FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 157
497, 1997-01-03
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THE FIRST TRUST(REGISTERED TRADEMARK) SPECIAL SITUATIONS TRUST, SERIES 157

          DORSEY, WRIGHT SECTOR TRUSTS, PRECIOUS METALS SERIES 1

           Supplement to the Prospectus dated November 14, 1996

Notwithstanding anything to the contrary in the Prospectus, the total
maximum sales charge which may be assessed to Unit holders on a per Unit
basis is 4.9% of the Public Offering Price (equivalent to a maximum of
5.152% of the net amount invested, exclusive of the deferred sales
charge).

January 3, 1997





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