FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 175
497, 1997-01-31
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      The First Trust Special Situations Trust, Series 175

       Bank and Financial Services Growth Trust, Series 1

      Supplement to the Prospectus dated November 21, 1996

Effective January 31, 1997, the portfolio of Bank and Financial Services
Growth Trust, Series 1 no longer includes shares of common stock of
Mercury Finance Co.

January 31, 1997 





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