View Filing Data

$ 94,916,000

$ 88,993,000

ALAMO GROUP INC. [Member]

$ 536,269,000

$ 558,546,000

^{[1],[2],[3],[4]}

Seguin, Texas

^{[1],[2],[3],[4]}

Tractor-mounted mowing and mobile excavation equipment for governmental, industrial and agricultural markets; street-sweeping equipment for municipalities.

^{[1],[2],[3],[4],[5]}

22.00%

^{[1],[2],[3],[4],[6]}

‡2,832,300 shares common stock (acquired 4-1-73 thru 5-09-11)

^{[1],[2],[3],[4]}

$ 2,190,937

ATLANTIC CAPITAL BANCSHARES, INC. [Member]

^{[1],[2],[3],[4],[7]}

$ 95,624,424

$ 85,138,938

^[2],[4]

Atlanta, Georgia

^[2],[4]

Holding company of Atlantic Capital Bank, a full service commercial bank.

^[2],[4],[5]

1.90%

^[2],[4]

300,000 shares common stock (acquired 4-10-07)

^[2],[4]

$ 3,000,000

^[2],[4],[7]

$ 2,487,000

$ 2,299,000

BALCO, INC. [Member]

^[2],[4],[8]

Wichita, Kansas

^[2],[4],[8]

Specialty architectural products used in the construction and remodeling of commercial and institutional buildings.

^{[2],[4],[5],[8]}

95.70%

^[2],[4],[8]

445,000 shares common stock and 60,920 shares Class B non-voting common stock (acquired 10-25-83 and 5-30-02)

^[2],[4],[8]

$ 624,920

BOXX TECHNOLOGIES, INC. [Member]

^{[2],[4],[7],[8]}

$ 4,200,000

$ 4,100,000

^[1],[2],[4]

Austin, Texas

^[1],[2],[4]

Workstations for computer graphic imaging and design.

^{[1],[2],[4],[5]}

14.90%

^[1],[2],[4]

3,125,354 shares Series B Convertible Preferred Stock, convertible into 3,125,354 shares of common stock at $0.50 per share (acquired 8-20-99 thru 8-8-01)

^[1],[2],[4]

$ 1,500,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member]

^{[1],[2],[4],[7]}

$ 900,000

$ 600,000

^[2],[4]

Houston, Texas

^[2],[4]

Cleans above ground oil storage tanks with a patented, automated system.

^[2],[4],[5]

73.40%

^[2],[4]

$ 13,822,888

$ 13,563,842

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 1 [Member]

^[2],[4],[7]

$ 3,875,001

$ 6,002,348

^[2],[4]

12% subordinated secured promissory note, due 5-9-2016 (acquired 5-19-10 thru 10-20-10)

^[2],[4]

$ 779,278

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 2 [Member]

^[2],[4],[7]

$ 280,000

$ 444,189

^[2],[4]

12% subordinated secured promissory note, due 5-9-2017 (acquired 5-9-11 thru 10-26-11)

^[2],[4]

$ 2,285,700

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 3 [Member]

^[2],[4],[7]

$ 821,000

$ 1,302,849

^[2],[4]

12% subordinated secured promissory note, due 3-31-2017 (acquired 9-9-11 and 10-26-11)

12% subordinated secured promissory note, due 8-31-2016 (acquired 9-9-11 and 10-26-11)

^[2],[4]

$ 1,523,800

$ 1,264,754

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 4 [Member]

^[2],[4],[7]

$ 547,000

$ 720,910

^[2],[4]

10% subordinated secured promissory note, due 5-9-2017 (acquired 7-14-08 thru 4-28-10)

^[2],[4]

$ 6,200,700

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 5 [Member]

^[2],[4],[7]

$ 2,227,000

$ 3,534,399

^[2],[4]

3,033,410 shares Series A Convertible Preferred Stock, convertible into 3,033,410 shares common stock at $1.00 per share (acquired 7-14-08 thru 11-18-10)

^[2],[4]

$ 3,033,410

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 6 [Member]

^[2],[4],[7]

$ 1

^[2],[4]

Warrants to purchase 1,269,833 shares of common stock at $1.00 per share, expiring 8-31-2021 (acquired 5-9-11 thru 8-31-11)

^[2],[4]

$ 0

ENCORE WIRE CORPORATION [Member]

^[2],[4],[7]

$ 0

^{[1],[2],[3],[4]}

McKinney, Texas

^{[1],[2],[3],[4]}

Electric wire and cable for residential, commercial and industrial construction use.

^{[1],[2],[3],[4],[5]}

6.20%

16.90%

^{[1],[2],[3],[4],[6]}

‡1,312,500 shares common stock (acquired 9-10-92 thru 10-15-98)

‡4,086,750 shares common stock (acquired 7-16-92 thru 10-7-98)

^{[1],[2],[3],[4]}

$ 5,200,000

$ 5,800,000

EXTREME INTERNATIONAL, INC. [Member]

^{[1],[2],[3],[4],[7]}

$ 38,403,750

$ 121,458,210

^[2],[4]

Sugar Land, Texas

^[2],[4]

Owns Bill Young Productions, Texas Video and Post, and Extreme and television commercials and corporate communications videos.

^[2],[4],[5]

53.60%

^[2],[4]

$ 3,325,875

EXTREME INTERNATIONAL, INC. [Member] | Investment Type 1 [Member]

^[2],[4],[7]

$ 10,521,000

$ 10,162,000

^[2],[4]

13,035 shares Series A Common Stock (acquired 9-26-08 and 12-18-08)

^[2],[4]

$ 325,875

EXTREME INTERNATIONAL, INC. [Member] | Investment Type 2 [Member]

^[2],[4],[7]

$ 740,000

$ 714,000

^[2],[4]

39,359.18 shares Series C Convertible Preferred Stock, convertible into 157,437.72 shares of common stock at $25.00 per share (acquired 9-30-03)

^[2],[4]

$ 2,625,000

EXTREME INTERNATIONAL, INC. [Member] | Investment Type 3 [Member]

^[2],[4],[7]

$ 8,930,000

$ 8,626,000

^[2],[4]

3,750 shares 8% Series A Convertible Preferred Stock, convertible into 15,000 shares of common stock at $25.00 per share (acquired 9-30-03)

^[2],[4]

$ 375,000

^[2],[4],[7]

$ 851,000

$ 822,000

HEELYS, INC. [Member]

^[2],[4],[8]

Carrollton, Texas

^[3]

Carrollton, Texas

^[2],[4],[8]

Heelys stealth skate shoes, equipment and apparel sold through sporting goods chains, department stores and footwear retailers.

^[3]

Heelys stealth skate shoes, equipment and apparel sold through sporting goods chains, department stores and footwear retailers.

^{[2],[4],[5],[8]}

31.10%

^[3]

31.10%

^{[2],[4],[6],[8]}

‡9,317,310 shares common stock (acquired 5-26-00)

^[3]

‡9,317,310 shares common stock (acquired 5-26-00)

^[2],[4],[8]

$ 102,490

^[3]

$ 102,490

^{[2],[4],[7],[8]}

$ 16,771,158

^[3]

$ 20,498,082

HOLOGIC, INC. [Member]

^[2],[3],[4]

Bedford, Massachusetts

^[2],[3],[4]

Medical instruments including bone densitometers, mammography devices and digital radiography systems.

^{[2],[3],[4],[5]}

1.00%

^{[2],[3],[4],[6]}

‡582,820 shares common stock (acquired 8-27-99)

‡632,820 shares common stock (acquired 8-27-99)

^[2],[3],[4]

$ 202,529

$ 220,000

^{[2],[3],[4],[7]}

$ 11,784,620

$ 13,637,271

iMEMORIES, INC. [Member]

^[2],[4]

Scottsdale, Arizona

^[2],[4]

Enables online video and photo sharing and DVD creation for home movies recorded in analog and new digital format.

^[2],[4],[5]

23.00%

25.30%

^[2],[4]

$ 5,386,479

$ 5,078,479

iMEMORIES, INC. [Member] | Investment Type 1 [Member]

^[2],[4],[7]

$ 5,386,479

$ 5,078,479

^[2],[4]

17,391,304 shares Series B Convertible Preferred Stock, convertible into 19,891,304 shares of common stock at $0.23 per share (acquired 7-10-09)

^[2],[4]

$ 4,000,000

iMEMORIES, INC. [Member] | Investment Type 2 [Member]

^[2],[4],[7]

$ 4,000,000

^[2],[4]

4,684,967 shares Series C Convertible Preferred Stock, convertible into 4,684,967 shares of common stock at $0.23 per share (acquired 7-20-11)

^[2],[4]

$ 1,078,479

iMEMORIES, INC. [Member] | Investment Type 3 [Member]

^[2],[4],[7]

$ 1,078,479

^[2],[4]

Warrants to purchase 2,500,000 shares of common stock at $0.12 per share, expiring 1-21-21(acquired 9-13-10 thru 1-21-11)

^[2],[4]

$ 0

iMEMORIES, INC. [Member] | Investment Type 4 [Member]

^[2],[4],[7]

$ 0

^[2],[4]

10% convertible notes, $308,000 principal due 7-31-2014 (acquired 9-7-12)

^[2],[4]

$ 308,000

INSTAWARES HOLDING COMPANY, LLC [Member]

^[2],[4],[7]

$ 308,000

^[2],[4]

Atlanta, Georgia

^[2],[4]

Provides services to the restaurant industry via its five subsidiary companies.

