# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-25-013518
**Filing Date:** 2025-11
**Character Count:** 20681
**Document Hash:** ced15162a5b05da0b09e406f90fd4cf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013518.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000894189-25-013518

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**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:** 251477365

**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 Fund (Series ID: S000081831)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000244913 | Retail Class        | WAGNX           |
| C000246846 | Institutional Class | WGNIX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Pabrai Wagons Fund** | **Pabrai Wagons Fund** | **Pabrai Wagons Fund** | **Pabrai Wagons Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 93.4%** | **COMMON STOCKS - 93.4%** | **Shares** | **Value**  |
| **<u>Air Freight & Logistics</u> - 4.0%** | **<u>Air Freight & Logistics</u> - 4.0%** | **<u>Air Freight & Logistics</u> - 4.0%** | |
| **Turkey - 4.0%** | **Turkey - 4.0%** | | |
| Reysas Tasimacilik ve Lojistik Ticaret AS <sup>(a)</sup> | Reysas Tasimacilik ve Lojistik Ticaret AS <sup>(a)</sup> | 10352000 | $3623697 |
| **<u>Capital Markets</u> - 19.6%** | **<u>Capital Markets</u> - 19.6%** | **<u>Capital Markets</u> - 19.6%** |  |
| **India - 19.6%** | **India - 19.6%** |  |  |
| Edelweiss Financial Services Ltd. | Edelweiss Financial Services Ltd. | 14572000 | 17637812 |
| **<u>Consumer Staples Distribution & Retail</u> - 1.6%** | **<u>Consumer Staples Distribution & Retail</u> - 1.6%** | **<u>Consumer Staples Distribution & Retail</u> - 1.6%** |  |
| **Turkey - 1.6%** | **Turkey - 1.6%** |  |  |
| Gimat Magazacilik Sanayi Ve Ticaret AS | Gimat Magazacilik Sanayi Ve Ticaret AS | 1742425 | 1473710 |
| **<u>Energy Equipment & Services</u> - 6.4%** | **<u>Energy Equipment & Services</u> - 6.4%** | **<u>Energy Equipment & Services</u> - 6.4%** |  |
| **Switzerland - 4.1%** | **Switzerland - 4.1%** |  |  |
| Transocean Ltd. <sup>(a)</sup> | Transocean Ltd. <sup>(a)</sup> | 1180000 | 3681600 |
|  |  |  | $– |
| **United States - 2.3%** | **United States - 2.3%** |  |  |
| Valaris Ltd. <sup>(a)</sup> | Valaris Ltd. <sup>(a)</sup> | 42300 | 2062971 |
| **Total Energy Equipment & Services** | **Total Energy Equipment & Services** | **Total Energy Equipment & Services** | 5744571 |
| **<u>Hotels, Restaurants & Leisure</u> - 3.3%** | **<u>Hotels, Restaurants & Leisure</u> - 3.3%** | **<u>Hotels, Restaurants & Leisure</u> - 3.3%** |  |
| **Turkey - 3.3%** | **Turkey - 3.3%** |  |  |
| TAB Gida Sanayi Ve Ticaret AS | TAB Gida Sanayi Ve Ticaret AS | 520000 | 2941843 |
| **<u>Household Durables</u> - 9.0%** | **<u>Household Durables</u> - 9.0%** | **<u>Household Durables</u> - 9.0%** |  |
| **United States - 9.0%** | **United States - 9.0%** |  |  |
| PulteGroup, Inc. | PulteGroup, Inc. | 30750 | 4062997 |
| Toll Brothers, Inc. | Toll Brothers, Inc. | 29200 | 4033688 |
| **Total Household Durables** | **Total Household Durables** | **Total Household Durables** | 8096685 |
| **<u>Marine Transportation</u> - 2.0%** | **<u>Marine Transportation</u> - 2.0%** | **<u>Marine Transportation</u> - 2.0%** |  |
| **Greece - 2.0%** | **Greece - 2.0%** |  |  |
| Danaos Corp. | Danaos Corp. | 19860 | 1783627 |
