are blue chip stocks what

					                              Blue Chip Stock Portfolio                                                              October 2008 Series

Blue chip companies are widely regarded as        According to the International Monetary               Large-cap stocks are at attractive price-to-
front-runners in their respective industries.     Fund, U.S. GDP growth is estimated to be              earnings (P/E) ratios on a historical basis, in
These companies often reside at the core of       1.6% in 2008 compared to overall global               our opinion. The chart shown below
American business and market high-quality,        growth of 3.9%. In times like these, when the         illustrates how much the P/E ratio of the S&P
essential products and services. Their            U.S. economy is experiencing slow economic            500 Index has declined in recent years. As of
products and services often remain in             growth, investors tend to gravitate toward            October 2008, the P/E ratio of the S&P 500
demand, even during periods of slow               less economically-sensitive companies.                Index, based on forward-looking earnings
economic growth. Blue chips are nationally        Because of their unique combination of                estimates for the next 12 months is 11.1,
recognized companies that typically share         historically-defensive market characteristics         according to Bloomberg. The S&P 500 Index
these qualities:                                  and global exposure, we believe that the              is an unmanaged index of 500 stocks used to
                                                  Blue Chip Stock Portfolio represents an               measure large-cap U.S. stock market
•Skilled management
                                                  attractive opportunity for investors in light of      performance. The index cannot be purchased
•Strong balance sheets
                                                  current market conditions.                            directly by investors.
•Highly liquid
•Ability to generate earnings growth              The Blue Chip Stock Portfolio is diversified
                                                                                                             S&P 500 Index P/E Ratio
•Record of financial strength and profit growth   across many market segments and provides
                                                  the opportunity to participate in global              30
One important advantage that blue chip
                                                  growth trends. Many blue chip companies
companies enjoy over most companies is that
                                                  today are finding more opportunities outside          25
they are usually very well capitalized, which
                                                  of the United States, where populations are
has the potential to provide their                                                                      20
                                                  growing rapidly and market penetration is
stockholders with a greater degree of stability
                                                  lower. In 1950, about 66% of the world’s              15
and consistent performance over time.
                                                  population lived in developing countries; in
                                                  1990, 80% did. By 2010, the figure may                10
  Portfolio Objective                             approach 82%.1 Realizing this, leading
                                                                                                         5
                                                  companies have been expanding into many
The objective of this unit investment trust is    untapped foreign markets where the growth              0
to provide investors the potential for above-     rates in per capita income and spending are                 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08*
average capital appreciation; however, there      generally forecasted to outpace those of              Source: Baseline & Thomson First Call/Bloomberg
is no assurance the objective will be met. The    developed countries over the next decade.             *Estimated
portfolio terminates approximately two years      1
                                                  Standard & Poor’s Industry Surveys
from the initial date of deposit.



You should consider the portfolio’s
investment objective, risks, and charges and
expenses carefully before investing. Contact
your financial advisor or call First Trust
Portfolios, L.P. at the number listed below 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.
                                                  An investment in a portfolio containing equity securities of foreign issuers is subject to
                                                  additional risks, including currency fluctuations, political risks, withholding, the lack of adequate
First Trust Portfolios L.P.
Member SIPC • Member FINRA
                                                  financial information, and exchange control restrictions impacting foreign issuers.
1-800-621-1675
www.ftportfolios.com                                  Not FDIC Insured • Not Bank Guaranteed • May Lose Value                                BLOCFSOC1008
                               Blue Chip Stock Portfolio                                                                     October 2008 Series

