Dow vs Mutual Fund Cash %

Notice how fast Mutual Funds have burned up their Cash (points F to G) in the past year as the Dow has rallied with the Cash Levels dropping from 6% to 3.6% in just under 12 months as the previous all time low made in 2007 (point I) is getting closer. Keep in mind it took nearly 7 years for the % of Mutual Fund Cash to drop from 6.5% to 3.5% from 2001 through 2007 (points H to I) prior to the late 2007 top and 10 years to go from a high of 12% in 1991 to the low of 4% in 2000 (points J to K) as the Dow peaked in late 1999. Furthermore going even further back to the early to mid 1970's Mutual Funds went through a lot of there Cash in a short period of time as well (points L to M) right before a significant market top occurred. Thus the big question is will the Mutual Funds have to rebuild their Cash Levels before another Secular Bull Market can develop and will a longer term trading range occur like we saw from the mid 1960's through the early 1980's?