516751
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 JANUARY 8, 2001
The following information replaces the paragraph following the subheading
"Dividend Income Fund" on page 67 of the Advisor Class A, Advisor Class B and
Advisor Class C Prospectus:
The Dividend Income Fund is managed by Daniel L. Rutter, Assistant Vice
President of SAM. Mr. Rutter began managing the Fund January 1, 2001. He was an
investment analyst with SAM and managed a portfolio of securities for one of the
SAFECO employee benefit plans and several client accounts for SAM's affiliate
SAFECO Trust Company from 1994 through 2000.
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GMF-4271 01/01
