First Trust/Highland Capital Floating Rate Income Fund Change in Monthly Distribution for February 2008

    TSX Symbol FHT.UN

    TORONTO, Feb. 20 /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 8%
to 7% on the initial subscription price of $10.00 per unit. The distribution
for the month of February 2008 will be $0.0583 per unit and is payable on
March 14, 2008 to Unitholders of record on February 29, 2008.
    The decision to reduce monthly distributions was made as a result of the
current market environment, the decline 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: First Defined Portfolio Management Co., (416)
865-8065 or 1-877-622-5552

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