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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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072 P000400 0
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072 T000400 9
072 U000400 2
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<PAGE> PAGE 21
073 C000400 0.0000
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074 D000400 1242
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075 A000400 0
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028 A010500 0
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028 B040500 0
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<PAGE> PAGE 22
028 E020500 0
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<PAGE> PAGE 23
062 N000500 82.6
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062 R000500 2.3
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064 A000500 Y
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067 000500 N
068 A000500 N
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070 A020500 N
070 B010500 Y
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070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
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070 M010500 Y
070 M020500 N
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070 O010500 Y
070 O020500 N
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070 P020500 N
070 Q010500 N
070 Q020500 N
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070 R020500 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
045 000600 Y
046 000600 N
047 000600 Y
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<PAGE> PAGE 27
068 B000600 N
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070 E020600 N
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070 I020600 N
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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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062 A000700 Y
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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045 000800 Y
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<PAGE> PAGE 34
048 K010800 1000000
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<PAGE> PAGE 35
070 L010800 Y
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<PAGE> PAGE 36
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SIGNATURE DAVID F HILL
TITLE PRESIDENT
Board of Trustees
SAFECO Advisor Series Trust
We have examined the accompanying description of the multiple
class distribution system of SAFECO Asset Management Company
(Accounting Agent) for each fund of the SAFECO Advisor Series
Trust (comprising, respectively, the SAFECO Advisor Equity Fund,
SAFECO Advisor Northwest Fund, SAFECO Advisor Intermediate-Term
Treasury Fund, SAFECO Advisor U.S. Government Fund, SAFECO
Advisor GNMA Fund, SAFECO Advisor Municipal Bond Fund, SAFECO
Advisor Intermediate-Term Municipal Bond Fund, and the SAFECO
Advisor Washington Municipal Bond Fund) (the "Funds") for
calculating the net asset value and dividends and distributions
with respect to the allocation of income and expenses to the
three classes of shares of each of the Funds. Our examination
included procedures to obtain reasonable assurance about whether
(1) the accompanying description presents fairly, in all material
respects, the aspects of the Accounting Agent's policies and
procedures that may be relevant to a user fund's internal control
structure, (2) the control structure policies and procedures
included in the description were suitably designed to achieve the
control objectives specified in the description, if those
policies and procedures were complied with satisfactorily, and
(3) such policies and procedures had been placed in operation at
December 31, 1994. The control objectives were specified by the
management of the Accounting Agent. Our examination was
performed in accordance with standards established by the
American Institute of Certified Public Accountants and included
those procedures we considered necessary in the circumstances to
obtain a reasonable basis for rendering our opinion.
In our opinion, the accompanying description of the
aforementioned application presents fairly, in all material
respects, the relevant aspects of the Accounting Agent's policies
and procedures that had been placed in operation as of December
31, 1994. Also, in our opinion, the control structure policies
and procedures, as described in Section III, are suitably
designed to provide reasonable assurance that the specified
control objectives in Section II would be achieved if the
described control structure policies and procedures were complied
with satisfactorily.
In addition to the procedures we considered necessary to render
our opinion as expressed in the previous paragraph, we applied
tests to the specific policies and procedures, listed in Section
III, to obtain evidence about their effectiveness in meeting the
control objectives described in Section II during the period from
September 30, 1994 to December 31, 1994. The nature, timing,
extent, and results of the tests are listed in Section IV. This
information has been provided to user funds of the Accounting
Agent and to their auditors to be taken into consideration, along
with information about the control structure at user funds, when
making assessments of control risk for user funds. In our
opinion, the control structure policies and procedures that were
tested, as described in Section III, were operating with
sufficient effectiveness to provide reasonable, but not absolute,
assurance that the control objectives specified in Section II
were achieved during the period from September 30, 1994 to
December 31, 1994 for the Funds.
The description of the policies and procedures at the Accounting
Agent is as of December 31, 1994, and information about the tests
of operating effectiveness of the specified control structure
policies and procedures covers the period from September 30, 1994
to December 31, 1994. Any projection of such information to the
future is subject to the risk that, because of change, the
description may no longer portray the system in existence. The
potential effectiveness of specific policies and procedures at
the Accounting Agent is subject to inherent limitations and,
accordingly, errors or irregularities may occur and not be
detected. Furthermore, the projection of any conclusions, based
on our findings, to future periods is subject to the risk that
changes may alter the validity of such conclusions.
This report is intended solely for the use of the management of
the Accounting Agent and the Funds, their independent auditors,
and the Securities and Exchange Commission, and should not be
used for any other purpose.
