@VF Short term or long capital gain ? Just wonder. I'm a firm believer in different strokes for different folks.
As for paying taxes my father said he didn't mind paying them as long as he had the money to pay !
As for me I think the taxation has been out of hand for to many years !!
Good investing to all,
Derf

Here's the link to the filing involving the passing of the manager:
https://www.sec.gov/Archives/edgar/data/811030/000089418918003882/pmp_bpcap-497e.htm
497 1 pmp_bpcap-497e.htm SUPPLEMENTARY MATERIALS
BP capital TwinLine MLP Fund
("MLP Fund")
Supplement dated July 24, 2018 to the Prospectus and
Statement of Additional Information, each dated March 30, 2018, as supplemented
The BP Capital TwinLine Funds regret to inform its shareholders that Anthony Riley, CFA, unexpectedly and tragically passed away on Saturday, July 21, 2018. The BP Capital TwinLine team is extremely saddened by the news, but is grateful for Anthony's hard work and contributions, and he will be greatly missed.
Toby Loftin and Benton Cook, CFA will continue to serve as co-portfolio managers to the MLP Fund.
Please retain this Supplement with the Prospectus.

The latest tax proposal - to tax only inflation adjusted cap gains - is projected to give 97% of its benefit to the top 10% income earners (according to the Penn-Wharton Budget Model).
https://www.businessinsider.com/trump-capital-gains-inflation-index-tax-cut-is-it-legal-2018-7
This one looks even more lopsided than buybacks, because the only ones who benefit are those with securities in taxable accounts. The exposure to the stock market for middle class workers is primarily through retirement plans which get no benefit.
(In IRAs and employer-sponsored plans, there's usually no cost basis to adjust for inflation, so retirement plan investments get nothing out of this proposal.)

I couldn't do the research to prove it myself, but I do wonder if the share buy-backs haven't been yet another factor in shifting wealth away from wage earners in favor of high salaried and wealthy people. The latter are more likely to see their net worth increase with capital appreciation (due in part to the buy-backs), even if they are paper gains. As fewer and fewer workers are covered by pensions, and as existing pensions are threatened by under-funding, people at the lower end suffer more. Low interest rates have been sighted as a cause of pension stress, but workers currently contributing to pensions or those already retired suffer disproportionately to those whose wealth obviates the need for them to depend on a pension. Some stock-market wealth trickles down to pensioners, but these days these people are more likely to see benefit and pension cuts when great wealth is being created for the top of the heap.

It seems to stay in the family, at least in Denver. Doug Rao moved from Marsico to Janus where he's managing the VIT Forty and Forty funds. He made $ for me at Marsico Flexible Capital.

"Marsico funds are not doing well since Tom Marsico left Janus."
That would be the entire lifetime of Marsico funds :-)
Actually they did do well for some time. After ten years (end of 2007), MGRIX had averaged 9.18% and MFOCX had averaged 9.64%. In comparison, VIGRX had averaged 5.12% and its LCG benchmark had averaged 5.21%. (The other Marsico funds are younger.)
Marsico Funds prospectus, Feb 2008 (w/2007 figures): https://www.sec.gov/Archives/edgar/data/1047112/000094822108000010/marsico_485bpos-020108.htm
Vanguard Index Funds prospectus, April 2008 (w/2007 figures): https://www.sec.gov/Archives/edgar/data/36405/000093247108001124/indexfunds485bfiling4292008.txt
The family had lots of problems after that, including debt and staff (management/analyst) turnover. From M* Oct 2012:

As Marsico Capital Management struggled with poor performance, outflows, and its own debt-laden balance sheet, Flexible Capital's Doug Rao used the fund's wide-ranging strategy to good effect. ... Unfortunately,... In July 2012 Rao left the firm and the fund. It's now comanaged by Munish Malhotra, who has a short mixed record at other Marsico funds he's helped run, and Jordan Laycob, who hasn't led a fund before. Furthermore, there has been a lot of turnover among the firm's analysts and the fund's fees are high.

http://srt.morningstar.com/newsp/cmsAcontent.html?t=LMVTX&resourceId=570104&src=Morningstar&date=10-11-2012

Thanks @Sven...great additional information on your personal journey with this manager.
Upside Capture has struggled while his downside capture, while not great short term is better long term:

