SAFECO COMMON STOCK TRUST
                             SAFECO CORE EQUITY FUND

               SPECIAL MEETING OF SHAREHOLDERS - December 8, 2004

      This proxy is solicited on behalf of the board of trustees of Safeco
Common Stock Trust, on behalf of its series, Safeco Core Equity Fund (the
"Safeco Fund"). The undersigned hereby appoints [ ] and [ ], each of them (with
full powers of substitution) to vote for the undersigned all shares of
beneficial interest of the undersigned in the above-referenced Safeco Fund at
the Special Meeting of Shareholders to be held at 2:00 p.m., Pacific time, on
December 8, 2004, at Safeco Mutual Funds, King Auditorium, 4854 154th Place,
N.E., Redmond, Washington 98052, and any adjournment thereof ("Meeting"), with
all the power the undersigned would have if personally present.

      The shares represented by this proxy will be voted as instructed on the
reverse side. Unless instructions to the contrary are given on the reverse or if
this proxy is executed but no instruction is given, this proxy shall be deemed
to grant authority to vote "FOR" the proposal, with discretionary power to vote
upon such other business as may properly come before the Meeting or any
adjournment. The proxies intend to vote with management on any such other
business properly brought before the Meeting. The undersigned hereby
acknowledges receipt of the accompanying Notice of the Special Meeting and
combined Proxy Statement and Prospectus.

                              Date                              , 2004

                              YOUR VOTE IS VERY IMPORTANT. PLEASE COMPLETE,
                              SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD
                              PROMPTLY.

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                              Signature(s) of Shareholder(s)   (Sign in the Box)

                              NOTE: Please sign exactly as you name or names
                              appear. When signing as attorney, executor,
                              administrator, trustee or guardian, please give
                              your full title as such. If a corporation or
                              partnership, please sign in full corporate or
                              partnership name by an authorized officer.



             NOTE: YOUR PROXY CARD IS NOT VALID UNLESS IT IS SIGNED

YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW.
THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL BELOW IF NO SPECIFICATION IS MADE
BELOW.

Your board of trustees recommends that you vote "FOR" Proposal 1.

(1)   To approve an Agreement and Plan of Reorganization.

      FOR   |_|             AGAINST   |_|             ABSTAIN   |_|

Your board of trustees recommends that you vote "FOR" Proposal 2.

(2)   To approve an interim investment advisory agreement between your Safeco
      Fund and Pioneer.

      FOR   |_|             AGAINST   |_|             ABSTAIN   |_|

(3)   To transact such other business as may properly come before the meeting.

                   We need your vote before __________, 2004.

                     PLEASE SIGN AND DATE THE REVERSE SIDE.