<PAGE>
THE GALAXY FUND
RETAIL SHARES OF THE EQUITY VALUE FUND, EQUITY
GROWTH FUND, EQUITY INCOME FUND, INTERNATIONAL EQUITY
FUND, SMALL COMPANY EQUITY FUND, ASSET ALLOCATION FUND,
SMALL CAP VALUE FUND, GROWTH AND INCOME FUND AND
STRATEGIC EQUITY FUND
SUPPLEMENT DATED JUNE 15, 1998
TO PROSPECTUS DATED FEBRUARY 28, 1998
1. PURCHASE PROCEDURES--DIRECT INVESTORS--PURCHASES BY WIRE
The name of the bank to which Direct Investors should arrange to transmit
federal funds in order to purchase Retail Shares by wire as shown under "How to
Purchase Shares--Purchase Procedures--Direct Investors--Purchases by Wire" on
page 32 of the Prospectus has been changed to Fleet National Bank. All other
information with respect to the wiring of federal funds to purchase Retail
Shares remains the same.
2. APPLICABLE SALES CHARGES--RETAIL A SHARES
The sixth paragraph under "How to Purchase Shares--Applicable Sales
Charges--Retail A Shares" on pages 33-34 of the Prospectus has been revised to
add the following category of investors who are entitled to purchase Retail A
Shares of the Funds without the assessment of a front-end sales charge:
- purchases prior to July 1, 1999 by former deposit customers of financial
institutions (other than registered broker-dealers) acquired by Fleet
Financial Group, Inc. in February 1998.
3. QUANTITY DISCOUNTS
The following section is added under "How to Purchase Shares--Quantity
Discounts" on pages 34-35 of the Prospectus:
GROUP SALES. Members of qualified groups may purchase Retail A Shares
of the Funds at the following group sales rates:
<TABLE>
<CAPTION>
REALLOWANCE TO
TOTAL SALES CHARGE DEALERS
---------------------------- ---------------
AS A % OF AS A % OF AS A % OF
OFFERING NET ASSET OFFERING
NUMBER OF QUALIFIED PRICE VALUE PRICE
GROUP MEMBERS PER SHARE PER SHARE PER SHARE
- ----------------------------------------------------------------------------- ------------- ------------- ---------------
<S> <C> <C> <C>
50,000 but less than 250,000................................................. 3.00 3.09 3.00
250,000 but less than 500,000................................................ 2.75 2.83 2.75
500,000 but less than 750,000................................................ 2.50 2.56 2.50
750,000 and over............................................................. 2.00 2.04 2.00
</TABLE>
To be eligible for the discount, a group must meet the requirements set
forth below and be approved in advance as a qualified group by FD Distributors.
To receive the group sales charge rate, group members must purchase Retail A
Shares directly from FD Distributors in accordance with any of the procedures
described above under "Purchase Procedures--Direct Investors." Group members
must also ensure that their qualified group affiliation is identified on the
purchase application.
A qualified group is a group that (i) has at least 50,000 members, (ii) was
not formed for the purpose of buying Fund shares at a reduced sales charge,
(iii) within one year of the initial member purchase, has at least 1% of its
members invested in the Funds or any of the other investment portfolios offered
by Galaxy, (iv) agrees to include Galaxy sales material in publications and
mailings to members at a reduced cost or
<PAGE>
no cost, and (v) meets certain other uniform criteria. FD Distributors may
request periodic certification of group and member eligibility. FD Distributors
reserves the right to determine whether a group qualifies for a quantity
discount and to suspend this offer at any time.
4. AUTOMATIC INVESTMENT PROGRAM
The minimum amount per transaction each month or each quarter for Direct
Investors purchasing Retail A Shares of a Fund through the Automatic Investment
Program as set forth under "Investor Programs--Automatic Investment Program and
Systematic Withdrawal Plan" on page 40 of the Prospectus has been changed to $40
for Direct Investors purchasing Retail A Shares of a Fund to be held in an
Education IRA.
