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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 11
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<PAGE> PAGE 21
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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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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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SIGNATURE DAVID F. HILL
TITLE PRESIDENT
Report of Independent Auditors
To the Shareholders and Board of Trustees of SAFECO Resource
Series Trust
In planning and performing our audit of the financial statements
of SAFECO Resource Series Trust (comprising, respectively, the
SAFECO RST Equity Portfolio, SAFECO RST Growth Portfolio, SAFECO
RST Northwest Portfolio, SAFECO RST Small Company Portfolio,
SAFECO Bond Portfolio, and SAFECO RST Money Market Portfolio)
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 the SAFECO Resource Series 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 the SAFECO Resource Series
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
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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<NAME> SAFECO RST BOND PORTFOLIO
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<PERIOD-END> DEC-31-1999
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<DISTRIBUTIONS-OF-GAINS> (13)
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<NUMBER-OF-SHARES-REDEEMED> (1,019)
<SHARES-REINVESTED> 155
<NET-CHANGE-IN-ASSETS> (1,986)
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<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> (1.07)
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<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 0.91
[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>
<CIK> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO RST EQUITY PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 460,540
<INVESTMENTS-AT-VALUE> 647,191
<RECEIVABLES> 894
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 1,007
<TOTAL-LIABILITIES> 1,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 460,427
<SHARES-COMMON-STOCK> 20,858
<SHARES-COMMON-PRIOR> 18,596
<ACCUMULATED-NII-CURRENT> 5,055
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,280
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 186,651
<NET-ASSETS> 647,078
<DIVIDEND-INCOME> 8,921
<INTEREST-INCOME> 921
<OTHER-INCOME> 0
<EXPENSES-NET> 4,787
<NET-INVESTMENT-INCOME> 5,055
<REALIZED-GAINS-CURRENT> 29,280
<APPREC-INCREASE-CURRENT> 20,195
<NET-CHANGE-FROM-OPS> 54,530
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,098)
<DISTRIBUTIONS-OF-GAINS> (29,266)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (5,675)
<SHARES-REINVESTED> 1,108
<NET-CHANGE-IN-ASSETS> 89,764
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,638
<INTEREST-EXPENSE> 2
<GROSS-EXPENSE> 4,787
<AVERAGE-NET-ASSETS> 628,281
<PER-SHARE-NAV-BEGIN> 29.97
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 2.53
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.02
<EXPENSE-RATIO> 0.76
[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>
<CIK> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
<NUMBER> 4
<NAME> SAFECO RST GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 327,603
<INVESTMENTS-AT-VALUE> 347,813
<RECEIVABLES> 270
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 348,083
<PAYABLE-FOR-SECURITIES> 1,801
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 557
<TOTAL-LIABILITIES> 2,358
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 326,768
<SHARES-COMMON-STOCK> 15,366
<SHARES-COMMON-PRIOR> 16,735
<ACCUMULATED-NII-CURRENT> (1,460)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,253)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,210
<NET-ASSETS> 345,725
<DIVIDEND-INCOME> 1,017
<INTEREST-INCOME> 38
<OTHER-INCOME> 0
<EXPENSES-NET> 2,515
<NET-INVESTMENT-INCOME> (1,460)
<REALIZED-GAINS-CURRENT> (1,256)
<APPREC-INCREASE-CURRENT> 17,800
<NET-CHANGE-FROM-OPS> 15,084
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 5,871
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (10,682)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,368
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<GROSS-EXPENSE> 2,515
<AVERAGE-NET-ASSETS> 321,008
<PER-SHARE-NAV-BEGIN> 21.30
<PER-SHARE-NII> (0.09)
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<EXPENSE-RATIO> 0.78
[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> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
<NUMBER> 3
<NAME> SAFECO RST MONEY MARKET PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
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<ACCUMULATED-NII-CURRENT> 1,254
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 218
<NET-INVESTMENT-INCOME> 1,254
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,254
<EQUALIZATION>
<DISTRIBUTIONS-OF-INCOME> (1,254)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 73,527
<NUMBER-OF-SHARES-REDEEMED> (73,378)
<SHARES-REINVESTED> 1,363
<NET-CHANGE-IN-ASSETS> 1,512
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 218
<AVERAGE-NET-ASSETS> 27,752
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
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<EXPENSE-RATIO> 0.78
[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> 795892
<NAME> SAFECO RESOURCE SERIES TRUST
<SERIES>
<NUMBER> 5
<NAME> SAFECO RST NORTHWEST PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
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<PAID-IN-CAPITAL-COMMON> 32,016
<SHARES-COMMON-STOCK> 2,113
<SHARES-COMMON-PRIOR> 1,572
<ACCUMULATED-NII-CURRENT> (72)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO RESOURCE SERIES TRUST
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<NAME> SAFECO RST SMALL COMPANY PORTFOLIO
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