<PAGE> 1
SAFECO COMMON STOCK TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL
INFORMATION DATED JANUARY 31, 1996
SUPPLEMENT DATED JULY 31, 1996
THE FOLLOWING INFORMATION SUPPLEMENTS THE LAST PARAGRAPH FOLLOWING THE
CAPTION "FINANCIAL STATEMENTS" ON PAGE 54 OF THE STATEMENT OF ADDITIONAL
INFORMATION:
The following unaudited financial statements for SAFECO Balanced Fund,
SAFECO International Stock Fund, and SAFECO Small Company Stock Fund are
incorporated herein by reference to the Trust's Semi-Annual Report for the
period ended March 31, 1996.
Portfolio of Investments as of March 31, 1996 (Unaudited)
Statements of Assets and Liabilities as of March 31, 1996
(Unaudited)
Statements of Operation for the Period Ended March 31,
1996 (Unaudited)
Statements of Changes in Net Assets for the Period
Ended March 31, 1996 (Unaudited)
March 31, 1996 Notes to Financial Statements (Unaudited)
A copy of the Trust's Semi-Annual Report accompanies this Statement of
Additional Information. Additional copies may be obtained by calling SAFECO
Services at 1-800-426-6730 nationwide or 206-545-5530 in Seattle or by writing
to the address on the Prospectus cover.
<PAGE> 2
SAFECO COMMON STOCK TRUST
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 31, 1996
SUPPLEMENT DATED JULY 31, 1996
THE FOLLOWING SUPPLEMENTAL INFORMATION IS INSERTED FOLLOWING THE SECTION
CAPTIONED "FINANCIAL HIGHLIGHTS - SAFECO INCOME FUND" ON PAGE 12:
FINANCIAL HIGHLIGHTS
(For a Share Outstanding Throughout the Period)
The supplemental financial information and performance data has been derived
from the Financial Statements and should be read in conjunction therewith.
<TABLE>
<CAPTION>
FOR THE PERIOD FROM JANUARY 31, 1996
(INITIAL PUBLIC OFFERING) TO MARCH 31, 1996
------------------------------------------------
SAFECO SAFECO
SAFECO INTERNATIONAL SMALL COMPANY
BALANCED FUND STOCK FUND STOCK FUND
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ------------- -------------
<S> <C> <C> <C>
Net Asset Value at
Beginning of Period $ 10.00 $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income .05 .03 .01
Net Realized and Unrealized Gain (Loss)
on Investment and Foreign
Currency Transactions (.03) .01 .48
------- ------ ------
Total from Investment Operations .02 .04 .49
------- ------ ------
LESS DISTRIBUTIONS
Dividends from Net Investment Income (.05) -- --
Distributions from Realized Gains -- -- --
------- ------ ------
Total Distributions (.05) -- --
------- ------ ------
NET ASSET VALUE AT END OF PERIOD $ 9.97 $10.04 $10.49
======= ====== ======
Total Return .17%(+) .40%(+) 4.90%(+)
NET ASSETS AT END OF PERIOD (000'S OMITTED) $ 6,353 $6,461 $6,406
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.69%(++) 2.53%(++) 1.82%(++)
RATIO OF NET INVESTMENT INCOME (LOSS)
TO AVERAGE NET ASSETS 3.10%(++) 1.87%(++) .89%(++)
PORTFOLIO TURNOVER RATE 351.35%(++) 3.97%(++) 22.28%(++)
AVERAGE COMMISSION RATE PAID $ .0552 $.0250 $.0538
- ---------------------------------------------------------------------------------------------------------
</TABLE>
(+) Not Annualized.
(++) Annualized.
This information is based on a two month operating history and may not be
indicative of longer-term results. More information about the Fund is contained
in its Semi-Annual Report to shareholders which may be obtained without charge
by calling the number on the first page of the Prospectus.
