<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 JANUARY 1, 1999 TO
PROSPECTUS DATED OCTOBER 31, 1998
APPLICABLE SALES CHARGE--RETAIL A SHARES
The second bullet point in the last full paragraph under the heading "How to
Purchase Shares-- Applicable Sales Charge--Retail A Shares" on page 33 of the
Prospectus, relating to certain waivers of the front-end sales charge on
purchases of Retail A Shares of the Funds, is deleted and replaced with the
following:
- purchases for a 401(k) or SIMPLE IRA retirement account;
- purchases for any retirement account that held Galaxy shares prior to
January 1, 1999;
- purchases for any Traditional IRA, Roth IRA, Education IRA, Keogh or SEP
retirement account when the total Retail A Share retirement account
balance is $30,000 or more.
<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 JANUARY 1, 1999 TO
PROSPECTUS DATED FEBRUARY 28, 1998
APPLICABLE SALES CHARGE--RETAIL A SHARES
The second bullet point in the last full paragraph under the heading "How to
Purchase Shares-- Applicable Sales Charge--Retail A Shares" on page 26 of the
Prospectus, relating to certain waivers of the front-end sales charge on
purchases of Retail A Shares of the Funds, is deleted and replaced with the
following:
- purchases for a 401(k) or SIMPLE IRA retirement account;
- purchases for any retirement account that held Galaxy shares prior to
January 1, 1999;
- purchases for any Traditional IRA, Roth IRA, Education IRA, Keogh or SEP
retirement account when the total Retail A Share retirement account
balance is $30,000 or more.
<PAGE>
THE GALAXY FUND
RETAIL SHARES OF THE
SHORT-TERM BOND FUND,
INTERMEDIATE GOVERNMENT INCOME FUND
AND
HIGH QUALITY BOND FUND
SUPPLEMENT DATED JANUARY 1, 1999 TO
PROSPECTUS DATED OCTOBER 31, 1998
APPLICABLE SALES CHARGE--RETAIL A SHARES
The second bullet point in the last full paragraph under the heading "How to
Purchase Shares-- Applicable Sales Charge--Retail A Shares" on page 20 of the
Prospectus, relating to certain waivers of the front-end sales charge on
purchases of Retail A Shares of the Funds, is deleted and replaced with the
following:
- purchases for a 401(k) or SIMPLE IRA retirement account;
- purchases for any retirement account that held Galaxy shares prior to
January 1, 1999;
- purchases for any Traditional IRA, Roth IRA, Education IRA, Keogh or SEP
retirement account when the total Retail A Share retirement account
balance is $30,000 or more.
