First Trust/Fiduciary Asset Management Covered Call Fund Declares Quarterly Distribution of $0.40 per Share.

LISLE, Ill. -- First Trust/Fiduciary Asset Management Covered Call Fund (the "Fund") (NYSE: FFA) today declared its regularly scheduled quarterly distribution 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. The quarterly distribution information for the Fund appears below.

First Trust/Fiduciary Asset Management Covered Call Fund (FFA):
Distribution per share:..........................................$0.40
Distribution rate based on the September 6, 2007 NAV of $19.07:..8.39%
Distribution rate based on the September 6, 2007 closing market price
of $17.43:.......................................................9.18%

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 2007 will be made after the end of 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 $18.0 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.

The Fund's daily New York Stock Exchange closing price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.