ACCUMULATED NET REALIZED GAIN (LOSS)

6 Months Ended

Sep. 30, 2011

ACCUMULATED NET REALIZED GAIN (LOSS) [Abstract]

ACCUMULATED NET REALIZED GAIN (LOSS)

5.  ACCUMULATED NET REALIZED GAIN (LOSS)

Distributions made by RICs often differ from aggregate GAAP-basis undistributed net investment income and accumulated net realized gains (total GAAP-basis net realized gains).  The principal cause is that required minimum fund distributions are based on income and gain amounts determined in accordance with federal income tax regulations, rather than GAAP.  The differences created can be temporary, meaning that they will reverse in the future, or they can be permanent.  In subsequent periods, when all or a portion of a temporary difference becomes a permanent difference, the amount of the permanent difference will be reclassified to “additional capital.”

We incur federal taxes on behalf of our shareholders as a result of our election to retain long-term capital gains.  As of September 30, 2011 we had accumulated long-term capital gains of $5,575,998; however, as of March 31, 2011 we had accumulated long-term capital losses of $6,863,347.