<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Initial Filing)*
Bnc Mortgage Inc.
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(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
05561Y105
---------
(CUSIP Number)
4/30/98 (Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this schedule
is filed:
(X) Rule 13d-1(b)
( ) Rule 13d-1(c)
( ) Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
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CUSIP No. 05561Y105
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_________________________________________________________________
1) Name of Reporting Person SAFECO Common Stock Trust
S.S. or I.R.S. Identifica-
tion No. of Above Person
_________________________________________________________________
2) Check the Appropriate Box (a)
if a Member of a Group _________________________
(See Instructions) (b)
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Citizenship or Place of State of Delaware
Organization
_________________________________________________________________
Number of (5) Sole Voting
Shares Bene- Power 0
ficially
Owned by __________________________________________________
Reporting (6) Shared Voting 496,100
Person With Power
__________________________________________________
(7) Sole Disposi-
tive Power 0
__________________________________________________
(8) Shared Dispositive 496,100
Power
_________________________________________________________________
9) Aggregate Amount Bene- 496,100
ficially Owned by
Reporting Person
_________________________________________________________________
10) Check if the Aggregate
Amount in Row (9) Excludes
Certain Shares (See Instructions)
_________________________________________________________________
11) Percent of Class
Represented by Amount in Row 9 9.187%
_________________________________________________________________
12) Type of Reporting Person IV
(See Instructions)
Page 2 of 8 Pages
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CUSIP No. 05561Y105
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_________________________________________________________________
1) Name of Reporting Person SAFECO Asset Management
S.S. or I.R.S. Identifica- Company
tion No. of Above Person
_________________________________________________________________
2) Check the Appropriate Box (a)
if a Member of a Group _________________________
(See Instructions) (b)
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Citizenship or Place of State of Washington
Organization
_________________________________________________________________
Number of (5) Sole Voting
Shares Bene- Power 0
ficially _________________________________________________
Owned by (6) Shared Voting
Reporting Power 628,100
Person With _________________________________________________
(7) Sole Disposi-
tive Power 0
_________________________________________________
(8) Shared
Dispositive Power 628,100
_________________________________________________________________
9) Aggregate Amount Bene- 628,100(1)
ficially Owned by
Reporting Person
_________________________________________________________________
10) Check if the Aggregate
Amount in Row (9) Excludes
Certain Shares (See Instructions)
_________________________________________________________________
11) Percent of Class Represented
by Amount in Row 9 11.631%
_________________________________________________________________
12) Type of Reporting Person IA
(See Instructions)
- ------------------------
1 The Reporting Person disclaims any beneficial ownership of the shares
reported on this joint 13G. The reported shares are owned
beneficially by registered investment companies for which the
Reporting Person serves as an adviser, and include the shares reported
in this joint 13G by SAFECO Common Stock Trust.
Page 3 of 8 Pages
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CUSIP No. 05561Y105
---------
_________________________________________________________________
1) Name of Reporting Person SAFECO Corporation
S.S. or I.R.S. Identifica-
tion No. of Above Person
_________________________________________________________________
2) Check the Appropriate Box (a)
if a Member of a Group _________________________
(See Instructions) (b)
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Citizenship or Place of Organization State of Washington
_________________________________________________________________
Number of (5) Sole Voting
Shares Bene- Power 0
ficially _________________________________________________
Owned by (6) Shared Voting
Reporting Power 628,100
Person With _________________________________________________
(7) Sole Disposi-
tive Power 0
_________________________________________________
(8) Shared
Dispositive Power 628,100
_________________________________________________________________
9) Aggregate Amount Beneficially 628,100(2)
Owned by Reporting Person
_________________________________________________________________
10) Check if the Aggregate
Amount in Row (9) Excludes
Certain Shares (See Instructions)
_________________________________________________________________
11) Percent of Class Represented
by Amount in Row 9 11.631%
_________________________________________________________________
12) Type of Reporting Person HC
(See Instructions)
_________________________________________________________________
- ------------------------
2 The Reporting Person disclaims any beneficial ownership of the shares
reported on this joint 13G. The reported shares are owned
beneficially by registered investment companies for which a subsidiary
of the Reporting Person serves as adviser.
