# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001193125-26-247453
**Filing Date:** 2026-5
**Character Count:** 18568
**Document Hash:** 2e734eb5782209aabbdb14a8815c7044
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247453.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247453

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030

**ORGANIZATION NAME:**
- **EIN:** 566415270
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 261041703

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-218-3770

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVONDALE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19910529

## Series and Classes Contracts Data

### Pabrai Wagons ETF (Series ID: S000098509)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000268187 | Pabrai Wagons ETF | WAGN            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pabrai Wagons ETF** | **Pabrai Wagons ETF** | **Pabrai Wagons ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.0%** | **Shares**  | **Value**  |
| **<u>Air Freight & Logistics</u> - 3.4%** | **<u>Air Freight & Logistics</u> - 3.4%** | |
| **Turkey - 3.4% <sup>(a)</sup>** | | |
| Reysas Tasimacilik ve Lojistik Ticaret AS <sup>(b)</sup> | 12394000 | $5109260 |
| **<u>Capital Markets</u> - 12.3%** | **<u>Capital Markets</u> - 12.3%** |  |
| **India - 12.3%** |  |  |
| Edelweiss Financial Services Ltd. | 14572000 | 15312708 |
| Nuvama Wealth Management Ltd. | 257235 | 3148967 |
| **Total Capital Markets** | **Total Capital Markets** | 18461675 |
| **<u>Consumer Finance</u> - 4.8%** | **<u>Consumer Finance</u> - 4.8%** |  |
| **Kazakhstan - 4.8%** |  |  |
| Kaspi.KZ JSC - ADR <sup>(b)</sup> | 96490 | 7147014 |
| **<u>Consumer Staples Distribution & Retail</u> - 4.4%** | **<u>Consumer Staples Distribution & Retail</u> - 4.4%** |  |
| **Turkey - 4.4% <sup>(a)</sup>** |  |  |
| Gimat Magazacilik Sanayi Ve Ticaret AS | 11185346 | 6649719 |
| **<u>Energy Equipment & Services</u> - 16.7%** | **<u>Energy Equipment & Services</u> - 16.7%** |  |
| **Switzerland - 5.6%** |  |  |
| Transocean Ltd. <sup>(b)</sup> | 1262184 | 8368280 |
| **United States - 11.1% <sup>(a)</sup>** |  |  |
| Noble Corp. PLC | 144935 | 7111960 |
| Valaris Ltd. <sup>(b)</sup> | 96700 | 9480468 |
|  |  | 16592428 |
| **Total Energy Equipment & Services** | **Total Energy Equipment & Services** | 24960708 |
| **<u>Hotels, Restaurants & Leisure</u> - 4.2%** | **<u>Hotels, Restaurants & Leisure</u> - 4.2%** |  |
| **Turkey - 4.2% <sup>(a)</sup>** |  |  |
| TAB Gida Sanayi Ve Ticaret AS | 1160447 | 6298305 |
| **<u>IT Services</u> - 0.3%** | **<u>IT Services</u> - 0.3%** |  |
| **Poland - 0.3%** |  |  |
| Sygnity SA <sup>(b)</sup> | 24107 | 448086 |
| **<u>Marine Transportation</u> - 4.6%** | **<u>Marine Transportation</u> - 4.6%** |  |
| **Greece - 4.6%** |  |  |
| Danaos Corp. | 61176 | 6890865 |
| **<u>Metals & Mining</u> - 21.0%** | **<u>Metals & Mining</u> - 21.0%** |  |
| **Mongolia - 4.4%** |  |  |
| Mongolian Mining Corp. <sup>(b)</sup> | 4975756 | 6605828 |
