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HVLUAU VanEck MSCI International Value (AUD Hedged) ETF Please read important disclosure Close important disclosure false

    • HVLU
    VanEck MSCI International Value (AUD Hedged) ETF

    HVLU
    VanEck MSCI International Value (AUD Hedged) ETF

    • NAV
      $44.14

      as at 14-May-26
    • Total Net Assets
      $94.90M
    • Dividend Frequency
      1 each year
    • Management fee (p.a.)
      0.43%
    • Number of securities
      248
    • Inception Date
      07-Nov-23
    The NAV is generally calculated daily after all markets are closed for that day based on the closing price of the securities on the relevant foreign stock exchange. The NAV is then converted to AUD based on the relevant London WM Reuters 4pm exchange rate. This means, due to Australia’s time zone, that the NAV will generally not be updated until around 1pm next business day.
    HVLU

    Overview

    Fund Description

    HVLU gives investors a diversified portfolio of 250 international developed market large- and mid-cap companies, with high value scores as calculated by MSCI at each rebalance with returns hedged into Australian dollars. HVLU aims to provide investment returns before fees and other costs which track the performance of the Index.

    Key points

    International companies exhibiting value characteristics

    Access a portfolio of international companies that are selected for their high value score relative to sector peers as measured by MSCI based on: (i) price to book value; (ii) price to forward earnings; and (iii) enterprise value to cash flow from operations.

    Long term focus, capturing value across the market cycle

    The index is designed to capture a high level of exposure to value while minimising unintended and unwanted sector bets.

    Diversified across countries, sectors and companies

    Offering investors a portfolio of 250 companies across a range of geographies, sectors and economies.

    Australian dollar currency hedged
      is likely to be appropriate for a consumer who is seeking capital preservation and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 7 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high to very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital preservation and a regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 7 years, and has an extremely high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a minor or satellite allocation within a portfolio, has no investment timeframe, and has a high or very high risk/return profile.
      is likely to be appropriate for a consumer who is seeking regular income distribution, is intending to use the product as a core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth, is intending to use the product as a satellite allocation within a portfolio, has no minimum investment timeframe, and has an extremely high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking a regular income distribution, is intending to use the product as a minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital preservation and a regular income distribution, is intending to use the product as a standalone solution, major, core, minor or satellite allocation within a portfolio, has no investment timeframe and has a low risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a standalone solution or major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 3 years, and has a medium risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a standalone solution or major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high risk/return profile.
      is likely to be appropriate for a consumer who is seeking capital growth and a regular income distribution, is intending to use the product as a standalone solution or major, core, minor or satellite allocation within a portfolio, has an investment timeframe of at least 5 years, and has a high to very high risk/return profile.

    Index Key points

    Index name
    MSCI World ex Australia Enhanced Value Top 250 Select 100% Hedged to AUD Index

    Overview
    The Index measures the performance of 250 international developed market large- and mid-cap companies selected from the MSCI World ex Australia Index, with high value scores relative to their industry peers as calculated by MSCI at each rebalance. Exclusions apply for weapons and tobacco (subject to threshold screening).

    Summary of Index calculation methodology
    A five step process is followed to determine the Index:

    1. Eligible universe
    The eligible universe is all the companies in the MSCI World ex Australia Index (“Parent Index”) which is a traditional free-float adjusted market capitalisation (“FMC”) weighted index.

    2. Securities are screened for exclusion based on the following business activities:

    Business activities Exclusion
    Conventional weapons All companies deriving:
    • 5% or more revenue from the production of conventional weapons; or
    • 15% or more aggregate revenue from weapons systems, components, and support systems and services.
    Controversial weapons

    All companies with an involvement in the production of cluster bombs, landmines, depleted uranium weapons, chemical and biological weapons, blinding lasers, non-detectable fragments and incendiary weapons.

    • Cluster Bombs
      • cluster bombs and munitions, or the essential components of these products.
    • Landmines
      • anti‐personnel landmines, anti‐vehicle landmines, or the essential components of these products.
    • Depleted Uranium Weapons  
      • depleted uranium weapons and armor.
    • Chemical and Biological Weapons
      • chemical and biological weapons, or the essential components of these products.
    • Blinding Laser Weapons
      • weapons utilising laser technology to cause permanent blindness.
    • Non-Detectable Fragments
      • weapons that use non-detectable fragments to inflict injury.
    • Incendiary Weapons (White Phosphorus)
      • weapons using white phosphorus.

