co Guar, 7.500%, 10/01/20		275		291,500		0.3
iHeartCommunications, Inc., Sr Sec’d Nt, 9.000%, 12/15/19		153		145,809		0.1
Liberty Interactive LLC, Sr Unsec’d Nt, 8.250%, 02/01/30		160		168,000		0.2
LIN Television Corp., Co Guar, 6.375%, 01/15/21		130		132,925		0.1
Live Nation Entertainment, Inc., Private Placement, Co Guar, 5.375%, 06/15/222		60		60,000		0.1
Media General Financing Sub, Inc., Private Placement, Sr Unsec’d Nt, 5.875%, 11/15/222		85		86,062		0.1
Nexstar Broadcasting, Inc., Co Guar, 6.875%, 11/15/20		100		106,000		0.1
Nexstar Broadcasting, Inc., Private Placement, Co Guar, 6.125%, 02/15/222		90		91,350		0.1
Nielsen Finance LLC/Nielsen Finance Co., Private Placement, Co Guar, 5.000%, 04/15/222		277		271,460		0.3
Numericable-SFR SAS, Private Placement, Sr Sec’d Nt, (France),
6.000%, 05/15/222		600		591,375		0.5
6.250%, 05/15/242		200		196,750		0.2
Outfront Media Capital LLC/Outfront Media Capital Corp., Co Guar,
5.250%, 02/15/22		88		89,100		0.1
5.625%, 02/15/24		185		189,162		0.2
5.875%, 03/15/25		75		77,625		0.0	12
Quebecor Media, Inc., Sr Unsec’d Nt, (Canada),
5.750%, 01/15/23		75		74,812		0.1
9.750%, 10/15/151,4		585		1,170		0.0	12

Description	Par (000)		Value		Percent of Net Assets*
MEDIA (continued)
RCN Telecom Services LLC/RCN Capital Corp., Private Placement, Sr Unsec’d Nt, 8.500%, 08/15/202	$	129	$	135,127		0.1	%
Regal Entertainment Group, Sr Unsec’d Nt,
5.750%, 03/15/22		150		151,680		0.1
5.750%, 06/15/23		100		100,500		0.1
Sinclair Television Group, Inc., Co Guar,
5.375%, 04/01/21		178		179,335		0.2
6.125%, 10/01/22		200		205,500		0.2
6.375%, 11/01/21		35		36,137		0.0	12
Sinclair Television Group, Inc., Private Placement, Co Guar, 5.625%, 08/01/242		105		102,638		0.1
Sirius XM Radio, Inc., Private Placement, Co Guar,
4.250%, 05/15/202		35		34,825		0.0	12
4.625%, 05/15/232		60		56,325		0.1
5.375%, 04/15/252		21		20,265		0.0	12
5.750%, 08/01/212		312		320,580		0.3
6.000%, 07/15/242		144		145,440		0.1
TEGNA, Inc., Co Guar, 5.125%, 07/15/20		62		63,550		0.1
TEGNA, Inc., Private Placement, Co Guar,
4.875%, 09/15/212		65		64,512		0.1
5.500%, 09/15/242		65		64,350		0.0	12
Time Warner Cable, Inc., Co Guar, 7.300%, 07/01/38		145		163,373		0.2
Tribune Media Co., Private Placement, Co Guar, 5.875%, 07/15/222		117		117,878		0.1
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, Private Placement, Sr Sec’d Nt, (Germany), 5.000%, 01/15/252		200		198,500		0.2
Univision Communications, Inc., Private Placement, Co Guar, 8.500%, 05/15/212		315		331,538		0.3
Univision Communications, Inc., Private Placement, Sr Sec’d Nt,
5.125%, 05/15/232		125		121,250		0.1
5.125%, 02/15/252		75		72,390		0.1
6.750%, 09/15/222		542		573,165		0.5

6

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
MEDIA (continued)
Videotron Ltd., Co Guar, (Canada), 5.000%, 07/15/22	$	53	$	52,868		0.0	%12
Videotron Ltd., Private Placement, Co Guar, (Canada), 5.375%, 06/15/242		114		114,000		0.1
WMG Acquisition Corp., Private Placement, Co Guar, 6.750%, 04/15/222		217		206,189		0.2
WMG Acquisition Corp., Private Placement, Sr Sec’d Nt, 5.625%, 04/15/222		150		150,375		0.1
				11,021,721		10.5
MULTILINE RETAIL — 0.3%
Family Tree Escrow LLC, Private Placement, Sr Sec’d Nt, 5.750%, 03/01/232		74		77,330		0.1
J.C. Penney Corp., Inc., Co Guar, 8.125%, 10/01/19		51		50,490		0.0	12
Neiman Marcus Group Ltd. LLC, Private Placement, Co Guar, 8.000%, 10/15/212		211		222,078		0.2
				349,898		0.3
SPECIALTY RETAIL — 1.2%
Chinos Intermediate Holdings A, Inc., Private Placement, Sr Unsec’d Nt, 7.750%, (cash) 05/01/192,17		76		61,180		0.1
Claire’s Stores, Inc., Private Placement, Sr Sec’d Nt, 9.000%, 03/15/192		659		556,855		0.5
Claire’s Stores, Inc., Sec’d Nt, 8.875%, 03/15/19		509		226,505		0.2
Guitar Center, Inc., Private Placement, Sr Sec’d Nt, 6.500%, 04/15/192		119		108,885		0.1
Neebo, Inc., Private Placement, Sr Sec’d Nt, 15.000%, 06/30/162		190		196,296		0.2
Radio Systems Corp., Private Placement, Sec’d Nt, 8.375%, 11/01/192		102		108,120		0.1
Serta Simmons Holdings LLC, Private Placement, Sr Unsec’d Nt, 8.125%, 10/01/202		45		47,475		0.0	12
				1,305,316		1.2

Description	Par (000)		Value		Percent of Net Assets*
TEXTILES, APPAREL & LUXURY GOODS — 0.1%
Levi Strauss & Co., Private Placement, Sr Unsec’d Nt, 5.000%, 05/01/252	$	110	$	106,425		0.1	%
Total Consumer Discretionary				25,429,523		24.1
CONSUMER STAPLES — 5.9%
BEVERAGES — 0.5%
Constellation Brands, Inc., Co Guar,
3.750%, 05/01/21		75		73,500		0.1
4.250%, 05/01/23		25		24,625		0.0	12
4.750%, 11/15/24		63		63,157		0.0	12
Cott Beverages, Inc., Private Placement, Co Guar, 6.750%, 01/01/202		104		107,900		0.1
DS Services of America, Inc., Private Placement, Sec’d Nt, 10.000%, 09/01/212		234		273,780		0.3
				542,962		0.5
FOOD & STAPLES RETAILING — 1.6%
Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., Private Placement, Sr Sec’d Nt, 7.750%, 10/15/222		350		371,875		0.3
Ingles Markets, Inc., Sr Unsec’d Nt, 5.750%, 06/15/23		160		162,608		0.1
New Albertsons, Inc., Sr Unsec’d Nt,
7.450%, 08/01/29		80		76,800		0.1
7.750%, 06/15/26		16		15,600		0.0	12
8.000%, 05/01/31		180		178,200		0.2
8.700%, 05/01/30		7		7,105		0.0	12
Rite Aid Corp., Co Guar, 6.750%, 06/15/21		160		168,000		0.2
Rite Aid Corp., Private Placement, Co Guar, 6.125%, 04/01/232		262		269,860		0.3
SUPERVALU, Inc., Sr Unsec’d Nt, 7.750%, 11/15/22		242		253,949		0.2
Tops Holding LLC/Tops Markets II Corp., Private Placement, Sr Sec’d Nt, 8.000%, 06/15/222		225		225,281		0.2
				1,729,278		1.6
FOOD PRODUCTS — 3.4%
Bumble Bee Holdings, Inc., Private Placement, Sr Sec’d Nt, 9.000%, 12/15/172		265		277,919		0.3

7

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
FOOD PRODUCTS (continued)
Darling Ingredients, Inc., Co Guar, 5.375%, 01/15/22	$	220	$	220,000		0.2	%
Dean Foods Co., Private Placement, Co Guar, 6.500%, 03/15/232		375		382,500		0.4
H.J. Heinz Co., Private Placement, Sec’d Nt, 4.875%, 02/15/252		69		75,124		0.1
H.J. Heinz Co., Sec’d Nt, 4.250%, 10/15/20		300		306,375		0.3
JBS USA LLC/JBS USA Finance, Inc., Private Placement, Co Guar,
7.250%, 06/01/212		258		271,938		0.2
7.250%, 06/01/212		177		186,514		0.2
8.250%, 02/01/202		78		82,935		0.1
JBS USA LLC/JBS USA Finance, Inc., Private Placement, Sr Unsec’d Nt,
5.750%, 06/15/252		193		190,771		0.2
5.875%, 07/15/242		221		222,263		0.2
Pilgrim’s Pride Corp., Private Placement, Co Guar, 5.750%, 03/15/252		105		106,050		0.1
Post Holdings, Inc., Private Placement, Co Guar, 6.750%, 12/01/212		200		200,000		0.2
Shearer’s Foods LLC/Chip Finance Corp., Private Placement, Sr Sec’d Nt, 9.000%, 11/01/192		125		134,375		0.1
Smithfield Foods Inc., Private Placement, Sr Unsec’d Nt,
5.250%, 08/01/182		101		102,515		0.1
5.875%, 08/01/212		436		450,170		0.4
Smithfield Foods, Inc., Sr Unsec’d Nt,
6.625%, 08/15/22		150		160,125		0.1
7.750%, 07/01/17		76		83,315		0.1
Wells Enterprises, Inc., Private Placement, Sr Sec’d Nt, 6.750%, 02/01/202		100		102,250		0.1
				3,555,139		3.4
HOUSEHOLD PRODUCTS — 0.2%
Spectrum Brands, Inc., Co Guar, 6.625%, 11/15/22		42		44,730		0.1
Spectrum Brands, Inc., Private Placement, Co Guar,
5.750%, 07/15/252		102		103,530		0.1
6.125%, 12/15/242		43		45,043		0.0	12
				193,303		0.2

Description	Par (000)		Value		Percent of Net Assets*
PERSONAL PRODUCTS — 0.2%
Prestige Brands, Inc., Private Placement, Co Guar, 5.375%, 12/15/212	$	100	$	100,000		0.1	%
Revlon Consumer Products Corp., Co Guar, 5.750%, 02/15/21		119		116,620		0.1
				216,620		0.2
Total Consumer Staples				6,237,302		5.9
ENERGY — 16.3%
ENERGY EQUIPMENT & SERVICES — 2.1%
Basic Energy Services, Inc., Co Guar, 7.750%, 10/15/22		64		50,560		0.1
Compressco Partners LP/Compressco Finance, Inc., Private Placement, Co Guar, 7.250%, 08/15/222		176		168,080		0.2
Exterran Partners LP/EXLP Finance Corp., Co Guar, 6.000%, 10/01/22		120		114,000		0.1
FTS International, Inc., Private Placement, Sr Sec’d Nt, VAR, 7.783%, 06/15/202		66		65,676		0.1
Ocean Rig UDW, Inc., Private Placement, Sr Unsec’d Nt, 7.250%, 04/01/192		200		150,000		0.1
Parker Drilling Co., Co Guar,
6.750%, 07/15/22		120		103,500		0.1
7.500%, 08/01/20		35		31,850		0.0	12
PHI, Inc., Co Guar, 5.250%, 03/15/19		81		74,925		0.1
Pioneer Energy Services Corp., Co Guar, 6.125%, 03/15/22		50		40,000		0.0	12
Precision Drilling Corp., Co Guar, (Canada), 5.250%, 11/15/24		170		147,900		0.1
Sea Trucks Group Ltd., Private Placement, Sr Sec’d Nt, (United Kingdom), Reg. S, 9.000%, 03/26/182		200		164,000		0.2
Seventy Seven Energy, Inc., Sr Unsec’d Nt, 6.500%, 07/15/22		87		55,680		0.1
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Co Guar,
5.500%, 08/15/22		55		52,525		0.0	12
7.500%, 07/01/21		65		68,087		0.1

8

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
ENERGY EQUIPMENT & SERVICES (continued)
Transocean, Inc., Co Guar, (Cayman Islands),
6.500%, 11/15/20	$	44	$	40,755		0.0	%12
6.875%, 12/15/21		206		185,400		0.2
Trinidad Drilling Ltd., Private Placement, Co Guar, (Canada), 7.875%, 01/15/192		130		130,000		0.1
Unit Corp., Co Guar, 6.625%, 05/15/21		418		405,460		0.4
Western Refining Logistics LP/WNRL Finance Corp., Private Placement, Co Guar, 7.500%, 02/15/232		107		110,210		0.1
				2,158,608		2.1
OIL, GAS & CONSUMABLE FUELS — 14.2%
Antero Resources Corp., Co Guar,
5.125%, 12/01/22		89		84,105		0.1
5.375%, 11/01/21		70		67,200		0.1
6.000%, 12/01/20		115		115,575		0.1
Baytex Energy Corp., Private Placement, Co Guar, (Canada),
5.125%, 06/01/212		44		41,250		0.1
5.625%, 06/01/242		44		40,810		0.0	12
Blue Racer Midstream LLC/Blue Racer Finance Corp., Private Placement, Co Guar, 6.125%, 11/15/222		151		155,530		0.1
California Resources Corp., Co Guar,
5.000%, 01/15/20		113		99,440		0.1
5.500%, 09/15/21		208		181,002		0.2
6.000%, 11/15/24		239		205,540		0.2
Chesapeake Energy Corp., Co Guar,
4.875%, 04/15/22		516		447,630		0.4
5.375%, 06/15/21		140		126,700		0.1
6.125%, 02/15/21		46		43,240		0.1
Cimarex Energy Co., Co Guar,
4.375%, 06/01/24		80		79,014		0.1
5.875%, 05/01/22		72		77,040		0.0	12
Citgo Holding, Inc., Private Placement, Sr Sec’d Nt, 10.750%, 02/15/202		150		153,375		0.1
CITGO Petroleum Corp., Private Placement, Sr Sec’d Nt, 6.250%, 08/15/222		204		200,430		0.2
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., Co Guar, 6.375%, 03/15/24		55		39,050		0.0	12

Description	Par (000)		Value		Percent of Net Assets*
OIL, GAS & CONSUMABLE FUELS (continued)
Comstock Resources, Inc., Co Guar,
7.750%, 04/01/19	$	150	$	63,000		0.1	%
9.500%, 06/15/20		109		46,052		0.0	12
Comstock Resources, Inc., Private Placement, Sr Sec’d Nt, 10.000%, 03/15/202		173		156,060		0.1
Concho Resources, Inc., Co Guar,
5.500%, 04/01/23		40		40,000		0.0	12
6.500%, 01/15/22		205		213,712		0.2
CONSOL Energy, Inc., Co Guar, 5.875%, 04/15/22		130		110,500		0.1
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., Co Guar,
6.000%, 12/15/20		48		49,680		0.1
6.125%, 03/01/22		151		154,020		0.1
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., Private Placement, Co Guar, 6.250%, 04/01/232		136		141,440		0.1
Diamondback Energy, Inc., Co Guar, 7.625%, 10/01/21		157		167,990		0.2
Energy Transfer Equity LP, Sr Sec’d Nt,
5.875%, 01/15/24		250		259,250		0.3
7.500%, 10/15/20		19		21,422		0.0	12
EnLink Midstream Partners LP/EnLink Midstream Finance Corp., Co Guar, 7.125%, 06/01/22		124		137,414		0.1
EP Energy LLC/Everest Acquisition Finance, Inc., Co Guar,
7.750%, 09/01/22		142		149,100		0.2
9.375%, 05/01/20		138		147,481		0.1
EP Energy LLC/Everest Acquisition Finance, Inc., Private Placement, Co Guar, 6.375%, 06/15/232		93		93,232		0.1
Genesis Energy LP/Genesis Energy Finance Corp., Co Guar,
5.625%, 06/15/24		125		121,250		0.1
5.750%, 02/15/21		175		172,812		0.2
6.000%, 05/15/23		82		82,041		0.1
Halcon Resources Corp., Co Guar,
8.875%, 05/15/21		75		49,312		0.1
9.250%, 02/15/22		195		126,263		0.1

