<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
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042 C000500 0
042 D000500 0
042 E000500 0
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE DAVID F HILL
TITLE PRESIDENT
SPECIAL JOINT SHAREHOLDERS' MEETING
MARCH 30, 1999
REPORT OF SECRETARY
PROPOSAL #1:
SAFECO COMMON STOCK TRUST: OF THE 183,455,011 SHARES OF THE
SAFECO COMMON STOCK TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 97,808,533 SHARES, OR 53.31% OF THE
OUTSTANDING SHARES.
EACH OF THE NOMINEES WAS ELECTED BY A FAVORABLE VOTE OF AT
LEAST 95.51% OF THE SHARES OF THE SAFECO COMMON STOCK TRUST
VOTING.
FOR MR. DICKEY, THE VOTE WAS 93,435,754 "FOR" ELECTION, AND
4,371,621"WITHHELD".
FOR MS. DINGFIELD, THE VOTE WAS 93,415,752 "FOR" ELECTION,
AND 4,391,623 "WITHHELD".
FOR MR. HILL, THE VOTE WAS 93,451,132 "FOR" ELECTION, AND
4,356,243 "WITHHELD".
FOR MR. HUBBARD, THE VOTE WAS 93,430,269 "FOR" ELECTION, AND
4,377,106 "WITHHELD".
FOR MR. LUNDGREN, THE VOTE WAS 93,462,880 "FOR" ELECTION,
AND 4,344,495 "WITHHELD".
FOR MR. PINNT, THE VOTE WAS 93,456,385 "FOR" ELECTION, AND
4,350,990 "WITHHELD".
FOR MR. SCHNEIDER, THE VOTE WAS 93,467,243 "FOR" ELECTION,
AND 4,340,132 "WITHHELD".
SAFECO MONEY MARKET TRUST: OF THE 301,575,167 SHARES OF THE
SAFECO MONEY MARKET TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 176,434,986 SHARES, OR 58.50% OF THE
OUTSTANDING SHARES.
EACH OF THE NOMINEES WAS ELECTED BY A FAVORABLE VOTE OF AT
LEAST 96.01% OF THE SHARES OF THE SAFECO MONEY MARKET TRUST
VOTING.
FOR MR. DICKEY, THE VOTE WAS 170,319,451 "FOR" ELECTION,
AND 6,115,535 "WITHHELD".
FOR MS. DINGFIELD, THE VOTE WAS 169,394,152 "FOR" ELECTION,
AND 7,040,834 "WITHHELD".
FOR MR. HILL, THE VOTE WAS 170,289,675 "FOR" ELECTION, AND
6,145,311 "WITHHELD".
FOR MR. HUBBARD, THE VOTE WAS 169,807,923 "FOR" ELECTION,
AND 6,627,063 "WITHHELD".
FOR MR. LUNDGREN, THE VOTE WAS 169,870,453"FOR" ELECTION,
AND 6,564,533 "WITHHELD".
FOR MR. PINNT, THE VOTE WAS 169,699,232 "FOR" ELECTION, AND
6,735,754 "WITHHELD".
FOR MR. SCHNEIDER, THE VOTE WAS 169,829,447 "FOR" ELECTION,
AND 6,605,539 "WITHHELD".
SAFECO MANAGED BOND TRUST: OF THE 884,264 SHARES OF THE
SAFECO MANAGED BOND TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 636,988 SHARES, OR 72.04% OF THE
OUTSTANDING SHARES.
EACH OF THE NOMINEES WAS ELECTED BY A FAVORABLE VOTE OF AT
LEAST 98.15% OF THE SHARES OF THE SAFECO MANAGED BOND TRUST
VOTING.
FOR MR. DICKEY, THE VOTE WAS 625,202 "FOR" ELECTION, AND
11,786 "WITHHELD".
FOR MS. DINGFIELD, THE VOTE WAS 625,202 "FOR" ELECTION, AND
11,786 "WITHHELD".
FOR MR. HILL, THE VOTE WAS 625,202 "FOR" ELECTION, AND
11,786 "WITHHELD".
FOR MR. HUBBARD, THE VOTE WAS 625,202 "FOR" ELECTION, AND
11,786 "WITHHELD".
FOR MR. LUNDGREN, THE VOTE WAS 625,202 "FOR" ELECTION, AND
11,786 "WITHHELD".
FOR MR. PINNT, THE VOTE WAS 625,202 "FOR" ELECTION, AND
11,786 "WITHHELD".
FOR MR. SCHNEIDER, THE VOTE WAS 625,202 "FOR" ELECTION, AND
11,786 "WITHHELD".
SAFECO TAXABLE BOND TRUST: OF THE 16,403,108 SHARES OF THE
SAFECO TAXABLE BOND TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 10,225,040 SHARES, OR 62.34% OF THE
OUTSTANDING SHARES.
EACH OF THE NOMINEES WAS ELECTED BY A FAVORABLE VOTE OF AT
LEAST 94.73% OF THE SHARES OF THE SAFECO TAXABLE BOND TRUST
VOTING.
