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 |
|
| Management fees(1) |
1.6% |
|
| Other expenses |
0.3% |
|
|
Subtotal |
1.9% |
|
| Interest expense and
distributions on mandatory redeemable preferred stock |
1.3% |
|
| Management fee waivers |
(0.3) |
|
|
Total
expenses |
2.9% |
|
(1) Ratio reflects total management fee before waiver
Source: KMF
2011 Annual Report (PDF)