<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 356822
000 D000000 Y
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SAFECO MONEY MARKET TRUST
001 B000000 811-3347
001 C000000 2065455172
002 A000000 SAFECO PLAZA S-1
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98185
002 D020000 0000
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 SAFECO MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 SAFECO TAX-FREE MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 B00AA01 A
008 C00AA01 801-8254
008 D01AA01 SEATTLE
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
012 C01AA01 SEATTLE
<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
015 C01AA01 SEATTLE
015 C02AA01 WA
015 C03AA01 98101
015 E01AA01 X
015 A00AA02 BANK OF NEW YORK
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10015
015 E01AA02 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 31
019 C00AA00 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 2834239
022 D000001 18269
022 A000002 BA SECURITIES, INC.
022 B000002 95-4035346
022 C000002 614660
022 D000002 0
022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 83931
022 D000003 0
022 A000004 CITICORP FINANCIAL SERVICES, INC.
022 B000004 13-3187336
022 C000004 43584
022 D000004 0
022 A000005 LEHMAN BROTHERS, INC.
<PAGE> PAGE 3
022 B000005 13-2518466
022 C000005 38325
022 D000005 3100
022 A000006 FEDERATED TAX-EXEMPT MONEY MARKET FUND, INC.
022 B000006 25-6207710
022 C000006 18166
022 D000006 18090
022 A000007 AIM TAX-EXEMPT MONEY MARKET FUND, INC.
022 B000007 76-0026440
022 C000007 16716
022 D000007 16729
022 A000008 GENERAL ELECTRIC CAPITAL CORP.
022 B000008 13-1500700
022 C000008 27409
022 D000008 0
022 A000009 GENERAL MOTORS ACCEPTANCE CORP.
022 B000009 38-0572512
022 C000009 27188
022 D000009 0
022 A000010 FORD MOTOR CREDIT CO.
022 B000010 38-1612444
022 C000010 23721
022 D000010 0
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<PAGE> PAGE 4
042 A00AA00 0
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068 B00AA00 N
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<PAGE> PAGE 5
081 B00AA00 0
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025 B000102 13-5659485
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025 D000102 7900
025 A000103 DEAN WITTER REYNOLDS, INC.
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025 C000103 D
025 D000103 8500
025 A000104 SMITH BARNEY, HARRIS UPHAM & CO., INC.
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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070 E020100 N
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070 F020100 N
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070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
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<PAGE> PAGE 8
070 L010100 N
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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
970162:nng
To the Board of Trustees 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 nine-month period ended December 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 December 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
January 31, 1997
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000356822
<NAME> SAFECO MONEY MARKET TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO MONEY MARKET FUND CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 162,880
<INVESTMENTS-AT-VALUE> 162,880
<RECEIVABLES> 2,104
<ASSETS-OTHER> 0
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,795)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 293,668
<NUMBER-OF-SHARES-REDEEMED> (302,326)
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<NET-CHANGE-IN-ASSETS> (3,365)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 165,880
<PER-SHARE-NAV-BEGIN> 1.00
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<EXPENSE-RATIO> 0.55
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000356822
<NAME> SAFECO MONEY MARKET TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO MONEY MARKET FUND CLASS 1
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 162,880
<INVESTMENTS-AT-VALUE> 162,880
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<OTHER-ITEMS-LIABILITIES> 3,228
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 161,757
<SHARES-COMMON-STOCK> 161,757
<SHARES-COMMON-PRIOR> 165,122
<ACCUMULATED-NII-CURRENT> 0
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<EXPENSES-NET> 1,020
<NET-INVESTMENT-INCOME> 5,795
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,795)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 293,668
<NUMBER-OF-SHARES-REDEEMED> (302,326)
<SHARES-REINVESTED> 5,293
<NET-CHANGE-IN-ASSETS> (3,365)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 630
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,020
<AVERAGE-NET-ASSETS> 165,880
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.81
<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> 0000356822
<NAME> SAFECO MONEY MARKET TRUST
<SERIES>
<NUMBER> 2
<NAME> SAFECO TAX-FREE MONEY MARKET FUND
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 70,797
<INVESTMENTS-AT-VALUE> 70,797
<RECEIVABLES> 2,874
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,671
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000356822
<NAME> SAFECO MONEY MARKET TRUST
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<NAME> SAFECO MONEY MARKET FUND CLASS B
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<S> <C>
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</TABLE>