FOR MR. DICKEY, THE VOTE WAS 9,719,889 "FOR" ELECTION, AND
505,151 "WITHHELD".
FOR MS. DINGFIELD, THE VOTE WAS 9,686,615"FOR" ELECTION, AND
538,425 "WITHHELD".
FOR MR. HILL, THE VOTE WAS 9,724,966 "FOR" ELECTION, AND
500,074 "WITHHELD".
FOR MR. HUBBARD, THE VOTE WAS 9,710,166 "FOR" ELECTION, AND
514,874 "WITHHELD".
FOR MR. LUNDGREN, THE VOTE WAS 9,715,105 "FOR" ELECTION, AND
509,935 "WITHHELD".
FOR MR. PINNT, THE VOTE WAS 9,715,607 "FOR" ELECTION, AND
509,433 "WITHHELD".
FOR MR. SCHNEIDER, THE VOTE WAS 9,716,881 "FOR" ELECTION,
AND 508,159 "WITHHELD".
SAFECO TAX-EXEMPT BOND TRUST: OF THE 51,754,019 SHARES OF
THE SAFECO TAX-EXEMPT BOND TRUST OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 34,383,238 SHARES, OR 66.44% OF
THE OUTSTANDING SHARES.
EACH OF THE NOMINEES WAS ELECTED BY A FAVORABLE VOTE OF AT
LEAST 96.50% OF THE SHARES OF THE SAFECO TAX-EXEMPT BOND
TRUST VOTING.
FOR MR. DICKEY, THE VOTE WAS 33,179,392 "FOR" ELECTION, AND
1,203,846 "WITHHELD".
FOR MS. DINGFIELD, THE VOTE WAS 33,206,355 "FOR" ELECTION,
AND 1,176,883 "WITHHELD".
FOR MR. HILL, THE VOTE WAS 33,201,762 "FOR" ELECTION, AND
1,181,476 "WITHHELD".
FOR MR. HUBBARD, THE VOTE WAS 33,205,323 "FOR" ELECTION, AND
1,177,915 "WITHHELD".
FOR MR. LUNDGREN, THE VOTE WAS 33,231,759 "FOR" ELECTION,
AND 1,151,479 "WITHHELD".
FOR MR. PINNT, THE VOTE WAS 33,224,307 "FOR" ELECTION, AND
1,158,931 "WITHHELD".
FOR MR. SCHNEIDER, THE VOTE WAS 33,201,504 "FOR" ELECTION,
AND 1,181,734 "WITHHELD".
PROPOSAL #2:
SAFECO COMMON STOCK TRUST: OF THE 183,455,011 SHARES OF THE
SAFECO COMMON STOCK TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 97,808,533 SHARES, OR 53.31% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 95.95%
OF THE SHARES OF THE SAFECO COMMON STOCK TRUST VOTING. THE
VOTE WAS 93,848,206 "FOR" ADOPTION OF THE PROPOSAL,
1,312,769 "WITHHELD" AND 2,647,538 ABSTAINING.
SAFECO MONEY MARKET TRUST: OF THE 301,575,167 SHARES OF THE
SAFECO MONEY MARKET TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 176,434,986 SHARES, OR 58.50% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 95.73%
OF THE SHARES OF THE SAFECO MONEY MARKET TRUST VOTING.
THE VOTE WAS 168,893,989 "FOR" ADOPTION OF THE PROPOSAL,
1,936,979 "WITHHELD" AND 5,604,015 ABSTAINING.
SAFECO MANAGED BOND TRUST: OF THE 884,264 SHARES OF THE
SAFECO MANAGED BOND TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 636,988 SHARES, OR 72.04% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 97.95%
OF THE SHARES OF THE SAFECO MANAGED BOND TRUST VOTING.
THE VOTE WAS 623,911 "FOR" ADOPTION OF THE PROPOSAL, 12,177
"WITHHELD" AND 899 ABSTAINING.
SAFECO TAXABLE BOND TRUST: OF THE 16,403,108 SHARES OF THE
SAFECO TAXABLE BOND TRUST OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 10,225,040 SHARES, OR 62.34% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 95.75%
OF THE SHARES OF THE SAFECO TAXABLE BOND TRUST VOTING.
THE VOTE WAS 9,790,390 "FOR" ADOPTION OF THE PROPOSAL,
147,483 "WITHHELD" AND 287,161 ABSTAINING.
SAFECO TAX-EXEMPT BOND TRUST: OF THE 51,754,019 SHARES OF
THE SAFECO TAX-EXEMPT BOND TRUST OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 34,383,238 SHARES, OR 66.44% OF
THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 96.88%
OF THE SHARES OF THE SAFECO TAX-EXEMPT BOND TRUST VOTING.
THE VOTE WAS 33,311,992 "FOR" ADOPTION OF THE PROPOSAL,
469,783 "WITHHELD" AND 601,458 ABSTAINING.