    For more details, refer to the methodology of the MSCI Global Ex-Controversial Weapons Indexes available in the documents section below.
    Nuclear weapons All companies that:
    • manufacture nuclear warheads and/or whole nuclear missiles; or
    • manufacture components that were developed or are significantly modified for exclusive use in nuclear weapons (warheads and missiles); or
    • manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons; or
    • provide auxiliary services related to nuclear weapons; or
    • manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons (warheads and missiles) but can be used in nuclear weapons; or
    • manufacture or assemble delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but have the capability to deliver nuclear weapons; or
    • manufacture components for nuclear-exclusive delivery platforms.
    Tobacco All companies:
    • classified as a “Producer”; or
    • deriving 5% or more aggregate revenue from the production, distribution, retail and supply of tobacco-related products.

    The effectiveness of an exclusionary screen is limited by the accuracy, completeness and accessibility of information and disclosure the relevant entity makes available or is willing to make available. There may be instances where the above screens may not exclude a company if data about the company is incomplete, inaccurate or unavailable.

    You may have differing views, opinions and understanding of the meaning of the terminology used in this section and PDS, to VanEck or MSCI or their third party providers (including ESG research providers), and therefore your expectations of permitted investments may be different to the actual investments of the Fund.


    3. Value
    MSCI calculates a value score for each remaining company in the universe based on the following fundamental accounting variables:

    a) price-to-book value;
    b) price-to-forward earnings; and
    c) enterprise value-to-cash flow from operations.

    Companies are ranked by value score and a fixed number required to cover 30% of the FMC of the Parent Index are selected, with the aim of attaining a high exposure to the value factor, while maintaining sufficient market capitalisation and number of companies covered. At the date of this PDS, 350 companies are included.
    Constituents are then weighted with a tilt to value as follows:

              Value weight = Value score x FMC weight in the Parent Index

    4. Select top 250
    The top 250 companies by value weight are then selected for the Index.

    5. Weighting
    The weights of the final 250 constituents are then:

    (i) adjusted proportionately based on their value weight in step 3; and
    (ii) normalised so that sectors in the Index represent the same weight as the Parent Index.


    Currency hedging
    MSCI reduces the exposure of the Index to foreign exchange rate fluctuations between the Australian dollar and currencies in which the constituents are denominated by notionally entering into forward foreign exchange contracts on a rolling one-month basis at the end of each month. The Index is not fully hedged and retains some exposure to currency movements.

    Rebalances
    The Index is reviewed and rebalanced on a semi-annual basis, usually as of the close of the last business day of May and November. The value scores are recalculated at the end of April and October and used for May and November rebalances respectively.

    For full details of the methodology, click here.

    Index provider
    MSCI Inc (“MSCI”). MSCI is not a related body corporate of VanEck.
    HVLU is indexed to a MSCI index. HVLU is not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to HVLU or the MSCI World ex Australia Enhanced Value Top 250 Select 100% Hedged to AUD Index. The PDS contains a more detailed description of the limited relationship MSCI has with VanEck and HVLU.

