SAFECO TAX-EXEMPT BOND TRUST

                     SAFECO CALIFORNIA TAX-FREE INCOME FUND

                  SPECIAL MEETING OF SHAREHOLDERS - [    ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
TAX-EXEMPT BOND TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO CALIFORNIA
TAX-FREE INCOME FUND (the "fund") and relates to proposals with respect to the
fund. 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 fund 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 17 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 17 if no specification is
                                   made below.

For shareholders of Safeco California Tax-Free Income Fund:

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 17.

(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 COMMON STOCK TRUST

                        SAFECO GROWTH OPPORTUNITIES FUND

                 SPECIAL MEETING OF SHAREHOLDERS - [    ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO COMMON
STOCK TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO GROWTH OPPORTUNITIES
FUND (the "fund") and relates to proposals with respect to the fund. 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 fund 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 17 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 17 if no specification is
                                   made below.

For shareholders of Safeco Growth Opportunities Fund:

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 17.

(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 TAX-EXEMPT BOND TRUST

                           SAFECO MUNICIPAL BOND FUND

                 SPECIAL MEETING OF SHAREHOLDERS - [     ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
TAX-EXEMPT BOND TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO MUNICIPAL
BOND FUND (the "fund") and relates to proposals with respect to the fund. 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 fund 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 14 AND 17 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 14 and 17 if no specification is
                                   made below.

For shareholders of Safeco Municipal Bond Fund:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 14.

(1)

     FOR  [ ]                    AGAINST  [ ]               ABSTAIN  [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 17.

(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 MONEY MARKET TRUST

                        SAFECO TAX-FREE MONEY MARKET FUND

                   SPECIAL MEETING OF SHAREHOLDERS - [   ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO MONEY
MARKET TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO TAX-FREE MONEY
MARKET FUND (the "fund") and relates to proposals with respect to the fund. 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 fund 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 16 AND 17 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 16 and 17 if no specification is
                                   made below.

For shareholders of Safeco Tax-Free Money Market Fund:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 16.

(1)

     FOR  [ ]                    AGAINST  [ ]               ABSTAIN  [ ]

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 17.

(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