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THE GALAXY FUND
SUPPLEMENT DATED AUGUST 22, 1996
TO PROSPECTUSES DATED FEBRUARY 29, 1996
FOR RETAIL A SHARES AND/OR RETAIL B SHARES
OF THE SHORT-TERM BOND,
INTERMEDIATE GOVERNMENT INCOME, HIGH QUALITY BOND,
TAX-EXEMPT BOND, NEW YORK MUNICIPAL BOND,
CONNECTICUT MUNICIPAL BOND,
MASSACHUSETTS MUNICIPAL BOND,
RHODE ISLAND MUNICIPAL BOND,
EQUITY VALUE, EQUITY GROWTH,
EQUITY INCOME, INTERNATIONAL EQUITY,
SMALL COMPANY EQUITY,
ASSET ALLOCATION, SMALL CAP VALUE AND
GROWTH AND INCOME FUNDS
The following paragraph is added immediately following the fourth
paragraph in the section entitled "How to Purchase Shares - Applicable Sales
Charge - Retail A Shares" on page 17 of the Prospectus for Retail A and/or
Retail B Shares of the Short-Term Bond, Intermediate Government Income and
High Quality Bond Funds, on pages 21-22 of the Prospectus for Retail A and/or
Retail B Shares of the Tax-Exempt Bond, New York Municipal Bond, Connecticut
Municipal Bond, Massachusetts Municipal Bond and Rhode Island Municipal Bond
Funds, and on pages 28-29 of the Prospectus for Retail A and/or Retail B
Shares of the Equity Value, Equity Growth, Equity Income, International
Equity, Small Company Equity, Asset Allocation, Small Cap Value and Growth and
Income Funds:
Fleet's indirect parent, Fleet National Bank, or another
affiliate of Fleet, may, at its expense, provide additional
compensation to Fleet Enterprises, Inc., a broker-dealer affiliate
of Fleet, whose customers purchase significant amounts of Retail A
Shares of a Fund. Such compensation will not represent an
additional expense to the Funds or their shareholders, since it will
be paid from the assets of Fleet's affiliates.
The following sentences are added immediately following the fourth
sentence in the first paragraph in the section entitled "How to Purchase
Shares - Applicable Sales Charge - Retail B Shares" on page 19 of the
Prospectus for Retail A and/or Retail B Shares of the Short-Term Bond,
Intermediate Government Income and High Quality Bond Funds, on pages 23-24 of
the Prospectus for Retail A and/or Retail B Shares of the Tax-Exempt Bond, New
York Municipal Bond, Connecticut Municipal Bond, Massachusetts Municipal Bond
and Rhode Island Municipal Bond
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Funds, and on pages 30-31 of the Prospectus for Retail A and/or Retail B
Shares of the Equity Value, Equity Growth, Equity Income, International
Equity, Small Company Equity, Asset Allocation, Small Cap Value and Growth and
Income Funds:
Certain affiliates of Fleet may, at their own expense, provide
additional compensation to Fleet Enterprises, Inc., a broker-dealer
affiliate of Fleet, whose customers purchase significant amounts of
Retail B Shares of a Fund. See "Applicable Sales Charge - Retail A
Shares".