Hard to find funds that do both of these consistently well.
2016 Study:
Ability to Capture Up Market Gains and Avoid Down Market Losses: The Upside and Downside Capture Ratios
The Upside and Downside Capture Ratios

https://www.sec.gov/Archives/edgar/data/1047112/000139834418010656/fp0034773_497.htm
As previously communicated to shareholders in a supplement dated May 25, 2018, and an information statement/prospectus dated July 2, 2018, the reorganization of the Marsico Flexible Capital Fund (or “Acquired Fund”) with and into the Marsico Global Fund (or “Surviving Fund”) (the “Reorganization”) is expected to take place on or about August 3, 2018.
Regarding the Flexible Capital Fund/Acquired Fund, on August 1, 2018, in anticipation of the Reorganization, the Flexible Capital Fund/Acquired Fund expects to make a distribution to its shareholders who are holders of record as of July 31, 2018, which will have the effect of distributing to its shareholders all of the Flexible Capital Fund’s/Acquired Fund’s investment company taxable income, if any, for the taxable period ending on or about August 3, 2018 (computed without regard to any deduction for dividends paid) and all of its net capital gains, if any, realized in the taxable period ending on or about August 3, 2018 (after reduction for any available capital loss carry forwards). Such distributions may be included in the taxable income of Flexible Capital Fund/Acquired Fund shareholders, depending on a shareholder’s tax status. Please refer to the Marsico Funds’ website for additional information concerning the distribution.
Regarding the Global Fund/Surviving Fund, Marsico Capital Management, LLC (“MCM”), the Funds’ investment adviser, has entered into an expense limitation agreement with the Fund in which MCM has agreed to reduce the current contractual net expense cap for the Fund by 5 basis points from 1.50% to 1.45% upon the closing of the Reorganization at least through September 30, 2019...

updated:
https://www.sec.gov/Archives/edgar/data/874964/000093041318002396/c91743_497.htm
497 1 c91743_497.htm
THE LAZARD FUNDS, INC.
Lazard US Realty Income Portfolio
Supplement to Current Summary Prospectus and Prospectus
At a special meeting of shareholders held on July 27, 2018 (the “Meeting”), shareholders of Lazard US Realty Income Portfolio (the “Acquired Portfolio”), a series of The Lazard Funds, Inc. (the “Fund”), approved a Plan of Reorganization (the “Plan”) with respect to the Acquired Portfolio and Lazard US Realty Equity Portfolio (the “Acquiring Portfolio”), also a series of the Fund. The Plan provides for the transfer of the Acquired Portfolio’s assets to the Acquiring Portfolio in a tax-free exchange for shares of the Acquiring Portfolio and the assumption by the Acquiring Portfolio of the Acquired Portfolio’s stated liabilities, the distribution of such shares of the Acquiring Portfolio to Acquired Portfolio shareholders and the subsequent termination of the Acquired Portfolio (the “Reorganization”).
The Reorganization currently is anticipated to become effective on or about August 17, 2018 (the “Closing Date”). In anticipation of the Reorganization, effective March 2, 2018 (the “Sales Discontinuance Date”), the Acquired Portfolio was closed to any investments for new accounts, although shareholders of the Acquired Portfolio as of the Sales Discontinuance Date may continue to make additional purchases and to reinvest dividends and capital gains into their existing Acquired Portfolio accounts up until the Closing Date.
A Prospectus/Proxy Statement with respect to the Reorganization was mailed to Acquired Portfolio shareholders as of March 29, 2018, the record date for voting at the Meeting. The Prospectus/Proxy Statement describes the Acquiring Portfolio and other matters relevant to the Reorganization. Acquired Portfolio shareholders may obtain a free copy of the Prospectus/Proxy Statement at www.lazardassetmanagement.com/docs/-m0-/67038/LazardUSRealtyIncomePortfolioProxyStatement.pdf or by calling (800) 823-6300.
Dated: July 27, 2018

https://www.sec.gov/Archives/edgar/data/734383/000093247118006377/globalcapitalcycles485a.htm
Investor Shares
Vanguard Global Capital Cycles Fund Investor Shares (VGPMX)*
(*Formerly known as Vanguard Precious Metals and Mining Fund)

