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			&lt;font style="display: inline;font-weight:bold;"&gt;3. Related Parties &lt;/font&gt;
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			&lt;font style="display: inline;"&gt;The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee&amp;#x2019;s fee is paid by the Sponsor and is not a separate expense of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants or purchase or sell palladium or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. &lt;/font&gt;
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			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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