<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 356822
000 D000000 N
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
008 A00AA01 SAFECO ASSET MANAGEMENT COMPANY
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, LLP
013 B01AA01 SEATTLE
013 B02AA01 WA
013 B03AA01 98104
013 B04AA01 4086
015 A00AA01 STATE STREET BANK
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
015 A00AA02 DELETE
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 25
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 1446614
022 D000001 25100
022 A000002 BA SECURITIES, INC.
022 B000002 95-4035346
022 C000002 198970
022 D000002 0
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003 159945
022 D000003 7197
022 A000004 ASSOCIATES CORP. OF NORTH AMERICA
022 B000004 74-1494554
022 C000004 117402
022 D000004 0
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 71687
022 D000005 0
022 A000006 CITICORP FINANCIAL SERVICES, INC.
022 B000006 13-3187336
<PAGE> PAGE 3
022 C000006 70408
022 D000006 0
022 A000007 FEDERATED TAX-EXEMPT MONEY MARKET FUND, INC.
022 B000007 25-6207710
022 C000007 34843
022 D000007 34662
022 A000008 CS FIRST BOSTON CORP.
022 B000008 13-5659485
022 C000008 48874
022 D000008 0
022 A000009 GENERAL MOTORS ACCEPTANCE CORP.
022 B000009 38-0572512
022 C000009 35627
022 D000009 0
022 A000010 HELLER FINANCIAL, INC.
022 B000010 36-1208070
022 C000010 35517
022 D000010 0
023 C000000 2493849
023 D000000 108872
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
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
<PAGE> PAGE 4
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 Y
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 UNITED PACIFIC INSURANCE COMPANY
080 B00AA00 0
080 C00AA00 3000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
<PAGE> PAGE 5
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
024 000100 Y
025 A000101 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
025 B000101 13-5674085
025 C000101 D
025 D000101 8200
025 A000102 MORGAN STANLEY DEAN WITTER
025 B000102 13-2655998
025 C000102 D
025 D000102 7975
025 A000103 DELETE
025 D000103 0
025 A000104 DELETE
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 23750
028 A020100 668
028 A030100 0
028 A040100 24939
028 B010100 28317
<PAGE> PAGE 6
028 B020100 619
028 B030100 0
028 B040100 21749
028 C010100 20632
028 C020100 699
028 C030100 0
028 C040100 24492
028 D010100 37520
028 D020100 657
028 D030100 0
028 D040100 28792
028 E010100 23339
028 E020100 612
028 E030100 0
028 E040100 31967
028 F010100 27166
028 F020100 725
028 F030100 0
028 F040100 23972
028 G010100 160724
028 G020100 3980
028 G030100 0
028 G040100 155911
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 250000
048 A020100 0.500
048 B010100 250000
048 B020100 0.400
048 C010100 250000
048 C020100 0.300
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 750000
048 K020100 0.250
062 A000100 Y
<PAGE> PAGE 7
062 B000100 0.0
062 C000100 2.8
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 97.2
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 83
063 B000100 0.0
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 Y
<PAGE> PAGE 8
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 9703
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 865
072 G000100 0
072 H000100 0
072 I000100 414
072 J000100 16
072 K000100 0
072 L000100 34
072 M000100 5
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 18
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 4
072 X000100 1356
072 Y000100 0
072 Z000100 8347
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 8324
072DD020100 23
072EE000100 0
073 A010100 0.0482
073 A020100 0.0968
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 177530
074 D000100 0
<PAGE> PAGE 9
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 2264
074 M000100 0
074 N000100 179794
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2220
074 S000100 0
074 T000100 177574
074 U010100 176623
074 U020100 951
074 V010100 1.00
074 V020100 1.00
074 W000100 0.9998
074 X000100 13225
074 Y000100 0
075 A000100 173023
075 B000100 0
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 4125
028 A020200 164
028 A030200 0
028 A040200 4762
028 B010200 8866
028 B020200 162
028 B030200 0
028 B040200 4395
028 C010200 3607
028 C020200 192
028 C030200 0
028 C040200 4960
028 D010200 3330
<PAGE> PAGE 10
028 D020200 173
028 D030200 0
028 D040200 5540
028 E010200 5367
028 E020200 169
028 E030200 0
028 E040200 4163
028 F010200 6053
028 F020200 199
028 F030200 0
028 F040200 4858
028 G010200 31348
028 G020200 1059
028 G030200 0
028 G040200 28678
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 100000
048 A020200 0.500
048 B010200 150000
048 B020200 0.400
048 C010200 250000
048 C020200 0.300
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 500000
048 K020200 0.200
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 99.9
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
<PAGE> PAGE 11
062 J000200 0.0
062 K000200 0.0
062 L000200 0.3
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 54
063 B000200 0.0
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 Y
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
<PAGE> PAGE 12
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 2743
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 366
072 G000200 0
072 H000200 0
072 I000200 64
072 J000200 8
072 K000200 0
072 L000200 4
072 M000200 4
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 15
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 4
072 X000200 465
072 Y000200 0
072 Z000200 2278
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 2278
072DD020200 0
072EE000200 0
073 A010200 0.0308
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 75572
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 721
<PAGE> PAGE 13
074 M000200 0
