UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21586
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FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
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(Exact name of registrant as specified in charter)
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 241-4141
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Date of fiscal year end: DECEMBER 31
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Date of reporting period: SEPTEMBER 30, 2006
-------------------
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
-------------- -------------
COMMON STOCKS + - 101.0%
AEROSPACE & DEFENSE - 5.7%
246,700 Honeywell International Inc. ................... $ 10,090,030
175,100 United Technologies Corp. ...................... 11,092,585
-------------
21,182,615
-------------
AIR FREIGHT & LOGISTICS - 3.0%
101,500 FedEx Corp. .................................... 11,031,020
-------------
BIOTECHNOLOGY - 3.2%
86,300 Amgen, Inc.* ................................... 6,173,039
66,400 Genentech, Inc.* ............................... 5,491,280
-------------
11,664,319
-------------
CAPITAL MARKETS - 10.5%
55,100 Bear Stearns Companies (The), Inc. ............. 7,719,510
60,900 Goldman Sachs Group (The), Inc. ................ 10,302,453
74,100 Legg Mason, Inc. ............................... 7,473,726
178,400 Lehman Brothers Holdings, Inc. ................. 13,176,624
-------------
38,672,313
-------------
COMMERCIAL BANKS - 5.6%
267,400 Wachovia Corp. ................................. 14,920,920
156,500 Wells Fargo & Company .......................... 5,662,170
-------------
20,583,090
-------------
COMMUNICATIONS EQUIPMENT - 9.2%
244,000 Cisco Systems, Inc.* ........................... 5,612,000
231,500 Corning, Inc.* ................................. 5,650,915
484,000 Motorola, Inc. ................................. 12,100,000
253,400 QUALCOMM, Inc. ................................. 9,211,090
126,800 Tellabs, Inc.* ................................. 1,389,728
-------------
33,963,733
-------------
COMPUTERS & PERIPHERALS - 2.6%
125,800 Apple Computer, Inc.* .......................... 9,690,374
-------------
DIVERSIFIED FINANCIAL SERVICES - 6.8%
261,300 Bank of America Corp. .......................... 13,997,841
117,600 CIT Group, Inc. ................................ 5,718,888
110,500 Citigroup, Inc. ................................ 5,488,535
-------------
25,205,264
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 2.0%
196,900 Verizon Communications, Inc. ................... 7,310,897
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ENERGY EQUIPMENT & SERVICES - 2.8%
50,800 Baker Hughes, Inc. ............................. 3,464,560
103,200 BJ Services Company ............................ 3,109,416
58,600 Schlumberger Ltd. .............................. 3,634,958
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10,208,934
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See Notes to Quarterly Portfolio of Investments. Page 1
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
-------------- -------------
COMMON STOCKS + - CONTINUED
FOOD & STAPLES RETAILING - 1.3%
147,500 CVS Corp. ...................................... $ 4,737,700
-------------
HEALTH CARE EQUIPMENT & SUPPLIES - 2.3%
104,000 Medtronic, Inc. ................................ 4,829,760
53,900 Zimmer Holdings, Inc.* ......................... 3,638,250
-------------
8,468,010
-------------
HEALTH CARE PROVIDERS & SERVICES - 3.6%
127,050 Coventry Health Care, Inc.* .................... 6,545,616
141,300 UnitedHealth Group, Inc. ....................... 6,951,960
-------------
13,497,576
-------------
HOTELS, RESTAURANTS & LEISURE - 3.8%
98,300 Harrah's Entertainment, Inc. ................... 6,530,069
189,600 MGM MIRAGE* .................................... 7,487,304
-------------
14,017,373
-------------
HOUSEHOLD DURABLES - 2.4%
74,700 Centex Corp. ................................... 3,930,714
113,100 Lennar Corp., Class A .......................... 5,117,775
-------------
9,048,489
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HOUSEHOLD PRODUCTS - 2.0%
118,400 Procter & Gamble (The) Company ................. 7,338,432
-------------
INDUSTRIAL CONGLOMERATES - 2.4%
255,200 General Electric Company ....................... 9,008,560
-------------
MACHINERY - 3.4%
148,300 Caterpillar, Inc. .............................. 9,758,140
32,900 Deere & Company ................................ 2,760,639
-------------
12,518,779
-------------
MEDIA - 0.8%
81,500 Comcast Corp., Class A* ........................ 3,003,275
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MULTILINE RETAIL - 3.6%
116,400 Federated Department Stores, Inc. .............. 5,029,644
96,800 Nordstrom, Inc. ................................ 4,094,640
74,300 Target Corp. ................................... 4,105,075
-------------
13,229,359
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OIL, GAS & CONSUMABLE FUELS - 2.9%
56,600 Chevron Corp. .................................. 3,671,076
289,400 Williams Companies (The), Inc. ................. 6,907,978
-------------
10,579,054
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PHARMACEUTICALS - 2.7%
357,000 Pfizer, Inc. ................................... 10,124,520
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Page 2 See Notes to Quarterly Portfolio of Investments.
