Early and short article.
Equities, of course; getting a head bang and 'most' bonds happy; at the moment.
Active global ETF list for viewing through the day and for market closings.
Two side notes: he is likely very dismayed with the Nobel Peace Prize award and his visit to Walter Reed for a 'checky-checky'.

https://www.sec.gov/Archives/edgar/data/811030/000089418925010867/ottercreekfocusstrategyetf.htm
497 1 ottercreekfocusstrategyetf.htm 497E
Filed pursuant to Rule 497(e)
Registration Nos. 033-12213; 811-05037
Otter Creek Focus Strategy ETF (the “Fund”)
Ticker: OCFS
Listed on NYSE Arca, Inc.
a series of Professionally Managed Portfolios (the “Trust”)
Supplement dated October 9, 2025
to the Prospectus and Statement of Additional Information
each dated February 28, 2025
The Board of Trustees (the “Board”) of Professionally Managed Portfolios, based upon the recommendation of Otter Creek Advisors, LLC (the “Advisor”), the investment advisor to the Fund, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interest of the Fund and its shareholders that the Fund be closed to new purchases, except for purchases made through an automatic investment program or the reinvestment of any distributions, as of the close of business on October 9, 2025 (the “Closing Date”) and liquidated as a series of the Trust effective as of the close of business on October 30, 2025 (the “Liquidation Date”).
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases, except for purchases made through an automatic investment program or a purchase exception that is approved by Trust officers, effective as of the close of business on the Closing Date, after which the Fund’s assets may be entirely invested in money market instruments or held in cash or cash equivalents. Accordingly, the Fund will no longer be pursuing its investment objective. Any distributions declared to shareholders of the Fund after the Closing Date and until the close of trading on the New York Stock Exchange on the Liquidation Date will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of the Closing Date, you may continue to redeem your shares of the Fund until the Liquidation Date, as described in “How to Sell Shares” in the Fund’s Prospectus.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date after the Fund has paid or provided for all taxes, expenses, and any other liabilities, subject to any required withholdings. As is the case with any redemption of Fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax advisor for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Advisor will bear all of the expenses incurred in carrying out the Plan.
Shareholder inquiries should be directed to the Fund at 1-800-617-0004.
* * * * *
Please retain this supplement for future reference.

https://www.sec.gov/Archives/edgar/data/811030/000089418925010868/ottercreeklongshortopportu.htm
497 1 ottercreeklongshortopportu.htm 497E
Filed pursuant to Rule 497(e)
Registration Nos. 033-12213; 811-05037
Otter Creek Long/Short Opportunity Fund (the “Fund”)
Institutional Class – Ticker: OTTRX
Investor Class – Ticker: OTCRX
a series of Professionally Managed Portfolios (the “Trust”)
Supplement dated October 9, 2025
to the Prospectus and Statement of Additional Information
each dated February 28, 2025
The Board of Trustees (the “Board”) of Professionally Managed Portfolios, based upon the recommendation of Otter Creek Advisors, LLC (the “Advisor”), the investment advisor to the Fund, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interest of the Fund and its shareholders that the Fund be closed to new purchases, except for purchases made through an automatic investment program or the reinvestment of any distributions, as of the close of business on October 9, 2025 (the “Closing Date”) and liquidated as a series of the Trust effective as of the close of business on October 30, 2025 (the “Liquidation Date”).
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases, except for purchases made through an automatic investment program or a purchase exception that is approved by Trust officers, effective as of the close of business on the Closing Date, after which the Fund’s assets may be entirely invested in money market instruments or held in cash or cash equivalents. Accordingly, the Fund will no longer be pursuing its investment objective. Any distributions declared to shareholders of the Fund after the Closing Date and until the close of trading on the New York Stock Exchange on the Liquidation Date will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of the Closing Date, you may continue to redeem your shares of the Fund until the Liquidation Date, as described in “How to Sell Shares” in the Fund’s Prospectus.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date after the Fund has paid or provided for all taxes, expenses, and any other liabilities, subject to any required withholdings. As is the case with any redemption of Fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax advisor for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Advisor will bear all of the expenses incurred in carrying out the Plan.
Shareholder inquiries should be directed to the Fund at 1-855-681-5261.
* * * * *
Please retain this supplement for future reference.

