FT342, 497, 1999-09-20

FT342
497, 1999-09-20

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                                                       Rule 497(d)

                                 FT 342

                      10 Uncommon Values 1999 Portfolio

               Supplement to the Prospectus dated July 1, 1999

Notwithstanding anything to the contrary in the Prospectus, investors who
purchase at least $5,000,000 worth of Trust Units will be subject to a maximum
sales charge of .35% of the Public Offering Price per Unit. On such sales,
the dealer concession will equal .05% of the Public Offering Price per Unit.

September 17, 1999