PROPOSAL #3:
SAFECO COMMON STOCK TRUST:
GROWTH FUND: OF THE 62,540,590 SHARES OF THE SAFECO GROWTH
FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT
THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
32,424,759 SHARES, OR 51.85% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 76.05%
OF THE SHARES OF THE SAFECO GROWTH FUND VOTING. THE VOTE
WAS 24,659,751 "FOR" ADOPTION OF THE PROPOSAL, 1,335,790
"WITHHELD" AND 6,429,978 ABSTAINING.
EQUITY FUND: OF THE 92,281,723 SHARES OF THE SAFECO EQUITY
FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT
THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
47,790,640 SHARES, OR 51.79% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 79.93%
OF THE SHARES OF THE SAFECO EQUITY FUND VOTING. THE VOTE
WAS 38,199,494 "FOR" ADOPTION OF THE PROPOSAL, 2,880,885
"WITHHELD" AND 6,711,419 ABSTAINING.
INCOME FUND: OF THE 16,777,409 SHARES OF THE SAFECO INCOME
FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT
THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
9,674,405 SHARES, OR 57.66% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 85.99%
OF THE SHARES OF THE SAFECO INCOME FUND VOTING. THE VOTE
WAS 8,319,321 "FOR" ADOPTION OF THE PROPOSAL, 550,605
"WITHHELD" AND 804,561 ABSTAINING.
NORTHWEST FUND: OF THE 3,819,498 SHARES OF THE SAFECO
NORTHWEST FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED
TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON OR
THROUGH PROXY 2,431,975 SHARES, OR 63.67% OF THE OUTSTANDING
SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 82.65%
OF THE SHARES OF THE SAFECO NORTHWEST FUND VOTING. THE VOTE
WAS 2,009,995 "FOR" ADOPTION OF THE PROPOSAL, 174,918
"WITHHELD" AND 247,062 ABSTAINING.
BALANCED FUND: OF THE 1,825,230 SHARES OF THE SAFECO
BALANCED FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO
VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH
PROXY 1,227,226 SHARES, OR 67.24% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 93.34%
OF THE SHARES OF THE SAFECO BALANCED FUND VOTING. THE VOTE
WAS 1,145,478 "FOR" ADOPTION OF THE PROPOSAL, 8,188
"WITHHELD" AND 73,560 ABSTAINING.
INTERNATIONAL STOCK FUND: OF THE 1,922,978 SHARES OF THE
SAFECO INTERNATIONAL STOCK FUND OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 1,509,576 SHARES, OR 78.50% OF
THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 90.02%
OF THE SHARES OF THE SAFECO INTERNATIONAL STOCK FUND VOTING.
THE VOTE WAS 1,358,847 "FOR" ADOPTION OF THE PROPOSAL,
50,533 "WITHHELD" AND 100,196 ABSTAINING.
SMALL COMPANY STOCK FUND: OF THE 3,367,829 SHARES OF THE
SAFECO SMALL COMPANY STOCK FUND OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 2,068,449 SHARES, OR 61.42% OF
THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 78.51%
OF THE SHARES OF THE SAFECO SMALL COMPANY STOCK FUND
VOTING. THE VOTE WAS 1,623,941 "FOR" ADOPTION OF THE
PROPOSAL, 76,040 "WITHHELD" AND 368,468 ABSTAINING.
U.S. VALUE FUND: OF THE 919,754 SHARES OF THE SAFECO U.S.
VALUE FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO
VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH
PROXY 679,503 SHARES, OR 73.88% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 77.14%
OF THE SHARES OF THE SAFECO U.S. VALUE FUND VOTING. THE
VOTE WAS 524,136 "FOR" ADOPTION OF THE PROPOSAL, 38,124
"WITHHELD" AND 117,243 ABSTAINING.
SAFECO MONEY MARKET TRUST:
SAFECO MONEY MARKET FUND: OF THE 221,038,952 SHARES OF THE
SAFECO MONEY MARKET FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 125,942,582 SHARES, OR 56.98% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 89.88%
OF THE SHARES OF THE SAFECO MONEY MARKET FUND VOTING. THE
VOTE WAS 113,201,242 "FOR" ADOPTION OF THE PROPOSAL,
5,138,839 "WITHHELD" AND 7,602,501 ABSTAINING.
SAFECO TAX-FREE MONEY MARKET FUND: OF THE 80,536,215 SHARES
OF THE SAFECO TAX-FREE MONEY MARKET FUND OUTSTANDING ON THE
RECORD DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE
PRESENT IN PERSON OR THROUGH PROXY 50,492,404 SHARES, OR
62.70% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 92.36%
OF THE SHARES OF THE SAFECO TAX-FREE MONEY MARKET FUND
VOTING. THE VOTE WAS 46,632,450 "FOR" ADOPTION OF THE
PROPOSAL, 1,920,343 "WITHHELD" AND 1,939,611 ABSTAINING.
