I. INVESTMENT RESULTS
For the twelve months ended March 31, 2020, your Great Lakes Large Cap Value Fund returned the following:
Near the end of calendar 2019, widely-based global economic growth was continuing through an eleventh year of expansion. U.S. corporate profits were stable at a high level while interest rates,
inflation and unemployment were low and monetary policy makers watchful. Then in early 2020, two massive exogenous shocks hit the global economy and investment markets hard.
A novel coronavirus epidemic from China spread globally, becoming a pandemic. Economic activity dropped very quickly, and a global recession began. Need for cash jumped, which required an immediate
central bank response. Federal Reserve Board actions were at first similar to, but later surpassed those developed in 2007-2009 to attempt to provide liquidity, stabilize many (especially fixed income) investment markets and lower interest rates
(through two March overnight rate cuts) to almost 0% to ease pressure on individuals (unemployment leaped up) and businesses (orders collapsed).
Next, in March, failure of the Organization of the Petroleum Exporting Countries OPEC group to reach agreement on oil production levels led to output increases while demand, reduced by lower economic
activity, declined. As inventory rose to fill storage capacity, oil prices fell substantially.
As March proceeded, interest rates also fell as investors sought “safe havens” and daily equity market movements became highly volatile: a decline of 8% on one day would be followed by a 4% rise the
next which would precede another 5% falloff.
II. ATTRIBUTION
Over the course of the fiscal year, areas more sensitive to the economic pace limited equity strategy results. For the year, among positions held for the full fiscal year, eighteen fell more than 20%.
This group includes nine financials with concerns over credit quality of loans in a recession, very low interest rates’ effect on product pricing and valuation of financial instrument portfolios.
Three energy holdings each declined over 40%. Three big-ticket consumer goods positions (two online travel agencies and auto propulsion parts maker BorgWarner) are in this group as well. In contrast,
seven positions either declined less than 5% or actually rose in the year. This group includes four health care providers in biotech, diversified insurance and other health services, and drug distribution industries.
III. OUTLOOK
Put simply, the global economy and the equity market are unforecastable for possibly the next two years as progress of the pandemic and the success of the public health response are unpredictable.
Investment market volatility is
likely to remain high. Equity market valuation is seeking attractiveness. Based on historic measures, equity market valuation, after a recovery in very late March and early April, appears to be in the
area between attractive and unattractive. We intend to continue our value approach, which is based on rising or high corporate earning power, or return on investment, attractive stock valuation and sufficient diversification.
Edward J. Calkins, CFA
Diversification does not assure a profit nor protect against loss in a declining market.
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. For a complete list of fund holdings, please see the Schedule of Investments included
in this report.
Mutual fund investing involves risk. Principal loss is possible. The Fund’s value investments are subject to the risk that their intrinsic values may not be recognized by the broad
market or that their prices may decline. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to its net asset value (“NAV”),
an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Funds ability to sell its shares. The Fund invests in foreign securities which involve greater
volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets.
The chart assumes an initial investment of $10,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be
reduced. Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the
most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 855-278-2020. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
The following is expense information for the Great Lakes Large Cap Value Fund as disclosed in the Fund’s most recent prospectus dated August 1, 2019:
Gross Expenses: 0.90%; Net Expenses: 0.85%. Great Lakes Advisors, LLC (the “Adviser” or “Great Lakes”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that
Total Annual Fund Operating Expenses (excluding AFFE, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and other transactional expenses, and extraordinary expenses) do not exceed 0.85% of the
average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be
achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and at the time of recoupment. The Operating Expense Limitation Agreement is indefinite in term and cannot be terminated through at least
August 1, 2020. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board or the Adviser, with the consent of the Board.
Top 10 Equity Holdings (Unaudited)
March 31, 2020(1)
(% of Net Assets)
|
|
Oracle Corp.
|
4.1%
|
|
|
|
Philip Morris International, Inc.
|
3.8%
|
|
|
|
AbbVie, Inc.
|
3.8%
|
|
|
|
Merck & Co., Inc.
|
3.7%
|
|
|
|
Royal Dutch Shell – Class A – ADR
|
3.6%
|
|
|
|
UnitedHealth Group, Inc.
|
3.4%
|
|
|
|
Alphabet, Inc. – Class C
|
3.3%
|
|
|
|
Lockheed Martin Corp.
|
3.0%
|
|
|
|
Biogen, Inc.
|
2.9%
|
|
|
|
Berkshire Hathaway, Inc. – Class B
|
2.9%
|
|
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
Great Lakes Small Cap Opportunity Fund
April 30, 2020
Dear Shareholders,
I. INVESTMENT RESULTS
The Great Lakes Small Cap Opportunity Fund Institutional Class (GLSIX) declined 31.87% for the fiscal year ended March 31, 2020. This compares unfavorably to the 23.99% loss in the Russell 2000 Index
return.
Total Returns
|
Share Class
|
12 Months ended 3/31/20
|
|
Investor Class
|
-32.07%
|
|
Institutional Class
|
-31.87%
|
|
Russell 2000 Index
|
-23.99%
|
2020 started off on a solid footing for equity markets, but then the COVID-19 pandemic stunned the world and threw the financial markets into chaos. This marked one of the fastest corrections on record
with extreme volatility in which the Russell 2000 index plunged 40% from its peak in mid-February, and then rebounded nearly 17% in the final eight trading days to end the quarter down a whopping 31.0%. The Russell 2000 Growth Index significantly
outperformed the Russell 2000 Value Index by 1,000 basis points, declining 25.7% and 35.7%, respectively. As we have written in prior letters, value has been pummeled by growth for years, and it got worse during the COVID-19 market crash. This has
been headwind for value-oriented investors like ourselves.
We understand that it is unsettling to see your portfolio decline in price of this magnitude. However, we simply see this as a mark-to-market reaction to a transitory event. While the economic impact
due to the COVID-19 virus is far from certain in terms of the magnitude and duration, our fundamental view is that the long-term intrinsic value of our businesses looking out 3-5 years has not been meaningfully impaired. We have not made wholesale
changes to our portfolio. Instead, we have made some incremental changes to monopolize on the volatility and improve the portfolio’s overall risk-adjusted rate expectations.
Our portfolio is extraordinarily cheap, and we believe it is positioned to take advantage of potential economic recovery opportunities. We are confident that our portfolio is well-positioned to
generate attractive returns in the future.
II. ATTRIBUTION
For the twelve months ended March 31, 2020, the Fund lagged the Russell 2000 index by nearly 790 basis points. The Fund’s underperformance was the result of weak stock selection in Industrials,
Technology, and Communication Services sectors. Additionally, our underweight in Healthcare negatively impacted our relative performance. Helping to blunt some of the weak relative performance was good stock selection in Financials and Energy
sectors.
Technology was our worst performing sector, costing the Fund over 400 basis points of alpha. Cars.com declined over 80% as the company’s fundamentals were weaker than expected and management announced
the completion of its strategic review without an actionable bid. We exited our position due to a combination of an increased competitive landscape and its balance sheet. Sensata Technologies and ViaSat both fell over 40% each. These two names are
some of our more levered companies (relatively speaking), which were hit hard during the recent market turmoil. Both are wonderful businesses and we continue to hold them.
Industrials were a negative contributor to our relative performance. Both our overweight and stock selection detracted nearly 200 basis points of underperformance. Similar to our technology names,
some of our more levered balance
Great Lakes Small Cap Opportunity Fund
sheets – KAR Auction Services, WESCO International, and Mistras – were our weakest performers given the global industrial shutdown. We exited our position in Mistras due to its exposure to a very weak
energy market and added debt from a recent acquisition.
