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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 | ||
| Management fees(1) | 1.7% | 1.7% | 1.6% | |
| Other expenses | 0.2 | 0.3 | 0.3 | |
| Excise taxes | 0.3 | -- | -- | |
| Subtotal | 2.2 | 2.0 | 1.9 | |
| Interest expense and distributions on mandatory redeemable preferred stock | 1.9 | 1.8% | 1.3% | |
| Management fee waivers | -- | -- | (0.3) | |
| Total expenses | 4.1% | 3.8% | 2.9% | |
(1) Ratio reflects total management fee before waiver
Source: KMF Q1 2013 Quarterly Report (PDF)