Page 4 of 8 Pages
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CUSIP No. 05561Y105
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Item 1(a). Name of Issuer: See front cover
Item 1(b). Address of Issuer Principal Executive Offices:
1063 Mcgaw Avenue, Irvine, CA 92614
Item 2(a). Name of Person(s) Filing: See Item 1 on cover page (pp 2-4).
Item 2(b). Address of Principal Business Office or, If None, Residence:
SAFECO Common Stock Trust and SAFECO Corporation: SAFECO Plaza, Seattle,
WA 98185
SAFECO Asset Management Company: 601 Union Street, Suite 2500, Seattle,
WA 98101
Item 2(c). Citizenship: See Item 4 on cover page (pp 2-4).
Item 2(d). Title of Class of Securities: See front cover page.
Item 2(e). CUSIP Number: See front cover page.
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the persons filing are:
(a) ( ) Broker or Dealer registered under Section 15 of the Act.
(b) ( ) Bank as defined in Section 3(a)(6) of the Act.
(c) ( ) Insurance Company as defined in Section 3(a)(19) of the Act.
(d) (X) Investment Company registered under Section 8 of the Investment
Company Act of 1940.
(e) (X) Investment Advisor registered under Section 203 of the Investment
Advisers Act of 1940.
(f) ( ) Employee Benefit Plan, Pension Fund which is subject to provisions
of Employee Retirement Income Security Act of 1974 or Endowment
Fund; see Rule 13d-1(b)(1)(ii)(F).
(g) (X) Parent Holding Company in accordance with Rule 13d-1(b)(ii)(G).
(h) ( ) Savings Association as defined in Section 3(b) of the Federal
Deposit Insurance Act.
(i) ( ) Church Plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of
1940.
(j) ( ) Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Page 5 of 8 Pages
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CUSIP No. 05561Y105
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Item 4. Ownership:
Items (a) through (c): See items 1 and 5-11 of the cover pages
(pp 2-4).
SAFECO Asset Management Company and SAFECO Corporation expressly
declare that the filing of this statement on Schedule 13G shall
not be construed as an admission that they are, for the purposes
of Section 13(d) or 13(g) of the Securities and Exchange Act of
1934, the beneficial owners of any securities covered by this
statement. Each of such companies is filing this statement
because it is considered an indirect beneficial owner of such
securities based on its ownership or control of one or more
investment companies which directly own such shares.
Item 5. Ownership of 5% or Less of a Class: Not applicable.
Item 6. Ownership of More than 5% on Behalf of Another Person: Not
applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
SAFECO Asset Management Company is the subsidiary on which SAFECO
Corporation is reporting as the parent holding company. SAFECO
Asset Management Company is an investment adviser as specified in
Item 12 on the cover page (p. 3), and reported shares are owned
beneficially by registered investment companies for which SAFECO
Asset Management Company serves as investment adviser.
Item 8. Identification and Classification of Members of the Group. Not
applicable.
Item 9. Notice of Dissolution of Group. Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of such securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
Page 6 of 8 Pages
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CUSIP No. 05561Y105
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Exhibits.
The statement required by Rule 13d-1(f) is attached as Exhibit A.
Signature.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete and correct.
Date: May 8, 1998 SAFECO Corporation
By /s/ Ronald L. Spaulding
-----------------------------------------
Ronald L. Spaulding, Treasurer
SAFECO Common Stock Trust
By /s/ Ronald L. Spaulding
-----------------------------------------
Ronald L. Spaulding, Treasurer
SAFECO Asset Management Company
By /s/ Neal A. Fuller
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Neal A. Fuller, Secretary
Page 7 of 8 Pages
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EXHIBIT A
Agreement for filing Schedule 13-G.
Pursuant to the requirements of Regulation 13d-1(d), SAFECO Corporation, SAFECO
Asset Management Company, and SAFECO Common Stock Trust each agree that Schedule
13-G filed by them with regard to Bnc Mortgage Inc.'s common stock is filed on
behalf of each of them.
Date: May 8, 1998 SAFECO Corporation
By /s/ Ronald L. Spaulding
-----------------------------------
Ronald L. Spaulding, Treasurer
SAFECO Common Stock Trust
By /s/ Ronald L. Spaulding
-----------------------------------
Ronald L. Spaulding, Treasurer
SAFECO Asset Management Company
By /s/ Neal A. Fuller
-----------------------------------
Neal A. Fuller, Secretary
Page 8 of 8 Pages
