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<PAGE> PAGE 2
012 C02AA01 WA
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013 A00AA01 ERNST & YOUNG, LLP
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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SIGNATURE DAVID F. HILL
TITLE PRESIDENT
Shareholder Meeting (Unaudited)
A joint special meeting of the Funds' shareholders was held on March 30, 1999,
at which time the shareholders voted to approve changes to the Funds'
fundamental investment policies and approved an amended and restated investment
advisory contract, including a change in the fee structure. Shareholders
elected the Board of Trustees and ratified the selection of
Ernst & Young LLP as independent auditiors. The results of that meeting are
presented below.
(In Thousands)
Proposal Trust/Fund For Against Abstain
Elect Boh A. Dickey
Taxable Bond Trust 9720 505
Tax-Exempt Bond Trust 33179 1204
Money Market Trust 170,319 6,116
Managed Bond Trust 625 12
Elect Barbara J. Dingfield
Taxable Bond Trust 9,687 538
Tax-Exempt Bond Trust 33,206 1,177
Money Market Trust 169,394 7,041
Managed Bond Trust 625 12
Elect David F. Hill
Taxable Bond Trust 9,725 500
Tax-Exempt Bond Trust 33,202 1,181
Money Market Trust 170,290 6,145
Managed Bond Trust 625 12
Elect Richard W. Hubbard
Taxable Bond Trust 9,710 515
Tax-Exempt Bond Trust 33,205 1,178
Money Market Trust 169,808 6,627
Managed Bond Trust 625 12
Elect Richard E. Lundgren
Taxable Bond Trust 9,715 510
Tax-Exempt Bond Trust 33,232 1,151
Money Market Trust 169,870 6,565
Managed Bond Trust 625 12
Elect Larry L. Pinnt
Taxable Bond Trust 9,716 509
Tax-Exempt Bond Trust 33,224 1,159
Money Market Trust 169,699 6,736
Managed Bond Trust 625 12
Elect John W. Schneider
Taxable Bond Trust 9,717 508
Tax-Exempt Bond Trust 33,202 1,182
Money Market Trust 169,829 6,606
Managed Bond Trust 625 12
Selection of Ernst & Young LLP
Taxable Bond Trust 9,790 147 287
Tax-Exempt Bond Trust 33,312 470 601
Money Market Trust 168,894 1,937 5,604
Managed Bond Trust 624 12 1
Fundamental Investment Policies
Intmediate-Term U.S. Treasury 1,275 25 77
GNMA Fund 2,426 132 294
High-Yield Bond Fund 4,389 275 1,333
Managed Bond Fund 599 12 27
Municipal Bond Fund 20,932 1,908 2,648
California Tax-Free Muni 4,549 188 699
Washington State Muni 394 260 47
Intermediate-Term Muni 799 241 40
Insured Municipal Bond Fund 1,317 208 153
Money Market Fund 113,201 5,139 7,603
Tax-Free Money Market Fund 46,632 1,920 1,940
Investment Advisory Contract
Intmediate-Term U.S. Treasury 1,214 84 79
GNMA Fund 2,401 151 299
High-Yield Bond Fund 4,226 466 1,305
Managed Bond Fund 594 18 25
Municipal Bond Fund 19,449 3,305 2,734
California Tax-Free Muni 4,406 254 776
Washington State Muni 401 270 31
Intermediate-Term Muni 770 251 59
Insured Municipal Bond Fund 1,307 218 154
Money Market Fund 110,460 7,606 7,877
Tax-Free Money Market Fund 44,775 3,422 2,295
Report of Independent Auditors
To the Shareholders and Board of Trustees of SAFECO Money Market
Trust Company
In planning and performing our audit of the financial statements
of SAFECO Money Market Trust (comprising, respectively, the
SAFECO Money Market Fund and SAFECO Tax-Free Money Market Fund)
for the year ended December 31, 1999, 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 internal control.
The management of SAFECO Money Market Trust Company 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 in the United States. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, error 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 that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in 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 misstatements caused by error 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, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above at December 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of SAFECO Money Market Trust
Company, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.
/s/ ERNST & YOUNG LLP
Seattle, Washington
February 4, 2000
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SAFECO MONEY MARKET TRUST
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