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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 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | For the Period Sep 28, 2004(1)through Nov 30, 2004 |
|
| Management fees | 2.5% | 2.4% | 2.4% | 2.1% | 2.1% | 2.2% | 2.3% | 3.2% | 1.2% | 0.8% |
| Other expenses | 0.1 |
0.2
|
0.2
|
0.2
|
0.4
|
0.3
|
0.2
|
0.2
|
0.3
|
0.4
|
| Subtotal | 2.6% | 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 | 2.3 | 2.4 | 2.3 | 1.9 | 2.5 | 3.4 | 2.3 | 1.7 | 0.8 | 0.0 |
| Income tax expense | 24.9 |
7.2
|
4.8
|
20.5
|
25.4
|
--(2)
|
3.5
|
13.8
|
6.4
|
3.5
|
| Total expenses | 29.8% |
12.2%
|
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 Q1 2013 Quarterly Report (PDF)