First Trust/Highland Capital Floating Rate Income Fund Declares Monthly Distribution for July of $0.0417 per unit

    TSX Symbol FHT.UN

    TORONTO, July 22 /CNW/ - First Trust/Highland Capital Floating Rate
Income Fund ("the Fund") announces a change in its monthly distribution.
Effective immediately the annualized distribution rate will be reduced from 6%
to 5% on the initial subscription price of $ 10.00 per unit. The distribution
for the month ending July 31, 2008 will be $0.0417 per unit and is payable on
August 15, 2008 to Unitholders of record on July 31, 2008.
    The decision to reduce monthly distributions was made as a result of the
current market environment, the continued weakness in short-term interest
rates and the strength of the Canadian dollar.
    The Fund's investment objectives are to: (i) provide holders of Units
with monthly distributions which will fluctuate with changes in U.S.
short-term interest rates; and, preserve and enhance the net asset value per
Unit in order to return the original subscription price of the Units ($10 per
Unit) to Unitholders on or about February 28, 2015.

For further information:

For further information: FT Floating Rate Management Inc., (416)
865-8065 or 1-877-622-5552

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