<PAGE> PAGE 1
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<PAGE> PAGE 2
011 C01AA01 SEATTLE
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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 7
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<PAGE> PAGE 8
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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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030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 250000
048 A020500 0.500
048 B010500 500000
048 B020500 0.450
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 750000
048 K020500 0.400
<PAGE> PAGE 22
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 95.7
062 P000500 0.0
062 Q000500 0.0
062 R000500 2.9
063 A000500 0
063 B000500 5.8
064 A000500 Y
064 B000500 N
071 A000500 1543
071 B000500 1531
071 C000500 14562
071 D000500 11
072 A000500 12
072 B000500 749
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 76
072 G000500 0
072 H000500 0
072 I000500 11
072 J000500 2
072 K000500 0
072 L000500 5
072 M000500 6
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 19
072 S000500 0
<PAGE> PAGE 23
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 18
072 X000500 137
072 Y000500 9
072 Z000500 621
072AA000500 28
072BB000500 0
072CC010500 0
072CC020500 777
072DD010500 621
072DD020500 0
072EE000500 28
073 A010500 0.4479
073 A020500 0.0000
073 B000500 0.0200
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 13978
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 428
074 J000500 0
074 K000500 0
074 L000500 251
074 M000500 0
074 N000500 14657
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 50
074 S000500 0
074 T000500 14607
074 U010500 1396
074 U020500 0
074 V010500 10.46
074 V020500 0.00
074 W000500 0.0000
074 X000500 311
074 Y000500 0
075 A000500 0
075 B000500 14857
076 000500 0.00
<PAGE> PAGE 24
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 0
028 G020600 0
028 G030600 0
028 G040600 0
028 H000600 0
SIGNATURE DAVID F HILL
TITLE PRESIDENT
Report of Independent Auditors
To the Shareholders and Board of Trustees of SAFECO Tax-Exempt
Bond Trust
In planning and performing our audit of the financial statements
of SAFECO Tax-Exempt Bond Trust (comprising, respectively, the
SAFECO California Tax-Free Income Fund, the SAFECO Municipal
Bond Fund, the SAFECO Washington State Municipal Bond Fund, the
SAFECO Intermediate-Term Municipal Bond Fund, and the SAFECO
Insured Municipal 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 Tax-Exempt 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 Tax-Exempt 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
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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<EXPENSES-NET> 812 *
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<NET-CHANGE-FROM-OPS> (10,080) *
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<DISTRIBUTIONS-OF-INCOME> (38)
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<AVERAGE-NET-ASSETS> 873
<PER-SHARE-NAV-BEGIN> 12.74
<PER-SHARE-NII> 0.52
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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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SAFECO TAX EXEMPT BOND TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SAFECO TAX EXEMPT BOND TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO TAX EXEMPT BOND TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO TAX EXEMPT BOND TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO TAX EXEMPT BOND TRUST
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