The following table sets forth the components of the Company's ratio of expenses to average net assets for each period presented.
For the six Months Ended May 31, 2010 (Unaudited)
 |
For the Period Sep 28, 2004(1) through Nov 30, 2004
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For the Fiscal Year Ended November 30,
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 |
2009 |
2008 |
2007 |
2006 |
2005 |
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| Management fees | 2.1% |
2.1% |
2.2% |
2.3% |
3.2% |
1.2% |
0.8% |
| Other expenses | 0.3 |
0.4 |
0.3 |
0.2 |
0.2 |
0.3 |
0.4 |
| Subtotal | 2.4% |
2.5% |
2.5% |
2.5% |
3.4% |
1.5% |
1.2% |
| Interest expense and distributions on mandatory redeemable preferred stock | 1.9 |
2.5 |
3.4 |
2.3 |
1.7 |
0.8 |
0.0 |
| Income tax expense | 13.3 |
25.4 |
-- (2) |
3.5 |
13.8 |
6.4 |
3.5 |
| Total expenses | 17.6%  |
30.4% |
5.9% |
8.3% |
18.9% |
8.7% |
4.7% |
| (1) Commencement of operations. |
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| (2) For the year ended November 30, 2008, the Company accrued deferred income tax benefits of $339,991 (29.7% 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. No deferred income tax benefit has been included for the purpose of calculating total expense. | |||||||
Source: KYN 2010 Semi-Annual Report  |
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