    Performance

    Holdings & allocations

    All holdings (%) as at 15-May-26 Download all holdings

    No. of holdings: 248
    Security name
    Ticker
    		 % of Fund net
    assets
    Micron Technology Inc MU US 11.31
    Intel Corp INTC US 6.17
    Cisco Systems Inc CSCO US 4.46
    Qualcomm Inc QCOM US 2.24
    Verizon Communications Inc VZ US 1.94
    Toyota Motor Corp 7203 JP 1.50
    At&T Inc T US 1.44
    Nokia Oyj NOKIA FH 1.42
    Mitsubishi Corp 8058 JP 1.27
    Mitsui & Co Ltd 8031 JP 1.21
    Comcast Corp CMCSA US 1.21
    Hewlett Packard Enterprise Co HPE US 1.19
    Infineon Technologies Ag IFX GR 1.18
    Merck & Co Inc MRK US 1.13
    Hsbc Holdings Plc HSBA LN 1.06
    General Motors Co GM US 1.04
    Pfizer Inc PFE US 1.04
    Citigroup Inc C US 0.99
    Shell Plc SHEL LN 0.90
    Renesas Electronics Corp 6723 JP 0.88
    Sumitomo Corp 8053 JP 0.87
    Totalenergies Se TTE FP 0.84
    Cvs Health Corp CVS US 0.82
    Murata Manufacturing Co Ltd 6981 JP 0.77
    Stmicroelectronics Nv STMPA FP 0.77
    Bnp Paribas Sa BNP FP 0.77
    Rio Tinto Plc RIO LN 0.75
    Archer-Daniels-Midland Co ADM US 0.74
    Marubeni Corp 8002 JP 0.74
    Itochu Corp 8001 JP 0.74
    Banco Santander Sa SAN SM 0.73
    Bristol-Myers Squibb Co BMY US 0.66
    Ck Hutchison Holdings Ltd 1 HK 0.63
    Koninklijke Ahold Delhaize Nv AD NA 0.59
    Mercedes-Benz Group Ag MBG GR 0.59
    On Semiconductor Corp ON US 0.59
    Kraft Heinz Co/The KHC US 0.56
    Mitsubishi Ufj Financial Group Inc 8306 JP 0.56
    Sanofi Sa/France SAN FP 0.54
    Cigna Group/The CI US 0.53
    Ford Motor Co F US 0.53
    Vodafone Group Plc VOD LN 0.52
    Canon Inc 7751 JP 0.51
    Telefonaktiebolaget Lm Ericsson ERICB SS 0.51
    Tdk Corp 6762 JP 0.50
    Arcelormittal Sa MT NA 0.49
    Kyocera Corp 6971 JP 0.48
    Dell Technologies Inc DELL US 0.48
    Panasonic Corp 6752 JP 0.48
    Komatsu Ltd 6301 JP 0.47
    Glencore Plc GLEN LN 0.47
    Barclays Plc BARC LN 0.45
    Bayer Ag BAYN GR 0.45
    Sumitomo Mitsui Financial Group Inc 8316 JP 0.44
    Engie Sa ENGI FP 0.44
    Honda Motor Co Ltd 7267 JP 0.44
    Cie De Saint-Gobain SGO FP 0.44
    Gsk Plc GSK LN 0.43
    Elevance Health Inc ELV US 0.43
    Banco Bilbao Vizcaya Argentaria Sa BBVA SM 0.43
    Fujifilm Holdings Corp 4901 JP 0.43
    Sun Hung Kai Properties Ltd 16 HK 0.43
    Deutsche Post Ag DHL GR 0.42
    Enel Spa ENEL IM 0.41
    Unicredit Spa UCG IM 0.41
    Toyota Tsusho Corp 8015 JP 0.41
    Aercap Holdings Nv AER US 0.40
    Volkswagen Ag VOW3 GR 0.40
    First Solar Inc FSLR US 0.40
    Bayerische Motoren Werke Ag BMW GR 0.38
    Central Japan Railway Co 9022 JP 0.36
    Carrefour Sa CA FP 0.36
    Orange Sa ORA FP 0.35
    Societe Generale Sa GLE FP 0.35
    Strategy Inc MSTR US 0.35
    Bp Plc BP/ LN 0.35
    Mizuho Financial Group Inc 8411 JP 0.35
    Kddi Corp 9433 JP 0.33
    Tyson Foods Inc TSN US 0.33
    Hp Inc HPQ US 0.33
    Fujitsu Ltd 6702 JP 0.33
    Bunge Global Sa BG US 0.33
    Daimler Truck Holding Ag DTG GR 0.33
    Ing Groep Nv INGA NA 0.33
    Rwe Ag RWE GR 0.32
    Mitsubishi Estate Co Ltd 8802 JP 0.32
    Cognizant Technology Solutions Corp CTSH US 0.31
    Nxp Semiconductors Nv NXPI US 0.31
    Twilio Inc TWLO US 0.31
