<PAGE>
THE GALAXY FUND
TRUST 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 JULY 1, 1998
TO THE PROSPECTUS DATED FEBRUARY 28, 1998
THE FOLLOWING REPLACES THE FIFTEENTH FULL PARAGRAPH UNDER THE HEADING
"MANAGEMENT OF THE FUNDS - INVESTMENT ADVISER AND SUB-ADVISER" ON PAGE 43 OF
THE PROSPECTUS:
The Growth and Income Fund's portfolio manager, Gregory M. Miller, is
primarily responsible for the day-to-day management of the Fund's investment
portfolio. Mr. Miller, a Vice President, has been associated with Fleet
since 1985.
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THE GALAXY FUND
RETAIL A SHARES AND RETAIL B 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 JULY 1, 1998
TO THE PROSPECTUS DATED FEBRUARY 28, 1998
THE FOLLOWING REPLACES THE FIFTEENTH FULL PARAGRAPH UNDER THE HEADING
"MANAGEMENT OF THE FUNDS - INVESTMENT ADVISER AND SUB-ADVISER" ON PAGE 44 OF
THE PROSPECTUS:
The Growth and Income Fund's portfolio manager, Gregory M. Miller, is
primarily responsible for the day-to-day management of the Fund's investment
portfolio. Mr. Miller, a Vice President, has been associated with Fleet
since 1985.
<PAGE>
THE GALAXY FUND
TRUST SHARES
OF THE
GROWTH AND INCOME FUND
SUPPLEMENT DATED JULY 1, 1998
TO THE PROSPECTUS DATED FEBRUARY 28, 1998
THE FOLLOWING REPLACES THE FIFTH FULL PARAGRAPH UNDER THE HEADING "MANAGEMENT
OF THE FUNDS - INVESTMENT ADVISER" ON PAGE 20 OF THE PROSPECTUS:
The Fund's portfolio manager, Gregory M. Miller, is primarily
responsible for the day-to-day management of the Fund's investment portfolio.
Mr. Miller, a Vice President, has been associated with Fleet since 1985.