  Portfolio Summary                                                                    Holdings Style Analysis
Initial Offering Date:                                       10/16/2008                                         Large-Cap Growth                            46.66%
Initial Public Offering Price:                           $10.00 per Unit                                        Large-Cap Value                             53.34%
Estimated Net First Year Distribution per Unit:*                $0.2278
Estimated Net Subsequent Year Distribution per Unit:*           $0.2256
Portfolio Ending Date:                                       10/18/2010
CUSIPs:                                              30275V 205(c) 213(r)
Fee Accounts CUSIPs:                                 30275V 221(c) 239(r)
Ticker Symbol:                                                  FTBCHX
*The estimated net annual distribution for the subsequent year is expected
                                                                                       Holdings Sector Analysis
to be less than the amount for the first year because a portion of the                                          Consumer Discretionary                       6.66%
securities included in the portfolio will be sold during the first year to pay for                              Consumer Staples                            13.31%
organization costs, the deferred sales charge and the creation and                                              Energy                                      13.31%
development fee. There is no guarantee that the issuers of the securities                                       Financials                                  13.33%
included in the portfolio will declare dividends in the future or that, if                                      Health Care                                 16.69%
declared, they will either remain at current levels or increase over time.                                      Industrials                                 13.34%
                                                                                                                Information Technology                      16.68%
  Holdings                                                                                                      Telecommunication Services                   3.34%
Ticker     Company Name                                             Price*                                      Utilities                                    3.34%
Consumer Discretionary:                                                              The style and sector characteristics of the portfolio are determined as of
BBY        Best Buy Co., Inc.                                      $24.58            the initial date of deposit and may differ slightly from those indicated
NKE        NIKE, Inc.                                               50.36            above due to the requirement that only whole shares be purchased for the
Consumer Staples:                                                                    portfolio and will likely vary thereafter due to market fluctuations in the
KR         The Kroger Co.                                           24.56            underlying securities. For a complete description of these characteristics
PEP        PepsiCo, Inc.                                            51.25            refer to the prospectus.
PG         The Procter & Gamble Company                             59.82
WMT        Wal–Mart Stores, Inc.                                    50.05              Sales Charges (based on a $10 public offering price)
Energy:
CVX        Chevron Corporation                                      59.98            Standard Accounts
COP        ConocoPhillips                                           49.09            Transactional Sales Charges:                                   Initial 1.00%
XOM        Exxon Mobil Corporation                                  62.35                                                                       Deferred 2.45%
RIG        Transocean Inc.                                          68.36            Creation & Development Fee:                                            0.50%
Financials:                                                                          Maximum Sales Charge:                                                  3.95%
CB         The Chubb Corporation                                    40.43            Rollover purchases will receive a 1% discount off the public offering price.
GS         The Goldman Sachs Group, Inc.                           113.15            The rollover option is subject to modification, termination or suspension,
JPM        JPMorgan Chase & Co.                                     38.49            without notice.
STT        State Street Corporation                                 46.83            The deferred sales charge will be deducted in three monthly installments
Health Care:                                                                         commencing January 20, 2009.
ABT        Abbott Laboratories                                      53.88
GENZ       Genzyme Corporation (General Division)                   63.98            Fee/Wrap Accounts*
JNJ        Johnson & Johnson                                        60.54            Creation & Development Fee:                                           0.50%
MDT        Medtronic, Inc.                                          40.84            Maximum Sales Charge:                                                 0.50%
PFE        Pfizer Inc.                                              16.27            *Standard accounts sales charges apply to units purchased as an
Industrials:                                                                         ineligible asset.
CAT        Caterpillar Inc.                                         42.06            The creation and development fee is a charge of $.05 per unit collected at
GD         General Dynamics Corporation                             56.36            the end of the initial offering period. If the price you pay exceeds $10 per
GE         General Electric Company                                 19.25            unit, the creation and development fee will be less than 0.50%; if the price
UTX        United Technologies Corporation                          49.25            you pay is less than $10 per unit, the creation and development fee will
Information Technology:                                                              exceed 0.50%.
ADBE       Adobe Systems Incorporated                               25.94
CSCO       Cisco Systems, Inc.                                      16.62              Volume Discounts
GOOG Google Inc.                                                   339.55
HPQ        Hewlett–Packard Company                                  38.61            If you invest at least $50,000, the maximum sales charge is reduced as follows:
ORCL       Oracle Corporation                                       16.04            Initial Purchases                                    Maximum Sales Charge
Telecommunication Services:                                                          $50,000 but less than $100,000                             3.70%
T          AT&T Inc.                                                24.62            $100,000 but less than $250,000                            3.45%
Utilities:                                                                           $250,000 but less than $500,000                            3.10%
SO         The Southern Company                                     32.59            $500,000 but less than $1,000,000                          2.95%
*As of the close of business on 10/15/08. Market values are for reference            $1,000,000 or more                                         2.45%
only and are not indicative of your individual cost basis.

				
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