First, 14.10 is beyond end of life and so it is going to be more difficult.
Second "dist-upgrade" does NOT upgrade ubuntu. (This is a fairly common misunderstanding, perhaps the option "dist-upgrade" is a bit misleading, perhaps dist-sync or some such would have been better).
From the man page: http://manpages.ubuntu.com/manpages/vivid/man8/apt-get.8.html
dist-upgrade
dist-upgrade in addition to performing the function of upgrade,
also intelligently handles changing dependencies with new versions
of packages; apt-get has a "smart" conflict resolution system, and
it will attempt to upgrade the most important packages at the
expense of less important ones if necessary. So, dist-upgrade
command may remove some packages. The /etc/apt/sources.list file
contains a list of locations from which to retrieve desired package
files. See also apt_preferences(5) for a mechanism for overriding
the general settings for individual packages.
You upgrade by running update manager
http://www.ubuntu.com/download/desktop/upgrade
And finally, it is going to take longer and be more error prone to upgrade this way. A fresh install is faster, more reliable, and will preserve your data in /home as long as you do not format the partition with /home on it.
https://help.ubuntu.com/community/UbuntuReinstallation
Since Hardy it is possible to reinstall Ubuntu without losing the
content of the /home folder (the folder that contains program
settings, internet bookmarks, emails and all your documents, music,
videos and other user files). This can be done even if /home is not on
a separate partition (which is the case by default if you did not
manually separate it when installing Ubuntu originally). This tutorial
can also be used to upgrade Ubuntu (eg 11.04 -> 12.04 from a 12.04
live-CD).
The other unspoken advantage of a fresh install is that you have the opportunity to test the new version of Ubuntu on your hardware before you upgrade. It is frustrating to upgrade via update manager and then discover you have a hardware problem , can leave you stuck re-installing and updating the old version.
And last, before you upgrade, upgrades can always fail, so back up your data first.