<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 887437
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 INSTITUTIONAL SERIES TRUST
001 B000000 811-6667
001 C000000 2065455172
002 A000000 SAFECO PLAZA S-1
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98185
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A000001 SAFECO ASSET MANANGEMENT COMPANY
008 B000001 A
008 C000001 801-8254
008 D010001 SEATTLE
008 D020001 WA
008 D030001 98185
011 A000001 SAFECO SECURITIES, INC.
011 B000001 8-13470
011 C010001 SEATTLE
<PAGE> PAGE 2
011 C020001 WA
011 C030001 98185
012 A000001 SAFECO SERVICES CORP.
012 B000001 84-00138
012 C010001 SEATTLE
012 C020001 WA
012 C030001 98185
013 A000001 ERNST & YOUNG LLP
013 B010001 SEATTLE
013 B020001 WA
013 B030001 98104
015 A000001 U.S. BANK OF WASHINGTON, N.A.
015 B000001 C
015 C010001 SEATTLE
015 C020001 WA
015 C030001 98101
015 E010001 X
015 A000002 BANK OF NEW YORK
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10015
015 E010002 X
018 000000 Y
019 A000000 Y
019 B000000 28
019 C000000 SAFECOFUND
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MERRILL, LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000001 13-5674085
022 C000001 1711
022 D000001 1919
022 A000002 LEHMAN BROTHERS INC.
022 B000002 13-2518466
022 C000002 1199
022 D000002 1531
022 A000003 HSBC SECURITIES, INC.
022 B000003 13-2650272
022 C000003 1074
022 D000003 1075
022 A000004 SHORT-TERM INVESTMENT CO. (PRIME PORTFOLIO)
<PAGE> PAGE 3
022 B000004 74-1093914
022 C000004 564
022 D000004 671
022 A000005 WOOD GUNDY, INC
022 B000005 13-5492430
022 C000005 0
022 D000005 99
022 A000006 FIRST BOSTON INTERNATIONAL LIMITED
022 B000006 13-5659485
022 C000006 99
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 4647
023 D000000 5295
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 0
028 A020000 21
028 A030000 0
028 A040000 65
028 B010000 0
028 B020000 19
028 B030000 0
028 B040000 65
028 C010000 0
028 C020000 18
028 C030000 0
<PAGE> PAGE 4
028 C040000 65
028 D010000 0
028 D020000 19
028 D030000 0
028 D040000 65
028 E010000 0
028 E020000 17
028 E030000 0
028 E040000 65
028 F010000 0
028 F020000 164
028 F030000 0
028 F040000 205
028 G010000 0
028 G020000 258
028 G030000 0
028 G040000 530
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.500
048 B010000 150000
048 B020000 0.400
<PAGE> PAGE 5
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 250000
048 K020000 0.350
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 Y
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 250000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
<PAGE> PAGE 6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 61.4
062 N000000 0.0
062 O000000 0.0
062 P000000 37.7
062 Q000000 0.0
062 R000000 0.4
063 A000000 0
063 B000000 6.9
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
<PAGE> PAGE 7
070 O010000 Y
070 O020000 Y
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 4083
071 B000000 3350
071 C000000 4253
071 D000000 79
072 A000000 12
072 B000000 293
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 23
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 2
072 K000000 0
072 L000000 0
072 M000000 11
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 12
072 S000000 0
072 T000000 0
072 U000000 6
072 V000000 0
072 W000000 0
072 X000000 54
072 Y000000 0
072 Z000000 239
072AA000000 167
072BB000000 0
072CC010000 331
072CC020000 0
072DD010000 239
072DD020000 0
072EE000000 156
073 A010000 0.4400
073 A020000 0.0000
073 B000000 0.3200
073 C000000 0.0000
074 A000000 0
074 B000000 0
<PAGE> PAGE 8
074 C000000 0
074 D000000 4456
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 17
074 J000000 0
074 K000000 0
074 L000000 43
074 M000000 19
074 N000000 4535
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 38
074 S000000 0
074 T000000 4497
074 U010000 513
074 U020000 0
074 V010000 8.77
074 V020000 0.00
074 W000000 0.0000
074 X000000 4
074 Y000000 0
075 A000000 0
075 B000000 4642
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 UNITED PACIFIC INSURANCE, CO
080 C000000 3000
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 9
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE DAVE HILL
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887437
<NAME> SAFECO INSTITUTIONAL SERIES TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO IST - FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 4,483
<INVESTMENTS-AT-VALUE> 4,635
<RECEIVABLES> 94
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,751
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 31
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,562
<SHARES-COMMON-STOCK> 544
<SHARES-COMMON-PRIOR> 568
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 152
<NET-ASSETS> 4,720
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 157
<OTHER-INCOME> 0
<EXPENSES-NET> 29
<NET-INVESTMENT-INCOME> 128
<REALIZED-GAINS-CURRENT> 18
<APPREC-INCREASE-CURRENT> 276
<NET-CHANGE-FROM-OPS> 422
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (128)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (39)
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> 93
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29
<AVERAGE-NET-ASSETS> 4,683
<PER-SHARE-NAV-BEGIN> 8.15
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.68
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
To the Board of Directors and Shareholders
of SAFECO Institutional Series Trust
In planning and performing our audit of the financial
statements of SAFECO Institutional Series Trust for the year
ended December 31, 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 SAFECO Institutional Series 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 December 31, 1995.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
January 26, 1996
Ernst & Young, LLP
