Eaton Vance
Tax-Managed Small-Cap Fund
July 31, 2021 (Unaudited)
Eaton Vance Tax-Managed Small-Cap Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Small-Cap Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At July 31, 2021, the value of the Fund’s investment in the Portfolio was $137,887,203 and the Fund owned 65.8% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
Tax-Managed Small-Cap Portfolio
July 31, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 99.3%
Security | Shares | Value | ||||||
Aerospace & Defense — 2.1% |
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Hexcel Corp.(1) | 30,685 | $ | 1,669,878 | |||||
Mercury Systems, Inc.(1) | 40,694 | 2,685,804 | ||||||
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$ | 4,355,682 | |||||||
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Auto Components — 4.3% |
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Dana, Inc. | 129,490 | $ | 3,128,478 | |||||
Dorman Products, Inc.(1) | 34,554 | 3,495,137 | ||||||
Visteon Corp.(1) | 19,951 | 2,275,412 | ||||||
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$ | 8,899,027 | |||||||
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Automobiles — 0.2% |
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Harley-Davidson, Inc. | 12,748 | $ | 505,076 | |||||
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$ | 505,076 | |||||||
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Banks — 10.1% |
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Commerce Bancshares, Inc. | 49,333 | $ | 3,489,323 | |||||
Community Bank System, Inc. | 47,592 | 3,409,491 | ||||||
First Citizens BancShares, Inc., Class A | 1,920 | 1,502,573 | ||||||
Glacier Bancorp, Inc. | 35,462 | 1,828,421 | ||||||
Independent Bank Corp. | 27,971 | 1,976,990 | ||||||
Independent Bank Group, Inc. | 13,350 | 930,495 | ||||||
Pinnacle Financial Partners, Inc. | 38,992 | 3,494,073 | ||||||
South State Corp. | 45,595 | 3,138,760 | ||||||
Stock Yards Bancorp, Inc. | 30,446 | 1,450,447 | ||||||
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$ | 21,220,573 | |||||||
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Biotechnology — 0.4% |
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Neurocrine Biosciences, Inc.(1) | 8,607 | $ | 802,258 | |||||
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$ | 802,258 | |||||||
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Building Products — 3.5% |
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AZEK Co., Inc. (The)(1) | 127,112 | $ | 4,623,063 | |||||
CSW Industrials, Inc. | 21,944 | 2,595,756 | ||||||
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$ | 7,218,819 | |||||||
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Capital Markets — 1.0% |
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Cohen & Steers, Inc. | 25,673 | $ | 2,136,250 | |||||
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$ | 2,136,250 | |||||||
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Chemicals — 4.3% |
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Balchem Corp. | 26,408 | $ | 3,562,175 | |||||
Quaker Chemical Corp. | 2,068 | 520,598 | ||||||
Valvoline, Inc. | 162,788 | 4,994,336 | ||||||
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$ | 9,077,109 | |||||||
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Security | Shares | Value | ||||||
Commercial Services & Supplies — 3.1% |
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Casella Waste Systems, Inc.(1) | 25,251 | $ | 1,736,764 | |||||
Herman Miller, Inc. | 65,433 | 2,823,434 | ||||||
Kimball International, Inc., Class B | 42,212 | 522,585 | ||||||
Viad Corp.(1) | 31,778 | 1,457,021 | ||||||
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$ | 6,539,804 | |||||||
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Diversified Consumer Services — 2.5% |
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Stride, Inc.(1) | 16,405 | $ | 502,977 | |||||
Terminix Global Holdings, Inc.(1) | 88,245 | 4,632,863 | ||||||
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$ | 5,135,840 | |||||||
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Electronic Equipment, Instruments & Components — 0.6% |
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National Instruments Corp. | 29,304 | $ | 1,292,599 | |||||
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$ | 1,292,599 | |||||||
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Equity Real Estate Investment Trusts (REITs) — 7.4% |
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CubeSmart | 72,184 | $ | 3,584,657 | |||||
EastGroup Properties, Inc. | 15,029 | 2,648,410 | ||||||
Essential Properties Realty Trust, Inc. | 131,355 | 3,914,379 | ||||||
Rexford Industrial Realty, Inc. | 36,663 | 2,255,508 | ||||||
STORE Capital Corp. | 87,755 | 3,175,854 | ||||||
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$ | 15,578,808 | |||||||
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Food & Staples Retailing — 2.5% |