    Wh Group Ltd 288 HK 0.31
    Zoom Video Communications Inc ZM US 0.31
    Capital One Financial Corp COF US 0.30
    Deutsche Bank Ag DBK GR 0.30
    Teva Pharmaceutical Industries Ltd TEVA US 0.29
    Nippon Yusen Kk 9101 JP 0.29
    Stellantis Nv STLAM IM 0.29
    Jabil Inc JBL US 0.29
    Intesa Sanpaolo Spa ISP IM 0.29
    Mitsui Osk Lines Ltd 9104 JP 0.29
    Capgemini Se CAP FP 0.28
    Lloyds Banking Group Plc LLOY LN 0.28
    Asahi Group Holdings Ltd 2502 JP 0.27
    Jardine Matheson Holdings Ltd JM SP 0.27
    Eni Spa ENI IM 0.25
    Teledyne Technologies Inc TDY US 0.25
    Toyota Industries Corp 6201 JP 0.25
    Dr Horton Inc DHI US 0.25
    Natwest Group Plc NWG LN 0.25
    Repsol Sa REP SM 0.25
    Centene Corp CNC US 0.25
    Nippon Telegraph & Telephone Corp 9432 JP 0.24
    Takeda Pharmaceutical Co Ltd 4502 JP 0.24
    Standard Chartered Plc STAN LN 0.24
    Daiwa House Industry Co Ltd 1925 JP 0.23
    Netapp Inc NTAP US 0.23
    Truist Financial Corp TFC US 0.23
    Pg&E Corp PCG US 0.23
    Nutrien Ltd NTR CN 0.23
    Nippon Steel Corp 5401 JP 0.22
    Cie Generale Des Etablissements Micheli ML FP 0.22
    F5 Inc FFIV US 0.21
    Kubota Corp 6326 JP 0.21
    Prudential Financial Inc PRU US 0.21
    Wp Carey Inc WPC US 0.21
    Bt Group Plc BT/A LN 0.20
    Devon Energy Corp DVN US 0.20
    Kirin Holdings Co Ltd 2503 JP 0.20
    Keurig Dr Pepper Inc KDP US 0.20
    Manulife Financial Corp MFC CN 0.19
    Henkel Ag & Co Kgaa HEN3 GR 0.19
    Biogen Inc BIIB US 0.18
    Bridgestone Corp 5108 JP 0.18
    Gen Digital Inc GEN US 0.18
    Magna International Inc MG CN 0.17
    Orix Corp 8591 JP 0.17
    Edison International EIX US 0.17
    Kansai Electric Power Co Inc/The 9503 JP 0.16
    Super Micro Computer Inc SMCI US 0.16
    Pultegroup Inc PHM US 0.16
    Chubu Electric Power Co Inc 9502 JP 0.16
    Denso Corp 6902 JP 0.16
    Delta Air Lines Inc DAL US 0.16
    Nn Group Nv NN NA 0.16
    Metlife Inc MET US 0.15
    Royalty Pharma Plc RPRX US 0.15
    Inpex Corp 1605 JP 0.15
    Charter Communications Inc CHTR US 0.14
    Japan Post Bank Co Ltd 7182 JP 0.14
    Suzuki Motor Corp 7269 JP 0.14
    Roper Technologies Inc ROP US 0.14
    American International Group Inc AIG US 0.14
    Otsuka Holdings Co Ltd 4578 JP 0.14
    Credit Agricole Sa ACA FP 0.14
    Ck Asset Holdings Ltd 1113 HK 0.13
    Open Text Corp OTEX CN 0.13
    Bank Leumi Le-Israel Bm LUMI IT 0.13
    Caixabank Sa CABK SM 0.13
    Equinor Asa EQNR NO 0.13
    Deutsche Lufthansa Ag LHA GR 0.13
    Lennar Corp LEN US 0.13
    Japan Post Holdings Co Ltd 6178 JP 0.13
    Asahi Kasei Corp 3407 JP 0.13
    Commerzbank Ag CBK GR 0.13
    Mitsui Fudosan Co Ltd 8801 JP 0.13
    Pernod Ricard Sa RI FP 0.13
    Ap Moller - Maersk A/S MAERSKA DC 0.12
    3i Group Plc III LN 0.12
    State Street Corp STT US 0.11
    Bank Hapoalim Bm POLI IT 0.11
    Mitsubishi Chemical Holdings Corp 4188 JP 0.11
    Ss&C Technologies Holdings Inc SSNC US 0.11
    Eneos Holdings Inc 5020 JP 0.11
    Becton Dickinson & Co BDX US 0.11
    Erste Group Bank Ag EBS AV 0.11
    Fresenius Se & Co Kgaa FRE GR 0.11
    Sse Plc SSE LN 0.11
    Danske Bank A/S DANSKE DC 0.11
    Porsche Automobil Holding Se PAH3 GR 0.11
    Telefonica Sa TEF SM 0.11
