516110
SAFECO MANAGED BOND TRUST
SAFECO MONEY MARKET TRUST
SAFECO TAXABLE BOND TRUST
SAFECO TAX-EXEMPT BOND TRUST
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 2000
SUPPLEMENT DATED NOVEMBER 13, 2000
The following information replaces the paragraph following the subheading
"PORTFOLIO MANAGERS" "High Yield Bond Fund" on page 48 of the No-Load Class
Prospectus:
The High Yield Bond Fund is managed by a team of investment professionals at
SAFECO Asset Management Company, the Fund's investment advisor. All investment
decisions are made by this team and no single person has primary responsibility
for making recommendations to the team.
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GMF1090 11/00
516111
SAFECO COMMON STOCK TRUST
SAFECO MANAGED BOND TRUST
SAFECO MONEY MARKET TRUST
SAFECO TAXABLE BOND TRUST
SAFECO TAX-EXEMPT BOND TRUST
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 2000
SUPPLEMENT DATED NOVEMBER 13, 2000
The following information replaces the paragraph following the subheading
"High-Yield Bond Fund" on page 68 of the Advisor Class A, Advisor Class B and
Advisor Class C Prospectus:
The High Yield Bond Fund is managed by a team of investment professionals at
SAFECO Asset Management Company, the Fund's investment advisor. All investment
decisions are made by this team and no single person has primary responsibility
for making recommendations to the team.
[GRAPHIC OMITTED][GRAPHIC OMITTED]
