Your funds kick off goodly amounts of income, some of it with leverage. It will be taxed at regular income rates as you probably already know. PCI can still be had at a discount. I am also looking into NJ municipal closed end funds. (NJ resident) God knows what will happen when interest rates rise...probably not good in the short run but good for bank interest and CDs. I think you can get CDs at 2% if you lock in 5years. Sam Lee has noted in the past that CDs are likely preferable to short term bonds since they are FDIC insured and a 2% yield is similar to CDs. If you can fully fund Roth IRAs or regular IRAs/401k etc, do that if possible. Age, work history, taxes will all play a part; just by two bits as a non professional. Good luck.

@MFO Members: Very impressive short-term performance results for a fund only a little over a year old. However, it has a very highly concentrated portfolio, just 19 stock, and is a damm the torpedos, full speed ahead long-term capital appreciation fund. Before I can claim it a winner, winner, chicken dinner, I'd like to see a couple of more years of performance results.
Regards,
Ted

What is being targeted is investors, not asset allocation. To paraphrase what 00BY wrote, the fund is designed for (targeted to) investors who want a fully invested, volatile (concentrated) fund.
There is nothing in the prospectus (or SAI) saying that the cash will be under 10%. What the prospectus does say is that all the other funds in the family are free to invest without limit in cash. Well, actually it says "each Fund, other than the Intrepid Select Fund, may hold in excess of 25% of its assets in cash ... at any time or for an extended time."
What's magical about 25%? I can't say I don't have a clue, but the clue that I have is pretty useless. Under Principal Risks of Investing In Each Fund (prospectus), "Cash Position Risk" is identified as a risk for all the funds except Intrepid Select. Perhaps if a fund has less than 25% in cash for an extended time, cash drag is not a principal risk? Or maybe this section is what implies Intrepid Select should normally stay under 10%?
Like most funds, all of the funds here (including Intrepid Select) reserve the right to go to cash. "In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and ... strategies and invest, without limitation, in cash ..."
That's where the wiggle room comes from.

To clarify, the fact sheet says the target is no more than 10% cash

Can't be limited to 10%. It's over 20% as is.

I myself believe that this is majorly misunderstanding what mutual funds are for and do, which is an over-time function, but whatever.
Can you not get and/or infer what you need looking at performance vs indexes and competitors for the short terms, 1w/1m/3m/ytd/1y? I spend mucho time on M* with various funds setting the graph counter ($10k growth) for 6w, 12w, ytd, 18m, 30m, etc. etc. I also check every day of a big swing to see how DSENX does compared with PRBLX, DVY, and all the rest, even IJH.

At Morningstar the capture ratios are under the tab for risk and ratings

Yup, but I wanted them over a narrower time frame than 1 year. I wanted to do YTD, Monthly, Weekly if possible. Numbers are already bad for longer durations on M*.
For instance, SEEDX has obviously bad numbers 1 year for D and U. 3 year they are better for D, but given fund always owns cash, and was even less fully invested at inception, its not surprising both D and U numbers are less than 100%, and even then D is higher than U.
We have to make decisions in the present. Someone will always come along and tell me 3 years after I sell what an idiot I am. Can't make decisions in hindsight and foresight. Important for me to know how fund is doing at present - how is it handling current market conditions. I'm thinking data is out there and someone is capturing it.

Like most small investors I tend to swim in the low end of the pool. When a cannon ball hits the deep end off the high dive I brace myself by taking gulp of air between large wakes of water.
Recently the Swiss Central Bank jumped off the high board, tucked their knees and made a pretty big splash in the US Equity markets.
Makes me cautious of the continued tailwind in the tech sector.
Article:
Switzerland's central bank now owns more publicly-traded shares in Facebook than Mark Zuckerberg

They say that it is targeted for advisors or those that will manage the cash position themselves. A fully invested portfolio, but cash is limited to 10%

Obit:
http://www.jsonline.com/story/money/2016/08/04/albert-o-ab-nicholas-dies/88273344/

As Birinyl pointed out,the timing to add REIT when it is at its height couldn't be worst. Also only 28 companies will be added and it is far short of VNQ and SHH which both have over 100 companies.

I will try :-P
True stories. I have messed up peoples portfolios just buying 1 share of stock they own. I have excellent track record doing that.

FYI: Laszlo Birinyi claims new real-estate sector designed to the ‘benefit of the vendor and not the customer.”
Regards,
Ted
http://www.marketwatch.com/story/sps-new-real-estate-sector-an-unnecessary-headache-says-laszlo-birinyi-2016-08-29/print

@Hank, Ive been rearranging my house too. Sold 1/2 my position in PKW and put it into VOO, VWINX, TWEIX and VCIT. Also am selling my biotech and transferring it to my health care fund PHSZX and PJP. I guess some of us are also lightening up on some riskier assets.

