Um, cap gains will only happen if:

1) They sell an underlying stock position in the fund.
2) What they sell is at a profit (ie, the stock gained since they bought that position).

So either anything they sold was at break-even/loss (ie, 'trim' a losing position - which probably *most* are given the market, even after the gains the past few weeks), or they sold nothing and are holding their positions in the hopes this rally continues?