SEC No-Action Relief on Excluding Shareholder Proposal from Fund's Reports

The SEC Division of Investment Management provided no-action relief to Pacholder High Yield Fund, Inc. ("Fund") for the following reasons. Under Rule 14a-8(f)(1), a company may exclude a shareholder proposal if the proponent is not the record owner and fails to provide appropriate proof of eligibility in accordance with the eligibility requirements of Rule 14a-8(b)(2), provided that the company timely notifies the proponent of the deficiency and the proponent fails to correct the deficiency within the required time period. According to the letter, the proponent did not provide the required proof of eligibility and a written statement that the proponent intends to continue to hold the securities through the date of the shareholder's meeting.

View letter in full here (links externally to SEC website).