Are stock funds raising cash now?

Geez, I happened to do the xray type of thing that shows
asset allocation of mutual fund portfolios and got a
surprise in terms of cash levels.  Usually it's a snooze
showing levels as expected, but now many stock funds seem
to be maxing cash/short bond levels (and intnl stock).

Do they raise much cash now for distributions this time
of year, or are they worried about market drops?  For
the former, I guess it would be wrong for the investor
to compensate by increase stock holdings since the cash
overweight should decrease after distributions...