<PAGE>
THE GALAXY FUND
PRIME SHARES OF THE
GALAXY ASSET ALLOCATION FUND, GALAXY EQUITY INCOME FUND,
GALAXY GROWTH AND INCOME FUND, GALAXY STRATEGIC EQUITY FUND,
GALAXY EQUITY VALUE FUND, GALAXY EQUITY GROWTH FUND,
GALAXY INTERNATIONAL EQUITY FUND, GALAXY SMALL CAP VALUE FUND, AND
GALAXY SMALL COMPANY EQUITY FUND
SUPPLEMENT DATED NOVEMBER 29, 1999 TO
PROSPECTUS DATED NOVEMBER 29, 1999
Prime A Shares and Prime B Shares of the Galaxy Equity Value Fund, Galaxy
Equity Income Fund, Galaxy Small Company Equity Fund and Galaxy Strategic
Equity Fund currently are not being offered to investors.
QRGALE1
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THE GALAXY FUND
PRIME SHARES OF THE
GALAXY SHORT-TERM BOND FUND,
GALAXY INTERMEDIATE GOVERNMENT INCOME FUND,
GALAXY HIGH QUALITY BOND FUND AND
GALAXY TAX-EXEMPT BOND FUND
SUPPLEMENT DATED NOVEMBER 29, 1999 TO
PROSPECTUS DATED NOVEMBER 29, 1999
Prime A Shares and Prime B Shares of the Galaxy Short-Term Bond Fund, Galaxy
Intermediate Government Income Fund and Galaxy Tax-Exempt Bond Fund currently
are not being offered to investors.
QRGALB1