SAFECO MANAGED BOND TRUST:
MANAGED BOND FUND: OF THE 884,264 SHARES OF THE SAFECO
MANAGED BOND FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 636,988 SHARES, OR 72.04% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 94.03%
OF THE SHARES OF THE SAFECO MANAGED BOND FUND VOTING. THE
VOTE WAS 598,985 "FOR" ADOPTION OF THE PROPOSAL, 11,502
"WITHHELD" AND 26,501 ABSTAINING.
SAFECO TAXABLE BOND TRUST:
INTERMEDIATE-TERM U.S. TREASURY FUND: OF THE 2,185,814
SHARES OF THE SAFECO INTERMEDIATE-TERM U.S. TREASURY FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
1,377,256 SHARES, OR 63.01% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 92.59%
OF THE SHARES OF THE SAFECO INTERMEDIATE-TERM U.S. TREASURY
FUND VOTING. THE VOTE WAS 1,275,228 "FOR" ADOPTION OF THE
PROPOSAL, 24,708 "WITHHELD" AND 77,320 ABSTAINING.
HIGH-YIELD BOND FUND: OF THE 9,766,498 SHARES OF THE SAFECO
HIGH-YIELD BOND FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 5,996,706 SHARES, OR 61.40% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 73.18%
OF THE SHARES OF THE SAFECO HIGH-YIELD BOND FUND VOTING.
THE VOTE WAS 4,388,538 "FOR" ADOPTION OF THE PROPOSAL,
275,361 "WITHHELD" AND 1,332,807 ABSTAINING.
GNMA FUND: OF THE 4,450,796 SHARES OF THE SAFECO GNMA FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
2,851,078 SHARES, OR 64.06% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 85.08%
OF THE SHARES OF THE SAFECO GNMA FUND VOTING. THE VOTE
WAS 2,425,586 "FOR" ADOPTION OF THE PROPOSAL, 131,781
"WITHHELD" AND 293,711 ABSTAINING.
SAFECO TAX-EXEMPT BOND TRUST:
INTERMEDIATE-TERM MUNICIPAL BOND FUND: OF THE 1,375,151
SHARES OF THE SAFECO INTERMEDIATE-TERM MUNICIPAL BOND FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
1,079,973 SHARES, OR 78.53% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 51.45%
OF THE SHARES OF THE SAFECO INTERMEDIATE-TERM MUNICIPAL BOND
FUND OUTSTANDING. THE VOTE WAS 798,892 "FOR" ADOPTION OF
THE PROPOSAL, 241,358 "WITHHELD" AND 39,723 ABSTAINING.
INSURED MUNICIPAL BOND FUND: OF THE 2,203,149 SHARES OF THE
SAFECO INSURED MUNICIPAL BOND FUND OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 1,677,915 SHARES, OR 76.16% OF
THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 78.51%
OF THE SHARES OF THE SAFECO INSURED MUNICIPAL BOND FUND
VOTING. THE VOTE WAS 1,317,315 "FOR" ADOPTION OF THE
PROPOSAL, 207,957 "WITHHELD" AND 152,643 ABSTAINING.
MUNICIPAL BOND FUND: OF THE 38,210,452 SHARES OF THE SAFECO
MUNICIPAL BOND FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 25,487,907 SHARES, OR 66.70% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 82.12%
OF THE SHARES OF THE SAFECO MUNICIPAL BOND FUND VOTING. THE
VOTE WAS 20,931,923 "FOR" ADOPTION OF THE PROPOSAL,
1,908,121 "WITHHELD" AND 2,647,863 ABSTAINING.
CALIFORNIA TAX-FREE INCOME FUND: OF THE 9,232,697 SHARES OF
THE SAFECO CALIFORNIA TAX-FREE INCOME FUND OUTSTANDING ON
THE RECORD DATE AND ENTITLED TO VOTE AT THIS MEETING, WE
HAVE PRESENT IN PERSON OR THROUGH PROXY 5,436,250 SHARES, OR
58.88% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 83.67%
OF THE SHARES OF THE SAFECO CALIFORNIA TAX-FREE INCOME FUND
VOTING. THE VOTE WAS 4,548,743 "FOR" ADOPTION OF THE
PROPOSAL, 188,074 "WITHHELD" AND 699,433 ABSTAINING.
WASHINGTON STATE MUNICIPAL BOND FUND: OF THE 732,570 SHARES
OF THE SAFECO WASHINGTON STATE MUNICIPAL BOND FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY 701,193
SHARES, OR 95.72% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 53.84%
OF THE SHARES OF THE SAFECO WASHINGTON STATE MUNICIPAL BOND
FUND OUTSTANDING. THE VOTE WAS 394,393 "FOR" ADOPTION OF
THE PROPOSAL, 259,793 "WITHHELD" AND 47,007 ABSTAINING.
PROPOSAL #4:
SAFECO COMMON STOCK TRUST:
GROWTH FUND: OF THE 62,540,590 SHARES OF THE SAFECO GROWTH
FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT
THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
32,424,759 SHARES, OR 51.85% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 69.66%
OF THE SHARES OF THE SAFECO GROWTH FUND VOTING. THE VOTE
WAS 22,586,839 "FOR" ADOPTION OF THE PROPOSAL,
3,379,701"WITHHELD" AND 6,458,979 ABSTAINING.