^[2],[4],[5]

4.50%

^[2],[4]

3,846,154 Class D shares (acquired 5-20-11)

^[2],[4]

$ 5,000,000

KBI BIOPHARMA, INC. [Member]

^[2],[4],[7]

$ 5,735,000

$ 5,000,000

^[2],[4]

Durham, North Carolina

^[2],[4]

Provides fully-integrated, outsourced drug development and bio-manufacturing services.

^[2],[4],[5]

17.10%

^[2],[4]

7,142,857 shares Series B-2 Convertible Preferred Stock, convertible into 10,204,082 shares of common stock at $0.49 per share (acquired 9-08-09)

^[2],[4]

$ 5,000,000

KBI BIOPHARMA, INC. [Member] | Investment Type 1 [Member]

^[2],[4],[7]

$ 5,400,000

$ 3,200,000

^[2],[4]

7,142,857 shares Series B-2 Convertible Preferred Stock, convertible into 7,142,857 shares of common stock at $0.49 per share (acquired 9-08-09)

^[2],[4]

$ 5,000,000

KBI BIOPHARMA, INC. [Member] | Investment Type 2 [Member]

^[2],[4],[7]

$ 5,400,000

^[2],[4]

Warrants to purchase 63,007 shares of preferred stock at $ 0.70 per share, acquired 1-26-2012

^[2],[4]

$ 0

MEDIA RECOVERY, INC. [Member]

^[2],[4],[7]

$ 0

^[2],[4],[8]

Dallas, Texas

^[2],[4],[8]

Computer datacenter and office automation supplies and accessories; impact, tilt monitoring and temperature sensing devices to detect mishandling shipments; dunnage for protecting shipments.

^{[2],[4],[5],[8]}

97.90%

^[2],[4],[8]

$ 5,415,000

MEDIA RECOVERY, INC. [Member] | Investment Type 1 [Member]

^{[2],[4],[7],[8]}

$ 12,100,000

$ 18,700,000

^[2],[4],[8]

800,000 shares Series A Convertible Preferred Stock, convertible into 800,000 shares of common stock at $1.00 per share (acquired 11-4-97)

^[2],[4],[8]

$ 800,000

MEDIA RECOVERY, INC. [Member] | Investment Type 2 [Member]

^{[2],[4],[7],[8]}

$ 2,000,000

$ 3,100,000

^[2],[4],[8]

4,000,002 shares common stock (acquired 11-4-97)

^[2],[4],[8]

$ 4,615,000

^{[2],[4],[7],[8]}

$ 10,100,000

$ 15,600,000

PALLETONE, INC. [Member]

^[1],[2],[4]

Bartow, Florida

^[1],[2],[4]

Manufacturer of wooden pallets and pressure-treated lumber.

^{[1],[2],[4],[5]}

7.70%

^[1],[2],[4]

$ 1,703,150

PALLETONE, INC. [Member] | Investment Type 1 [Member]

^{[1],[2],[4],[7]}

$ 1,700,002

$ 2,000,002

^[1],[2],[4]

12.3% senior subordinated notes, $2,000,000 principal due 12-18-2015 (acquired 9-25-06)

12.3% senior subordinated notes, $2,000,000 principal due 12-18- 2015 (acquired 9-25-06)

^[1],[2],[4]

$ 1,553,150

PALLETONE, INC. [Member] | Investment Type 2 [Member]

^{[1],[2],[4],[7]}

$ 1,700,000

$ 2,000,000

^[1],[2],[4]

150,000 shares common stock (acquired 10-18-01)

^[1],[2],[4]

$ 150,000

THE RECTORSEAL CORPORATION [Member]

^{[1],[2],[4],[7]}

$ 2

^[2],[4],[8]

Houston, Texas

^[2],[4],[8]

Specialty chemicals for plumbing, HVAC, electrical, construction, industrial, oil field and automotive applications; smoke containment systems for building fires; also owns 20% of The Whitmore Manufacturing Company.

^{[2],[4],[5],[8]}

100.00%

^[2],[4],[8]

27,907 shares common stock (acquired 1-5-73 and 3-31-73)

^[2],[4],[8]

$ 52,600

TCI HOLDINGS, INC. [Member]

^{[2],[4],[7],[8]}

$ 208,600,000

$ 166,300,000

^[2],[4]

Denver, Colorado

^[2],[4]

Cable television systems and microwave relay systems.

^[2],[4],[5]

0.00%

^[2],[4]

21 shares 12% Series C Cumulative Compounding Preferred Stock (acquired 1-30-90)

^[2],[4]

$ 0

^[2],[4],[7]

$ 796,000

$ 802,000

TITANLINER INC [Member]

^[2],[4]

Midland, Texas

^[2],[4]

Manufactures, installs and rents spill containment system for oilfield applications.

^[2],[4],[5]

29.90%

^[2],[4]

$ 5,950,000

TITANLINER INC [Member] | Investment Type 1 [Member]

^[2],[4],[7]

$ 5,950,000

^[2],[4]

217,038 shares Series A Convertible Preferred Stock convertible into 217,038 shares of Series A preferred stock at $12.65 per share (acquired 6-29-2012)

^[2],[4]

$ 3,203,000

TITANLINER INC [Member] | Investment Type 2 [Member]

^[2],[4],[7]

$ 3,203,000

^[2],[4]

7% senior subordinated secured promissory note, due 6-30-2017 (acquired 6-29-2012)

^[2],[4]

$ 2,747,000

TITANLINER INC [Member] | Investment Type 3 [Member]

^[2],[4],[7]

$ 2,747,000

^[2],[4]

Warrants to purchase 122,239 shares of Series A preferred stock at $ 0.01 per share, expiring 1-26-2012

^[2],[4]

$ 0

TRAX HOLDINGS, INC. [Member]

^[2],[4],[7]

$ 0

^[2],[4]

Scottsdale, Arizona

^[2],[4]

Provides a comprehensive set of solutions to improve the transportation validation, accounting, payment and information management process.

^[2],[4],[5]

25.40%

29.40%

^[2],[4]

$ 8,200,000

TRAX HOLDINGS, INC. [Member] | Investment Type 1 [Member]

^[2],[4],[7]

$ 12,200,000

$ 9,800,000

^[2],[4]

18% convertible promissory note, $3,200,000 principal due 9-17-2012 (acquired 4-6-11 thru 11-10-11)

^[2],[4]

$ 3,200,000

TRAX HOLDINGS, INC. [Member] | Investment Type 2 [Member]

^[2],[4],[7]

$ 3,200,000

^[2],[4]

1,061,279 shares Series A Convertible Preferred Stock, convertible into 1,061,279 common stock at $4.64 per share (acquired 12-8-08 and 2-17-09)

^[2],[4]

$ 5,000,000

VIA HOLDINGS, INC. [Member]

^[2],[4],[7]

$ 9,000,000

$ 6,600,000

^[2],[4]

Sparks, Nevada

^[2],[4]

Designer, manufacturer and distributor of high-quality office seating.

^[2],[4],[5]

3.20%

^[2],[4]

12,686 shares common stock (acquired 3-4-11 and 3-25-11)

^[2],[4]

$ 4,926,290

^[2],[4],[7]

$ 2

WELLOGIX, INC. [Member]

^[1],[2],[4]

Houston, Texas

^[1],[2],[4]

Developer and supporter of software used by the oil and gas industry.

^{[1],[2],[4],[5]}

19.10%

^[1],[2],[4]

4,788,371 shares Series A-1 Convertible Participating Preferred Stock, convertible into 4,788,371 shares of common stock at $1.0441 per share (acquired 8-19-05 thru 6-15-08)

^[1],[2],[4]

$ 5,000,000

THE WHITMORE MANUFACTURING COMPANY [Member]

^{[1],[2],[4],[7]}

$ 25,000

^[2],[4],[8]

Rockwall, Texas

^[2],[4],[8]

Specialized surface mining, railroad and industrial lubricants; coatings for automobiles and primary metals; fluid contamination control devices.