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
-------------- -------------
COMMON STOCKS + - CONTINUED
ROAD & RAIL - 3.7%
136,100 Burlington Northern Santa Fe Corp. ............ $ 9,995,184
40,200 Union Pacific Corp. ........................... 3,537,600
-------------
13,532,784
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SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT - 4.8%
215,800 Broadcom Corp., Class A* ...................... 6,547,372
335,000 Texas Instruments, Inc. ....................... 11,138,750
-------------
17,686,122
-------------
SOFTWARE - 3.7%
324,700 BEA Systems, Inc.* ............................ 4,935,440
212,600 Microsoft Corp. ............................... 5,810,358
132,800 Symantec Corp.* ............................... 2,825,984
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13,571,782
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SPECIALTY RETAIL - 3.1%
77,000 Best Buy Company, Inc. ........................ 4,124,120
266,500 Lowe's Companies, Inc. ........................ 7,477,990
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11,602,110
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WIRELESS TELECOMMUNICATION SERVICES - 3.1%
208,100 ALLTEL Corp. .................................. 11,549,550
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TOTAL COMMON STOCKS + ......................... 373,026,034
(Cost $384,448,735) -------------
TOTAL INVESTMENTS - 101.0% .................... 373,026,034
(Cost $384,448,735)**
CALL OPTIONS WRITTEN - (1.8)% ................. (6,794,525)
(Premiums received $7,497,600)
NET OTHER ASSETS & LIABILITIES - 0.8% ......... 2,981,349
-------------
NET ASSETS - 100.0% ........................... $ 369,212,858
=============
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* Non-income producing security.
** Aggregate cost for federal income tax and financial reporting
purposes.
+ Call options were written on either entire or partial Common Stock
positions; all Common Stocks are pledged as collateral.
NUMBER OF MARKET
CONTRACTS VALUE
------------- -------------
CALL OPTIONS WRITTEN - (1.8)%
ALLTEL Corp. Call
2,003 @ 60 due Oct 06 ............................... $ (30,045)
-------------
See Notes to Quarterly Portfolio of Investments. Page 3
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
-------------- --------------
CALL OPTIONS WRITTEN - CONTINUED
Amgen, Inc. Calls
216 @ 75 due Jan 07 ............................... $ (44,280)
431 @ 80 due Jan 07 ............................... (34,049)
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(78,329)
-------------
Apple Computer, Inc. Call
914 @ 85 due Jan 07 ............................... (365,600)
-------------
Baker Hughes, Inc. Call
508 @ 75 due Jan 07 ............................... (147,320)
-------------
Bank of America Corp. Calls
803 @ 55 due Jan 07 ............................... (84,315)
1,025 @ 55 due Feb 07 ............................... (148,625)
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(232,940)
-------------
BEA Systems, Inc. Call
2,297 @ 17.5 due Mar 07 ............................. (183,760)
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Bear Stearns Companies (The), Inc. Call
551 @ 150 due Jan 07 .............................. (206,625)
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Best Buy Company, Inc. Calls
581 @ 60 due Dec 06 ............................... (76,692)
189 @ 60 due Jan 07 ............................... (34,965)
-------------
(111,657)
-------------
BJ Services Company Calls
408 @ 35 due Jan 07 ............................... (46,920)
253 @ 37.5 due Jan 07 ............................. (16,445)
371 @ 40 due Jan 07 ............................... (12,985)
-------------
(76,350)
-------------
Broadcom Corp., Class A Call
1,279 @ 37.5 due Jan 07 ............................. (115,110)
-------------
Burlington Northern Santa Fe Corp. Call
1,361 @ 80 due Jan 07 ............................... (319,835)
-------------
Caterpillar, Inc. Calls
261 @ 75 due Nov 06 ............................... (7,830)
245 @ 75 due Jan 07 ............................... (25,725)
490 @ 72.5 due Feb 07 ............................. (102,900)
-------------
(136,455)
-------------
Centex Corp. Call
747 @ 55 due Oct 06 ............................... (63,495)
-------------
Chevron Corp. Calls
283 @ 70 due Dec 06 ............................... (22,640)
283 @ 70 due Jan 07 ............................... (36,790)
-------------
(59,430)
-------------
Page 4 See Notes to Quarterly Portfolio of Investments.
