SAFECO TAXABLE BOND TRUST, 497, 1999-11-30

SAFECO TAXABLE BOND TRUST
497, 1999-11-30

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                           SAFECO TAXABLE BOND TRUST
                SUPPLEMENT TO THE PROSPECTUS DATED APRIL 30, 1999
                       SUPPLEMENT DATED NOVEMBER 30, 1999


THE  FOLLOWING  INFORMATION  REPLACES THE  PARAGRAPH  FOLLOWING  THE  SUBHEADING
"PORTFOLIO  MANAGERS"  "INTERMEDIATE-TERM  U.S. TREASURY FUND" ON PAGE 53 OF THE
NO-LOAD CLASS PROSPECTUS:


The  Intermediate-Term  U.S. Treasury Fund is managed by Naomi Urata,  Assistant
Vice  President of SAM.  Ms.  Urata also manages the Money Market Fund.  She has
been an  investment  analyst for SAFECO  Mutual  Funds since 1993 and has been a
portfolio manager since 1994.

<PAGE>
                            SAFECO TAXABLE BOND TRUST
                SUPPLEMENT TO THE PROSPECTUS DATED APRIL 30, 1999
                       SUPPLEMENT DATED NOVEMBER 30, 1999


THE  FOLLOWING  INFORMATION  REPLACES THE  PARAGRAPH  FOLLOWING  THE  SUBHEADING
"INTERMEDIATE-TERM  U.S.  TREASURY  FUND" ON PAGE 64 OF THE ADVISOR  CLASS A AND
ADVISOR CLASS B PROSPECTUS:

The  Intermediate-Term  U.S.  Treasury Fund is managed by Naomi Urata,
Assistant  Vice  President  of SAM.  Ms.  Urata also manages the Money Market
Fund.  She has been an  investment  analyst for SAFECO  Mutual Funds since 1993
and has been a portfolio manager since 1994.