First Trust/Fiduciary Asset Management Covered Call Fund
Declares Long-Term Gain Distribution
First Trust Advisors, LP

Lisle, IL, Septempber 10, 2007 -- First Trust/Fiduciary Asset Management Covered Call Fund (the "Fund") (FFA) today declared a long-term capital gain distribution of $0.0572 per share payable on September 28, 2007 to shareholders of record as of September 20, 2007. The ex-dividend date is expected to be September 18, 2007.

This long-term capital gain distribution is being made in order to meet the Fund's distribution requirements for tax purposes and is in addition to the regular quarterly distribution that was declared on September 7, 2007.

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 the Fund's managed assets.

First Trust Advisors L.P. acts as the fund's investment advisor and currently manages or supervises approximately $32 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 $18 billion in client assets.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: The Fund invests principally in equity securities and writes covered call options on at least 80% of its managed assets; accordingly the Fund's NAV will fluctuate with changes in the Fund's holdings. By writing call options on the equity securities held, the capital appreciation potential of the Fund's equity securities is limited; however, the potential for capital depreciation remains unlimited. Please see the Fund's prospectus for additional information on the risks of investing in the Fund.


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