| **<u>Metals & Mining</u> - 23.4%** | **<u>Metals & Mining</u> - 23.4%** | **<u>Metals & Mining</u> - 23.4%** |  |
| **Mongolia - 5.9%** | **Mongolia - 5.9%** |  |  |
| Mongolian Mining Corp. <sup>(a)</sup> | Mongolian Mining Corp. <sup>(a)</sup> | 3360000 | 5379728 |
|  |  |  | $– |
| **United States - 17.5%** | **United States - 17.5%** |  |  |
| Alpha Metallurgical Resources, Inc. <sup>(a)</sup> | Alpha Metallurgical Resources, Inc. <sup>(a)</sup> | 30470 | 4999822 |
| Warrior Met Coal, Inc. | Warrior Met Coal, Inc. | 169300 | 10774252 |
|  |  |  | 15774074 |
| **Total Metals & Mining** | **Total Metals & Mining** | **Total Metals & Mining** | 21153802 |
| **<u>Specialty Retail</u> - 11.3%** | **<u>Specialty Retail</u> - 11.3%** | **<u>Specialty Retail</u> - 11.3%** |  |
| **United States - 11.3%** | **United States - 11.3%** |  |  |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | Asbury Automotive Group, Inc. <sup>(a)</sup> | 14653 | 3581926 |
| AutoNation, Inc. <sup>(a)</sup> | AutoNation, Inc. <sup>(a)</sup> | 17455 | 3818630 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | 6400 | 2800064 |
| **Total Specialty Retail** | **Total Specialty Retail** | **Total Specialty Retail** | 10200620 |
| **<u>Transportation Infrastructure</u> - 12.8%** | **<u>Transportation Infrastructure</u> - 12.8%** | **<u>Transportation Infrastructure</u> - 12.8%** |  |
| **Turkey - 12.8%** | **Turkey - 12.8%** |  |  |
| TAV Havalimanlari Holding AS <sup>(a)</sup> | TAV Havalimanlari Holding AS <sup>(a)</sup> | 1999000 | 11549062 |
| **TOTAL COMMON STOCKS** (Cost $81,559,074) | **TOTAL COMMON STOCKS** (Cost $81,559,074) | **TOTAL COMMON STOCKS** (Cost $81,559,074) | 84205429 |
| **REAL ESTATE INVESTMENT TRUSTS - 4.0%** | **REAL ESTATE INVESTMENT TRUSTS - 4.0%** | **Shares** | **Value**  |
| **<u>Industrial REITs</u> - 4.0%** | **<u>Industrial REITs</u> - 4.0%** | **<u>Industrial REITs</u> - 4.0%** |  |
| **Turkey - 4.0%** | **Turkey - 4.0%** |  |  |
| Reysas Gayrimenkul Yatirim Ortakligi AS <sup>(a)</sup> | Reysas Gayrimenkul Yatirim Ortakligi AS <sup>(a)</sup> | 7607000 | 3654367 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS -** (Cost $3,120,149) | **TOTAL REAL ESTATE INVESTMENT TRUSTS -** (Cost $3,120,149) | **TOTAL REAL ESTATE INVESTMENT TRUSTS -** (Cost $3,120,149) | 3654367 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.6%** | **MONEY MARKET FUNDS - 4.6%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | 4150426 | 4150426 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,150,426) | **TOTAL MONEY MARKET FUNDS** (Cost $4,150,426) | **TOTAL MONEY MARKET FUNDS** (Cost $4,150,426) | 4150426 |
| **TOTAL INVESTMENTS - 102.0% (**Cost $88,829,649**)** | **TOTAL INVESTMENTS - 102.0% (**Cost $88,829,649**)** | **TOTAL INVESTMENTS - 102.0% (**Cost $88,829,649**)** | 92010222 |
| Liabilities in Excess of Other Assets - (2.0)% | Liabilities in Excess of Other Assets - (2.0)% | Liabilities in Excess of Other Assets - (2.0)% | (1845226) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $90164996 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| 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. | 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. | 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. | 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. |

