GALAXY FUND /DE/
497, 1999-05-07
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<PAGE>
                                THE GALAXY FUND
 
                      RETAIL A SHARES AND RETAIL B SHARES
                      OF THE SHORT-TERM BOND, INTERMEDIATE
                 GOVERNMENT INCOME AND HIGH QUALITY BOND FUNDS
                                 (THE "FUNDS")
 
                          SUPPLEMENT DATED MAY 7, 1999
                     TO PROSPECTUS DATED FEBRUARY 28, 1999
 
RETAIL A SHARES--SALES CHARGES
 
    The footnote to the table setting forth the schedule of sales charges
payable in connection with purchases of Retail A Shares of the Funds on page 16
of the Prospectus under the heading "How to invest in the Funds--How sales
charges work--Retail A Shares" is amended and restated to read as follows:
 
       "There is no front-end sales charge on investments in Retail A Shares of
       $500,000 or more. However, if you sell the shares within one year after
       buying them, you'll pay a CDSC of 1% of the offering price or 1% of the
       net asset value of your shares, whichever is less, unless the shares were
       sold because of the death or disability of the shareholder. In addition,
       Galaxy will waive the 1% CDSC on your initial sale of shares. This waiver
       will not apply to amounts reinvested within one year following your
       initial sale of shares."
 
PROGALBND1 (5/99)
 
<PAGE>
                                THE GALAXY FUND
 
                      RETAIL A SHARES AND RETAIL B SHARES
               OF THE TAX-EXEMPT BOND, NEW JERSEY MUNICIPAL BOND,
              NEW YORK MUNICIPAL BOND, CONNECTICUT MUNICIPAL BOND,
                          MASSACHUSETTS MUNICIPAL BOND
                     AND RHODE ISLAND MUNICIPAL BOND FUNDS
                                 (THE "FUNDS")
 
                          SUPPLEMENT DATED MAY 7, 1999
                     TO PROSPECTUS DATED FEBRUARY 28, 1999
 
RETAIL A SHARES--SALES CHARGES
 
    The footnote to the table setting forth the schedule of sales charges
payable in connection with purchases of Retail A Shares of the Funds on page 22
of the Prospectus under the heading "How to invest in the Funds--How sales
charges work--Retail A Shares" is amended and restated to read as follows:
 
       "There is no front-end sales charge on investments in Retail A Shares of
       $500,000 or more. However, if you sell the shares within one year after
       buying them, you'll pay a CDSC of 1% of the offering price or 1% of the
       net asset value of your shares, whichever is less, unless the shares were
       sold because of the death or disability of the shareholder. In addition,
       Galaxy will waive the 1% CDSC on your initial sale of shares. This waiver
       will not apply to amounts reinvested within one year following your
       initial sale of shares."
 
PROGALTXBND1 (5/99)
 
<PAGE>
                                THE GALAXY FUND
 
                      RETAIL A SHARES AND RETAIL B SHARES
                    OF THE ASSET ALLOCATION, EQUITY INCOME,
               GROWTH AND INCOME, STRATEGIC EQUITY, EQUITY VALUE,
                      EQUITY GROWTH, INTERNATIONAL EQUITY,
                 SMALL CAP VALUE AND SMALL COMPANY EQUITY FUNDS
                                 (THE "FUNDS")
 
                          SUPPLEMENT DATED MAY 7, 1999
                     TO PROSPECTUS DATED FEBRUARY 28, 1999
 
RETAIL A SHARES--SALES CHARGES
 
    The footnote to the table setting forth the schedule of sales charges
payable in connection with purchases of Retail A Shares of the Funds on page 34
of the Prospectus under the heading "How to invest in the Funds--How sales
charges work--Retail A Shares" is amended and restated to read as follows:
 
       "There is no front-end sales charge on investments in Retail A Shares of
       $500,000 or more. However, if you sell the shares within one year after
       buying them, you'll pay a CDSC of 1% of the offering price or 1% of the
       net asset value of your shares, whichever is less, unless the shares were
       sold because of the death or disability of the shareholder. In addition,
       Galaxy will waive the 1% CDSC on your initial sale of shares. This waiver
       will not apply to amounts reinvested within one year following your
       initial sale of shares."
 
PROGALEQ1 (5/99)


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