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First Trust/Four Corners Senior Floating Rate Income Fund
Increases Monthly Common Share Distribution
First Trust Advisors, LP

Lisle, IL, July 20, 2006-- First Trust/Four Corners Senior Floating Rate Income Fund (the “Fund”) (AMEX: FCM) has declared the Fund's regularly scheduled monthly common share distribution for August of $0.1188 per share. This is a $0.001 per share (.85%) increase from the previous month’s distribution of
$0.1178 per share. The final determination of the source and tax status of all distributions paid in 2006 will be made after the end of 2006.

Based on the Fund’s net asset value of $18.88 and American Stock Exchange closing price of $17.61 on July 19, respectively, the Fund's regular distribution equates to an annualized distribution rate of 7.55% at NAV and an annualized distribution rate of 8.10% at market price. The distribution will be payable on August 15, 2006 to shareholders of record on August 3, 2006, with an expected ex-dividend date of August 1, 2006.

The majority of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. 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 diversified closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income. As a secondary objective, the Fund will attempt to preserve capital. The Fund pursues these investment objectives by investing in senior secured U.S. dollar-denominated floating-rate corporate loans.

First Trust Advisors L.P. acts as the Fund’s investment advisor and currently manages or supervises approximately $25 billion in assets.

Four Corners Capital Management, LLC (“Four Corners”) structures and manages a variety of alternative fixed income products with a specialization in senior secured floating-rate corporate loans. Four Corners serves as investment manager or sub-adviser to approximately $3.6 Billion in assets across a variety of retail and institutional products distributed around the globe.

View more information on First Trust Advisors, LP or other Closed-End Funds.