^{[2],[4],[5],[8]}

80.00%

^[2],[4],[8]

80 shares common stock (acquired 8-31-79)

^[2],[4],[8]

$ 1,600,000

Ballast Point Ventures II, L.P. [Member]

^{[2],[4],[7],[8]}

$ 77,100,000

$ 67,200,000

^[2],[4],[5]

0.00%

^[2],[4]

Ballast Point Ventures II, L.P. 2.2% limited partnership interest (acquired 8-4-08 thru 6-18-10)

^[2],[4]

$ 1,725,000

BankCap Partners Fund I, L.P. [Member]

^[2],[4],[7]

$ 1,571,000

$ 1,551,000

^[2],[4],[5]

0.00%

^[2],[4]

BankCap Partners Fund I, L.P. 5.5% limited partnership interest (acquired 7-14-06 thru 11-30-11)

^[2],[4]

$ 5,850,470

$ 5,808,470

CapitalSouth Partners Fund III, L.P. [Member]

^[2],[4],[7]

$ 5,009,000

$ 5,012,000

^[2],[4],[5]

0.00%

^[2],[4]

CapitalSouth Partners Fund III, L.P. 1.9% limited partnership interest (acquired 1-22-08 and 11-16-11)

^[2],[4]

$ 1,331,256

CapStar Holdings Corporation [Member]

^[2],[4],[7]

$ 1,618,000

$ 1,438,000

^{[2],[4],[5],[8]}

100.00%

^[2],[4]

¥CapStar Holdings Corporation 500 shares common stock (acquired 6-10-10)

^[2],[4],[8]

$ 3,703,619

Diamond State Ventures, L.P. [Member]

^{[2],[4],[7],[8]}

$ 5,693,000

$ 5,338,000

^[2],[4],[5]

0.00%

^[2],[4]

Diamond State Ventures, L.P. 1.4% limited partnership interest (acquired 10-12-99 thru 8-26-05)

^[2],[4]

$ 57,400

$ 76,000

Discovery Alliance, LLC [Member]

^[2],[4],[7]

$ 179,000

$ 184,000

^{[2],[4],[5],[8]}

0.00%

^[2],[4]

¥Discovery Alliance, LLC 90.0% limited liability company (acquired 9-12-08 thru 10-20-11)

^[2],[4],[8]

$ 1,180,000

First Capital Group of Texas III, L.P. [Member]

^{[2],[4],[7],[8]}

$ 971,000

$ 1,280,000

^[2],[4],[5]

0.00%

^[2],[4]

First Capital Group of Texas III, L.P. 3.0% limited partnership interest (acquired 12-26-00 thru 8-12-05)

^[2],[4]

$ 778,895

^[2],[4],[7]

$ 771,000

$ 662,000

Humac Company [Member]

^{[2],[4],[5],[8]}

100.00%

^[2],[4]

¥Humac Company 1,041,000 shares common stock (acquired 1-31-75 and 12-31-75)

^[2],[4],[8]

$ 0

STARTech Seed Fund I [Member]

^{[2],[4],[7],[8]}

$ 168,000

$ 159,000

^[2],[4],[5]

0.00%

^[2],[4]

STARTech Seed Fund I 12.1% limited partnership interest (acquired 4-17-98 thru 1-5-00)

^[2],[4]

$ 178,066

STARTech Seed Fund II [Member]

^[2],[4],[7]

$ 34,000

$ 39,000

^[2],[4],[5]

0.00%

^[2],[4]

STARTech Seed Fund II 3.2% limited partnership interest (acquired 4-28-00 thru 2-23-05)

^[2],[4]

$ 843,891

Sterling Group Partners I, L.P. [Member]

^[2],[4],[7]

$ 400,000

$ 371,000

^[2],[4],[5]

0.00%

^[2],[4]

Sterling Group Partners I, L.P. 1.7% limited partnership interest (acquired 4-20-01 thru 1-24-05)

^[2],[4]

$ 827,056

$ 1,064,042

North American Energy Partners, Inc [Member]

^[2],[4],[7]

$ 73,000

$ 511,000

^{[2],[3],[4],[5]}

0.00%

^[2],[4]

†North American Energy Partners, Inc. 77,194 shares common stock (acquired 8-20-12)

^[2],[3],[4]

$ 236,986

ORGANIZATION AND BASIS OF PRESENTATION [Abstract]

^{[2],[3],[4],[7]}

$ 222,319

[1]	Affiliated investment
[2]	Agreements between certain issuers and the Company provide that the issuer will bear substantially all costs in connection with the Company disposing such common stock, including those costs involved in registration under the Securities Act of 1933, but excluding underwriting discounts and commissions. These agreements cover common stock owned at September 30, 2012 and common stock which may be acquired thereafter through the exercise of warrants and conversion of debentures and preferred stock. They apply to restricted securities of all issuers in the investment portfolio of the Company except securities of the following issuers which are not obligated to bear registration costs: Humac Company and The Whitmore Manufacturing Company.
[3]	Publicly-owned company
[4]	The descriptions of the companies and ownership percentages shown in the Consolidated Schedule of Investments were obtained from published reports and other sources believed to be reliable. Acquisition dates indicated are the dates specific securities were acquired, which may differ from the original investment dates. Certain securities were received in exchange for or upon conversion or exercise of other securities previously acquired.
[5]	The percentages in the "Equity" column express equity interests held by Capital Southwest Corporation and Capital Southwest Venture Corporation (together, the "Company") in each issuer. Each percentage represents the amount of the issuer's common stock the Company owns or can acquire as a percentage of the issuer's total outstanding common stock, plus stock reserved for all warrants, convertible securities and employee stock options.
[6]	Unrestricted securities (indicated by ‡) are freely marketable securities having readily available market quotations. All other securities are restricted securities, which are subject to one or more restrictions on resale and are not freely marketable. At September 30, 2012 and March 31, 2012, restricted securities represented approximately 69.6% and 56.9% of the value of the consolidated investment portfolio, respectively. Our investments are carried at fair value in accordance with the Investment Company Act of 1940 (the "1940 Act") and FASB Accounting Standards Codification™ (ASC) 820, Fair Value Measurements and Disclosures. In accordance with the 1940 Act, unrestricted minority-owned publicly traded securities, for which the market quotations are readily available, are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date; other privately held securities are valued as determined in good faith by our Board of Directors. ASC 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the "exit price") and excludes transaction costs. Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to the market as of the measurement date.
[7]	Debt Securities are generally valued on the basis of the price the security would command in order to provide a yield-to-maturity equivalent to the present yield of comparable debt instruments of similar quality. Issuers whose debt securities are judged to be of poor quality and doubtful collectability may instead be valued by assigning percentage discounts commensurate with the quality of such debt securities. Debt securities may also be valued based on the resulting value from the sale of the business at the estimated fair market value. Partnership Interests, Preferred Equity and Common Equity, including unrestricted marketable securities, are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date. For those without a principal market, our Board of Directors considers the financial condition and operating results of the issuer; the long-term potential of the business of the issuer; the market for and recent sales prices of the issuer's securities; the values of similar securities issued by companies in similar businesses; and the proportion of the issuer's securities owned by the Company. Investments in certain entities that calculate net asset value per share (or its equivalent) and for which fair market value is not readily determinable are valued using the net asset value per share (or its equivalent, such as member units or ownership interest in partners' capital to which a proportionate share of net assets is attributed) of the investment. Equity Warrants are valued on the basis of the Black-Scholes model which defines the market value of a warrant in relation to the market price of its common stock, share price volatility, and time to maturity.
[8]	Control investment

ORGANIZATION AND BASIS OF PRESENTATION

6 Months Ended

Sep. 30, 2012

ORGANIZATION AND BASIS OF PRESENTATION

1.	ORGANIZATION AND BASIS OF PRESENTATION

Organization

Capital Southwest Corporation ("CSW") was organized as a Texas corporation on April 19, 1961. Until September 1969, CSW operated as a licensee under the Small Business Investment Act of 1958. At that time, we transferred to our wholly-owned subsidiary, Capital Southwest Venture Corporation ("CSVC"), certain assets and our license as a small business investment company ("SBIC"). CSVC is a closed-end, non-diversified investment company registered under the Investment Company Act of 1940 (the "1940 Act"). Prior to March 30, 1988, CSW was registered as a closed-end, non-diversified investment company under the 1940 Act. On that date, CSW elected to become a Business Development Company ("BDC") subject to the provisions of the 1940 Act, as amended by the Small Business Incentive Act of 1980. Because CSW wholly owns CSVC, the portfolios of both CSW and CSVC are referred to collectively as "our," "we" and "us." Capital Southwest Management Company ("CSMC"), a wholly-owned subsidiary of CSW, is the management company for CSW and CSVC. CSMC generally incurs all normal operating and administrative expenses, including, but not limited to, salaries and related benefits, rent, equipment and other administrative costs required for its day-to-day operations.

Our portfolio is a composite of companies, consisting of companies in which we have controlling interests, developing companies and marketable securities of established publicly traded companies. We make available significant managerial assistance to the companies in which we invest and believe that providing managerial assistance to such investee companies is critical to their business development activities. CSMC receives a monthly fixed fee for management services provided to certain of its control portfolio companies.

