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SAFECO TAXABLE BOND TRUST
SUPPLEMENT TO THE NO-LOAD CLASS PROSPECTUS DATED April 30, 1997
SUPPLEMENT DATED June 30, 1997
The following information replaces the first paragraph under the subheading
"High-Yield Bond Fund" on page 32:
"The portfolio manager for the High-Yield Bond Fund is
Robert Kern, a securities analyst for SAM. Mr. Kern has
served as a securities analyst for SAM since 1994. From
1988 to 1994, Mr. Kern was engaged by the SAFECO Insurance
Companies in the Controller's Department."