Ernst & Young LLP
January 27, 1995
Methodology and Procedures for Calculating Net Asset
Value ("NAV") and Dividends
Relating to Multiple Classes of Shares
SAFECO Advisor Series Trust
Class A shares _ Front-End Sales Load
Class B shares _ Contingent Deferred Sales Load
Class C shares _ Level Load
SECTION I
Description of the System
SAFECO Asset Management Company implemented a plan which allows
each series of the SAFECO Advisor Series Trust listed on Exhibit
I (the "Funds") to issue multiple class of shares under a
Multiple Class System (the "System").
The System enables the Funds to offer eligible investors shares
subject to Rule 12b-1 distribution and compensation plans ("Class
A", "Class B" and "Class C" respectively). The System also
allows the Funds to offer eligible investors shares subject to a
non-Rule 12b-1 shareholder services plan.
There are certain expenses related solely to one class of shares
("Class Expenses"). Class Expenses include shareholder servicing
costs which may differ among classes.
The three classes are identical except that (i) distribution and
distribution-related costs (collectively "12-b-1 Costs") are
charged at various rates to Class A, Class B and Class C
shareholders; (ii) Class Expenses are imposed only on the class
of shares to which they relate; (iii) the three classes may have
different exchange privileges; and (iv) each class has exclusive
voting rights with respect to provisions of the Fund's 12b-1
distribution plan which are applicable to the particular class.
The net asset value of all outstanding shares of all classes is
computed based on a pro rata allocation of investment income and
net capital gains (losses) based on the comparative value of net
assets of each class at the beginning of the day, and all
expenses incurred by the Funds are borne based on the comparative
value of net assets of each class at the beginning of the day,
except for the 12b-1 Costs and Class Expenses relating solely to
one class of shares, which are borne only by the appropriate
class of shares. Because of the differing expenses that are
borne by each class of shares, the net income attributable to and
the dividends payable may be different for each class of shares.
Additionally, the Funds which declared dividends on other than a
daily basis may compute differing NAVs as a result of these 12b-1
Costs and Class Expenses borne solely by one class of shares.
SECTION II
Specific Control Objectives
The normal procedures and controls are maintained for the daily
fund accounting and recordkeeping. Additional procedures and
controls were implemented to account for multiple classes of
shares.
The specific control objectives of the system of internal
accounting controls relating to the allocation of income and
expenses and the calculation of dividends, dividends per share
and NAV per share for multiple classes of shares are as follows:
1. 12b-1 Costs and other expenses relating solely to one class
of shares are properly calculated and correctly recorded in the
Funds' accounting records as attributable only to the appropriate
class,
2. Gross income, including realized and unrealized capital
gains/losses, and all expenses, other than those expenses
specifically related to one class of shares, are allocated
ratably to each class of shares based upon the comparative value
of net assets of each class at the beginning of the day, and
3. The dividend, dividend per share and daily NAV per share for
each class of shares reflect the proper allocation of income,
gain or loss amounts and expenses, including those expenses
allocated solely to one class of shares.
SECTION III
Calculation Methodology
In maintaining the records for each Fund, the overall income is
allocated to each class of shares. That is, investment income
and unrealized and realized capital gains or losses are allocated
ratably to each class of shares based upon the comparative value
of net assets of each class at the beginning of the day.
On a daily basis, expenses are attributable to each class of
shares depending on the nature of the expenditures. These fall
into two categories: (1) expenses attributable to all classes
(e.g., legal, audit, etc.) that are allocated ratably to each
class of shares based upon the comparative value of net assets of
each class at the beginning of the day; and (2) 12b-1 Costs,
Shareholder Service Plan Fees, and Class Expenses which are borne
only by the appropriate class of shares.
Prior to determining the day's NAV per share or dividends, the
following expense items are calculated as indicated:
- Management Fees:
Using the beginning of the day's net assets for each
class of shares, calculate the current day's accrual for each
class based on the combined net assets of all classes of shares
(i.e., total net assets of the respective Fund). The total
management fee is then allocated ratably to each class of shares
based upon the comparative value of net assets of each class at
the beginning of the day.
- 12b-1 Costs:
Using the beginning of the day's net assets for each
class of shares, calculate the current day's accrual.
- Shareholder Service Plan Fees:
Using the beginning of the day's net assets for each
class of shares, calculate the current day's accrual.
- Class Expenses (including Shareholder Service Fees):
Determine daily accruals from expense projections and
charge to the appropriate class of shares. Using the beginning
of the day's net assets for each class of shares, calculate the
current day's accrual for Shareholder Services Fees.
- All other expenses:
Determine daily accrual from expense projections,
allocate based on the beginning of the day's net assets of each
class.
