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Gold/Mining/Energy : Triax Diversified High Yield Trust Units
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To: Charles Holewinski who wrote (21)9/29/1997 9:37:00 PM
From: kingfisher   of 39
 
Hello Mr Holewinski, In order to increase the leverage and potential return for this closed end bond fund Triax decided to issue this fund as a installement receipt.The issue was priced at $15 with $8 due on closing in February of 1997 and the balance due of $7 in February of 1998.If you buy these installement receipts and hold them till February 18th you will have to pay an additional $7.Funds have been borrowed at prime and invested in high yield bonds.When the balance of the receipts are received the loans will be paid effectively raising the net asset value to in excess of $16 assuming the managers excellent performance continues. I hope this answers your question, but perhaps the folks at Triax can give you more details at 1 800 407 0287
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