UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
First Trust/Value Line & Ibbotson Equity Allocation Fund
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
33735H105
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(CUSIP Number)
Ronald G. Olin
24 Browntown Rd.
Asheville, NC 28803
(828) 274-1863
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 2, 2006
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(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box. [ ]
CUSIP No.: 33735H105 13D Page 2
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Ronald G. Olin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 384,600
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BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
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BY EACH | | SOLE DISPOSITIVE POWER 0
REPORTING | 9 |
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PERSON | | SHARED DISPOSITIVE POWER 384,600
WITH | 10 |
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 384,600
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 5.9%
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14 TYPE OF REPORTING PERSON IN
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CUSIP No.: 33735H105 13D Page 3
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ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock of First Trust/Value
Line & Ibbotson Equity Allocation Fund (the "Issuer"). The principal
executive offices of the Fund are located at First Trust Portfolios LP,
1001 Warrenville Rd, Suite 300, Lisle, IL 60532.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c) This Schedule 13D is being filed by Ronald G. Olin, 24 Browntown
Rd., Asheville, NC 28803, an individual investor, who is an employee of
Doliver Capital Advisors Inc.
(d) None
(e) None
(f) USA
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Investment Funds
ITEM 4. PURPOSE OF TRANSACTION
On November 2, 2006 the reporting person discovered that the issuer was
likely to be involved in a proxy contest, the result of which may or may
not result in a change of control of the issuer. As a result, the
reporting person may be solicited by the parties of the proxy contest
with regard to the shares personally held by the reporting person.
On November 2, 2006 the reporting person sent a letter to his employer,
Doliver Capital Advisors Inc., concerning shares of the issuer and the
likely proxy contest. A copy of such letter is included as Exhibit A.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's Semi-Annual Report states that, as of the close of business
on June 30, 2006, there were 6,505,236 shares of Common Stock outstanding.
The percentage set forth in this Item 5(a) was derived using such number.
The Reporting Person is the beneficial owner of 384,600 shares of
Common Stock, which constitute approximately 5.9% of the outstanding
shares of Common Stock.
(b) Power to vote and to dispose of the securities resides with
Ronald G. Olin.
c) During the last 60 days, the following shares of Common Stock were traded
in the open market:
Date Number of Shares Price per share
---- ---------------- ---------------
10/31/2006 900 Bought 22.3436
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A attached.
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.
Date: November 6, 2006
By: /s/ Ronald G. Olin
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Name: Ronald G. Olin
Exhibit A:
Ronald G. Olin
24 Browntown Rd.
Asheville, NC 28803
November 2, 2006
Ralph D. McBride, President
Doliver Capital Advisors
6363 Woodway, Suite 901
Houston, Texas 77057
Dear Mr. McBride:
On or around October 26, 2006 I discovered an SEC filing on Edgar submitted
by First Turst/Value Line & Ibbotson Equity Allocation Fund (FVI) which
was dated October 23, 2006 which referred to a recent mailing about a
special meeting of FVI. The proxy materials associated with that
special meeting were not filed on Edgar under FVI and I could not find them
on Edgar or the FVI web site. As you recollect, during the summer, FVI
had indicated its intent to request shareholder approval for conversion to
an Exchange Traded Fund (ETF) around the end of the year. The likely result
of such a conversion would be to eliminate most of the discount at which
FVI trades.
As a salaried employee of Doliver Capital Advisors (Doliver) responsible
for trading closed-end funds, I continued to look for more clarification on
the upcoming meeting. On October 30, 2006 I received a proxy in the
mail indicating a special meeting of FVI on December 11, 2006 and the intent
to convert to an ETF on December 15, 2006. During the trading day on
October 30th, the estimated discount of FVI temporarily widened to over 3%
and I purchased 6,000 shares of FVI for some recent client accounts
domiciled at Dominion Securities. These accounts held no prior FVI
positions.
On October 31st, interim trading again indicated that the FVI discount
had widened to over 3% and an additional 4,700 shares of FVI were purchased
at Raymond James where most of the Doliver managed accounts are domiciled.
As is our customary procedure, approximately 20% of any purchase or sale
of closed-end funds at Raymond James were allocated to house accounts at
the same average daily price as client accounts. Correspondingly, 900 shares
of FVI were purchased for my family partnership account at a price of
$22.3436 per share on October 31st.
After the market closed on October 31st you and I had a telephonic
discussion which concerned a number of topics. Among the topics discussed
was the recently received proxy from FVI, the references to Doliver in the
proxy materials, and the likelihood and desirability of being able to
realize Net Asset Value for client shares in FVI before the end of the
year.
In a telephone conversation with other employees of Doliver on
November 1, 2006, in a discussion that involved many topics, it was agreed
that it should be recommended to clients that they vote in favor of the
proposed conversion of FVI to an ETF in a timely fashion. During the
trading day, the estimated discount in FVI narrowed and no shares were
purchased.
On November 2, 2006 I was routinely checking Edgar filings on positions
held by Doliver and discovered, for the first time, a preliminary proxy filed
by Ralph Bradshaw opposing the FVI conversion to an ETF. The proxy filing
was dated October 30, 2006. A quick reading indicated that Mr. Bradshaw
was proposing an alternate slate of Trustees and a rejection of the
conversion of FVI to an ETF, promising a better result for shareholders.
I immediately called the Doliver offices and suggested that any discussions
of FVI with clients or anybody else be suspended until further investigation
of the evolving situation.
As you know, I am well acquainted with Mr. Bradshaw and was in business with
him some years ago. We see each other occasionally in a social setting, but
to the best of my recollection, we have never discussed FVI.
Upon careful reading, Mr. Bradshaw s preliminary proxy promises a better
result for shareholders, implying that the shares of FVI may trade at a
premium if his trustees are elected. However, he offers no concrete
specifics as to how this is likely to be accomplished. It should be noted
that Mr. Bradshaw does promise that he will deliver Net Asset Value
to shareholders by the middle of next year if FVI fails to move to a
premium, and the two closed-end funds that he manages currently trade
at substantial premiums. The bottom line is that absent further
clarification and disclosure by Mr. Bradshaw, it is not immediately clear
to me at this time what would most benefit shareholders, supporting
the recommendation of FVI or voting Mr. Bradshaw s proxy.
In order to avoid any appearance of a conflict of interest, I believe
it appropriate that I refrain from making any recommendations to
Doliver clients, the principals at Doliver, or anyone else as to how our
clients should vote their shares.
Sincerely,
Ronald G. Olin
Chief Trader
Doliver Capital Advisors