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 |
2006 |
2005 |
For the
Period Sep 28, 2004(1)through Nov 30, 2004 |
| Management fees |
2.4% |
2.1% |
2.1% |
2.2% |
2.3% |
3.2% |
1.2% |
0.8% |
| Other expenses |
0.2
|
0.2
|
0.4
|
0.3
|
0.2
|
0.2
|
0.3
|
0.4
|
|
Subtotal |
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 |
2.3 |
1.9 |
2.5 |
3.4 |
2.3 |
1.7 |
0.8 |
0.0 |
| Income tax expense |
4.8
|
20.5
|
25.4
|
--(2)
|
3.5
|
13.8
|
6.4
|
3.5
|
|
Total
expenses |
9.7%
|
24.7%
|
30.4%
|
5.9%
|
8.3%
|
18.9%
|
8.7%
|
4.7%
|
(1) Commencement of operations.
(2) For the year ended November 30, 2008, the Company accrued
deferred income tax benefits of $339,991 (29.7% 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. No deferred income tax benefit has been
included for the purpose of calculating total expense.
Source: KYN 2011 Annual Report (PDF)