In the Communication Services sector, TripAdvisor has been facing stiff headwinds. The competitive environment for its hotel business has gotten more challenging as Google has moved to push unpaid
lines further down the page, favoring its own Hotel meta-search product, and then COVID-19 hit. TripAdvisor is in the eye the COVID-19 storm as travel restriction implemented globally will negatively impact near-term results. However, with an
undemanding valuation (trading at single digit on normalized free cash flow yield) and strong balance sheet with no debt and $320 million of cash, the stock’s risk/reward profile is very attractive.
On a relative basis, Healthcare was the second-best performing sector for the year, declining 11.0%. Despite our Healthcare holdings outperforming the sector, the 10% underweight hurt our relative
performance and detracted 140 basis points from performance.
PRA Group, our largest position in the financial sector, was one of a handful of stocks that was up for the year, helping the Fund outperform the sector by nearly 90 basis points. Fundamentals have
been strong driven by solid execution by management. The current downturn may temporarily negated earnings growth, but the long-term value accretion may increase as the company takes advantage of its strong financial position by purchasing debt
portfolios at an attractive price.
Energy was the worst performing sector in the index, declining over 76%. Dril- Quip solidly outperformed due to its strong balance sheet which should allow the company to weather the tsunami that has
hit the energy markets and prosper when the recovery eventually takes hold. The company’s competitive position is strong and has no debt with over a third of its market cap in cash.
III. OUTLOOK
Last quarter, we wrote that while expensive, the longest bull market in history could continue, given the relatively easy monetary conditions. Indeed, U.S. equity markets surged at the dawn of the new
decade, despite plenty of domestic political tension, ongoing trade tension, and ever-present geopolitical tension in the Middle East. But it’s only in compiling the Q1 Economic Review that we can see just how good the economy looked prior to the
coronavirus outbreak.
Interest rates were low and declining, as was market volatility. Credit spreads were low, corporate profits and margins quite healthy. Inflation pressure was non-existent, commodity prices were acting
well. The employment situation was very good, with record low unemployment, payrolls growing at an increasing rate, employment costs rising at a rate which was good for workers but not burdensome for employers. This combination of low rates and
robust employment was powering a very strong housing market, with new & existing home sales surging to levels not seen since prior to the housing bubble. This in turn was fueling consumer confidence and consumer spending. So, sure, the U.S.
equity market was expensive, but arguably justified. All that changed six weeks ago.
Now, we can clearly see the backward-looking nature of economic reports. We know now everything has been turned on its head with a rapidity we’d not seen since 9/11, but with an impact which looks to be
much more severe (perhaps the deepest recession ever) and perhaps slightly more enduring. Volatility absolutely exploded, with the fastest-ever move from a bull market peak to a bear market, and the sharpest three-day advance in almost 90 years.
Investors who were positioned best to benefit from the economic currents leading up to late February were likely the investors hit hardest in the subsequent rolling discounting of COVID-19 impact.
Great Lakes Small Cap Opportunity Fund
While this virus is disconcerting and perhaps scary, it’s not The Plague. American ingenuity will see us overcome the worst the virus has to offer. Ample supplies are forthcoming – facemasks, shields,
ventilators, temporary care facilities, anti-virals – and we’ll likely soon “bend the curve”.
Thank you for your support and patience,
Ben Kim, CFA®, CPA
Portfolio Manager
Past performance does not guarantee future results.
Definitions:
The Russell 2000 Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index, as ranked by market capitalization.
The Russell 2000 Growth index consists of 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index that exhibit a growth probability.
The Russell 2000 Value index consists of 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index that also exhibit a value probability.
Basis point (bp) is a unit equal to 1/100th of 1% and is used to denote the change in a financial instrument.
Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures.
Yield Curve is a chart consisting of the yields of bonds of the same quality but different maturities. This measurement can be used as a gauge to evaluate the future of the interest rates. An upward
trend with short-term rates lower than long-term rates is called a positive yield curve, while a down trend is a negative or inverted yield curve.
Alpha is used as a measure of performance, indicating when a strategy has managed to beat the market return over some period. Alpha, often considered the active return on an investment, gauges the
performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole. The excess return of an investment relative to the return of a benchmark index is the investment’s alpha. Alpha may be
positive or negative and is the result of active investing.
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to the schedules of investments for complete holdings information.
Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.
Mutual fund investing involves risk. Principal loss is possible. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks
that the market price of the shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Funds
ability to sell its shares. Small-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund invests in foreign securities which involve greater volatility and political,
economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. The Fund’s value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their
prices may decline.
Great Lakes Small Cap Opportunity Fund
Value of $100,000 Investment (Unaudited)
The chart assumes an initial investment of $100,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be
reduced. Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the
most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 855-278-2020. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Annualized Rates of Return as of March 31, 2020
|
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
Since Inception(1)
|
|
Investor Class
|
-32.07%
|
-7.68%
|
-2.24%
|
5.70%
|
9.39%
|
|
Institutional Class
|
-31.87%
|
-7.46%
|
-2.00%
|
5.96%
|
9.68%
|
|
Russell 2000 Index(2)
|
-23.99%
|
-4.64%
|
-0.25%
|
6.90%
|
9.96%
|
|
(1)
|
Inception date of each class was December 5, 2008.
|
|
(2)
|
The Russell 2000 Index is a market capitalization-weighted index comprised of the 2,000 smallest companies listed on the Russell 3000 Index, which contains the 3,000 largest companies in the
U.S. based on market capitalization. This index can not be invested in directly.
|
The following is expense information for the Great Lakes Small Cap Opportunity Fund as disclosed in the Fund’s most recent prospectus dated August 1, 2019:
Gross Expenses: 0.86%; Net Expenses: 0.86%.
Great Lakes Small Cap Opportunity Fund
Allocation of Portfolio Net Assets (Unaudited)
March 31, 2020(1)(2)
(% of Net Assets)
Top 10 Equity Holdings (Unaudited)
March 31, 2020(1)
(% of Net Assets)
|
|
TripAdvisor, Inc.
|
4.3%
|
|
|
|
Investors Bancorp, Inc.
|
4.2%
|
|
|
|
Crane Co.
|
3.6%
|
|
|
|
NewMarket Corp.
|
3.6%
|
|
|
|
Acuity Brands, Inc.
|
3.5%
|
|
|
|
Gildan Activewear, Inc.
|
3.1%
|
|
|
|
MSC Industrial Direct Co., Inc. – Class A
|
3.1%
|
|
|
|
Luminex Corp.
|
3.0%
|
|
|
|
Patterson Companies, Inc.
|
3.0%
|
|
|
|
Jones Lang LaSalle, Inc.
|
2.9%
|
|
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
|
(2)
|
Excludes securities lending collateral.
|
Great Lakes Funds
Expense Examples (Unaudited)
March 31, 2020
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution (12b-1) fees (Investor Class only), and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000
invested at the beginning of the period and held for the entire period (October 1, 2019 – March 31, 2020).
ACTUAL EXPENSES
For each class, the first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to
estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled
“Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return
of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs only,
and will not help you determine the relative total costs of owning different funds.