| **United States - 16.6% <sup>(a)</sup>** |  |  |
| Alpha Metallurgical Resources, Inc. <sup>(b)</sup> | 39479 | 8103854 |
| Warrior Met Coal, Inc. | 180372 | 16801652 |
|  |  | 24905506 |
| **Total Metals & Mining** | **Total Metals & Mining** | 31511334 |
| **<u>Software</u> - 14.1%** | **<u>Software</u> - 14.1%** |  |
| **Canada - 9.5%** |  |  |
| Constellation Software, Inc. | 4054 | 7116546 |
| Lumine Group, Inc. <sup>(b)</sup> | 442912 | 7055517 |
|  |  | 14172063 |
| **Netherlands - 4.6%** |  |  |
| Topicus.com, Inc. <sup>(b)</sup> | 105368 | 6963938 |
| **Total Software** | **Total Software** | 21136001 |
| **<u>Transportation Infrastructure</u> - 9.2%** | **<u>Transportation Infrastructure</u> - 9.2%** |  |
| **Turkey - 9.2% <sup>(a)</sup>** |  |  |
| TAV Havalimanlari Holding AS <sup>(b)</sup> | 1999000 | 13843054 |
| **TOTAL COMMON STOCKS** (Cost $124,734,458) | **TOTAL COMMON STOCKS** (Cost $124,734,458) | 142456021 |
| **REAL ESTATE INVESTMENT TRUSTS - 4.3%** | **Shares**  | **Value**  |
| **<u>Industrial REITs</u> - 4.3%** | **<u>Industrial REITs</u> - 4.3%** |  |
| **Turkey - 4.3% <sup>(a)</sup>** |  |  |
| Reysas Gayrimenkul Yatirim Ortakligi AS <sup>(b)</sup> | 9955921 | 6550582 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,269,479) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,269,479) | 6550582 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 2.3%** | **Shares**  | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(c)</sup> | 3457417 | 3457417 |
| **TOTAL MONEY MARKET FUNDS** (Cost $3,457,417) | **TOTAL MONEY MARKET FUNDS** (Cost $3,457,417) | 3457417 |
| **TOTAL INVESTMENTS - 101.6% (**Cost $132,461,354**)** | **TOTAL INVESTMENTS - 101.6% (**Cost $132,461,354**)** | 152464020 |
| Liabilities in Excess of Other Assets - (1.6)% | Liabilities in Excess of Other Assets - (1.6)% | (2471122) |
| **TOTAL NET ASSETS - 100.0%** |  | $149992898 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| JSC - Public Joint Stock Company |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Pabrai Wagons ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $142456021 | $– | $– | $142456021 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 6550582 | – | – | 6550582 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3457417 | – | – | 3457417 |
| Total Investments | $152464020 | $– | $– | $152464020 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of March 31, 2026** | **Allocation of Portfolio Holdings by Country as of March 31, 2026** | |
| (% of Net Assets) | (% of Net Assets) |  |
| United States | $44955351 | 30.0% |
| Turkey | 38450920 | 25.5 |
| India | 18461675 | 12.3 |
| Canada | 14172063 | 9.5 |
| Switzerland | 8368280 | 5.6 |
| Kazakhstan | 7147014 | 4.8 |
| Netherlands | 6963938 | 4.6 |
| Greece | 6890865 | 4.6 |
| Mongolia | 6605828 | 4.4 |
| Poland | 448086 | 0.3 |
| Liabilities in Excess of Other Assets | (2471122) | (1.6) |
|  | $**149992898** | 100.0<br> **%** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Professionally Managed Portfolios

