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SAFECO Common Stock Trust
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 31, 1996
SUPPLEMENT DATED MAY 31, 1996
The first sentence in the first full paragraph under the heading "The Trust And
Each Fund's Investment Policies" on page 25 is changed to read as follows:
5. May purchase and sell put and call options on securities, financial
indices and foreign currencies, may purchase and sell the following
non-leveraged derivative securities: futures contracts and related
options with respect to securities, financial indices and foreign
currencies, and may enter into foreign currency transactions such as
forward contracts.
The following sentence is inserted at the end of the first full paragraph under
the heading "Risk Factors" on page 35:
In addition, the International Fund may purchase and sell put and call options,
futures contracts and related options, and may enter into forward contracts. See
"The Trust And Each Fund's Investment Policies" on page 25, as amended by the
language set forth in the first two paragraphs of this supplement, for
additional information about these types of transactions.
The last sentence in the first paragraph under the heading "Information About
Share Ownership And Companies That Provide Services To The Trust" on page 42 is
changed to read as follows:
SAFECO Services receives a fee from each Fund for every shareholder account held
in the Fund. SAFECO Services may enter into subcontracts with registered
broker-dealers, third party administrators and other qualified service providers
that generally perform shareholder, administrative, and/or accounting services
which would otherwise be provided by SAFECO Services. Fees incurred by a Fund
for these services will not exceed the transfer agency fee payable to SAFECO
Services. Any distribution expenses associated with these arrangements will be
borne by SAM.
