The following table sets forth the components of the ratio of expenses to average net assets for each period presented.
|
For the Six Months Ended May 31, 2010
(Unaudited)  |
For the Year Ended November 30, |
For the Period September 21, 2006 through November 30, 2006 |
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 |
2009 |
2008 |
2007 |
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| Management Fees | 2.2% |
2.0% |
2.4% |
2.0% |
1.7% |
||
| Other Expenses | 1.1
|
1.3 |
1.1 |
0.8 |
1.4 |
||
| Subtotal | 3.3 |
3.3 |
3.5 |
2.8 |
3.1 |
||
| Interest Expense | 1.0 |
0.8 |
2.0 |
1.0 |
-- |
||
| Management fee waivers | -- |
-- |
-- |
(0.4) |
(0.5) |
||
| Expenses (exclusive of tax expense) |
4.3 |
4.1 |
5.5 |
3.4 |
2.6 |
||
| Tax expense | 6.2 |
6.9 |
-- * |
0.8 |
-- |
||
| Total Expenses** | 10.5%  |
11.0% |
5.5% |
4.2% |
2.6% |
||
|
* For the year ended November 30, 2008, the Company accrued deferred income tax benefits of $33,264 (15.5% of average
net assets) primarily related to unrealized losses on investments. Realization of a deferred tax benefit is dependent on
whether there will be sufficient taxable income of the appropriate character within the carryforward periods to realize a
portion or all of the deferred tax benefit. Because it cannot be predicted whether the Company will incur a benefit in the
future, a deferred income tax expense of 0.00% has been assumed. ** For the year ended November 30, 2008, total expenses exclude 0.4% relating to bad debt expense for the ratio of expenses to average net assets and 0.3% for the ratio of expenses to average total assets. |
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Source: KED 2010 Semi-Annual Report  (PDF) |
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