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Chefs’ Warehouse, Inc. (The)(1) | 23,894 | $ | 691,014 | |||||
Performance Food Group Co.(1) | 100,941 | 4,625,117 | ||||||
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$ | 5,316,131 | |||||||
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Food Products — 1.5% |
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J&J Snack Foods Corp. | 3,692 | $ | 606,891 | |||||
Nomad Foods, Ltd.(1) | 97,690 | 2,551,663 | ||||||
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$ | 3,158,554 | |||||||
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Gas Utilities — 1.3% |
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ONE Gas, Inc. | 37,731 | $ | 2,783,793 | |||||
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$ | 2,783,793 | |||||||
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Health Care Equipment & Supplies — 4.9% |
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Envista Holdings Corp.(1) | 71,429 | $ | 3,077,161 | |||||
ICU Medical, Inc.(1) | 15,209 | 3,091,838 | ||||||
Integra LifeSciences Holdings Corp.(1) | 45,732 | 3,310,539 | ||||||
Tandem Diabetes Care, Inc.(1) | 7,918 | 860,449 | ||||||
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$ | 10,339,987 | |||||||
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Health Care Providers & Services — 9.2% |
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Addus HomeCare Corp.(1) | 34,440 | $ | 2,989,048 | |||||
Agiliti, Inc.(1) | 102,383 | 2,005,683 | ||||||
Amedisys, Inc.(1) | 16 | 4,170 | ||||||
AMN Healthcare Services, Inc.(1) | 16,506 | 1,659,843 | ||||||
Apria, Inc.(1) | 30,829 | 972,039 | ||||||
Chemed Corp. | 8,518 | 4,054,738 | ||||||
LHC Group, Inc.(1) | 23,695 | 5,098,690 | ||||||
R1 RCM, Inc.(1) | 119,739 | 2,563,612 | ||||||
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$ | 19,347,823 | |||||||
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Security | Shares | Value | ||||||
Health Care Technology — 1.6% |
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Inovalon Holdings, Inc., Class A(1) | 51,552 | $ | 1,952,790 | |||||
Phreesia, Inc.(1) | 18,868 | 1,289,628 | ||||||
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$ | 3,242,418 | |||||||
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Hotels, Restaurants & Leisure — 2.2% |
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Choice Hotels International, Inc. | 17,274 | $ | 2,071,152 | |||||
Wyndham Hotels & Resorts, Inc. | 36,014 | 2,595,169 | ||||||
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$ | 4,666,321 | |||||||
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Household Durables — 1.7% |
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Tempur Sealy International, Inc. | 81,018 | $ | 3,505,649 | |||||
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$ | 3,505,649 | |||||||
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Independent Power and Renewable Electricity Producers — 0.5% |
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Sunnova Energy International, Inc.(1) | 25,200 | $ | 960,120 | |||||
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$ | 960,120 | |||||||
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Insurance — 4.9% |
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AMERISAFE, Inc. | 20,843 | $ | 1,192,220 | |||||
Kinsale Capital Group, Inc. | 6,560 | 1,171,911 | ||||||
RLI Corp. | 21,960 | 2,380,025 | ||||||
Ryan Specialty Group Holdings, Inc., Class A(1) | 88,924 | 2,623,258 | ||||||
Selective Insurance Group, Inc. | 35,226 | 2,865,635 | ||||||
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$ | 10,233,049 | |||||||
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Interactive Media & Services — 1.5% |
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CarGurus, Inc.(1) | 110,102 | $ | 3,148,917 | |||||
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$ | 3,148,917 | |||||||
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IT Services — 1.0% |
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Euronet Worldwide, Inc.(1) | 14,737 | $ | 2,104,738 | |||||
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$ | 2,104,738 | |||||||
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Leisure Products — 0.2% |
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Hayward Holdings, Inc.(1) | 14,027 | $ | 337,910 | |||||
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$ | 337,910 | |||||||
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Machinery — 4.9% |
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Allison Transmission Holdings, Inc. | 57,414 | $ | 2,291,393 | |||||
Middleby Corp.(1) | 17,650 | 3,379,798 | ||||||
Mueller Water Products, Inc., Class A | 180,224 | 2,670,920 | ||||||
Woodward, Inc. | 16,205 | 1,969,880 | ||||||
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$ | 10,311,991 | |||||||
