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Triax Diversified High-Yield Trust announces distribution for the month ending August 31, 2001

Triax Diversified High-Yield Trust (TRH.UN) is pleased to announce a distribution for the month ending August 31, 2001 of $0.10 per unit. The distribution will be paid on September 14, 2001 to unitholders of record on August 31, 2001. Triax Diversified High-Yield Trust offers its investors the opportunityto 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%. TheTrust 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.