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First Trust/Fiduciary Asset Management Covered Call Fund
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PRESS RELEASE
SOURCE: First Trust/Fiduciary Asset Management Covered Call Fund
First Trust/Fiduciary Asset Management Covered Call Fund Board Approves
Chartwell Invesment Partners, L.P. as New Investment Sub-Advisor and Approves
Change in Fundamental Investment Restriction
LISLE, IL - (BUSINESS WIRE) - September 24, 2007 - First Trust Advisors L.P.
("FTA") announced today that the Board of Trustees of First Trust/Fiduciary
Asset Management Covered Call Fund (NYSE: FFA) has voted to approve Chartwell
Investment Partners, L.P. ("Chartwell") as investment sub-advisor to the Fund
and to approve a change in the Fund's concentration policy from one that
prohibits it from investing 25% or more of its total assets in securities of
issuers in any single industry or sector of the economy to one that prohibits it
from investing 25% or more of its total assets in securities of issuers in any
single industry. Chartwell is currently acting as investment sub-advisor of the
Fund pursuant to an interim sub-advisory agreement among the Fund, First Trust
Advisors L.P. and Chartwell dated September 14, 2007. We anticipate that this
new sub-advisory agreement will be substantially similar to the Fund's previous
sub-advisory agreement. A meeting of FFA shareholders to vote on proposals to
approve these matters is expected to be scheduled for a date on or before
January 31, 2008. Any solicitation of proxies by FFA in connection with this
shareholder meeting will only be made pursuant to separate proxy materials filed
with the U.S. Securities and Exchange Commission ("SEC") under applicable
federal securities laws. There can be no assurance that the necessary percentage
of the shareholders of FFA will vote to approve Chartwell as a new investment
sub-advisor or that the necessary percentage of shareholders of FFA will vote to
approve the change in the Fund's concentration policy.
Previously, the Fund announced it would change its name to First Trust Enhanced
Equity Income Fund, effective September 30, 2007. FFA is a diversified
closed-end management investment company that seeks to provide a high level of
current income and gains and, to a lesser extent, capital appreciation. On
September 14, 2007, FFA's Board of Trustees approved investment strategy changes
designed to provide the Fund with greater flexibility to pursue its investment
objective. The Fund will continue to seek to achieve its investment objective by
investing in a diversified portfolio of equity securities; however, effective on
or about November 19, 2007, the Fund will no longer be required to write (or
sell) call options on at least 80% of the Fund's managed assets. Chartwell, the
Fund's investment sub-advisor, will thereafter write (sell) call options as
determined to be appropriate, consistent with the Fund's investment objective.
First Trust Advisors L.P. has served as the Fund's investment advisor since its
inception. At August 31, 2007, First Trust Advisors L.P. managed or supervised
approximately $32 billion in assets.
Chartwell, located at 1235 Westlakes Drive, Berwyn, Pennsylvania, is a federally
registered investment advisor. Founded in 1997, Chartwell is an employee-owned
investment firm focusing on institutional, sub-advisory, and private client
relationships. The firm is a research-based equity and fixed-income manager with
a disciplined, team-oriented investment process. As of August 31, 2007,
Chartwell had 53 employees and approximately $5.6 billion in assets under
management.
In connection with the solicitation of proxies, the Fund intends to file a proxy
statement. Because the proxy statement will contain important information, FFA's
shareholders are urged to read it carefully when it becomes available. When
filed with the SEC, the proxy statement will be available free of charge at the
SEC's website, www.sec.gov. FFA's shareholders will also be able to obtain
copies of these documents and other transaction-related documents, when
available, by calling FTA toll-free at 800-621-1675. The foregoing is not an
offer to sell, nor a solicitation of an offer to buy, shares of any fund, nor is
it a solicitation of any proxy.
Press Release Source: First Trust/Fiduciary Asset Management
Covered Call Fund
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CONTACT: Jeff Margolin - 630-915-6784
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SOURCE: First Trust/Fiduciary Asset Management Covered Call Fund