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Triax Diversified High-Yield Trust announces distribution for the month ending November 30, 2001

TORONTO, Nov. 20 - Triax Diversified High-Yield Trust (TRH.UN) announces a distribution for the month ending November 30, 2001 of $0.08 per unit. The distribution shall be paid on December 14, 2001 to unitholders of record on November 30, 2001.

The distribution reflects a $0.02 reduction to the $0.10 monthly distribution that the Trust has been regularly paying, but still represents an 11.93% annualized yield on the closing trading price of November 19, and 10.70% based on the net asset value per unit of November 19. The Trust's manager and investment advisor believe that the reduction in the amount of the distribution will help preserve the Trust's capital in order to better benefit from the anticipated improvement in high-yield bond values when the business environment improves.

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 The 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