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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ee at any time if the Trustee (1) ceases to be a Qualified Bank (as defined below), (2) is in material breach of its obligations under the Trust Agreement and fails to cure such breach within 30 days... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Trustee and such removal shall take effect upon the appointment of a successor Trustee and its acceptance of such appointment.
A “Qualified Bank” means a bank, trust company, corporation or nat... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of the Code and (3) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and undivided profits of at least $150 million.
The Sponsor may also remove the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
is removed, the Sponsor shall use its reasonable efforts to appoint a successor Trustee, which shall be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
duly assign, transfer and deliver all right, title and interest in the Trust’s assets to such successor, and shall deliver to such successor a list of the registered owners of all outstanding Shares... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
14 5JP.
The Custodian’s Role
The Custodian is responsible for holding the Trust’s gold, as well as receiving and converting allocated and unallocated gold on behalf of the Trust. The Custodian shal... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
allocated Account to the Allocated Account such that no amount of gold held on an Unallocated Basis remains standing for the benefit of the Trust in the Unallocated Account at the Custodian’s close o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
redemption transactions with the Trust; (2) gold is sold to pay the Sponsor Fee or reimburse costs, expenses and other amounts to which the Sponsor is entitled to be reimbursed in accordance with th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
as practicable on the Business Day (but no later than the end of business on such Business Day) when the Custodian effects such replacement and Physical Gold has been credited to the Allocated Accou... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
under the Custody Agreement. The Custodian will use reasonable care in selecting any
Sub-Custodian. In selecting any
Sub-Custodian with reasonable care, the Custodian is to determine if such
Sub-... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Custodian’s responsibility in selecting such
Sub-Custodian. Any
Sub-Custodian shall be a LBMA member, except for Bank of England.
The Custodian will provide the Trustee with regular reports detai... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Custody Agreement, the Custodian maintains the Allocated Account and the Unallocated Account.
Under the Trust Agreement, the Sponsor is responsible for appointing accountants or other inspector... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
no obligation to monitor the activities of the Custodian or any Sub-Custodian other than to receive and review such reports of the gold held for the Trust by the Custodian and of transactions in gol... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
The Trustee will not enter into or amend any Custody Agreement with a Custodian without the written approval of the Sponsor. When instructed by the Sponsor, the Trustee will demand that a Custodian ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to effect such a delivery or to cause the delivered Physical Gold to be weighed, assayed or otherwise validated.
Description of the Custody Agreement
The Trustee and the Sponsor have entered into ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
identifying each individual bar of Physical Gold held in the Allocated Account. On each Business Day, the Custodian will provide the Trustee access to information relating to (i) each separate transa... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Unallocated Account on a same-day basis at such other times and in such other form as the Trustee and the Custodian shall agree. For each calendar month, the Custodian will provide the Trustee withi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Physical Gold held in the Allocated Account from time to time upon the Trustee’s reasonable request. All such reports will be made available to the Trustee by means of the Custodian’s proprietar... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Business Day, the Custodian will provide the Trustee access to information relating to (i) each separate transaction, if any, transferring gold to the Unallocated Account, including the amount of go... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
’s credit in the Unallocated Account on a same-day basis at such other times and in such other form as the Trustee and the Custodian shall agree. For each calendar month, the Custodian will provide t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ee.
Transfers into the Unallocated Account
The Custodian will credit to the Unallocated Account the amount of gold it receives from an Authorized Participant’s account. Additionally, in the ordinar... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
3) by transfer to an account maintained by the Custodian or a third party on an Unallocated Basis in connection with the sale of gold or other transfers permitted under the Trust Agreement or (4) by ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
must allocate, or cause to be allocated, all gold credited to the Unallocated Account to the Allocated Account such that no amount of gold held on an Unallocated Basis remains standing for the benef... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
refuse to execute instructions to transfer gold to or from the Unallocated Account or the Allocated Account if, in the Custodian’s opinion, they are or may be, or require action which is or may be, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
is expected to be held in the Unallocated Account at the close of each business day.
Exclusion of Liability
The Custodian will use reasonable care in the performance of its duties under the Custod... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
assets, and the Sponsor will indemnify and keep indemnified the Custodian on demand against all costs and expenses, damages, liabilities and losses which the Custodian may suffer or incur, directly ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
deposits or withdrawals related thereto (including any payment of such taxes required by reason of an earlier failure to withhold).
Force Majeure
The Custodian will not be liable for any delay in ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Custody Agreement upon written notice in the event that the Trustee or the Sponsor breaches its undertakings relating to the Sanctions under the Custody Agreement.
If the Trustee does not make arra... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Custody Agreement.
