<PAGE>
NORTHSTAR ADVANTAGE FUNDS
Prospectus Supplement dated
January 17, 1996 to Prospectus dated
November 1, 1995
Commencing January 17, 1996 and continuing through April 30, 1996, the
Underwriter will sponsor an incentive program for registered
representatives of Washington Square Securities, Inc. in connection
with the sale by its members of shares of the Funds. Pursuant to the
incentive program, the Underwriter has agreed to provide the following
to members who qualify with respect to cumulative sales of all classes
of shares of the Funds reaching designated levels: (i) gift
certificates of $25 and $50 for combined total sales, respectively,
of $10,000 and $50,000; (ii) merchandise valued at $100 for total
sales of $100,000; and (iii) one or two round trip airline ticket(s)
within the continental U.S. for total sales, respectively, of
$250,000 and $400,000. Different awards of equal value or the cash
equivalent of awards may be substituted.
