QUARTER ENDED DECEMBER 31, 2012  Revenues Expenses 33 Income before income taxes and interest expense for CI’s principal segment was $134.7 million for the quarter ended  December 31, 2012 compared with $128.1 million in the same period in 2011 and $130.0 million in the previous quarter.  Income has generally increased in line with the increase in average assets under management over the comparable periods. Amortization of deferred sales commissions and fund contracts, before intersegment eliminations, was $41.6 million for  the quarter ended December 31, 2012, down from $41.8 million in the same quarter last year and unchanged from the  previous quarter. This decrease is consistent with the decrease in deferred sales commissions paid in the past several years. Trailer fees were $99.7 million for the quarter ended December 31, 2012 compared with $94.3 million for the quarter ended  December 31, 2011 and $97.4 million for the quarter ended September 30, 2012. Net of inter-segment amounts, this expense  was $95.8 million for the quarter ended December 31, 2012 versus $90.8 million for the fourth quarter of 2011 and $93.5  million for the third quarter of 2012. The increase from the comparable periods is primarily due to the respective increases  in average assets under management, tempered by the changes in asset mix. SG&A expenses for the Asset Management segment were $59.6 million for the quarter ended December 31, 2012, an increase  from $57.3 million for the fourth quarter in 2011 and from $57.7 million for the quarter ended September 30, 2012. As a  percentage of average assets under management, SG&A expenses were 0.319% for the quarter ended December 31, 2012,  down from 0.328% for the quarter ended December 31, 2011 and up slightly from 0.317% for the quarter ended September  30, 2012. Generally, the decrease in this rate over time results from CI’s ongoing drive to find operating efficiencies in its  fixed costs, which account for a large proportion of CI’s total costs. At the same time, in any given quarter, management  may choose to increase or decrease discretionary spending. Revenues from management fees were $325.8 million for the quarter ended December 31, 2012, an increase of 4% from  $312.1 million for the quarter ended December 31, 2011 and 2% from $318.8 million for the quarter ended September 30,  2012. The changes were mainly attributable to increases in average assets under management, which were up 7.2% and up  2.6% from the quarters ended December 31, 2011 and September 30, 2012, respectively. The average management fee rate  declined from 1.786% in the fourth quarter of 2011 to 1.751% in the third quarter of 2012 and to 1.744% in the fourth quarter  of 2012, again as a result of the change in asset mix. For the quarter ended December 31, 2012, other revenue was $10.1 million versus $10.2 million and $9.0 million for the  quarters ended December 31, 2011 and September 30, 2012, respectively. The largest component of other revenue is  redemption fees, which were $6.1 million for the quarter ended December 31, 2012 compared with $6.9 million and $6.5  million for the quarters ended December 31, 2011 and September 30, 2012, respectively.