<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 833045
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<PAGE> PAGE 2
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011 A00AA01 SAFECO SECURITIES, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE DAVID F. HILL
TITLE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000833045
<NAME> SAFECO TAXABLE BOND TRUST
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<TABLE> <S> <C>
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