First Trust/Highland Capital Floating Rate Income Fund Announces Results of Annual Redemption

    TSX Symbol FHT.UN

    TORONTO, Feb. 10 /CNW/ - First Trust/Highland Capital Floating Rate
Income Fund ("the Fund") announces that it has received requests for
redemptions in respect of 3,430,406 units of the Fund.
    Unitholders redeeming trust units will be entitled to receive an amount
equal to the net asset value per trust unit determined in accordance with the
declaration of trust of the Fund as at the date of redemption, the last
business day of February.
    As announced this past December, the existing source of leverage to the
Fund will not be renewed by the lender and will be terminated effective
February 16th, 2009.
    As a result of the redemptions and the reduction in leverage, it is
anticipated the Fund's yield will be adversely affected. Additionally, the
resulting reduction in total assets of the Fund may impact the portfolio
advisor's ability to maintain a broadly diversified portfolio going forward as
compared with prior history.
    The manager of the Fund is continuing to consider various strategic
options available to the Fund.

For further information:

For further information: First Defined Portfolio Management Co., (416)
865-8065 or 1-877-622-5552

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