UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G/A


                    Under the Securities Exchange Act of 1934



                       First Trust/Value Line & Ibbotson
			    Equity Allocation Fund

			--------------------------------
                                (Name of Issuer)


                                  Common Stock
                                ----------------
                         (Title of Class of Securities)


                                   33735H105
                                 --------------
                                 (CUSIP Number)



Date of Event Requiring Filing:   December 31, 2006


Check the following  box if a fee is being paid with this  statement / /. (A fee
is not required only if the filing person:  (1) has a previous statement on file
reporting  beneficial  ownership  of more  than  five  percent  of the  class of
securities  described  in Item 1;  and (2) has  filed  no  amendment  subsequent
thereto reporting  beneficial  ownership of five percent or less of such class.)
(See Rule 13d-7).

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).


SEC 1745 (10-88)









SCHEDULE 13G/A

CUSIP NO. 33735H105
          ---------
- ----------------------------------------------------------------------
1.       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         Ronald G. Olin
- --------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  (a) /   /.
                                                            (b) /   /.

- --------------------------------------------------------------------
3.       SEC USE ONLY


- --------------------------------------------------------------------
4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         USA

- -----------------------------------------------------------------
                                 5.       SOLE VOTING POWER

           NUMBER OF					        0
                                 -------- --------------------------------------
            SHARES               6.       SHARED VOTING POWER
         BENEFICIALLY
           OWNED BY                     			0
                                 -------- --------------------------------------
             EACH                7.       SOLE DISPOSITIVE POWER
           REPORTING
            PERSON					      0
                                 -------- --------------------------------------
             WITH                8.       SHARED DISPOSITIVE POWER

								0
- -------------------------------- -------- ---------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

		0
- ---------------------------------------------------------------------
10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
         /   /.

- --------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

         0%
- -------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON*

		IN
--------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!








STATEMENT ON SCHEDULE 13G/A


Item 1(a).                  Name of Issuer:

                            First Trust/Value Line & Ibbotson Equity Allocation
			    Fund

Item 1(b).                  Address of Issuer's Principal Executive Offices:

                            First Trust Portfolios LP
                            1001 Warrenville Rd, Suite 300
			    Lisle, IL  60532

Item 2(a).                  Names of Person Filing:

                            Ronald G. Olin

Item 2(b).                  Address of  Principal  Business  Office or, if none,
                            Residence:

                            24 Browntown Rd.
              		    Asheville, NC  28803

Item 2(c).                  Citizenship:

                            USA

Item 2(d).                  Title of Class of Securities:

                            Common Stock

Item 2(e).                  CUSIP Number:

                            33735H105

Item 3.                     If  this   statement  is  filed  pursuant  to  Rules
                            13d-1(b),  or  13d-2(b),  check  whether  the person
                            filing is a:

                            (a) /  / Broker or Dealer  registered under Section
                                15 of the Act

                            (b) / / Bank as defined  in  section  3(a)(6) of the
                                Act

                            (c) / /  Insurance  Company  as  defined  in section
                                3(a)(19) of the Act

                            (d) / / Investment  Company registered under section
                                8 of the Investment Company Act

                            (e) / / Investment  Advisor registered under
                                section 203 of the Investment Advisers Act









			    (f) / / Employee Benefit Plan, Pension Fund which is
                                subject  to  the   provisions  of  the  Employee
                                Retirement   Income  Security  Act  of  1974  or
                                Endowment Fund; see (240.13d-1(b)(ii)(F)  (Note:
                                See Item 7)

                            (g) / / Parent Holding  Company,  in accordance with
                                (240.13d-1(b)(ii)(G). (Note: See Item 7)

                            (h) /   /   Group,    in   accordance    with   Sec.
                                240.13d-1(b)(ii)(H).



Item 4.  Ownership:

         (a) Amount Beneficially Owned: 0

         (b) Percent of Class:  0%

         (c) Number of shares as to which such person has:

              (i) sole power to vote or to direct the vote: 0

              (ii) shared power to vote or to direct the vote: 0

              (iii)sole power to dispose or to direct the disposition of:
                    0

	      (iv) shared power to dispose or to direct the disposition of:
                    0

Item 5.       Ownership of Five Percent or Less of a Class:

              Not Applicable

Item 6.       Ownership of More than Five Percent on Behalf of Another Person:

              Not Applicable

Item 7.       Identification and Classification of the Subsidiary Which Acquired
              the Security Being Reported on By the Parent Holding Company:

              Not Applicable

Item 8.       Identification and Classification of Members of the Group:

              Not Applicable

Item 9.       Notice of Dissolution of Group:

              Not Applicable










Item 10. Certification:

By signing  below, I certify that, to the best of my knowledge
and belief, the securities  referred to above were acquired
and were held in the ordinary  course of business and were not
acquired and were not held for the purpose  of  and  did  not
have  the  effect  of  changing or influencing  the control
of the issuer of such securities and were not acquired and
were not held in connection  with or as a  participant  in
any transaction having such purposes or effect.







Signature


After  reasonable  inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.


Dated: August 6, 2007

                                                 /s/ Ronald G. Olin
                                                 ------------------
                                                 Name:   Ronald G. Olin