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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
SIGNATURE GUY NORDAHL
TITLE MANAGER
[ARTICLE] 6
[CIK] 0000911294
[NAME] NORTHSTAR TRUST
[SERIES]
[NUMBER] 1
[NAME] INCOME & GROWTH FUND CLASS A
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1996
[PERIOD-START] NOV-01-1995
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 206767
[INVESTMENTS-AT-VALUE] 220960
[RECEIVABLES] 5417
[ASSETS-OTHER] 34
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 226411
[PAYABLE-FOR-SECURITIES] 6862
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2718
[TOTAL-LIABILITIES] 9580
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 180526
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 143
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 21969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 14193
[NET-ASSETS] 216831
[DIVIDEND-INCOME] 4220
[INTEREST-INCOME] 4659
[OTHER-INCOME] 0
[EXPENSES-NET] 4031
[NET-INVESTMENT-INCOME] 4848
[REALIZED-GAINS-CURRENT] 23384
[APPREC-INCREASE-CURRENT] 355
[NET-CHANGE-FROM-OPS] 27878
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2182)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1199
[NUMBER-OF-SHARES-REDEEMED] (1296)
[SHARES-REINVESTED] 107
[NET-CHANGE-IN-ASSETS] 26792
[ACCUMULATED-NII-PRIOR] 364
[ACCUMULATED-GAINS-PRIOR] (1805)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1549
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2482
[AVERAGE-NET-ASSETS] 206529
[PER-SHARE-NAV-BEGIN] 10.86
[PER-SHARE-NII] .32
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[PER-SHARE-DIVIDEND] (.31)
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[EXPENSE-RATIO] 1.52
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000911294
[NAME] NORTHSTAR TRUST
[SERIES]
[NUMBER] 2
[NAME] INCOME & GROWTH FUND CLASS B
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1996
[PERIOD-START] NOV-01-1995
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 206767
[INVESTMENTS-AT-VALUE] 220960
[RECEIVABLES] 5417
[ASSETS-OTHER] 34
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 226411
[PAYABLE-FOR-SECURITIES] 6862
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2718
[TOTAL-LIABILITIES] 9580
[SENIOR-EQUITY] 0
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[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 143
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 21969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 14193
[NET-ASSETS] 216831
[DIVIDEND-INCOME] 4220
[INTEREST-INCOME] 4659
[OTHER-INCOME] 0
[EXPENSES-NET] 4031
[NET-INVESTMENT-INCOME] 4848
[REALIZED-GAINS-CURRENT] 23384
[APPREC-INCREASE-CURRENT] 355
[NET-CHANGE-FROM-OPS] 27878
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (1333)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1142
[NUMBER-OF-SHARES-REDEEMED] (914)
[SHARES-REINVESTED] 67
[NET-CHANGE-IN-ASSETS] 26792
[ACCUMULATED-NII-PRIOR] 364
[ACCUMULATED-GAINS-PRIOR] (1805)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1549
[INTEREST-EXPENSE] 0
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[AVERAGE-NET-ASSETS] 206529
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[PER-SHARE-DIVIDEND] (.23)
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[PER-SHARE-NAV-END] 12.13
[EXPENSE-RATIO] 2.26
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000911294
[NAME] NORTHSTAR TRUST
[SERIES]
[NUMBER] 3
[NAME] INCOME & GROWTH FUND CLASS C
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1996
[PERIOD-START] NOV-01-1995
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 206767
[INVESTMENTS-AT-VALUE] 220960
[RECEIVABLES] 5417
[ASSETS-OTHER] 34
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 226411
[PAYABLE-FOR-SECURITIES] 6862
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2718
[TOTAL-LIABILITIES] 9580
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 180526
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 143
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 21969
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 14193
[NET-ASSETS] 216831
[DIVIDEND-INCOME] 4220
[INTEREST-INCOME] 4659
[OTHER-INCOME] 0
[EXPENSES-NET] 4031
[NET-INVESTMENT-INCOME] 4848
[REALIZED-GAINS-CURRENT] 23384
[APPREC-INCREASE-CURRENT] 355
[NET-CHANGE-FROM-OPS] 27878
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (1191)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 479
[NUMBER-OF-SHARES-REDEEMED] (547)
[SHARES-REINVESTED] 101
[NET-CHANGE-IN-ASSETS] 26792
[ACCUMULATED-NII-PRIOR] 364
[ACCUMULATED-GAINS-PRIOR] (1805)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1549
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2482
[AVERAGE-NET-ASSETS] 206529
[PER-SHARE-NAV-BEGIN] 10.83
[PER-SHARE-NII] .24
[PER-SHARE-GAIN-APPREC] 1.28
[PER-SHARE-DIVIDEND] (.23)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.12
[EXPENSE-RATIO] 2.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000911294
[NAME] NORTHSTAR TRUST
[SERIES]
[NUMBER] 1
[NAME] HIGH TOTAL RETURN FUND A
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1996
[PERIOD-START] NOV-01-1995
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 547193
[INVESTMENTS-AT-VALUE] 556278
[RECEIVABLES] 17531
[ASSETS-OTHER] 37
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 573846
[PAYABLE-FOR-SECURITIES] 2450
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2397
[TOTAL-LIABILITIES] 4847
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 559243
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 671
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9085
[NET-ASSETS] 568999
[DIVIDEND-INCOME] 158
[INTEREST-INCOME] 40786
[OTHER-INCOME] 0
[EXPENSES-NET] 7124