FYI: (The Linkster has always favored funds with a single manager, you know 'to many cooks", but in this case you've must give the devil its do.) If you manage $28 billion in client money, you may find it hard to beat benchmark indexes because of the sheer scale of investments you must buy.
That’s why some fund-management firms have started “index-plus” funds, which essentially replicate the benchmarks for most of their holdings. The secret sauce is stock selection around the edges in an attempt to outperform the benchmark but, more importantly, never underperform.
T. Rowe Price Group’s TROW, -2.04% version of such a fund is the $720 million T. Rowe Price Capital Opportunity Fund PRCOX, +0.89% overseen by Ann Holcomb and three other portfolio managers. In an interview July 24, she explained that a total of $28 billion is managed, mostly for institutional clients, using the fund’s “index-plus” strategy.
Regards,
Ted
https://www.marketwatch.com/story/these-four-fund-managers-and-30-analysts-figured-out-how-to-consistently-beat-the-sp-500-2018-07-26/print
M* Snapshot PRCOX:
https://www.morningstar.com/funds/xnas/prcox/quote.html
PRCOX Is Ranked #18 In The (LCB) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/large-blend/t-rowe-price-capital-opportunity-fund/prcox

https://www.sec.gov/Archives/edgar/data/874964/000093041318002333/c91708_497.htm
497 1 c91708_497.htm
THE LAZARD FUNDS, INC.
Lazard US Realty Income Portfolio
Supplement to Current Summary Prospectus and Prospectus
The Board of Directors of The Lazard Funds, Inc. (the "Fund") has approved, subject to shareholder approval, a Plan of Reorganization (the "Plan") with respect to Lazard US Realty Income Portfolio (the "Acquired Portfolio") and Lazard US Realty Equity Portfolio (the "Acquiring Portfolio"), each a series of the Fund. The Plan provides for the transfer of the Acquired Portfolio's assets to the Acquiring Portfolio in a tax-free exchange for shares of the Acquiring Portfolio and the assumption by the Acquiring Portfolio of the Acquired Portfolio's stated liabilities, the distribution of such shares of the Acquiring Portfolio to Acquired Portfolio shareholders and the subsequent termination of the Acquired Portfolio (the "Reorganization").
Shareholders of the Acquired Portfolio as of March 29, 2018 (the "Record Date") will be asked to approve the Plan on behalf of the Acquired Portfolio at an adjourned special meeting of shareholders scheduled to be held on July 27, 2018 (the "Meeting"). Currently, preliminary voting results indicate that sufficient affirmative votes have been received to approve the Plan on behalf of the Acquired Portfolio, although shareholders still may vote, or change previously-submitted votes, through the time of the Meeting so that the preliminary voting results remain subject to change between the date hereof and the date of the Meeting. These preliminary voting results also remain subject to confirmation by Broadridge Financial Solutions, Inc., the Acquired Portfolio's proxy voting tabulator. If the Plan is approved at the Meeting, the Reorganization currently is anticipated to become effective on or about August 17, 2018 (the "Closing Date").
In anticipation of the Reorganization, effective March 2, 2018 (the "Sales Discontinuance Date"), the Acquired Portfolio was closed to any investments for new accounts, although shareholders of the Acquired Portfolio as of the Sales Discontinuance Date may continue to make additional purchases and to reinvest dividends and capital gains into their existing Acquired Portfolio accounts up until the Closing Date.
A Prospectus/Proxy Statement with respect to the proposed Reorganization was mailed to Acquired Portfolio shareholders as of the Record Date. The Prospectus/Proxy Statement describes the Acquiring Portfolio and other matters relevant to the Reorganization. Acquired Portfolio shareholders may obtain a free copy of the Prospectus/Proxy Statement at www.lazardassetmanagement.com/docs/-m0-/67038/LazardUSRealtyIncomePortfolioProxyStatement.pdf or by calling (800) 823-6300.
Dated: July 25, 2018

FYI: (T hit my stock portfolio, down 4.3%, VZ another big holding minus 1.17%)
All major U.S. benchmarks traded higher Wednesday, with the Dow bouncing back from earlier losses, as second-quarter results point to strength in swath of American corporations. However, a handful of disappointing results—including from notable names like Boeing Co., General Motors Co., and AT&T Inc.—capped Wall Street optimism.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-07-24/asia-stocks-point-to-gains-treasuries-steady-markets-wrap
Reuters:
https://www.reuters.com/article/us-usa-stocks/tech-stocks-lead-wall-street-higher-boeing-weighs-on-dow-idUSKBN1KF1NQ
IBD:
https://www.investors.com/market-trend/stock-market-today/stock-market-rallies-late-trade-deal-small-caps-lag/
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-in-holding-pattern-as-analysts-brace-for-trump-juncker-fireworks-2018-07-25/print
CNBC:
https://www.cnbc.com/2018/07/25/us-stock-index-futures-bumper-earnings-in-focus.html
Bonds:
https://www.cnbc.com/2018/07/25/us-bonds-and-fixed-income-fresh-economic-data-in-focus.html
Currencies:
https://www.cnbc.com/2018/07/25/dollar-euro-in-focus-ahead-of-trump-juncker-meet.html
Oil:
https://www.cnbc.com/2018/07/25/oil-markets-fall-in-us-inventories-in-focus.html
Gold:
https://www.cnbc.com/2018/07/25/gold-prices-softer-dollar-in-focus.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Mixed
https://finviz.com/futures.ashx

