Ars Magica 5th edition (2004) by Atlas Games is the most recent incarnation of the game and the second edition after its return to its original publisher. Set in Mythic Europe — a medieval Europe where what was believed about the world then is actually true — players take on the roles of members of a Covenant of wizards, with multiple characters per player being typical. Session involve a subset of player characters according to the current focus of play, an arrangement called "troupe play" that Ars Magica originated.

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