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<PAGE> PAGE 2
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SIGNATURE GUY NORDAHL
TITLE VICE PRESIDENT
[ARTICLE] 6
[CIK] 0000830477
[NAME] NORTHSTAR HIGH YIELD FUND
[SERIES]
[NUMBER] 1
[NAME] NORTHSTAR HIGH YIELD FUND CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 228259465
[INVESTMENTS-AT-VALUE] 238861432
[RECEIVABLES] 6324141
[ASSETS-OTHER] 10934591
[OTHER-ITEMS-ASSETS] 1304
[TOTAL-ASSETS] 256121468
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 726909
[TOTAL-LIABILITIES] 726909
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 247252700
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (2460108)
[ACCUM-APPREC-OR-DEPREC] 10601967
[NET-ASSETS] 255394559
[DIVIDEND-INCOME] 673084
[INTEREST-INCOME] 21922799
[OTHER-INCOME] 0
[EXPENSES-NET] 4047090
[NET-INVESTMENT-INCOME] 18548793
[REALIZED-GAINS-CURRENT] 7107354
[APPREC-INCREASE-CURRENT] (977429)
[NET-CHANGE-FROM-OPS] 24678718
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (19366492)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 56719815
[NUMBER-OF-SHARES-REDEEMED] (45594760)
[SHARES-REINVESTED] 7905559
[NET-CHANGE-IN-ASSETS] 24342840
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (9567462)
[GROSS-ADVISORY-FEES] 1289419
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4047090
[AVERAGE-NET-ASSETS] 14385867
[PER-SHARE-NAV-BEGIN] 8.94
[PER-SHARE-NII] 0.73
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[PER-SHARE-DIVIDEND] (0.76)
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000830477
[NAME] NORTHSTAR HIGH YIELD FUND
[SERIES]
[NUMBER] 2
[NAME] NORTHSTAR HIGH YIELD FUND CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 228259465
[INVESTMENTS-AT-VALUE] 238861432
[RECEIVABLES] 6324141
[ASSETS-OTHER] 10934591
[OTHER-ITEMS-ASSETS] 1304
[TOTAL-ASSETS] 256121468
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 726909
[TOTAL-LIABILITIES] 726909
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[SHARES-COMMON-PRIOR] 0
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[OVERDISTRIBUTION-GAINS] (2460108)
[ACCUM-APPREC-OR-DEPREC] 10601967
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[DIVIDEND-INCOME] 673084
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[OTHER-INCOME] 0
[EXPENSES-NET] 4047090
[NET-INVESTMENT-INCOME] 18548793
[REALIZED-GAINS-CURRENT] 7107354
[APPREC-INCREASE-CURRENT] (977429)
[NET-CHANGE-FROM-OPS] 24678718
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (19366492)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 56719815
[NUMBER-OF-SHARES-REDEEMED] (45594760)
[SHARES-REINVESTED] 7905559
[NET-CHANGE-IN-ASSETS] 24342840
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (9567462)
[GROSS-ADVISORY-FEES] 1289419
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4047090
[AVERAGE-NET-ASSETS] 95106049
[PER-SHARE-NAV-BEGIN] 8.95
[PER-SHARE-NII] 0.67
[PER-SHARE-GAIN-APPREC] 0.23
[PER-SHARE-DIVIDEND] (0.70)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.15
[EXPENSE-RATIO] 1.91
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000830477
[NAME] NORTHSTAR HIGH YIELD FUND
[SERIES]
[NUMBER] 3
[NAME] NORTHSTAR HIGH YIELD FUND CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 228259465
[INVESTMENTS-AT-VALUE] 238861432
[RECEIVABLES] 6324141
[ASSETS-OTHER] 10934591
[OTHER-ITEMS-ASSETS] 1304
[TOTAL-ASSETS] 256121468
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 726909
[TOTAL-LIABILITIES] 726909
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 247252700
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[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
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[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (2460108)
[ACCUM-APPREC-OR-DEPREC] 10601967
[NET-ASSETS] 255394559
[DIVIDEND-INCOME] 673084
[INTEREST-INCOME] 21922799
[OTHER-INCOME] 0
[EXPENSES-NET] 4047090
[NET-INVESTMENT-INCOME] 18548793
[REALIZED-GAINS-CURRENT] 7107354
[APPREC-INCREASE-CURRENT] (977429)
[NET-CHANGE-FROM-OPS] 24678718
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (19366492)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 56719815
[NUMBER-OF-SHARES-REDEEMED] (45594760)
[SHARES-REINVESTED] 7905559
[NET-CHANGE-IN-ASSETS] 24342840
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (9567462)
[GROSS-ADVISORY-FEES] 1289419
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4047090
[AVERAGE-NET-ASSETS] 17571601
[PER-SHARE-NAV-BEGIN] 8.95
[PER-SHARE-NII] 0.67
[PER-SHARE-GAIN-APPREC] 0.23
[PER-SHARE-DIVIDEND] (0.70)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.15
[EXPENSE-RATIO] 1.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000830477
[NAME] NORTHSTAR HIGH YIELD FUND
[SERIES]
[NUMBER] 4
[NAME] NORTHSTAR HIGH YIELD FUND CLASS T
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 228259465
[INVESTMENTS-AT-VALUE] 238861432
[RECEIVABLES] 6324141
[ASSETS-OTHER] 10934591
[OTHER-ITEMS-ASSETS] 1304
[TOTAL-ASSETS] 256121468
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 726909
[TOTAL-LIABILITIES] 726909
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 247252700
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (2460108)
[ACCUM-APPREC-OR-DEPREC] 10601967
[NET-ASSETS] 255394559
[DIVIDEND-INCOME] 673084
[INTEREST-INCOME] 21922799
[OTHER-INCOME] 0
[EXPENSES-NET] 4047090
[NET-INVESTMENT-INCOME] 18548793
[REALIZED-GAINS-CURRENT] 7107354
[APPREC-INCREASE-CURRENT] (977429)
[NET-CHANGE-FROM-OPS] 24678718
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (19366492)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 56719815
[NUMBER-OF-SHARES-REDEEMED] (45594760)
[SHARES-REINVESTED] 7905559
[NET-CHANGE-IN-ASSETS] 24342840
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (9567462)
[GROSS-ADVISORY-FEES] 1289419
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4047090
[AVERAGE-NET-ASSETS] 117134595
[PER-SHARE-NAV-BEGIN] 8.94
[PER-SHARE-NII] 0.71
[PER-SHARE-GAIN-APPREC] 0.23
[PER-SHARE-DIVIDEND] (0.74)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.14
[EXPENSE-RATIO] 1.47
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
________________
To the Shareholders and Trustees
of the Northstar High Yield Fund:
In planning and performing our audit of the financial statements and financial
highlights of the Northstar High Yield Fund ( the "Fund"), for the year ended
December 31, 1997, we considered its internal control structure, including
controls over safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of any specific internal control component does not reduce to a
relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control, including controls over safeguarding securities,
that we consider to be material weaknesses, as defined above, as of December
31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
New York, New York
February 12, 1998
