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SIGNATURE DAVID F. HILL
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 49,755
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,013
<INTEREST-EXPENSE> 2
<GROSS-EXPENSE> 1,584
<AVERAGE-NET-ASSETS> 500
<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> 1.05
<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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 75,402
<INVESTMENTS-AT-VALUE> 75,402
<RECEIVABLES> 2,589
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,991
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 534
<TOTAL-LIABILITIES> 534
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,457
<SHARES-COMMON-STOCK> 77,457
<SHARES-COMMON-PRIOR> 75,437
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 77,457
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,855
<OTHER-INCOME> 0
<EXPENSES-NET> 493
<NET-INVESTMENT-INCOME> 2,362
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,362
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,362)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75,307
<NUMBER-OF-SHARES-REDEEMED> (75,440)
<SHARES-REINVESTED> 2,153
<NET-CHANGE-IN-ASSETS> 2,020
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 392
<INTEREST-EXPENSE> 1
<GROSS-EXPENSE> 493
<AVERAGE-NET-ASSETS> 77,714
<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 Ernst & Young LLP, Independent Auditors
To the Board of Trustees and Shareholders of the SAFECO
Money Market Trust
We have audited the accompanying statements of assets
and liabilities, including the portfolios of investments in
securities, of the SAFECO Money Market Trust (comprising,
respectively, the SAFECO Money Market Fund and SAFECO Tax-
Free Money Market Fund) as of December 31, 1998, and the
related statements of operations, the statements of changes
in net assets, and the financial highlights for each of the
periods indicated therein. These financial statements and
financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements and
financial highlights. Our procedures included confirmation
of securities owned as of December 31, 1998, by
correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of each of the respective
funds constituting the SAFECO Money Market Trust at December
31, 1998, the results of their operations, the changes in
their net assets, and financial highlights for each of the
periods indicated therein, in conformity with generally
accepted accounting principles.
Seattle, Washington
February 5, 1999