Governing Law
The Custody Agreement is governed by English law. Each of the Trustee, the Custodian and the Sponsor irrevocably submits to the non-exclusive jurisdiction of the E... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
odian’s security procedures and will be limited to no more than two times per calendar year. The two examinations during any fiscal year shall be at the Trust’s expense, which expense shall be paid b... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
world’s economies and exchange systems. Today, gold remains a key component of many countries’ official reserves and has retained its importance within jewelry making. Along with its aesthetic attri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
malleability, gold is resistant to corrosion and tarnish, allowing gold to retain an intrinsically stable value. The table below summarizes the world gold supply and demand from 2017-2021 and is bas... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ation
2,257
2,290
2,152
1,324
2,229
Industrial Demand
333
335
326
303
330
Net Physical Investment
1,035
1,067
844
890
1,168
Net Hedging Demand
21
12
39
23
Net Official Sector B... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
705
Gold Price (US$/oz, London)
1,257
1,268
1,393
1,770
1,799
Source: Gold Focus 2022
Totals may not add due to independent rounding.
According to the data above, gold supply averaged 4,761 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2017 through 2021.
According to the data above, gold demand averaged 3,868t per year between 2017 and 2021. Gold demand generally comes from four sources: jewelry, industry (including medical appli... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of the more visible shifts in the gold market.
Historical Price of Gold
The price of gold is volatile and its fluctuations are expected to have a direct impact on the value of the Trust’s price pe... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of gold in the chart is based on the LBMA Gold Price PM.
Source: Bloomberg, LBMA Gold Price PM USD, December 31, 2012 – December 29, 2022
Allocated and Unallocated Gold
Allocated gold is stored i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, unlike gold held in an allocated account, gold in an unallocated account does not entitle the customer to a particular gold bar and the customer’s holding is not segregated from that of other custo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the OTC market trade with each other and their clients on a principal-to-principal basis. All risks and issues of credit are between the parties directly involved in a specific transaction. The t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the obligation, to buy or sell a quantity of gold at a predetermined rate during a period or at a time in the future. There are twelve LBMA Market Makers who provide the service in one, two or all t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Merrill Lynch International (S, O), Standard Chartered Bank (S, O) and Toronto-Dominion Bank (F).
The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
most of the world’s major bullion dealers are either members or associate members of the LBMA.
In the OTC market, the standard size of gold trades ranges between 5,000 and 10,000 ounces. Bid-offer ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
spreads—the difference between a dealer’s “buy” and “sell” prices. The period of greatest liquidity in the gold market generally occurs at the time of day when trading in the European time zones ove... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
trades are cleared through London. The LBMA coordinates the market for gold and acts as the principal point of contact between the market and its regulators.
A primary function of the LBMA is its i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.”
Gold is usually traded on the London market on a loco London basis. This means the gold is physically held in vaults in London or is transferred into accounts established in London. Payment upon ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
one kilogram equals 32.1507465 troy ounces.
LBMA Price Auctions
The London market provides a metal pricing service whereby the “LBMA Gold Price” is intended to represent the matching of orders fro... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and impact the price of gold.
The major futures and options exchanges include the New York Commodities Exchange, the Multi Commodity Exchange of India, the Tokyo Commodities Exchange, and the Shang... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for the gold deposited by Authorized Participants with the Custodian for safekeeping; (2) delivering gold in exchange for Baskets surrendered by Authorized Participants for redemption; (3) selling g... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Trust provides investors with a convenient and cost-efficient way to buy and hold gold through an exchange traded security. Although owning the Shares will not be the exact equivalent of an investme... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Physical Gold is held in a segregated fashion in the name of the Trust, not commingled with other depositor funds or assets. The Trust has full title to the gold with the Custodian holding it on th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
allocated Gold. The Trust will need unallocated gold to facilitate transactions with Authorized Participants. The Custodian only will accept a delivery of gold in exchange for a Basket if it believes... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
time such number of Fine Ounces as may be needed in order for the Custodian to fully allocate to the Allocated Account all of the gold standing to the Trust’s credit in the Unallocated Account (afte... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
borrowed in the Unallocated Account as of the date of such reports, which shall be accepted as conclusive evidence of such balance, save in the case of manifest error. On each Business Day, the Cust... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
not normally hold cash, or any other assets besides gold.
Transactions with Authorized Participants. By allowing Authorized Participants to directly issue and redeem Baskets with the Trust, Authori... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
gold. Transaction costs related to the Shares may also be lower than those associated with the purchase, storage and insurance of Physical Gold.
Exchange Traded and Transparent. The Shares trade on... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
being held in unallocated form to facilitate the redemptions by Authorized Participants and the payment of Trust expenses not assumed by the Sponsor, if any, the Trust’s gold is not subject to count... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Net Asset Value per Share may be influenced by non-concurrent trading hours between the Cboe BZX Exchange and the COMEX, London and Zurich. While the Shares trade on the Cboe BZX Exchange until ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold represented by the Baskets being created or redeemed, the amount of which will be based ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions and paid to the Trustee. This transaction fee can be waived ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or have an existing unallocated gold account with another LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee. Gold held in Authorized Participants’ unall... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Authorized Participant will be registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and regulated by FINRA or will be exempt from being or otherw... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. As of the date of this Annual Report, each of Virtu Ameri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
odian to transfer gold from the Authorized Participant’s unallocated account to the Unallocated Account of the Trust. On the same Business Day, following the successful completion of this transfer, t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail, each of which is attached a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
banks are authorized to close in the United Kingdom or in such other jurisdiction or when the London gold market is closed or (B) when banks in the United Kingdom or in such other jurisdiction are, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to the Trustee the amount of the applicable transaction fees and expenses due for the purchase order, including the Trustee’s fee and all taxes, governmental charges and fees payable in connection w... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(b)
(c) divided by (d)
Where:
(a) = the total number of Fine Ounces of gold held in the Trust as of the opening of business on such Business Day
(b) = the number of Fine Ounces of gold equal in ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
publish, for each Business Day, the Basket Gold Amount.
