Dear Friend, Yes, it is a high cash position. The cash is inmoney markets (FDIC and not-FDIC insured). It is all delinated in the club portfolio which accompanies the prospectus. Yes, we cashed in on profit-taking last year, some of the cash is in "limbo", deposited with DRIP Optional Cash Purchases, but not executed yet. We carry those deposits as 'Cash' in the books until then. Such a high return on cash comes from the non-FDICinsured money market accounts, such as GE Interest Plus. Hope this helps. Carl
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