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The following table sets forth the components of the ratio of expenses to average net assets for each period presented.
| For the Fiscal Year Ended November 30, | ||||||||
| For the Three Months Ended February 28, 2013 (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | For the Period September 21, 2006 through November 30, 2006 | |
| Management fees | 2.5% | 2.4% | 2.4% | 2.1% | 2.0% | 0.4% | 3.1% | 2.4% |
| Other expenses |
0.5
|
0.6
|
0.7
|
1.0
|
1.3
|
1.1
|
0.9
|
1.3
|
| Subtotal | 3.0 | 3.0 | 3.1 | 3.1 | 3.3 | 1.5 | 4.0 | 3.7 |
| Interest Expense | 0.9 | 0.9 | 0.8 | 0.9 | 0.8 | 2.0 | 1.0 | -- |
| Management fee waivers |
--
|
--
|
--
|
--
|
--
|
--
|
(0.4)
|
(0.5)
|
| Expenses (exclusive of tax expense) | 3.9 | 3.9 | 3.9 | 4.0 | 4.1 | 3.5 | 4.6 | 3.2 |
| Tax expense |
15.2
|
5.6
|
10.0
|
16.3
|
6.9
|
--*
|
0.8
|
--
|
| Total Expenses** |
19.1%
|
9.5%
|
13.9%
|
20.3%
|
11.0%
|
3.5%
|
5.4%
|
3.2%
|
* 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.
Source: KED Q1 2013 Quarterly Report (PDF)