Delivery of Required Deposits
An Authorized Participant who places a purchase order is responsible for crediting its account, if held at the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Trust, the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s DTC account. The expense and risk of delivery, ownership and safekeeping of gold, until... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in its sole discretion at any time or from time to time. Neither the Trustee nor the Sponsor will be liable for the rejection of any purchase order or gold deposit.
Redemption Procedures - Authoriz... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
an Authorized Participant.
27
Table of Contents
By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the Trust ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
unce are disregarded. A redeeming Authorized Participant is responsible for any applicable tax, fees or other governmental charge that may be due, as well as any charges or fees in connection with th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
odian will arrange for the redemption amount in gold to be transferred from the Allocated Account to the Unallocated Account, and, ultimately, to the redeeming Authorized Participant’s account. With ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of gold is not reasonably practicable... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ee for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.
Item 1A.
R... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
investors’ inflation expectations, exchange rate volatility and interest rate volatility. An adverse development with regard to one or more of these, or other factors, may lead to a decrease in gold... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
it is held in vaults and is not bought, sold, leased or swapped or otherwise available in the open market. In the event that future economic, political or social conditions or pressures require memb... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
may be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. The price of gold can be volatile because gold is comparativ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
LBMA Gold Price PM or LBMA Gold Price AM arise, even if eventually shown to be without merit, such concerns could adversely affect investor interest in gold and therefore adversely affect the price ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
potentially lead to changes in the manner in which the LBMA Gold Price PM or LBMA Gold Price AM is calculated and/or the discontinuance of the LBMA Gold Price PM or LBMA Gold Price AM altogether. Ea... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
evaluation of the value of the Trust’s gold and may instruct the Trustee to use a different price which is more reasonably available to the Trustee at no cost to the Trustee that the Sponsor determi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
proportion of the demand for gold, large redemptions of the securities of these ETVs could negatively affect gold prices and the price and Net Asset Value of the Shares.
Several factors may have th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
rate differentials between the cost of money and the cost of gold could negatively affect the price of gold which, in turn, could negatively affect the price of the Shares.
A combination of rising ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of the period of time the Shares are held.
The Shares are intended to track the performance of the price of gold. The value of the Shares relates directly to the value of the gold owned by the Trus... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(1) forward selling by gold producers; (2) purchases made by gold producers to unwind gold hedge positions; (3) central bank purchases and sales; (4) production and cost levels in major gold-produci... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in additional sanctions in the future. Such sanctions and other similar measures could cause volatility in precious metals prices and have a significant impact on Trust performance and the value of ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, all after July 21, 2022. Similarly, US regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022 and EU regulations prohibit the direct or indirect ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, and a potential expansion of the conflict beyond Ukraine’s borders, could disturb the gold market.
Investors should be advised that there is no assurance that gold will maintain its long-term valu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
fluctuate with changes in the market value of the gold owned by the Trust. The trading price of the Shares will fluctuate with changes in the Net Asset Value per Share as well as market supply and d... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of Contents
The lack of an active trading market for the Shares could result in losses on your investment at the time of disposition of your Shares.
Prior to the listing of the Shares on the NYSE ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for them exists, the absence of an active market will most likely adversely affect the price you receive for your Shares (assuming you are able to sell them).
The amount of gold represented by each... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and solely to the extent as may otherwise be agreed to in writing between the Sponsor and the Custodian).
The Sponsor Fee and reimbursement of expenses not assumed by the Sponsor are payable in cas... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
price of a Share even if the price of gold has not changed. To retain the Share’s original price, the price of gold would have to increase. Without that increase, the lesser amount of gold represent... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that your Shares would have the same value on both dates, not including any transaction costs you may incur to purchase your Shares. The Sponsor Fee is currently 0.18% of the Net Asset Value of the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
Although the Shares are redeemable by Authorized Participants in exchange for the underlying amount of gold, redemptions by Authorized Participants may be suspended during any period while regular... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
had the redemption taken place when it was originally intended to occur. As a consequence, Authorized Participants may reduce their trading in the Shares during periods of suspension, decreasing the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
an investor incurring a loss on an investment in the Shares.
If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactio... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
be able to realize the profit they expect. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of gold and may fall.
In... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
receives from the Custodian during the business day and that is subject to correction during the preparation of the Custodian’s definitive records after the close of business. If the information rel... |
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