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I would rephrase Jon's explanation this way.
When you use SETLL using the key field values for the file you're reading, you get %equal = '1' if it finds a record with keys that match those values. If you key field "valules" is *START, you aren't giving the statement any arguments to match against the key fields. "Whatever you get" is meaningless, because the question becomes, "Equal to what, exactly?"
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