First Trust / Highland Capital Floating Rate Income Fund II Declares Monthly Distribution for August of $0.0583 per unit

    TSX Symbol FHM.UN

    TORONTO, Aug. 22 /CNW/ - First Trust / Highland Capital Floating Rate
Income Fund II ("the Fund") announces a distribution for the month ending
August 31, 2007 of $ 0.0583 per unit.
    The Fund's distribution equates to an annualized distribution rate of
7.00% on an initial subscription price of $ 10.00 per unit. The distribution
is payable on September 17, 2007 to Unitholders of record on August 31, 2007.
    The Fund provides exposure to a portfolio of primarily U.S. dollar
denominated, senior secured floating rate corporate loans. The fund aims to
(i) deliver monthly distributions which will fluctuate with changes in U.S.
short term interest rates, and (ii) to preserve and enhance the net asset
value per Unit in order to return the original $ 10.00 subscription price of
the Units to Unitholders.

For further information:

For further information: First Defined Portfolio Management Co., (416)
865-8065, (877) 622-5552

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