Great Lakes Bond Fund
|
|
|
|
Expenses Paid
|
|
|
Beginning Account
|
Ending Account
|
During Period(1)
|
|
|
Value (10/1/2019)
|
Value (3/31/2020)
|
(10/1/2019 to 3/31/2020)
|
|
Institutional Class Actual(2)
|
$1,000.00
|
$ 975.60
|
$2.82
|
|
Institutional Class
|
|
|
|
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,022.15
|
$2.88
|
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.57%, multiplied by the average account value over the period, multiplied by 183/366 to reflect
the one-half year period.
|
|
(2)
|
Based on the actual returns for the six-month period ended March 31, 2020 of -2.44%.
|
Great Lakes Disciplined Equity Fund
|
|
|
|
Expenses Paid
|
|
|
Beginning Account
|
Ending Account
|
During Period(3)
|
|
|
Value (10/1/2019)
|
Value (3/31/2020)
|
(10/1/2019 to 3/31/2020)
|
|
Institutional Class Actual(4)
|
$1,000.00
|
$ 889.20
|
$4.01
|
|
Institutional Class
|
|
|
|
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.75
|
$4.29
|
|
(3)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.85%, multiplied by the average account value over the period, multiplied by 183/366 to reflect
the one-half year period.
|
|
(4)
|
Based on the actual returns for the six-month period ended March 31, 2020 of -11.08%.
|
Great Lakes Funds
Expense Examples (Unaudited) – Continued
March 31, 2020
Great Lakes Disciplined International Smaller Company Fund
|
|
|
|
Expenses Paid
|
|
|
Beginning Account
|
Ending Account
|
During Period(1)
|
|
|
Value (10/1/2019)
|
Value (3/31/2020)
|
(10/1/2019 to 3/31/2020)
|
|
Institutional Class Actual(2)
|
$1,000.00
|
$ 780.10
|
$6.45
|
|
Institutional Class
|
|
|
|
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,017.75
|
$7.31
|
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.45%, multiplied by the average account value over the period, multiplied by 183/366 to reflect
the one-half year period.
|
|
(2)
|
Based on the actual returns for the six-month period ended March 31, 2020 of -21.99%.
|
Great Lakes Large Cap Value Fund
|
|
|
|
Expenses Paid
|
|
|
Beginning Account
|
Ending Account
|
During Period(3)
|
|
|
Value (10/1/2019)
|
Value (3/31/2020)
|
(10/1/2019 to 3/31/2020)
|
|
Institutional Class Actual(4)
|
$1,000.00
|
$ 798.10
|
$3.82
|
|
Institutional Class
|
|
|
|
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.75
|
$4.29
|
|
(3)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.85%, multiplied by the average account value over the period, multiplied by 183/366 to reflect
the one-half year period.
|
|
(4)
|
Based on the actual returns for the six-month period ended March 31, 2020 of -20.19%.
|
Great Lakes Small Cap Opportunity Fund
|
|
|
|
Expenses Paid
|
|
|
Beginning Account
|
Ending Account
|
During Period(5)
|
|
|
Value (10/1/2019)
|
Value (3/31/2020)
|
(10/1/2019 to 3/31/2020)
|
|
Investor Class Actual(6)
|
$1,000.00
|
$681.80
|
$4.79
|
|
Investor Class
|
|
|
|
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.30
|
$5.76
|
|
Institutional Class Actual(6)
|
$1,000.00
|
$682.90
|
$3.74
|
|
Institutional Class
|
|
|
|
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.55
|
$4.50
|
|
(5)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.14% and 0.89% for the Investor Class and Institutional Class, respectively, multiplied by the
average account value over the period, multiplied by 183/366 to reflect the one-half year period.
|
|
(6)
|
Based on the actual returns for the six-month period ended March 31, 2020 of -31.82% and -31.71% for the Investor Class and Institutional Class, respectively.
|
Great Lakes Bond Fund
Schedule of Investments
March 31, 2020
|
Description
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS – 69.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Services – 4.8%
|
|
|
|
|
|
|
|
Indiana Bell Telephone Co., Inc.
|
|
|
|
|
|
|
|
7.300%, 08/15/2026
|
|
$
|
535,000
|
|
|
$
|
665,557
|
|
|
Michigan Bell Telephone Co.
|
|
|
|
|
|
|
|
|
|
7.850%, 01/15/2022
|
|
|
1,651,000
|
|
|
|
1,795,641
|
|
|
Walt Disney Co.
|
|
|
|
|
|
|
|
|
|
7.280%, 06/30/2028
|
|
|
1,916,000
|
|
|
|
2,522,799
|
|
|
|
|
|
|
|
|
|
4,983,997
|
|
|
Consumer Discretionary – 5.6%
|
|
|
|
|
|
|
|
|
|
Daimler Finance North America LLC
|
|
|
|
|
|
|
|
|
|
2.141% (3 Month LIBOR USD + 0.390%), 05/04/2020 (a)^
|
|
|
650,000
|
|
|
|
647,412
|
|
|
General Motors Financial Co., Inc.
|
|
|
|
|
|
|
|
|
|
3.200%, 07/13/2020
|
|
|
2,500,000
|
|
|
|
2,492,844
|
|
|
Leggett & Platt, Inc.
|
|
|
|
|
|
|
|
|
|
3.500%, 11/15/2027
|
|
|
1,950,000
|
|
|
|
1,889,630
|
|
|
Service Corp. International
|
|
|
|
|
|
|
|
|
|
7.500%, 04/01/2027
|
|
|
725,000
|
|
|
|
771,068
|
|
|
|
|
|
|
|
|
|
5,800,954
|
|
|
Consumer Staples – 0.7%
|
|
|
|
|
|
|
|
|
|
Molson Coors Beverage Co.
|
|
|
|
|
|
|
|
|
|
5.000%, 05/01/2042
|
|
|
785,000
|
|
|
|
764,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy – 9.1%
|
|
|
|
|
|
|
|
|
|
Antero Resources Corp.
|
|
|
|
|
|
|
|
|
|
5.375%, 11/01/2021
|
|
|
3,781,000
|
|
|
|
2,771,322
|
|
|
El Paso Natural Gas Co., LLC
|
|
|
|
|
|
|
|
|
|
8.375%, 06/15/2032
|
|
|
500,000
|
|
|
|
584,725
|
|
|
Kinder Morgan, Inc.
|
|
|
|
|
|
|
|
|
|
5.300%, 12/01/2034
|
|
|
2,044,000
|
|
|
|
1,974,503
|
|
|
Marathon Oil Corp.
|
|
|
|
|
|
|
|
|
|
6.800%, 03/15/2032
|
|
|
1,116,000
|
|
|
|
816,055
|
|
|
MPLX LP
|
|
|
|
|
|
|
|
|
|
4.875%, 12/01/2024
|
|
|
250,000
|
|
|
|
204,491
|
|
|
4.800%, 02/15/2029
|
|
|
250,000
|
|
|
|
220,615
|
|
|
Sinopec Group Overseas Development 2015
|
|
|
|
|
|
|
|
|
|
2.500%, 04/28/2020 (a)
|
|
|
650,000
|
|
|
|
650,786
|
|
|
Valero Energy Partners
|
|
|
|
|
|
|
|
|
|
4.375%, 12/15/2026
|
|
|
2,682,000
|
|
|
|
2,230,331
|
|
|
|
|
|
|
|
|
|
9,452,828
|
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS – 69.6% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials# – 32.8%
|
|
|
|
|
|
|
|
Affiliated Managers Group
|
|
|
|
|
|
|
|
3.500%, 08/01/2025
|
|
$
|
445,000
|
|
|
$
|
468,525
|
|
|
Ally Financial, Inc.
|
|
|
|
|
|
|
|
|
|
5.125%, 09/30/2024
|
|
|
1,750,000
|
|
|
|
1,716,304
|
|
|
Bank of America Corp.
|
|
|
|
|
|
|
|
|
|
4.000%, 04/01/2024
|
|
|
1,000,000
|
|
|
|
1,061,846
|
|
|
Carlyle Holdings II Finance
|
|
|
|
|
|
|
|
|
|
5.625%, 03/30/2043 (a)
|
|
|
1,000,000
|
|
|
|
1,116,616
|
|
|
Citigroup, Inc.
|
|
|
|
|
|
|
|
|
|
2.792% (3 Month LIBOR USD + 1.100%), 05/17/2024^
|
|
|
1,000,000
|
|
|
|
955,766
|
|
|
Corporate Office Properties LP
|
|
|
|
|
|
|
|
|
|
3.700%, 06/15/2021
|
|
|
1,448,000
|
|
|
|
1,468,294
|
|
|
Credit Suisse Group Funding Ltd.