2
<PAGE>
THE GALAXY FUND
RETAIL SHARES OF THE TAX-EXEMPT BOND
FUND, NEW JERSEY MUNICIPAL BOND FUND, NEW YORK
MUNICIPAL BOND FUND, CONNECTICUT MUNICIPAL BOND
FUND, MASSACHUSETTS MUNICIPAL BOND FUND AND
RHODE ISLAND MUNICIPAL BOND FUND
SUPPLEMENT DATED JUNE 15, 1998
TO PROSPECTUS DATED FEBRUARY 28, 1998
1. PURCHASE PROCEDURES--DIRECT INVESTORS--PURCHASES BY WIRE
The name of the bank to which Direct Investors should arrange to transmit
federal funds in order to purchase Retail Shares by wire as shown under "How to
Purchase Shares--Purchase Procedures--Direct Investors--Purchases by Wire" on
pages 24-25 of the Prospectus has been changed to Fleet National Bank. All other
information with respect to the wiring of federal funds to purchase Retail
Shares remains the same.
2. APPLICABLE SALES CHARGES--RETAIL A SHARES
The sixth paragraph under "How to Purchase Shares--Applicable Sales
Charges--Retail A Shares" on pages 25-26 of the Prospectus has been revised to
add the following category of investors who are entitled to purchase Retail A
Shares of the Funds without the assessment of a front-end sales charge:
- purchases prior to July 1, 1999 by former deposit customers of financial
institutions (other than registered broker-dealers) acquired by Fleet
Financial Group, Inc. in February 1998.
3. QUANTITY DISCOUNTS
The following section is added under "How to Purchase Shares--Quantity
Discounts" on pages 26-27 of the Prospectus:
GROUP SALES. Members of qualified groups may purchase Retail A Shares
of the Funds at the following group sales rates:
<TABLE>
<CAPTION>
REALLOWANCE TO
TOTAL SALES CHARGE DEALERS
---------------------------- ---------------
AS A % OF AS A % OF AS A % OF
OFFERING NET ASSET OFFERING
NUMBER OF QUALIFIED PRICE VALUE PRICE
GROUP MEMBERS PER SHARE PER SHARE PER SHARE
- ----------------------------------------------------------------------------- ------------- ------------- ---------------
<S> <C> <C> <C>
50,000 but less than 250,000................................................. 3.00 3.09 3.00
250,000 but less than 500,000................................................ 2.75 2.83 2.75
500,000 but less than 750,000................................................ 2.50 2.56 2.50
750,000 and over............................................................. 2.00 2.04 2.00
</TABLE>
To be eligible for the discount, a group must meet the requirements set
forth below and be approved in advance as a qualified group by FD Distributors.
To receive the group sales charge rate, group members must purchase Retail A
Shares directly from FD Distributors in accordance with any of the procedures
described above under "Purchase Procedures--Direct Investors." Group members
must also ensure that their qualified group affiliation is identified on the
purchase application.
A qualified group is a group that (i) has at least 50,000 members, (ii) was
not formed for the purpose of buying Fund shares at a reduced sales charge,
(iii) within one year of the initial member purchase, has at least 1% of its
members invested in the Funds or any of the other investment portfolios offered
by Galaxy,
<PAGE>
(iv) agrees to include Galaxy sales material in publications and mailings to
members at a reduced cost or no cost, and (v) meets certain other uniform
criteria. FD Distributors may request periodic certification of group and member
eligibility. FD Distributors reserves the right to determine whether a group
qualifies for a quantity discount and to suspend this offer at any time.
2
<PAGE>
THE GALAXY FUND
RETAIL SHARES OF THE MONEY MARKET FUND,
GOVERNMENT FUND, U.S. TREASURY FUND, TAX-EXEMPT FUND,
CONNECTICUT MUNICIPAL MONEY MARKET FUND AND
MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
SUPPLEMENT DATED JUNE 15, 1998
TO PROSPECTUS DATED FEBRUARY 28, 1998
1. PURCHASE PROCEDURES--DIRECT INVESTORS--PURCHASES BY WIRE
The name of the bank to which Direct Investors should arrange to transmit
federal funds in order to purchase Retail Shares by wire as shown under "How to
Purchase and Redeem Shares--Purchase Procedures--Direct Investors--Purchases by
Wire" on page 24 of the Prospectus has been changed to Fleet National Bank. All
other information with respect to the wiring of federal funds to purchase Retail
Shares remains the same.