Typically, Fed Chairs also leave the Fed when their Chair term expires. But there have been some cases when Fed Chair stayed on as Fed Governor.
Powell has not commented on whether he will stay on or leave after his Fed Chair term expires in 05/2026. His Fed Governor term is to 01/2028.
BTW, Barr remained as Fed Governor after he resigned (01/2025) his Fed VC-Supervision position to make room for Bowman (confirmed 05/2025) - some say under pressure.

...And then, there were 5. Rieder is still in the mix.
https://www.cnbc.com/2025/10/10/trumps-fed-chair-candidates-list-narrowed-down-to-five-by-bessent-after-interviews-sources-say.html

Speaking of underpayment - what’s the verdict if you pay quarterly some amount but then take an IRA withdrawal in December and up your estimated in December & March accordingly? I’ll research.
Research shows - General rule: You can avoid an underpayment penalty for 2025 if you pay at least 100% of your 2024 tax liability.

4th quater estimate is due Jan 15th of the following year. You can skip this estimate altogether if if you file your taxes (including payment) by Feb 1 (Feb 2, 2026 for this year's taxes).
In the case of uneven income, you can pay estimates in each quarter according to the amount of income in the quarter. So if you take a large IRA distribution in December, you're allowed to make your routine 1Q-3Q estimates and only increase your 4Q estimate. That will entail filing a Schedule AI (annualized income) as part of your Form 2210.
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
IMHO it's one of the more painful forms as you need to determine how much income you received each quarter. Your 1099s and W2s aren't going to help with this; you need to keep track of paychecks (including when bonuses were paid), interest (including short term CDs and T-bills that pay out all their interest at maturity), divs that vary monthly, etc. You don't just divide by 4.
The 100% (or 110%) safe harbor requires you to pay the same estimate each quarter, or front load (pay more than required up front and then less later in the year).

Hey folk,
I’ve looked at several tools that can be used to estimate 2025 taxes (Nerd Wallet, AARP, Dinkytown) and none seem to show the additional senior $6,000 deduction. Are you aware of one that is up to date?

As of a week or two, the main Dinkytown site has been updated for the $6000 Senior Deductiion. I didn't check to see if other sites that the Dinkytown calculator has been updated.

Thanks!
Speaking of underpayment - what’s the verdict if you pay quarterly some amount but then take an IRA withdrawal in December and up your estimated in December & March accordingly? I’ll research.
Research shows - General rule: You can avoid an underpayment penalty for 2025 if you pay at least 100% of your 2024 tax liability. For most people, this means continuing to make estimated payments based on the lower 2024 income.
High-income earners: If your 2024 adjusted gross income (AGI) was over $150,000 ($75,000 if married filing separately), the safe harbor requires you to pay 110% of your 2024 tax liability.

Check out the e-file calculator I linked in this discussion:
https://mutualfundobserver.com/discuss/discussion/64706/e-file-s-2025-tax-calculator-vanguard-s-roth-conversion-calculator/p1

Today the US dollar spiked upward 0.5%. All PM ETFs fell by 1-4%. Have the fundamentals of PM changed?

The dollar is within reach of multi month highs from mid August. If it takes out its August highs it could get ugly for the bears. All the recent dollar bearishness on this board, including from me, had me worried enough to sell some of my emerging market equity funds. Still holding tight though with emerging market debt funds for now at least. When everyone here is thinking the same, what could possibly go wrong.? Just wondering if the next shoe to drop will be junk bonds? But please, don’t base any investment decisions on someone like me who can change quicker than a chameleon.
Edit. For the bulls. The S@P for only the 6th time since 1950 is up 35%+ in six months. The previous five times the market was always higher one year later with an average of 13,4%. Source - Carson Research
Chart I am using for the dollar
https://finviz.com/futures_charts.ashx?t=DX&p=d

Today the US dollar spiked upward 0.5%. All PM ETFs fell by 1-4%. Have the fundamentals of PM changed?