Not to be too pedantic here, but isn't it a bit premature to say "That excise tax has been repealed"? I seem to recall a Rose Garden celebration when the ACA was similarly "repealed" by one house of Congress.
That's not to say that I don't expect the tax to be repealed. After all, its repeal has been supported in the past by the likes of Senators Elizabeth Warren, Al Franken, and Amy Klobuchar.
Aside from the old chestnut "buy on rumor, sell on news", how much impact would a repeal of a 2.3% tax, one that's already suspended until 2020, really have on company profits (and hence valuation)?
Medical device demand should be pretty inelastic. So the calculation may be simple - this could boost top line revenue by 2.3% (with tax revenue merely shifting to company revenue). With large medical device company profit margins in the 20-30% range, that's around a 10% increase in profits a couple of years down the road.
In the meantime, these companies are facing higher costs due to tariffs on steel and aluminum. Again, assuming inelastic demand, that's a significant hit, now, on profits.
Then there are the tariffs on medical devices imported from China (which seem to change month to month):

Several companies, including Medtronic and Zimmer Biomet, have orthopedic device factories in China that export goods to the United States. ... Any products shipped from those operations to the United States would be subject to the tariffs. Medtronic declined to comment, saying it was still reviewing the proposal. ...
By Friday [April 6, after the initial announcement on tariffs], the major medical device company stocks had dipped along with the overall market. Medtronic shares were 2.7 percent lower for the week, and Zimmer Biomet was down 2.4 percent.

https://www.nytimes.com/2018/04/06/health/trump-tariffs-china-devices-drugs.html
I doubt there were many people expecting the excise tax to ever go into effect again, so this is likely already priced in. Meanwhile, there are those tariffs. They're also likely priced in, though IMHO there's a lot more uncertainty with these - timing, magnitude, duration.

Since, the stock market now sits towards all time highs perhaps some other retail investors that went through the Great Recession will comment on how they tranversed it. I am sure there were more ways than just one to do this with good success. A point of infomation about my above post. I did very little selling in my mine and my wife's IRAs and they recovered just fine although I did go towards a more aggressive equity asset allocation in them as the market began to recover. Note, we were not taking distributions from the IRAs when the Great Recession came upon us; but we were taking from the inheritance account to improve our standard of living. My answer now being in retirement is to hold more cash and take no more than one half of what my five year average total return is in my portfolio and to reduce spending during periods of market declines. In this way my portfolio grows over time so when a good market dip or swoon does come and the portfolio loses value my valuation drop want sting as bad as it otherwise would had I not grown its valuation. I'd sincerely be interested in learning what other retail investors did (within their own portfolio) to navigate their way through the Great Recession. Perhaps, we will hear from some that were taking distributions during this period and some that were within a few years of retirement as I was. With my current asset allocation I figure I can weather a 25% decline in the equity markets pretty well and have a portfolio decline of about eight to twelve percent perhaps no more than fifteen. Interestingly, this seems to be the amount of cash I currently hold (15%). Again, I'd reduce withdrawals along with spending. RMD's could if necessary get reinvested in mine and my wife's joint taxable account. My current withdrawal rate is about 2% of all the portfolios combined investment value. The portfolios generate income at about 3% plus any capital gain income distribution when combined bumps the total income yield upwards toward the 4% to 5% range. Again, an interestingly, I am holding about three to four years of portfolio income generation in cash.

