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<PAGE> Washington Municipal Bond Fund Shareholders: The total return of the SAFECO Washington State Municipal Bond Fund (Class B) for the six-month period ended June 30, 1997, was 2.04%. The total return shown on page 133 of the June 30, 1997, Semiannual Report is incorrect. If you have any questions about this, please call Shareholder Services at 1-800-463-8791.
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