SAFECO MANAGED BOND TRUST
NSAR-A, 1997-08-21
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000 A000000 06/30/97
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000 J000000 A
001 A000000 INSTITUTIONAL SERIES TRUST
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001 C000000 2065455172
002 A000000 SAFECO PLAZA S-1
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98185
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<PAGE>      PAGE  2
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012 C020001 WA
012 C030001 98185
013 A000001 ERNST & YOUNG LLP
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013 B020001 WA
013 B030001 98104
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022 B000001 13-5674085
022 C000001      1078
022 D000001      2206
022 A000002 HSBC SECURITIES, INC.
022 B000002 13-2650272
022 C000002      2041
022 D000002      1068
022 A000003 SMITH BARNEY, HARRIS UPHAM & CO. INC.
022 B000003 13-1912900
022 C000003      1918
022 D000003       485
022 A000004 FUJI SECURITIES, INC.
022 B000004 36-2880742
022 C000004        54
022 D000004       776
022 A000005 SHORT-TERM INVESTMENT CO. (PRIME PORTFOLIO)
022 B000005 74-1093914
<PAGE>      PAGE  3
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022 A000009 EVEREN SECURITIES, INC.
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SIGNATURE   DAVE HILL                                    
TITLE       PRESIDENT           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000887437
<NAME> SAFECO MANAGED BOND SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> SAFECO MANAGED BOND FUND NO-LOAD CLASS
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                                              <C>
<PERIOD-TYPE>                   SEMI-ANNUAL
<FISCAL-YEAR-END>                        DEC-31-1997
<PERIOD-START>                           JAN-01-1997
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<EXCHANGE-RATE>                                    1
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<OTHER-INCOME>                                     0
<EXPENSES-NET>                                    27
<NET-INVESTMENT-INCOME>                          110
<REALIZED-GAINS-LOSSES-CURRENT>                  (73)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000887437
<NAME> SAFECO MANAGED BOND SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> SAFECO MANAGED BOND FUND Class A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                                              <C>
<PERIOD-TYPE>                   SEMI-ANNUAL
<FISCAL-YEAR-END>                        DEC-31-1997
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<INVESTMENTS-AT-COST>                          4,568
<INVESTMENTS-AT-VALUE>                         4,610
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000887437
<NAME> SAFECO MANAGED BOND SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> SAFECO MANAGED BOND FUND Class B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
<S>                                              <C>
<PERIOD-TYPE>                   SEMI-ANNUAL
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<INVESTMENTS-AT-VALUE>                         4,610
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</TABLE>


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