NORTHSTAR/NWNL TRUST
Northstar Income and Growth Fund
Prospectus Supplement dated May 31, 1996
to Prospectus dated April 30, 1996
At a Meeting held on April 25, 1996, the Trustees of the Northstar/NWNL Trust,
on behalf of the Northstar Income and Growth Fund (the "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 31, 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.