2. AUTOMATIC INVESTMENT PROGRAM
The minimum amount per transaction each month or each quarter for Direct
Investors purchasing Retail A Shares of a Fund through the Automatic Investment
Program as set forth under "Investor Programs--Automatic Investment Program and
Systematic Withdrawal Plan" on page 29 of the Prospectus has been changed to $40
for Direct Investors purchasing Retail A Shares of a Fund to be held in an
Education IRA.
1
<PAGE>
THE GALAXY FUND
RETAIL SHARES OF THE
SHORT-TERM BOND FUND, INTERMEDIATE
GOVERNMENT INCOME FUND AND HIGH QUALITY
BOND FUND
SUPPLEMENT DATED JUNE 15, 1998
TO PROSPECTUS DATED FEBRUARY 28, 1998
1. PURCHASE PROCEDURES--DIRECT INVESTORS--PURCHASES BY WIRE
The name of the bank to which Direct Investors should arrange to transmit
federal funds in order to purchase Retail Shares by wire as shown under "How to
Purchase Shares--Purchase Procedures--Direct Investors--Purchases by Wire" on
pages 20-21 of the Prospectus has been changed to Fleet National Bank. All other
information with respect to the wiring of federal funds to purchase Retail
Shares remains the same.
2. APPLICABLE SALES CHARGES--RETAIL A SHARES
The sixth paragraph under "How to Purchase Shares--Applicable Sales
Charges--Retail A Shares" on pages 20-21 of the Prospectus has been revised to
add the following category of investors who are entitled to purchase Retail A
Shares of the Funds without the assessment of a front-end sales charge:
- purchases prior to July 1, 1999 by former deposit customers of financial
institutions (other than registered broker-dealers) acquired by Fleet
Financial Group, Inc. in February 1998.
3. QUANTITY DISCOUNTS
The following section is added under "How to Purchase Shares--Quantity
Discounts" on pages 21-22 of the Prospectus:
GROUP SALES. Members of qualified groups may purchase Retail A Shares
of the Funds at the following group sales rates:
<TABLE>
<CAPTION>
REALLOWANCE TO
TOTAL SALES CHARGE DEALERS
---------------------------- ---------------
AS A % OF AS A % OF AS A % OF
OFFERING NET ASSET OFFERING
NUMBER OF QUALIFIED PRICE VALUE PRICE
GROUP MEMBERS PER SHARE PER SHARE PER SHARE
- ----------------------------------------------------------------------------- ------------- ------------- ---------------
<S> <C> <C> <C>
50,000 but less than 250,000................................................. 3.00 3.09 3.00
250,000 but less than 500,000................................................ 2.75 2.83 2.75
500,000 but less than 750,000................................................ 2.50 2.56 2.50
750,000 and over............................................................. 2.00 2.04 2.00
</TABLE>
To be eligible for the discount, a group must meet the requirements set
forth below and be approved in advance as a qualified group by FD Distributors.
To receive the group sales charge rate, group members must purchase Retail A
Shares directly from FD Distributors in accordance with any of the procedures
described above under "Purchase Procedures--Direct Investors." Group members
must also ensure that their qualified group affiliation is identified on the
purchase application.
A qualified group is a group that (i) has at least 50,000 members, (ii) was
not formed for the purpose of buying Fund shares at a reduced sales charge,
(iii) within one year of the initial member purchase, has at least 1% of its
members invested in the Funds or any of the other investment portfolios offered
by Galaxy, (iv) agrees to include Galaxy sales material in publications and
mailings to members at a reduced cost or
<PAGE>
no cost, and (v) meets certain other uniform criteria. FD Distributors may
request periodic certification of group and member eligibility. FD Distributors
reserves the right to determine whether a group qualifies for a quantity
discount and to suspend this offer at any time.
4. AUTOMATIC INVESTMENT PROGRAM
The minimum amount per transaction each month or each quarter for Direct
Investors purchasing Retail A Shares of a Fund through the Automatic Investment
Program as set forth under "Investor Programs--Automatic Investment Program and
Systematic Withdrawal Plan" on page 27 of the Prospectus has been changed to $40
for Direct Investors purchasing Retail A Shares of a Fund to be held in an
Education IRA.
2
