<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000920544
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 NORTHSTAR STRATEGIC INCOME FUND
001 B000000 811-08414
001 C000000 2038636200
002 A000000 2 PICKWICK PLAZA
002 B000000 GREENWICH
002 C000000 CT
002 D010000 06830
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 NORTHSTAR INVESTMENT MANAGEMENT CORP
008 B000001 A
008 C000001 801-44637
008 D010001 GREENWICH
008 D020001 CT
008 D030001 06830
010 A000001 NORTHSTAR ADMINISTRATORS CORP
010 C010001 GREENWICH
010 C020001 CT
010 C030001 06830
011 A000001 NORTHSTAR DISTRIBUTORS, INC.
011 B000001 8-38545
011 C010001 GREENWICH
011 C020001 CT
011 C030001 06830
012 A000001 FIRST DATA INVESTOR SERVICES GROUP
012 B000001 84-0000000
012 C010001 BOSTON
012 C020001 MA
<PAGE> PAGE 2
012 C030001 02109
013 A000001 COOPERS & LYBRAND
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 NORTHSTAR DISTRIBUTORS, INC.
014 B000001 8-00000000
014 A000002 WASHINGTON SQUARE SECURITIES,INC.
014 B000002 8-00000000
014 A000003 PRIMEVEST FINANCIAL SECURITIES, INC.
014 B000003 8-00000000
015 A000001 STATE STREET BANK AND TRUST CO
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 15
019 C000000 NORTHSTARF
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 STATE STREET BANK AND TRUST
022 B000001 13-3355129
022 C000001 472573
022 D000001 0
022 A000002 MERRILL LYNCH PIERCE FENNER
022 B000002 13-5674085
022 C000002 11659
022 D000002 4730
022 A000003 MORGAN STANLEY AND CO, INC
022 B000003 13-2655998
022 C000003 6100
022 D000003 9502
022 A000004 GRUNTAL + CO
022 B000004 13-3179859
022 C000004 13027
022 D000004 0
022 A000005 DONALD, LUFKIN, + JENERETTE
022 B000005 13-2741729
022 C000005 6500
<PAGE> PAGE 3
022 D000005 3500
022 A000006 MCDONALD + CO
022 B000006 34-0642435
022 C000006 1545
022 D000006 7395
022 A000007 BOSTON INSTITUTIONAL SERVICES
022 B000007 04-2479358
022 C000007 0
022 D000007 7982
022 A000008 BT SECURITIES CORP.
022 B000008 22-2608045
022 C000008 3200
022 D000008 7997
022 A000009 ROBERTSON STEVENS AND CO.
022 B000009 94-2524501
022 C000009 0
022 D000009 3837
022 A000010 SCOTIA CAPITAL MARKETS
022 C000010 0
022 D000010 4769
023 C000000 514604
023 D000000 49712
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 2888
028 A020000 212
028 A030000 0
028 A040000 6450
028 B010000 991
028 B020000 197
028 B030000 0
028 B040000 2421
028 C010000 1285
028 C020000 197
<PAGE> PAGE 4
028 C030000 0
028 C040000 1980
028 D010000 994
028 D020000 191
028 D030000 0
028 D040000 2038
028 E010000 1065
028 E020000 190
028 E030000 0
028 E040000 1195
028 F010000 847
028 F020000 185
028 F030000 0
028 F040000 1586
028 G010000 8070
028 G020000 1172
028 G030000 0
028 G040000 15670
028 H000000 3802
029 000000 Y
030 A000000 15
030 B000000 4.75
030 C000000 0.00
031 A000000 3
031 B000000 0
032 000000 12
033 000000 0
034 000000 Y
035 000000 84
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 Y
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 313
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.650
048 A010000 0
<PAGE> PAGE 5
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
<PAGE> PAGE 6
061 000000 2500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 4.6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 20.3
062 O000000 0.0
062 P000000 57.0
062 Q000000 15.6
062 R000000 2.6
063 A000000 0
063 B000000 13.1
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
<PAGE> PAGE 7
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 80061
071 B000000 87135
071 C000000 68487
071 D000000 115
072 A000000 6
072 B000000 3393
072 C000000 105
072 D000000 0
072 E000000 0
072 F000000 239
072 G000000 6
072 H000000 0
072 I000000 57
072 J000000 29
072 K000000 0
072 L000000 17
072 M000000 5
072 N000000 30
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 12
072 S000000 1
072 T000000 313
072 U000000 11
072 V000000 0
072 W000000 7
072 X000000 727
072 Y000000 21
072 Z000000 2791
072AA000000 0
072BB000000 666
072CC010000 0
072CC020000 20
072DD010000 504
072DD020000 2080
072EE000000 0
073 A010000 0.5400
<PAGE> PAGE 8
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 3365
074 C000000 0
074 D000000 67549
074 E000000 1879
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 22
074 J000000 819
074 K000000 0
074 L000000 1145
074 M000000 52
074 N000000 74831
074 O000000 1988
074 P000000 90
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 59
074 S000000 0
074 T000000 72694
074 U010000 1067
074 U020000 4708
074 V010000 12.59
074 V020000 0.00
074 W000000 0.0000
074 X000000 3332
074 Y000000 0
075 A000000 0
075 B000000 73965
076 000000 0.00
077 A000000 Y
077 Q010000 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
<PAGE> PAGE 9
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE GUY NORDAHL
TITLE MANAGER
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 1
[NAME] CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 66679831
[INVESTMENTS-AT-VALUE] 69450320
[RECEIVABLES] 1963961
[ASSETS-OTHER] 3417091
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 74831372
[PAYABLE-FOR-SECURITIES] 1988460
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 148281
[TOTAL-LIABILITIES] 2136741
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 73203566
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 529078
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3807312)