|
|
|
|
|
|
|
|
|
|
3.800%, 09/15/2022
|
|
|
1,000,000
|
|
|
|
1,014,549
|
|
|
3.800%, 06/09/2023
|
|
|
827,000
|
|
|
|
837,135
|
|
|
Deutsche Bank
|
|
|
|
|
|
|
|
|
|
2.700%, 07/13/2020
|
|
|
3,000,000
|
|
|
|
2,941,271
|
|
|
2.818% (3 Month LIBOR USD + 0.970%), 07/13/2020^
|
|
|
1,500,000
|
|
|
|
1,478,233
|
|
|
Ford Motor Credit Co., LLC
|
|
|
|
|
|
|
|
|
|
5.750%, 02/01/2021
|
|
|
3,105,000
|
|
|
|
3,027,375
|
|
|
3.810%, 01/09/2024
|
|
|
1,190,000
|
|
|
|
1,082,900
|
|
|
Goldman Sachs Group, Inc.
|
|
|
|
|
|
|
|
|
|
5.250%, 07/27/2021
|
|
|
1,593,000
|
|
|
|
1,645,354
|
|
|
2.364% (3 Month LIBOR USD + 1.050%), 06/05/2023^
|
|
|
2,187,000
|
|
|
|
2,094,334
|
|
|
3.213% (3 Month LIBOR USD + 1.600%), 11/29/2023^
|
|
|
1,250,000
|
|
|
|
1,213,259
|
|
|
Manufacturers & Traders Trust Co.
|
|
|
|
|
|
|
|
|
|
2.220% (3 Month LIBOR USD + 0.640%), 12/01/2021^
|
|
|
2,303,000
|
|
|
|
2,237,979
|
|
|
Morgan Stanley
|
|
|
|
|
|
|
|
|
|
5.500%, 07/24/2020
|
|
|
1,000,000
|
|
|
|
1,009,505
|
|
|
2.732% (3 Month LIBOR USD + 0.930%), 07/22/2022^
|
|
|
900,000
|
|
|
|
876,083
|
|
|
2.954% (3 Month LIBOR USD + 1.220%), 05/08/2024^
|
|
|
3,467,000
|
|
|
|
3,326,139
|
|
|
Reliance Standard Life II
|
|
|
|
|
|
|
|
|
|
2.375%, 05/04/2020 (a)
|
|
|
520,000
|
|
|
|
519,276
|
|
|
Sumitomo Mitsui Banking Corp.
|
|
|
|
|
|
|
|
|
|
3.000%, 01/18/2023
|
|
|
605,000
|
|
|
|
612,768
|
|
|
Symetra Financial Corp.
|
|
|
|
|
|
|
|
|
|
4.250%, 07/15/2024
|
|
|
640,000
|
|
|
|
655,368
|
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS – 69.6% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials# – 32.8% (Continued)
|
|
|
|
|
|
|
|
Wells Fargo & Co.
|
|
|
|
|
|
|
|
4.125%, 08/15/2023
|
|
$
|
1,439,000
|
|
|
$
|
1,483,322
|
|
|
3.007% (3 Month LIBOR USD + 1.230%), 10/31/2023^
|
|
|
1,327,000
|
|
|
|
1,266,887
|
|
|
|
|
|
|
|
|
|
34,109,088
|
|
|
Health Care – 1.9%
|
|
|
|
|
|
|
|
|
|
CVS Health Corp.
|
|
|
|
|
|
|
|
|
|
2.125%, 06/01/2021
|
|
|
1,975,000
|
|
|
|
1,977,741
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials – 7.6%
|
|
|
|
|
|
|
|
|
|
3M Co.
|
|
|
|
|
|
|
|
|
|
6.375%, 02/15/2028
|
|
|
1,500,000
|
|
|
|
1,925,184
|
|
|
General Electric Co.
|
|
|
|
|
|
|
|
|
|
2.831% (3 Month LIBOR USD + 1.000%), 04/15/2023^
|
|
|
3,330,000
|
|
|
|
3,245,235
|
|
|
Rolls-Royce plc
|
|
|
|
|
|
|
|
|
|
2.375%, 10/14/2020 (a)
|
|
|
1,792,000
|
|
|
|
1,688,864
|
|
|
Stanley Black & Decker, Inc.
|
|
|
|
|
|
|
|
|
|
3.400%, 12/01/2021
|
|
|
1,000,000
|
|
|
|
995,042
|
|
|
|
|
|
|
|
|
|
7,854,325
|
|
|
Information Technology – 3.3%
|
|
|
|
|
|
|
|
|
|
FLIR Systems, Inc.
|
|
|
|
|
|
|
|
|
|
3.125%, 06/15/2021
|
|
|
800,000
|
|
|
|
801,191
|
|
|
Juniper Networks, Inc.
|
|
|
|
|
|
|
|
|
|
4.500%, 03/15/2024
|
|
|
2,500,000
|
|
|
|
2,641,797
|
|
|
|
|
|
|
|
|
|
3,442,988
|
|
|
Materials – 1.1%
|
|
|
|
|
|
|
|
|
|
Ball Corp.
|
|
|
|
|
|
|
|
|
|
5.000%, 03/15/2022
|
|
|
1,105,000
|
|
|
|
1,121,951
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate – 1.4%
|
|
|
|
|
|
|
|
|
|
Weyerhaeuser Co. – REIT
|
|
|
|
|
|
|
|
|
|
7.950%, 03/15/2025
|
|
|
1,183,000
|
|
|
|
1,405,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities – 1.3%
|
|
|
|
|
|
|
|
|
|
PSEG Power LLC
|
|
|
|
|
|
|
|
|
|
4.150%, 09/15/2021
|
|
|
1,379,000
|
|
|
|
1,399,343
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
|
|
|
|
(Cost $75,907,537)
|
|
|
|
|
|
|
72,313,172
|
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Par
|
|
|
Value
|
|
|
U.S. GOVERNMENT AGENCY
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES – 13.6%
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Association
|
|
|
|
|
|
|
|
Series 293, Class IO
|
|
|
|
|
|
|
|
4.000%, 11/15/2032, #S50007 (b)
|
|
$
|
544,986
|
|
|
$
|
78,213
|
|
|
Series 4488, Class BD
|
|
|
|
|
|
|
|
|
|
3.000%, 05/15/2033
|
|
|
364,427
|
|
|
|
381,065
|
|
|
Series 4676, Class VD
|
|
|
|
|
|
|
|
|
|
4.000%, 08/15/2037
|
|
|
2,250,000
|
|
|
|
2,479,766
|
|
|
Series 4759, Class NM
|
|
|
|
|
|
|
|
|
|
3.000%, 09/15/2045
|
|
|
1,000,000
|
|
|
|
1,073,815
|
|
|
Series 4849, Class JV
|
|
|
|
|
|
|
|
|
|
4.500%, 06/15/2037
|
|
|
2,498,366
|
|
|
|
2,718,203
|
|
|
Series 4949, Class BC
|
|
|
|
|
|
|
|
|
|
2.250%, 03/25/2049
|
|
|
993,984
|
|
|
|
1,034,151
|
|
|
Federal Home Loan Mortgage Corporation Pool
|
|
|
|
|
|
|
|
|
|
4.000%, 08/01/2042, #Q10153
|
|