    Subaru Corp 7270 JP 0.11
    Citizens Financial Group Inc CFG US 0.11
    Nomura Holdings Inc 8604 JP 0.11
    Sekisui House Ltd 1928 JP 0.11
    Fiserv Inc FI US 0.11
    Osaka Gas Co Ltd 9532 JP 0.10
    Jfe Holdings Inc 5411 JP 0.10
    Abn Amro Bank Nv ABN NA 0.10
    Fairfax Financial Holdings Ltd FFH CN 0.10
    Synchrony Financial SYF US 0.10
    Global Payments Inc GPN US 0.10
    Everest Group Ltd EG US 0.10
    Omnicom Group Inc OMC US 0.09
    Sumitomo Mitsui Trust Holdings Inc 8309 JP 0.09
    United Therapeutics Corp UTHR US 0.09
    Ms&Ad Insurance Group Holdings Inc 8725 JP 0.09
    Diamondback Energy Inc FANG US 0.09
    Smurfit Westrock Plc SW US 0.09
    Aib Group Plc AIBG ID 0.08
    Rogers Communications Inc RCI/B CN 0.08
    Publicis Groupe Sa PUB FP 0.08
    Nidec Corp 6594 JP 0.08
    Banco De Sabadell Sa SAB SM 0.08
    Bank Of Ireland Group Plc BIRG ID 0.08
    Boc Hong Kong Holdings Ltd 2388 HK 0.08
    Shionogi & Co Ltd 4507 JP 0.08
    Koninklijke Philips Nv PHIA NA 0.08
    Sompo Holdings Inc 8630 JP 0.07
    Banca Monte Dei Paschi Di Siena Spa BMPS IM 0.07
    Labcorp Holdings Inc LH US 0.07
    M&T Bank Corp MTB US 0.07
    Regions Financial Corp RF US 0.07
    Cgi Inc GIB/A CN 0.07
    Resona Holdings Inc 8308 JP 0.07
    Principal Financial Group Inc PFG US 0.07
    Zimmer Biomet Holdings Inc ZBH US 0.07
    Fresenius Medical Care Ag FME GR 0.07
    Amcor Plc AMCR US 0.07
    Tokyo Gas Co Ltd 9531 JP 0.07
    Sino Land Co Ltd 83 HK 0.07
    Annaly Capital Management Inc NLY US 0.07
    Edp Sa EDP PL 0.06
    Bper Banca Spa BPE IM 0.06
    Lyondellbasell Industries Nv LYB US 0.06
    Bouygues Sa EN FP 0.06
    Eiffage Sa FGR FP 0.06
    Nice Ltd NICE IT 0.06
    Banco Bpm Spa BAMI IM 0.06
    Zebra Technologies Corp ZBRA US 0.06
    Norsk Hydro Asa NHY NO 0.06
    Keycorp KEY US 0.06
    Universal Health Services Inc UHS US 0.06
    Svenska Handelsbanken Ab SHBA SS 0.05
    Huntington Bancshares Inc/Oh HBAN US 0.05
    Aegon Nv AGN NA 0.05
    Kajima Corp 1812 JP 0.05
    International Paper Co IP US 0.05
    Merck Kgaa MRK GR 0.05
    Israel Discount Bank Ltd DSCT IT 0.05
    Orsted As ORSTED DC 0.05
    United Airlines Holdings Inc UAL US 0.05
    Dsm-Firmenich Ag DSFIR NA 0.05
    Incyte Corp INCY US 0.04
    Alstom Sa ALO FP 0.04
    Corebridge Financial Inc CRBG US 0.04
    First Citizens Bancshares Inc/Nc FCNCA US 0.04
    Raiffeisen Bank International Ag RBI AV 0.04
    Equitable Holdings Inc EQH US 0.04
    Waters Corp WAT US 0.03
    Other/Cash -- 0.98
    Total 100.00
    These are not recommendations to buy or to sell any security.
    Holdings: Holdings data shows the direct investments of the VanEck MSCI International Value ETF (VLUE), the underlying fund into which HVLU primarily invests to obtain exposure to the securities in the index. The percentage holdings of VLUE and HVLU will vary slightly because of the cash and forward positions present in HVLU.

    Dividends

    Election of Dividend Reinvestment Plan (DRP)

    You can elect DRP by logging into MUFG’s Investor Centre. Once you are logged in, please proceed to the “Payments and Tax” tab and select “Reinvestment Plans”.

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