SAFECO RESOURCE SERIES TRUST

                              SAFECO BOND PORTFOLIO

                  SPECIAL MEETING OF SHAREHOLDERS - [   ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
RESOURCE SERIES TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO BOND
PORTFOLIO (the "portfolio") and relates to proposals with respect to the
portfolio. The undersigned hereby appoints [  ] and [  ] or either of them, as
proxies for the undersigned, with full power of substitution in each of them, to
attend the special meeting of the shareholders of the portfolio to be held at 2
Union Square, 25th Floor, Seattle, Washington 98101, on [  ], 2004, at [  ]
[a/p].m., local time, and any adjournment or postponement thereof, to cast on
behalf of the undersigned all votes that the undersigned is entitled to cast at
such meeting and otherwise to represent the undersigned at the meeting with all
powers possessed by the undersigned if personally present at the meeting. The
undersigned hereby acknowledges receipt of the notice of the special meeting of
shareholders and of the accompanying proxy statement and prospectus and revokes
any proxy previously given with respect to such meeting.

     THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED
ON THE REVERSE SIDE OF THIS CARD. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION
IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR"
PROPOSALS 1 AND 7 AND IN THE DISCRETION OF THE ABOVE-NAMED PROXIES ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR
POSTPONEMENT THEREOF.

                                    Date                          , 2004

                                    PLEASE SIGN, DATE AND RETURN
                                    PROMPTLY IN ENCLOSED ENVELOPE


                                    --------------------------------------------
                                      Signature(s)    (Title(s) if applicable)
                                    NOTE: Signature(s) should agree with the
                                    name(s) printed herein. If joint owners,
                                    each holder should sign this proxy. When
                                    signing as attorney, executor,
                                    administrator, trustee or guardian, please
                                    give your full name as such. If a
                                    corporation, please sign in full corporate
                                    name by president or other authorized
                                    officer. If a partnership, please sign in
                                    partnership name by authorized person.



YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW

  This proxy will be voted "For" Proposals 1 and 7 if no specification is made
                                     below.

For shareholders of Safeco Bond Portfolio:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 1.

(1)

     FOR    [ ]                AGAINST    [ ]              ABSTAIN    [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 7.

(2)

     FOR    [ ]                AGAINST    [ ]              ABSTAIN    [ ]

(3)  To vote and otherwise represent the above-signed shareholder(s) on any
     other matter that may properly come before the meeting or any adjournment
     or postponement thereof.

                      WE NEED YOUR VOTE BEFORE __________, 2004.

           PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME



                          SAFECO RESOURCE SERIES TRUST

                          SAFECO CORE EQUITY PORTFOLIO

               SPECIAL MEETING OF SHAREHOLDERS - [     ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
RESOURCE SERIES TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO CORE EQUITY
PORTFOLIO (the "portfolio") and relates to proposals with respect to the
portfolio. The undersigned hereby appoints [   ] and [   ] or either of them, as
proxies for the undersigned, with full power of substitution in each of them, to
attend the special meeting of the shareholders of the portfolio to be held at 2
Union Square, 25th Floor, Seattle, Washington 98101, on [   ], 2004, at [   ]
[a/p].m., local time, and any adjournment or postponement thereof, to cast on
behalf of the undersigned all votes that the undersigned is entitled to cast at
such meeting and otherwise to represent the undersigned at the meeting with all
powers possessed by the undersigned if personally present at the meeting. The
undersigned hereby acknowledges receipt of the notice of the special meeting of
shareholders and of the accompanying proxy statement and prospectus and revokes
any proxy previously given with respect to such meeting.

     THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED
ON THE REVERSE SIDE OF THIS CARD. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION
IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR"
PROPOSALS 2 AND 7 AND IN THE DISCRETION OF THE ABOVE-NAMED PROXIES ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR
POSTPONEMENT THEREOF.

                                       Date                            , 2004

                                       PLEASE SIGN, DATE AND RETURN
                                       PROMPTLY IN ENCLOSED ENVELOPE


                                       -----------------------------------------
                                        Signature(s)    (Title(s) if applicable)
                                       NOTE: Signature(s) should agree with the
                                       name(s) printed herein. If joint owners,
                                       each holder should sign this proxy. When
                                       signing as attorney, executor,
                                       administrator, trustee or guardian,
                                       please give your full name as such. If a
                                       corporation, please sign in full
                                       corporate name by president or other
                                       authorized officer. If a partnership,
                                       please sign in partnership name by
                                       authorized person.



YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW

  This proxy will be voted "For" Proposals 2 and 7 if no specification is made
                                     below.

For shareholders of Safeco Core Equity Portfolio:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 2.

(1)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 7.

(2)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

(3)  To vote and otherwise represent the above-signed shareholder(s) on any
     other matter that may properly come before the meeting or any adjournment
     or postponement thereof.

                   WE NEED YOUR VOTE BEFORE __________, 2004.

           PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME



                          SAFECO RESOURCE SERIES TRUST

                      SAFECO GROWTH OPPORTUNITIES PORTFOLIO

                 SPECIAL MEETING OF SHAREHOLDERS - [   ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
RESOURCE SERIES TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO GROWTH
OPPORTUNITIES PORTFOLIO (the "portfolio") and relates to proposals with respect
to the portfolio. The undersigned hereby appoints [   ] and [   ] or either of
them, as proxies for the undersigned, with full power of substitution in each of
them, to attend the special meeting of the shareholders of the portfolio to be
held at 2 Union Square, 25th Floor, Seattle, Washington 98101, on [   ], 2004,
at [   ] [a/p].m., local time, and any adjournment or postponement thereof, to
cast on behalf of the undersigned all votes that the undersigned is entitled to
cast at such meeting and otherwise to represent the undersigned at the meeting
with all powers possessed by the undersigned if personally present at the
meeting. The undersigned hereby acknowledges receipt of the notice of the
special meeting of shareholders and of the accompanying proxy statement and
prospectus and revokes any proxy previously given with respect to such meeting.

     THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED
ON THE REVERSE SIDE OF THIS CARD. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION
IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR"
PROPOSALS 3 AND 7 AND IN THE DISCRETION OF THE ABOVE-NAMED PROXIES ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR
POSTPONEMENT THEREOF.

                                       Date                             , 2004

                                       PLEASE SIGN, DATE AND RETURN
                                       PROMPTLY IN ENCLOSED ENVELOPE


                                       -----------------------------------------
                                        Signature(s)   (Title(s) if applicable)
                                       NOTE: Signature(s) should agree with the
                                       name(s) printed herein. If joint owners,
                                       each holder should sign this proxy. When
                                       signing as attorney, executor,
                                       administrator, trustee or guardian,
                                       please give your full name as such. If a
                                       corporation, please sign in full
                                       corporate name by president or other
                                       authorized officer. If a partnership,
                                       please sign in partnership name by
                                       authorized person.



YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW

  This proxy will be voted "For" Proposals 3 and 7 if no specification is made
                                     below.

For shareholders of Safeco Growth Opportunities Portfolio:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 3.

(1)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 7.

(2)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

(3)  To vote and otherwise represent the above-signed shareholder(s) on any
     other matter that may properly come before the meeting or any adjournment
     or postponement thereof.

                   WE NEED YOUR VOTE BEFORE __________, 2004.

           PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME



                          SAFECO RESOURCE SERIES TRUST

                          SAFECO MONEY MARKET PORTFOLIO

                 SPECIAL MEETING OF SHAREHOLDERS - [   ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
RESOURCE SERIES TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO MONEY
MARKET PORTFOLIO (the "portfolio") and relates to proposals with respect to the
portfolio. The undersigned hereby appoints [   ] and [   ] or either of them, as
proxies for the undersigned, with full power of substitution in each of them, to
attend the special meeting of the shareholders of the portfolio to be held at 2
Union Square, 25th Floor, Seattle, Washington 98101, on [   ], 2004, at [   ]
[a/p].m., local time, and any adjournment or postponement thereof, to cast on
behalf of the undersigned all votes that the undersigned is entitled to cast at
such meeting and otherwise to represent the undersigned at the meeting with all
powers possessed by the undersigned if personally present at the meeting. The
undersigned hereby acknowledges receipt of the notice of the special meeting of
shareholders and of the accompanying proxy statement and prospectus and revokes
any proxy previously given with respect to such meeting.

     THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED
ON THE REVERSE SIDE OF THIS CARD. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION
IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR"
PROPOSALS 4 AND 7 AND IN THE DISCRETION OF THE ABOVE-NAMED PROXIES ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR
POSTPONEMENT THEREOF.

                                       Date                             , 2004

                                       PLEASE SIGN, DATE AND RETURN
                                       PROMPTLY IN ENCLOSED ENVELOPE


                                       -----------------------------------------
                                        Signature(s)   (Title(s) if applicable)
                                       NOTE: Signature(s) should agree with the
                                       name(s) printed herein. If joint owners,
                                       each holder should sign this proxy. When
                                       signing as attorney, executor,
                                       administrator, trustee or guardian,
                                       please give your full name as such. If a
                                       corporation, please sign in full
                                       corporate name by president or other
                                       authorized officer. If a partnership,
                                       please sign in partnership name by
                                       authorized person.



YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW

  This proxy will be voted "For" Proposals 4 and 7 if no specification is made
                                     below.

For shareholders of Safeco Money Market Portfolio:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 4.

(1)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 7.

(2)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

(3)  To vote and otherwise represent the above-signed shareholder(s) on any
     other matter that may properly come before the meeting or any adjournment
     or postponement thereof.

                   WE NEED YOUR VOTE BEFORE __________, 2004.

           PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME




                          SAFECO RESOURCE SERIES TRUST

                         SAFECO MULTI-CAP CORE PORTFOLIO

                 SPECIAL MEETING OF SHAREHOLDERS - [   ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
RESOURCE SERIES TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO MULTI-CAP
CORE PORTFOLIO (the "portfolio") and relates to proposals with respect to the
portfolio. The undersigned hereby appoints [   ] and [   ] or either of them, as
proxies for the undersigned, with full power of substitution in each of them, to
attend the special meeting of the shareholders of the portfolio to be held at 2
Union Square, 25th Floor, Seattle, Washington 98101, on [   ], 2004, at [   ]
[a/p].m., local time, and any adjournment or postponement thereof, to cast on
behalf of the undersigned all votes that the undersigned is entitled to cast at
such meeting and otherwise to represent the undersigned at the meeting with all
powers possessed by the undersigned if personally present at the meeting. The
undersigned hereby acknowledges receipt of the notice of the special meeting of
shareholders and of the accompanying proxy statement and prospectus and revokes
any proxy previously given with respect to such meeting.

     THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED
ON THE REVERSE SIDE OF THIS CARD. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION
IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR"
PROPOSALS 5 AND 7 AND IN THE DISCRETION OF THE ABOVE-NAMED PROXIES ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR
POSTPONEMENT THEREOF.

                                       Date                            , 2004

                                       PLEASE SIGN, DATE AND RETURN
                                       PROMPTLY IN ENCLOSED ENVELOPE


                                       -----------------------------------------
                                        Signature(s)   (Title(s) if applicable)
                                       NOTE: Signature(s) should agree with the
                                       name(s) printed herein. If joint owners,
                                       each holder should sign this proxy. When
                                       signing as attorney, executor,
                                       administrator, trustee or guardian,
                                       please give your full name as such. If a
                                       corporation, please sign in full
                                       corporate name by president or other
                                       authorized officer. If a partnership,
                                       please sign in partnership name by
                                       authorized person.



YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW

  This proxy will be voted "For" Proposals 5 and 7 if no specification is made
                                     below.

For shareholders of Safeco Multi-Cap Core Portfolio:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 5.

(1)

     FOR   [ ]               AGAINST  [ ]               ABSTAIN  [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 7.

(2)

     FOR   [ ]               AGAINST  [ ]               ABSTAIN  [ ]

(3)  To vote and otherwise represent the above-signed shareholder(s) on any
     other matter that may properly come before the meeting or any adjournment
     or postponement thereof.

                   WE NEED YOUR VOTE BEFORE __________, 2004.

           PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME




                          SAFECO RESOURCE SERIES TRUST

                        SAFECO SMALL-CAP VALUE PORTFOLIO

                 SPECIAL MEETING OF SHAREHOLDERS - [   ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
RESOURCE SERIES TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO SMALL-CAP
VALUE PORTFOLIO (the "portfolio") and relates to proposals with respect to the
portfolio. The undersigned hereby appoints [   ] and [   ] or either of them, as
proxies for the undersigned, with full power of substitution in each of them, to
attend the special meeting of the shareholders of the portfolio to be held at 2
Union Square, 25th Floor, Seattle, Washington 98101, on [   ], 2004, at [   ]
[a/p].m., local time, and any adjournment or postponement thereof, to cast on
behalf of the undersigned all votes that the undersigned is entitled to cast at
such meeting and otherwise to represent the undersigned at the meeting with all
powers possessed by the undersigned if personally present at the meeting. The
undersigned hereby acknowledges receipt of the notice of the special meeting of
shareholders and of the accompanying proxy statement and prospectus and revokes
any proxy previously given with respect to such meeting.

     THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED
ON THE REVERSE SIDE OF THIS CARD. IF THIS PROXY IS EXECUTED BUT NO INSTRUCTION
IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST "FOR"
PROPOSALS 6 AND 7 AND IN THE DISCRETION OF THE ABOVE-NAMED PROXIES ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR
POSTPONEMENT THEREOF.

                              Date                           , 2004

                              PLEASE SIGN, DATE AND RETURN
                              PROMPTLY IN ENCLOSED ENVELOPE


                              --------------------------------------------------
                                 Signature(s)    (Title(s) if applicable)

                              NOTE: Signature(s) should agree with the name(s)
                              printed herein. If joint owners, each holder
                              should sign this proxy. When signing as attorney,
                              executor, administrator, trustee or guardian,
                              please give your full name as such. If a
                              corporation, please sign in full corporate name by
                              president or other authorized officer. If a
                              partnership, please sign in partnership name by
                              authorized person.



YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW

  This proxy will be voted "For" Proposals 6 and 7 if no specification is made
                                     below.

For shareholders of Safeco Small-Cap Value Portfolio:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 6.

(1)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 7.

(2)

     FOR      [ ]               AGAINST  [ ]               ABSTAIN  [ ]

(3)  To vote and otherwise represent the above-signed shareholder(s) on any
     other matter that may properly come before the meeting or any adjournment
     or postponement thereof.

                   WE NEED YOUR VOTE BEFORE __________, 2004.

           PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME