SAFECO COMMON STOCK TRUST

                             SAFECO CORE EQUITY 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 CORE EQUITY 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 3 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 3 and 17 if no specification
                                 is made below.

For shareholders of Safeco Core Equity Fund:

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 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