|
178,304
|
|
|
|
193,202
|
|
|
4.000%, 01/01/2049, #T65519
|
|
|
864,527
|
|
|
|
908,413
|
|
|
Federal National Mortgage Association
|
|
|
|
|
|
|
|
|
|
Series 2008-6, Class BF
|
|
|
|
|
|
|
|
|
|
1.447% (1 Month LIBOR USD + 0.500%), 02/25/2038^
|
|
|
886,215
|
|
|
|
877,714
|
|
|
Series 2011-144, Class FW
|
|
|
|
|
|
|
|
|
|
1.397% (1 Month LIBOR USD + 0.450%), 10/25/2040^
|
|
|
336,472
|
|
|
|
335,640
|
|
|
Series 2013-130, Class CA
|
|
|
|
|
|
|
|
|
|
2.500%, 06/25/2043
|
|
|
341,511
|
|
|
|
356,185
|
|
|
Series 2013-130, Class CD
|
|
|
|
|
|
|
|
|
|
3.000%, 06/25/2043
|
|
|
620,929
|
|
|
|
658,402
|
|
|
Federal National Mortgage Association Pool
|
|
|
|
|
|
|
|
|
|
5.170%, 06/01/2028, #468516
|
|
|
218,079
|
|
|
|
251,428
|
|
|
Government National Mortgage Association
|
|
|
|
|
|
|
|
|
|
Series 2012-109, Class AB
|
|
|
|
|
|
|
|
|
|
1.388%, 09/16/2044
|
|
|
283,376
|
|
|
|
281,609
|
|
|
Series 2013-145, Class AG
|
|
|
|
|
|
|
|
|
|
3.740%, 09/16/2044 (c)
|
|
|
341,824
|
|
|
|
364,053
|
|
|
Series 2017-99, Class DB
|
|
|
|
|
|
|
|
|
|
3.000%, 03/20/2046
|
|
|
667,000
|
|
|
|
724,018
|
|
|
Series 2018-52, Class AE
|
|
|
|
|
|
|
|
|
|
2.750%, 05/16/2051
|
|
|
261,987
|
|
|
|
269,030
|
|
|
Series 2018-142, Class AH
|
|
|
|
|
|
|
|
|
|
2.500%, 01/16/2052
|
|
|
1,167,796
|
|
|
|
1,186,147
|
|
|
Total U.S. Government Agency Mortgage-Backed Securities
|
|
|
|
|
|
|
|
|
|
(Cost $13,570,306)
|
|
|
|
|
|
|
14,171,054
|
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Par
|
|
|
Value
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 8.3%
|
|
|
|
|
|
|
|
Citigroup Commercial Mortgage Trust
|
|
|
|
|
|
|
|
Series 2014-GC19, Class A4
|
|
|
|
|
|
|
|
4.023%, 03/12/2047
|
|
$
|
500,000
|
|
|
$
|
536,010
|
|
|
Commercial Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2012-CR1, Class AM
|
|
|
|
|
|
|
|
|
|
3.912%, 05/17/2045
|
|
|
350,000
|
|
|
|
357,488
|
|
|
CS First Boston Commercial Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2003-29, Class 2A3
|
|
|
|
|
|
|
|
|
|
5.500%, 12/25/2033
|
|
|
21,625
|
|
|
|
21,411
|
|
|
Flagstar Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2017-1, Class 1A5
|
|
|
|
|
|
|
|
|
|
3.500%, 03/25/2047 (a)(c)
|
|
|
645,120
|
|
|
|
653,734
|
|
|
FREMF Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2014-K37, Class B
|
|
|
|
|
|
|
|
|
|
4.560%, 01/25/2047 (a)(c)
|
|
|
1,000,000
|
|
|
|
1,029,641
|
|
|
Greenpoint Mortgage
|
|
|
|
|
|
|
|
|
|
Series 2003-1, Class A1
|
|
|
|
|
|
|
|
|
|
4.286%, 10/25/2033 (c)
|
|
|
90,840
|
|
|
|
85,057
|
|
|
GS Mortgage Securities Trust
|
|
|
|
|
|
|
|
|
|
Series 2014-GC18, Class A4
|
|
|
|
|
|
|
|
|
|
4.074%, 01/10/2047
|
|
|
500,000
|
|
|
|
533,765
|
|
|
Oaks Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2015-1, Class A5
|
|
|
|
|
|
|
|
|
|
3.500%, 04/25/2046 (a)(c)
|
|
|
557,574
|
|
|
|
567,572
|
|
|
Sequoia Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2013-11, Class A1
|
|
|
|
|
|
|
|
|
|
3.500%, 09/25/2043 (a)(c)
|
|
|
693,845
|
|
|
|
690,941
|
|
|
Series 2018-CH1, Class A2
|
|
|
|
|
|
|
|
|
|
3.500%, 03/25/2048 (a)(c)
|
|
|
505,682
|
|
|
|
504,248
|
|
|
UBS – Barclays Commercial Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2012-C3, Class A4
|
|
|
|
|
|
|
|
|
|
3.091%, 08/12/2049
|
|
|
497,315
|
|
|
|
502,770
|
|
|
Wells Fargo Commercial Mortgage Trust
|
|
|
|
|
|
|
|
|
|
Series 2016-C35, Class A4
|
|
|
|
|
|
|
|
|
|
2.931%, 07/17/2048
|
|
|
1,000,000
|
|
|
|
1,025,221
|
|
|
Series 2016-NXS6, Class A4
|
|
|
|
|
|
|
|
|
|
2.918%, 11/18/2049
|
|
|
1,000,000
|
|
|
|
1,024,549
|
|
|
Series 2016-LC25, Class A4
|
|
|
|
|
|
|
|
|
|
3.640%, 12/15/2059
|
|
|
1,000,000
|
|
|
|
1,068,415
|
|
|
Total Commercial Mortgage-Backed Securities
|
|
|
|
|
|
|
|
|
|
(Cost $8,552,319)
|
|
|
|
|
|
|
8,600,822
|
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Par
|
|
|
Value
|
|
|
MUNICIPAL BONDS – 5.8%
|
|
|
|
|
|
|
|
Carol Stream, Illinois Park District
|
|
|
|
|
|
|
|
6.100%, 11/01/2032 – AGM Insured
|
|
$
|
500,000
|
|
|
$
|
510,500
|
|
|
Chicago, Illinois Board of Education
|
|
|
|
|
|
|
|
|
|
Series A
|
|
|
|
|
|
|
|
|
|
4.000%, 12/01/2020
|
|
|
1,000,000
|
|
|
|
1,001,390
|
|
|
Cook County, Illinois
|
|
|
|
|
|
|
|
|
|
Series B
|
|
|
|
|
|
|
|
|
|
4.940%, 11/15/2023 – BAM Insured
|
|
|
500,000
|
|
|
|
525,020
|
|
|
Greenville County Public Facilities Corp.
