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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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 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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<PAGE> PAGE 21
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070 F020400 N
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070 G020400 N
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070 I020400 N
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<PAGE> PAGE 22
070 N020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
015 B000501 C
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<PAGE> PAGE 25
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<PAGE> PAGE 26
068 A000500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
015 A000701 STATE STREET BANK
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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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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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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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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO COMMON STOCK TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO COMMON STOCK TRUST
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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
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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
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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
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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
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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
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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
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<NAME> SAFECO BALANCED FUND NO-LOAD CLASS
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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
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<NAME> SAFECO BALANCED FUND CLASS A
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<INVESTMENTS-AT-VALUE> 22,277
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<ACCUMULATED-NET-GAINS> 890
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,940
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<REALIZED-GAINS-CURRENT> 890
<APPREC-INCREASE-CURRENT> 679
<NET-CHANGE-FROM-OPS> 2,074
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<DISTRIBUTIONS-OF-INCOME> (12)
<DISTRIBUTIONS-OF-GAINS> (36)
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<NUMBER-OF-SHARES-SOLD> 72
<NUMBER-OF-SHARES-REDEEMED> (20)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 7,883
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<GROSS-EXPENSE> 239
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<PER-SHARE-NAV-BEGIN> 11.60
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> (0.25)
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<PER-SHARE-NAV-END> 12.23
<EXPENSE-RATIO> 1.67
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO COMMON STOCK TRUST
<SERIES>
<NUMBER> 6
<NAME> SAFECO BALANCED FUND CLASS B
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 20,337
<INVESTMENTS-AT-VALUE> 22,277
<RECEIVABLES> 164
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,441
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<ACCUMULATED-NET-GAINS> 890
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<ACCUM-APPREC-OR-DEPREC> 1,940
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<EXPENSES-TOTAL> 239
<NET-INVESTMENT-INCOME> 505
<REALIZED-GAINS-CURRENT> 890
<APPREC-INCREASE-CURRENT> 679
<NET-CHANGE-FROM-OPS> 2,074
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16)
<DISTRIBUTIONS-OF-GAINS> (83)
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<NUMBER-OF-SHARES-SOLD> 148
<NUMBER-OF-SHARES-REDEEMED> (16)
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<NET-CHANGE-IN-ASSETS> 7,883
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SAFECO COMMON STOCK TRUST
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<NAME> SAFECO SMALL COMPANY FUND NO-LOAD CLASS
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<PAYABLE-FOR-SECURITIES> 384
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<ACCUMULATED-NII-CURRENT> (220)
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,248)
<NET-ASSETS> 35,162
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<EXPENSES-TOTAL> 551
<NET-INVESTMENT-INCOME> (220)
<REALIZED-GAINS-CURRENT> (4,172)
<APPREC-INCREASE-CURRENT> (9,513)
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<GROSS-EXPENSE> 551
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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 CLASS A
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<CURRENCY> U.S. DOLLARS
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<NET-INVESTMENT-INCOME> (220)
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<APPREC-INCREASE-CURRENT> (9,513)
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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 CLASS B
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<NET-INVESTMENT-INCOME> (220)
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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> 8
<NAME> SAFECO US VALUE FUND NO-LOAD CLASS
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
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<PAID-IN-CAPITAL-COMMON> 9,593
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<ACCUMULATED-NET-GAINS> 464
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<ACCUM-APPREC-OR-DEPREC> 1,259
<NET-ASSETS> 10,014
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<EXPENSES-TOTAL> 130
<NET-INVESTMENT-INCOME> 102
<REALIZED-GAINS-CURRENT> 464
<APPREC-INCREASE-CURRENT> 598
<NET-CHANGE-FROM-OPS> 1,164
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (102)
<DISTRIBUTIONS-OF-GAINS> (428)
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<NUMBER-OF-SHARES-SOLD> 225
<NUMBER-OF-SHARES-REDEEMED> (215)
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 1,435
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<GROSS-EXPENSE> 130
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<PER-SHARE-NAV-BEGIN> 11.19
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> (0.12)
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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>
<NUMBER> 8
<NAME> SAFECO US VALUE FUND CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1998
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<NET-INVESTMENT-INCOME> 102
<REALIZED-GAINS-CURRENT> 464
<APPREC-INCREASE-CURRENT> 598
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<EXPENSE-RATIO> 2.07
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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> 8
<NAME> SAFECO US VALUE FUND CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
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<INVESTMENTS-AT-COST> 9,880
<INVESTMENTS-AT-VALUE> 11,139
<RECEIVABLES> 37
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<TOTAL-ASSETS> 11,176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 324
<TOTAL-LIABILITIES> 324
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,593
<SHARES-COMMON-STOCK> 53
<SHARES-COMMON-PRIOR> 20
<ACCUMULATED-NII-CURRENT> 102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,259
<NET-ASSETS> 628
<DIVIDEND-INCOME> 219
<INTEREST-INCOME> 13
<OTHER-INCOME> 0
<EXPENSES-TOTAL> 130
<NET-INVESTMENT-INCOME> 102
<REALIZED-GAINS-CURRENT> 464
<APPREC-INCREASE-CURRENT> 598
<NET-CHANGE-FROM-OPS> 1,164
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (27)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34
<NUMBER-OF-SHARES-REDEEMED> (3)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 1,435
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 130
<AVERAGE-NET-ASSETS> 437
<PER-SHARE-NAV-BEGIN> 11.18
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.52)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.91
<EXPENSE-RATIO> 2.59
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</TABLE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Trustees and Shareholders of the SAFECO
Common Stock Trust
We have audited the accompanying statements of assets
and liabilities, including the portfolios of investments in
securities, of the SAFECO Common Stock Trust (comprising,
respectively, the SAFECO Growth Fund, SAFECO Equity Fund,
SAFECO Income Fund, SAFECO Northwest Fund, SAFECO
International Stock Fund, SAFECO Balanced Fund, SAFECO Small
Company Stock Fund, and SAFECO U.S. Value Fund) as of
December 31, 1998, and the related statements of operations,
the statements of changes in net assets, and the financial
highlights for each of the periods indicated therein. These
financial statements and financial highlights are the
responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of each of the respective
funds constituting the SAFECO Common Stock Trust at December
31, 1998, the results of their operations, the changes in
their net assets, and financial highlights for each of the
periods indicated therein, in conformity with generally
accepted accounting principles.
Seattle, Washington
February 5, 1999
