Noranda Income Fund Unit NNDIF

RE:RE:RE:Annual meeting

[ljp0101]

Thanks. Doesn't sound very committal but at least it's not bad news!

Re purchase terms, there's a duration gap between purchases and sales that drives the need for hedging and creates a negative roll yield. Details aren't that meaningful but agree saying they buy on cash is overly simplistic; terms might be 60 days with provisional pricing.

Anyways, it's all noise in the reported numbers relative to the big hedging gain we both expect.