 First Trust/Fiduciary Asset Management Covered Call Fund Declares Quarterly Distribution First Trust Advisors, LP
Lisle, IL., June 8, 2006 — First Trust/Fiduciary Asset Management Covered Call Fund (the "Fund") (NYSE: FFA) today declared its regularly scheduled quarterly distribution for June, 2006 of $0.40 per share.
Based on the Fund's net asset value of $18.41 and New York Stock Exchange closing price of $17.25 on June 7, 2006, this distribution represents an annualized distribution rate of 8.69% at NAV and an annualized distribution rate of 9.28% at market. The distribution will be payable on June 30, 2006 to shareholders of record on June 21, 2006, with an expected ex-dividend date of June 19, 2006.
The majority of this distribution will consist of short-term capital gains, which are taxable as ordinary income. A portion of this distribution will be paid out of net investment income earned by the Fund. The final determination of the source and tax status of all distributions paid in 2006 will be made after the end of 2006.
The Fund is a closed-end management investment company that seeks to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity securities and writing (selling) call options on at least 80%of t he Fund ’s managed assets First Trust Advisors L.P. acts as the fund’s investment advisor and currently manages or supervisesapproximately $25 billion in assets.
Fiduciary Asset Management ,LLC serves as the Fund’s Sub-advisor and invests in a broad range of equity, hedged equity, master limited partnership, and fixed income strategies for institutional and high net worth clients .Fiduciary Asset Management’s clients include Fortune 500 companies, public pensions and large endowments and foundations. Fiduciary Asset Management was established as an independent investment firm in 1994 and has managed covered call option portfolios for clients since 1997. Fiduciary Asset Management currently manages and supervises approximately $17 billion in client assets.
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