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GALAXY FUND II
MUNICIPAL BOND FUND
SUPPLEMENT DATED MAY 1, 1997 TO
PROSPECTUS DATED AUGUST 1, 1996
THE FOLLOWING REPLACES THE THIRD FULL PARAGRAPH UNDER THE HEADING
"MANAGEMENT OF THE FUND -- INVESTMENT ADVISER" ON PAGES 16 AND 17 OF THE
PROSPECTUS:
The organizational arrangements of the Investment Adviser require that
all investment decisions with respect to the Fund be made by the Investment
Adviser's Tax-Exempt Investment Policy Committee, and no one person is
responsible for making recommendations to that Committee.