<PAGE> PAGE 1
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011 A00AA01 SAFECO SECURITIES, INC.
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011 C01AA01 SEATTLE
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<PAGE> PAGE 2
012 A00AA01 SAFECO SERVICES CORP.
012 B00AA01 84-00138
012 C01AA01 SEATTLE
012 C02AA01 WA
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<PAGE> PAGE 3
022 D000002 0
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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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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068 A000400 N
068 B000400 N
069 000400 N
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070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
<PAGE> PAGE 21
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
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070 O020400 Y
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070 P020400 N
070 Q010400 N
070 Q020400 N
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070 R020400 N
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<PAGE> PAGE 22
073 A020400 0.0000
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083 A000400 N
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085 B000400 N
008 A000501 SAFECO ASSET MANAGEMENT COMPANY
008 B000501 A
008 C000501 801-8254
008 D010501 SEATTLE
008 D020501 WA
008 D030501 98185
008 A000502 BANK OF IRELAND ASSET MANAGEMENT (U.S.) LTD.
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<PAGE> PAGE 23
008 D010502 GREENWICH
008 D020502 CT
008 D030502 06830
015 A000501 CHASE MANHATTEN BANK, N.A.
015 B000501 C
015 C010501 BROOKLYN
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015 E010501 X
024 000500 Y
025 A000501 BANCO SANTANDER
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<PAGE> PAGE 24
047 000500 Y
048 000500 0.000
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066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 N
068 A000500 N
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069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
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070 G020500 N
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<PAGE> PAGE 25
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
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070 L020500 Y
070 M010500 Y
070 M020500 Y
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070 N020500 N
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070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
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<PAGE> PAGE 26
072BB000500 51
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008 A000601 SAFECO ASSET MANAGEMENT COMPANY
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<PAGE> PAGE 27
008 C000601 801-8254
008 D010601 SEATTLE
008 D020601 WA
008 D030601 98185
015 A000601 U.S. BANK OF WASHINGTON, N.A.
015 B000601 C
015 C010601 SEATTLE
015 C020601 WA
015 C030601 98101
015 C040601 0720
015 E010601 X
015 A000602 BANK OF NEW YORK
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015 C030602 10015
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<PAGE> PAGE 28
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069 000600 N
070 A010600 Y
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<PAGE> PAGE 29
070 D020600 N
070 E010600 N
070 E020600 N
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070 F020600 N
070 G010600 N
070 G020600 N
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070 H020600 N
070 I010600 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
076 000600 0.00
083 A000600 N
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085 A000600 Y
085 B000600 N
008 A000701 SAFECO ASSET MANAGEMENT COMPANY
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008 C000701 801-8254
008 D010701 SEATTLE
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008 D030701 98185
015 A000701 U.S. BANK OF WASHINGTON, N.A.
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015 C030701 98101
015 C040701 0720
015 E010701 X
015 A000702 BANK OF NEW YORK
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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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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<CIK> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
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<NAME> SAFECO GROWTH FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
<SERIES>
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<NAME> SAFECO EQUITY FUND
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<OTHER-ITEMS-ASSETS> 0
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<OVERDISTRIBUTION-GAINS> (19)
<ACCUM-APPREC-OR-DEPREC> 118,836
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<OTHER-INCOME> 0
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<REALIZED-GAINS-CURRENT> 77,448
<APPREC-INCREASE-CURRENT> 18,119
<NET-CHANGE-FROM-OPS> 106,750
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,189)
<DISTRIBUTIONS-OF-GAINS> (77,500)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (16,536)
<SHARES-REINVESTED> 5,249
<NET-CHANGE-IN-ASSETS> 127,398
<ACCUMULATED-NII-PRIOR> 16
<ACCUMULATED-GAINS-PRIOR> 33
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 5,109
<AVERAGE-NET-ASSETS> 642,971
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<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 2.42
<PER-SHARE-DIVIDEND> (0.28)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
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<NAME> SAFECO SMALL COMPANY FUND
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<PER-SHARE-NII> (0.01)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
<SERIES>
<NUMBER> 4
<NAME> SAFECO BALANCED FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-31-1996