EQUITY FUND: OF THE 92,281,723 SHARES OF THE SAFECO EQUITY
FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT
THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
47,790,640 SHARES, OR 51.79% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 76.28%
OF THE SHARES OF THE SAFECO EQUITY FUND VOTING. THE VOTE
WAS 36,456,954 "FOR" ADOPTION OF THE PROPOSAL, 4,598,200
"WITHHELD" AND 6,736,644 ABSTAINING.
INCOME FUND: OF THE 16,777,409 SHARES OF THE SAFECO INCOME
FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT
THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
9,674,405 SHARES, OR 57.66% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 82.09%
OF THE SHARES OF THE SAFECO INCOME FUND VOTING. THE VOTE
WAS 7,942,096 "FOR" ADOPTION OF THE PROPOSAL, 908,261
"WITHHELD" AND 824,130 ABSTAINING.
NORTHWEST FUND: OF THE 3,819,498 SHARES OF THE SAFECO
NORTHWEST FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED
TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON OR
THROUGH PROXY 2,431,975 SHARES, OR 63.67% OF THE OUTSTANDING
SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 80.71%
OF THE SHARES OF THE SAFECO NORTHWEST FUND VOTING. THE VOTE
WAS 1,962,769 "FOR" ADOPTION OF THE PROPOSAL, 220,245
"WITHHELD" AND 243,961 ABSTAINING.
BALANCED FUND: OF THE 1,825,230 SHARES OF THE SAFECO
BALANCED FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO
VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH
PROXY 1,227,226 SHARES, OR 67.24% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 89.46%
OF THE SHARES OF THE SAFECO BALANCED FUND VOTING. THE VOTE
WAS 1,097,834 "FOR" ADOPTION OF THE PROPOSAL, 53,659
"WITHHELD" AND 75,733 ABSTAINING.
INTERNATIONAL STOCK FUND: OF THE 1,922,978 SHARES OF THE
SAFECO INTERNATIONAL STOCK FUND OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 1,509,576 SHARES, OR 78.50% OF
THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 87.30%
OF THE SHARES OF THE SAFECO INTERNATIONAL STOCK FUND VOTING.
THE VOTE WAS 1,317,834 "FOR" ADOPTION OF THE PROPOSAL,
103,297 "WITHHELD" AND 88,445 ABSTAINING.
SMALL COMPANY STOCK FUND: OF THE 3,367,829 SHARES OF THE
SAFECO SMALL COMPANY STOCK FUND OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 2,068,449 SHARES, OR 61.42% OF
THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 75.56%
OF THE SHARES OF THE SAFECO SMALL COMPANY STOCK FUND
VOTING. THE VOTE WAS 1,562,992 "FOR" ADOPTION OF THE
PROPOSAL, 145,808 "WITHHELD" AND 359,649 ABSTAINING.
U.S. VALUE FUND: OF THE 919,754 SHARES OF THE SAFECO U.S.
VALUE FUND OUTSTANDING ON THE RECORD DATE AND ENTITLED TO
VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON OR THROUGH
PROXY 679,503 SHARES, OR 73.88% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 78.09%
OF THE SHARES OF THE SAFECO U.S. VALUE FUND VOTING. THE
VOTE WAS 530,612 "FOR" ADOPTION OF THE PROPOSAL, 41,127
"WITHHELD" AND 107,764 ABSTAINING.
SAFECO MONEY MARKET TRUST:
SAFECO MONEY MARKET FUND: OF THE 221,038,952 SHARES OF THE
SAFECO MONEY MARKET FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 125,942,582 SHARES, OR 56.98% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 87.71%
OF THE SHARES OF THE SAFECO MONEY MARKET FUND VOTING. THE
VOTE WAS 110,460,204 "FOR" ADOPTION OF THE PROPOSAL,
7,605,668 "WITHHELD" AND 7,876,710 ABSTAINING.
SAFECO TAX-FREE MONEY MARKET FUND: OF THE 80,536,215 SHARES
OF THE SAFECO TAX-FREE MONEY MARKET FUND OUTSTANDING ON THE
RECORD DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE
PRESENT IN PERSON OR THROUGH PROXY 50,492,404 SHARES, OR
62.70% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 88.68%
OF THE SHARES OF THE SAFECO TAX-FREE MONEY MARKET FUND
VOTING. THE VOTE WAS 44,775,141 "FOR" ADOPTION OF THE
PROPOSAL, 3,422,366 "WITHHELD" AND 2,294,897 ABSTAINING.
SAFECO MANAGED BOND TRUST:
MANAGED BOND FUND: OF THE 884,264 SHARES OF THE SAFECO
MANAGED BOND FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 636,988 SHARES, OR 72.04% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 93.22%
OF THE SHARES OF THE SAFECO MANAGED BOND FUND VOTING. THE
VOTE WAS 593,777 "FOR" ADOPTION OF THE PROPOSAL, 18,356
"WITHHELD" AND 24,855 ABSTAINING.
