NORTHSTAR GALAXY TRUST
"Formerly known as NORTHSTAR VARIABLE TRUST"
Prospectus Supplement dated March 11, 1999
to Prospectus dated April 30, 1998
The Board of Trustees of the Northstar Galaxy Trust, on behalf of the Northstar
Galaxy Trust Multi-Sector Bond Portfolio (the "Portfolio"), recently reviewed
and unanimously endorsed two proposals - modification of the investment
objective and name of the Portfolio and approval of a subadvisory agreement -
which they judge to be in the best interests of the Portfolio and its
shareholders.
We therefore have called a Special Meeting of Shareholders of the Portfolio to
be held on April 8, 1999 to consider and approve this modification whereby the
current objective of seeking to maximize current income consistent with the
preservation of capital would be modified to the objective of seeking capital
appreciation. The modification in the Portfolio's investment objective will
enable the Portfolio to modify its investment strategy so that the Portfolio
will invest primarily in the equity securities of companies that make up the S&P
500 Index. If the modification is approved, the Portfolio's name would be
changed to the "Northstar Galaxy Trust Research Enhanced Index Portfolio" to
better reflect the Portfolio's investment objective and holdings. Further,
shareholders are being asked to consider and approve a proposal whereby
Northstar Investment Management Corporation would enter into a subadvisory
agreement with J.P. Morgan Investment Management Inc. The above noted
modifications are intended to enhance the Portfolio's ability to achieve better
long-term performance results.
