# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0000894189-26-003907
**Filing Date:** 2026-2
**Character Count:** 22566
**Document Hash:** a78fe0c31da5a65f50d023f0ef2db841
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-003907.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0000894189-26-003907

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**EFFECTIVENESS DATE**: 20260218

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291763
- **FILM NUMBER:** 26647218

**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

As filed with the U.S. Securities and Exchange Commission on February 18, 2026

Registration No. **333-291763**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

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| | |
|:---|:---|
| Pre-Effective Amendment No. __ | [ ] |
| Post-Effective Amendment No. <u>1</u> | [X] |
| (Check appropriate box or boxes) | |

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**<u>PROFESSIONALLY MANAGED PORTFOLIOS</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: (626) 914-7363

Jason F. Hadler

Professionally Managed Portfolios

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copy to:

Rachael Schwartz, Esq.

Sullivan & Worcester LLP

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

This filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

This post-effective amendment No. 1 to the Registration Statement on Form N-14 of the Registrant is being filed solely to provide Exhibit (12) to Part C of the Registration Statement previously filed with the Commission on November 24, 2025.

Parts A and B of the Registration Statement filed with the Commission on November 24, 2025, and the definitive versions thereof filed with the SEC on <u>[Decemb](https://www.sec.gov/Archives/edgar/data/811030/000089418925019206/pabraimftoetfn-142025497c.htm)[er](https://www.sec.gov/Archives/edgar/data/811030/000089418925019206/pabraimftoetfn-142025497c.htm)[29, 2025 pursuant to Rule 497](https://www.sec.gov/Archives/edgar/data/811030/000089418925019206/pabraimftoetfn-142025497c.htm)</u>under the Securities Act are incorporated by reference herein.

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**PART C**

**OTHER INFORMATION**

**Item 15. Indemnification**

Reference is made to Article VII of the Registrant's Agreement and Declaration of Trust, Article VI of Registrant's Amended and Restated By-Laws and Paragraph 7 of the Distribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the U.S. Securities and Exchange Commission ("SEC") such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue."

**Item 16. Exhibits**

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| | | | |
|:---|:---|:---|:---|
| (1) |  |  | <u>[Second Amended and Restated Agreement and Declaration of Trust dated November 13, 2024, is herein incorporated by reference from Post Effective Amendment No. 880 to the Trust's Registration Statement on Form N-1A, filed with the SEC on November 28, 2024.](https://www.sec.gov/Archives/edgar/data/811030/000089418924006798/secondamendedandrestatedde.htm)</u> |
| (2) |  |  | <u>[Amended and Restated By-Laws, amended as of February 16, 2022, is herein incorporated by reference from Post-Effective Amendment No. 833 to the Trust's Registration Statement on Form N-1A, filed with the SEC on February 28, 2022.](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u> |
| (3) |  |  | Not applicable. |
| (4) |  |  | Form of the Agreement and Plan of Reorganization is attached to Part A of Form N-14 as an appendix ("<u>[Appendix](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pabraimftoetfn-142025.htm)</u>A"). |
| (5) |  |  | *Instruments Defining Rights of Security Holders* are herein incorporated by reference from the Trust's <u>[Declaration of Trust](https://www.sec.gov/Archives/edgar/data/811030/000089418905001816/declartrust.htm)</u> and <u>[By-Laws](https://www.sec.gov/Archives/edgar/data/811030/000089418922001605/pmpgeneral-byxlaws_v2final.htm)</u>. |
| (6) | (a) |  | <u>[Investment Advisory Agreement between the Trust, on behalf of the Pabrai Wagons ETF, and Dhandho Funds LLC was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pabraiwagonsetfadvisoryagr.htm)</u> |
| (7) | (a) |  | <u>[ETF Distribution Agreement dated August 7, 2023, between the Trust and Quasar Distributors, LLC is herein incorporated by reference from Post-Effective Amendment No. 860 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 21, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923005926/pmp-qdetfdanonxotxexecutio.htm)</u> |
|  |  | (i) | <u>[Amendment to the ETF Distribution Agreement on behalf of the Pabrai Wagons ETF was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pabraietfdistagrmt.htm)</u> |
| (8) |  |  | Not applicable. |
| (9) | (a) |  | <u>[Custody Agreement dated August 10, 2023, between the Trust and U.S. Bank National Association is herein incorporated by reference from Post-Effective Amendment No. 860 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 21, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923005926/pmp-custodyagreementopenen.htm)</u> |
|  |  | (i) | <u>[Amendment to the Custody Agreement on behalf of the Pabrai Wagons ETF was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pmp-custodyxamendxdhandox1.htm)</u> |
| (10) | (a) |  | <u>[Rule 12b-1 Distribution Plan for the Pabrai Wagons ETF was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pabraietfrule12b-1plandraf.htm)</u> |
| (11) |  |  | <u>[Opinion of Counsel regarding certain tax matters was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/legalityofsharesopinionpab.htm)</u> |
| (12) |  |  | <u>[Opinion of Counsel regarding certain tax matters — filed herewith.](pabraifreorgtaxopinion.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| (13) | (a) |  | <u>[Fund Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC is herein incorporated by reference from Post-Effective Amendment No. 860 to the Trust's Registration Statement on Form N-1A, filed with the SEC on August 21, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923005926/pmp-fundservicesagreemento.htm)</u> |
|  |  | (i) | <u>[Form of Amendment to the Fund Servicing Agreement on behalf of the Pabrai Wagons Fund, is herein incorporated by reference from Post-Effective Amendment No. 862 to the Trust's Registration Statement on Form N-1A, filed with the SEC on September 26, 2023.](https://www.sec.gov/Archives/edgar/data/811030/000089418923007210/pabraiamendmenttopmpfundse.htm)</u> |
|  |  | (ii) | <u>[Amendment to the Fund Servicing Agreement on behalf of the Pabrai Wagons ETF was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pmp-fundservicingxamendxdh.htm)</u> |
| (14) |  |  | <u>[Consent of Independent Registered Public Accounting Firm was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pabraiconsent-nx14.htm)</u> |
| (15) |  |  | Not applicable. |
| (16) | (a) |  | <u>[Power of Attorney for Ashi S. Parikh, Cynthia M. Fornelli, Kathleen T. Barr, Eric W. Falkeis, and Steven J. Paggioli dated November 18, 2025 was previously filed with the Trust's filing on Form N-14 on November 24, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/811030/000089418925014440/pabraiconsent-nx14.htm)</u> |
| (17) | (a) |  | <u>[Prospectus and Statement of Additional Information of the Pabrai Wagons Fund dated October 31, 2025 is herein incorporated by reference from Post-Effective Amendment No. 896 to the Trust's Registration Statement on Form N-1A, filed with the SEC on October 27, 2025.](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000089418925011977/ck0000811030-20251027.htm)</u> |
|  | (b) |  | <u>[The Target Funds' Annual Report on Form N-CSR for the fiscal year ended June 30, 2025 was previously filed with the Trust's Form N-CSR on September 9, 2025 and is incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/811030/000113322825009634/towf-efp16872_ncsr.htm)</u> |

