Board of Trustees of First Trust/Value Line(R) & Ibbotson Equity Allocation Fund Approves and Adopts Plan of Termination, Liquidation and Dissolution That Results in the Termination of the Fund.

LISLE, Ill. -- First Trust/Value Line(R) & Ibbotson Equity Allocation Fund (AMEX:FVI), a diversified closed-end management investment company ("FVI" or the "Fund"), announced that the Board of Trustees of the Fund (the "Board") approved and adopted a Plan of Termination, Liquidation and Dissolution (the "Plan") which results in the termination of FVI in accordance with the laws of the Commonwealth of Massachusetts and the Declaration of Trust of FVI dated February 20, 2004.

Holders of record of shares of FVI at the close of business on November 30, 2006 (the "Record Date") shall be entitled to a distribution of their allocable portion of the trust property of FVI in accordance with the Plan. The Record Date shall be the date that the transfer agent's books will be closed. FVI intends to make a first and final liquidating distribution to holders of record by December 8, 2006. Shares of FVI shall cease trading on the American Stock Exchange on the Record Date.