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
-------------- --------------
CALL OPTIONS WRITTEN - CONTINUED
Cisco Systems, Inc. Calls
658 @ 25 due Oct 06 .............................. $ (3,290)
1,782 @ 25 due Jan 07 .............................. (115,830)
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(119,120)
-------------
CIT Group, Inc. Calls
580 @ 50 due Oct 06 .............................. (46,400)
596 @ 55 due Jan 07 .............................. (44,700)
-------------
(91,100)
-------------
Citigroup, Inc. Calls
356 @ 52.5 due Dec 06 ............................ (10,680)
562 @ 52.5 due Jan 07 ............................ (28,100)
-------------
(38,780)
-------------
Comcast Corp., Class A Calls
295 @ 37.5 due Nov 06 ............................ (26,550)
390 @ 40 due Jan 07 .............................. (25,350)
-------------
(51,900)
-------------
Corning, Inc. Call
1,143 @ 30 due Jan 07 .............................. (62,865)
-------------
Coventry Health Care, Inc. Calls
635 @ 60 due Nov 06 .............................. (12,700)
635 @ 60 due Jan 07 .............................. (44,450)
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(57,150)
-------------
CVS Corp. Call
1,475 @ 35 due Jan 07 .............................. (125,375)
-------------
Deere & Company Call
329 @ 90 due Jan 07 .............................. (108,570)
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Federated Department Stores, Inc. Calls
582 @ 45 due Nov 06 .............................. (72,750)
291 @ 45 due Feb 07 .............................. (81,480)
-------------
(154,230)
-------------
FedEx Corp. Call
1,015 @ 120 due Jan 07 ............................. (228,375)
-------------
Genentech, Inc. Call
418 @ 90 due Dec 06 .............................. (62,700)
-------------
General Electric Company Call
2,552 @ 37.5 due Mar 07 ............................ (165,880)
-------------
Goldman Sachs Group (The ), Inc. Call
550 @ 180 due Jan 07 ............................. (264,000)
-------------
See Notes to Quarterly Portfolio of Investments. Page 5
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
-------------- --------------
CALL OPTIONS WRITTEN - CONTINUED
Harrah's Entertainment, Inc. Calls
258 @ 75 due Jan 07 ............................... $ (43,860)
326 @ 72.5 due Feb 07 ............................. (94,540)
259 @ 80 due Feb 07 ............................... (27,195)
-------------
(165,595)
-------------
Honeywell International Inc. Call
1,882 @ 45 due Jan 07 ............................... (94,100)
-------------
Legg Mason, Inc. Calls
332 @ 110 due Jan 07 .............................. (116,200)
331 @ 115 due Jan 07 .............................. (80,268)
-------------
(196,468)
-------------
Lehman Brothers Holdings, Inc. Call
1,261 @ 80 due Jan 07 ............................... (302,640)
-------------
Lennar Corp., Class A Calls
460 @ 50 due Nov 06 ............................... (29,900)
671 @ 55 due Nov 06 ............................... (8,387)
-------------
(38,287)
-------------
Lowe's Companies, Inc. Calls
1,665 @ 32.5 due Jan 07 ............................. (66,600)
500 @ 32.5 due Apr 07 ............................. (45,000)
-------------
(111,600)
-------------
Medtronic, Inc. Calls
437 @ 50 due Nov 06 ............................... (17,480)
603 @ 50 due Jan 07 ............................... (54,270)
-------------
(71,750)
-------------
MGM MIRAGE Call
1,422 @ 45 due Jan 07 ............................... (156,420)
-------------
Microsoft Corp. Calls
329 @ 27.5 due Oct 06 ............................. (11,515)
1,260 @ 30 due Jan 07 ............................... (31,500)
-------------
(43,015)
-------------
Motorola, Inc. Call
2,692 @ 30 due Apr 07 ............................... (215,360)
-------------
Nordstrom, Inc. Call
726 @ 45 due Jan 07 ............................... (163,350)
-------------
Pfizer, Inc. Call
2,231 @ 30 due Jan 07 ............................... (122,705)
-------------
Procter & Gamble (The) Company Call
1,020 @ 65 due Jan 07 ............................... (112,200)
-------------
Page 6 See Notes to Quarterly Portfolio of Investments.