(With the deepest regards....)
https://www.sec.gov/Archives/edgar/data/913131/000091313116000022/nei497e082016.htm
497 1 nei497e082016.htm RULE 497(E)
Rule 497(e)
Registration No. 033-69804
1940 Act File No. 811-08062
SUPPLEMENT DATED AUGUST 29, 2016
TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED JULY 31, 2016
OF
Nicholas Equity Income Fund, Inc.
THIS SUPPLEMENT UPDATES THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION.
PLEASE READ AND KEEP IT TOGETHER WITH YOUR COPY OF THE PROSPECTUS AND STATEMENT OF
ADDITIONAL INFOMARTION FOR FUTURE REFERENCE.
The purpose of this supplement is to notify the shareholders of Nicholas Equity Income Fund, Inc. (the “Fund”) with deep and sincere regrets that Mr. Albert O. Nicholas passed away on August 4, 2016. He was very hard working, diligent, humble, and generous. Effective immediately, Mr. Michael L. Shelton is the Lead Portfolio Manager of the Nicholas Equity Income Fund, Inc. and David O. Nicholas is the Portfolio Manager of the Fund. The information regarding the previous portfolio manager found in the following sections of the prospectus dated July 31, 2016 is deleted and replaced with the following effective August 29, 2016.
PART A: INFORMATION REQUIRED IN THE PROSPECTUS:
1. The section “SUMMARY -- Portfolio Managers” on page 4 of the prospectus is revised and restated as follows:
Portfolio Managers
Mr. Michael L. Shelton is the Lead Portfolio Manager of the Fund and is primarily responsible for the day-to-day management of the Fund's portfolio. Mr. Shelton is a Vice President of the Fund and has been the Lead Portfolio Manager of the Fund since August 2016. He formerly served as the Co-Portfolio Manager of the Fund from April 2011 to August 2016, and has been employed by the Adviser since 2006. Mr. David O. Nicholas is the President of the Fund and has been Portfolio Manager of the Fund since August 2016. He formerly served as the Co-Portfolio Manager of the Fund from July 2001 to April 2008.
2. The first paragraph of the section captioned “THE FUND'S INVESTMENT ADVISER” on page 12 of the prospectus is revised and restated as follows:
Mr. Michael L. Shelton is the Lead Portfolio Manager of the Fund and is primarily responsible for the day-to-day management of the Fund's portfolio. Mr. Shelton was the Co-Portfolio Manager of the Fund from April 2011 to August 2016. Mr. Shelton also serves as the Portfolio Manager to another fund managed by the Adviser, and has been employed by the Adviser since 2006, and is a Chartered Financial Analyst and a Certified Public Accountant. In August 2016, Mr. David O. Nicholas became Portfolio Manager of the Fund. Mr. Nicholas was the Co-Portfolio Manager of the Fund from July 2001 to April 2008. Mr. Nicholas is President of the Fund, a Director of the Adviser and the President, Chief Executive Officer and Chief Investment Officer of the Adviser. Mr. Nicholas also serves as a Lead Portfolio Manager or Portfolio Manager to other funds managed by the Adviser, and is a Chartered Financial Analyst.
3. The last paragraph of the section captioned “THE FUND'S INVESTMENT ADVISER” on page 12 of the prospectus is revised and restated as follows:
David O. Nicholas is a controlling person of the Adviser through his ownership of 60% of the outstanding voting securities of the Adviser which are held in trust for his benefit...

@MFO Members: In afternoon trading the S&P SmallCap 600 is up 1.40% , and the Russell 2000 1.50%. The trend is your friend !
Regards,
Ted

Yes ... But ... June '15 still not exceeded - another 52pts to go. Is that telling us something?
The only thing I can think about that today's action is telling us is that maybe the FED hike won't happen. Small caps are thought to be interest rate sensitive.
http://finance.yahoo.com/quote/^RUT/?p=^RUT

Hi davidrmoran
The "space" I was referring to is the small/mid value category. In my 401K, I enjoyed dedicated funds within each of these areas and was looking to replicate this in my IRA. Your suggestions are worthy as well.

@Crash TRPrice indicates two distributions,too; in Sept and Dec. of 2015 since your purchase.
We do our numbers every week and have for many years. We do the most simple process. So, for your TRGRX; if you purchased $10,000 on your noted date and the dollar value is now $11,469 (example only), one arrives at about +14.69 return noted.
I don't pay attention (other than checking) what distributions have taken place, (say over a 1 year period); but what is the total return during a given period.
I did see that TRP had return numbers, but were set for one year from July 31-July 31.
Anyhoo......have to get outside again before the rain arrives.

.....Hmmmmm. I see. But THAT is perplexing. Nothing, nowhere, can be trusted, then, to be frikkin' reliable--- not even the damned account-specific performance numbers from the fund company, itself. Thanks for your note, Catch. M* does show 1-year returns as +14.69%. But when I look at the hard-dollar numbers and work it out using a separate percentage calculator, I see that TRP is on target, while M* is full of shite. (sic.)