Kayne Anderson Fund Advisors

KYN - MLP Investment Company

KYN - Expense Ratios

The following table sets forth the components of the ratio of expenses to average net assets for each period presented. Unless otherwise noted, ratios are annualized.

 

    For the Fiscal Year Ended November 30,  
  For the Six Months Ended May 31, 2017 (Unaudited) 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 For the Period
Sep 28, 2004(1) through Nov 30, 2004
Management fees (net of fee waiver) 2.4% 2.5% 2.6% 2.4% 2.4% 2.4% 2.4% 2.1% 2.1% 2.2% 2.3% 3.2% 1.2% 0.8%
Other expenses
0.2
0.2
0.1
0.1
0.1
0.2
0.2
0.2
0.4
0.3
0.2
0.2
0.3
0.4
Subtotal 2.6% 2.7% 2.7% 2.5% 2.5% 2.6% 2.6% 2.3% 2.5% 2.5% 2.5% 3.4% 1.5% 1.2%
Interest expense and distributions on mandatory redeemable preferred stock (2) 1.9 2.8 2.4 1.8 2.1 2.4 2.3 1.9 2.5 3.4 2.3 1.7 0.8 0.0
Income tax expense(3)
     0.8(4)
     7.9
       --
       8.3
14.4
7.2
4.8
20.5
25.4
--
3.5
13.8
6.4
3.5
Total expenses
5.3%
13.4%
5.1%
12.6%
19.0%
12.2%
9.7%
24.7%
30.4%
5.9%
8.3%
18.9%
8.7%
4.7%

 

(1) Commencement of operations.

(2) Distributions on the Company’s MRP Shares are treated as an operating expense under GAAP and are included in the calculation of net investment income (loss). See Note 2 — Significant Accounting Policies.

(3) For the fiscal years ended November 30, 2015 and November 30, 2008, the Company reported an income tax benefit of $980,647 (30.7% of average net assets) and $339,991 (29.7% of average net assets), respectively, primarily related to unrealized losses on investments. The income tax expense is assumed to be 0% because the Company reported a net deferred income tax benefit during the year.

(4) Not annualized.

Source: KYN 2017 Semi-Annual Report (PDF)

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