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
-------------- --------------
CALL OPTIONS WRITTEN - CONTINUED
QUALCOMM, Inc. Calls
1,502 @ 40 due Oct 06 ............................... $ (30,040)
1,032 @ 45 due Jan 07 ............................... (56,760)
-------------
(86,800)
-------------
Schlumberger Ltd. Call
560 @ 62.5 due Oct 06 ............................. (106,400)
-------------
Symantec Corp. Call
1,328 @ 25 due Apr 07 ............................... (112,880)
-------------
Target Corp. Calls
185 @ 57.5 due Nov 06 ............................. (20,350)
372 @ 60 due Jan 07 ............................... (46,500)
-------------
(66,850)
-------------
Texas Instruments, Inc. Calls
1,464 @ 35 due Oct 06 ............................... (42,456)
880 @ 37.5 due Jan 07 ............................. (70,400)
-------------
(112,856)
-------------
Union Pacific Corp. Call
402 @ 95 due Jan 07 ............................... (82,410)
-------------
United Technologies Corp. Calls
393 @ 70 due Jan 07 ............................... (27,510)
392 @ 70 due Feb 07 ............................... (41,160)
-------------
(68,670)
-------------
UnitedHealth Group, Inc. Call
1,388 @ 60 due Jan 07 ............................... (48,580)
-------------
Verizon Communications, Inc. Call
985 @ 37.5 due Jan 07 ............................. (123,125)
-------------
Wachovia Corp. Calls
1,337 @ 57.5 due Oct 06 ............................. (40,110)
668 @ 57.5 due Jan 07 ............................. (90,180)
669 @ 60 due Jan 07 ............................... (43,485)
-------------
(173,775)
-------------
Wells Fargo & Company Call
1,174 @ 37.5 due Jan 07 ............................. (88,050)
-------------
Williams Companies (The), Inc. Calls
1,110 @ 25 due Jan 07 ............................... (133,200)
1,784 @ 27.5 due Jan 07 ............................. (83,848)
-------------
(217,048)
-------------
Zimmer Holdings, Inc. Call
539 @ 75 due Jan 07 ............................... (56,595)
-------------
TOTAL CALL OPTIONS WRITTEN .................... (6,794,525)
(Premiums received $7,497,600) =============
See Notes to Quarterly Portfolio of Investments. Page 7
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (UNAUDITED)
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FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
SEPTEMBER 30, 2006
1. VALUATION AND INVESTMENT PRACTICES
A. PORTFOLIO VALUATION:
The First Trust/Fiduciary Asset Management Covered Call Fund (the "Fund")
determines the net asset value ("NAV") of its shares daily, as of the close of
regular session trading on the New York Stock Exchange ("NYSE"), normally 4:00
p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed
by dividing the value of all assets of the Fund (including accrued interest and
dividends), less all liabilities (including accrued expenses, the value of call
options written (sold) and dividends declared but unpaid), by the total number
of shares outstanding.
The Fund's investments are valued at market value or, in the absence of market
value with respect to any portfolio securities, at fair value according to
procedures adopted by the Fund's Board of Trustees. Portfolio securities listed
on any exchange other than the NASDAQ National Market ("NASDAQ") are valued at
the last sale price on the business day as of which such value is being
determined. If there has been no sale on such day, the securities are valued at
the mean of the most recent bid and asked prices on such day. Securities traded
on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by
NASDAQ. Portfolio securities traded on more than one securities exchange are
valued at the last sale price on the business day as of which such value is
being determined at the close of the exchange representing the principal market
for such securities. Portfolio securities traded in the over-the-counter market,
but excluding securities trading on the NASDAQ, are valued at the closing bid
prices. Fixed income securities with a remaining maturity of 60 days or more
will be valued by the Fund using a pricing service. Short-term investments that
mature in less than 60 days are valued at amortized cost.
