<PAGE> PAGE 1
000 B000000 12/31/97
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 USLICO SECURITIES CORP.
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 17
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 1
022 A000001 STATE STREET BANK AND TRUST
022 B000001 13-3355129
022 C000001 1090711
022 D000001 0
022 A000002 MERRILL LYNCH PIERCE FENNER
022 B000002 13-5674085
022 C000002 18499
022 D000002 10653
022 A000003 GRUNTAL & CO.
022 B000003 13-3179859
022 C000003 17281
022 D000003 4657
022 A000004 MORGAN STANLEY & CO.
022 B000004 13-2655998
022 C000004 12798
022 D000004 8715
022 A000005 SANTANDER INVESTMENT CO.
022 B000005 13-3777308
022 C000005 3520
<PAGE> PAGE 3
022 D000005 13471
022 A000006 BANKERS TRUST
022 B000006 13-4941247
022 C000006 3250
022 D000006 11397
022 A000007 DONALDSON, LUFKIN, & JENRETTE
022 B000007 58-1574040
022 C000007 9671
022 D000007 4435
022 A000008 MCDONALD & CO.
022 B000008 34-0642435
022 C000008 1533
022 D000008 8658
022 A000009 PAINE WEBBER, INC.
022 B000009 13-2638166
022 C000009 7252
022 D000009 2731
022 A000010 BOSTON INSTITUTIONAL SERVICES INC.
022 B000010 04-2479358
022 C000010 0
022 D000010 7595
023 C000000 1164515
023 D000000 72312
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 838
028 A020000 187
028 A030000 0
028 A040000 1385
028 B010000 1322
028 B020000 185
028 B030000 0
028 B040000 1548
028 C010000 734
<PAGE> PAGE 4
028 C020000 184
028 C030000 0
028 C040000 1064
028 D010000 822
028 D020000 182
028 D030000 0
028 D040000 2090
028 E010000 752
028 E020000 182
028 E030000 0
028 E040000 1592
028 F010000 826
028 F020000 179
028 F030000 0
028 F040000 1330
028 G010000 5294
028 G020000 1099
028 G030000 0
028 G040000 9009
028 H000000 1788
029 000000 Y
030 A000000 28
030 B000000 4.75
030 C000000 0.00
031 A000000 4
031 B000000 0
032 000000 24
033 000000 0
034 000000 Y
035 000000 58
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 619
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.650
<PAGE> PAGE 5
048 A010000 0
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
<PAGE> PAGE 6
060 B000000 Y
061 000000 2500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 15.4
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 19.5
062 O000000 0.0
062 P000000 61.1
062 Q000000 0.0
062 R000000 2.0
063 A000000 0
063 B000000 10.8
064 A000000 Y
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 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
<PAGE> PAGE 7
070 L010000 Y
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 149910
071 B000000 156117
071 C000000 66707
071 D000000 225
072 A000000 12
072 B000000 6510
072 C000000 173
072 D000000 0
072 E000000 0
072 F000000 472
072 G000000 51
072 H000000 0
072 I000000 109
072 J000000 47
072 K000000 0
072 L000000 34
072 M000000 10
072 N000000 64
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 31
072 S000000 2
072 T000000 619
072 U000000 22
072 V000000 0
072 W000000 9
072 X000000 1470
072 Y000000 21
072 Z000000 5234
072AA000000 0
072BB000000 952
072CC010000 0
072CC020000 2787
072DD010000 995
072DD020000 4043
072EE000000 0
<PAGE> PAGE 8
073 A010000 0.9400
073 A020000 0.8500
073 B000000 0.0000
073 C000000 0.0000
074 A000000 546
074 B000000 10346
074 C000000 0
074 D000000 53998
074 E000000 1340
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 25
074 J000000 0
074 K000000 0
074 L000000 986
074 M000000 30
074 N000000 67271
074 O000000 0
074 P000000 86
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 173
074 S000000 0
074 T000000 67012
074 U010000 1040
074 U020000 4528
074 V010000 12.04
074 V020000 0.00
074 W000000 0.0000
074 X000000 3849
074 Y000000 0
075 A000000 0
075 B000000 72609
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY OF PITT
080 C000000 5000
081 A000000 Y
081 B000000 26
082 A000000 Y
082 B000000 50
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
<PAGE> PAGE 9
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
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 VICE PRESIDENT
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 1
[NAME] NORTHSTAR STRATEGIC INCOME FUND CLASS A
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 55363998
[INVESTMENTS-AT-VALUE] 55363520
[RECEIVABLES] 985795
[ASSETS-OTHER] 10892117
[OTHER-ITEMS-ASSETS] 29896
[TOTAL-ASSETS] 67271328
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 259192
[TOTAL-LIABILITIES] 259192
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 70549044
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 175857
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3712287)
[ACCUM-APPREC-OR-DEPREC] (478)
[NET-ASSETS] 67012136
[DIVIDEND-INCOME] 172880
[INTEREST-INCOME] 6509619
[OTHER-INCOME] 0
[EXPENSES-NET] 1448655
[NET-INVESTMENT-INCOME] 5233844
[REALIZED-GAINS-CURRENT] (952302)
[APPREC-INCREASE-CURRENT] (2787299)
[NET-CHANGE-FROM-OPS] 1494243
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (5038118)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 13363625
[NUMBER-OF-SHARES-REDEEMED] (24677925)
[SHARES-REINVESTED] 2272119
[NET-CHANGE-IN-ASSETS] (12586056)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 471957
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1469975
[AVERAGE-NET-ASSETS] 13547946
[PER-SHARE-NAV-BEGIN] 12.67
[PER-SHARE-NII] 1.00
[PER-SHARE-GAIN-APPREC] (0.69)
[PER-SHARE-DIVIDEND] (0.94)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.04
[EXPENSE-RATIO] 1.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 2
[NAME] NORTHSTAR STRATEGIC INCOME FUND CLASS B
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 55363998
[INVESTMENTS-AT-VALUE] 55363520
[RECEIVABLES] 985795
[ASSETS-OTHER] 10892117
[OTHER-ITEMS-ASSETS] 29896
[TOTAL-ASSETS] 67271328
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 259192
[TOTAL-LIABILITIES] 259192
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 70549044
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 175857
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3712287)
[ACCUM-APPREC-OR-DEPREC] (478)
[NET-ASSETS] 67012136
[DIVIDEND-INCOME] 172880
[INTEREST-INCOME] 6509619
[OTHER-INCOME] 0
[EXPENSES-NET] 1448655
[NET-INVESTMENT-INCOME] 5233844
[REALIZED-GAINS-CURRENT] (952302)
[APPREC-INCREASE-CURRENT] (2787299)
[NET-CHANGE-FROM-OPS] 1494243
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (5038118)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 13363625
[NUMBER-OF-SHARES-REDEEMED] (24677925)
[SHARES-REINVESTED] 2272119
[NET-CHANGE-IN-ASSETS] (12586056)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 471957
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1469975
[AVERAGE-NET-ASSETS] 31050707
[PER-SHARE-NAV-BEGIN] 12.67
[PER-SHARE-NII] 0.87
[PER-SHARE-GAIN-APPREC] (0.66)
[PER-SHARE-DIVIDEND] (0.85)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.03
[EXPENSE-RATIO] 2.18
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 3
[NAME] NORTHSTAR STRATEGIC INCOME FUND CLASS C
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 55363998
[INVESTMENTS-AT-VALUE] 55363520
[RECEIVABLES] 985795
[ASSETS-OTHER] 10892117
[OTHER-ITEMS-ASSETS] 29896
[TOTAL-ASSETS] 67271328
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 259192
[TOTAL-LIABILITIES] 259192
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 70549044
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 175857
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3712287)
[ACCUM-APPREC-OR-DEPREC] (478)
[NET-ASSETS] 67012136
[DIVIDEND-INCOME] 172880
[INTEREST-INCOME] 6509619
[OTHER-INCOME] 0
[EXPENSES-NET] 1448655
[NET-INVESTMENT-INCOME] 5233844
[REALIZED-GAINS-CURRENT] (952302)
[APPREC-INCREASE-CURRENT] (2787299)
[NET-CHANGE-FROM-OPS] 1494243
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (5038118)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 13363625
[NUMBER-OF-SHARES-REDEEMED] (24677925)
[SHARES-REINVESTED] 2272119
[NET-CHANGE-IN-ASSETS] (12586056)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 471957
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1469975
[AVERAGE-NET-ASSETS] 4394553
[PER-SHARE-NAV-BEGIN] 12.65
[PER-SHARE-NII] 0.88
[PER-SHARE-GAIN-APPREC] (0.65)
[PER-SHARE-DIVIDEND] (0.86)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.02
[EXPENSE-RATIO] 2.17
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000920544
[NAME] NORTHSTAR STRATEGIC INCOME FUND
[SERIES]
[NUMBER] 4
[NAME] NORTHSTAR STRATEGIC INCOME FUND CLASS T
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-START] JAN-01-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 55363998
[INVESTMENTS-AT-VALUE] 55363520
[RECEIVABLES] 985795
[ASSETS-OTHER] 10892117
[OTHER-ITEMS-ASSETS] 29896
[TOTAL-ASSETS] 67271328
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 259192
[TOTAL-LIABILITIES] 259192
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 70549044
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 175857
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (3712287)
[ACCUM-APPREC-OR-DEPREC] (478)
[NET-ASSETS] 67012136
[DIVIDEND-INCOME] 172880
[INTEREST-INCOME] 6509619
[OTHER-INCOME] 0
[EXPENSES-NET] 1448655
[NET-INVESTMENT-INCOME] 5233844
[REALIZED-GAINS-CURRENT] (952302)
[APPREC-INCREASE-CURRENT] (2787299)
[NET-CHANGE-FROM-OPS] 1494243
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (5038118)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 13363625
[NUMBER-OF-SHARES-REDEEMED] (24677925)
[SHARES-REINVESTED] 2272119
[NET-CHANGE-IN-ASSETS] (12586056)
[ACCUMULATED-NII-PRIOR] 321881
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (3141195)
[GROSS-ADVISORY-FEES] 471957
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1469975
[AVERAGE-NET-ASSETS] 23632173
[PER-SHARE-NAV-BEGIN] 12.67
[PER-SHARE-NII] 0.94
[PER-SHARE-GAIN-APPREC] (0.70)
[PER-SHARE-DIVIDEND] (0.87)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.04
[EXPENSE-RATIO] 2.03
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
________________
To the Shareholders and Trustees
of the Northstar Strategic Income Fund:
In planning and performing our audit of the financial statements and financial
highlights of the Northstar Strategic Income Fund ( the "Fund"), for the year
ended December 31, 1997, we considered its internal control structure,
including controls over 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 the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all
matters in the internal control 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 any specific internal control component 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 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 internal control, including controls over safeguarding securities,
that we consider to be material weaknesses, as defined above, as of December
31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
New York, New York
February 12, 1998
