First Trust/Highland Capital Floating Rate Income Fund Not Invested in Sub-Prime Mortgage Assets

    (TSX: FHT.UN)

    TORONTO, Aug. 10 /CNW/ - There has been considerable media interest
recently in the sub-prime mortgage market. We would like to inform investors
that the Fund's portfolio currently does not have any exposure to sub-prime
residential mortgage assets directly or via any funds or structured finance
vehicles that may invest in sub-prime residential mortgage assets and, to our
knowledge, the Fund has not had any such exposure in 2007. Accordingly, the
fluctuations in the value of that asset class have not had a direct impact on
the Fund's net asset value ("NAV"). We have prepared a summary of the factors
that do impact the NAV of the Fund - this is available on our website at
    In accordance with its investment strategy, 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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