The Fund values exchange-traded options and other derivative contracts at the
closing price on the exchange on which they are principally traded, or if not
traded, or no closing price is available, at the mean between the last bid and
asked price.
B. OPTION CONTRACTS:
COVERED OPTIONS. When the Fund purchases equity securities, it simultaneously
writes (sells) covered call or put options ("options") on substantially all of
such equity securities. The number of options the Fund can write (sell) is
limited by the amount of equity securities the Fund holds in its portfolio. The
Fund will not write (sell) "naked" or uncovered options. By writing (selling)
options, the Fund seeks to generate additional income, in the form of premiums
received for writing (selling) the options, and provide a partial hedge against
a market decline in the underlying equity security. Options are marked-to-market
daily and their value will be affected by changes in the value and dividend
rates of the underlying equity securities, an increase in interest rates,
changes in the actual or perceived volatility of the securities markets and the
underlying equity securities and the remaining time to the options' expiration.
The value of options may also be adversely affected if the market for the
options becomes less liquid or smaller.
Options the Fund writes (sells) will either be exercised, expire or be cancelled
pursuant to a closing transaction. If the price of the underlying equity
security exceeds the option's exercise price, it is likely that the option
holder will exercise the option. If an option written (sold) by the Fund is
exercised, the Fund would be obligated to deliver the underlying equity security
to the option holder upon payment of the exercise price. In this case, the
option premium received by the Fund will be added to the amount realized on the
sale of the equity security for purposes of determining gain or loss. If the
price of the underlying equity security is less than the option's exercise
price, the option will likely expire without being exercised. The option premium
will be treated as short-term capital gain on the expiration date of the option.
The Fund may also elect to close out its position in an option prior to its
expiration by purchasing an option of the same option series as the option
written (sold) by the Fund.
The Fund writes (sells) options on at least 80% of the Fund's Managed Assets.
These options give the option holder the right, but not the obligation, to
purchase a security from the Fund at the strike price on or prior to the
option's expiration date. The ability to successfully implement the Fund's
investment strategy depends on the ability of the Fund's sub-advisor, Fiduciary
Asset Management, LLC to predict pertinent market movements, which cannot be
assured. Thus, the use of options may require the Fund to sell portfolio
securities at inopportune times or for prices other than current market value,
may limit the amount of appreciation the Fund can realize on an investment, or
may cause the Fund to hold a security that it might otherwise sell. As the
writer (seller) of a covered option, the Fund forgoes, during the option's life,
the opportunity to profit from increases in the market value of the security
covering the option above the sum of the premium and the strike price of the
option, but has retained the risk of loss should the price of the underlying
security decline.
Page 8
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
SEPTEMBER 30, 2006
The writer (seller) of an option has no control over the time when it may be
required to fulfill its obligation as a writer (seller) of the option. Once an
option writer (seller) has received an exercise notice, it cannot effect a
closing purchase transaction in order to terminate its obligation under the
option and must deliver the underlying security at the exercise price.
C. SECURITIES TRANSACTIONS:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
2. UNREALIZED APPRECIATION/(DEPRECIATION)
As of September 30, 2006, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $14,237,488
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $25,660,189.
Written option activity for the period December 31, 2005 through September 30,
2006 was as follows:
NUMBER
OF
CONTRACTS PREMIUMS
--------- ------------
WRITTEN OPTIONS
Options outstanding at December 31, 2005 .......... 66,886 $ 8,930,333
Stock Splits ...................................... 4,458 --
Options written ................................... 569,373 88,821,756
Options expired ................................... (83,880) (6,464,825)
Options exercised ................................. (81) (32,684)
Options closed .................................... (489,584) (83,756,980)
--------- ------------
Options outstanding at September 30, 2006 ......... 67,172 $ 7,497,600
========= ============
Page 9
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
quarter that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date NOVEMBER 29, 2006
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date NOVEMBER 29, 2006
----------------------------------------------------------------------------
By (Signature and Title)* /S/ MARK R. BRADLEY
-------------------------------------------------------
Mark R. Bradley, Treasurer, Controller, Chief Financial
Officer and Chief Accounting Officer
(principal financial officer)
Date NOVEMBER 29, 2006
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.