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<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>ftfamccf77b.txt
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Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606-4301
USA

Tel: 1 312 486 1000
Fax: 1 312 486 1486

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of First
Trust/Fiduciary Asset Management Covered Call Fund:

In planning and performing our audit of the financial statements
of First Trust/Fiduciary Asset Management Covered Call Fund (the
"Fund") as of and for the year ended December 31, 2006, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered its internal
control over financial reporting, including control activities
for safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, but not for the purpose of expressing an opinion on
the effectiveness of the Fund's internal control over financial
reporting.   Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A fund's internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  Such
internal control includes policies and procedures that provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of a fund's assets
that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the degree
of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a
control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or
detect misstatements on a timely basis.  A significant
deficiency is a control deficiency, or combination of control
deficiencies, that adversely affects the fund's ability to
initiate, authorize, record, process, or report external
financial data reliably in accordance with generally accepted
accounting principles such that there is more than a remote
likelihood that a misstatement of the fund's annual or interim
financial statements that is more than inconsequential will not
be prevented or detected.  A material weakness is a significant
deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that a material
misstatement of the annual or interim financial statements will
not be prevented or detected.

Our consideration of the Fund's internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be significant deficiencies or
material weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).  However, we
noted no deficiencies in the Fund's internal control over
financial reporting and its operation, including controls for
safeguarding securities, that we consider to be a material
weakness, as defined above, as of December 31, 2006.

This report is intended solely for the information and use of
management and the Board of Trustees of First Trust/Fiduciary
Asset Management Covered Call Fund and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

DELOITTE & TOUCHE LLP

Chicago, Illinois
February 21, 2007
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