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<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,423
<INVESTMENTS-AT-VALUE> 7,681
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<TOTAL-LIABILITIES> 290
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<PAID-IN-CAPITAL-COMMON> 7,574
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 258
<NET-ASSETS> 7,832
<DIVIDEND-INCOME> 72
<INTEREST-INCOME> 134
<OTHER-INCOME> 0
<EXPENSES-TOTAL> 60
<NET-INVESTMENT-INCOME> 146
<REALIZED-GAINS-CURRENT> 5
<APPREC-INCREASE-CURRENT> 258
<NET-CHANGE-FROM-OPS> 409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (146)
<DISTRIBUTIONS-OF-GAINS> (5)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 785
<NUMBER-OF-SHARES-REDEEMED> (34)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 7,832
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 60
<AVERAGE-NET-ASSETS> 6,826
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.39
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.32
<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> 0000867579
<NAME> SAFECO COMMON STOCK TRUST
<SERIES>
<NUMBER> 4
<NAME> SAFECO INTERNATIONAL FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1996
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<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,850
<INVESTMENTS-AT-VALUE> 8,160
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<TOTAL-ASSETS> 8,623
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<OTHER-ITEMS-LIABILITIES> 91
<TOTAL-LIABILITIES> 100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,226
<SHARES-COMMON-STOCK> 820
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (11)
<ACCUM-APPREC-OR-DEPREC> 314
<NET-ASSETS> 8,523
<DIVIDEND-INCOME> 143
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-TOTAL> 113
<NET-INVESTMENT-INCOME> 45
<REALIZED-GAINS-CURRENT> (11)
<APPREC-INCREASE-CURRENT> 314
<NET-CHANGE-FROM-OPS> 348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,042
<NUMBER-OF-SHARES-REDEEMED> (224)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 8,523
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113
<AVERAGE-NET-ASSETS> 7,248
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.39
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<PER-SHARE-DISTRIBUTIONS> 0.00
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<EXPENSE-RATIO> 2.36
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<AVG-DEBT-PER-SHARE> 0.00
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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
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<CURRENCY> U.S. DOLLARS
<S> <C>
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<PERIOD-START> OCT-01-1995
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<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 37,496
<INVESTMENTS-AT-VALUE> 46,324
<RECEIVABLES> 330
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<TOTAL-ASSETS> 46,654
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<TOTAL-LIABILITIES> 3,326
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<PAID-IN-CAPITAL-COMMON> 34,501
<SHARES-COMMON-STOCK> 3,143
<SHARES-COMMON-PRIOR> 2,786
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,828
<NET-ASSETS> 43,328
<DIVIDEND-INCOME> 431
<INTEREST-INCOME> 64
<OTHER-INCOME> 0
<EXPENSES-TOTAL> 448
<NET-INVESTMENT-INCOME> 47
<REALIZED-GAINS-CURRENT> 5,695
<APPREC-INCREASE-CURRENT> (1,961)
<NET-CHANGE-FROM-OPS> 3,781
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<DISTRIBUTIONS-OF-INCOME> (48)
<DISTRIBUTIONS-OF-GAINS> (5,695)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,209
<NUMBER-OF-SHARES-REDEEMED> (1,175)
<SHARES-REINVESTED> 323
<NET-CHANGE-IN-ASSETS> 3,188
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 305
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 448
<AVERAGE-NET-ASSETS> 41,693
<PER-SHARE-NAV-BEGIN> 14.41
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.32
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (1.95)
<RETURNS-OF-CAPITAL> 0
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
960164XO
To the Board of Directors and Shareholders
of SAFECO Common Stock Trust
In planning and performing our audit of the financial statements
of SAFECO Common Stock Trust, consisting of the SAFECO Growth
Fund, SAFECO Equity Fund, SAFECO Income Fund, and SAFECO
Northwest Fund, for the year ended September 30, 1996, and for
the SAFECO International Stock Fund, SAFECO Balanced Fund, and
SAFECO Small Company Stock Fund, for the period from JanuaryE31,
1996 (commencement of operations) to September 30, 1996, 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 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 structure 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 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, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
November 1, 1996
Attachment 77(I)
SAFECO Growth Fund, SAFECO Income Fund, SAFECO Equity Fund,
SAFECO Northwest Fund, SAFECO International Stock Fund,
SAFECO Balanced Fund, and SAFECO Small Company Stock Fund,
each a series of the Registrant, began issuing Class A
shares of common stock at $.001 par value on September 30,
1996. Class A shares are subject to a maximum front end
sales charge of 4.5% declining to zero with an investment of
$1,000,000 or more and carry a 25 basis point service fee.
Each series of the registrant also began issuing Class B
shares of common stock at $.001 par value on September 30,
1996. Class B shares are subject to a maximum contingent
deferred sales charge of 5.00%, declining to zero over six
years. Class B shares automatically convert to Class A
shares in the first month following the sixth anniversary of
the initial investment. Class B shares carry a 25 basis
point service fee and a 75 basis point distribution fee.
