Increases Monthly Common Share Distribution
First Trust Advisors, LP
Lisle, IL, September 20, 2005 -- First Trust/Four Corners Senior Floating Rate Income Fund (the “Fund”) (AMEX: FCM) has declared the Fund's regularly scheduled monthly common share distribution for October of $0.1025 per share. This is a $0.0025 per share (2.5%) increase from the previous month’s distribution of $0.10 per share.
Based on the Fund’s net asset value of $19.29 and American Stock Exchange closing price of $17.57 on September 19th, respectively, the Fund's regular distribution equates to an annualized distribution rate of 6.38% at NAV and an annualized distribution rate of 7.00% at market price. The distribution will be payable on October 17, 2005 to shareholders of record on October 5, 2005, with an expected ex-dividend date of October 3, 2005.
The majority of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains. The final determination of the source and tax status of all distributions paid in 2005 will be made after the end of 2005.
The Fund is a diversified closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income. As a secondary objective, the Fund will attempt to preserve capital. The Fund pursues these investment objectives by investing in senior secured U.S. dollar-denominated floating-rate corporate loans.
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