First Trust/Highland Capital Floating Rate Income Fund II Change in Monthly Distribution for April 2009

    TSX Symbol FHM.UN

    TORONTO, April 21 /CNW/ - First Trust/Highland Capital Floating Rate
Income Fund II ("the Fund") announces a change in its monthly distribution.
Effective immediately the annualized distribution rate will be reduced from
3.00% to 1.50% on the initial subscription price of $10.00 per unit. The
distribution for the month of April 2009 will be $0.0125 per unit and is
payable on May 14, 2009 to Unitholders of record on April 30, 2009.
    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
diminished asset level of the Fund.
    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 ($10.00
per Unit) to Unitholders on or about May 31, 2015.

For further information:

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

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