SAFECO TAXABLE BOND TRUST

                  SAFECO INTERMEDIATE-TERM U.S. GOVERNMENT FUND

                 SPECIAL MEETING OF SHAREHOLDERS - [    ], 2004

     THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF SAFECO
TAXABLE BOND TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, SAFECO
INTERMEDIATE-TERM U.S. GOVERNMENT 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 8 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 8 and 17 if no specification is
                                   made below.

For shareholders of Safeco Intermediate-Term U.S. Government Fund:

YOUR BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE "FOR" PROPOSAL 8.

(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