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Under rules and regulations applicable to investment companies, we are precluded from consolidating any entity other than another investment company. An exception to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Accordingly, our consolidated financial statements include CSMC, our management company.

The financial statements included herein have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 6 of Regulation S-X. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2012 (the "Form 10-K"), as filed with the Securities and Exchange Commission (SEC). Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although we believe that the disclosures provided in this Form 10-Q are adequate for a fair presentation. The information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period.

Portfolio Investment Classification

We classify our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, "Control Investments" are defined as investments in which we own more than 25% of the voting securities or have rights to maintain greater than 50% of the board representation; "Affiliated Investments" are defined as investments in which we own between 5% and 25% of the voting securities; and "Non-Control/Non-Affiliated Investments" are defined as investments that are neither "Control Investments" nor "Affiliated Investments."

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements of CSW, CSVC and CSMC. Fair Value Measurements We adopted FASB ASC 820 on April 1, 2008. ASC 820 (1) creates a single definition of fair value, (2) establishes a framework for measuring fair value, and (3) expands disclosure requirements about items measured at fair value. The Topic applies to both items recognized and reported at fair value in the financial statements and items disclosed at fair value in the notes to the financial statements. The Topic does not change existing accounting rules governing what can or what must be recognized and reported at fair value in our financial statements, or disclosed at fair value in our notes to financial statements. Additionally, ASC Topic does not eliminate practicability exceptions that exist in accounting pronouncements amended by this Topic when measuring fair value. Fair value is generally determined based on quoted market prices in the active markets for identical assets or liabilities. If quoted market prices are not available, we use valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. Due to the inherent uncertainty in the valuation process, our estimate of fair value may differ materially from the values that would have been used had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation. Pursuant to our internal valuation process, each portfolio company is valued once a quarter. In addition to our internal valuation process, our Board of Directors retains a nationally recognized firm to provide limited scope third party valuation services on certain portfolio investments at the end of our fiscal year. Our Board of Directors retained Duff & Phelps to provide limited scope third party valuation services on six investments comprising 85.8% of our net asset value at March 31, 2012. For full disclosure of Duff & Phelps' services, see page 5 of the Form 10-K under the heading "Determination of Net Asset Value and Portfolio Valuation Process." We believe our investments at September 30, 2012 and March 31, 2012 approximate fair value based on the market in which we operate and other conditions in existence as of these dates. Investments Investments are stated at fair value determined by our Board of Directors as described in Notes to the Consolidated Schedule of Investments and Note 3 below. The average cost method is used in determining cost of investments sold. Investments are recorded on a trade date basis. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value. Segment Information We operate and manage our business in a singular segment. As an investment company, we invest in portfolio companies in various industries and geographic areas as presented in the Consolidated Schedule of Investments. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recorded at the ex-dividend date for marketable securities and restricted securities. In accordance with our valuation policy, accrued interest and dividend income is evaluated periodically for collectability. When a debt or loan becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against the interest income, thereby placing the loan or debt security's status on non-accrual basis, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security's status significantly improves regarding ability to service debt or other obligations, it will be restored to accrual basis. Federal Income Taxes CSW and CSVC have elected and intend to comply with the requirements of the Internal Revenue Code (IRC) necessary to qualify as regulated investment companies (RICs). By meeting these requirements, they will not be subject to corporate federal income taxes on ordinary income distributed to shareholders. In order to comply as a RIC, each company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the IRC, each year. Investment taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in taxable income until they are realized. In addition to the requirement that we must annually distribute at least 90% of our investment company taxable income, we may either distribute or retain our realized net capital gains from investments, but any net capital gains not distributed may be subject to corporate level tax. Historically, we have not distributed net capital gains; however, during the six months ended September 30, 2012 we distributed capital gains dividends in the amount of $17.59 per share to our shareholders. When we retain the capital gains, they are classified as a "deemed distribution" to our shareholders and are subject to our corporate tax rate of 35%. As an investment company that qualifies as a RIC under the IRC, federal income taxes payable on security gains that we elect to retain are accrued only on the last day of our tax year, December 31. Any capital gains actually distributed to shareholders are generally taxable to the shareholders as long-term capital gains. See Note 4 for further discussion. CSMC, a wholly owned subsidiary of CSW, is not a RIC and is required to pay taxes at the current corporate rate. We account for interest and penalties as part of operating expenses. There were no interest or penalties incurred during the six months ended September 30, 2012 and 2011. Deferred Taxes CSMC sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its controlled affiliates. Deferred taxes related to the qualified defined benefit pension plan are recorded as incurred. Stock-Based Compensation We account for our stock-based compensation using the fair value method, as prescribed by ASC 718, Compensation – Stock Compensation. Accordingly, we recognize stock-based compensation cost over the straight-line method for all share-based payments awards granted to employees prior to April 1, 2006 that remain unvested. The fair value of stock options are determined on the date of grant using the Black-Scholes pricing model and are expensed over the vesting period of the related stock options. For restricted stock awards, we measured the grant date fair value based upon the market price of our common stock on the date of the grant and will amortize this fair value to shared-based compensation expense over the vesting term. See Note 6 for further discussion. Defined Pension Benefits and Other Postretirement Plans We record annual amounts relating to the defined benefit pension plan based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return depending on the pension plan. Material changes in pension costs may occur in the future due to changes in the discount rate, changes in the expected long-term rate of return, changes in level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. We recognize changes in the funded status of defined benefit plan in the Statement of Assets and Liabilities in the year in which the changes occur and measure defined benefit plan assets and obligations as of the date of the employer's fiscal year-end. We presently use March 31 as the measurement date for our defined benefit plan. Concentration of Risk We place our idle cash in financial institutions, and at times, such balances may be in excess of the federally insured limits. On November 19, 2010, the Federal Deposit Insurance Corporation ("FDIC") issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts beginning December 31, 2010 through December 31, 2012. Recent Accounting Pronouncements In May 2011, the FASB issued Accounting Standards Update ("ASU") 2011-04, Fair Value Measurements (ASC 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs ("ASU 2011-04"). ASU 2011-04 results in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. ASU 2011-04 is effective for interim and annual reporting periods beginning after December 15, 2011. The adoption of ASU 2011-04 did not have a significant impact on our financial condition and results of operations. See Note 3 Investment for further information regarding valuation techniques and quantitative information about the significant unobservable inputs utilized by our Company to value Level 3 investments.

INVESTMENTS

6 Months Ended

Sep. 30, 2012

INVESTMENTS [Abstract]

INVESTMENTS

3.	INVESTMENTS

We record our investments at fair value as determined in good faith by our Board of Directors in accordance with GAAP. When available, we base the fair value of our investments on directly observable market prices or on market data derived for comparable assets. For all other investments, inputs used to measure fair value reflect management's best estimate of assumptions that would be used by market participants in pricing the investments in a hypothetical transaction.

The levels of fair value inputs used to measure our investments are characterized in accordance with the fair value hierarchy established by the Accounting Standards Codification ("ASC"). We use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement. While management believes our valuation methodologies are appropriate and consistent with market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The three levels of the fair value hierarchy and investments that fall into each of the levels are described below:

Level 1: Investments whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. We use Level 1 inputs for publicly traded securities. Such investments are valued at the closing price for listed securities and at the lower of the closing bid price or the closing sale price for NASDAQ securities on the valuation date.

Level 2: Investments whose values are based on observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in non-active markets, quoted prices for similar instruments in active markets and similar data. We did not value any of our investments using Level 2 inputs as of September 30, 2012 and 2011.

Level 3: Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the investment. We use Level 3 inputs for measuring the fair value of approximately 69.6% of our investments

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within the fair value measurement is categorized based on the lowest level input that is significant to the fair value measurement which may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such investments categorized within the Level 3 table below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable (Level 3). We conduct reviews of fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of certain investments.

Unobservable inputs are those inputs for which little or no market data exists and, therefore, require an entity to develop its own assumptions. The fair value determination of each portfolio company requires one or more of the following unobservable inputs:

Financial information obtained from each portfolio company, including audited and unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;

Current and projected financial condition of the portfolio company;

Current and projected ability of the portfolio company to service its debt obligations;

Projected operating results of the portfolio company;

Current information regarding any offers to purchase the investment or recent private sales transactions;

Current ability of the portfolio company to raise any additional financing as needed;

Change in the economic environment which may have a material impact on the operating results of the portfolio company;

Qualitative assessment of key management;

Contractual rights, obligations or restrictions associated with the investment; and

Other factors deemed relevant

Preferred Stock and Common Stock

The significant unobservable inputs used in the fair value measurement of our equity securities are EBITDA multiples, revenue multiples, net book values, tangible book value multiples, and the weighted average costs of capital ("WACC"). Generally, increases or decreases in EBITDA or revenue multiple inputs result in a higher or lower fair value measurement, respectively. Generally, increases or decreases in WACC result in a lower or higher fair value measurement, respectively. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third party-appraisals. For recent investments, we generally rely on our cost basis to determine the fair value unless fair value is deemed to have departed from this level.

Debt Securities

The significant unobservable inputs used in the fair value measurement of our debt securities are risk adjusted discount factors used in the yield valuation technique and probability of principal recovery. Significant increase or decrease in any of these valuation inputs in isolation would result in a significantly lower or higher fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third party inputs.

Limited Partnership or Limited Liability Company Interests

For recent investments, we evaluate limited partnership or limited liability company interests at cost, which is deemed to represent market value, unless or until there is substantive evidence that cost does not correspond to fair value. Thereafter, these securities are generally valued at our percentage interest of the fund or company's calculated net asset value, unless there is a substantive evidence that the net asset value does not correspond to fair value. All investments of each fund are valued in accordance with ASC 820.

Warrants

We generally use the Black-Scholes option pricing model to determine the fair value of warrants held in our portfolio. Option pricing models, including the Black-Scholes model, require the use of subjective inputs, including expected volatility, expected life, expected dividend rate, and expected risk-free rate of return. In the Black-Scholes model, variation in the expected volatility or expected term assumptions has a significant impact on fair value.

The table below presents the valuation technique and quantitative information about the significant unobservable inputs utilized by the Company to value our Level 3 investments as of September 30, 2012. Unobservable inputs are those inputs for which little or no market data exists and therefore require an entity to develop its own assumptions. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to our determination of fair value.

Type	Valuation Technique	Fair Value (in millions)		Unobservable Input	Range		Weighted Average
Preferred & Common Equity	Market Approach	$	317.8	EBITDA Multiple		3.25x - 6.50x		6.27x
	Market Approach	$	19.8	Revenue Multiple		0.30x – 2.02x		1.35x
	Net Book Value	$	6.7	Cash and Asset Value	NA		NA
	Discounted Cash Flow	$	0.8	Discount Rate		1.83%		1.83%
	Market Approach	$	2.5	Multiple of Tangible Book Value		1.06x		1.06x
	Market Approach	$	3.2	Recent Transaction Price	NA		NA
	Market Approach	$	0.2	Market Value of Held Securities	NA		NA
		$	351.0
Warrants	Black Scholes Pricing Model	$	0.0	Stock Price and Expected Volatility	$	0.00	$	0.00

Debt	Discounted Cash Flow	$	5.7	Discount Rate		10.35%		10.35%
	Face Value	$	6.2	Recent Transaction Price	NA		NA
		$	11.9
Partnership Interests	Net Asset Value*	$	10.6	Fund Value	NA		NA
	Total	$	373.5

*All funds are valued in accordance with ASC 820.

As of September 30, 2012 and March 31, 2012, 69.6% and 56.9%, respectively, of our portfolio investments were categorized as Level 3.

The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2012 and March 31, 2012 (in millions):

			Fair Value Measurements at 9/30/12 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	11.9	$	−	$	−	$	11.9
Partnership Interests		10.6		−		−		10.6
Preferred Equity		41.9		−		−		41.9
Common Equity		471.9		162.8		−		309.1
Total Investments	$	536.3	$	162.8	$	−	$	373.5

			Fair Value Measurements at 3/31/12 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	11.2	$	−	$	−	$	11.2
Partnership Interests		11.0		−		−		11.0
Preferred Equity		33.9		−		−		33.9
Common Equity		502.4		240.7		−		261.7
Total Investments	$	558.5	$	240.7	$	−	$	317.8

The following table provides a summary of changes in the fair value of investments measured using Level 3 inputs during the six months ended September 30, 2012 (in millions):

	Fair Value 3/31/12		Net Unrealized Appreciation (Depreciation)			Net Changes from Unrealized to Realized		New / Add-On Invest- ments			Divesti- tures		Fair Value 9/30/12
Debt	$	11.2	$	(2.3	)	$	−	$	3.0		$	−	$	11.9
Partnership Interest		11.0		(0.1	)		−		(0.3	)		−		10.6
Preferred Equity		33.9		4.8			−		3.2			−		41.9
Common Equity		261.7		47.4			−		−			−		309.1
Total Investments	$	317.8	$	49.8		$	−	$	5.9		$	−	$	373.5

The total unrealized gains included in earnings that related to assets still held at report date for the six months ended September 30, 2012 and 2011 were $54,724,826 and ($36,784,513) respectively.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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INCOME TAXES

6 Months Ended

Sep. 30, 2012

INCOME TAXES [Abstract]

INCOME TAXES

4.	INCOME TAXES

We operate to qualify as a RIC under Subchapter M of the IRC and have a calendar tax year end of December 31. In order to qualify as a RIC, we must annually distribute at least 90% of our investment company taxable ordinary income, based on our tax year, to our shareholders in a timely manner. Investment company ordinary income includes net short-term capital gains but excludes net long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and long-term capital gains that are distributed to its shareholders, including "deemed distributions" discussed below. As permitted by the Code, a RIC can designate dividends paid in the subsequent tax year as dividends of current year ordinary income and net long-term gains if those dividends are both declared by the extended due date of the RIC's federal income tax return and paid to shareholders by the last day of the subsequent tax year.

We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in such year on all of our taxable income, regardless of whether we made any distributions to our shareholders. For the tax year ended December 31, 2011 and 2010, we declared and paid ordinary dividends in the amounts of $3,003,030 and $2,993,623, respectively.

Additionally, we are subject to a nondeductible federal excise tax of 4% if we do not distribute at least 98% of our investment company ordinary taxable income before the end of our tax year. For the tax years ended December 31, 2011 and 2010, we distributed 100% of our investment company ordinary taxable income. As a result, we have made no tax provisions for income taxes on ordinary taxable income for the tax years ended December 31, 2011 and 2010.

A RIC may elect to retain its long-term capital gains by designating them as "deemed distribution" to its shareholders and paying a federal tax rate of 35% on the long-term capital gains for the benefit of its shareholders. Shareholders then report their share of the retained capital gains on their income tax returns as if it had been received and report a tax credit for tax paid on their behalf by the RIC. Shareholders then add the amount of the "deemed distribution" net of such tax, to the basis of their shares.

For the tax year ended December 31, 2011, we had net long-term capital gains of $3,568,376 for tax purposes and $4,465,088 for book purposes, which we elected to retain and treat as deemed distributions to our shareholders. For the tax year ended December 31, 2010, we had net long-term capital gains of $70,221,589 for tax purposes and $70,325,930 for book purposes, which we elected to retain and treat as deemed distributions to our shareholders. During the quarter ended December 31, 2010 we recorded a $4,217,985 reduction in the gain on sale of Lifemark Group, Inc. This reduction was the result of a net asset adjustment calculated in accordance with the Stock Purchase Agreement signed on June 10, 2010.

In order to make the election to retain capital gains, we incurred federal taxes on behalf of our shareholders in the amount of $1,248,932 for the tax year ended December 31, 2011. For the tax year ended December 31, 2010, we incurred federal taxes on behalf of our shareholders in the amount of $24,577,557.

For the quarter ended September 30, 2012 and 2011, CSW and CSVC qualified to be taxed as RICs. We intend to meet the applicable qualifications to be taxed as a RIC in future years. Management feels it is probable that we will maintain our RIC status for a period longer than one year. However, either company's ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by such company.

CSMC, a wholly owned subsidiary of CSW, is not a RIC and is required to pay taxes at the current corporate rate. CSMC sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its wholly owned portfolio companies. Deferred taxes related to the qualified defined pension plan are recorded as incurred.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

UNDISTRIBUTED NET REALIZED GAINS (LOSSES) ON INVESTMENTS [Abstract]

UNDISTRIBUTED NET REALIZED GAINS (LOSSES) ON INVESTMENTS

6 Months Ended

Sep. 30, 2012

UNDISTRIBUTED NET REALIZED GAINS (LOSSES) ON INVESTMENTS

5.	UNDISTRIBUTED NET REALIZED GAINS (LOSSES) ON INVESTMENTS

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. We had $553,689 and $498,438 of undistributed long term capital gains, as of September 30, 2012 and March 31, 2012, respectively.

EMPLOYEE STOCK OPTION PLANS

6 Months Ended

Sep. 30, 2012

EMPLOYEE STOCK OPTION PLANS [Abstract]

EMPLOYEE STOCK OPTION PLANS

6.	EMPLOYEE STOCK OPTION PLANS

On July 20, 2009, shareholders approved our 2009 Stock Incentive Plan (the "2009 Plan"), which provides for the granting of stock options to employees and officers and authorizes the issuance of common stock upon exercise of such options for up to 140,000 shares. All options are granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five annual installments. Options to purchase 38,750 shares at a price of $76.74 (market price at the time of the grant) were granted on October 19, 2009. Additionally, options to purchase 20,000 shares at a price of $95.79 (market price at time of the grant) were granted on March 22, 2010, options to purchase 15,000 shares at a price of $88.20 were granted on July 19, 2010 and options to purchase 10,000 shares at a price of $96.92 were granted on July 18, 2011. During the quarter ended September 30, 2012, 10,000 options were forfeited, thus leaving 50,950 options outstanding and 70,250 options available for grant under the 2009 Plan.