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Professional Services — 1.6% |
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CBIZ, Inc.(1) | 105,923 | $ | 3,425,550 | |||||
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$ | 3,425,550 | |||||||
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Road & Rail — 1.6% |
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Landstar System, Inc. | 20,854 | $ | 3,274,078 | |||||
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$ | 3,274,078 | |||||||
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Semiconductors & Semiconductor Equipment — 2.0% |
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Ambarella, Inc.(1) | 21,471 | $ | 2,114,679 | |||||
Silicon Laboratories, Inc.(1) | 14,394 | 2,144,562 | ||||||
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$ | 4,259,241 | |||||||
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Security | Shares | Value | ||||||
Software — 8.9% |
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ACI Worldwide, Inc.(1) | 106,768 | $ | 3,662,142 | |||||
Altair Engineering, Inc., Class A(1) | 75,719 | 5,282,158 | ||||||
CDK Global, Inc. | 47,666 | 2,287,491 | ||||||
Envestnet, Inc.(1) | 43,347 | 3,260,995 | ||||||
nCino, Inc.(1) | 28,866 | 1,835,012 | ||||||
Olo, Inc., Class A(1) | 65,029 | 2,280,567 | ||||||
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$ | 18,608,365 | |||||||
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Specialty Retail — 3.1% |
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Asbury Automotive Group, Inc.(1) | 4,448 | $ | 913,886 | |||||
National Vision Holdings, Inc.(1) | 102,528 | 5,534,462 | ||||||
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$ | 6,448,348 | |||||||
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Textiles, Apparel & Luxury Goods — 2.0% |
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Capri Holdings, Ltd.(1) | 49,633 | $ | 2,794,834 | |||||
Steven Madden, Ltd. | 32,971 | 1,445,119 | ||||||
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$ | 4,239,953 | |||||||
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Trading Companies & Distributors — 1.8% |
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Applied Industrial Technologies, Inc. | 15,438 | $ | 1,384,789 | |||||
Herc Holdings, Inc.(1) | 19,462 | 2,414,066 | ||||||
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$ | 3,798,855 | |||||||
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Water Utilities — 0.9% |
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Middlesex Water Co. | 19,267 | $ | 1,960,225 | |||||
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$ | 1,960,225 | |||||||
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Total Common Stocks |
| $ | 208,233,861 | |||||
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Short-Term Investments — 1.1% |
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Description | Units | Value | ||||||
Eaton Vance Cash Reserves Fund, LLC, 0.08%(2) | 2,243,714 | $ | 2,243,714 | |||||
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Total Short-Term Investments |
| $ | 2,243,714 | |||||
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Total Investments — 100.4% |
| $ | 210,477,575 | |||||
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Other Assets, Less Liabilities — (0.4)% |
| $ | (832,970 | ) | ||||
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Net Assets — 100.0% |
| $ | 209,644,605 | |||||
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The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) | Non-income producing security. |
(2) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2021. |
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The Portfolio did not have any open derivative instruments at July 31, 2021.
At July 31, 2021, the value of the Portfolio’s investment in affiliated funds was $2,243,714, which represents 1.1% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended July 31, 2021 were as follows:
Name of affiliated fund | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units, end of period | ||||||||||||||||||||||||
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Short-Term Investments |
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Eaton Vance Cash Reserves Fund, LLC | $ | 92,958 | $ | 25,238,474 | $ | (23,087,660 | ) | $ | (58 | ) | $ | — | $ | 2,243,714 | $ | 464 | 2,243,714 |
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | Level 1 — quoted prices in active markets for identical investments |
• | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2021, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 208,233,861 | * | $ | — | $ | — | $ | 208,233,861 | |||||||
Short-Term Investments | — | 2,243,714 | — | 2,243,714 | ||||||||||||
Total Investments | $ | 208,233,861 | $ | 2,243,714 | $ | — | $ | 210,477,575 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
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