<PAGE>

                               SAFECO MONEY MARKET TRUST
           SUPPLEMENT TO THE ADVISOR CLASS PROSPECTUS DATED APRIL 30, 1997
                           SUPPLEMENT DATED AUGUST 8, 1997
                                           

1.  THE FOLLOWING PARAGRAPH REPLACES ITEM NUMBER 7 FOLLOWING THE CAPTION
    "INVESTMENT PRACTICES OF THE MONEY MARKET FUND" ON PAGE 46:

    7.   MAY INVEST IN REPURCHASE AGREEMENTS.  In a repurchase agreement, the
         Fund buys securities at one price and simultaneously agrees to sell
         them back at a higher price.  Delays or losses could result if the
         counterparty to the agreement defaults or becomes insolvent.   The
         Fund will invest no more than 10% of total assets in repurchase
         agreements that mature in more than seven days. 



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission