<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Initial Filing)*
WATERSIDE CAPITAL CORP.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
941872103
(CUSIP Number)
----------------------------
* 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. 941872103
---------
2/28/98 (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)
- --------------------------------------------------------------------------------
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 100,000
Person With Power
----------------------------------------------------------------
(7) Sole Disposi-
tive Power 0
----------------------------------------------------------------
(8) Shared 100,000
Dispositive
Power
- --------------------------------------------------------------------------------
9) Aggregate Amount Bene- 100,000
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 7.305%
in Row 9
- --------------------------------------------------------------------------------
12) Type of Reporting Person IV
(See Instructions)
Page 2 of 9 Pages
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CUSIP No. 941872103
---------
2/28/98 (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)
- --------------------------------------------------------------------------------
1) Name of Reporting Person SAFECO Resource Series Trust
S.S. or I.R.S. Identification
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 ficially Power 0
Owned by -------------------------------------------------------
Reporting (6) Shared Voting 75,000
Person With Power
-------------------------------------------------------
(7) Sole Dispositive
Power 0
-------------------------------------------------------
(8) Shared 75,000
Dispositive
Power
- --------------------------------------------------------------------------------
9) Aggregate Amount 75,000
Bene 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 5.479%
in Row 9
- --------------------------------------------------------------------------------
12) Type of Reporting Person IV
(See Instructions)
Page 3 of 9 Pages
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CUSIP No. 941872103
---------
2/28/98 (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)
- --------------------------------------------------------------------------------
1) Name of Reporting Person SAFECO Asset Management
S.S. or I.R.S. Identification Company
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 Power 0
Beneficially -------------------------------------------------------
Owned by (6) Shared Voting
Reporting Power 175,000
Person With -------------------------------------------------------
(7) Sole Dispositive
Power 0
-------------------------------------------------------
(8) Shared
Dispositive Power 175,000
- --------------------------------------------------------------------------------
9) Aggregate Amount 175,000(1)
Beneficially 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 12.784%
- --------------------------------------------------------------------------------
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 and SAFECO
Resource Series Trusts.
Page 4 of 9 Pages
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CUSIP No. 941872103
---------
2/28/98 (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)
- --------------------------------------------------------------------------------
1) Name of Reporting Person SAFECO Corporation
S.S. or I.R.S. Identification
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 Power 0
Beneficially -------------------------------------------------------
Owned by (6) Shared Voting
Reporting Power 175,000
Person With -------------------------------------------------------
(7) Sole Dispositive
Power 0
-------------------------------------------------------
(8) Shared
Dispositive Power 175,000
- --------------------------------------------------------------------------------
9) Aggregate Amount Beneficially 175,000(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 12.784%
- --------------------------------------------------------------------------------
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 5 of 9 Pages
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CUSIP No. 941872103
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Item 1(a). Name of Issuer: See front cover
Item 1(b). Address of Issuer Principal Executive Offices:
300 East Main St., Suite 1380, Norfolk, VA 23510
Item 2(a). Name of Person(s) Filing: See Item 1 on cover page (pp 2-5).
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 2-5).
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 6 of 9 Pages
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CUSIP No. 941872103
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Item 4. Ownership:
Items (a) through (c): See items 1 and 5-11 of the cover pages (pp
2-5).
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. 4), 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 7 of 9 Pages
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CUSIP No. 941872103
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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: March 10, 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 Resource Series 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 9 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, SAFECO Common Stock Trust and SAFECO Resource Series
Trust each agree that Schedule 13-G filed by them with regard to Waterside
Capital Corp.'s common stock is filed on behalf of each of them.
Date: March 10, 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 Resource Series Trust
By /s/ Ronald L. Spaulding
---------------------------------
Ronald L. Spaulding, Treasurer
SAFECO Asset Management Company
By /s/ Neal A. Fuller
---------------------------------
Neal A. Fuller, Secretary
Page 9 of 9 Pages