|
|
|
|
|
|
|
|
|
|
4.750%, 04/01/2030
|
|
|
500,000
|
|
|
|
500,000
|
|
|
Horatio, Arkansas School District #55
|
|
|
|
|
|
|
|
|
|
4.750%, 08/01/2024
|
|
|
150,000
|
|
|
|
150,208
|
|
|
Illinois Sports Facilities Authority
|
|
|
|
|
|
|
|
|
|
5.000%, 06/15/2030 – BAM Insured
|
|
|
125,000
|
|
|
|
153,059
|
|
|
Lubbock, Texas Certificates Obligation Waterworks
|
|
|
|
|
|
|
|
|
|
5.000%, 02/15/2024
|
|
|
250,000
|
|
|
|
258,522
|
|
|
Madison & Jersey Counties Illinois United School District #11
|
|
|
|
|
|
|
|
|
|
5.625%, 12/01/2026
|
|
|
250,000
|
|
|
|
262,562
|
|
|
Metropolitan Pier & Exposition Authority
|
|
|
|
|
|
|
|
|
|
Series B2
|
|
|
|
|
|
|
|
|
|
5.200%, 06/15/2050
|
|
|
285,000
|
|
|
|
286,967
|
|
|
New Jersey Economic Development Authority
|
|
|
|
|
|
|
|
|
|
Series B
|
|
|
|
|
|
|
|
|
|
2.504%, 02/15/2025 – AGM Insured (d)
|
|
|
645,000
|
|
|
|
569,987
|
|
|
Pittsburgh & Allegheny County, Pennsylvania Sports & Exhibition Authority
|
|
|
|
|
|
|
|
|
|
Series B
|
|
|
|
|
|
|
|
|
|
3.750%, 11/01/2039 – AGM Insured (e)
|
|
|
1,270,000
|
|
|
|
1,270,000
|
|
|
Rosemont, Illinois General Obligation Fund
|
|
|
|
|
|
|
|
|
|
5.375%, 12/01/2023 – BAM Insured
|
|
|
470,000
|
|
|
|
528,924
|
|
|
Total Municipal Bonds
|
|
|
|
|
|
|
|
|
|
(Cost $5,993,728)
|
|
|
|
|
|
|
6,017,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
INVESTMENT COMPANY – 0.5%
|
|
|
|
|
|
|
|
|
|
Nuveen Quality Municipal Income Fund
|
|
|
|
|
|
|
|
|
|
Total Investment Company
|
|
|
|
|
|
|
|
|
|
(Cost $478,796)
|
|
|
35,000
|
|
|
|
480,900
|
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Par
|
|
|
Value
|
|
|
ASSET-BACKED SECURITY – 0.3%
|
|
|
|
|
|
|
|
Santander Drive Auto Receivables Trust
|
|
|
|
|
|
|
|
Series 2018-2, Class C
|
|
|
|
|
|
|
|
3.350%, 07/17/2023
|
|
|
|
|
|
|
|
Total Asset-Backed Security
|
|
|
|
|
|
|
|
(Cost $318,041)
|
|
$
|
315,000
|
|
|
$
|
313,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
MONEY MARKET FUND – 0.0%
|
|
|
|
|
|
|
|
|
|
First American Government Obligations Fund – Class Z, 0.39% (f)
|
|
|
|
|
|
|
|
|
|
Total Money Market Fund
|
|
|
|
|
|
|
|
|
|
(Cost $373)
|
|
|
373
|
|
|
|
373
|
|
|
Total Investments – 98.1%
|
|
|
|
|
|
|
|
|
|
(Cost $104,821,100)
|
|
|
|
|
|
|
101,897,376
|
|
|
Other Assets and Liabilities, Net – 1.9%
|
|
|
|
|
|
|
1,981,648
|
|
|
Total Net Assets – 100.0%
|
|
|
|
|
|
$
|
103,879,024
|
|
|
(a)
|
|
Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that
program or other “qualified institutional buyers.” These securities are deemed to be liquid by the Adviser. As of March 31, 2020, the value of these investments were $8,069,090, or 7.7% of total net assets.
|
|
^
|
|
Variable rate security – The rate shown is the rate in effect as of March 31, 2020.
|
|
#
|
|
As of March 31, 2020, the Fund had a significant portion of its assets invested in the financials sector. See Note 12 in the Notes to the Financial Statements.
|
|
(b)
|
|
Interest only security.
|
|
(c)
|
|
Variable rate security. The coupon is based on an underlying pool of loans.
|
|
(d)
|
|
Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2020.
|
|
(e)
|
|
Adjustable rate security. The rate is determined by a remarketing agreement whereby an issuer contracts with a securities dealer to serve as the remarketing agent. The remarketing agent is
responsible for determining the interest rate the issuer pays on the bond until the next reset date.
|
|
(f)
|
|
The rate shown is the annualized seven-day effective yield as of March 31, 2020.
|
The Global Industry Classification Standard (“GICS”®) was developed by and is the exclusive property of MSCI, Inc.
(“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.
AGM – Assured Guaranty
BAM – Build America Mutual Assurance Company
LIBOR – London Interbank Offered Rate
REIT – Real Estate Investment Trust
See Notes to the Financial Statements
Great Lakes Disciplined Equity Fund
Schedule of Investments
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 115.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Services – 9.9%
|
|
|
|
|
|
|
|
Alphabet, Inc. – Class C*
|
|
|
877
|
|
|
$
|
1,019,784
|
|
|
Charter Communications, Inc. – Class A*
|
|
|
789
|
|
|
|
344,248
|
|
|
Facebook, Inc. – Class A*
|
|
|
2,626
|
|
|
|
438,017
|
|
|
Liberty Broadband Corp. – Class C*
|
|
|
1,783
|
|
|
|
197,414
|
|
|
Netflix, Inc.*
|
|
|
2,420
|
|
|
|
908,710
|
|
|
|
|
|
|
|
|
|
2,908,173
|
|
|
Consumer Discretionary – 11.3%
|
|
|
|
|
|
|
|
|
|
Advance Auto Parts, Inc.
|
|
|
896
|
|
|
|
83,615
|
|
|
Amazon.com, Inc.*
|
|
|
539
|
|
|
|
1,050,899
|
|
|
Aptiv plc
|
|
|
3,251
|
|
|
|
160,079
|
|
|
Home Depot, Inc.
|
|
|
6,021
|
|
|
|
1,124,181
|
|
|
McDonald’s Corp.
|
|
|
883
|
|
|
|
146,004
|
|
|
O’Reilly Automotive, Inc.*
|
|
|
1,933
|
|
|
|
581,930
|
|
|
Tractor Supply Co.
|
|
|
1,835
|
|
|
|
155,149
|
|
|
|
|
|
|
|
|
|
3,301,857
|
|
|
Consumer Staples – 5.9%
|
|
|
|
|
|
|
|
|
|
Coca-Cola Co.
|
|
|
8,435
|
|
|
|
373,249
|
|
|
Mondelez International, Inc.
|
|
|
19,572
|
|
|
|
980,166
|
|
|
PepsiCo, Inc.
|
|
|
2,202
|
|
|
|
264,460
|
|
|
Philip Morris International, Inc.
|
|
|
1,695
|
|
|
|
123,667
|
|
|
|
|
|
|
|
|
|
1,741,542
|
|
|
Financials – 8.3%
|
|
|
|
|
|
|
|
|
|
Aon plc
|
|
|
2,231
|
|
|
|
368,204
|
|
|
Berkshire Hathaway, Inc. – Class B*
|
|
|
3,811
|
|
|
|
696,765
|
|
|
CME Group, Inc.
|
|
|
751
|
|
|
|
129,856
|
|
|
JPMorgan Chase & Co.
|
|
|
2,489
|
|
|
|
224,085
|
|
|
Moody’s Corp.
|
|
|
1,594
|
|
|
|
337,131
|
|
|
S&P Global, Inc.
|
|
|
2,145
|
|
|
|
525,632
|
|
|
Willis Towers Watson plc
|
|
|
814
|
|
|
|
138,258
|
|
|
|
|
|
|
|
|
|
2,419,931
|
|
|
Health Care – 12.6%
|
|
|
|
|
|
|
|
|
|
AbbVie, Inc.
|
|
|
1,611
|
|
|
|
122,742
|
|
|
Abiomed, Inc.*
|
|
|
1,018
|
|
|
|
147,773
|
|
|
Becton, Dickinson and Co.
|
|
|
2,695
|
|
|
|
619,230
|
|
|
BioMarin Pharmaceutical, Inc.*
|
|
|
6,652
|
|
|
|
562,094
|
|
|
Danaher Corp.
|
|
|
1,153
|
|
|
|
159,587
|
|
|
Eli Lilly & Co.
|
|
|
1,038
|
|
|
|
143,991
|
|
See Notes to the Financial Statements
Great Lakes Disciplined Equity Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 115.5% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care – 12.6% (Continued)
|
|
|
|
|
|
|
|
IDEXX Laboratories, Inc.*
|
|
|
659
|
|
|
$
|
159,636
|
|
|
Johnson & Johnson
|
|
|
961
|
|
|
|
126,016
|
|
|
Laboratory Corporation of America Holdings*
|
|
|
2,265
|
|
|
|
286,273
|
|
|
PerkinElmer, Inc.
|
|
|
3,028
|
|
|
|
227,948
|
|
|
Thermo Fisher Scientific, Inc.