SAFECO TAXABLE BOND TRUST:
INTERMEDIATE-TERM U.S. TREASURY FUND: OF THE 2,185,814
SHARES OF THE SAFECO INTERMEDIATE-TERM U.S. TREASURY FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
1,377,256 SHARES, OR 63.01% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 88.12%
OF THE SHARES OF THE SAFECO INTERMEDIATE-TERM U.S. TREASURY
FUND VOTING. THE VOTE WAS 1,213,700 "FOR" ADOPTION OF THE
PROPOSAL, 84,118 "WITHHELD" AND 79,438 ABSTAINING.
HIGH-YIELD BOND FUND: OF THE 9,766,498 SHARES OF THE SAFECO
HIGH-YIELD BOND FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 5,996,706 SHARES, OR 61.40% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 70.46%
OF THE SHARES OF THE SAFECO HIGH-YIELD BOND FUND VOTING.
THE VOTE WAS 4,225,533 "FOR" ADOPTION OF THE PROPOSAL,
466,290 "WITHHELD" AND 1,304,883 ABSTAINING.
GNMA FUND: OF THE 4,450,796 SHARES OF THE SAFECO GNMA FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
2,851,078 SHARES, OR 64.06% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 84.20%
OF THE SHARES OF THE SAFECO GNMA FUND VOTING. THE VOTE
WAS 2,400,507 "FOR" ADOPTION OF THE PROPOSAL, 151,289
"WITHHELD" AND 299,282 ABSTAINING.
SAFECO TAX-EXEMPT BOND TRUST:
INTERMEDIATE-TERM MUNICIPAL BOND FUND: OF THE 1,375,151
SHARES OF THE SAFECO INTERMEDIATE-TERM MUNICIPAL BOND FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY
1,079,973 SHARES, OR 78.53% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 71.29%
OF THE SHARES OF THE SAFECO INTERMEDIATE-TERM MUNICIPAL BOND
FUND VOTING. THE VOTE WAS 769,963 "FOR" ADOPTION OF THE
PROPOSAL, 250,834 "WITHHELD" AND 59,176 ABSTAINING.
INSURED MUNICIPAL BOND FUND: OF THE 2,203,149 SHARES OF THE
SAFECO INSURED MUNICIPAL BOND FUND OUTSTANDING ON THE RECORD
DATE AND ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT
IN PERSON OR THROUGH PROXY 1,677,915 SHARES, OR 76.16% OF
THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 77.88%
OF THE SHARES OF THE SAFECO INSURED MUNICIPAL BOND FUND
VOTING. THE VOTE WAS 1,306,780 "FOR" ADOPTION OF THE
PROPOSAL, 217,524 "WITHHELD" AND 153,611 ABSTAINING.
MUNICIPAL BOND FUND: OF THE 38,210,452 SHARES OF THE SAFECO
MUNICIPAL BOND FUND OUTSTANDING ON THE RECORD DATE AND
ENTITLED TO VOTE AT THIS MEETING, WE HAVE PRESENT IN PERSON
OR THROUGH PROXY 25,487,907 SHARES, OR 66.70% OF THE
OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 76.31%
OF THE SHARES OF THE SAFECO MUNICIPAL BOND FUND VOTING. THE
VOTE WAS 19,449,440 "FOR" ADOPTION OF THE PROPOSAL,
3,304,549 "WITHHELD" AND 2,733,918 ABSTAINING.
CALIFORNIA TAX-FREE INCOME FUND: OF THE 9,232,697 SHARES OF
THE SAFECO CALIFORNIA TAX-FREE INCOME FUND OUTSTANDING ON
THE RECORD DATE AND ENTITLED TO VOTE AT THIS MEETING, WE
HAVE PRESENT IN PERSON OR THROUGH PROXY 5,436,250 SHARES, OR
58.88% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 81.05%
OF THE SHARES OF THE SAFECO CALIFORNIA TAX-FREE INCOME FUND
VOTING. THE VOTE WAS 4,406,287 "FOR" ADOPTION OF THE
PROPOSAL, 254,239 "WITHHELD" AND 775,724 ABSTAINING.
WASHINGTON STATE MUNICIPAL BOND FUND: OF THE 732,570 SHARES
OF THE SAFECO WASHINGTON STATE MUNICIPAL BOND FUND
OUTSTANDING ON THE RECORD DATE AND ENTITLED TO VOTE AT THIS
MEETING, WE HAVE PRESENT IN PERSON OR THROUGH PROXY 701,193
SHARES, OR 95.72% OF THE OUTSTANDING SHARES.