We previously granted stock options under our 1999 Stock Option Plan (the "1999 Plan"), as approved by shareholders on July 19, 1999. The 1999 Plan expired on April 19, 2009. Options previously made under our 1999 Stock Option Plan and outstanding on July 20, 2009 continue in effect governed by provisions of the 1999 Plan. All options granted under the 1999 Plan were granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five to ten annual installments. During the quarter ended September 30, 2012, 10,395 options were forfeited, thus leaving 68,515 options outstanding under the 1999 Plan.

We recognize compensation cost over the straight-line method for all share-based payments granted on or after that date and for all awards granted to employees prior to April 1, 2006 that remain unvested on that date. The fair value of stock options are determined on the date of grant using the Black-Scholes pricing model and are expensed over the vesting period of the related stock options. Accordingly, for the quarters ended September 30, 2012 and 2011, we recognized compensation expense of $4,264 and $258,573, respectively. Decrease in stock option compensation expense for 2012 versus 2011 is due to forfeitures of unexercised stock options that occurred with the departures of employees during the quarter ended September 30, 2012.

As of September 30, 2012, the total remaining unrecognized compensation cost related to non-vested stock options was $1,183,858, which will be amortized over the remaining weighted average service period of approximately 1.7 years.

The following table summarizes the 2009 Plan and the 1999 Plan price per option at grant date using the Black-Scholes pricing model:

			Black-Scholes Pricing Model Assumptions
Date of Issuance	Weighted Average Fair Value		Expected Dividend Yield			Risk- Free Interest Rate			Expected Volatility			Expected Life (in years)
2009 Plan
July 18, 2011	$	33.07		0.83	%		1.45	%		40.0	%		5
July 19, 2010	$	28.58		0.91	%		1.73	%		37.5	%		5
March 22, 2010	$	32.56		0.84	%		2.43	%		37.8	%		5
October 19, 2009	$	25.36		1.04	%		2.36	%		37.6	%		5

1999 Plan
July 30, 2008	$	29.93		0.62	%		3.36	%		20.2	%		5
July 21, 2008	$	27.35		0.67	%		3.41	%		20.2	%		5
July 16, 2007	$	41.78		0.39	%		4.95	%		19.9	%		5
July 17, 2006	$	33.05		0.61	%		5.04	%		21.2	%		7
May 15, 2006	$	31.28		0.64	%		5.08	%		21.1	%		7

The following table summarizes activity in the 2009 Plan and the 1999 Plan as of September 30, 2012:

	Number of Shares			Weighted Average Exercise Price
2009 Plan
Balance at March 31, 2011		73,750		$	84.24
Granted		10,000			96.92
Exercised		–			–
Canceled		–			–
Balance at March 31, 2012		83,750		$	85.75
Granted		–			–
Exercised		(18,800	)		78.87
Canceled		(14,000	)		95.35
Balance at September 30, 2012		50,950		$	88.28

1999 Plan
Balance at March 31, 2011		96,500		$	114.78
Granted		–			–
Exercised		(1,500	)		65.70
Canceled		–			–
Balance at March 31, 2012		95,000		$	113.63
Granted		–			–
Exercised		(16,090	)		95.36
Canceled		(10,395	)		108.23
Balance at September 30, 2012		68,515		$	129.61
Combined Balance at September 30, 2012		119,465		$	111.98

September 30, 2012	Weighted Average Aggregate Intrinsic Remaining Contractual Term	Value
Outstanding	1.7 years	$	3,702,185
Exercisable	1.1 years	$	2,303,485

At September 30, 2012, the range of exercise prices and weighted-average remaining contractual life of outstanding options was $76.74 to $152.98 and 1.1 years, respectively. The total number of options exercisable under both the 2009 Plan and the 1999 Plan at September 30, 2012 and 2011, was 68,715 shares with a weighted-average exercise price of $127.14 and 75,840 with a weighted-average exercise price of $116.75, respectively. During the quarter ended September 30, 2012, 20,395 options were forfeited. There were 1,500 options exercised and new shares issued for $98,550 in cash during the quarter ended September 30, 2011.

Stock Awards

On January 15, 2012, our Board of Directors approved the issuance of 47,000 shares of restricted stock to certain key employees pursuant to the Capital Southwest Corporation 2010 Restricted Stock Award Plan. A restricted stock award is an award of shares of our common stock (which have full voting and dividend rights but are restricted with regard to sale or transfer), the restrictions on which lapse ratably over a specified period of time (generally five years). Restricted stock awards are independent of stock option grants and are subject to forfeit if employment terminates prior to these restrictions lapsing. These shares vest over a five-year period from the grant date and are expensed over the five-year service period starting on the grant date. The following table summarizes the restricted stock available for issuance as of September 30, 2012:

Restricted stock available for issuance as of March 31, 2012			37,350
Less restricted stock forfeited during the year
			3,000
Restricted stock available for issuance as of September 30, 2012			40,350

We expense the cost of the restricted stock awards, which is determined to equal the fair value of the restricted stock award at the date of the grant on a straight-line basis over the vesting period in which the restrictions on these stock awards lapse. For these purposes, the fair value of the restricted stock award is determined based on the closing price of our common stock on the date of grant. For the quarter ended September 30, 2012, we recognized total share based compensation expense of $11,077 related to the restricted stock issued to our employees and officers. For the quarter ended September 30, 2011, no restricted stock had been issued.

As of September 30, 2012, the total remaining unrecognized compensation cost related to non-vested restricted stock awards was $472,549, which will be amortized over the weighted-average service period of approximately 4.3 years.

The following table represents a summary of the activity for our restricted stock awards for the fiscal year ended September 30, 2012:

Restricted Stock Awards	Number of Shares		Weighted Average Fair Value Per Share		Weighted Average Remaining Vesting Term (in Years)
Unvested at March 31, 2012		9,650	$	83.60		4.8
Granted		−		−		−
Vested		−		−		−
Forfeited or expired		3,000	$	83.60		−
Unvested at September 30, 2012		6,650	$	83.60		4.3

Phantom Stock Plan

On January 16, 2012, our Board of Directors approved the issuance of 26,000 phantom stock options to certain key employees pursuant to the Capital Southwest Corporation Phantom Stock Option Plan to provide deferred compensation to certain key employees. Under the plan, awards vest on the fifth anniversary of the award date. Upon exercise of the phantom option, a cash payment in an amount for each Phantom share equal to estimated fair market value minus the phantom option exercise price will be distributed to plan participants. The exercise price of each phantom share is $146.95 (Net Asset Value at December 31, 2011), and estimated fair market value of phantom stock awards is calculated based on our net asset value, as of December 31 of each year.

The following table represents a summary of the activity for our phantom stock plan for the fiscal year ended September 30, 2012:

Phantom Stock Awards	Number of Shares		Exercise Price Per Share		Weighted Average Remaining Vesting Term (in Years)
Unvested at March 31, 2012		26,000	$	146.95		4.8
Granted		−		−		−
Vested		−		−		−
Forfeited or expired		7,500	$	146.95		−
Unvested at September 30, 2012		18,500	$	146.95		4.3

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

COMMITMENTS

6 Months Ended

Sep. 30, 2012

COMMITMENTS [Abstract]

COMMITMENTS

7.	COMMITMENTS

From time to time the Company may be liable for claims against its portfolio companies. We do not believe the effects of such claims would have a material impact on our results of operations and financial condition.

CSW has agreed, subject to certain conditions, to invest up to $10,138,169 in nine portfolio companies as of September 30, 2012.

The entire disclosure for commitments and contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

SUMMARY OF PER SHARE INFORMATION [Abstract]

SUMMARY OF PER SHARE INFORMATION

6 Months Ended

Sep. 30, 2012

SUMMARY OF PER SHARE INFORMATION

8.	SUMMARY OF PER SHARE INFORMATION

The following presents a summary of per share data for the three and six months ended September 30, 2012 and 2011.