|
|
|
1,140
|
|
|
|
323,304
|
|
|
Zimmer Biomet Holdings, Inc.
|
|
|
4,060
|
|
|
|
410,385
|
|
|
Zoetis, Inc.
|
|
|
3,424
|
|
|
|
402,971
|
|
|
|
|
|
|
|
|
|
3,691,950
|
|
|
Industrials – 16.5%
|
|
|
|
|
|
|
|
|
|
3M Co.
|
|
|
7,313
|
|
|
|
998,298
|
|
|
AMETEK, Inc.
|
|
|
7,863
|
|
|
|
566,293
|
|
|
CSX Corp.
|
|
|
1,984
|
|
|
|
113,683
|
|
|
Cummins, Inc.
|
|
|
3,462
|
|
|
|
468,478
|
|
|
IDEX Corp.
|
|
|
854
|
|
|
|
117,946
|
|
|
Kansas City Southern
|
|
|
3,553
|
|
|
|
451,870
|
|
|
Norfolk Southern Corp.
|
|
|
1,039
|
|
|
|
151,694
|
|
|
Republic Services, Inc.
|
|
|
1,715
|
|
|
|
128,728
|
|
|
Teledyne Technologies, Inc.*
|
|
|
637
|
|
|
|
189,361
|
|
|
Union Pacific Corp.
|
|
|
6,732
|
|
|
|
949,481
|
|
|
Verisk Analytics, Inc.
|
|
|
2,007
|
|
|
|
279,736
|
|
|
Waste Management, Inc.
|
|
|
4,370
|
|
|
|
404,487
|
|
|
|
|
|
|
|
|
|
4,820,055
|
|
|
Information Technology# – 35.0%
|
|
|
|
|
|
|
|
|
|
Adobe, Inc.*
|
|
|
2,609
|
|
|
|
830,288
|
|
|
Apple, Inc.
|
|
|
3,089
|
|
|
|
785,502
|
|
|
Autodesk, Inc.*
|
|
|
4,365
|
|
|
|
681,376
|
|
|
Broadcom, Inc.
|
|
|
791
|
|
|
|
187,546
|
|
|
KLA Corp.
|
|
|
2,305
|
|
|
|
331,321
|
|
|
Lam Research Corp.
|
|
|
3,905
|
|
|
|
937,200
|
|
|
MasterCard, Inc. – Class A
|
|
|
2,770
|
|
|
|
669,121
|
|
|
Microsoft Corp.
|
|
|
17,767
|
|
|
|
2,802,034
|
|
|
NVIDIA Corp.
|
|
|
1,634
|
|
|
|
430,722
|
|
|
Paychex, Inc.
|
|
|
4,645
|
|
|
|
292,263
|
|
|
Texas Instruments, Inc.
|
|
|
9,278
|
|
|
|
927,151
|
|
|
Trade Desk Inc. – Class A*
|
|
|
1,543
|
|
|
|
297,799
|
|
|
Visa, Inc. – Class A
|
|
|
6,566
|
|
|
|
1,057,914
|
|
|
|
|
|
|
|
|
|
10,230,237
|
|
See Notes to the Financial Statements
Great Lakes Disciplined Equity Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 115.5% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials – 7.5%
|
|
|
|
|
|
|
|
Air Products & Chemicals, Inc.
|
|
|
4,622
|
|
|
$
|
922,598
|
|
|
Linde Plc
|
|
|
3,577
|
|
|
|
618,821
|
|
|
Martin Marietta Materials, Inc.
|
|
|
826
|
|
|
|
156,304
|
|
|
PPG Industries, Inc.
|
|
|
5,929
|
|
|
|
495,664
|
|
|
|
|
|
|
|
|
|
2,193,387
|
|
|
Real Estate – 4.9%
|
|
|
|
|
|
|
|
|
|
Healthpeak Properties, Inc. – REIT
|
|
|
6,129
|
|
|
|
146,177
|
|
|
Prologis, Inc. – REIT
|
|
|
8,517
|
|
|
|
684,511
|
|
|
Realty Income Corp. – REIT
|
|
|
7,122
|
|
|
|
355,103
|
|
|
VEREIT, Inc. – REIT
|
|
|
50,768
|
|
|
|
248,256
|
|
|
|
|
|
|
|
|
|
1,434,047
|
|
|
Utilities – 3.6%
|
|
|
|
|
|
|
|
|
|
American Electric Power Co., Inc.
|
|
|
1,955
|
|
|
|
156,361
|
|
|
Duke Energy Corp.
|
|
|
6,193
|
|
|
|
500,890
|
|
|
NextEra Energy, Inc.
|
|
|
1,663
|
|
|
|
400,151
|
|
|
|
|
|
|
|
|
|
1,057,402
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $33,322,746)
|
|
|
|
|
|
|
33,798,581
|
|
|
Total Investments – 115.5%
|
|
|
|
|
|
|
|
|
|
(Cost $33,322,746)
|
|
|
|
|
|
|
33,798,581
|
|
|
Other Assets and Liabilities, Net – (15.5)%
|
|
|
|
|
|
|
(4,545,982
|
)
|
|
Total Net Assets – 100.0%
|
|
|
|
|
|
$
|
29,252,599
|
|
|
*
|
Non-income producing security.
|
|
#
|
As of March 31, 2020, the Fund had a significant portion of its assets invested in the information technology sector. See Note 12 in the Notes to the Financial Statements.
|
REIT – Real Estate Investment Trust
The Global Industry Classification Standard (“GICS”®) was developed by and is the exclusive property of MSCI, Inc.
(“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.
See Notes to the Financial Statements
Great Lakes Disciplined International Smaller Company Fund
Schedule of Investments
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 18.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia – 0.4%
|
|
|
|
|
|
|
|
ARB Corp., Ltd. (a)
|
|
|
1,212
|
|
|
$
|
10,619
|
|
|
carsales.com Ltd. (a)
|
|
|
862
|
|
|
|
6,194
|
|
|
Orica Ltd. (a)
|
|
|
1,132
|
|
|
|
10,597
|
|
|
Sydney Airport (a)
|
|
|
2,883
|
|
|
|
9,961
|
|
|
|
|
|
|
|
|
|
37,371
|
|
|
Belgium – 0.8%
|
|
|
|
|
|
|
|
|
|
D’ieteren SA/NV (a)
|
|
|
555
|
|
|
|
27,529
|
|
|
Elia System Operator SA/NV (a)
|
|
|
403
|
|
|
|
39,253
|
|
|
|
|
|
|
|
|
|
66,782
|
|
|
Brazil – 0.8%
|
|
|
|
|
|
|
|
|
|
Embraer SA*
|
|
|
5,706
|
|
|
|
10,476
|
|
|
Lojas Renner SA
|
|
|
3,530
|
|
|
|
22,833
|
|
|
Magazine Luiza SA
|
|
|
2,851
|
|
|
|
21,607
|
|
|
Raia Drogasil SA
|
|
|
675
|
|
|
|
13,160
|
|
|
|
|
|
|
|
|
|
68,076
|
|
|
Canada – 1.7%
|
|
|
|
|
|
|
|
|
|
Canadian Western Bank
|
|
|
1,460
|
|
|
|
20,095
|
|
|
Choice Properties – REIT
|
|
|
4,260
|
|
|
|
39,110
|
|
|
Fairfax Financial Holdings Ltd.
|
|
|
42
|
|
|
|
12,876
|
|
|
First Capital Real Estate Investment Trust – REIT
|
|
|
2,761
|
|
|
|
26,741
|
|
|
Great-West Lifeco, Inc.
|
|
|
1,079
|
|
|
|
18,639
|
|
|
SSR Mining, Inc.*
|
|
|
875
|
|
|
|
9,979
|
|
|
WSP Global, Inc.
