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, |
|
| |
2011 |
2010 |
2009 |
2008 |
2007 |
For the
Period September 21, 2006 through November 30, 2006 |
| Management fees |
2.4% |
2.1% |
2.0% |
0.4% |
3.1% |
2.4% |
| Other expenses |
0.7
|
1.0
|
1.3
|
1.1
|
0.9
|
1.3
|
|
Subtotal |
3.1 |
3.1 |
3.3 |
1.5 |
4.0 |
3.7 |
| Interest Expense |
0.8 |
0.9 |
0.8 |
2.0 |
1.0 |
-- |
| Management fee
waivers |
--
|
--
|
--
|
--
|
(0.4)
|
(0.5)
|
| Expenses (exclusive of
tax expense) |
3.9 |
4.0 |
4.1 |
3.5 |
4.6 |
3.2 |
| Tax expense |
10.0
|
16.3
|
6.9
|
--*
|
0.8
|
--
|
|
Total
Expenses** |
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 2011
Annual Report (PDF)