- **b. Investment Company Act file number:** 811-05037

- **c. CIK number of Registrant:** 0000811030

- **d. LEI of Registrant:** 254900BPISCYGRJD2727

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1523

**Item A.2. Information about the Series.**

- **a. Name of Series:** Pabrai Wagons ETF

- **b. EDGAR series identifier (if any):** S000098509

- **c. LEI of Series:** 529900POM4SRHKR00746

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $152566968.08

**Total Liabilities:** $2574153.59

**Net Assets:** $149992814.49

**Cash Not Reported:** $3445082.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000268187 | 10.24%               | 5.35%                | -1.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $282569.27               | $10533647.71                               |
| Month 2  | $2716375.33              | $3541506.80                                |
| Month 3  | $123626.49               | $-2575326.53                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Noble Corp PLC                 | Noble Corp PLC                            | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |    144935 | NS      | $7111960.45   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sygnity SA                     | Sygnity SA                                | CUSIP: N/A<br>LEI: 259400OBBIW5Q2TITD98       | Long             | EC               | CORP              | PL        |     23105 | NS      | $429460.97    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaos Corp                    | Danaos Corp                               | CUSIP: N/A<br>LEI: 734IM3DNDNT36T7YTD24       | Long             | EC               | CORP              | GR        |     61176 | NS      | $6890864.64   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mongolian Mining Corp          | Mongolian Mining Corp                     | CUSIP: N/A<br>LEI: 254900XQ2EY5O3SAYL47       | Long             | EC               | CORP              | MN        |   4975756 | NS      | $6605828.18   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Topicus.com Inc                | Topicus.com Inc                           | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |    105368 | NS      | $6963937.83   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumine Group Inc               | Lumine Group Inc                          | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Long             | EC               | CORP              | CA        |    442912 | NS      | $7055517.16   | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd                               | CUSIP: N/A<br>LEI: 5299008BQ9IREYWBTS30       | Long             | EC               | CORP              | US        |     96700 | NS      | $9480468.00   | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources  | Alpha Metallurgical Resources Inc         | CUSIP: 020764106<br>LEI: 254900VEBGZO2PY8R678 | Long             | EC               | CORP              | US        |     39479 | NS      | $8103854.33   | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Reysas Tasimacilik ve Lojistik | Reysas Tasimacilik ve Lojistik Ticaret AS | CUSIP: N/A<br>LEI: 789000WRXT73H2CJA258       | Long             | EC               | CORP              | TR        |  12394000 | NS      | $5109260.25   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      4054 | NS      | $7116546.23   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TAV Havalimanlari Holding AS   | TAV Havalimanlari Holding AS              | CUSIP: N/A<br>LEI: 789000PBM9TT5D88M597       | Long             | EC               | CORP              | TR        |   1999000 | NS      | $13843054.20  | 9.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TAB Gida Sanayi Ve Ticaret AS  | TAB Gida Sanayi Ve Ticaret AS             | CUSIP: N/A<br>LEI: 7890009J9I7A16RG7593       | Long             | EC               | CORP              | TR        |   1160447 | NS      | $6298304.84   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvama Wealth Management Ltd   | Nuvama Wealth Management Ltd              | CUSIP: N/A<br>LEI: 3358002Y23HZBJW49C38       | Long             | EC               | CORP              | IN        |    257235 | NS      | $3148966.73   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                 | Transocean Ltd                            | CUSIP: N/A<br>LEI: 529900QO4W5DQGBGEF32       | Long             | EC               | CORP              | CH        |   1262184 | NS      | $8368279.92   | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     96490 | NS      | $7147014.30   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal Inc                      | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    180372 | NS      | $16801651.80  | 11.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Edelweiss Financial Services L | Edelweiss Financial Services Ltd          | CUSIP: N/A<br>LEI: 335800GA1YN8NAGS8V55       | Long             | EC               | CORP              | IN        |  14572000 | NS      | $15312708.29  | 10.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Reysas Gayrimenkul Yatirim Ort | Reysas Gayrimenkul Yatirim Ortakligi AS   | CUSIP: N/A<br>LEI: 789000T4S7UQTKKLGO34       | Long             | EC               | CORP              | TR        |   9955921 | NS      | $6550581.79   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gimat Magazacilik Sanayi Ve Ti | Gimat Magazacilik Sanayi Ve Ticaret AS    | CUSIP: N/A<br>LEI: 789000VCTESE2UPDW990       | Long             | EC               | CORP              | TR        |  10935346 | NS      | $6501093.33   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** Professionally Managed Portfolios

**Signature:** /s/ Kathryn LaPlante Johnson

**Name of Signer:** Kathryn LaPlante Johnson

**Title:** Treasurer