<PAGE> PAGE 1
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001 A000000 SAFECO MONEY MARKET TRUST
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007 C020200 SAFECO TAX-FREE MONEY MARKET FUND
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008 B00AA01 A
008 C00AA01 801-8254
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008 D02AA01 WA
008 D03AA01 98185
011 A00AA01 SAFECO SECURITIES, INC.
011 B00AA01 8-13470
011 C01AA01 SEATTLE
011 C02AA01 WA
011 C03AA01 98185
012 A00AA01 SAFECO SERVICES CORP.
012 B00AA01 84-00138
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<PAGE> PAGE 2
012 C02AA01 WA
012 C03AA01 98185
013 A00AA01 ERNST & YOUNG
013 B01AA01 SEATTLE
013 B02AA01 WA
013 B03AA01 98104
013 B04AA01 4086
015 A00AA01 U.S. BANK OF WASHINGTON, N.A.
015 B00AA01 C
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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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SIGNATURE DAVID F. HILL
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000356822
<NAME> SAFECO MONEY MARKET TRUST
<SERIES>
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<NAME> SAFECO TAX-FREE MONEY MARKET FUND
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<S> <C>
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<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
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</TABLE>
<TABLE> <S> <C>
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<NAME> SAFECO MONEY MARKET TRUST
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</TABLE>
To the Board of Directors and Shareholders
of SAFECO Money Market Trust
In planning and performing our audit of the financial statements
of the SAFECO Money Market Trust (comprising, respectively, the
SAFECO Money Market Fund and SAFECO Tax-Free Money Market Fund)
for the period ended March 31, 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, to
comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the SAFECO Money Market 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
managements 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 March 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
April 26, 1996
