<PAGE> PAGE 1
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<PAGE> PAGE 2
012 A00AA01 SAFECO SERVICES CORP.
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013 A00AA01 ERNST & YOUNG
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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 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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 19
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<PAGE> PAGE 20
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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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NET-INVESTMENT-INCOME> 8,954
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<DISTRIBUTIONS-OF-GAINS> (9,283)
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<PER-SHARE-NII> 0.82
<PER-SHARE-GAIN-APPREC> 2.71
<PER-SHARE-DIVIDEND> (0.82)
<PER-SHARE-DISTRIBUTIONS> (0.85)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
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<NAME> SAFECO EQUITY FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 505,522
<INVESTMENTS-AT-VALUE> 606,238
<RECEIVABLES> 1,850
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<NET-ASSETS> 598,582
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<DISTRIBUTIONS-OF-GAINS> (42,473)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (23,460)
<SHARES-REINVESTED> 3,370
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<OVERDISTRIB-NII-PRIOR> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
<SERIES>
<NUMBER> 4
<NAME> SAFECO NORTHWEST FUND
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 29,866
<INVESTMENTS-AT-VALUE> 40,655
<RECEIVABLES> 66
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,722
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<SHARES-COMMON-STOCK> 2,786
<SHARES-COMMON-PRIOR> 2,889
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 40,140
<DIVIDEND-INCOME> 467
<INTEREST-INCOME> 47
<OTHER-INCOME> 0
<EXPENSES-TOTAL> 402
<NET-INVESTMENT-INCOME> 112
<REALIZED-GAINS-CURRENT> 1,432
<APPREC-INCREASE-CURRENT> 4,956
<NET-CHANGE-FROM-OPS> 6,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (110)
<DISTRIBUTIONS-OF-GAINS> (1,432)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 832
<NUMBER-OF-SHARES-REDEEMED> (1,019)
<SHARES-REINVESTED> 84
<NET-CHANGE-IN-ASSETS> 3,757
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 269
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 402
<AVERAGE-NET-ASSETS> 36,749
<PER-SHARE-NAV-BEGIN> 12.59
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 2.35
<PER-SHARE-DIVIDEND> (0.04)
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</TABLE>
October 26, 1995
To the Board of Trustees and Shareholders
of the SAFECO Common Stock Trust
In planning and performing our audit of the financial statements of the SAFECO
Common Stock Trust (comprising, respectively, the SAFECO Growth Fund, SAFECO
Equity Fund, SAFECO Income Fund, and SAFECO Northwest Fund) for the year ended
September 30, 1995, we considered its internal control structure, including
procedures 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, and not to
provide assurance on the internal control structure.
The management of the SAFECO Common Stock Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Ernst & Young LLP
