Fold verr folk-Baldr;
fár má konungr svá;
ǫrn reifir Ôleifr;
es framr Svía gramr.
Folk-Baldr verr fold; fár konungr má svá; Ôleifr reifir ǫrn; gramr Svía es framr.
The host-Baldr <god> [RULER] defends the land; few kings are able to do so; Óláfr gladdens the eagle; the ruler of the Swedes [= Óláfr] is outstanding.
[1] folk-; fold ‘host-; land’: Apparently a common alliterative doublet: cf. OE folc and foldan ‘host and land’ in The Battle of Maldon l. 54a (Pope 2001, 17).