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SAFECO TAX-EXEMPT BOND TRUST
WASHINGTON STATE MUNICIPAL BOND FUND
SUPPLEMENT TO THE PROSPECTUS DATED APRIL 30, 1998
SUPPLEMENT DATED JUNE 15, 1998
THE FOLLOWING INFORMATION SUPPLEMENTS THE TRUST'S CLASS A & B PROSPECTUS:
1. The following information replaces the last sentence of the section titled
"Revenue Bonds" under item 3 on page 43:
Except for the Washington State Municipal Bond Fund, each Tax-Exempt
Income Fund will not purchase private activity bonds ("PABs") or any
other type of revenue bonds, the interest on which is a tax preference
item for purposes of the alternative minimum tax.
2. The following information replaces the last sentence of the second
paragraph under the subheading "Special Considerations for the Tax-Exempt
Income Funds" on page 71:
Except for the Washington State Municipal Bond Fund, the Tax-Exempt
Income Funds will not purchase so-called "non-essential or private
activity" bonds, the interest on which would constitute a preference
item for shareholders in determining their alternative minimum tax.
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SAFECO TAX-EXEMPT BOND TRUST
WASHINGTON STATE MUNICIPAL BOND FUND
SUPPLEMENT TO THE PROSPECTUS DATED APRIL 30, 1998
SUPPLEMENT DATED JUNE 15, 1998
THE FOLLOWING INFORMATION SUPPLEMENTS THE TRUST'S NO-LOAD PROSPECTUS:
1. The following information replaces the last sentence of the section titled
"Revenue Bonds" under item 1 on page 40:
Except for the Washington State Municipal Bond Fund, each Tax-Exempt
Bond Fund will not purchase private activity bonds or any other type
of revenue bonds, the interest on which is a tax preference item for
purposes of the alternative minimum tax.
2. The following information replaces the last sentence of the first full
paragraph on page 81 under the subheading "Special Considerations for the
Tax-Exempt Bond Funds and the Tax-Free Money Fund":
Except for the Washington State Municipal Bond Fund, the Funds will
not purchase so-called "non-essential or private activity" bonds, the
interest on which would constitute a preference item for shareholders
in determining their alternative minimum tax.