[NET-INVESTMENT-INCOME] 33820
[REALIZED-GAINS-CURRENT] 6943
[APPREC-INCREASE-CURRENT] 12167
[NET-CHANGE-FROM-OPS] 52930
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (13178)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 19104
[NUMBER-OF-SHARES-REDEEMED] (4969)
[SHARES-REINVESTED] 1199
[NET-CHANGE-IN-ASSETS] 373075
[ACCUMULATED-NII-PRIOR] 190
[ACCUMULATED-GAINS-PRIOR] (4419)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2640
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4484
[AVERAGE-NET-ASSETS] 359778
[PER-SHARE-NAV-BEGIN] 4.48
[PER-SHARE-NII] .46
[PER-SHARE-GAIN-APPREC] .32
[PER-SHARE-DIVIDEND] (.48)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 4.78
[EXPENSE-RATIO] 1.52
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000911294
[NAME] NORTHSTAR TRUST
[SERIES]
[NUMBER] 2
[NAME] HIGH TOTAL RETURN FUND B
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1996
[PERIOD-START] NOV-01-1995
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 547193
[INVESTMENTS-AT-VALUE] 556278
[RECEIVABLES] 17531
[ASSETS-OTHER] 37
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 573846
[PAYABLE-FOR-SECURITIES] 2450
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2397
[TOTAL-LIABILITIES] 4847
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 559243
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 671
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9085
[NET-ASSETS] 568999
[DIVIDEND-INCOME] 158
[INTEREST-INCOME] 40786
[OTHER-INCOME] 0
[EXPENSES-NET] 7124
[NET-INVESTMENT-INCOME] 33820
[REALIZED-GAINS-CURRENT] 6943
[APPREC-INCREASE-CURRENT] 12167
[NET-CHANGE-FROM-OPS] 52930
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (19779)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 53275
[NUMBER-OF-SHARES-REDEEMED] (3380)
[SHARES-REINVESTED] 1255
[NET-CHANGE-IN-ASSETS] 373075
[ACCUMULATED-NII-PRIOR] 190
[ACCUMULATED-GAINS-PRIOR] (4419)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2640
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4484
[AVERAGE-NET-ASSETS] 359778
[PER-SHARE-NAV-BEGIN] 4.47
[PER-SHARE-NII] .43
[PER-SHARE-GAIN-APPREC] .32
[PER-SHARE-DIVIDEND] (.45)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 4.77
[EXPENSE-RATIO] 2.23
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000911294
[NAME] NORTHSTAR TRUST
[SERIES]
[NUMBER] 3
[NAME] HIGH TOTAL RETURN FUND C
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] OCT-31-1996
[PERIOD-START] NOV-01-1995
[PERIOD-END] OCT-31-1996
[INVESTMENTS-AT-COST] 547193
[INVESTMENTS-AT-VALUE] 556278
[RECEIVABLES] 17531
[ASSETS-OTHER] 37
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 573846
[PAYABLE-FOR-SECURITIES] 2450
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2397
[TOTAL-LIABILITIES] 4847
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 559243
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 671
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9085
[NET-ASSETS] 568999
[DIVIDEND-INCOME] 158
[INTEREST-INCOME] 40786
[OTHER-INCOME] 0
[EXPENSES-NET] 7124
[NET-INVESTMENT-INCOME] 33820
[REALIZED-GAINS-CURRENT] 6943
[APPREC-INCREASE-CURRENT] 12167
[NET-CHANGE-FROM-OPS] 52930
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2906)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 9644
[NUMBER-OF-SHARES-REDEEMED] (944)
[SHARES-REINVESTED] 196
[NET-CHANGE-IN-ASSETS] 373075
[ACCUMULATED-NII-PRIOR] 190
[ACCUMULATED-GAINS-PRIOR] (4419)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2640
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4484
[AVERAGE-NET-ASSETS] 359778
[PER-SHARE-NAV-BEGIN] 4.49
[PER-SHARE-NII] .43
[PER-SHARE-GAIN-APPREC] .32
[PER-SHARE-DIVIDEND] (.45)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 4.79
[EXPENSE-RATIO] 2.23
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
Northstar Trust:
In planning and performing our audit of the financial
statements and financial highlights of Northstar
Trust (formerly Northstar Advantage Trust),
comprising the Northstar Income and Growth
Fund and Northstar Total Return Fund (formerly
Northstar Advantage Income and Growth Fund
and Northstar Advantage High Total Return Fund,
respectively) for the year ended October 31, 1996,
we considered its internal control structure, including
procedures for 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 Northstar Trust is responsible
for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and related
costs of internal control structure policies and
procedures. Two of the objectives of an internal
control structure are to provide management with
reasonable, but not absolute, assurance assets are
safeguarded against loss from unauthorized use
or disposition and that transactions are executed
in accordance with management's authorization
and recorded properly to permit preparation
of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may
occur and may not be detected. Also,
projection of any evaluation of the structure
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 the internal control
structure would not necessarily disclose all
matters in the internal control structure
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 the specific
internal control structure elements 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 and financial highlights
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 the internal control
structure, including procedures for
safeguarding securities, that we consider
to be material weaknesses, as defined above,
as of October 31, 1996.
This report is intended solely for the
information and use of management of
Northstar Trust and the Securities and
Exchange Commission.
COOPERS & LYBRAND L.L.P.
New York, New York
December 6, 1996
