NORTHSTAR ADVANTAGE INCOME FUND, 497, 1995-11-15

NORTHSTAR ADVANTAGE INCOME FUND
497, 1995-11-15

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                         NORTHSTAR ADVANTAGE INCOME FUND
                           Prospectus Supplement dated
                         November 15, 1995 to Prospectus
                             dated November 1, 1995

At a Meeting held on October 31, 1995, the Trustees of the Northstar Advantage
Income Fund approved an amendment to the Fund's investment policy relating to
investments in high yield-high risk fixed income securities.  Effective
herewith, the limit on the percentage of the Fund's assets that may be invested
in such securities has been increased to 25%.  Please refer to page 27 of the
Prospectus for a description of the risks associated with investing in high
yield-high risk securities.