First Trust / Highland Capital Floating Rate Income Fund II Announces Update on Liquidation of Assets

TSX Symbol FHM.UN

TORONTO, Jan. 31 /CNW/ - First Trust/Highland Capital Floating Rate Income Fund II ("the Fund") announces an update on the progress of the winding up of the Fund.  As announced in October, 2010, the independent members of the board of directors of the manager of the Fund determined that it is in the best interest of unitholders of the Fund for it to be terminated.

The process of liquidating the portfolio of assets of the Fund and First Trust/Highland Capital Senior Loan Trust is not yet complete.  As assets are liquidated, the proceeds are held in cash and cash equivalents. Currently, senior loans representing less than 7% of the Fund's total assets remain to be liquidated.  The manager intends to terminate the Fund on or about March 31, 2011.  The Fund intends to make one or more distributions prior to the termination date.

SOURCE First Trust/Highland Capital Floating Rate Income Fund II

For further information:

First Defined Portfolio Management Co.
416-865-8065
877-622-5552

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First Trust/Highland Capital Floating Rate Income Fund II

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