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SAFECO MONEY MARKET TRUST
SUPPLEMENT TO THE PROSPECTUS DATED JULY 19, 1996
SUPPLEMENT DATED SEPTEMBER 30, 1996
The following information supplements the Trust's Prospectus:
1. "Effective September 30, 1996, all of the then-existing shares of the
SAFECO Money Market Fund and the SAFECO Tax-Exempt Money Market Fund
(each a "Fund") were redesignated as "No-Load Class" shares, and the
SAFECO Money Market Fund ("Money Market Fund") commenced offering Advisor
Class A and Advisor Class B shares. Advisor Class A shares and Advisor
Class B shares are offered through a separate prospectus to investors who
engage the services of an investment professional. Advisor Class A shares
are sold subject to an initial sales charge and Advisor Class B shares are
sold subject to a contingent deferred sales charge. Advisor Class A and
Advisor Class B shares also incur different expenses than No-Load Class
shares. Accordingly, net asset value is calculated separately for each
class of shares of the Money Market Fund. In addition, the performance of
the three classes will differ and accordingly will be calculated
separately for each class. In the event of a special meeting of
shareholders of the Trust, separate votes are taken by each class of
shares, a Fund, or the Trust if a matter affects only that class of
shares, a Fund, or the Trust, respectively. For more information about
Advisor Class A shares and Advisor Class B shares of the Money Market
Fund, please call 1-800-463-8791."
2. The following information replaces the second sentence in Item 4 on page
11:
"U.S. Government securities include (a) direct obligations of the
U.S. Treasury, (b) securities supported by the full faith and credit
of the U.S. Government but that are not direct obligations of the
U.S. Treasury, (c) securities that are not supported by the full
faith and credit of the U.S. Government but are supported by the
issuer's ability to borrow from the U.S. Treasury such as securities
issued by the Federal National Mortgage Association ("FNMA") and the
Federal Home Loan Mortgage Corporation ("FHLMC"), and (d) securities
supported solely by the creditworthiness of the issuer, such as
securities issued by the Tennessee Valley Authority ("TVA")."
