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<PAGE> PAGE 2
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SIGNATURE DAVE HILL
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Auditors
To the Shareholders and Board of Trustees of SAFECO Managed
Bond Trust
In planning and performing our audit of the financial
statements of SAFECO Managed Bond Trust (comprising of the
Managed Bond Fund) for the year ended December 31, 1999, we
considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of SAFECO Managed Bond Trust is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles in the
United States. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at December
31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of SAFECO Managed Bond Trust,
and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.
/s/ ERNST & YOUNG LLP
Seattle, Washington
February 4, 2000
Shareholder Meeting (Unaudited)
A joint special meeting of the Funds' shareholders was held on March 30, 1999,
at which time the shareholders voted to approve changes to the Funds'
fundamental investment policies and approved an amended and restated investment
advisory contract, including a change in the fee structure. Shareholders
elected the Board of Trustees and ratified the selection of
Ernst & Young LLP as independent auditiors. The results of that meeting are
presented below.
(In Thousands)
Proposal Trust/Fund For Against Abstain
Elect Boh A. Dickey
Taxable Bond Trust 9720 505
Tax-Exempt Bond Trust 33179 1204
Money Market Trust 170,319 6,116
Managed Bond Trust 625 12
Elect Barbara J. Dingfield
Taxable Bond Trust 9,687 538
Tax-Exempt Bond Trust 33,206 1,177
Money Market Trust 169,394 7,041
Managed Bond Trust 625 12
Elect David F. Hill
Taxable Bond Trust 9,725 500
Tax-Exempt Bond Trust 33,202 1,181
Money Market Trust 170,290 6,145
Managed Bond Trust 625 12
Elect Richard W. Hubbard
Taxable Bond Trust 9,710 515
Tax-Exempt Bond Trust 33,205 1,178
Money Market Trust 169,808 6,627
Managed Bond Trust 625 12
Elect Richard E. Lundgren
Taxable Bond Trust 9,715 510
Tax-Exempt Bond Trust 33,232 1,151
Money Market Trust 169,870 6,565
Managed Bond Trust 625 12
Elect Larry L. Pinnt
Taxable Bond Trust 9,716 509
Tax-Exempt Bond Trust 33,224 1,159
Money Market Trust 169,699 6,736
Managed Bond Trust 625 12
Elect John W. Schneider
Taxable Bond Trust 9,717 508
Tax-Exempt Bond Trust 33,202 1,182
Money Market Trust 169,829 6,606
Managed Bond Trust 625 12
Selection of Ernst & Young LLP
Taxable Bond Trust 9,790 147 287
Tax-Exempt Bond Trust 33,312 470 601
Money Market Trust 168,894 1,937 5,604
Managed Bond Trust 624 12 1
Fundamental Investment Policies
Intmediate-Term U.S. Treasury 1,275 25 77
GNMA Fund 2,426 132 294
High-Yield Bond Fund 4,389 275 1,333
Managed Bond Fund 599 12 27
Municipal Bond Fund 20,932 1,908 2,648
California Tax-Free Muni 4,549 188 699
Washington State Muni 394 260 47
Intermediate-Term Muni 799 241 40
Insured Municipal Bond Fund 1,317 208 153
Money Market Fund 113,201 5,139 7,603
Tax-Free Money Market Fund 46,632 1,920 1,940
Investment Advisory Contract
Intmediate-Term U.S. Treasury 1,214 84 79
GNMA Fund 2,401 151 299
High-Yield Bond Fund 4,226 466 1,305
Managed Bond Fund 594 18 25
Municipal Bond Fund 19,449 3,305 2,734
California Tax-Free Muni 4,406 254 776
Washington State Muni 401 270 31
Intermediate-Term Muni 770 251 59
Insured Municipal Bond Fund 1,307 218 154
Money Market Fund 110,460 7,606 7,877
Tax-Free Money Market Fund 44,775 3,422 2,295
