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Triax Diversified High-Yield Trust announces distribution for the month ending July 31, 2002

TORONTO, July 19 /CNW/ - Triax Diversified High-Yield Trust (TRH.UN) announces a distribution for the month ending July 31, 2002 of $0.08 per unit. The distribution shall be paid on August 15, 2002 to unitholders of record on July 31, 2002.

Triax Diversified High-Yield Trust offers its investors the opportunity to increase their holdings of units through the convenience provided by its Distribution Reinvestment Plan. All distributions that are reinvested will be used to purchase additional units of the Trust. In order to take advantage of the Plan on the upcoming distribution, Unitholders should contact their investment advisor as soon as possible.

Triax Diversified High-Yield Trust is an investment trust established with the principal objective of providing investors with superior income equal to or exceeding the yield on 10-year Government of Canada bonds plus 2%. The Trust can invest in a diverse basket of high-yielding securities including corporate bonds, income trusts and other specialty products.

Triax Diversified High Yield Trust trades on TSX Toronto Stock Exchange under the symbol TRH.UN.

For further information: please call Triax Yield Trust Management Inc. at (416) 362-2929 or (800) 407-0287