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<PAGE> 1 Equity Fund Shareholders: The total return of the SAFECO Equity Fund for the six-month period ended March 31, 1996, was 7.50%. The total return shown on page 58 of the March 31, 1996, Semiannual Report is incorrect. If you have any questions about this, please call Shareholder Services at 1-800-624-5711.
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