we ended up at the end of december from selling physicals, receiving the cash back, remighting it to managers, we had several days where we had several billion dollars in cash. we wouldn't have that. >> and as i mentioned, the target is zero percent, but with these index futures as an overlay, we can actually hold two percent cash that we would then have available as dry powder. plus, we're got the 6 pf% in treasury, which was highly liquid. >> we didn't have that piece. >> we didn't have that, and as you know, the bond market, the corporate bond market became much less liquid. >> questions from the board? comments? nothing? i would call for public comment. are there any members of the public that would like to address the commission on this item? seeing none, we'll close public comment. there's a staff recommendation. anyone want to make the motion? >> i won't make a motion until i see this rule about the rebalancing. that's in the next section. i can't find it. >> oh, it's -- well, it's -- the -- implementing it dependent upon the guidelines. >> you have to explain it to me because