Utilities Select Portfolio, Series 14

The utilities industry was once regarded as a sector with the potential to provide investors with a high degree of stability while generating an above-average level of current income relative to other equities. Today, the utilities industry is undergoing a radical transformation. The monopolistic, tightly regulated utilities created under trust-busting legislation more than 60 years ago are gradually being exposed to competition, thanks to the National Energy Policy Act of 1992. We believe that deregulation, along with technological advances and the increased desire for customer choice, will likely result in consolidation and greater efficiency within the industry.

In 2005, Congress passed a new Energy Policy Act, the first major legislation on energy since 1992. The act was intended to advance conservation and the use of cleaner technologies in energy production through higher efficiency standards and tax credits. As a result of this legislation, we anticipate that several new power plants will be built, including new clean-burning coal and nuclear facilities.

Consider These Factors

In our opinion, the correction in utility stocks during the recent recession makes them more compelling today on two fronts: price and yield.

• As of July 14, 2010, 33 out of the 35 utility companies in the S&P 500 Index paid a dividend, up from 31 at the close of 2008, according to Standard & Poor's.
  
  
• The S&P Utilities Index closed June 30, 2010, 35.94% below its 10-year high set on December 10, 2007. The recession commenced in December 2007, according to the National Bureau of Economic Research. The index's yield was approximately 4.66% on June 30, 2010, well above the 2.88% it sported at the close of 2007.

The S&P 500 Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance.The S&P 500 Utilities Index represents stocks of the utilities companies from within the S&P 500 Index. The indices cannot be purchased directly by investors.You should be aware that the yields quoted are those of the S&P 500 Utilities Index and are not indicative of the portfolio.

Portfolio Objective

The objective of this unit investment trust is to provide investors monthly income and the potential for above-average capital appreciation; however, there is no assurance the objective will be met. The portfolio terminates approximately two years from the initial date of deposit.

You should consider the portfolio�s investment objectives, risks, and charges and expenses carefully before investing. Contact your financial advisor or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the portfolio. Read it carefully before you invest.

Risk Considerations:
An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning common stocks, such as an economic recession and the possible deterioration of either the financial condition of the issuers of the equity securities or the general condition of the stock market.

You should be aware that an investment that is concentrated in stocks in the utilities sector involves additional risks, including limited diversification. The companies engaged in the utilities sector are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, and other regulatory policies of various governments.

An investment in a portfolio containing small-cap companies is subject to additional risks, as the share prices of small-cap companies are often more volatile than those of larger companies due to several factors, including limited trading volumes, products, financial resources, management inexperience and less publicly available information.

The value of the securities held by the trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers.