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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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SIGNATURE DAVID F. HILL
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SAFECO RESOURCE SERIES TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<CIK> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
<NUMBER> 3
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
<NUMBER> 5
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
<NUMBER> 6
<NAME> SAFECO RST SMALL COMPANY PORTFOLIO
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</TABLE>
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of the
SAFECO Resource Series Trust
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of the
SAFECO Bond Portfolio (one of the portfolios constituting
the SAFECO Resource Series Trust) as of December 31, 1998,
and the related statement of operations for the year then
ended, the statements of changes in net assets for each of
the two years in the period then ended, and the financial
highlights for each of the five years in the period then
ended. These financial statements and financial highlights
are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the SAFECO Bond
Portfolio of the SAFECO Resource Series Trust as of December
31, 1998, the results of its operations, the changes in its
net assets, and the financial highlights for each of the
periods referred to above, in conformity with generally
accepted accounting principles.
Seattle, Washington
February 5, 1999
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of the
SAFECO Resource Series Trust
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of the
SAFECO Equity Portfolio (one of the portfolios constituting
the SAFECO Resource Series Trust) as of December 31, 1998,
and the related statement of operations for the year then
ended, the statements of changes in net assets for each of
the two years in the period then ended, and the financial
highlights for each of the five years in the period then
ended. These financial statements and financial highlights
are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the SAFECO Equity
Portfolio of the SAFECO Resource Series Trust as of December
31, 1998, the results of its operations, the changes in its
net assets, and the financial highlights for each of the
periods referred to above, in conformity with generally
accepted accounting principles.
Seattle, Washington
February 5, 1999
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of the
SAFECO Resource Series Trust
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of the
SAFECO Growth Portfolio (one of the portfolios constituting
the SAFECO Resource Series Trust) as of December 31, 1998,
and the related statement of operations for the year then
ended, the statements of changes in net assets for each of
the two years in the period then ended, and the financial
highlights for each of the five years in the period then
ended. These financial statements and financial highlights
are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the SAFECO Growth
Portfolio of the SAFECO Resource Series Trust as of December
31, 1998, the results of its operations, the changes in its
net assets, and the financial highlights for each of the
periods referred to above, in conformity with generally
accepted accounting principles.
Seattle, Washington
February 5, 1999
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of the
SAFECO Resource Series Trust
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of the
SAFECO Money Market Portfolio (one of the portfolios
constituting the SAFECO Resource Series Trust) as of
December 31, 1998, and the related statement of operations
for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in
the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the SAFECO Money Market
Portfolio of the SAFECO Resource Series Trust as of December
31, 1998, the results of its operations, the changes in its
net assets, and the financial highlights for each of the
periods referred to above, in conformity with generally
accepted accounting principles.
Seattle, Washington
February 5, 1999
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of the
SAFECO Resource Series Trust
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of the
SAFECO Northwest Portfolio (one of the portfolios
constituting the SAFECO Resource Series Trust) as of
December 31, 1998, and the related statement of operations
for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in
the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the SAFECO Northwest
Portfolio of the SAFECO Resource Series Trust as of December
31, 1998, the results of its operations, the changes in its
net assets, and the financial highlights for each of the
periods referred to above, in conformity with generally
accepted accounting principles.
Seattle, Washington
February 5, 1999
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of the
SAFECO Resource Series Trust
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of the
SAFECO Small Company Stock Portfolio (one of the portfolios
constituting the SAFECO Resource Series Trust) as of
December 31, 1998, and the related statement of operations
for the year then ended, and the statements of changes in
net assets and financial highlights for the year then ended
and for the period April 30, 1997 (commencement of
operations) to December 31, 1997. These financial
statements and financial highlights are the responsibility
of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the SAFECO Small Company
Stock Portfolio of the SAFECO Resource Series Trust as of
December 31, 1998, the results of its operations, the
changes in its net assets, and the financial highlights for
each of the periods referred to above, in conformity with
generally accepted accounting principles.
Seattle, Washington
February 5, 1999
