SAFECO COMMON STOCK TRUST
SAFECO MANAGED BOND TRUST
SAFECO MONEY MARKET TRUST
SAFECO TAXABLE BOND TRUST
SAFECO TAX-EXEMPT BOND TRUST
SUPPLEMENT TO THE ADVISOR CLASS A, ADVISOR CLASS B AND ADVISOR CLASS C
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 2000
SUPPLEMENT DATED DECEMBER 11, 2000
I. The following information replaces paragraph number 8 on page 36 of
the Statement of Additional Information:
8. Mortgage-Backed Securities. See the description of such securities
under "Additional Investment Information--Intermediate-Term U.S.
Treasury Fund, GNMA Fund, High-Yield Fund, and Managed Bond Fund." In
addition to the agency-insured or guaranteed mortgage loan pools
described there, the Money Market Fund may purchase securities
collateralized by mortgage loans or by mortgage-backed securities
which are not insured or guaranteed by any U.S. governmental agency,
but which carry private issuer guarantees, surplus collateral levels
or other credit enhancements sufficient to obtain credit ratings
making them eligible for purchase by the Fund.
* * * *
II. The following replaces the Money Market Fund's yield information on
page 54 of the Statement of Additional Information:
For the Money Market Fund, the yield and effective yield for the 7-day
period ended December 31, 1999 were as follows:
Money Market Fund Class A Class B Class C
------- ------- -------
- Yield 5.51% 5.36% 5.36%
- Effective Yield 5.66% 5.50% 5.50%
* * * *
III. On November 2, 2000, Boh A. Dickey resigned as a Trustee and Chairman
of the Boards of the SAFECO Mutual Funds. The Boards of Trustees
elected Randall H. Talbot as a Trustee and Chairman of the Board to
fill the vacancy created by Mr. Dickey's resignation.
The information regarding Mr. Dickey provided on page 62 of the
Statement of Additional Information under the heading Trustees and
Officers, is deleted.
The following information is added to the chart on page 62 of the
Statement of Additional Information under the heading Trustees and
Officers:
<TABLE>
<S> <C> <C>
------------------------------------- ----------------------------------- -----------------------------------
Name, Address and Age Position(s) Held with the Trusts Principal Occupation(s) During
Past 5 Years
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
Randall H. Talbot Chairman and Trustee President of SAFECO Life
5069 154th Place NE Insurance Company since 1998.
Redmond, WA 98052-9661 From 1975 to 1998 he was employed
(47) at Talbot Financial Corporation
where he served most recently as
President and CEO.
------------------------------------- ----------------------------------- -----------------------------------
</TABLE>
* * * *
IV. Effective July 1, 2000, Neal Fuller is no longer Vice President,
Controller and Assistant Secretary of the Trusts. David H. Longhurst
was elected Vice President, Controller and Secretary of the Trusts
effective July 1, 2000, to replace Mr. Fuller.
* * * *
<PAGE>
SAFECO COMMON STOCK TRUST
SAFECO MANAGED BOND TRUST
SAFECO MONEY MARKET TRUST
SAFECO TAXABLE BOND TRUST
SAFECO TAX-EXEMPT BOND TRUST
SUPPLEMENT TO THE NO-LOAD CLASS
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 2000
SUPPLEMENT DATED DECEMBER 11, 2000
I. The following information replaces paragraph number 10 on page 39 of
the Statement of Additional Information:
10. Mortgage-Backed Securities (Money Market Fund Only). See the
description of such securities under "Additional Investment
Information--Intermediate-Term U.S. Treasury Fund, GNMA Fund,
High-Yield Fund, and Managed Bond Fund." In addition to the
agency-insured or guaranteed mortgage loan pools described there, the
Money Market Fund may purchase securities collateralized by mortgage
loans or by mortgage-backed securities which are not insured or
guaranteed by any U.S. governmental agency, but which carry private
issuer guarantees, surplus collateral levels or other credit
enhancements sufficient to obtain credit ratings making them eligible
for purchase by the Fund.
* * * *
II. The following replaces the Yield and Tax Equivalent Yield information
for the Tax-Free Money Market Fund found on page 58 of the Statement
of Additional Information:
Tax-Free Money Market Fund
- Yield 3.80 %
- Effective Yield 3.87%
- Tax-Equivalent Yield 6.29%
* * * *
III. On November 2, 2000, Boh A. Dickey resigned as a Trustee and Chairman
of the Boards of the SAFECO Mutual Funds. The Boards of Trustees
elected Randall H. Talbot as a Trustee and Chairman of the Board to
fill the vacancy created by Mr. Dickey's resignation.
The information regarding Mr. Dickey provided on page 63 of the
Statement of Additional Information under the heading Trustees and
Officers, is deleted.
The following information is added to the chart on page 63 of the
Statement of Additional Information under the heading Trustees and
Officers:
<TABLE>
<S> <C> <C>
------------------------------------- ----------------------------------- -----------------------------------
Name, Address and Age Position(s) Held with the Trusts Principal Occupation(s) During
Past 5 Years
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
Randall H. Talbot Chairman and Trustee President of SAFECO Life
5069 154th Place NE Insurance Company since 1998.
Redmond, WA 98052-9661 From 1975 to 1998 he was employed
(47) at Talbot Financial Corporation
where he served most recently as
President and CEO.
------------------------------------- ----------------------------------- -----------------------------------
</TABLE>
* * * *
IV. Effective July 1, 2000, Neal Fuller is no longer Vice President,
Controller and Assistant Secretary of the Trusts. David H. Longhurst
was elected Vice President, Controller and Secretary of the Trusts
effective July 1, 2000, to replace Mr. Fuller.
* * * *