THE PROPOSAL HAS BEEN ADOPTED BY A FAVORABLE VOTE OF 54.70%
OF THE SHARES OF THE SAFECO WASHINGTON STATE MUNICIPAL BOND
FUND OUTSTANDING. THE VOTE WAS 400,725 "FOR" ADOPTION OF
THE PROPOSAL, 269,780 "WITHHELD" AND 30,688 ABSTAINING.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO MUNICIPAL BOND FUND NO LOAD CLASS
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<S> <C>
<PERIOD-TYPE> SEMI-ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUNE-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 481,704
<INVESTMENTS-AT-VALUE> 521,522
<RECEIVABLES> 8,883
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 530,405
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,486
<TOTAL-LIABILITIES> 2,486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 486,741
<SHARES-COMMON-STOCK> 37,971
<SHARES-COMMON-PRIOR> 37,373
<ACCUMULATED-NII-CURRENT> 13,292
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,361
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,818
<NET-ASSETS> 525,375
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,756
<OTHER-INCOME> 0
<EXPENSES-NET> 1,464
<NET-INVESTMENT-INCOME> 13,292
<REALIZED-GAINS-CURRENT> 1,361
<APPREC-INCREASE-CURRENT> (24,752)
<NET-CHANGE-FROM-OPS> (10,099)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,241)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,807
<NUMBER-OF-SHARES-REDEEMED> (3,705)
<SHARES-REINVESTED> 496
<NET-CHANGE-IN-ASSETS> (14,262)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTR-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,464
<AVERAGE-NET-ASSETS> 545,049
<PER-SHARE-NAV-BEGIN> 14.45
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> (0.61)
<PER-SHARE-DIVIDEND> (0.35)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.84
<EXPENSE-RATIO> 0.54
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO MUNICIPAL BOND FUND CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> SEMI-ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUNE-30-1999
<EXCHANGE-RATE> 1 *
<INVESTMENTS-AT-COST> 481,704 *
<INVESTMENTS-AT-VALUE> 521,522 *
<RECEIVABLES> 8,883 *
<ASSETS-OTHER> 0 *
<OTHER-ITEMS-ASSETS> 0 *
<TOTAL-ASSETS> 530,405 *
<PAYABLE-FOR-SECURITIES> 0 *
<SENIOR-LONG-TERM-DEBT> 0 *
<OTHER-ITEMS-LIABILITIES> 2,486 *
<TOTAL-LIABILITIES> 2,486 *
<SENIOR-EQUITY> 0 *
<PAID-IN-CAPITAL-COMMON> 486,741 *
<SHARES-COMMON-STOCK> 73
<SHARES-COMMON-PRIOR> 65
<ACCUMULATED-NII-CURRENT> 13,292 *
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,361 *
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,818 *
<NET-ASSETS> 1,013
<DIVIDEND-INCOME> 0 *
<INTEREST-INCOME> 14,756 *
<OTHER-INCOME> 0 *
<EXPENSES-NET> 1,464 *
<NET-INVESTMENT-INCOME> 13,292 *
<REALIZED-GAINS-CURRENT> 1,361 *
<APPREC-INCREASE-CURRENT> (24,752) *
<NET-CHANGE-FROM-OPS> (10,099) *
<EQUALIZATION> 0 *
<DISTRIBUTIONS-OF-INCOME> (23)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0 *
<NUMBER-OF-SHARES-SOLD> 8
<NUMBER-OF-SHARES-REDEEMED> (1)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (14,262) *
<ACCUMULATED-NII-PRIOR> 0 *
<ACCUMULATED-GAINS-PRIOR> 0 *
<OVERDISTR-NII-PRIOR> 0 *
<OVERDIST-NET-GAINS-PRIOR> 0 *
<GROSS-ADVISORY-FEES> 1,142 *
<INTEREST-EXPENSE> 0 *
<GROSS-EXPENSE> 1,464 *
<AVERAGE-NET-ASSETS> 1,009
<PER-SHARE-NAV-BEGIN> 14.45
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> (0.61)
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> 0.00 *
<RETURNS-OF-CAPITAL> 0 *
<PER-SHARE-NAV-END> 13.84
<EXPENSE-RATIO> 0.87
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO MUNICIPAL BOND FUND CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> SEMI-ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUNE-30-1999
<EXCHANGE-RATE> 1 *
<INVESTMENTS-AT-COST> 481,704 *
<INVESTMENTS-AT-VALUE> 521,522 *
<RECEIVABLES> 8,883 *
<ASSETS-OTHER> 0 *
<OTHER-ITEMS-ASSETS> 0 *
<TOTAL-ASSETS> 530,405 *
<PAYABLE-FOR-SECURITIES> 0 *
<SENIOR-LONG-TERM-DEBT> 0 *
<OTHER-ITEMS-LIABILITIES> 2,486 *
<TOTAL-LIABILITIES> 2,486 *
<SENIOR-EQUITY> 0 *
<PAID-IN-CAPITAL-COMMON> 486,741 *
<SHARES-COMMON-STOCK> 111
<SHARES-COMMON-PRIOR> 95
<ACCUMULATED-NII-CURRENT> 13,292 *
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,361 *
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,818 *
<NET-ASSETS> 1,531