9

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
OIL, GAS & CONSUMABLE FUELS (continued)
Hilcorp Energy I LP/Hilcorp Finance Co., Private Placement, Sr Unsec’d Nt,
5.000%, 12/01/242	$	377	$	353,513		0.3	%
5.750%, 10/01/252		225		216,000		0.2
7.625%, 04/15/212		75		78,000		0.1
Holly Energy Partners LP/Holly Energy Finance Corp., Co Guar, 6.500%, 03/01/20		125		124,687		0.1
Jones Energy Holdings LLC/Jones Energy Finance Corp., Co Guar, 6.750%, 04/01/22		160		152,400		0.1
Jupiter Resources, Inc., Private Placement, Sr Unsec’d Nt, (Canada), 8.500%, 10/01/222		250		209,375		0.2
Linn Energy LLC/Linn Energy Finance Corp., Co Guar, 6.500%, 09/15/21		145		108,750		0.1
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., Co Guar,
4.875%, 12/01/24		130		127,075		0.1
4.875%, 06/01/25		333		325,508		0.3
Martin Midstream Partners LP/Martin Midstream Finance Corp., Co Guar, 7.250%, 02/15/21		231		226,958		0.2
MEG Energy Corp., Private Placement, Co Guar, (Canada),
6.500%, 03/15/212		85		81,812		0.1
7.000%, 03/31/242		258		247,358		0.2
Memorial Resource Development Corp., Co Guar, 5.875%, 07/01/22		214		206,660		0.2
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., Private Placement, Sr Sec’d Nt, 8.125%, 11/15/212		77		75,845		0.1
Newfield Exploration Co., Sr Unsec’d Nt,
5.375%, 01/01/26		75		74,250		0.1
5.625%, 07/01/24		105		106,050		0.1
5.750%, 01/30/22		300		304,500		0.3
NGL Energy Partners LP/NGL Energy Finance Corp., Co Guar,
5.125%, 07/15/19		53		52,868		0.1
6.875%, 10/15/21		105		109,200		0.1

Description	Par (000)		Value		Percent of Net Assets*
OIL, GAS & CONSUMABLE FUELS (continued)
Oasis Petroleum, Inc., Co Guar, 6.875%, 03/15/22	$	180	$	182,700		0.2	%
Peabody Energy Corp., Co Guar, 6.250%, 11/15/21		197		66,980		0.1
Peabody Energy Corp., Private Placement, Sec’d Nt, 10.000%, 03/15/222		354		219,480		0.2
Penn Virginia Corp., Co Guar, 8.500%, 05/01/20		170		152,575		0.1
PVR Partners LP/Penn Virginia Resource Finance Corp., Co Guar, 6.500%, 05/15/21		33		34,898		0.0	12
QEP Resources, Inc., Sr Unsec’d Nt,
5.250%, 05/01/23		239		228,843		0.2
5.375%, 10/01/22		343		331,235		0.3
6.875%, 03/01/21		215		223,062		0.2
Regency Energy Partners LP/Regency Energy Finance Corp., Co Guar,
5.000%, 10/01/22		84		85,327		0.1
5.875%, 03/01/22		152		161,806		0.2
6.500%, 07/15/21		320		337,200		0.3
Rice Energy, Inc., Private Placement, Co Guar, 7.250%, 05/01/232		108		110,700		0.1
Rosetta Resources, Inc., Co Guar,
5.625%, 05/01/21		59		62,687		0.0	12
5.875%, 06/01/22		529		564,708		0.5
5.875%, 06/01/24		36		38,790		0.1
RSP Permian, Inc., Private Placement, Co Guar, 6.625%, 10/01/222		62		63,395		0.1
Sabine Oil & Gas Corp., Co Guar, 9.750%, 02/15/171,4		148		22,940		0.0	12
SemGroup Corp., Co Guar, 7.500%, 06/15/21		109		113,905		0.1
Seventy Seven Operating LLC, Co Guar, 6.625%, 11/15/19		200		158,000		0.2
SM Energy Co., Sr Unsec’d Nt,
5.000%, 01/15/24		220		208,450		0.2
5.625%, 06/01/25		131		129,664		0.1
6.500%, 11/15/21		429		447,232		0.4
6.500%, 01/01/23		240		246,000		0.3
Stone Energy Corp., Co Guar, 7.500%, 11/15/22		159		138,330		0.1

10

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
OIL, GAS & CONSUMABLE FUELS (continued)
Sunoco LP/Sunoco Finance Corp., Private Placement, Co Guar, 6.375%, 04/01/232	$	225	$	234,000		0.2	%
Talos Production LLC/Talos Production Finance, Inc., Private Placement, Co Guar, 9.750%, 02/15/182		198		172,260		0.2
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Co Guar,
6.375%, 08/01/22		52		54,080		0.0	12
6.875%, 02/01/21		200		207,500		0.2
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Private Placement, Co Guar, 5.000%, 01/15/182		122		124,745		0.1
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Private Placement, Co Guar,
5.500%, 10/15/192		97		100,638		0.1
6.250%, 10/15/222		93		96,255		0.1
Ultra Petroleum Corp., Private Placement, Sr Unsec’d Nt, (Canada),
5.750%, 12/15/182		255		244,800		0.2
6.125%, 10/01/242		171		150,053		0.2
W&T Offshore, Inc., Co Guar, 8.500%, 06/15/19		243		168,581		0.2
Western Refining, Inc., Co Guar, 6.250%, 04/01/21		65		65,488		0.1
Williams Partners LP/ACMP Finance Corp., Sr Unsec’d Nt,
4.875%, 05/15/23		83		81,872		0.1
6.125%, 07/15/22		156		165,750		0.1
WPX Energy, Inc., Sr Unsec’d Nt,
5.250%, 09/15/24		385		354,681		0.3
6.000%, 01/15/22		580		572,750		0.6
				14,962,131		14.2
Total Energy				17,120,739		16.3
FINANCIALS — 9.0%
BANKS — 3.1%
Barclays Bank plc, Sub Nt, (United Kingdom), 7.625%, 11/21/22		200		227,760		0.2

Description	Par (000)		Value		Percent of Net Assets*
BANKS (continued)
CIT Group, Inc., Private Placement, Sr Unsec’d Nt, 6.625%, 04/01/182	$	130	$	137,963		0.1	%
CIT Group, Inc., Sr Unsec’d Nt,
4.250%, 08/15/17		303		307,545		0.3
5.000%, 08/15/22		327		323,730		0.3
5.250%, 03/15/18		85		87,869		0.1
5.375%, 05/15/20		505		526,462		0.5
Royal Bank of Scotland Group plc, Sub Nt, (United Kingdom),
6.000%, 12/19/23		246		260,497		0.3
6.100%, 06/10/23		535		568,832		0.5
6.125%, 12/15/22		503		541,621		0.5
Royal Bank of Scotland plc (The), Sub Nt, (United Kingdom), Reg. S, VAR, 9.500%, 03/16/22		275		303,363		0.3
				3,285,642		3.1
CAPITAL MARKETS — 0.3%
E*TRADE Financial Corp., Sr Unsec’d Nt,
4.625%, 09/15/23		102		100,215		0.1
5.375%, 11/15/22		78		79,950		0.1
Oppenheimer Holdings, Inc., Sr Sec’d Nt, 8.750%, 04/15/18		105		109,462		0.1
				289,627		0.3
CONSUMER FINANCE — 1.6%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Private Placement, Co Guar, (Ireland), 4.500%, 05/15/212		200		201,000		0.2
Ally Financial, Inc., Co Guar, 8.000%, 11/01/31		307		367,633		0.3
Ally Financial, Inc., Sr Unsec’d Nt,
3.600%, 05/21/18		197		197,246		0.2
4.125%, 03/30/20		225		224,577		0.2
4.625%, 05/19/22		79		78,013		0.1
4.625%, 03/30/25		225		214,312		0.2
General Motors Financial Co., Inc., Co Guar,
3.250%, 05/15/18		22		22,500		0.0	12
4.250%, 05/15/23		38		38,451		0.1
Navient Corp., Sr Unsec’d Nt,
7.250%, 01/25/22		36		37,980		0.0	12
8.000%, 03/25/20		294		327,810		0.3
				1,709,522		1.6

11

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
DIVERSIFIED FINANCIAL SERVICES — 1.9%
ACE Cash Express, Inc., Private Placement, Sr Sec’d Nt, 11.000%, 02/01/192	$	327	$	181,485		0.2	%
Argos Merger Sub, Inc., Private Placement, Sr Unsec’d Nt, 7.125%, 03/15/232		295		309,012		0.3
CNG Holdings, Inc., Private Placement, Sr Sec’d Nt, 9.375%, 05/15/202		494		358,150		0.3
Denali Borrower LLC/Denali Finance Corp., Private Placement, Sr Sec’d Nt, 5.625%, 10/15/202		223		234,429		0.2
Energizer SpinCo, Inc., Private Placement, Co Guar, 5.500%, 06/15/252		248		244,900		0.2
Horizon Pharma Financing, Inc., Private Placement, Sr Unsec’d Nt, 6.625%, 05/01/232		200		208,500		0.2
Igloo Holdings Corp., Private Placement, Sr Unsec’d Nt, 8.250%, (cash) 12/15/172,17		99		99,742		0.1
MSCI, Inc., Private Placement, Co Guar, 5.250%, 11/15/242		59		59,738		0.1
Nationstar Mortgage LLC/Nationstar Capital Corp., Co Guar,
6.500%, 07/01/21		28		26,075		0.0	12
7.875%, 10/01/20		111		110,723		0.1
9.625%, 05/01/19		54		57,375		0.1
Nielsen Co. Luxembourg SARL (The), Private Placement, Co Guar, (Luxembourg), 5.500%, 10/01/212		50		50,500		0.0	12
Speedy Cash Intermediate Holdings Corp., Private Placement, Sec’d Nt, 10.750%, 05/15/182		65		61,425		0.1
				2,002,054		1.9
INSURANCE — 0.9%
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, Private Placement, Sr Unsec’d Nt, 7.875%, 12/15/202		145		152,975		0.2
CNO Financial Group, Inc., Sr Unsec’d Nt,
4.500%, 05/30/20		59		59,885		0.1
5.250%, 05/30/25		154		156,495		0.1

Description	Par (000)		Value		Percent of Net Assets*
INSURANCE (continued)
Fidelity & Guaray Life Holdings, Inc., Private Placement, Sr Unsec’d Nt, 6.375%, 04/01/212	$	93	$	96,720		0.1	%
National Financial Partners Corp., Private Placement, Sr Unsec’d Nt, 9.000%, 07/15/212		216		213,300		0.2
USI, Inc., Private Placement, Sr Unsec’d Nt, 7.750%, 01/15/212		218		221,270		0.2
				900,645		0.9
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.9%
Crown Castle International Corp., Sr Unsec’d Nt,
4.875%, 04/15/22		107		108,070		0.1
5.250%, 01/15/23		211		212,530		0.2
DuPont Fabros Technology LP, Co Guar, 5.875%, 09/15/21		133		134,663		0.1
Felcor Lodging LP, Private Placement, Co Guar, 6.000%, 06/01/252		75		76,125		0.1
Iron Mountain, Inc., Co Guar,
5.750%, 08/15/24		191		191,119		0.2
7.750%, 10/01/19		100		104,500		0.1
RHP Hotel Properties LP/RHP Finance Corp., Co Guar, 5.000%, 04/15/21		59		59,000		0.0	12
RHP Hotel Properties LP/RHP Finance Corp., Private Placement, Co Guar, 5.000%, 04/15/232		65		63,700		0.1
				949,707		0.9
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Kennedy-Wilson, Inc., Co Guar, 5.875%, 04/01/24		18		17,910		0.0	12
Mattamy Group Corp., Private Placement, Sr Unsec’d Nt, (Canada), 6.500%, 11/15/202		192		185,280		0.2
				203,190		0.2
THRIFTS & MORTGAGE FINANCE — 0.1%
Quicken Loans, Inc., Private Placement, Co Guar, 5.750%, 05/01/252		121		115,857		0.1
Total Financials				9,456,244		9.0

12

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
HEALTH CARE — 14.4%
HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
Alere, Inc., Co Guar, 6.500%, 06/15/20	$	120	$	123,600		0.1	%
Alere, Inc., Private Placement, Co Guar, 6.375%, 07/01/232		47		47,822		0.0	12
ConvaTec Healthcare E S.A., Private Placement, Co Guar, (Luxembourg), 10.500%, 12/15/182		506		533,830		0.5
Crimson Merger Sub, Inc., Private Placement, Sr Unsec’d Nt, 6.625%, 05/15/222		90		78,975		0.1
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., Private Placement, Sec’d Nt, 8.125%, 06/15/212		72		74,160		0.1
Halyard Health, Inc., Private Placement, Co Guar, 6.250%, 10/15/222		55		57,612		0.012
Hologic, Inc., Co Guar, 6.250%, 08/01/20		70		72,408		0.1
Hologic, Inc., Private Placement, Sr Unsec’d Nt, 5.250%, 07/15/222		202		206,293		0.2
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, Private Placement, Co Guar, (Luxembourg),
4.875%, 04/15/202		165		167,896		0.2
5.500%, 04/15/252		135		130,950		0.1
5.750%, 08/01/222		222		226,995		0.2
Sterigenics-Nordion Holdings LLC, Private Placement, Sr Unsec’d Nt, 6.500%, 05/15/232		60		60,900		0.1
Teleflex, Inc., Co Guar, 5.250%, 06/15/24		105		106,334		0.1
				1,887,775		1.8
HEALTH CARE PROVIDERS & SERVICES — 8.5%
Acadia Healthcare Co., Inc., Co Guar,
5.125%, 07/01/22		105		104,212		0.1
6.125%, 03/15/21		108		111,240		0.1
Acadia Healthcare Co., Inc., Private Placement, Co Guar, 5.625%, 02/15/232		70		70,875		0.1
Amsurg Corp., Co Guar,
5.625%, 11/30/20		65		66,137		0.1
5.625%, 07/15/22		125		126,094		0.1

Description	Par (000)		Value		Percent of Net Assets*
HEALTH CARE PROVIDERS & SERVICES (continued)
Catamaran Corp., Co Guar, (Canada), 4.750%, 03/15/21	$	50	$	55,375		0.1	%
Centene Corp., Sr Unsec’d Nt, 4.750%, 05/15/22		115		118,450		0.1
CHS/Community Health Systems, Inc., Co Guar,
6.875%, 02/01/22		365		385,075		0.3
7.125%, 07/15/20		203		215,078		0.2
8.000%, 11/15/19		280		295,050		0.3
CHS/Community Health Systems, Inc., Sr Sec’d Nt,
5.125%, 08/15/18		45		46,125		0.0	12
5.125%, 08/01/21		110		112,062		0.1
DaVita HealthCare Partners, Inc., Co Guar,
5.000%, 05/01/25		235		226,188		0.2
5.125%, 07/15/24		170		167,131		0.2
Envision Healthcare Corp., Private Placement, Co Guar, 5.125%, 07/01/222		140		141,050		0.1
Fresenius Medical Care U.S. Finance II, Inc., Private Placement, Co Guar,
5.625%, 07/31/192		67		72,527		0.1
5.750%, 02/15/212		90		95,850		0.1
5.875%, 01/31/222		105		111,300		0.1
Fresenius Medical Care US Finance II, Inc., Private Placement, Co Guar,
4.125%, 10/15/202		95		96,187		0.1
4.750%, 10/15/242		55		54,450		0.0	12
HCA Holdings, Inc., Sr Unsec’d Nt, 6.250%, 02/15/21		350		377,125		0.4
HCA, Inc., Co Guar,
5.375%, 02/01/25		377		383,145		0.3
5.875%, 05/01/23		180		191,250		0.2
7.500%, 02/15/22		270		310,163		0.3
HCA, Inc., Sr Sec’d Nt,
3.750%, 03/15/19		122		122,915		0.1
4.250%, 10/15/19		150		153,562		0.1
4.750%, 05/01/23		176		178,200		0.2
5.000%, 03/15/24		184		187,220		0.2
5.250%, 04/15/25		170		176,800		0.2
5.875%, 03/15/22		200		217,500		0.2
6.500%, 02/15/20		275		307,313		0.3

13

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
HEALTH CARE PROVIDERS & SERVICES (continued)
HealthSouth Corp., Co Guar, 5.750%, 11/01/24	$	175	$	178,719		0.2	%
IASIS Healthcare LLC/IASIS Capital Corp., Co Guar, 8.375%, 05/15/19		487		504,045		0.5
inVentiv Health, Inc., Private Placement, Sr Sec’d Nt, 9.000%, 01/15/182		53		55,253		0.1
LifePoint Health, Inc., Co Guar, 5.500%, 12/01/21		144		148,680		0.1
MPH Acquisition Holdings LLC, Private Placement, Co Guar, 6.625%, 04/01/222		430		439,138		0.4
Tenet Healthcare Corp., Private Placement, Sr Unsec’d Nt,
5.000%, 03/01/192		108		108,000		0.1
5.500%, 03/01/192		500		504,375		0.5
6.750%, 06/15/232		185		188,700		0.2
Tenet Healthcare Corp., Sr Sec’d Nt,
4.500%, 04/01/21		75		74,250		0.0	12
4.750%, 06/01/20		75		76,172		0.1
6.000%, 10/01/20		173		184,461		0.2
6.250%, 11/01/18		105		114,056		0.1
Tenet Healthcare Corp., Sr Unsec’d Nt,
6.750%, 02/01/20		30		31,350		0.0	12
8.000%, 08/01/20		288		299,880		0.3
8.125%, 04/01/22		303		331,331		0.3
United Surgical Partners International, Inc., Co Guar, 9.000%, 04/01/20		320		341,600		0.3
Universal Health Services, Inc., Private Placement, Sr Sec’d Nt,
3.750%, 08/01/192		32		32,480		0.0	12
4.750%, 08/01/222		47		48,528		0.1
				8,936,667		8.5
HEALTH CARE TECHNOLOGY — 0.2%
IMS Health, Inc., Private Placement, Sr Unsec’d Nt, 6.000%, 11/01/202		180		185,400		0.2
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Quintiles Transnational Corp., Private Placement, Co Guar, 4.875%, 05/15/232		120		120,600		0.1

Description	Par (000)		Value		Percent of Net Assets*
PHARMACEUTICALS — 3.8%
Capsugel S.A., Private Placement, Sr Unsec’d Nt, (Luxembourg), 7.000%, (cash) 05/15/192,17	$	90	$	91,585		0.1	%
Celtic Pharma Phinco B.V., (Bermuda), 17.000%, (PIK) 06/15/121,4,9,16,17		2,805		280		0.0	12
Concordia Healthcare Corp., Private Placement, Co Guar, (Canada), 7.000%, 04/15/232		87		87,000		0.1
Endo Finance LLC, Private Placement, Co Guar, 5.750%, 01/15/222		190		192,375		0.2
Endo Finance LLC/Endo Finco, Inc., Private Placement, Co Guar,
6.000%, 02/01/252		215		218,494		0.2
7.000%, 07/15/192		75		77,775		0.0	12
7.000%, 12/15/202		75		78,750		0.1
7.250%, 01/15/222		83		88,187		0.1
Endo Finance LLC/Endo Ltd./Endo Finco, Inc., Private Placement, Co Guar, 6.000%, 07/15/232		285		291,413		0.3
Grifols Worldwide Operations Ltd., Co Guar, (Ireland), 5.250%, 04/01/22		200		200,500		0.2
Par Pharmaceutical Cos., Inc., Co Guar, 7.375%, 10/15/20		60		64,050		0.0	12
Valeant Pharmaceuticals International, Inc., Private Placement, Co Guar, (Canada),
5.375%, 03/15/202		295		304,587		0.3
5.500%, 03/01/232		95		95,950		0.1
5.625%, 12/01/212		65		66,463		0.1
5.875%, 05/15/232		705		722,625		0.7
6.375%, 10/15/202		210		221,156		0.2
6.750%, 08/15/182		354		371,258		0.3
7.000%, 10/01/202		280		291,200		0.3
7.500%, 07/15/212		152		163,590		0.1
Valeant Pharmaceuticals International, Inc., Private Placement, Sr Unsec’d Nt, (Canada), 6.125%, 04/15/252		425		437,219		0.4
				4,064,457		3.8
Total Health Care				15,194,899		14.4

14

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
INDUSTRIALS — 14.3%
AEROSPACE & DEFENSE — 0.8%
Aerojet Rocketdyne Holdings, Inc., Sec’d Nt, 7.125%, 03/15/21	$	65	$	69,225		0.1	%
Bombardier, Inc., Private Placement, Sr Unsec’d Nt, (Canada),
4.750%, 04/15/192		97		94,333		0.1
6.125%, 01/15/232		55		48,812		0.0	12
7.500%, 03/15/182		100		104,500		0.1
Bombardier, Inc., Private Placement, Unsec’d Nt, (Canada), 5.500%, 09/15/182		56		55,440		0.0	12
Orbital ATK, Inc., Private Placement, Co Guar, 5.250%, 10/01/212		93		94,860		0.1
Spirit AeroSystems, Inc., Co Guar, 5.250%, 03/15/22		56		57,820		0.1
TransDigm, Inc., Co Guar,
6.000%, 07/15/22		228		225,150		0.2
6.500%, 07/15/24		87		85,913		0.1
				836,053		0.8
AIR FREIGHT & LOGISTICS — 0.1%
CEVA Group plc, Private Placement, Sr Sec’d Nt, (United Kingdom), 4.000%, 05/01/182		75		68,625		0.1
AIRLINES — 0.8%
Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		532		596,062		0.6
UAL 2007-1 Pass-Through Trust, Private Placement, 7.336%, 07/02/192		65		70,735		0.1
US Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		150		153,617		0.1
				820,414		0.8
BUILDING PRODUCTS — 0.5%
Masco Corp., Sr Unsec’d Nt,
4.450%, 04/01/25		113		113,283		0.1
5.950%, 03/15/22		43		48,267		0.1
7.125%, 03/15/20		10		11,600		0.0	12
Masonite International Corp., Private Placement, Co Guar, (Canada), 5.625%, 03/15/232		107		108,739		0.1

Description	Par (000)		Value		Percent of Net Assets*
BUILDING PRODUCTS (continued)
NCI Building Systems, Inc., Private Placement, Co Guar, 8.250%, 01/15/232	$	140	$	149,100		0.1	%
USG Corp., Private Placement, Co Guar,
5.500%, 03/01/252		84		83,685		0.1
7.875%, 03/30/202		5		5,350		0.0	12
				520,024		0.5
COMMERCIAL SERVICES & SUPPLIES — 3.8%
ACCO Brands Corp., Co Guar, 6.750%, 04/30/20		60		63,000		0.1
ADT Corp. (The), Sr Unsec’d Nt,
3.500%, 07/15/22		54		48,870		0.1
4.125%, 04/15/19		65		65,975		0.1
4.125%, 06/15/23		510		476,850		0.4
6.250%, 10/15/21		305		320,250		0.3
Aramark Services, Inc., Co Guar, 5.750%, 03/15/20		115		120,060		0.1
Casella Waste Systems, Inc., Co Guar, 7.750%, 02/15/19		375		378,750		0.3
Covanta Holding Corp., Sr Unsec’d Nt, 5.875%, 03/01/24		80		79,800		0.1
Garda World Security Corp., Private Placement, Co Guar, (Canada), 7.250%, 11/15/212		325		312,000		0.3
Harland Clarke Holdings Corp., Private Placement, Sr Sec’d Nt,
6.875%, 03/01/202		105		100,800		0.1
9.750%, 08/01/182		145		151,525		0.1
Harland Clarke Holdings Corp., Private Placement, Sr Unsec’d Nt, 9.250%, 03/01/212		90		78,750		0.1
ILFC E-Capital Trust I, Private Placement, VAR, 4.690%, 12/21/652		450		445,950		0.4
ILFC E-Capital Trust II, Private Placement, VAR, 6.250%, 12/21/652		520		514,800		0.5
Jaguar Holding Co. I, Private Placement, Sr Unsec’d Nt, 9.375%, (PIK) 10/15/172,17		50		51,060		0.0	12
Jurassic Holdings III, Inc., Private Placement, Sec’d Nt, 6.875%, 02/15/212		300		234,000		0.2

15

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
COMMERCIAL SERVICES & SUPPLIES (continued)
Mustang Merger Corp., Private Placement, Sr Unsec’d Nt, 8.500%, 08/15/212	$	83	$	84,245		0.1	%
Quad/Graphics, Inc., Co Guar, 7.000%, 05/01/22		125		121,563		0.1
Quebecor World Capital Escrow Corp., (Canada),
6.125%, 07/15/151,4,9		1,415		2,830		0.0	12
6.500%, 08/01/271,4,9		810		1,620		0.0	12
R.R. Donnelley & Sons Co., Sr Unsec’d Nt,
6.500%, 11/15/23		100		103,250		0.1
7.000%, 02/15/22		75		80,625		0.1
West Corp., Private Placement, Co Guar, 5.375%, 07/15/222		230		215,050		0.2
				4,051,623		3.8
CONSTRUCTION & ENGINEERING — 1.3%
AECOM, Private Placement, Co Guar,
5.750%, 10/15/222		200		202,500		0.2
5.875%, 10/15/242		360		364,950		0.3
Dycom Investments, Inc., Co Guar, 7.125%, 01/15/21		70		73,150		0.1
MasTec, Inc., Co Guar, 4.875%, 03/15/23		320		292,000		0.3
Tutor Perini Corp., Co Guar, 7.625%, 11/01/18		400		410,000		0.4
				1,342,600		1.3
ELECTRICAL EQUIPMENT — 0.5%
EnerSys, Private Placement, Co Guar, 5.000%, 04/30/232		65		64,309		0.1
International Wire Group Holdings, Inc., Private Placement, Sec’d Nt, 8.500%, 10/15/172		135		139,725		0.1
Sensata Technologies B.V., Private Placement, Co Guar, (Netherlands),
4.875%, 10/15/232		117		115,537		0.1
5.000%, 10/01/252		138		134,378		0.1
5.625%, 11/01/242		56		57,960		0.1
				511,909		0.5
INDUSTRIAL CONGLOMERATES — 0.1%
J.M. Huber Corp., Private Placement, Sr Unsec’d Nt, 9.875%, 11/01/192		75		80,030		0.1

Description	Par (000)		Value		Percent of Net Assets*
MACHINERY — 1.2%
Amsted Industries, Inc., Private Placement, Co Guar, 5.375%, 09/15/242	$	28	$	27,790		0.0	%12
ATS Automation Tooling Systems, Inc., Private Placement, Sr Unsec’d Nt, (Canada), 6.500%, 06/15/232		182		185,867		0.2
BlueLine Rental Finance Corp., Private Placement, Sec’d Nt, 7.000%, 02/01/192		226		232,215		0.2
Bluewater Holding B.V., Private Placement, Co Guar, (Netherlands), Reg. S, 10.000%, 12/10/192		400		370,000		0.3
Gardner Denver, Inc., Private Placement, Sr Unsec’d Nt, 6.875%, 08/15/212		75		68,344		0.1
Milacron LLC/Mcron Finance Corp., Private Placement, Co Guar, 7.750%, 02/15/212		289		297,670		0.3
Oshkosh Corp., Co Guar, 5.375%, 03/01/25		59		59,000		0.1
				1,240,886		1.2
MARINE — 0.9%
Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc., Co Guar, 8.125%, 02/15/19		30		23,550		0.0	12
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., Private Placement, Sr Sec’d Nt, 7.375%, 01/15/222		275		238,219		0.2
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., Private Placement, Co Guar, 7.250%, 05/01/222		293		280,547		0.3
Shelf Drilling Holdings Ltd., Private Placement, Sec’d Nt, (Cayman Islands), 8.625%, 11/01/182		125		111,250		0.1
Ultrapetrol Bahamas Ltd., Sr Sec’d Nt, (Bahamas), 8.875%, 06/15/21		347		305,360		0.3
				958,926		0.9

16

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
PROFESSIONAL SERVICES — 0.1%
CEB, Inc., Private Placement, Co Guar, 5.625%, 06/15/232	$	83	$	83,415		0.1	%
IHS, Inc., Private Placement, Co Guar, 5.000%, 11/01/222		70		69,563		0.0	12
				152,978		0.1
ROAD & RAIL — 0.9%
Ashtead Capital, Inc., Private Placement, Sec’d Nt,
5.625%, 10/01/242		200		200,500		0.2
6.500%, 07/15/222		200		212,000		0.2
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Private Placement, Co Guar,
5.125%, 06/01/222		150		146,250		0.1
5.250%, 03/15/252		190		178,362		0.2
Hertz Corp. (The), Co Guar, 7.375%, 01/15/21		251		261,354		0.2
				998,466		0.9
TRADING COMPANIES & DISTRIBUTORS — 3.3%
Ahern Rentals, Inc., Private Placement, Sec’d Nt, 7.375%, 05/15/232		185		182,687		0.2
Aircastle Ltd., Sr Unsec’d Nt, (Bermuda),
6.250%, 12/01/19		30		32,511		0.0	12
7.625%, 04/15/20		200		226,240		0.2
H&E Equipment Services, Inc., Co Guar, 7.000%, 09/01/22		285		293,906		0.3
HD Supply, Inc., Co Guar, 7.500%, 07/15/20		190		200,925		0.2
HD Supply, Inc., Private Placement, Sr Sec’d Nt, 5.250%, 12/15/212		155		157,131		0.2
International Lease Finance Corp., Sr Unsec’d Nt,
4.625%, 04/15/21		21		21,210		0.0	12
8.250%, 12/15/20		888		1,054,500		1.0
United Rentals North America, Inc., Co Guar,
5.500%, 07/15/25		178		171,993		0.2
5.750%, 11/15/24		25		24,625		0.0	12
6.125%, 06/15/23		447		456,499		0.4
7.625%, 04/15/22		150		162,375		0.1
8.250%, 02/01/21		74		79,087		0.1

