<PAGE> 1
SAFECO COMMON STOCK TRUST
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 31, 1996
SUPPLEMENT DATED MARCH 15, 1996
A NEW SECTION ENTITLED "ADVISER PERFORMANCE" WHICH WILL FOLLOW THE SECTION
ENTITLED "FINANCIAL HIGHLIGHTS" IS ADDED TO THE PROSPECTUS AND READS AS
FOLLOWS:
Because the International Fund began operations in 1996, there is no past
performance available for the Fund. However, the Fund's sub-adviser, Bank of
Ireland Asset Management (U.S.) Limited (BIAM), has been managing separate
accounts for institutional clients in the U.S. for six years. BIAM's past
performance in advising these accounts was a key factor in its selection as the
Fund's sub-adviser. The performance illustrated in the table that follows is
based on the return achieved on BIAM's fully-discretionary international equity
composite of accounts ("Composite") and is prepared and presented in accordance
with Association of Investment Management and Research (AIMR) standards. These
returns reflect the time-weighted total returns achieved by the Composite's
constituent accounts, weighted by reference to their sizes.
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<CAPTION>
For the Periods Ending December 31, 1995
One Year Three Years Five Years Six Years
-------- ----------- ---------- ---------
<S> <C> <C> <C> <C>
BIAM 19.24% 16.25% 14.49% 11.25%
EAFE Index 11.56% 17.02% 9.71% 3.38%
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The past performance of the Composite is shown after reduction by the
International Fund's estimated investment management and administrative
expenses. The Morgan Stanley EAFE (Europe, Australia and Far East) Index is
used for comparison purposes only. The EAFE Index is an unmanaged index of
representative international stocks that has no management or expense charges.
Performance is based on historical earnings and is not intended to indicate
future performance.
Please keep in mind that the International Fund's performance may differ from
the Composite performance. Timing of purchases and sales of portfolio
securities, availability of cash flows, brokerage commissions and
diversification of the portfolio are all reasons that might cause the
performance of the International Fund to vary from that of the Composite. There
are a number of ways to calculate performance, and it is possible that if we had
used a different method the result would have varied. Finally, the past
performance of the Composite is no guarantee of the future results of the
International Fund.
