THE NORTHSTAR FUNDS
Prospectus Supplement dated
May 5, 1997 to Prospectus dated
March 1, 1997
The following information supplements or replaces the information contained in
the section of the Funds' prospectus entitled "Northstar Balance Sheet
Opportunities Fund: Portfolio manager", "Northstar High Yield Fund: Portfolio
manager" and "Meet the portfolio managers":
Effective May 5, 1997, the language on pages 12, 16 and 22, respectively, of the
Prospectus has been changed to read as follows: Thomas Ole Dial serves as
primary portfolio manager for the Northstar High Total Return Fund and Northstar
Balance Sheet Opportunities Fund.
Jeffrey Aurigemma serves as primary portfolio manager for the Northstar High
Yield Fund.
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THIS SUPPLEMENT SUPERSEDES ALL PRECEDING SUPPLEMENTS.