NORTHSTAR ADVANTAGE INCOME AND GROWTH FUND
Prospectus Supplement dated
May 31, 1996 to Prospectus dated
February 29, 1996
At a Meeting held on April 25, 1996, the Trustees of the Northstar Advantage
Income and Growth Fund approved, subject to approval by the shareholders of the
Fund, a subadvisory agreement (the "Agreement") between Northstar Investment
Management Corporation, the Fund's investment adviser (the "Adviser"), and
Wilson/Bennett Capital Management, Inc. ("Wilson/Bennett"). Shareholders of
record on May 17, 1996 will be asked to approve the Agreement at a meeting to be
held on July 15, 1996. If approved by shareholders, the Agreement will become
effective on or around August 1, 1996. Pursuant to the Agreement, Wilson/Bennett
will assume responsibility for the day to day investment management of the
common stock component of the Fund, subject to the supervision of the Adviser
and the Trustees of the Fund. Wilson/Bennett currently manages equity
investments of approximately $57 million for individuals and institutions. All
fees and expenses of the subadvisory arrangement will be borne by the Adviser.
