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                            NORTHSTAR ADVANTAGE FUNDS
                           Prospectus Supplement dated
                         May 6, 1996 to Prospectus dated
                               February 29, 1996.

The disclosure set forth under "Investment Personnel of Adviser" on page 21 of
the Prospectus is modified as follows:

Margaret Patel will serve as a co-manager with Ernest Mysogland of the Northstar
Advantage Income and Growth Fund, while continuing to serve as manager of the
Northstar Advantage Income Fund and the Northstar Advantage Government
Securities Fund.

Thomas Ole Dial will serve as a co-manager with Prescott Crocker of the
Northstar Advantage High Yield Fund, while continuing to serve with Mr. Crocker
as a co-manager of the Strategic Income Fund, and as the manager of the
Northstar Advantage High Total Return Fund. 



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