	Three Months Ended September 30,						Six Months Ended September 30
Per Share Data	2012			2011			2012			2011
Investment income	$	.35		$	.34		$	.74		$	.65
Operating expenses		(.37	)		(.32	)		(.75	)		(.63	)
Income taxes		(.01	)		(.01	)		(.01	)		(.01	)
Net investment income		(.03	)		.01			(.02	)		.01
Distributions from undistributed net investment income		–			–			(18.00	)		(.40	)
Net realized gain net of tax		–			4.88			17.62			3.31
Net increase (decrease) in unrealized appreciation of investments		13.26			(11.74	)		(7.43	)		(12.95	)
Exercise of employee stock options		–			(.03	)		(.74	)		(.03	)
Stock option expense		–			.07			.08			.13
Other*		(.31	)		–			(.31	)		–
Increase (decrease) in net asset value		12.92			(6.81	)		(8.8	)		(9.93	)
Net asset value
Beginning of period		145.73			140.56			167.45			143.68
End of period	$	158.65		$	133.75		$	158.65		$	133.75

*Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Fair Value Measurements	Fair Value Measurements We adopted FASB ASC 820 on April 1, 2008. ASC 820 (1) creates a single definition of fair value, (2) establishes a framework for measuring fair value, and (3) expands disclosure requirements about items measured at fair value. The Topic applies to both items recognized and reported at fair value in the financial statements and items disclosed at fair value in the notes to the financial statements. The Topic does not change existing accounting rules governing what can or what must be recognized and reported at fair value in our financial statements, or disclosed at fair value in our notes to financial statements. Additionally, ASC Topic does not eliminate practicability exceptions that exist in accounting pronouncements amended by this Topic when measuring fair value. Fair value is generally determined based on quoted market prices in the active markets for identical assets or liabilities. If quoted market prices are not available, we use valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. Due to the inherent uncertainty in the valuation process, our estimate of fair value may differ materially from the values that would have been used had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation. Pursuant to our internal valuation process, each portfolio company is valued once a quarter. In addition to our internal valuation process, our Board of Directors retains a nationally recognized firm to provide limited scope third party valuation services on certain portfolio investments at the end of our fiscal year. Our Board of Directors retained Duff & Phelps to provide limited scope third party valuation services on six investments comprising 85.8% of our net asset value at March 31, 2012. For full disclosure of Duff & Phelps' services, see page 5 of the Form 10-K under the heading "Determination of Net Asset Value and Portfolio Valuation Process." We believe our investments at September 30, 2012 and March 31, 2012 approximate fair value based on the market in which we operate and other conditions in existence as of these dates.
Investments	Investments Investments are stated at fair value determined by our Board of Directors as described in Notes to the Consolidated Schedule of Investments and Note 3 below. The average cost method is used in determining cost of investments sold. Investments are recorded on a trade date basis.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.
Segment Information	Segment Information We operate and manage our business in a singular segment. As an investment company, we invest in portfolio companies in various industries and geographic areas as presented in the Consolidated Schedule of Investments.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Interest and Dividend Income	Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recorded at the ex-dividend date for marketable securities and restricted securities. In accordance with our valuation policy, accrued interest and dividend income is evaluated periodically for collectability. When a debt or loan becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against the interest income, thereby placing the loan or debt security's status on non-accrual basis, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security's status significantly improves regarding ability to service debt or other obligations, it will be restored to accrual basis.
Federal Income Taxes	Federal Income Taxes CSW and CSVC have elected and intend to comply with the requirements of the Internal Revenue Code (IRC) necessary to qualify as regulated investment companies (RICs). By meeting these requirements, they will not be subject to corporate federal income taxes on ordinary income distributed to shareholders. In order to comply as a RIC, each company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the IRC, each year. Investment taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in taxable income until they are realized.
Stock-Based Compensation	Stock-Based Compensation We account for our stock-based compensation using the fair value method, as prescribed by ASC 718, Compensation – Stock Compensation. Accordingly, we recognize stock-based compensation cost over the straight-line method for all share-based payments awards granted to employees prior to April 1, 2006 that remain unvested. The fair value of stock options are determined on the date of grant using the Black-Scholes pricing model and are expensed over the vesting period of the related stock options. For restricted stock awards, we measured the grant date fair value based upon the market price of our common stock on the date of the grant and will amortize this fair value to shared-based compensation expense over the vesting term. See Note 6 for further discussion.
Defined Pension Benefits and Other Postretirement Plans	Defined Pension Benefits and Other Postretirement Plans We record annual amounts relating to the defined benefit pension plan based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return depending on the pension plan. Material changes in pension costs may occur in the future due to changes in the discount rate, changes in the expected long-term rate of return, changes in level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. We recognize changes in the funded status of defined benefit plan in the Statement of Assets and Liabilities in the year in which the changes occur and measure defined benefit plan assets and obligations as of the date of the employer's fiscal year-end. We presently use March 31 as the measurement date for our defined benefit plan.
Concentration of Risk	Concentration of Risk We place our idle cash in financial institutions, and at times, such balances may be in excess of the federally insured limits. On November 19, 2010, the Federal Deposit Insurance Corporation ("FDIC") issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts beginning December 31, 2010 through December 31, 2012.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2011, the FASB issued Accounting Standards Update ("ASU") 2011-04, Fair Value Measurements (ASC 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs ("ASU 2011-04"). ASU 2011-04 results in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. ASU 2011-04 is effective for interim and annual reporting periods beginning after December 15, 2011. The adoption of ASU 2011-04 did not have a significant impact on our financial condition and results of operations. See Note 3 Investment for further information regarding valuation techniques and quantitative information about the significant unobservable inputs utilized by our Company to value Level 3 investments.

INVESTMENTS (Tables)

6 Months Ended

Sep. 30, 2012

INVESTMENTS [Abstract]

Valuation technique and qualitative information

Type	Valuation Technique	Fair Value (in millions)		Unobservable Input	Range		Weighted Average
Preferred & Common Equity	Market Approach	$	317.8	EBITDA Multiple		3.25x - 6.50x		6.27x
	Market Approach	$	19.8	Revenue Multiple		0.30x – 2.02x		1.35x
	Net Book Value	$	6.7	Cash and Asset Value	NA		NA
	Discounted Cash Flow	$	0.8	Discount Rate		1.83%		1.83%
	Market Approach	$	2.5	Multiple of Tangible Book Value		1.06x		1.06x
	Market Approach	$	3.2	Recent Transaction Price	NA		NA
	Market Approach	$	0.2	Market Value of Held Securities	NA		NA
		$	351.0
Warrants	Black Scholes Pricing Model	$	0.0	Stock Price and Expected Volatility	$	0.00	$	0.00

Debt	Discounted Cash Flow	$	5.7	Discount Rate		10.35%		10.35%
	Face Value	$	6.2	Recent Transaction Price	NA		NA
		$	11.9
Partnership Interests	Net Asset Value*	$	10.6	Fund Value	NA		NA
	Total	$	373.5

*All funds are valued in accordance with ASC 820.

Investment portfolio

The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2012 and March 31, 2012 (in millions):

			Fair Value Measurements at 9/30/12 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	11.9	$	−	$	−	$	11.9
Partnership Interests		10.6		−		−		10.6
Preferred Equity		41.9		−		−		41.9
Common Equity		471.9		162.8		−		309.1
Total Investments	$	536.3	$	162.8	$	−	$	373.5

			Fair Value Measurements at 3/31/12 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	11.2	$	−	$	−	$	11.2
Partnership Interests		11.0		−		−		11.0
Preferred Equity		33.9		−		−		33.9
Common Equity		502.4		240.7		−		261.7
Total Investments	$	558.5	$	240.7	$	−	$	317.8

Changes in the fair value of investments

The following table provides a summary of changes in the fair value of investments measured using Level 3 inputs during the six months ended September 30, 2012 (in millions):

	Fair Value 3/31/12		Net Unrealized Appreciation (Depreciation)			Net Changes from Unrealized to Realized		New / Add-On Invest- ments			Divesti- tures		Fair Value 9/30/12
Debt	$	11.2	$	(2.3	)	$	−	$	3.0		$	−	$	11.9
Partnership Interest		11.0		(0.1	)		−		(0.3	)		−		10.6
Preferred Equity		33.9		4.8			−		3.2			−		41.9
Common Equity		261.7		47.4			−		−			−		309.1
Total Investments	$	317.8	$	49.8		$	−	$	5.9		$	−	$	373.5

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a,b,bb)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

EMPLOYEE STOCK OPTION PLANS [Abstract]

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

EMPLOYEE STOCK OPTION PLANS (Tables)

6 Months Ended

Sep. 30, 2012

Summary of assumptions used in the valuation of option grants

The following table summarizes the 2009 Plan and the 1999 Plan price per option at grant date using the Black-Scholes pricing model:

			Black-Scholes Pricing Model Assumptions
Date of Issuance	Weighted Average Fair Value		Expected Dividend Yield			Risk- Free Interest Rate			Expected Volatility			Expected Life (in years)
2009 Plan
July 18, 2011	$	33.07		0.83	%		1.45	%		40.0	%		5
July 19, 2010	$	28.58		0.91	%		1.73	%		37.5	%		5
March 22, 2010	$	32.56		0.84	%		2.43	%		37.8	%		5
October 19, 2009	$	25.36		1.04	%		2.36	%		37.6	%		5