<DIVIDEND-INCOME> 0 *
<INTEREST-INCOME> 14,756 *
<OTHER-INCOME> 0 *
<EXPENSES-NET> 1,464 *
<NET-INVESTMENT-INCOME> 13,292 *
<REALIZED-GAINS-CURRENT> 1,361 *
<APPREC-INCREASE-CURRENT> (24,752) *
<NET-CHANGE-FROM-OPS> (10,099) *
<EQUALIZATION> 0 *
<DISTRIBUTIONS-OF-INCOME> (28)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0 *
<NUMBER-OF-SHARES-SOLD> 19
<NUMBER-OF-SHARES-REDEEMED> (4)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (14,262) *
<ACCUMULATED-NII-PRIOR> 0 *
<ACCUMULATED-GAINS-PRIOR> 0 *
<OVERDISTR-NII-PRIOR> 0 *
<OVERDIST-NET-GAINS-PRIOR> 0 *
<GROSS-ADVISORY-FEES> 1,142 *
<INTEREST-EXPENSE> 0 *
<GROSS-EXPENSE> 1,464 *
<AVERAGE-NET-ASSETS> 1,474
<PER-SHARE-NAV-BEGIN> 14.43
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.61)
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> 0.00 *
<RETURNS-OF-CAPITAL> 0 *
<PER-SHARE-NAV-END> 13.82
<EXPENSE-RATIO> 1.59
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 2
<NAME> SAFECO CALIFORNIA TAX FREE INCOME FUND NO LOAD CLASS
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> SEMI-ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUNE-30-1999
<EXCHANGE-RATE> 1 *
<INVESTMENTS-AT-COST> 106,902 *
<INVESTMENTS-AT-VALUE> 109,576 *
<RECEIVABLES> 1,353 *
<ASSETS-OTHER> 0 *
<OTHER-ITEMS-ASSETS> 0 *
<TOTAL-ASSETS> 110,929 *
<PAYABLE-FOR-SECURITIES> 0 *
<SENIOR-LONG-TERM-DEBT> 0 *
<OTHER-ITEMS-LIABILITIES> 507 *
<TOTAL-LIABILITIES> 507 *
<SENIOR-EQUITY> 0 *
<PAID-IN-CAPITAL-COMMON> 107,600 *
<SHARES-COMMON-STOCK> 8,994
<SHARES-COMMON-PRIOR> 8,830
<ACCUMULATED-NII-CURRENT> 2,570 *
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 148 *
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,674 *
<NET-ASSETS> 108,615
<DIVIDEND-INCOME> 0 *
<INTEREST-INCOME> 2,969 *
<OTHER-INCOME> 0 *
<EXPENSES-NET> 399 *
<NET-INVESTMENT-INCOME> 2,570 *
<REALIZED-GAINS-CURRENT> 148 *
<APPREC-INCREASE-CURRENT> (6,285) *
<NET-CHANGE-FROM-OPS> (3,567) *
<EQUALIZATION> 0 *
<DISTRIBUTIONS-OF-INCOME> (2,536)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,670
<NUMBER-OF-SHARES-REDEEMED> (1,635)
<SHARES-REINVESTED> 129
<NET-CHANGE-IN-ASSETS> (3,640) *
<ACCUMULATED-NII-PRIOR> 0 *
<ACCUMULATED-GAINS-PRIOR> 0 *
<OVERDISTR-NII-PRIOR> 0 *
<OVERDIST-NET-GAINS-PRIOR> 0 *
<GROSS-ADVISORY-FEES> 298 *
<INTEREST-EXPENSE> 0 *
<GROSS-EXPENSE> 399 *
<AVERAGE-NET-ASSETS> 114,934
<PER-SHARE-NAV-BEGIN> 12.74
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> (0.66)
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.08
<EXPENSE-RATIO> 0.69
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 2
<NAME> SAFECO CALIFORNIA TAX FREE INCOME FUND CLASS A
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<S> <C>
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<PER-SHARE-NAV-END> 12.08
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE]
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 2
<NAME> SAFECO CALIFORNIA TAX FREE INCOME FUND CLASS B
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 4
<NAME> SAFECO INSURED MUNICIPAL BOND FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 5
<NAME> SAFECO INTERMEDIATE TERM MUNICIPAL BOND FUND
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 3
<NAME> SAFECO WASHINGTON STATE MUNICIPAL BOND FUND NO LOAD CLASS
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<S> <C>
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<NET-CHANGE-IN-ASSETS> (439) *
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 3
<NAME> SAFECO WASHINGTON STATE MUNICIPAL BOND FUND CLASS A
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<CURRENCY> U.S. DOLLARS
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<NET-INVESTMENT-INCOME> 169 *
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<NET-CHANGE-IN-ASSETS> (439) *
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<PER-SHARE-NAV-BEGIN> 10.79
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893565
<NAME> SAFECO TAX EXEMPT BOND TRUST
<SERIES>
<NUMBER> 3
<NAME> SAFECO WASHINGTON STATE MUNICIPAL BOND FUND CLASS B
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<S> <C>
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<NET-CHANGE-IN-ASSETS> (439) *
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