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**Item 17. Undertakings**

(1)The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by other items of the applicable form.

(2)The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of securities at that time shall be deemed to be the initial bona fide offering of them.

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**SIGNATURES**

As required by the Securities Act of 1933, as amended, this registration statement on Form N-14 has been signed on behalf of the Registrant, in the City of Milwaukee, State of Wisconsin, on February 18, 2026.

Professionally Managed Portfolios

By: <u>/s/ Jason Hadler</u>&nbsp;&nbsp;&nbsp;&nbsp;

Jason Hadler

President, Chief Executive Officer and Principal Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <u>Kathleen T. Barr\*</u> | Trustee | February 18, 2026 |
| Kathleen T. Barr |  |  |
| <u>Eric W. Falkeis\*</u> | Trustee | February 18, 2026 |
| Eric W. Falkeis |  |  |
| <u>Steven J. Paggioli\*</u> | Trustee | February 18, 2026 |
| Steven J. Paggioli |  |  |
| <u>Ashi S. Parikh\*</u> | Trustee | February 18, 2026 |
| Ashi S. Parikh |  |  |
| <u>Cynthia M. Fornelli\*</u> | Trustee | February 18, 2026 |
| Cynthia M. Fornelli |  |  |
| <u>/s/Jason F. Hadler</u> | President and Principal | February 18, 2026 |
| Jason F. Hadler | Executive Officer |  |
| <u>/s/ Craig Benton</u> | Vice President, Treasurer and Principal | February 18, 2026 |
| Craig Benton | Financial and Accounting Officer |  |
| \*By: <u>/s/ Jason F. Hadler</u> |  | February 18, 2026 |
| Jason F. Hadler, Attorney-In Fact pursuant to Power of Attorney |  |  |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit** | **Exhibit Number** |
| <u>[Opinion of Counsel regarding certain tax matters](pabraifreorgtaxopinion.htm)</u> | EX.99.12 |

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## Ex-99.(12)

![screenshot2025-11x21111814.jpg](screenshot2025-11x21111814.jpg)

February 9, 2026

Professionally Managed Portfolios on behalf of its series, Pabrai Wagons Fund

Professionally Managed Portfolios on behalf of its series, Pabrai Wagons ETF

615 East Michigan Street

Milwaukee, Wisconsin 53202

Re: <u>Reorganization of Pabrai Wagons Fund into Pabrai Wagons ETF</u>

Ladies and Gentlemen:

You have asked for our opinion as to certain Federal income tax consequences of the transaction described below.

<u>Parties to the Transaction</u>

Pabrai Wagons Fund, a series of Professionally Managed Portfolios, a Delaware statutory trust, is herein referred to as the "Target Fund."

Pabrai Wagons ETF, also a series of Professionally Managed Portfolios, is herein referred to as the "Acquiring Fund."

