FT 480
497, 2001-01-17
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                                                          Rule 497(d)
                                 FT 480


          Supplement to the Prospectus dated November 27, 2000

     Notwithstanding anything to the contrary in the Prospectus, the
creation and development fee cap over the life of the Trust has been
reduced to .55% thereby reducing the Maximum Sales Charge to 4.95% of the
Public Offering Price per Unit.  In addition, concessions paid to dealers
and other selling agents, excluding volume concessions, have been
increased by .10% of the Public Offering Price per Unit.

January 17, 2001




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