[ACCUM-APPREC-OR-DEPREC] 2769299
[NET-ASSETS] 72694631
[DIVIDEND-INCOME] 105366
[INTEREST-INCOME] 3392654
[OTHER-INCOME] 0
[EXPENSES-NET] 706553
[NET-INVESTMENT-INCOME] 2791467
[REALIZED-GAINS-CURRENT] (666117)
[APPREC-INCREASE-CURRENT] (20158)
[NET-CHANGE-FROM-OPS] 2107828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2584270)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 8070487
[NUMBER-OF-SHARES-REDEEMED] (15669964)
[SHARES-REINVESTED] 1172358
[NET-CHANGE-IN-ASSETS] (6903561)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 238831
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 727873
[AVERAGE-NET-ASSETS] 13501633
[PER-SHARE-NAV-BEGIN] 12.67
[PER-SHARE-NII] 0.54
[PER-SHARE-GAIN-APPREC] (0.15)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] (0.47)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.59
[EXPENSE-RATIO] 1.41
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 2
[NAME] CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 66679831
[INVESTMENTS-AT-VALUE] 69450320
[RECEIVABLES] 1963961
[ASSETS-OTHER] 3417091
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 74831372
[PAYABLE-FOR-SECURITIES] 1988460
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 148281
[TOTAL-LIABILITIES] 2136741
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 73203566
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 529078
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3807312)
[ACCUM-APPREC-OR-DEPREC] 2769299
[NET-ASSETS] 72694631
[DIVIDEND-INCOME] 105366
[INTEREST-INCOME] 3392654
[OTHER-INCOME] 0
[EXPENSES-NET] 706553
[NET-INVESTMENT-INCOME] 2791467
[REALIZED-GAINS-CURRENT] (666117)
[APPREC-INCREASE-CURRENT] (20158)
[NET-CHANGE-FROM-OPS] 2107828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2584270)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 8070487
[NUMBER-OF-SHARES-REDEEMED] (15669964)
[SHARES-REINVESTED] 1172358
[NET-CHANGE-IN-ASSETS] (6903561)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 238831
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 727873
[AVERAGE-NET-ASSETS] 31266727
[PER-SHARE-NAV-BEGIN] 12.67
[PER-SHARE-NII] 0.51
[PER-SHARE-GAIN-APPREC] (0.16)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] (0.43)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.59
[EXPENSE-RATIO] 2.12
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 3
[NAME] CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 66679831
[INVESTMENTS-AT-VALUE] 69450320
[RECEIVABLES] 1963961
[ASSETS-OTHER] 3417091
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 74831372
[PAYABLE-FOR-SECURITIES] 1988460
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 148281
[TOTAL-LIABILITIES] 2136741
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 73203566
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 529078
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3807312)
[ACCUM-APPREC-OR-DEPREC] 2769299
[NET-ASSETS] 72694631
[DIVIDEND-INCOME] 105366
[INTEREST-INCOME] 3392654
[OTHER-INCOME] 0
[EXPENSES-NET] 706553
[NET-INVESTMENT-INCOME] 2791467
[REALIZED-GAINS-CURRENT] (666117)
[APPREC-INCREASE-CURRENT] (20158)
[NET-CHANGE-FROM-OPS] 2107828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2584270)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 8070487
[NUMBER-OF-SHARES-REDEEMED] (15669964)
[SHARES-REINVESTED] 1172358
[NET-CHANGE-IN-ASSETS] (6903561)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 238831
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 727873
[AVERAGE-NET-ASSETS] 4322735
[PER-SHARE-NAV-BEGIN] 12.65
[PER-SHARE-NII] 0.51
[PER-SHARE-GAIN-APPREC] (0.16)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] (0.43)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.57
[EXPENSE-RATIO] 2.12
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 4
[NAME] CLASS T
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] JUN-30-1997
[INVESTMENTS-AT-COST] 66679831
[INVESTMENTS-AT-VALUE] 69450320
[RECEIVABLES] 1963961
[ASSETS-OTHER] 3417091
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 74831372
[PAYABLE-FOR-SECURITIES] 1988460
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 148281
[TOTAL-LIABILITIES] 2136741
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 73203566
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 529078
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3807312)
[ACCUM-APPREC-OR-DEPREC] 2769299
[NET-ASSETS] 72694631
[DIVIDEND-INCOME] 105366
[INTEREST-INCOME] 3392654
[OTHER-INCOME] 0
[EXPENSES-NET] 706553
[NET-INVESTMENT-INCOME] 2791467
[REALIZED-GAINS-CURRENT] (666117)
[APPREC-INCREASE-CURRENT] (20158)
[NET-CHANGE-FROM-OPS] 2107828
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2584270)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 8070487
[NUMBER-OF-SHARES-REDEEMED] (15669964)
[SHARES-REINVESTED] 1172358
[NET-CHANGE-IN-ASSETS] (6903561)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 238831
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 727873
[AVERAGE-NET-ASSETS] 23833303
[PER-SHARE-NAV-BEGIN] 12.67
[PER-SHARE-NII] 0.56
[PER-SHARE-GAIN-APPREC] (0.20)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] (0.44)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.59
[EXPENSE-RATIO] 1.93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>