<u>Description of Proposed Transaction</u>

In the proposed transaction (the "Reorganization"), the Acquiring Fund will acquire all of the assets of the Target Fund in exchange for a number of shares of the Acquiring Fund equal to the number of shares of the Target Fund outstanding at the closing and the assumption of all of the liabilities of the Target Fund. The Target Fund will then liquidate and distribute all of the Acquiring Fund shares which it holds to its shareholders pro rata in proportion to their shareholdings in the Target Fund, in complete redemption of all outstanding shares of the Target Fund, and promptly thereafter will proceed to dissolve.

<u>Scope of Review and Assumptions</u>

In rendering our opinion, we have reviewed and relied upon the Agreement and Plan of Reorganization among Professionally Managed Portfolios with respect to the Acquiring Fund the Target Fund and the Target Fund, dated as of February 9, 2026 (the "Reorganization Agreement"), a form of which is enclosed as an exhibit to the prospectus/proxy statement ("Proxy Statement") filed on November 24, 2025, as amended, which describes the proposed transaction, and on the information provided in such Proxy Statement. We have relied, without independent verification, upon the factual statements made therein, and assume that there will be no change in material facts disclosed therein between the date of this opinion and the closing of the Reorganization. We further assume that the Reorganization will be carried out in accordance with the Reorganization Agreement.

<u>Representations</u>

Written representations have been made to us by the appropriate officers of the Target Fund and the Acquiring Fund, and we have without independent verification relied upon such representations in rendering our opinions.

![image.jpg](image.jpg)

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Professionally Managed Portfolios on behalf of Pabrai Wagons Fund and Pabrai Wagons ETF

February 9, 2026

<u><br>Opinions</u>

Based on and subject to the foregoing, and our examination of the legal authority we have deemed to be relevant, we have the following opinions:

(i)&nbsp;&nbsp;&nbsp;&nbsp;The acquisition by the Acquiring Fund of all of the assets of the Target Fund, as provided for in the Agreement, in exchange for Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund Shares in complete liquidation of the Target Fund, will qualify as a reorganization within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

(ii)&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to, and assumption of all of its liabilities by, the Acquiring Fund in exchange solely for Acquiring Fund Shares pursuant to Section 361(a) and Section 357(a) of the Code, except for any gain or loss that may be required to be recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code.

(iii)&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the assets of the Target Fund in exchange solely for the assumption of all of the liabilities of the Target Fund and issuance of the Acquiring Fund Shares pursuant to Section 1032(a) of the Code.

(iv)&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by the Target Fund upon the distribution of the Acquiring Fund Shares by the Target Fund to its shareholders in complete liquidation (in pursuance of the Agreement) of the Target Fund pursuant to Section 361(c)(1) of the Code.

(v)&nbsp;&nbsp;&nbsp;&nbsp;The tax basis of the assets of the Target Fund received by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer of such assets, increased by the amount of gain, or decreased by the amount of loss, if any, recognized by the Target Fund on the transfer pursuant to Section 362(b) of the Code.

(vi)&nbsp;&nbsp;&nbsp;&nbsp;The holding periods of the assets of the Target Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code, other than assets with respect to which gain or loss is required to be recognized and except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset.

(vii)&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by the shareholders of the Target Fund upon the exchange of all of their Target Fund shares for the Acquiring Fund Shares (except with respect to cash received in lieu of fractional shares) pursuant to Section 354(a) of the Code.

(viii)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate tax basis of the Acquiring Fund Shares received by a shareholder of the Target Fund (as adjusted for amounts allocable to cash received in lieu of any fractional shares) will be the same as the aggregate tax basis of the Target Fund shares exchanged therefor pursuant to Section 358(a)(1) of the Code.

(ix)&nbsp;&nbsp;&nbsp;&nbsp;The holding period of the Acquiring Fund Shares received by a shareholder of the Target Fund will include the holding period of the Target Fund shares exchanged therefor, provided that the shareholder held the Target Fund shares as a capital asset on the date of the exchange pursuant to Section 1223(1) of the Code.

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Professionally Managed Portfolios on behalf of Pabrai Wagons Fund and Pabrai Wagons ETF

February 9, 2026

(x)&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code.

(xi)&nbsp;&nbsp;&nbsp;&nbsp;The consummation of the Reorganization will not terminate the taxable year of the Target Fund. The part of the taxable year of the Target Fund before the Reorganization and the part of the taxable year of the Acquiring Fund after the Reorganization will constitute a single taxable year of the Acquiring Fund.

No opinion will be expressed as to (1) the effect of the Reorganization on the Target Fund, the Acquiring Fund or any shareholder of the Target Fund with respect to any (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognize upon the transfer of an asset regardless of whether such transfer would otherwise be a non-taxable transaction under the Code, or (2) any other federal tax issues (except those set forth above) and all state, local, or foreign tax issues of any kind.

The foregoing opinions are based on the Code as in effect on the date hereof and administrative and judicial interpretations of it. No assurance can be given that the Code will not change or that such interpretations will not be revised or amended adversely, possibly with retroactive effect. This opinion letter is delivered to you in satisfaction of the requirements of Section 8.5 of the Reorganization Agreement. We hereby consent to the use of this opinion as an exhibit to the Proxy Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

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| |
|:---|
| Very truly yours, |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Sullivan & Worcester LLP |
| SULLIVAN & WORCESTER LLP |

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