The procedure for calculating NAV per share and dividends depend
upon the dividend policy of the relevant Fund. There are two
primary dividend policies presently followed by the Funds. They
are as follows:
1. Declare daily all net investment income, and declare
net realized capital gains on other than a daily basis.
2. Declare dividends from net investment income and net
realized capital gains on other than a daily basis.
The calculations of NAV per share, dividend and dividend per
share consistent with each Fund's dividend policy are as follows:
I. Fund declares net investment income dividends daily,
and net realized capital gains on other than a daily basis.
Dividends and NAV:
- Determine dividend, dividend per share and NAV per
share by class of shares by completing the Daily Net Asset Value
Worksheet for Funds that Declare Net Investment Income Daily.
The dividend from Net Investment Income may differ among classes.
The dividend per share from net realized capital gains will be
the same for all classes of shares. (See Exhibit II)
II. Fund declares net investment income and net realized
capital gains on other than a daily basis.
Dividends and NAV:
- Determine dividend and dividend per share, when
applicable, and NAV per share by class of shares by completing
the Daily NAV Worksheet for Funds that do not Declare Dividends
Daily. The dividend from Net Investment Income and daily NAV per
share may differ among classes. The dividend per share from net
realized capital gains will be the same for all classes of
shares. (See Exhibit III)
Policies and Procedures to Achieve Specific Control Objectives
The following policies and procedures are designed to achieve the
specific control objectives for multiple classes of shares in a
Fund:
1. On a daily basis, the fund valuation specialist
calculates the 12b-1 Costs to Class A, B, and C shares by
applying the annual fee rate as stated in the Class A, B and C
Plan to the prior day's ending net assets of the Class A, B and C
shares and charges Class Expenses, if any, to the appropriate
class of shares.
2. The fund valuation specialist values the Fund's
investments and allocates the Fund's total daily investment
income, realized and unrealized capital gains or losses and
expenses (other than 12b-1 Costs and Class Expenses) among
classes based on the adjusted net assets of each class of shares
at the beginning of the day using the applicable Daily Net Asset
Value Worksheet ("Worksheet"). The number of shares outstanding
in each class is provided to the valuation specialist by the
Fund's transfer agent, who maintains each class of shares in a
separate account.
3. Using the applicable Worksheet, the fund valuation
specialist computes the dividends, dividend per share and/or NAV
per share for each class of shares and submits the Worksheet to
the fund supervisor or fund accountant for review.
4. Before the daily dividend per share and/or NAV per
share are released, the fund supervisor and/or fund accountant i)
reconciles differences between the classes of shares in dividends
per share and/or NAV per share by agreeing all amounts to source
documents and supporting schedules and by verifying the prior
day's closing net assets; ii) reviews the valuation of the Fund's
investments and the reasonableness of the dividend per share
and/or NAV per share, using market comparisons when appropriate;
and iii) reconciles ending net assets, ending shares and
dividends to the accounting system, on an aggregate basis.
5. Once the fund accountant and/or fund supervisor is
satisfied that all of the above steps have been completed and has
initialed the Worksheet, the dividend per share and NAV per share
is made available to the transfer agent for processing purposes
and is input into the NASDAQ terminal for next day publication.
6. On a next day basis, dividends per share and NAV per
share are reviewed for reasonableness by the Manager. On a
monthly basis, the Manager also reviews the financial statements
for the Funds.
SECTION IV
Tests of Effectiveness of Control Structure
Our tests of the effectiveness of the control structure policies
and procedures were designed to determine whether:
a. The description of the Accounting Agents policies and
procedures included in Section I of this report presents fairly,
in all material respects, those aspects of the Accounting Agents
control structure that may be relevant to a user organizations,
internal control structure,
b. the control structure policies and procedures described
in Section III of this report were suitably designed to achieve
the control objectives defined in Section II of this report, if
those policies and procedures were complied with satisfactorily,
c. the control structure policies and procedures described
in Section III of this report had been placed in operation as of
December 31, 1994, and
d. the control structure policies were operating with
sufficient effectiveness to provide reasonable, but not absolute,
assurance that the control objectives described in Section II
were achieved during the period from September 30, 1994, to
December 31, 1994, for the Funds.
Our tests of the effectiveness of control structure policies and
procedures included the following procedures, to the extent we
considered necessary:
a. A review of the control structure policies and
procedures,
b. discussions with management, accounting, and other
personnel who are assigned responsibilities for developing,
ensuring adherence to, and for applying control structure
policies and procedures, and
c. observation of personnel in the performance of their
assigned duties.
