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First Trust/Value Line & Ibbotson Equity Allocation Fund
Declares Year-End Distributions

First Trust Advisors, LP

Lisle, IL, December 9, 2005 – First Trust/Value Line® & Ibbotson Equity Allocation Fund (the “Fund”) (AMEX: FVI) today declared distributions totaling $3.20 per share as follows:

Regular Semi-Annual Distribution: $0.02*

Short-Term Capital Gains: $2.55*

Long-Term Capital Gains: $0.63

Total: $3.20

*Both treated as ordinary income for tax purposes

The distributions will be payable on December 30, 2005 to shareholders of record on December 21, 2005, with an expected ex-dividend date of December 19, 2005. The final determination of the source and tax status of all distributions paid in 2005 will be made after the end of 2005.

Based on the Fund’s net asset value of $25.89 and the American Stock Exchange closing price of $22.36 on December 8, 2005, the Fund’s regular distribution equates to an annualized distribution rate of .15% at NAV and .18% at market.

The Fund is a closed-end management investment company designed to provide investors with the potential for capital appreciation. Ibbotson Associates uses its proprietary research to determine the weightings for 6 asset classes. The Fund’s Adviser selects common stocks for each asset class from Value Line’s® universe of stocks ranked either #1 or #2 for Timeliness™, Safety™ or its Technical™ Ranking.

First Trust Advisors L.P. acts as the fund’s investment advisor and currently manages or supervises approximately $21 billion in assets.

View more information on First Trust Advisors, LP  or other Closed-End Funds.

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