Description	Par (000)		Value		Percent of Net Assets*
TRADING COMPANIES & DISTRIBUTORS (continued)
United Rentals North America, Inc., Sr Sec’d Nt, 4.625%, 07/15/23	$	271	$	265,743		0.3	%
Univar, Inc., Private Placement, Sr Unsec’d Nt, 6.750%, 07/15/232		155		156,550		0.1
				3,485,982		3.3
Total Industrials				15,068,516		14.3
INFORMATION TECHNOLOGY — 8.3%
COMMUNICATIONS EQUIPMENT — 1.8%
Alcatel-Lucent USA, Inc., Sr Unsec’d Nt, 6.450%, 03/15/29		173		178,623		0.2
Avaya, Inc., Private Placement, Sec’d Nt, 10.500%, 03/01/212		242		199,650		0.2
Avaya, Inc., Private Placement, Sr Sec’d Nt, 7.000%, 04/01/192		475		464,312		0.5
CommScope Technologies Finance LLC, Private Placement, Sr Unsec’d Nt, 6.000%, 06/15/252		114		113,572		0.1
CommScope, Inc., Private Placement, Co Guar,
5.000%, 06/15/212		23		22,425		0.0	12
5.500%, 06/15/242		222		215,895		0.2
CommScope, Inc., Private Placement, Sr Sec’d Nt, 4.375%, 06/15/202		34		34,340		0.0	12
Goodman Networks, Inc., Sr Sec’d Nt, 12.125%, 07/01/18		418		346,940		0.3
Nokia OYJ, Sr Unsec’d Nt, (Finland),
5.375%, 05/15/19		101		106,813		0.1
6.625%, 05/15/39		100		108,500		0.1
Plantronics, Inc., Private Placement, Co Guar, 5.500%, 05/31/232		95		96,188		0.1
				1,887,258		1.8
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%
Belden, Inc., Private Placement, Co Guar,
5.250%, 07/15/242		53		51,410		0.1
5.500%, 09/01/222		15		14,887		0.0	12
Brightstar Corp., Private Placement, Co Guar, 9.500%, 12/01/162		215		220,912		0.2

17

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (continued)
CDW LLC/CDW Finance Corp., Co Guar,
5.000%, 09/01/23	$	55	$	54,038		0.0	%12
5.500%, 12/01/24		75		74,250		0.1
6.000%, 08/15/22		101		104,282		0.1
Sanmina Corp., Private Placement, Sr Sec’d Nt, 4.375%, 06/01/192		45		44,888		0.0	12
Zebra Technologies Corp., Private Placement, Sr Unsec’d Nt, 7.250%, 10/15/222		191		206,758		0.2
				771,425		0.7
INTERNET SOFTWARE & SERVICES — 0.6%
Blue Coat Holdings, Inc., Private Placement, Sr Unsec’d Nt, 8.375%, 06/01/232		87		88,522		0.1
Equinix, Inc., Sr Unsec’d Nt,
4.875%, 04/01/20		128		129,280		0.1
5.375%, 01/01/22		68		68,170		0.1
5.750%, 01/01/25		48		47,520		0.0	12
IAC/InterActiveCorp, Co Guar, 4.875%, 11/30/18		35		36,094		0.0	12
VeriSign, Inc., Private Placement, Sr Unsec’d Nt, 5.250%, 04/01/252		191		190,523		0.2
VeriSign, Inc., Sr Unsec’d Nt, 4.625%, 05/01/23		111		106,699		0.1
				666,808		0.6
IT SERVICES — 2.0%
Alliance Data Systems Corp., Private Placement, Co Guar, 5.375%, 08/01/222		160		157,600		0.1
First Data Corp., Co Guar,
11.250%, 01/15/21		106		117,660		0.1
11.750%, 08/15/21		313		352,125		0.3
12.625%, 01/15/21		274		316,470		0.3
First Data Corp., Private Placement, Sec’d Nt,
8.250%, 01/15/212		230		242,650		0.3
8.750%, 01/15/222		220		234,194		0.2
First Data Corp., Private Placement, Sr Sec’d Nt, 6.750%, 11/01/202		260		274,789		0.3
IGATE Corp., Co Guar, 4.750%, 04/15/19		91		94,299		0.1

Description	Par (000)		Value		Percent of Net Assets*
IT SERVICES (continued)
SunGard Data Systems, Inc., Co Guar,
6.625%, 11/01/19	$	100	$	103,250		0.1	%
7.625%, 11/15/20		164		171,380		0.2
				2,064,417		2.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.9%
Advanced Micro Devices, Inc., Sr Unsec’d Nt,
6.750%, 03/01/19		235		213,263		0.2
7.000%, 07/01/24		196		165,620		0.1
7.500%, 08/15/22		97		85,602		0.1
7.750%, 08/01/20		85		73,950		0.1
Entegris, Inc., Private Placement, Co Guar, 6.000%, 04/01/222		55		56,513		0.1
Freescale Semiconductor, Inc., Private Placement, Sr Sec’d Nt,
5.000%, 05/15/212		115		117,875		0.1
6.000%, 01/15/222		58		61,480		0.1
Micron Technology, Inc., Co Guar, 5.875%, 02/15/22		50		50,875		0.0	12
Micron Technology, Inc., Private Placement, Sr Unsec’d Nt,
5.250%, 08/01/232		22		21,092		0.0	12
5.250%, 01/15/242		93		87,827		0.1
5.500%, 02/01/252		293		274,541		0.2
5.625%, 01/15/262		82		75,748		0.1
NXP B.V./NXP Funding LLC, Private Placement, Co Guar, (Netherlands), 5.750%, 03/15/232		200		208,000		0.2
NXP BV/NXP Funding LLC, Private Placement, Co Guar, (Netherlands),
4.125%, 06/15/202		218		219,635		0.2
4.625%, 06/15/222		257		253,466		0.3
				1,965,487		1.9
SOFTWARE — 1.2%
Activision Blizzard, Inc., Private Placement, Co Guar,
5.625%, 09/15/212		95		99,512		0.1
6.125%, 09/15/232		110		117,975		0.1
Audatex North America, Inc., Private Placement, Co Guar,
6.000%, 06/15/212		164		168,510		0.1
6.125%, 11/01/232		69		70,897		0.1

18

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
SOFTWARE (continued)
Infor Software Parent LLC/Infor Software Parent, Inc., Private Placement, Co Guar, 7.125%, (cash) 05/01/212,17	$	108	$	108,270		0.1	%
Infor U.S., Inc., Private Placement, Co Guar, 6.500%, 05/15/222		143		145,503		0.1
Italics Merger Sub, Inc., Private Placement, Sr Unsec’d Nt, 7.125%, 07/15/232		148		146,150		0.2
Nuance Communications, Inc., Private Placement, Co Guar, 5.375%, 08/15/202		223		224,115		0.2
Open Text Corp., Private Placement, Co Guar, (Canada), 5.625%, 01/15/232		75		74,250		0.1
SS&C Technologies Holdings, Inc., Private Placement, Sr Unsec’d Nt, 5.875%, 07/15/232		97		97,970		0.1
				1,253,152		1.2
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
NCR Corp., Co Guar,
5.000%, 07/15/22		35		35,481		0.0	12
5.875%, 12/15/21		15		15,450		0.0	12
6.375%, 12/15/23		40		42,400		0.1
				93,331		0.1
Total Information Technology				8,701,878		8.3
MATERIALS — 13.4%
CHEMICALS — 3.0%
Ashland, Inc., Co Guar, 4.750%, 08/15/22		193		189,381		0.2
Ashland, Inc., Sr Unsec’d Nt, 3.875%, 04/15/18		177		181,867		0.2
Axiall Corp., Co Guar, 4.875%, 05/15/23		280		270,200		0.2
Basell Finance Co., B.V., Private Placement, Co Guar, (Netherlands), 8.100%, 03/15/272		215		284,021		0.3
Chemours Co. (The), Private Placement, Sr Unsec’d Nt,
6.625%, 05/15/232		59		57,156		0.1
7.000%, 05/15/252		47		45,590		0.0	12
Eagle Spinco, Inc., Co Guar, 4.625%, 02/15/21		25		24,250		0.0	12

Description	Par (000)		Value		Percent of Net Assets*
CHEMICALS (continued)
Evolution Escrow Issuer LLC, Private Placement, Co Guar, 7.500%, 03/15/222	$	178	$	168,655		0.2	%
Hexion, Inc., Sr Sec’d Nt,
6.625%, 04/15/20		160		146,800		0.1
10.000%, 04/15/20		98		100,695		0.1
Huntsman International LLC, Private Placement, Co Guar, 5.125%, 11/15/222		67		65,995		0.1
LyondellBasell Industries N.V., Sr Unsec’d Nt, (Netherlands), 6.000%, 11/15/21		135		154,529		0.1
Momentive Performance Materials, Inc., Sr Sec’d Nt,
3.880%, 10/24/21		150		134,625		0.1
8.875%, 10/15/201,4,9		150		—		0.0
NOVA Chemicals Corp., Private Placement, Sr Unsec’d Nt, (Canada),
5.000%, 05/01/252		81		81,304		0.1
5.250%, 08/01/232		50		50,750		0.0	12
Nufarm Australia Ltd., Private Placement, Co Guar, (Australia), 6.375%, 10/15/192		166		169,735		0.2
Olin Corp., Sr Unsec’d Nt, 5.500%, 08/15/22		175		176,750		0.2
Platform Specialty Products Corp., Private Placement, Sr Unsec’d Nt, 6.500%, 02/01/222		127		131,128		0.1
PolyOne Corp., Sr Unsec’d Nt, 5.250%, 03/15/23		242		239,580		0.2
7.375%, 09/15/20		60		62,700		0.1
Rain CII Carbon LLC and CII Carbon Corp., Private Placement, Sec’d Nt,
8.000%, 12/01/182		140		136,500		0.1
8.250%, 01/15/212		200		194,500		0.2
WR Grace & Co.-Conn, Private Placement, Co Guar,
5.125%, 10/01/212		102		102,765		0.1
5.625%, 10/01/242		33		33,412		0.0	12
				3,202,888		3.0

19

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
CONSTRUCTION MATERIALS — 2.3%
Cemex Espana S.A., Private Placement, Sr Sec’d Nt, (Spain), 9.875%, 04/30/192	$	510	$	555,798		0.5	%
Cemex Finance LLC, 9.660%, 02/14/179		163		163,032		0.2
Cemex Finance LLC, Private Placement, Sr Sec’d Nt, 6.000%, 04/01/242		200		197,440		0.2
Cemex S.A.B. de C.V., Private Placement, Sr Sec’d Nt, (Mexico),
5.700%, 01/11/252		250		236,250		0.2
6.125%, 05/05/252		200		196,000		0.2
7.250%, 01/15/212		200		210,660		0.2
Headwaters, Inc., Co Guar, 7.250%, 01/15/19		215		223,600		0.2
Summit Materials LLC/Summit Materials Finance Corp., Private Placement, Sr Unsec’d Nt, 6.125%, 07/15/232		120		120,000		0.1
U.S. Concrete, Inc., Sr Sec’d Nt, 8.500%, 12/01/18		100		105,500		0.1
Vulcan Materials Co., Sr Unsec’d Nt,
4.500%, 04/01/25		163		162,593		0.1
7.500%, 06/15/21		250		287,500		0.3
				2,458,373		2.3
CONTAINERS & PACKAGING — 2.1%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., Private Placement, Co Guar, (Ireland), 9.125%, 10/15/202		200		210,000		0.2
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., Private Placement, Sr Unsec’d Nt, (Ireland), 7.000%, 11/15/202		35		36,000		0.0	12
Ball Corp., Co Guar, 5.250%, 07/01/25		128		126,560		0.1
Berry Plastics Corp., Sec’d Nt,
5.125%, 07/15/23		125		121,875		0.1
5.500%, 05/15/22		115		115,431		0.1
Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is, Private Placement, Co Guar, (Luxembourg),
5.625%, 12/15/162		140		139,738		0.1
6.000%, 06/15/172		65		65,000		0.1

Description	Par (000)		Value		Percent of Net Assets*
CONTAINERS & PACKAGING (continued)
Cascades, Inc., Private Placement, Sr Unsec’d Nt, (Canada),
5.500%, 07/15/222	$	135	$	130,612		0.1	%
5.750%, 07/15/232		105		101,588		0.1
Constar International, Inc., 11.000%, 12/31/171,4,9		259		43,009		0.1
Owens-Brockway Glass Container, Inc., Private Placement, Co Guar,
5.000%, 01/15/222		85		83,937		0.1
5.375%, 01/15/252		59		57,673		0.0	12
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Co Guar,
8.250%, 02/15/21		100		103,750		0.1
9.875%, 08/15/19		127		133,350		0.1
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr Sec’d Nt, 5.750%, 10/15/20		460		471,500		0.5
Sealed Air Corp., Private Placement, Co Guar,
4.875%, 12/01/222		85		83,725		0.1
5.125%, 12/01/242		85		83,831		0.1
6.500%, 12/01/202		120		132,300		0.1
				2,239,879		2.1
METALS & MINING — 5.2%
AK Steel Corp., Sr Sec’d Nt, 8.750%, 12/01/18		155		163,137		0.2
Alcoa, Inc., Sr Unsec’d Nt,
5.125%, 10/01/24		135		136,688		0.1
5.400%, 04/15/21		100		104,812		0.1
5.720%, 02/23/19		110		117,469		0.1
5.900%, 02/01/27		92		97,290		0.1
6.150%, 08/15/20		50		54,465		0.1
6.750%, 01/15/28		68		75,650		0.1
Aleris International, Inc., Co Guar,
7.625%, 02/15/18		75		76,875		0.1
7.875%, 11/01/20		54		56,025		0.0	12
ArcelorMittal, Sr Unsec’d Nt, (Luxembourg),
5.125%, 06/01/20		30		30,413		0.0	12
7.000%, 02/25/22		275		296,312		0.3
7.750%, 10/15/39		530		527,350		0.5
10.600%, 06/01/19		465		556,837		0.5

20

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
METALS & MINING (continued)
BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, Private Placement, Co Guar, (Australia), 7.125%, 05/01/182	$	71	$	72,420		0.1	%
Coeur Mining, Inc., Co Guar, 7.875%, 02/01/21		215		182,212		0.2
Commercial Metals Co., Sr Unsec’d Nt,
4.875%, 05/15/23		20		18,800		0.0	12
6.500%, 07/15/17		150		157,875		0.1
7.350%, 08/15/18		75		81,187		0.1
First Quantum Minerals Ltd., Private Placement, Co Guar, (Canada),
6.750%, 02/15/202		184		178,020		0.2
7.000%, 02/15/212		54		51,637		0.0	12
Hecla Mining Co., Co Guar, 6.875%, 05/01/21		245		231,831		0.2
HudBay Minerals, Inc., Co Guar, (Canada), 9.500%, 10/01/20		64		67,840		0.1
Kaiser Aluminum Corp., Co Guar, 8.250%, 06/01/20		261		282,532		0.3
Lundin Mining Corp., Private Placement, Sr Sec’d Nt, (Canada),
7.500%, 11/01/202		107		115,293		0.1
7.875%, 11/01/222		120		128,400		0.1
New Gold, Inc., Private Placement, Co Guar, (Canada), 7.000%, 04/15/202		56		57,960		0.1
New Gold, Inc., Private Placement, Sr Unsec’d Nt, (Canada), 6.250%, 11/15/222		203		200,463		0.2
Novelis, Inc., Co Guar, (Canada), 8.750%, 12/15/20		429		453,668		0.4
Prince Mineral Holding Corp., Private Placement, Sr Sec’d Nt, 11.500%, 12/15/192		100		92,000		0.1
Ryerson, Inc./Joseph T Ryerson & Son, Inc., Sr Sec’d Nt, 9.000%, 10/15/17		100		100,750		0.1
Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., Private Placement, Co Guar, 6.375%, 05/01/222		150		145,500		0.1