1999 Plan
July 30, 2008	$	29.93		0.62	%		3.36	%		20.2	%		5
July 21, 2008	$	27.35		0.67	%		3.41	%		20.2	%		5
July 16, 2007	$	41.78		0.39	%		4.95	%		19.9	%		5
July 17, 2006	$	33.05		0.61	%		5.04	%		21.2	%		7
May 15, 2006	$	31.28		0.64	%		5.08	%		21.1	%		7

Summary of option activity

The following table summarizes activity in the 2009 Plan and the 1999 Plan as of September 30, 2012:

	Number of Shares			Weighted Average Exercise Price
2009 Plan
Balance at March 31, 2011		73,750		$	84.24
Granted		10,000			96.92
Exercised		–			–
Canceled		–			–
Balance at March 31, 2012		83,750		$	85.75
Granted		–			–
Exercised		(18,800	)		78.87
Canceled		(14,000	)		95.35
Balance at September 30, 2012		50,950		$	88.28

1999 Plan
Balance at March 31, 2011		96,500		$	114.78
Granted		–			–
Exercised		(1,500	)		65.70
Canceled		–			–
Balance at March 31, 2012		95,000		$	113.63
Granted		–			–
Exercised		(16,090	)		95.36
Canceled		(10,395	)		108.23
Balance at September 30, 2012		68,515		$	129.61
Combined Balance at September 30, 2012		119,465		$	111.98

September 30, 2012	Weighted Average Aggregate Intrinsic Remaining Contractual Term	Value
Outstanding	1.7 years	$	3,702,185
Exercisable	1.1 years	$	2,303,485

Restricted stock available for issuance

Restricted stock available for issuance as of March 31, 2012			37,350
Less restricted stock forfeited during the year
			3,000
Restricted stock available for issuance as of September 30, 2012			40,350

Restricted stock awards activity

The following table represents a summary of the activity for our restricted stock awards for the fiscal year ended September 30, 2012:

Restricted Stock Awards	Number of Shares		Weighted Average Fair Value Per Share		Weighted Average Remaining Vesting Term (in Years)
Unvested at March 31, 2012		9,650	$	83.60		4.8
Granted		−		−		−
Vested		−		−		−
Forfeited or expired		3,000	$	83.60		−
Unvested at September 30, 2012		6,650	$	83.60		4.3

Phantom stock awards activity

The following table represents a summary of the activity for our phantom stock plan for the fiscal year ended September 30, 2012:

Phantom Stock Awards	Number of Shares		Exercise Price Per Share		Weighted Average Remaining Vesting Term (in Years)
Unvested at March 31, 2012		26,000	$	146.95		4.8
Granted		−		−		−
Vested		−		−		−
Forfeited or expired		7,500	$	146.95		−
Unvested at September 30, 2012		18,500	$	146.95		4.3

SUMMARY OF PER SHARE INFORMATION (Tables)

6 Months Ended

Sep. 30, 2012

SUMMARY OF PER SHARE INFORMATION [Abstract]

Summary of per share data

The following presents a summary of per share data for the three and six months ended September 30, 2012 and 2011.

	Three Months Ended September 30,						Six Months Ended September 30
Per Share Data	2012			2011			2012			2011
Investment income	$	.35		$	.34		$	.74		$	.65
Operating expenses		(.37	)		(.32	)		(.75	)		(.63	)
Income taxes		(.01	)		(.01	)		(.01	)		(.01	)
Net investment income		(.03	)		.01			(.02	)		.01
Distributions from undistributed net investment income		–			–			(18.00	)		(.40	)
Net realized gain net of tax		–			4.88			17.62			3.31
Net increase (decrease) in unrealized appreciation of investments		13.26			(11.74	)		(7.43	)		(12.95	)
Exercise of employee stock options		–			(.03	)		(.74	)		(.03	)
Stock option expense		–			.07			.08			.13
Other*		(.31	)		–			(.31	)		–
Increase (decrease) in net asset value		12.92			(6.81	)		(8.8	)		(9.93	)
Net asset value
Beginning of period		145.73			140.56			167.45			143.68
End of period	$	158.65		$	133.75		$	158.65		$	133.75

*Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period.

ORGANIZATION AND BASIS OF PRESENTATION (Details)	Sep. 30, 2012
ORGANIZATION AND BASIS OF PRESENTATION [Abstract]
Percentage of voting securities, minimum, Control Investments (in hundredths)	25.00%
Percentage of board representation, minimum, Control Investments (in hundredths)	50.00%
Percentage of voting securities, minimum, Affiliated Investments (in hundredths)	5.00%
Percentage of voting securities, maximum, Affiliated Investments (in hundredths)	25.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2012 $ / shares	Mar. 31, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of investments provided by third party valuation services		6
Net asset value percentage of investment provided by third party valuation services (in hundredths)		85.80%
Annual minimum distribution (in hundredths)	90.00%
Distributed net capital gains (in dollars per share)	$ 17.59
Corporate tax rate (in hundredths)	35.00%

INVESTMENTS (Details) - USD ($)

6 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Mar. 31, 2012

INVESTMENTS [Abstract]

Portfolio investments categorized as Level 3 (in hundredths)

69.60%

56.90%

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Summary of changes in fair value of investments [Roll Forward]

$ 373,500,000

317,800,000

49,800,000

5,900,000

Unrealized gains (losses) included in earnings that related to asset still held at report date

373,500,000

54,724,826

$ (36,784,513)

Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Recurring [Member] | Level 1 [Member]

536,300,000

$ 558,500,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Recurring [Member] | Level 2 [Member]

162,800,000

240,700,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Recurring [Member] | Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Assets, Quantitative Information [Line Items]

373,500,000

317,800,000

Debt [Member]

Summary of changes in fair value of investments [Roll Forward]

11,900,000

11,200,000

(2,300,000)

3,000,000

Debt [Member] | Discounted Cash Flow [Member]

11,900,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Weighted Average Discount Rate

$ 5,700,000

Discount Rate

10.35%

10.35%

Debt [Member] | Face Value [Member]

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Debt [Member] | Recurring [Member]

$ 6,200,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt [Member] | Recurring [Member] | Level 1 [Member]

11,900,000

11,200,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt [Member] | Recurring [Member] | Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt [Member] | Recurring [Member] | Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Preferred & Common Equity [Member]

11,900,000

11,200,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Preferred & Common Equity [Member] | Market Approach [Member]

351,000,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Weighted Average Multiple

$ 317,800,000

6.27

Preferred & Common Equity [Member] | Market Approach [Member]

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Weighted Average Multiple

$ 19,800,000

1.35

Preferred & Common Equity [Member] | Net Book Value [Member]

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Preferred & Common Equity [Member] | Discounted Cash Flow [Member]

$ 6,700,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Weighted Average Discount Rate

$ 800,000

Discount Rate

1.83%

1.83%

Preferred & Common Equity [Member] | Market Approach [Member]

Fair Value Inputs, Assets, Quantitative Information [Line Items]

$ 2,500,000

Weighted Average Multiple

1.06

1.06

Preferred & Common Equity [Member] | Market Approach [Member]

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Preferred & Common Equity [Member] | Market Approach [Member]

$ 3,200,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Preferred & Common Equity [Member] | Minimum [Member] | Market Approach [Member]

$ 200,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Preferred & Common Equity [Member] | Minimum [Member] | Market Approach [Member]

3.25

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Preferred & Common Equity [Member] | Maximum [Member] | Market Approach [Member]

0.30

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Preferred & Common Equity [Member] | Maximum [Member] | Market Approach [Member]

6.50

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Partnership Interest [Member]

2.02

Summary of changes in fair value of investments [Roll Forward]

$ 11,000,000

(100,000)

(300,000)

Partnership Interest [Member] | Net Asset Value [Member]

10,600,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]

Partnership Interest [Member] | Recurring [Member]

^[1]

10,600,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Partnership Interest [Member] | Recurring [Member] | Level 1 [Member]

10,600,000

11,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Partnership Interest [Member] | Recurring [Member] | Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Partnership Interest [Member] | Recurring [Member] | Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Preferred Equity [Member]

10,600,000

11,000,000

Summary of changes in fair value of investments [Roll Forward]

33,900,000

4,800,000

3,200,000

Preferred Equity [Member] | Recurring [Member]

41,900,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Preferred Equity [Member] | Recurring [Member] | Level 1 [Member]

41,900,000

33,900,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Preferred Equity [Member] | Recurring [Member] | Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Preferred Equity [Member] | Recurring [Member] | Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of changes in fair value of investments [Roll Forward]

41,900,000

33,900,000

Common Equity [Member]

261,700,000

47,400,000

Common Equity [Member] | Recurring [Member]

309,100,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Common Equity [Member] | Recurring [Member] | Level 1 [Member]

471,900,000

502,400,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Common Equity [Member] | Recurring [Member] | Level 2 [Member]

162,800,000

240,700,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Common Equity [Member] | Recurring [Member] | Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Warrant [Member] | Pricing Model [Member]

309,100,000

$ 261,700,000

Fair Value Inputs, Assets, Quantitative Information [Line Items]