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 OCTOBER 1, 2000
Portfolio Manager Changes:
The following information replaces the paragraphs under the headings "GNMA Fund"
and "Money Market Fund" in the section titled "Portfolio Managers" on pages 47
and 49, respectively, of the No-Load Class Prospectus:
GNMA Fund: The GNMA Fund is managed by Paul A. Stevenson. Mr. Stevenson has
managed or co-managed the Fund since 1988, and is a Vice President of SAM and
Vice President of SAFECO Life Insurance Company.
Money Market Fund: The Money Market Fund is managed by Lesley Fox, Assistant
Vice President of SAM. Ms. Fox has been a co-manager of the Fund since May 1,
2000. From 1994 to 2000 she was a senior investment officer for King
County, Washington.
Telephone Service Hours:
SAFECO works to provide telephone service during hours that best meet our
shareholders' needs. At peak times, we may extend the hours during which our
shareholder services representatives are available to speak directly with
shareholders. At other times we provide telephone service during hours supported
by shareholder call volume.
The following information replaces the box on the bottom of pages 70, 75 and 80
of the No-Load Class Prospectus under the headings "Purchasing Your Shares - By
Phone," "Selling Your Shares - By Phone" and "Exchanging Shares From One Fund to
Another - By Phone," respectively:
Toll-free Client Services:
1-800-624-5711
24-hour Automated Service Line:
1-800-835-4391
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GMF-4264 9/00
515376
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 OCTOBER 1, 2000
Portfolio Manager Changes:
The following information replaces the paragraphs under the headings "GNMA Fund"
and "Money Market Fund," respectively, in the section titled "Portfolio
Managers" on page 68 of the Advisor Class A, Advisor Class B and Advisor Class C
Prospectus:
GNMA Fund: The GNMA Fund is managed by Paul A. Stevenson. Mr. Stevenson
has managed or co-managed the Fund since 1988, and is a Vice President
of SAM and Vice President of SAFECO Life Insurance Company.
Money Market Fund: The Money Market Fund is managed by Lesley Fox,
Assistant Vice President of SAM. Ms. Fox has been a co-manager of the
Fund since May 1, 2000. From 1994 to 2000 she was a senior
investment officer for King County, Washington.
Telephone Service Hours:
SAFECO works to provide telephone service during hours that best meet our
shareholders' needs. At peak times, we may extend the hours during which our
shareholder services representatives are available to speak directly with
shareholders. At other times we provide telephone service during hours supported
by shareholder call volume.
The following information replaces the information in the "Call" boxes under the
subheading "By Phone" in the sections titled "Purchasing Your Shares" and
"Selling Your Shares" on pages 113 and 116, and replaces the information
following "Our telephone number is" under the subheading "By Phone" in the
section titled "Exchanging Shares From One Fund to Another" on the bottom of
page 119, of the Advisor Class A, Advisor Class B and Advisor Class C
Prospectus:
If your securities dealer or other investment professional maintains an
account for you and holds your SAFECO Fund shares in its "street name,"
you should contact your representative at that firm to purchase
additional shares, sell shares or exchange shares from one Fund to
another. If your account is held directly with the SAFECO Mutual Funds,
you may call us at:
Toll-free Client Services:
1-800-528-6501
24-hour Automated Service Line:
1-800-463-8794
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