Description	Par (000)		Value		Percent of Net Assets*
METALS & MINING (continued)
Steel Dynamics, Inc., Co Guar,
5.125%, 10/01/21	$	90	$	90,180		0.1	%
5.250%, 04/15/23		57		56,573		0.1
5.500%, 10/01/24		30		30,000		0.0	12
6.125%, 08/15/19		108		113,670		0.1
6.375%, 08/15/22		108		112,995		0.1
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., Private Placement, Co Guar, 7.375%, 02/01/202		55		55,550		0.0	12
Taseko Mines Ltd., Co Guar, (Canada), 7.750%, 04/15/19		95		72,438		0.1
				5,443,117		5.2
PAPER & FOREST PRODUCTS — 0.8%
Clearwater Paper Corp., Private Placement, Co Guar, 5.375%, 02/01/252		110		107,800		0.1
Hardwoods Acquisition, Inc., Private Placement, Sr Sec’d Nt, 7.500%, 08/01/212		205		197,825		0.2
Louisiana-Pacific Corp., Co Guar, 7.500%, 06/01/20		83		88,395		0.1
Mercer International, Inc., Co Guar,
7.000%, 12/01/19		38		39,710		0.0	12
7.750%, 12/01/22		68		73,100		0.1
NWH Escrow Corp., Private Placement, Sr Sec’d Nt, 7.500%, 08/01/212		105		98,700		0.1
Resolute Forest Products, Inc., Co Guar, 5.875%, 05/15/23		28		25,480		0.0	12
Unifrax I LLC/Unifrax Holding Co., Private Placement, Co Guar, 7.500%, 02/15/192		160		160,800		0.2
				791,810		0.8
Total Materials				14,136,067		13.4
TELECOMMUNICATION SERVICES — 14.5%
DIVERSIFIED TELECOMMUNICATION SERVICES — 9.4%
Altice Financing S.A., Private Placement, Sr Sec’d Nt, (Luxembourg),
6.500%, 01/15/222		200		199,938		0.2
6.625%, 02/15/232		200		198,560		0.2

21

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
Altice Finco S.A., Private Placement, Sr Sec’d Nt, (Luxembourg), 8.125%, 01/15/242	$	200	$	205,000		0.2	%
CCO Holdings LLC/CCO Holdings Capital Corp., Co Guar,
5.250%, 09/30/22		53		52,205		0.0	12
6.625%, 01/31/22		54		56,295		0.1
CCO Holdings LLC/CCO Holdings Capital Corp., Private Placement, Co Guar,
5.125%, 05/01/232		210		204,225		0.2
5.375%, 05/01/252		193		187,934		0.2
5.875%, 05/01/272		78		76,147		0.0	12
CenturyLink, Inc., Private Placement, Sr Unsec’d Nt, 5.625%, 04/01/252		179		161,547		0.2
Cincinnati Bell, Inc., Co Guar, 8.375%, 10/15/20		215		226,287		0.2
Consolidated Communications, Inc., Private Placement, Co Guar, 6.500%, 10/01/222		150		144,562		0.1
Embarq Corp., Sr Unsec’d Nt, 7.995%, 06/01/36		752		833,742		0.8
Frontier Communications Corp., Sr Unsec’d Nt,
8.500%, 04/15/20		225		235,238		0.2
8.750%, 04/15/22		369		365,310		0.4
9.250%, 07/01/21		222		232,545		0.2
Intelsat Jackson Holdings S.A., Co Guar, (Luxembourg),
5.500%, 08/01/23		133		117,771		0.1
6.625%, 12/15/22		735		668,850		0.6
7.250%, 04/01/19		143		145,145		0.2
7.250%, 10/15/20		245		242,244		0.2
7.500%, 04/01/21		220		217,525		0.2
Intelsat Luxembourg S.A., Co Guar, (Luxembourg), 7.750%, 06/01/21		325		271,375		0.3
Level 3 Communications, Inc., Sr Unsec’d Nt, 5.750%, 12/01/22		87		86,348		0.1
Level 3 Financing, Inc., Co Guar,
5.375%, 08/15/22		96		96,960		0.1
6.125%, 01/15/21		100		104,870		0.1
8.625%, 07/15/20		159		169,923		0.1

Description	Par (000)		Value		Percent of Net Assets*
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
Level 3 Financing, Inc., Private Placement, Co Guar,
5.125%, 05/01/232	$	300	$	293,438		0.3	%
5.375%, 05/01/252		560		540,400		0.5
5.625%, 02/01/232		123		124,230		0.1
Qwest Capital Funding, Inc., Co Guar, 7.750%, 02/15/31		360		370,800		0.3
Qwest Corp., Sr Unsec’d Nt, 7.250%, 09/15/25		50		57,082		0.1
Sprint Capital Corp., Co Guar,
6.875%, 11/15/28		165		141,900		0.1
8.750%, 03/15/32		366		355,935		0.4
UPCB Finance V Ltd., Private Placement, Sr Sec’d Nt, (Cayman Islands),
5.375%, 01/15/252		200		190,900		0.2
7.250%, 11/15/212		135		145,800		0.1
Virgin Media Finance plc, Private Placement, Co Guar, (United Kingdom), 5.750%, 01/15/252		200		200,000		0.2
Virgin Media Secured Finance plc, Private Placement, Sr Sec’d Nt, (United Kingdom), 5.375%, 04/15/212		180		185,400		0.2
Wind Acquisition Finance S.A., Private Placement, Sec’d Nt, (Luxembourg), 7.375%, 04/23/212		222		224,498		0.2
Wind Acquisition Finance S.A., Private Placement, Sr Sec’d Nt, (Luxembourg), 4.750%, 07/15/202		200		197,000		0.2
Windstream Services LLC, Co Guar,
6.375%, 08/01/23		110		89,512		0.1
7.500%, 06/01/22		71		62,391		0.1
7.500%, 04/01/23		529		461,553		0.4
7.750%, 10/01/21		295		269,925		0.2
Zayo Group LLC/Zayo Capital, Inc., Co Guar, 10.125%, 07/01/20		151		168,631		0.2
Zayo Group LLC/Zayo Capital, Inc., Private Placement, Co Guar,
6.000%, 04/01/232		295		291,372		0.3
6.375%, 05/15/252		75		72,750		0.0	12
				9,944,063		9.4

22

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
WIRELESS TELECOMMUNICATION SERVICES — 5.1%
SBA Communications Corp., Sr Unsec’d Nt, 4.875%, 07/15/22	$	175	$	170,406		0.2	%
SoftBank Group Corp., Private Placement, Co Guar, (Japan), 4.500%, 04/15/202		400		401,500		0.4
Sprint Communications, Inc., Private Placement, Co Guar,
7.000%, 03/01/202		93		101,156		0.1
9.000%, 11/15/182		575		649,325		0.6
Sprint Communications, Inc., Sr Unsec’d Nt,
7.000%, 08/15/20		500		496,250		0.4
11.500%, 11/15/21		72		84,780		0.1
Sprint Corp., Co Guar,
7.125%, 06/15/24		829		768,980		0.7
7.250%, 09/15/21		82		79,950		0.1
7.625%, 02/15/25		316		297,830		0.3
7.875%, 09/15/23		353		344,281		0.3
T-Mobile USA, Inc., Co Guar,
5.250%, 09/01/18		95		97,612		0.1
6.000%, 03/01/23		102		104,423		0.1
6.125%, 01/15/22		167		172,428		0.2
6.250%, 04/01/21		224		229,600		0.2
6.375%, 03/01/25		102		104,295		0.1
6.464%, 04/28/19		65		66,950		0.1
6.500%, 01/15/24		43		44,398		0.0	12
6.625%, 11/15/20		180		187,200		0.2
6.625%, 04/01/23		274		284,617		0.3
6.633%, 04/28/21		246		255,225		0.2
6.731%, 04/28/22		221		230,392		0.2
6.836%, 04/28/23		201		211,301		0.2
				5,382,899		5.1
Total Telecommunication Services				15,326,962		14.5
UTILITIES — 3.9%
ELECTRIC UTILITIES — 0.0%12
Texas Competitive Electric, Co Guar, VAR, 4.683%, 10/01/20		125		76,250		0.0	12
GAS UTILITIES — 1.4%
AmeriGas Partners LP/AmeriGas Finance Corp., Sr Unsec’d Nt, 6.500%, 05/20/21		70		72,800		0.1

Description	Par (000)		Value		Percent of Net Assets*
GAS UTILITIES (continued)
Ferrellgas LP/Ferrellgas Finance Corp., Private Placement, Co Guar, 6.750%, 06/15/232	$	176	$	176,880		0.2	%
PBF Logistics LP/PBF Logistics Finance Corp., Private Placement, Co Guar, 6.875%, 05/15/232		91		91,455		0.1
Rose Rock Midstream LP/Rose Rock Finance Corp., Co Guar, 5.625%, 07/15/22		78		76,245		0.1
Rose Rock Midstream LP/Rose Rock Finance Corp., Private Placement, Co Guar, 5.625%, 11/15/232		102		98,949		0.1
Sabine Pass Liquefaction LLC, Private Placement, Sr Sec’d Nt, 5.625%, 03/01/252		144		142,560		0.1
Sabine Pass Liquefaction LLC, Sr Sec’d Nt,
5.625%, 02/01/21		100		102,000		0.1
5.625%, 04/15/23		447		445,463		0.4
5.750%, 05/15/24		125		124,531		0.1
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr Unsec’d Nt,
5.500%, 06/01/24		75		74,963		0.1
7.375%, 08/01/21		45		48,037		0.0	12
				1,453,883		1.4
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 2.5%
AES Corp., Sr Unsec’d Nt,
5.500%, 03/15/24		269		258,912		0.3
5.500%, 04/15/25		150		142,500		0.1
Calpine Corp., Private Placement, Sr Sec’d Nt, 5.875%, 01/15/242		74		78,255		0.1
Calpine Corp., Sr Unsec’d Nt,
5.500%, 02/01/24		150		145,125		0.2
5.750%, 01/15/25		131		127,397		0.1
Dynegy, Inc., Co Guar, 5.875%, 06/01/23		164		160,310		0.1
Dynegy, Inc., Private Placement, Co Guar,
6.750%, 11/01/192		210		218,505		0.2
7.375%, 11/01/222		210		219,975		0.2
Dynegy, Inc., Private Placement, Sr Unsec’d Nt, 7.625%, 11/01/242		70		74,025		0.1

23

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS (continued)
GenOn Energy, Inc., Sr Unsec’d Nt, 9.875%, 10/15/20	$	290	$	295,075		0.3	%
InterGen N.V., Private Placement, Sr Sec’d Nt, (Netherlands), 7.000%, 06/30/232		270		240,300		0.2
NRG Energy, Inc., Co Guar,
6.250%, 07/15/22		75		76,125		0.1
6.250%, 05/01/24		175		173,688		0.1
6.625%, 03/15/23		214		220,420		0.2
Talen Energy Supply LLC, Private Placement, Co Guar, 5.125%, 07/15/192		100		98,000		0.1
TerraForm Power Operating LLC, Private Placement, Co Guar, 5.875%, 02/01/232		92		93,380		0.1
				2,621,992		2.5
Total Utilities				4,152,125		3.9
Total Corporate Bonds
(Cost $134,436,918)				130,824,255		124.1
LOAN ASSIGNMENTS — 9.7%
CONSUMER DISCRETIONARY — 3.3%
AUTOMOBILES — 0.2%
Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		222		221,417		0.2
HOTELS, RESTAURANTS & LEISURE — 0.5%
American Casino & Entertainment Properties LLC, Term Loan, VAR, 4.500%, 07/03/19		105		105,321		0.1
Scientific Games International, Inc., Initial Term Loan, VAR, 6.000%, 10/18/20		69		68,903		0.1
Shingle Springs Tribal Gaming Authority, Term B Loan, VAR, 6.250%, 08/29/19		104		104,572		0.1
Station Casinos LLC, Term Loan, VAR, 4.250%, 03/02/20		227		226,906		0.2
				505,702		0.5
LEISURE PRODUCTS — 0.3%
Delta 2 Sarl, 2nd Lien Facility, (Luxembourg), VAR, 7.750%, 07/29/22		213		212,467		0.2

Description	Par (000)		Value		Percent of Net Assets*
LEISURE PRODUCTS (continued)
FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19	$	124	$	117,498		0.1	%
				329,965		0.3
MEDIA — 1.7%
Entercom Radio LLC, Term B-2 Loan, VAR, 4.005%, 11/23/18		69		69,380		0.1
iHeartCommunications, Inc., Term Loan D, VAR, 6.937%, 01/30/19		702		647,385		0.6
iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.687%, 07/30/19		454		423,959		0.4
NEP Broadcasting LLC, 2nd Lien Term Loan, VAR, 10.000%, 07/22/20		38		37,813		0.0	12
Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		96		96,367		0.1
TWCC Holding Corp., Term Loan, VAR, 3.500%, 02/13/17		4		3,597		0.0	12
Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		78		77,536		0.1
Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		257		254,854		0.2
Visant Corp., Initial Term Loan, VAR, 7.000%, 09/23/21		65		62,147		0.1
WMG Acquisition Corp., Tranche B Refinancing Term Loan, VAR, 3.750%, 07/01/20		79		77,724		0.1
				1,750,762		1.7
MULTILINE RETAIL — 0.2%
J.C. Penney Co., Inc., Term Loan, VAR, 6.000%, 05/22/18		247		246,767		0.2
SPECIALTY RETAIL — 0.4%
J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		201		173,020		0.2
Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		129		128,218		0.1
Staples, Inc., Term Loan, VAR, 04/21/21^		119		118,775		0.1
				420,013		0.4
Total Consumer Discretionary				3,474,626		3.3

24

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
CONSUMER STAPLES — 1.1%
FOOD & STAPLES RETAILING — 1.0%
Albertsons LLC, Term Loan B-4, VAR, 5.500%, 08/25/21	$	180	$	180,240		0.2	%
Rite Aid Corp., 2nd Lien Term Loan, VAR, 4.875%, 06/21/21		425		424,868		0.4
Rite Aid Corp., New 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		45		45,422		0.0	12
SUPERVALU, Inc., Term Loan B, VAR, 4.500%, 03/21/19		396		396,894		0.4
				1,047,424		1.0
FOOD PRODUCTS — 0.1%
Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.500%, 11/01/18		119		119,308		0.1
Total Consumer Staples				1,166,732		1.1
ENERGY — 0.6%
ENERGY EQUIPMENT & SERVICES — 0.2%
Floatel International Ltd., Initial Term Loan, (Bermuda), VAR, 6.000%, 06/27/20		97		76,512		0.1
Stallion Oilfield Holdings, Inc., Term Loan B, VAR, 8.000%, 06/19/18		96		78,352		0.1
				154,864		0.2
OIL, GAS & CONSUMABLE FUELS — 0.4%
Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		38		38,106		0.0	12
Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		175		133,656		0.1
Overseas Shipholding Group, Initial Term Loan, VAR, 5.250%, 08/05/19		61		61,246		0.0	12
Sabine Oil & Gas (NFR Energy), 2nd Lien Term Loan, VAR, 8.750%, 12/31/181,4		250		85,418		0.1
Veresen Midstream Ltd. Partnership, Initial Term Loan, VAR, 5.250%, 03/31/22		75		75,345		0.1
W&T Offshore, Inc., 2nd Lien Term Loan, VAR, 9.000%, 05/10/20		62		61,303		0.1
				455,074		0.4
Total Energy				609,938		0.6

