497(d)
First Trust Tax-Exempt Trust, Series 1
Supplement to the Prospectus dated October 7, 1998
The name Voyageur Tax-Exempt Trust, Series 1 has been changed to that
referenced above. Effective December 8, 1998, Nike Securities L.P., an
Illinois limited partnership formed in 1991, was appointed Sponsor of
the above referenced Trust. In its capacity as Sponsor, Nike Securities
L.P. has appointed First Trust Advisors L.P., an affiliate of Nike
Securities L.P., to act as Evaluator and to provide portfolio
supervision for the trust portfolios. Nike Securities L.P. specializes
in the underwriting, trading and distribution of unit investment trusts
and other securities. Nike Securities L.P. acts as depositor and sponsor
for successive series of The First Trust Combined Series, FT Series, The
First Trust Insured Corporate Trust, The First Trust of Insured
Municipal Bonds and The First Trust GNMA and to date more than $20
billion in First Trust unit investment trusts have been deposited. Nike
Securities L.P. is a member of the National Association of Securities
Dealers, Inc. and Securities Investor Protection Corporation. Both Nike
Securities L.P. and First Trust Advisors L.P. have their principal
offices at 1001 Warrenville Road, Lisle, Illinois 60532. These changes
will not increase the fees and expenses charged to the Trust.
January 11, 1999