074 N000200 76293
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 856
074 S000200 0
074 T000200 75437
074 U010200 75437
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 1.0002
074 X000200 1846
074 Y000200 0
075 A000200 73267
075 B000200 0
076 000200 0.00
SIGNATURE DAVID F. HILL
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
EXPORT
<CIK> 0000356822
<NAME> SAFECO MONEY MARKET TRUST
<SERIES>
<NUMBER> 1
<NAME> SAFECO MONEY MARKET FUND NO-LOAD
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 177,530
<INVESTMENTS-AT-VALUE> 177,530
<RECEIVABLES> 2,264
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179,794
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,220
<TOTAL-LIABILITIES> 2,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,574
<SHARES-COMMON-STOCK> 176,623
<SHARES-COMMON-PRIOR> 171,173
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 177,574
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,703
<OTHER-INCOME> 0
<EXPENSES-NET> 1,356
<NET-INVESTMENT-INCOME> 8,347
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,347)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 321,480
<NUMBER-OF-SHARES-REDEEMED> (313,996)
<SHARES-REINVESTED> 7,782
<NET-CHANGE-IN-ASSETS> 15,817
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 865
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,356
<AVERAGE-NET-ASSETS> 172,562
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.78
<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> 1
<NAME> SAFECO MONEY MARKET FUND CLASS A
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 177,530
<INVESTMENTS-AT-VALUE> 177,530
<RECEIVABLES> 2,264
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179,794
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,220
<TOTAL-LIABILITIES> 2,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,574
<SHARES-COMMON-STOCK> 537
<SHARES-COMMON-PRIOR> 171
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 177,574
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,703
<OTHER-INCOME> 0
<EXPENSES-NET> 1,356
<NET-INVESTMENT-INCOME> 8,347
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,347)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 944
<NUMBER-OF-SHARES-REDEEMED> (710)
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 15,817
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 865
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,356
<AVERAGE-NET-ASSETS> 172,562
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.73
<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> 1
<NAME> SAFECO MONEY MARKET FUND CLASS B
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 177,530
<INVESTMENTS-AT-VALUE> 177,530
<RECEIVABLES> 2,264
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179,794
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,220
<TOTAL-LIABILITIES> 2,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,574
<SHARES-COMMON-STOCK> 414
<SHARES-COMMON-PRIOR> 163
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 177,574
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,703
<OTHER-INCOME> 0
<EXPENSES-NET> 1,356
<NET-INVESTMENT-INCOME> 8,347
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,347)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 469
<NUMBER-OF-SHARES-REDEEMED> (165)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 15,817
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 865
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,356
<AVERAGE-NET-ASSETS> 172,562
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.78
<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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 75,572
<INVESTMENTS-AT-VALUE> 75,572
<RECEIVABLES> 721
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76,293
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 856
<TOTAL-LIABILITIES> 856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,437
<SHARES-COMMON-STOCK> 75,437
<SHARES-COMMON-PRIOR> 71,663
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 75,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,743
<OTHER-INCOME> 0
<EXPENSES-NET> 465
<NET-INVESTMENT-INCOME> 2,278
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,278
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,278)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,208
<NUMBER-OF-SHARES-REDEEMED> (63,990)
<SHARES-REINVESTED> 2,055
<NET-CHANGE-IN-ASSETS> 2,273
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 366
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 465
<AVERAGE-NET-ASSETS> 73,267
<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> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
SAFECO Money Market Trust
In planning and performing our audit of the financial statements
of SAFECO Money Market Trust (comprising the SAFECO Money Market
Fund and SAFECO Tax-Free Money Market Fund) for the year ended
December 31, 1997, we considered its internal control, including
control activities 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, not to provide assurance on the
internal control.
The management of SAFECO Money Market Trust is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or because the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control 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 one or more of
the internal control components does not reduce to a relatively
low level the risk that errors or fraud 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, at December 31, 1997, we noted no matters involving the
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above.
This report is intended solely for the information and use of the
Board of Directors, management of SAFECO Money Market Trust, and
the Securities and Exchange Commission.
Seattle, Washington
January 30, 1998