Description	Par (000)		Value		Percent of Net Assets*
FINANCIALS — 0.5%
CONSUMER FINANCE — 0.2%
Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18	$	256	$	252,258		0.2	%
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Ascensus, Inc., 2nd Lien Initial Term Loan, VAR, 9.000%, 12/02/20		30		29,944		0.1
ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		235		229,920		0.2
				259,864		0.3
Total Financials				512,122		0.5
HEALTH CARE — 0.3%
HEALTH CARE PROVIDERS & SERVICES — 0.2%
inVentiv Health, Inc., Term Loan B-4, VAR, 7.750%, 05/15/18		169		168,721		0.2
PHARMACEUTICALS — 0.1%
Ceva Logistics Holdings, Inc., US Term Loan, (United Kingdom), VAR, 6.500%, 03/19/21		18		16,710		0.0	12
Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 4.000%, 04/01/22		125		124,479		0.1
				141,189		0.1
Total Health Care				309,910		0.3
INDUSTRIALS — 1.1%
AIR FREIGHT & LOGISTICS — 0.0%12
Ceva Group plc, PreFunded Letter of Credit, Term Loan, (United Kingdom), VAR, 0.182%, 03/19/21		12		11,633		0.0	12
Ceva Intercompany, Dutch B.V. Term Loan, (United Kingdom), VAR, 6.500%, 03/19/21		13		12,115		0.0	12
Ceva Logistics Holdings, Inc., Canadian Term Loan, (United Kingdom), VAR, 6.500%, 03/19/21		2		2,089		0.0	12
				25,837		0.0	12
BUILDING PRODUCTS — 0.1%
Stardust Finance, Senior Lien Term Loan, VAR, 6.500%, 03/13/22		100		99,750		0.1

25

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Par (000)		Value		Percent of Net Assets*
COMMERCIAL SERVICES & SUPPLIES — 0.3%
EWT/WTG Holdings III Corp., 2nd Lien Term Loan, VAR, 8.500%, 01/15/22	$	200	$	196,000		0.2	%
Harland Clarke Holdings Corp., Extended Tranche B-2 Term Loan, VAR, 5.532%, 06/30/17		121		120,770		0.1
				316,770		0.3
CONSTRUCTION & ENGINEERING — 0.1%
Stonewall Gas Gathering LLC, Term Loan, VAR, 8.750%, 01/28/22		37		37,687		0.1
INDUSTRIAL CONGLOMERATES — 0.4%
Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		430		423,267		0.4
MARINE — 0.2%
Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		92		77,679		0.1
Navios Maritime Partners LP, Term Loan, VAR, 06/18/20^		79		78,775		0.1
Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18		90		63,299		0.0	12
				219,753		0.2
Total Industrials				1,123,064		1.1
INFORMATION TECHNOLOGY — 0.7%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%
Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		319		319,151		0.3
INTERNET SOFTWARE & SERVICES — 0.1%
Go Daddy Operating Co., Initial Term Loan, VAR, 4.250%, 05/13/21		76		76,242		0.1
IT SERVICES — 0.2%
First Data Corp., Term Loan, VAR, 3.687%, 09/24/18		264		262,754		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
Freescale Semiconductor, Inc., Term Loan B, VAR, 4.250%, 02/28/20		132		132,015		0.1
Total Information Technology				790,162		0.7
MATERIALS — 0.5%
CHEMICALS — 0.3%
Arizona Chemical U.S., Inc., 2nd Lien Initial Term Loan, VAR, 7.500%, 06/10/22	$	46	$	45,770		0.1	%
Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 3.750%, 02/01/20		173		172,635		0.2
OCI Beaumont LLC, Term Loan B-3, VAR, 5.500%, 08/20/19		42		42,755		0.0	12
				261,160		0.3
CONSTRUCTION MATERIALS — 0.0%12
Quikrete Holdings, Inc., 2nd Lien Initial Loan, VAR, 7.000%, 03/26/21		44		44,376		0.0	12
METALS & MINING — 0.2%
Coeur Mining, Inc., Term Loan B, VAR, 06/15/20^,9		150		147,000		0.1
FMG Resources Pty, Ltd., Term Loan B, (Australia), VAR, 3.750%, 06/30/19		85		74,921		0.1
				221,921		0.2
Total Materials				527,457		0.5
TELECOMMUNICATION SERVICES — 0.2%
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		148		148,821		0.1
Cincinnati Bell, Inc., Term B Loan, VAR, 4.000%, 09/10/20		34		34,359		0.0	12
XO Communications LLC, Initial Term Loan, VAR, 4.250%, 03/20/21		49		48,769		0.1
Total Telecommunication Services				231,949		0.2
UTILITIES — 1.4%
ELECTRIC UTILITIES — 1.4%
Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 06/19/16		89		88,546		0.1
Texas Competitive Electric Holdings Co. LLC, DIP Term Loan, VAR, 3.750%, 05/05/161,4		127		127,658		0.1
Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.671%, 10/10/171,4		1,335		765,438		0.7

26

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Shares/Par (000)			Value		Percent of Net Assets*
ELECTRIC UTILITIES (continued)
Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.671%, 10/10/161,4	$	925		$	522,386		0.5	%
Total Utilities					1,504,028		1.4
Total Loan Assignments
(cost $11,230,894)					10,249,988		9.7
PREFERRED SECURITIES — 1.6%
FINANCIALS — 1.6%
BANKS — 1.2%
Bank of America Corp., Jr Sub Nt,
Series AA, VAR, 6.100%, 03/17/2514		254			250,190		0.2
Series K, VAR, 8.000%, 01/30/1814		190			200,450		0.2
Citigroup, Inc., Jr Sub Nt,
Series O, VAR, 5.875%, 03/27/2014		135			135,169		0.1
Series P, VAR, 5.950%, 05/15/2514		100			96,250		0.1
VAR, 5.950%, 01/30/2314		235			231,475		0.2
Credit Agricole S.A., Private Placement, Jr Sub Nt, (France), VAR, 6.625%, 09/23/192,14		200			195,200		0.2
HSBC Holdings plc, Jr Sub Nt, (United Kingdom), VAR, 6.375%, 03/30/2514		200			199,500		0.2
					1,308,234		1.2
CAPITAL MARKETS — 0.4%
Goldman Sachs Group, Inc. (The), Jr Sub Nt, Series M, VAR, 5.375%, 05/10/2014		264			260,805		0.3
Morgan Stanley, Jr Sub Nt, Series J, VAR, 5.550%, 07/15/2014		113			112,181		0.1
					372,986		0.4
Total Preferred Securities
(cost $1,696,270)					1,681,220		1.6
ASSET-BACKED SECURITIES — 0.9%
Long Beach Mortgage Loan Trust, Series 2004-5, Class M6, VAR, 2.687%, 09/25/349		12			9,922		0.0	12
ASSET-BACKED SECURITIES (continued)
Unipac IX LLC, 13.000%, 05/15/169	$	987		$	950,132		0.9	%
Total Asset-Backed Securities
(cost $993,520)					960,054		0.9
Total Fixed Income Investments
(cost $148,398,790)					143,715,517		136.3
PREFERRED STOCKS — 1.4%
CONSUMER DISCRETIONARY — 0.4%
MEDIA — 0.4%
Spanish Broadcasting System, Inc., Pfd1,9		481			5,582		0.0	12
Spanish Broadcasting System, Inc., Pfd, Series B, 10.750%, (PIK) 07/29/1515,17 ($1,000 par value)		—	11		345,680		0.4
Total Consumer Discretionary					351,262		0.4
FINANCIALS — 0.9%
CONSUMER FINANCE — 0.2%
Ally Financial, Inc., Pfd, Private Placement, Series G, 7.000%, 07/29/152,15 ($1,000 par value)		—	11		191,989		0.2
DIVERSIFIED FINANCIAL SERVICES — 0.1%
GMAC Capital Trust I, Pfd, Series 2, VAR, 8.125%, 02/15/40 ($25 par value)		4			93,528		0.1
INSURANCE — 0.6%
Hartford Financial Services Group, Inc. (The), Pfd, VAR, 7.875%, 04/15/42 ($25 par value)		6			177,697		0.1
XLIT Ltd., Pfd, (Cayman Islands), Series D, VAR, 3.395%, 07/27/1515 ($1,000 par value)		1			515,450		0.5
					693,147		0.6
Total Financials					978,664		0.9
INDUSTRIALS — 0.0%
MACHINERY — 0.0%
Glasstech, Inc., Pfd, Series C1,9		—	11		—		0.0

27

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (continued)

As of June 30, 2015 (Unaudited)

Description	Shares/Par (000)			Value			Percent of Net Assets*
MATERIALS — 0.1%
CONTAINERS & PACKAGING — 0.0%
Constar International, Inc., Pfd1,9	$	—	11	$	—			0.0	%
METALS & MINING — 0.1%
ArcelorMittal, Pfd, (Luxembourg), 6.000%, 01/15/16 ($25 par value)		9			140,100			0.1
Total Materials					140,100			0.1
Total Preferred Stocks
(cost $1,592,079)					1,470,026			1.4
COMMON STOCKS — 0.6%
CONSUMER DISCRETIONARY — 0.1%
MEDIA — 0.1%
New Cotai LLC/New Cotai Capital Corp., Class B, ADR1,9		—	11		33,764			0.1
SPECIALTY RETAIL — 0.0%12
Neebo, Inc.1,9		8			24,775			0.0	12
Total Consumer Discretionary					58,539			0.1
FINANCIALS — 0.0%12
DIVERSIFIED FINANCIAL SERVICES — 0.0%12
Adelphia Recovery Trust1,9		157			2			0.0	12
Adelphia Recovery Trust, Contingent Value9		1,297			3,631			0.0	12
					3,633			0.0	12
INSURANCE — 0.0%12
Jupiter Holding I Corp.1,9		1			8,987			0.0	12
Total Financials					12,620			0.0	12
INDUSTRIALS — 0.0%
MACHINERY — 0.0%
Glasstech, Inc.1,9		—	11		—			0.0
MATERIALS — 0.0%12
CONSTRUCTION MATERIALS — 0.0%12
U.S. Concrete, Inc.1		1			28,417			0.0	12
CONTAINERS & PACKAGING — 0.0%
Constar International, Inc., ADR1,9		4			—			0.0
Total Materials					28,417			0.0	12
TELECOMMUNICATION SERVICES — 0.4%
WIRELESS TELECOMMUNICATION SERVICES — 0.4%
NII Holdings, Inc.1	$	23		$	378,950			0.4	%
UTILITIES — 0.1%
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%
Dynegy, Inc.1		3			87,750			0.1
Total Common Stocks
(cost $805,323)					566,276			0.6
WARRANTS — 0.0%12
CONSUMER DISCRETIONARY — 0.0%
SPECIALTY RETAIL — 0.0%
Neebo, Inc., expiring 06/20/19 (Strike Price $1.00)1,9		1			—			0.0
Neebo, Inc., expiring 06/29/19 (Strike Price $1.00)1,9		3			—			0.0
					—			0.0
Total Consumer Discretionary					—			0.0
INDUSTRIALS — 0.0%12
MARINE — 0.0%12
General Maritime Corp., expiring 05/17/17 (Strike Price $1.00)1,9		—	11		166			0.0	12
Total Warrants
(cost $46)					166			0.0	12
Total Equity Investments
(cost $2,397,448)					2,036,468			2.0
SHORT-TERM INVESTMENT — 1.6%
INVESTMENT COMPANY — 1.6%
JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050%5,10,13 (cost $1,691,785)		1,692			1,691,785			1.6
TOTAL INVESTMENTS
(cost $152,488,023)					147,443,770			139.9
Preferred Stock and Liabilities in Excess of Other assets					(42,036,704	)		(39.9	)
Net Assets Applicable to Common Stockholders				$	105,407,066			100.0	%

28

PACHOLDER HIGH YIELD FUND, INC.

Schedule of Portfolio Investments (concluded)

As of June 30, 2015 (Unaudited)

ADR American Depositary Receipt

Co Company

Guar Guaranteed

Jr Junior

Nt Note

Pfd Preferred

Reg. S Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Sec’d Secured

Sr Senior

Sub Subordinate

Unsec’d Unsecured

VAR Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2015.

* Applicable to common stockholders.

¹  Non-income producing security.

²  Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Directors and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities amounted to $56,695,451 and 53.8% of net assets applicable to common stockholders.

⁴  Defaulted security.

⁵  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

⁹  Security deemed to be illiquid. These securities amounted to $1,610,717 and 1.5% of net assets applicable to common stockholders.

¹⁰  All or a portion of the security is reserved for current or potential holdings of swaps, TBAs, when-issued securities and delayed delivery securities.

¹¹  Amount rounds to less than one thousand (par or shares).

¹²  Amount rounds to less than 0.1%.

¹³  The rate shown is the current yield as of June 30, 2015.

¹⁴  Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2015.

¹⁵  The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of June 30, 2015.

¹⁶  Security is distressed as of June 30, 2015. The rate at which income is accrued on the security is lower than the stated coupon rate.

¹⁷  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

^{^}  All or a portion of the security is unsettled as of June 30, 2015. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

29

PACHOLDER HIGH YIELD FUND, INC.

Statement of Assets and Liabilities

As of June 30, 2015 (Unaudited)

ASSETS:
Investments in non-affiliates, at value	$	145,751,985
Investments in affiliates, at value		1,691,785
Total investment securities, at value		147,443,770
Cash		102,895
Receivables:
Investment securities sold		260,440
Interest and dividends from non-affiliates		2,185,247
Dividends from affiliates		100
Tax reclaims		6,843
Total Assets		149,999,295
LIABILITIES:
Payables:
Dividends on preferred stock		1,343
Investment securities purchased		1,285,261
Accrued liabilities:
Investment advisory fees		132,134
Administration fees		9,746
Custodian and accounting fees		12,696
Other		151,049
Total Liabilities		1,592,229
Less: Outstanding Preferred Stock (1,720 shares at $25,000 per share) at liquidation value	$	43,000,000
Net Assets applicable to common shareholders	$	105,407,066
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:
Common Stock, $0.01 par value; 49,996,320 shares authorized, 12,996,610 shares issued and outstanding	$	129,966
Capital in excess of par		130,076,612
Accumulated undistributed (distributions in excess of) net investment income		(458,342	)
Accumulated net realized gains (losses)		(19,296,917	)
Net unrealized appreciation (depreciation)		(5,044,253	)
Total Net Assets applicable to common shareholders	$	105,407,066
Shares Outstanding		12,996,610
Net Asset Value per Common Share ($105,407,066/12,996,610)	$	8.11
Cost of investments in non-affiliates	$	150,796,238
Cost of investments in affiliates		1,691,785

See Notes to Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2015 (Unaudited)

INVESTMENT INCOME:
Interest income from non-affiliates	$	4,761,751
Dividend income from non-affiliates		34,432
Dividend income from affiliates		552
Total investment income		4,796,735
EXPENSES:
Investment advisory fees (Note 5)		750,368
Administration fees (Note 5)		74,840
Custodian and accounting fees (Note 5)		26,258
Audit fees		69,312
Legal fees		24,519
Directors’ and Chief Compliance Officer’s fees		1,010
Printing and mailing costs		57,659
Transfer agent fees		12,013
Stock exchange listing fees		9,893
Other		18,262
Operating expenses		1,044,134
Commissions on auction rate preferred stock		14,716
Total expenses		1,058,850
Less fees waived (Note 5)		(2,129	)
Net expenses		1,056,721
Net investment income (loss)		3,740,014
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		(1,255,533	)
Change in net unrealized appreciation/depreciation of Investments in non-affiliates		570,005
Net realized/unrealized gains (losses)		(685,528	)
Change in net assets resulting from operations		3,054,486
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS FROM NET INVESTMENT INCOME		(26,757	)
NET INCREASE/(DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING FROM OPERATIONS		3,027,729

See Notes to Financial Statements.