@BrianW,
Thanks for your question as to how I transversed the market swoon during the "Great Recession."
Without going into great detail; but, explaing what I did and why. My parents passed in 2004 so I got step ups on the assets I received from their estates. When 2008 came and the market began to pull back I was at about 70% equity at the time and I sold down when a position developed a 10% loss and continued to do so until I was about 40% equity. Since, a good bit of my investment wealth was in a taxable account this put a sizeable loss on my books. Also, I was at about 40% equity when the S&P 500 turnned upward at the "Devil's Number 666" and sitting on a wad of cash. As the market turned up I began to average back in asset classes that had the faster moving currents. Having a sizeable loss on my books I was able to reposition from time-to-time booking profit and using the losses to cover my gains. I was able to do this for a good number of years and getting my portfolios position pretty much like I wanted them. In time, I started reducing equity and again selling down equities as the markets continued to advance keeping my asset allocation in mind. In addition, I made some nondeductable contributions to mine and my wifes IRAs. Today, these nonductable contributions help as we take RMDs as they are not fully taxable due to the nondeductable contributions made. My accountant deals with this.
Currently, in retirement, my family's portfolios combined bubble at about 15% cash, 35% domestic equity, 15% foreign equity, 25% fixed (bonds) and the rest in other assets such as convertibles, perferreds, commodities, etc. For what it may be worth I consider this to be an all weather asset allocation. In the past several years I have not done the buying and selling (repositioning) that I once did as I have fully used the losses. However, I still do some selling to harvest some of the gains over time but keeping joint income (husband and wife) back of the threshold for higher medicare premium assesments.
There you have it ...
Old_Skeet

PQIDX which I finally sold. Actually I think the fund symbol translated to Pathetically Qualified Investors Destroying eXcess capital!

@Crash."it leaves me breathless and horrified that so many voters chose the trumpster." Me too. But how do you feel about about them now after everything that has happened and the still support him? That is even scarier. And the fact that the repuglicans are unwilling to put the country first. It's amazing those folks think they own patriotism. Hardly a time to feel good about putting new capital to work.

https://www.sec.gov/Archives/edgar/data/811030/000089418918003839/pmp-bpcap_497e.htm
497 1 pmp-bpcap_497e.htm SUPPLEMENTARY MATERIALS
BP Capital TwinLine energy fund
BP capital TwinLine MLP Fund
(“BP Capital Funds”)
Supplement dated July 20, 2018 to the
Prospectus and Statement of Additional Information, each dated March 30, 2018
At the request of BP Capital Fund Advisors, LLC (“BP Capital”), the Board of Trustees (the “Board”) of Professionally Managed Portfolios (“PMP”) has reviewed information relating to BP Capital’s request to reorganize the above BP Capital Funds (the “Target Funds”) into newly created funds (the “Acquiring Funds”) of Hennessy Funds Trust (each, a “Reorganization” and together, the “Reorganizations”). Each Acquiring Fund will have the same investment objectives, strategies, and policies as the corresponding Target Fund. Each Reorganization will be structured as a tax-free reorganization for federal tax purposes and is subject to a number of conditions, including the receipt of approval by the shareholders of the Target Funds.
The proposed Reorganizations will result in a change in the BP Capital Funds’ management arrangements. The Acquiring Funds will be advised by Hennessy Advisors, Inc. (the “New Advisor”). The proposed New Advisor has represented to the Board that it will employ BP Capital as the sub-adviser to the Acquiring Funds. Therefore the same portfolio management team will be responsible for day-to-day investment management of the Acquiring Fund as was responsible for the corresponding Target Fund. There will also be no change in advisory fees for the Acquiring Fund compared to the corresponding Target Fund. The Acquiring Funds will be overseen by a different Board of Trustees as it will not be a part of PMP, but will instead be part of Hennessy Funds Trust. The Acquiring Funds will have the same service providers (other than the distributor) as the Target Funds.
Based on the material provided to the Board, the Board determined at a meeting on July 19, 2018 to approve an Agreement and Plan of Reorganization (the “Plan”) whereby each Target Fund would reorganize out of PMP and into the corresponding Acquiring Fund. The Plan provides for an exchange of shares of each class of each Target Fund for shares of new classes of the corresponding Acquiring Fund, which would be distributed pro rata by the Fund to the holders of the shares of such class in complete liquidation of the Fund, and the Acquiring Fund’s assumption of all liabilities of the Fund. Shareholders of each Target Fund will receive shares of the corresponding Acquiring Fund equal in value to the shares of the Fund held by the shareholders prior to the Reorganizations.
More detailed information about the Reorganizations and the changes that will result from the Reorganizations will be provided in a proxy statement that is expected to be sent to shareholders in the coming weeks. When you receive your proxy statement, please review it and cast your vote to avoid any future solicitations.
Please retain this Supplement with the Prospectus.

From the prospectus link above:
(1) ‘‘Acquired Fund Fees and Expenses’’ are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
(2) The Fund’s Advisor, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses (excluding acquired fund fees and expenses, and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 1.25% and 1.50% until May 1, 2019. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits, and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund’s Board of Trustees.