Our tests of the effectiveness of control structure policies and
procedures included such other tests as we considered necessary
in the circumstances to evaluate whether those policies and
procedures, and the extent of compliance with them, is sufficient
to provide reasonable, but not absolute, assurance that the
specified control objectives were achieved during the period from
September 30, 1994 to December 31, 1994, for the Funds. Our
tests of the operational effectiveness of control structure
policies and procedures were designed to cover a representative
number of calculations throughout the period September 30, 1994,
to December 31, 1994, for each of the functions listed in Section
III which satisfy the control objectives listed in Section II of
this report. In selecting particular tests of the operational
effectiveness of control structure policies and procedures, we
considered the (a) nature of the items being tested, (b) the
kinds and competence of available evidential matter, (c) the
nature of the audit objectives to be achieved, (d) the assessed
level of control risk, and (e) the expected efficiency and
effectiveness of the tests.
Tests of effectiveness of control structure policies and
procedures included selecting a sample of days during the period
from September 30, 1994, to December 31, 1994, and performing the
following tests:
- Clerically test the Daily Net Asset Value Worksheet and
recalulate the NAV for each class.
- Trace outstanding shares to transfer agent records and
trace total market value of investments to supporting schedules.
- Determine that class-specific expenses are
appropriately charged to the respective class.
- Recalculate the allocation of investment income,
allocable expenses, realized gains and losses, and unrealized
appreciation/depreciation of investments to each class.
- Recalculate the dividend and dividend per share for
each class.
- Review Worksheet for evidence of supervisory review.
Testing procedures were designed and performed to enable us to
conclude that the control objectives listed in Section II of this
report were achieved during the period September 30, 1994, to
December 31, 1994, for the Funds.
Exhibit I
S A F E C O A d v i s o r S e r i e s T r u s t
SAFECO Advisor Equity Fund,
SAFECO Advisor Northwest Fund,
SAFECO Advisor Intermediate-Term Treasury Fund,
SAFECO Advisor U.S. Government Fund,
SAFECO Advisor GAMA Fund,
SAFECO Advisor Municipal Bond Fund,
SAFECO Advisor Intermediate-Term Municipal Bond Fund,
SAFECO Advisor Washington Municipal Bond Fund
Exhibit II
Daily NAV Worksheet For Funds That Declare Net Investment Income Dividends Daily
Fund
Date
Class A Class B Class C
Total Shares Shares Shares
1) Beginning of Day Net Assets
2) Prior Day Capital Stock Activity
3) Adjusted Net Assets (1+2)
4) Allocation Percentage
5) Investment Income*
6) Expenses (**):
A. Management Fee*
B. 12-b Costs
C. Shareholder Service Plan Fee N/A N/A N/A N/A
D. Class Expenses, if any
E. Other Expenses*
7) Total Expenses
8) Net Investment Income (5-7)
9) Declared Dividend
10) Net Realized Capital Gains (Losses)
for the Day - (Short-Term & Long-Term)*
11) Net Realized Capital Gain Dividend
12) Change in Unrealized Capital Gains
(Losses)
13) Net Assets (3+8-9+10-11+12)
14) Settled Shares
15) Dividend Per Share (9/14)
16) Net Asset Value Per Share
(Unrounded) (13/14)
17) Net Asset Value Per Share
(Rounded)
* Allocated Per Line 4
** Daily accrual of expenses net of any assumption of expenses by the
investment manager.
Prepared By:
Approval
Exhibit III
Daily NAV Worksheet For Funds That Do Not Declare Dividends Daily
Fund
Date
Class A Class B Class C
Total Shares Shares Shares
1) Beginning of Day Net Assets
2) Prior Day Capital Stock Activity
3) Adjusted Net Assets (1+2)
4) Allocation Percentage
5) Investment Income*
6) Expenses (**):
A. Management Fee*
B. 12-b Costs
C. Shareholder Service Plan Fee N/A N/A N/A N/A
D. Class Expenses, if any
E. Other Expenses*
7) Total Expenses
8) Net Investment Income (5-7)
9) Net Realized Capital Gains (Losses)
for the Day - (Short-Term & Long-Term)*
10) Change in Unrealized Capital Gains
(Losses)*
11) Dividend from Net Investment Income
12) Net Realized Capital Gain Dividend
13) Total Dividend (11+12)
14) Net Assets (3+8+9+10-13)
15) Shares Outstanding
16) Net Asset Value PerShare
(Unrounded) (14/15)
17) Net Asset Value Per Share (Rounded)
* Allocated Per Line 4
** Daily accrual of expenses net of any assumption of expenses by the
investment manager.
Prepared By:
Approval