30

PACHOLDER HIGH YIELD FUND, INC.

Statements of Changes in Net Assets

For the Periods Indicated

	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
INCREASE/(DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	3,740,014		$	7,930,784
Net realized gain (loss)		(1,255,533	)		1,978,131
Change in net unrealized appreciation/depreciation		570,005			(6,997,798	)
Distributions to preferred stockholders from net investment income		(26,757	)		(43,689	)
Net increase/(decrease) in net assets resulting from operations applicable to common stockholders		3,027,729			2,867,428
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:
Net investment income		(3,976,963	)		(8,063,165	)
Return of capital		—			(670,143	)
Total distributions to common shareholders		(3,976,963	)		(8,733,308	)
FUND SHARE TRANSACTIONS (NOTE 2):
Value of 1,313 shares issued in reinvestment of dividends to common stockholders in 2014		—			23,289
Total increase in net assets derived from fund share transactions		—			23,289
Total net increase/(decrease) in net assets applicable to common stockholders		(949,234	)		(5,842,591	)
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:
Beginning of period		106,356,300			112,198,891
End of period	$	105,407,066		$	106,356,300
Accumulated undistributed (distributions in excess of) net investment income	$	(458,342	)	$	(194,636	)

See Notes to Financial Statements.

31

PACHOLDER HIGH YIELD FUND, INC.

Financial Highlights

(Contained below is per share operating performance data for a share of common stock outstanding, total return performance, ratios to average net assets and other supplemental data. This information has been derived from information provided in the financial statements calculated using average shares outstanding and market price data for the Fund’s shares.)

	For the Six Months Ended June  30, 2015 (Unaudited)			Year Ended December 31,
				2014			2013			2012			2011			2010
Net asset value, beginning of period	$	8.18		$	8.63		$	8.57		$	7.86		$	8.65		$	7.79
Net investment income (loss)		0.29			0.61			0.67			0.79			0.84			0.90
Net realized and unrealized gain/(loss) on investments		(0.05	)		(0.39	)		0.15			0.76			(0.74	)		0.89
Distributions to preferred stockholders from net investment income		—	(16)		—	(16)		—	(16)		—	(16)		—	(16)		(0.01	)
Net increase/(decrease) in net asset value resulting from operations		0.24			0.22			0.82			1.55			0.10			1.78
Distributions to Common Stockholders from:
Net investment income		(0.31	)		(0.62	)		(0.71	)		(0.84	)		(0.89	)		(0.92	)
Return of capital		—			(0.05	)		(0.05	)		—			—			—
Total distributions to common stockholders		(0.31	)		(0.67	)		(0.76	)		(0.84	)		(0.89	)		(0.92	)
Net asset value, end of period	$	8.11		$	8.18		$	8.63		$	8.57		$	7.86		$	8.65
Market value per share, end of period	$	6.93		$	7.35		$	7.86		$	8.87		$	8.95		$	8.45
TOTAL INVESTMENT RETURN:(1)
Based on market value per common share(2)(3)		(1.74	)%		1.45	%		(3.19	)%		9.02	%		17.09	%		27.90	%
Based on net asset value per common share(3)(4)(5)		3.31	%		2.80	%		10.06	%		19.93	%		0.42	%		24.03	%
RATIOS TO AVERAGE NET ASSETS:(6)(7)
Net Expenses (including expenses related to leverage)(8)(9)(10)		1.41	%(14)		1.48	%(14)		1.61	%(14)		1.24	%(14)		1.56	%(14)		1.74	%(14)
Applicable to common stockholders only(8)(10)(11)		1.98	%(15)		2.04	%(15)		2.22	%(15)		1.74	%(15)		2.17	%(15)		2.43	%(15)
Net Expenses (prior to expenses related to leverage)(8)(9)(10)		1.39	%(14)		1.47	%(14)		1.59	%(14)		1.22	%(14)		1.54	%(14)		1.67	%(14)
Applicable to common stockholders only(8)(10)(11)		1.95	%(15)		2.02	%(15)		2.20	%(15)		1.71	%(15)		2.14	%(15)		2.34	%(15)
Net investment income(10)(11)		7.01	%		7.04	%		7.79	%		9.47	%		9.90	%		10.81	%
SUPPLEMENTAL DATA:
Net assets at end of period, net of preferred stock	$	105,407,066		$	106,356,300		$	112,198,891		$	111,344,440		$	101,946,580		$	112,123,086
Portfolio turnover rate(3)(12)		27	%		43	%		46	%		61	%		50	%		58	%
SENIOR SECURITIES:
Number of preferred shares outstanding at end of period		1,720			1,720			1,720			1,720			1,720			1,720
Asset coverage per share of preferred stock outstanding at end of period(13)	$	86,283		$	86,835		$	90,232		$	89,735		$	84,271		$	90,188
Involuntary liquidation preference and average market value per share of preferred stock	$	25,000		$	25,000		$	25,000		$	25,000		$	25,000		$	25,000

⁽¹⁾  Total investment return excludes the effects of commissions. Dividends and distributions to common stockholders, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Rights offerings, if any, are assumed, for purposes of this calculation, to be fully subscribed under the terms of the rights offering.

⁽²⁾  Assumes an investment at the common share market value at the beginning of the period indicated and sale of all shares at the closing common share market value at the end of the period indicated. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

⁽³⁾  Not annualized for periods less than one year.

⁽⁴⁾  Assumes an investment at the common share net asset value at the beginning of the period indicated and sale of all shares at the closing common share net asset value at the end of the period indicated. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

⁽⁵⁾  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and the returns for common stockholder transactions.

⁽⁶⁾  Ratios do not include the effect of dividends to preferred stock.

⁽⁷⁾  See Note 5 in the Notes to Financial Statements.

⁽⁸⁾  Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

⁽⁹⁾  Ratios calculated relative to the average net assets of both common and preferred stockholders.

⁽¹⁰⁾  Annualized for periods less than one year, unless otherwise noted.

⁽¹¹⁾  Ratios calculated relative to the average net assets of common stockholders only.

⁽¹²⁾  Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

⁽¹³⁾  Calculated by subtracting the Fund’s total liabilities (not including the preferred stock) from the Fund’s total assets, and dividing this by the number of preferred shares outstanding.

⁽¹⁴⁾  The Advisor and Administrator voluntarily agreed to waive/reimburse fees during the six months ended June 30, 2015 and the years ended December 31, 2014, 2013, 2012, 2011 and 2010. Without these waivers/reimbursements, the ratios would have been higher by less than 0.01% for the six months ended June 30, 2015 and the years ended December 31, 2014, 2013, 2012 and 2011 and 0.03% for the year ended December 31, 2010.

⁽¹⁵⁾ The Advisor and Administrator voluntarily agreed to waive/reimburse fees during the six months ended June 30, 2015 and the years ended December 31, 2014, 2013, 2012, 2011 and 2010. Without these waivers/reimbursements, the ratios would have been higher by less than 0.01% for the six months ended June 30, 2015 and the years ended December 31, 2014, 2013, 2012 and 2011 and 0.04% for the year ended December 31, 2010.

⁽¹⁶⁾  Amount rounds to less than $0.01.

See Notes to Financial Statements.

32

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES — Pacholder High Yield Fund, Inc. (the “Fund”) is a closed-end, diversified management investment company with a leveraged capital structure. The Fund’s investment objective is to seek a high level of total return through current income and capital appreciation by investing primarily in high yield, fixed income securities of domestic companies. Under normal circumstances, the Fund invests at least 80% of the value of its assets in high yield debt securities. The Fund invests primarily in high yield fixed income securities of domestic companies. The Fund was incorporated under the laws of the State of Maryland in August 1988.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. SECURITY VALUATIONS — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Directors (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

33

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (continued)

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but are not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at June 30, 2015.

The following table represents each valuation input by sector as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	—	$	—	$	58,539		$	58,539
Financials		—		—		12,620			12,620
Industrials		—		—		—	(a)		—	(a)
Materials		28,417		—		—	(a)		28,417
Telecommunication Services		378,950		—		—			378,950
Utilities		87,750		—		—			87,750
Total Common Stocks		495,117		—		71,159			566,276
Preferred Stocks
Consumer Discretionary		345,680		—		5,582			351,262
Financials		978,664		—		—			978,664
Industrials		—		—		—	(a)		—	(a)
Materials		140,100		—		—			140,100
Total Preferred Stocks		1,464,444		—		5,582			1,470,026

34

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Debt Securities
Asset-Backed Securities	$	—	$	—	$	960,054		$	960,054
Convertible Bonds
Consumer Discretionary		—		—		—	(a)		—	(a)
Corporate Bonds
Consumer Discretionary		—		25,212,368		217,155			25,429,523
Consumer Staples		—		6,237,302		—			6,237,302
Energy		—		17,120,739		—			17,120,739
Financials		—		9,456,244		—			9,456,244
Health Care		—		15,194,619		280			15,194,899
Industrials		—		14,993,331		75,185			15,068,516
Information Technology		—		8,701,878		—			8,701,878
Materials		—		13,930,026		206,041			14,136,067
Telecommunication Services		—		15,326,962		—			15,326,962
Utilities		—		4,152,125		—			4,152,125
Total Corporate Bonds		—		130,325,594		498,661			130,824,255
Preferred Securities
Financials		—		1,681,220		—			1,681,220
Loan Assignments
Consumer Discretionary		—		3,474,626		—			3,474,626
Consumer Staples		—		1,166,732		—			1,166,732
Energy		—		609,938		—			609,938
Financials		—		512,122		—			512,122
Health Care		—		309,910		—			309,910
Industrials		—		1,123,064		—			1,123,064
Information Technology		—		790,162		—			790,162
Materials		—		380,457		147,000			527,457
Telecommunication Services		—		231,949		—			231,949
Utilities		—		1,504,028		—			1,504,028
Total Loan Assignments		—		10,102,988		147,000			10,249,988
Warrants
Consumer Discretionary		—		—		—	(a)		—	(a)
Industrials		—		—		166			166
Total Warrants		—		—		166			166
Short-Term Investment
Investment Company		1,691,785		—		—			1,691,785
Total Investments in Securities	$	3,651,346	$	142,109,802	$	1,682,622		$	147,443,770

^(a)  Value is zero.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2015.

35

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (continued)

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Balance as of December 31, 2014			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2015
Investments in Securities
Asset-Backed Securities	$	1,227,814		$	—		$	92,381		$	3,110		$	—	$	(363,251	)	$	—	$	—		$	960,054
Common Stocks — Consumer Discretionary		70,702			—			(12,163	)		—			—		—			—		—			58,539
Common Stocks — Financials		7,579			—			5,041			—			—		—			—		—			12,620
Common Stocks — Industrials		1,833			—			2,867			—			—		(4,700	)		—		—			—	(a)
Common Stocks — Materials		504,592			(586,435	)		805,896			—			—		(724,053	)		—		—			—	(a)
Convertible Bond — Consumer Discretionary		—	(a)		—			(462	)		—			462		—			—		—			—	(a)
Corporate Bonds — Consumer Discretionary		84,973			159			(1,803	)		(1,740	)		212		(2,446	)		137,800		—			217,155
Corporate Bonds — Health Care		281			—			(1	)		—			—		—			—		—			280
Corporate Bonds — Industrials		1,545,748			32,513			(35,320	)		—			—		(671,664	)		—		(796,092	)		75,185
Corporate Bonds — Materials		208,071			(9,776	)		6,773			572			401		—			—		—			206,041
Corporate Bonds — Utilities		650			1,139			4,038			—			—		(5,827	)		—		—			—
Loan Assignments — Materials		—			—			—			—			147,000		—			—		—			147,000
Preferred Stocks — Consumer Discretionary		5,294			—			—			288			—		—			—		—			5,582
Preferred Stocks — Industrials		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Materials		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — Consumer Discretionary		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — Industrials		—	(a)		—			166			—			—		—			—		—			166
Total	$	3,657,537		$	(562,400	)	$	867,413		$	2,230		$	148,075	$	(1,771,941	)	$	137,800	$	(796,092	)	$	1,682,622

^(a)  Value is zero.

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at June 30, 2015, which were valued using significant unobservable inputs (Level 3) amounted to $88,336. This amount is included in Change in net unrealized appreciation (depreciation) of investments in non-affiliates on the Statement of Operations.

Quantitative Information about Level 3 Fair Value Measurements #
	Fair Value at June 30, 2015		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	8,987	Market Comparable Companies	EBITDA Multiple(a)		5.5x (5.5x)
				Discount for lack of marketability(b)		20.0% - 22.5% (20.00%)
		—	Discounted Cash Flow	Probability of Insolvency		100% (N/A)
		3,633	Terms of Plan of Reorganization	Discount for potential outcome		100% (N/A)
		24,775	Consensus Broker Pricing	Median Offered quote		3.15 (N/A)
Common Stock		37,395

36

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #
	Fair Value at June 30, 2015		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
		—	Discounted Cash Flow	Discount for lack of marketability(b)		10% (N/A)
				Probability of Insolvency		100% (N/A)
Preferred Stock		—
		126,179	Market Comparable Companies	EBITDA Multiple(a)		5.5x - 6.80x (6.36x)
				Discount for lack of marketability(b)		10% (N/A)
				Probability of Default		99.99% (N/A)
Corporate Bond		126,179
		960,054	Discounted Cash Flow	Liquidity Discount		4.50% - 5.00% (4.75%)
				Implied Spread to Index		2.00% - 2.50% (2.25%)
				Constant Prepayment Rate		2.00% (N/A)
				Constant Default Rate		5.00% (N/A)
				Yield (Discount Rate of Cash Flows)		7.40% (N/A)
Asset-Backed Securities		960,054
Warrants		166	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total		1,123,794

# The table above does not include Level 3 securities that are valued by brokers and pricing services. At June 30, 2015, the value of these securities was $558,828. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

^(a)  Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

^(b)  Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

^(c)  Securities senior to the preferred securities in issuing entity capital structure result in preferred stock being valued at zero.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield, and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement. A significant change in broker pricing information could result in a significantly higher or lower value in such Level 3 instruments.

B. FEDERAL TAXES— It is the Fund’s policy to make distributions to stockholders of net investment income and net realized capital gains to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

The Fund intends to continue to qualify as a regulated investment company by complying with the appropriate provisions of the Internal Revenue Code and to distribute to stockholders each year substantially all of its taxable income, if any, including realized gains on investments.

Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2015, no liability for income tax is required in the Fund’s financials statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

37

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (continued)

The Fund reserves the right to retain investment company taxable income and/or net capital gains. As such, excise taxes may be recognized and paid on undistributed income and capital gain amounts.

