SAFECO MANAGED BOND TRUST, 497, 1997-08-11

SAFECO MANAGED BOND TRUST
497, 1997-08-11

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                              SAFECO MANAGED BOND TRUST
                              SAFECO TAXABLE BOND TRUST
           SUPPLEMENT TO THE NO-LOAD CLASS PROSPECTUS DATED APRIL 30, 1997
                           SUPPLEMENT DATED AUGUST 11, 1997

THE FOLLOWING INFORMATION REPLACES THE PARAGRAPH FOLLOWING THE SECTION CAPTIONED
"PORTFOLIO MANAGERS - INTERMEDIATE TREASURY FUND AND MANAGED BOND FUND" ON PAGE
32:

    The portfolio manager for the Intermediate Treasury Fund is Ronald
    Spaulding, Chairman of the Board, SAM.  Mr. Spaulding has served in 
    various capacities with SAM and SAFECO Corporation since 1975.

    The portfolio manager for the Managed Bond Fund is Michael Hughes,
    Assistant Vice President, SAM.  Mr. Hughes was Vice President and a
    portfolio manager for First Interstate Capital Management Company from 1995
    to 1996, and Vice President and portfolio manager for First Interstate Bank
    of California from 1988 to 1995.