Hey folk,
I’ve looked at several tools that can be used to estimate 2025 taxes (Nerd Wallet, AARP, Dinkytown) and none seem to show the additional senior $6,000 deduction. Are you aware of one that is up to date?

SENTIMENT & MARKET INDICATORS, 10/8/25
AAII Bull-Bear Spread +10.3% (above average; bipolar)
CNN Fear & Greed Index 53 (neutral)
NYSE %Above 50-dMA 56.67% (positive)
SP500 %Above 50-dMA 56.20% (positive)
These are contrarian indicators.
INVESTOR CONCERNS: Budget, debt, tariffs, inflation, jobs, Fed, dollar, recession, geopolitical, Russia-Ukraine (189+ weeks), Israel-Hamas (67+27 weeks; PEACE DEAL, phase 1).
For the Survey week (Th-Wed), stocks up, bonds flat, oil up, gold up, dollar up.
US Government shutdown has been for 1 week (10/1/25- ). Government stats are delayed. Some furloughed federal employees may not receive backpay on return. Federal midweek payrolls will be affected.
#AAII #CNN #Sentiment
https://ybbpersonalfinance.proboards.com/post/2249/thread

I should have known there was a hook in that "free" link. CNN does the same thing, and also plants about 50 unwanted cookies on your browser.

Same here, recently on a "gift" NYT article. I couldn't get the gift link to work until I shut off DuckDuck's privacy feature. Some gift.

Just realized that the Clipper Fund had a stock split earlier this year:
https://clipperfund.com/funds/clipper-fund#:~:text=The Clipper Fund will conduct,split on May 9, 2025.
The Clipper Fund will conduct a 10-for-1 share split on May 9, 2025.

This link is free for viewing.
https://dnyuz.com/2025/10/03/her-stocks-were-quietly-stolen-from-her-i-r-a/
Several months ago, we froze asset transfer in our Fidelity accounts including ACATS transfer. You can unfreeze it temporary to make withdrawal and freeze it immediately. Very convenient to do on Fidelity site.

I should have known there was a hook in that "free" link. CNN does the same thing, and also plants about 50 unwanted cookies on your browser.

Here's a link to that NY Times report which should be free.

Q. I discovered that nine securities — valued at about $120,000 — had been transferred
out of my wife’s Roth I.R.A. at Vanguard about four days earlier without our authorization.
These transfers were made to an account managed by Merrill.
The firms investigated, and our securities were returned.
But we still don’t entirely understand how this happened, and whether Merrill took the proper precautions.
— Tien Tran, California
“A criminal impostor opened two accounts in Mr. Tran’s wife’s name at Merrill
and requested the transfer from Vanguard, but the fraudster hadn’t yet run off with the money.
Merrill, part of Bank of America, froze the funds.”
“Mr. Tran’s wife received her money back in a little more than a week or so, but Mr. Tran said
they had never received a satisfying explanation.
He is well aware of how easy it is for criminals to obtain sensitive personal data like names,
addresses and Social Security numbers.
But he was hoping for a full postmortem so they could better understand what may have left them vulnerable.”
“What if they had been traveling and hadn’t stumbled upon the crime scene?
Was it really that easy to open a new account with stolen information and simply request a transfer?”
Although not a panacea, Fidelity offers a Money Transfer Lock feature that could help prevent
unauthorized transfers/withdrawals.
I recently initiated a Fidelity transfer — executed via ACATS¹ — which was blocked because I forgot
to disable Money Transfer Lock beforehand.
Article linked below² may be paywalled.
¹ https://www.finra.org/rules-guidance/key-topics/customer-account-transfers
² https://www.nytimes.com/2025/10/03/your-money/ira-vanguard-merrill-acats-fraud.html