---

REIT - Real Estate Investment Trust<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Pabrai Wagons Fund (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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $41599577 | $42605852 | $– | $84205429 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | – | 3654367 | – | 3654367 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4150426 | – | – | 4150426 |
| Total Investments | $45750003 | $46260219 | $– | $92010222 |
| 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 September 30, 2025** |
| (% of Net Assets) |

---

---

| | | |
|:---|:---|:---|
| United States | $40284776 | 44.7% |
| Turkey | 23242679 | 25.7 |
| India | 17637812 | 19.6 |
| Mongolia | 5379728 | 5.9 |
| Switzerland | 3681600 | 4.1 |
| Greece | 1783627 | 2.0 |
| Liabilities in Excess of Other Assets | (1845226) | (2.0) |
|  | $**90164996** | 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 Fund

- **b. EDGAR series identifier (if any):** S000081831

- **c. LEI of Series:** 2549000I9UWHU0Y9JJ63

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $92160693.16

**Total Liabilities:** $2143418.31

**Net Assets:** $90017274.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244913 | -0.75%               | 8.48%                | 0.00%                |
| Class ID C000246846 | -0.74%               | 8.44%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $37.53                   | $-704725.10                                |
| Month 2  | $-900.73                 | $7373746.46                                |
| Month 3  | $489534.52               | $-626884.23                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Treasury Obliga | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   4646479 | NS      | $4646478.69   | 5.16%             |  |  |  | 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        |   1742425 | NS      | $1473709.66   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Edelweiss Financial Services L | Edelweiss Financial Services Ltd          | CUSIP: N/A<br>LEI: 335800GA1YN8NAGS8V55       | Long             | EC               | CORP              | IN        |  14572000 | NS      | $17637812.42  | 19.59%            |  |  |  | No            |                  2 | On Loan: No      |
| Group 1 Automotive Inc         | Group 1 Automotive Inc                    | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      4900 | NS      | $2143799.00   | 2.38%             |  |  |  | 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        |  10352000 | NS      | $3623696.84   | 4.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mongolian Mining Corp          | Mongolian Mining Corp                     | CUSIP: N/A<br>LEI: 254900XQ2EY5O3SAYL47       | Long             | EC               | CORP              | MN        |   3360000 | NS      | $5379727.46   | 5.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Transocean Ltd                 | Transocean Ltd                            | CUSIP: N/A<br>LEI: 529900QO4W5DQGBGEF32       | Long             | EC               | CORP              | CH        |   1155000 | NS      | $3603600.00   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc    | Asbury Automotive Group Inc               | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     11653 | NS      | $2848575.85   | 3.16%             |  |  |  | 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      | $11549062.40  | 12.83%            |  |  |  | No            |                  2 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     77000 | NS      | $3755290.00   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources  | Alpha Metallurgical Resources Inc         | CUSIP: 020764106<br>LEI: 254900VEBGZO2PY8R678 | Long             | EC               | CORP              | US        |     30470 | NS      | $4999822.30   | 5.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal Inc                      | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    169300 | NS      | $10774252.00  | 11.97%            |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                            | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30750 | NS      | $4062997.50   | 4.51%             |  |  |  | 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        |    320000 | NS      | $1810364.95   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Danaos Corp                    | Danaos Corp                               | CUSIP: N/A<br>LEI: 734IM3DNDNT36T7YTD24       | Long             | EC               | CORP              | GR        |     19860 | NS      | $1783626.60   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                            | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17455 | NS      | $3818630.35   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                         | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     29200 | NS      | $4033688.00   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Reysas Gayrimenkul Yatirim Ort | Reysas Gayrimenkul Yatirim Ortakligi AS   | CUSIP: N/A<br>LEI: 789000T4S7UQTKKLGO34       | Long             | EC               | CORP              | TR        |   7607000 | NS      | $3654366.96   | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-13

**Name of Applicant:** Professionally Managed Portfolios

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

**Name of Signer:** Kathryn LaPlante Johnson

**Title:** Assistant Treasurer