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THE GALAXY FUND
GALAXY INSTITUTIONAL MONEY MARKET FUND
GALAXY INSTITUTIONAL TREASURY MONEY MARKET FUND
GALAXY INTERMEDIATE TAX-EXEMPT BOND FUND
GALAXY CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
GALAXY MASSACHUSETTS INTERMEDIATE MUNICIPAL BOND FUND
GALAXY FLORIDA MUNICIPAL BOND FUND
GALAXY GROWTH FUND II
TRUST SHARES
SUPPLEMENT DATED JULY 14, 2000 TO THE
PROSPECTUS DATED JUNE 1, 2000
(AS REVISED JUNE 26, 2000)
The following information replaces the information applicable to the Money
Market Funds currently found on page 35 of the Prospectus under "How to invest
in the Funds":
If your order to buy shares of a Money Market Fund is received and accepted by
Galaxy's distributor by 2:30 p.m. (Eastern time) on a business day, the price
you pay will be the net asset value (NAV) per share next determined (and you'll
receive that day's dividend) if Galaxy's custodian receives the purchase price
in immediately available funds by 2:30 p.m. that day. If your order to buy
shares of a Money Market Fund is received and accepted by Galaxy's distributor
after 2:30 p.m. (Eastern time) on a business day, the price you pay will be the
NAV per share next determined (and you'll begin receiving dividends the next
day) if Galaxy's custodian receives the purchase price in immediately available
funds by 4:00 p.m. on the day of your order. The price at which you buy shares
of each of the other Funds is the NAV per share next determined after your order
is accepted. The price at which you sell shares of each Fund, including the
Money Market Funds, is the NAV per share next determined after receipt of your
order.
NAV is determined on each day the New York Stock Exchange is open for trading as
of 2:30 p.m. (Eastern time) (for the Money Market Funds only) and at the close
of regular trading that day (usually 4:00 p.m. Eastern time) for each Fund,
including the Money Market Funds. The New York Stock Exchange is generally open
for trading every Monday through Friday, except for national holidays.
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THE GALAXY FUND
GALAXY PRIME RESERVES
GALAXY GOVERNMENT RESERVES
GALAXY TAX-EXEMPT RESERVES
SUPPLEMENT DATED JULY 14, 2000 TO THE
PROSPECTUS DATED NOVEMBER 27, 1999
The following two paragraphs replace the second and third paragraphs on
page 11 of the Prospectus under "How to invest in the Funds--Buying and selling
shares":
If your order to buy shares is received and accepted by Galaxy's distributor
before 4:00 p.m. (Eastern time) on a business day, the price you pay will be the
NAV next determined (and you'll begin receiving dividends on the day of
purchase) if Galaxy's custodian receives the purchase price in immediately
available funds by 4:00 p.m. (Eastern time) on the day of your order. The price
at which you sell shares is the NAV next determined after receipt of your order
in proper form as described below. Shares do not earn dividends on the day a
redemption order is effected.
NAV is determined on each day the New York Stock Exchange is open for
trading as of the close of regular trading that day (usually 4:00 p.m. Eastern
time). The New York Stock Exchange is generally open for trading every Monday
through Friday, except for national holidays.
