Kayne Anderson Fund Advisors

KED - Energy Development Company

KED - 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 Three Months Ended Feb 28, 2017 (Unaudited)      2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 For the Period September 21, 2006 through November 30, 2006
Management fees 2.8%    2.7% 2.7% 2.7% 2.5% 2.4% 2.4% 2.1% 2.0% 0.4% 3.1% 2.4%
Other expenses
0.6
   0.6
0.4
0.4
0.5
0.6
0.7
1.0
1.3
1.1
0.9
1.3
Subtotal 3.4    3.3 3.1 3.1 3.0 3.0 3.1 3.1 3.3 1.5 4.0 3.7
Interest expense and distributions on mandatory redeemable preferred stock(1) 1.6    1.7 1.0 0.7 0.8 0.9 0.8 0.9 0.8 2.0 1.0 --
Management fee waivers
(0.8)
   (0.7)
(0.7)
(0.4)
(0.1)
--
--
--
--
--
(0.4)
(0.5)
Expenses (excluding tax expense)
4.2
   --
--
--
--
--
--
--
--
--
--
--
Income tax expense(2)
  6.1(4)
   7.4
--
9.0
17.1
5.6
10.0
16.3
6.9
--
0.8
--
Total Expenses(3)
10.3%
   11.7%
3.4%
12.4%
20.8%
9.5%
13.9%
20.3%
11.0%
3.5%
5.4%
3.2%

 

(1) 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.

(2) For the fiscal years ended November 30, 2015 and 2008, the Company reported a net income tax benefit of $76,311 (27.1% of average net assets) and $33,264 (15.7% 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 income tax benefit during the year.

(3) For the fiscal year ended November 30, 2008, total expenses exclude 0.4% relating to bad debt expense for the ratio of expenses to average net assets.

(4) Not annualized.

Source: KED Q1 2017 Quarterly Report (PDF)

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