The Fund did not retain any investment company taxable income and/or net capital gains.

The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

C. SECURITIES TRANSACTIONS AND INVESTMENT INCOME— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

D. EXPENSES AND DISTRIBUTIONS — Expenses are accrued as incurred. Dividends to common stockholders are generally declared and paid monthly from net investment income and distributions of net realized capital gains, if any, are paid at least annually. Dividends to preferred stockholders are accrued daily based on a variable interest rate set at weekly auctions or, in the absence of a successful auction, at a maximum rate as calculated in accordance with the Fund’s Articles Supplementary for Auction Rate Cumulative Preferred Stock and are paid weekly from net investment income. Distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

E. LOAN ASSIGNMENTS — The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in loan assignments of all or a portion of the loans. When the Fund purchases a loan assignment, the Fund has direct rights against the borrower on a loan when it purchases an assignment; provided, however, the Fund’s rights may be more limited than the lender from which they acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. As a result, the Fund assumes the credit risk of the Borrower (“Intermediate Participants”) and any other persons interpositioned between the Fund and the Borrower. Although certain loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing on such collateral or have its interest subordinated to other indebtedness of the obligor. In addition, loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid.

F. UNFUNDED COMMITMENTS — The Fund may enter into commitments to buy and sell investments including commitments to buy loan assignments that settle on future dates as part of its normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Commitments are generally traded and priced as part of a related loan assignment (Note 1.E.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation (depreciation) from unfunded commitments is reported on the Statement of Assets and Liabilities. The Fund segregates sufficient liquid assets for unfunded and funded commitments that will settle on future dates. Credit risks exist on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

At June 30, 2015, the Fund did not have any outstanding unfunded loan commitments.

2. COMMON STOCK — At June 30, 2015, there were 49,996,320 shares of common stock with a $0.01 par value authorized and 12,996,610 outstanding. During the six months ended June 30, 2015, the Fund did not issue any shares of common stock in connection with its dividend reinvestment plan. During the year ended December 31, 2014, the Fund issued 1,313 shares of common stock in connection with its dividend reinvestment plan.

38

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (continued)

3. PREFERRED STOCK — On June 29, 2001, the Fund issued shares of Series W Auction Rate Cumulative Preferred Stock (“ARPS”) at an offering price of $25,000 per share. Dividends on these shares are paid weekly at an annual rate determined by a weekly auction or, in the absence of a successful auction, at a maximum rate as calculated in accordance with the Fund’s Articles Supplementary for Auction Rate Cumulative Preferred Stock. In general, the holders of the ARPS and the common stock vote together as a single class, except that the ARPS stockholders, as a separate class, vote to elect two members of the Board. The ARPS have a liquidation value of $25,000 per share, plus accumulated and unpaid dividends. At June 30, 2015, accrued ARPS dividends were $1,343.

The Fund is subject to certain limitations and restrictions associated with outstanding shares of ARPS, including maintaining an asset coverage ratio of 200% for such shares. Failure to comply with these limitations and restrictions could preclude the Fund from declaring any dividends or distributions to common stockholders or repurchasing common shares and/or could trigger the mandatory redemption of ARPS at their liquidation value.

The weekly auction for the ARPS issued by the Fund has failed since February 13, 2008, due to insufficient demand (bids to buy shares) to meet supply (shares offered for sale) at the auction. Holders of ARPS who wish to sell in an auction will not be able to do so until there is a successful auction with sufficient demand for the shares. Failed auctions are not considered a default by the Fund and do not alter the credit quality of the ARPS. However, failed auctions may increase the cost of the Fund’s leverage and decrease the income available for common stockholders. ARPS holders have continued to receive dividends at the “maximum rate” set on the date of the failed auction, and the liquidation value of $25,000 per share (plus accumulated but unpaid dividends, if any) is unaffected. Based on the rating assigned to the Fund’s ARPS, the maximum rate may range from 150%-275% of the “AA” Financial Composite Commercial Paper Rate as of a given auction date. The maximum rate incurred during the six months ended June 30, 2015, ranged from 0.075% to 0.195%. The maximum rate as of the August 5^th, 2015 auction was 0.21%, which is 150% of the “AA” Financial Composite Commercial Paper Rate on that date.

4. PURCHASES AND SALES OF SECURITIES — Purchases and sales of securities (excluding short-term securities) for the six months ended June 30, 2015, aggregated $40,511,940 and $39,710,992, respectively. During the six months ended June 30, 2015, there were no purchases or sales of U.S. Government securities.

5. TRANSACTIONS WITH INVESTMENT ADVISER, ADMINISTRATOR, ACCOUNTING SERVICES AGENT AND CUSTODIAN — J.P. Morgan Investment Management, Inc. (“JPMIM” or the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), serves as investment adviser to the Fund under an Investment Advisory Agreement (the “Advisory Agreement”). Under the Advisory Agreement, JPMIM is entitled to receive an annual investment advisory fee, computed and paid monthly after the end of each calendar month, at a rate that increases or decreases from a “fulcrum fee” of 0.90% of the Fund’s average net assets over a rolling 12-month period. The increase or decrease is calculated by comparing the total return investment performance of the Fund (net of all fees and expenses, including the advisory fee) for the prior 12-month period (the “Fund Return”) to the percentage change in the Credit Suisse High Yield Index, Developed Countries Only (the “Index”) for the same period. The fee rate is 0.90% of the Fund’s average net assets if the performance of the Fund Return equals the Index Return. The fee rate increases or decreases from the 0.90% “fulcrum fee” by 10% of the difference between the Fund Return and the Index Return, up to the maximum fee rate of 1.40% or down to the minimum fee rate of 0.40%. The fee rate is calculated monthly based on the performance of the Fund compared to the Index during the rolling twelve month period. This rate is applied to the average net assets (defined as the total assets of the Fund minus liabilities other than the principal amount of any outstanding senior securities representing indebtedness and the liquidation preference of the ARPS) during the entire 12-month period. The compensation due to the Adviser after the end of each month shall be equal to 1/12th of the amount of the advisory fee calculated as stated above.

Advisory fees for the six months ended June 30, 2015 amounted to $750,368 which calculated to an annualized effective rate of 0.97%. The advisory fee rate calculated for the one month ended June 30, 2015 was a rate of 0.89%.

The Fund has an administrative services agreement with JPMFM (an affiliate of JPMIM) pursuant to which the Administrator provides administrative services to the Fund. Under the agreement, the Administrator receives from the Fund a fee, accrued at least weekly and paid monthly, at the annual rate of 0.10% of the average weekly net assets of the Fund. At June 30, 2015, accrued administrative fees were $9,746.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

39

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (continued)

The Fund has a Global Custody and Fund Accounting Agreement (the “Agreement”) with JPMCB. For providing custody services under the Agreement, JPMCB is entitled to a fee from the Fund, accrued weekly and paid monthly. For these services, the Fund pays JPMCB transaction and asset based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

The Fund may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser and Administrator waive fees in an amount sufficient to offset the advisory, administration and shareholder servicing fees each charged to the affiliated money market fund on the Fund’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2015 was $2,129.

Certain officers of the Fund are affiliated with the Adviser and the Administrator. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Directors’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Fund adopted a Directors’ Deferred Compensation Plan (the “Plan”) which allows the Independent Directors to defer the receipt of all or a portion of compensation related to performance of their duties as Directors. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

6. COMPONENTS OF ACCUMULATED EARNINGS (LOSSES)— For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities held at June 30, 2015 were as follows:

	June 30, 2015
Gross unrealized appreciation on investments	$	2,838,154
Gross unrealized depreciation on investments		(7,882,407	)
Net unrealized appreciation (depreciation) on investments	$	(5,044,253	)
Cost of investments for Federal Tax purposes	$	152,488,023

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after December 31, 2010 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Fund were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At December 31, 2014, the Fund had no post-enactment net capital loss carryforwards.

At December 31, 2014, the Fund had the following pre-enactment net capital loss carryforwards expiring during the year indicated, which are available to offset future realized gains:

2015		2016		2017		2018		Total
$236,490	$	1,876,547	$	14,493,773	$	1,551,726	$	18,158,536

7. RESTRICTED AND ILLIQUID SECURITIES— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund. As of June 30, 2015, the Fund had no investments in restricted securities other than securities sold to the Fund under

40

PACHOLDER HIGH YIELD FUND, INC.

Notes to Financial Statements (Unaudited) (concluded)

Rule 144A under the Securities Act. At June 30, 2015, the Fund held illiquid securities representing 1.5% of net assets applicable to common stockholders.

8. OTHER— The Fund may use related party broker-dealers. For the six months ended June 30, 2015, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

9. RISKS, CONCENTRATIONS AND INDEMNIFICATIONS— Under normal circumstances, the Fund invests at least 80% of its assets in high yield debt securities. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher-rated securities. These securities involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

The ability of the issuers of debt and asset-backed securities, including sub-prime securities, along with counterparties to swap agreements, to meet their obligations may be affected by the economic and political developments in a specific industry or region. The value of asset-backed securities, including sub-prime securities, can be significantly affected by changes in interest rates or rapid principal payments including prepayments.

The Fund’s officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

Citigroup and Morgan Stanley are beneficial owners of a significant portion of the Fund’s outstanding ARPS and based on such ownership, could each be deemed to be an affiliate of the Fund. Both Citigroup and Morgan Stanley have informed the Fund that they intend to comply with a No Action Letter that enables them not to be deemed affiliates of the Fund. These parties could have an impact on matters that affect the Fund’s shareholders due to the voting rights associated with the ARPS, as detailed in the “Preferred Stock” note, included in this report.

As of June 30, 2015, the Fund is a party to loan assignments that were transacted with either Citigroup or Morgan Stanley in the normal course of business.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these securities are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is subject to risks associated with asset-backed and mortgage-related securities such as collateralized mortgage obligations backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems representative of its value, the value of the Fund’s net assets could be adversely affected.

41

PACHOLDER HIGH YIELD FUND, INC.

Annual Meeting Results (Unaudited)

The Fund held its 2015 annual meeting of shareholders on April 22, 2015, for the purpose of considering and voting upon the following proposals:

The results of voting were as follows (by number of shares):

Proposal 1: For nominees to the Board of Directors
John F. Finn1
In favor	10,365,231
Against/Withheld	853,153
Dr. Matthew Goldstein1
In favor	10,449,167
Against/Withheld	769,217
Robert J. Higgins1
In favor	10,323,357
Against/Withheld	895,027
Frankie D. Hughes1
In favor	10,458,367
Against/Withheld	760,017
Peter C. Marshall1
In favor	10,339,799
Against/Withheld	878,585
Mary E. Martinez1
In favor	10,508,979
Against/Withheld	709,405
Marilyn McCoy1
In favor	10,265,399
Against/Withheld	952,985
Mitchell M. Merin1
In favor	10,379,447
Against/Withheld	838,937
William G. Morton, Jr.1
In favor	10,404,325
Against/Withheld	814,059
Dr. Robert A. Oden, Jr.1
In favor	10,429,142
Against/Withheld	789,242
Marian U. Pardo1
In favor	10,334,500
Against/Withheld	883,884
Frederick W. Ruebeck2
In favor	1,561
Against/Withheld	59
James J. Schonbachler2
In favor	1,561
Against/Withheld	59

¹  Elected by the holders of the Fund’s Auction Rate Preferred Stock and Common Stock voting together as a single class.

²  Elected by holders of the Fund’s Auction Rate Preferred Stock voting separately as a class.

42

PACHOLDER HIGH YIELD FUND, INC.

Supplemental Information (Unaudited)

Portfolio Holdings Information

No sooner than 10 days after the end of each month, the Fund’s uncertified complete schedule of its portfolio holdings as well as certain other fund facts and statistical information will be available on our website (www.pacholder.com). In addition, the Fund files its certified, complete schedule of its portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Qs are available, without charge, on the SEC’s website at www.sec.gov. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

No sooner than 10 calendar days after the end of each month, the Fund’s top 10 holdings as of the last day of each month as well as certain other fund facts and statistical information will also be available on the Fund’s website.

Statement of Additional Information

The Fund does not make available copies of its Statement of Additional Information because the Fund’s shares are not continuously offered, which means that the Statement of Additional Information has not been updated after completion of the Fund’s offerings and the information contained therein may have become outdated.

Proxy Voting

A description of the policies and procedures used by the Fund to vote proxies relating to portfolio securities, as well as information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, on the Fund’s website at www.pacholder.com and (ii) on the SEC’s website at www.sec.gov.

Dividend Reinvestment Plan

The Fund’s Dividend Reinvestment Plan (the “Plan”) offers Common Stockholders (“Shareholders”) a convenient way to invest their income dividends and capital gain distributions in additional shares of the Fund’s common stock.

Shareholders who participate in the Plan will have all income dividends and capital gain distributions automatically reinvested by Computershare Investor Services LLC (the “Plan Agent”) pursuant to the Plan. When a dividend is declared, Shareholders who do not participate in the Plan will receive all distributions in cash, paid by check, mailed directly to the Shareholder of record (or if the shares are held in street name or nominee name, then to the nominee) by the Plan Agent, which serves as agent for the Shareholders in administering the Plan. Shareholders who participate in the Plan will receive the equivalent in shares of the Fund valued at the lower of market price or net asset valued as described below. (i) If the shares are trading at net asset value or at a premium above net asset value on the payment date, the Fund will issue new shares at the greater of net asset value or 95% of the current market price. (ii) If the shares are trading at a discount from net asset value on payment date, the Plan Agent will receive the dividend or distribution in cash and apply it to the purchase of the Fund’s shares in the open market, on the NYSE MKT or elsewhere, for the participants’ accounts. If before the Plan Agent has completed its purchases, the market price exceeds the net asset value per share, the average purchase price per share paid by the Plan Agent may exceed the exceed the net asset value of the Fund’s shares, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. If the purchases have not been made prior to 30 days after the payment date, the Plan Agent may receive the uninvested portion in newly issued shares.

The Plan Agent’s fees for handling the reinvestment of Dividends will be paid by the Fund. There will be no brokerage charge to Shareholders for shares issued directly by the Fund as a result of dividends or distributions payable either in stock or cash. Each Shareholder who participates in the Plan, however will pay pro rate share of brokerage commissions incurred with respect to the Plan Agent’s open-market-purchases in connection with the reinvestment of dividends or distributions.

The automatic reinvestment of income dividends and capital gain distributions will not relieve a Shareholder of any federal, state or local income tax that may be payable on such dividends. Therefore, income and capital gains may still be realized even though Shareholders do not receive cash.

A Shareholder may terminate his/her account under the Plan by notifying the Plan Agent in writing. Upon termination, a shareholder can either receive a certificate for the number of full shares held in the Plan and a check for fractional shares or have shares sold by the Plan Agent and the proceeds sent to the shareholder, less a transaction fee of $15 plus $0.07 per share.

The Fund reserves the right to amend or terminate the Plan. All correspondence concerning the Plan should be directed to the Plan Agent at Computershare Trust Company, N.A. Dividend Reinvestment Services, P.O. Box A3309, Chicago, IL 60690-3309, by calling 888-294-8217 or www.computershare.com.

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ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semiannual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semiannual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semiannual report

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semiannual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable to a semiannual report.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to a semiannual report.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

There were no purchases covered by this Item during the period covered by this report.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be

disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pacholder High Yield Fund, Inc.

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	September 1, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	September 1, 2015

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	September 1, 2015