<PAGE>
THE GALAXY FUND
GALAXY SHORT-TERM BOND FUND
GALAXY INTERMEDIATE GOVERNMENT INCOME FUND
GALAXY HIGH QUALITY BOND FUND
RETAIL A SHARES AND RETAIL B SHARES
SUPPLEMENT DATED JULY 12, 2000 TO
PROSPECTUS DATED FEBRUARY 29, 2000
RETAIL A SHARES--SALES CHARGES
The footnote to the sales charge table on page 17 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. Galaxy will waive
this 1% CDSC on withdrawals of Retail A Shares made through Galaxy's
Systematic Withdrawal Plan that don't annually exceed 12% of your account's
value. See "Galaxy investor programs--Systematic withdrawal plan" below.
<PAGE>
THE GALAXY FUND
GALAXY TAX-EXEMPT BOND FUND
GALAXY NEW JERSEY MUNICIPAL BOND FUND
GALAXY NEW YORK MUNICIPAL BOND FUND
GALAXY CONNECTICUT MUNICIPAL BOND FUND
GALAXY MASSACHUSETTS MUNICIPAL BOND FUND
GALAXY RHODE ISLAND MUNICIPAL BOND FUND
RETAIL A SHARES AND RETAIL B SHARES
SUPPLEMENT DATED JULY 12, 2000 TO
PROSPECTUS DATED FEBRUARY 29, 2000
RETAIL A SHARES--SALES CHARGES
The footnote to the sales charge table on page 28 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. Galaxy will waive
this 1% CDSC on withdrawals of Retail A Shares made through Galaxy's
Systematic Withdrawal Plan that don't annually exceed 12% of your account's
value. See "Galaxy investor programs--Systematic withdrawal plan" below.
<PAGE>
THE GALAXY FUND
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
GALAXY SMALL COMPANY EQUITY FUND
RETAIL A SHARES AND RETAIL B SHARES
SUPPLEMENT DATED JULY 12, 2000 TO
PROSPECTUS DATED FEBRUARY 29, 2000
RETAIL A SHARES--SALES CHARGES
The footnote to the sales charge table on page 37 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. Galaxy will waive
this 1% CDSC on withdrawals of Retail A Shares made through Galaxy's
Systematic Withdrawal Plan that don't annually exceed 12% of your account's
value. See "Galaxy investor programs--Systematic withdrawal plan" below.
<PAGE>
THE GALAXY FUND
GALAXY INTERMEDIATE TAX-EXEMPT BOND FUND
GALAXY CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
GALAXY MASSACHUSETTS INTERMEDIATE MUNICIPAL BOND FUND
GALAXY GROWTH FUND II
RETAIL A SHARES AND RETAIL B SHARES
SUPPLEMENT DATED JULY 12, 2000 TO
PROSPECTUS DATED JUNE 1, 2000 (AS REVISED JUNE 26, 2000)
RETAIL A SHARES--SALES CHARGES
The footnote to the sales charge table on page 21 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. Galaxy will waive
this 1% CDSC on withdrawals of Retail A Shares made through Galaxy's
Systematic Withdrawal Plan that don't annually exceed 12% of your account's
value. See "Galaxy investor programs--Systematic withdrawal plan" below.
<PAGE>
THE GALAXY FUND
GALAXY INTERMEDIATE TAX-EXEMPT BOND FUND
GALAXY CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
GALAXY MASSACHUSETTS INTERMEDIATE MUNICIPAL BOND FUND
GALAXY GROWTH FUND II
BKB SHARES
SUPPLEMENT DATED JULY 12, 2000 TO
PROSPECTUS DATED JUNE 1, 2000 (AS REVISED JUNE 26, 2000)
RETAIL A SHARES--SALES CHARGES
The footnote to the sales charge table on page 21 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. Galaxy will waive
this 1% CDSC on withdrawals of Retail A Shares made through Galaxy's
Systematic Withdrawal Plan that don't annually exceed 12% of your account's
value. See "Galaxy investor programs--Systematic withdrawal plan" below.
<PAGE>
THE GALAXY FUND
GALAXY MONEY MARKET FUND
GALAXY U.S. TREASURY FUND
GALAXY TAX-EXEMPT FUND
GALAXY SHORT-TERM BOND FUND
GALAXY INTERMEDIATE GOVERNMENT INCOME FUND
GALAXY HIGH QUALITY BOND FUND
GALAXY RHODE ISLAND MUNICIPAL BOND FUND
GALAXY ASSET ALLOCATION FUND
GALAXY GROWTH AND INCOME FUND
GALAXY INTERNATIONAL EQUITY FUND
BKB SHARES
SUPPLEMENT DATED JULY 12, 2000 TO
PROSPECTUS DATED FEBRUARY 28, 2000
RETAIL A SHARES--SALES CHARGES
The footnote to the sales charge table on page 40 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. Galaxy will waive
this 1% CDSC on withdrawals of Retail A Shares made through Galaxy's
Systematic Withdrawal Plan that don't annually exceed 12% of your account's
value. See "Galaxy investor programs--Systematic withdrawal plan" below.
