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This collection includes all four studio albums by the Lou Reed-era line-up of the Velvet Underground, alongside demo recordings and live performances, some of which - bootlegged, some of which were never released. The Velvet Underground, the band's self-titled third album, is presented in its infamous "closet mix", that is, Lou Reed's mix of the album that features a cramped, closed-in sound with more emphasis on vocals. The band's fourth album, Loaded, is presented with "full-length versions" of "Sweet Jane" and "New Age".

Rolling Stone journalist David Fricke wrote extensive liner notes in an accompanying booklet, which also pictured many items of Velvet Underground memorabilia from the collection of guitarist Sterling Morrison.