|
|
|
513
|
|
|
|
29,133
|
|
|
|
|
|
|
|
|
|
156,573
|
|
|
Chile – 0.1%
|
|
|
|
|
|
|
|
|
|
Banco de Credito e Inversiones (a)
|
|
|
282
|
|
|
|
9,567
|
|
|
|
|
|
|
|
|
|
|
|
|
China – 0.7%
|
|
|
|
|
|
|
|
|
|
Country Garden Services Holdings Co., Ltd. (a)
|
|
|
1,990
|
|
|
|
8,007
|
|
|
Shenzhou International Group Holdings Ltd. (a)
|
|
|
3,505
|
|
|
|
36,768
|
|
|
Sinopharm Group Co., Ltd. – Class H (a)
|
|
|
7,534
|
|
|
|
16,693
|
|
|
Tsingtao Brewery Co., Ltd. – Class H(a)
|
|
|
816
|
|
|
|
4,125
|
|
|
|
|
|
|
|
|
|
65,593
|
|
|
France – 0.4%
|
|
|
|
|
|
|
|
|
|
ICADE – REIT (a)
|
|
|
460
|
|
|
|
36,105
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany – 0.3%
|
|
|
|
|
|
|
|
|
|
Rational AG (a)
|
|
|
49
|
|
|
|
25,914
|
|
See Notes to the Financial Statements
Great Lakes Disciplined International Smaller Company Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 18.0% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong – 0.6%
|
|
|
|
|
|
|
|
Cafe de Coral Holdings Ltd. (a)
|
|
|
9,186
|
|
|
$
|
15,005
|
|
|
China Mengniu Dairy Co Ltd. (a)
|
|
|
1,299
|
|
|
|
4,480
|
|
|
China Resources Beer Holdings Co., Ltd. (a)
|
|
|
5,225
|
|
|
|
23,685
|
|
|
Kingboard Holdings Ltd. (a)
|
|
|
4,885
|
|
|
|
11,325
|
|
|
|
|
|
|
|
|
|
54,495
|
|
|
Italy – 0.3%
|
|
|
|
|
|
|
|
|
|
DiaSorin SpA (a)
|
|
|
180
|
|
|
|
23,727
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan – 3.5%
|
|
|
|
|
|
|
|
|
|
Advantest Corp. (a)
|
|
|
118
|
|
|
|
4,700
|
|
|
Aisin Seiki Co., Ltd. (a)
|
|
|
285
|
|
|
|
6,980
|
|
|
Alfresa Holdings Corp. (a)
|
|
|
1,155
|
|
|
|
21,496
|
|
|
Aozora Bank Ltd. (a)
|
|
|
580
|
|
|
|
11,069
|
|
|
Chugoku Electric Power Co., Inc. (a)
|
|
|
2,123
|
|
|
|
29,620
|
|
|
Hirose Electric Co., Ltd.
|
|
|
246
|
|
|
|
25,624
|
|
|
Hitachi High-Tech Corp.
|
|
|
353
|
|
|
|
26,198
|
|
|
IBJ Leasing Co., Ltd. (a)
|
|
|
1,676
|
|
|
|
32,698
|
|
|
MEITEC Corp. (a)
|
|
|
105
|
|
|
|
4,164
|
|
|
Musashino Bank, Ltd. (a)
|
|
|
813
|
|
|
|
10,305
|
|
|
Nakayama Steel Works Ltd. (a)
|
|
|
1,791
|
|
|
|
6,636
|
|
|
NHK Spring Co., Ltd. (a)
|
|
|
2,067
|
|
|
|
13,483
|
|
|
Ryoden Corp. (a)
|
|
|
588
|
|
|
|
7,029
|
|
|
Suzuken Co., Ltd. (a)
|
|
|
242
|
|
|
|
8,792
|
|
|
Tokyo Century Corp. (a)
|
|
|
357
|
|
|
|
11,171
|
|
|
Tokyo Seimitsu Co., Ltd. (a)
|
|
|
292
|
|
|
|
8,219
|
|
|
Tokyu Fudosan Holdings Corp. (a)
|
|
|
8,285
|
|
|
|
39,794
|
|
|
TPR Co., Ltd. (a)
|
|
|
1,029
|
|
|
|
10,936
|
|
|
Ulvac, Inc. (a)
|
|
|
736
|
|
|
|
17,426
|
|
|
Yamaguchi Financial Group, Inc. (a)
|
|
|
2,825
|
|
|
|
15,928
|
|
|
|
|
|
|
|
|
|
312,268
|
|
|
Malaysia – 0.4%
|
|
|
|
|
|
|
|
|
|
Fraser & Neave Holdings Berhad (a)
|
|
|
2,983
|
|
|
|
21,463
|
|
|
Genting Plantations Berhad (a)
|
|
|
2,659
|
|
|
|
5,836
|
|
|
PPB Group Berhad (a)
|
|
|
1,539
|
|
|
|
5,835
|
|
|
|
|
|
|
|
|
|
33,134
|
|
|
Mexico – 0.3%
|
|
|
|
|
|
|
|
|
|
Promotora y Operadora de Infraestructura SAB de CV*
|
|
|
4,567
|
|
|
|
30,643
|
|
See Notes to the Financial Statements
Great Lakes Disciplined International Smaller Company Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 18.0% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands – 0.1%
|
|
|
|
|
|
|
|
IMCD NV (a)
|
|
|
87
|
|
|
$
|
6,243
|
|
|
|
|
|
|
|
|
|
|
|
|
New Zealand – 0.2%
|
|
|
|
|
|
|
|
|
|
Auckland International Airport Ltd. (a)
|
|
|
6,990
|
|
|
|
20,828
|
|
|
|
|
|
|
|
|
|
|
|
|
Norway – 0.2%
|
|
|
|
|
|
|
|
|
|
Scatec Solar ASA (a)*
|
|
|
1,029
|
|
|
|
12,898
|
|
|
TGS NOPEC Geophysical Co. ASA
|
|
|
411
|
|
|
|
4,564
|
|
|
|
|
|
|
|
|
|
17,462
|
|
|
Philippines – 0.4%
|
|
|
|
|
|
|
|
|
|
International Container Terminal Services, Inc. (a)
|
|
|
15,773
|
|
|
|
23,065
|
|
|
SM Investments Corp. (a)
|
|
|
919
|
|
|
|
14,701
|
|
|
|
|
|
|
|
|
|
37,766
|
|
|
Singapore – 0.8%
|
|
|
|
|
|
|
|
|
|
SATS Ltd. (a)
|
|
|
11,106
|
|
|
|
24,687
|
|
|
Singapore Press Holdings Ltd. (a)
|
|
|
7,827
|
|
|
|
10,121
|
|
|
Singapore Technologies Engineering Ltd. (a)
|
|
|
2,024
|
|
|
|
4,428
|
|
|
UOL Group Ltd. (a)
|
|
|
7,783
|
|
|
|
35,708
|
|
|
|
|
|
|
|
|
|
74,944
|
|
|
South Africa – 0.7%
|
|
|
|
|
|
|
|
|
|
Clicks Group, Ltd. (a)
|
|
|
665
|
|
|
|
9,585
|
|
|
Rand Merchant Investment Holdings Ltd. (a)
|
|
|
16,991
|
|
|
|
21,100
|
|
|
Remgro Ltd. (a)
|
|
|
3,311
|
|
|
|
22,637
|
|
|
Sanlam Ltd. (a)
|
|
|
3,855
|
|
|
|
10,978
|
|
|
|
|
|
|
|
|
|
64,300
|
|
|
South Korea – 0.6%
|
|
|
|
|
|
|
|
|
|
Chong Kun Dang Pharmaceutical Corp. (a)
|
|
|
70
|
|
|
|
4,859
|
|
|
Hanmi Pharmaceutical Co., Ltd. (a)
|
|
|
30
|
|
|
|
6,390
|
|
|
Koh Young Technology, Inc. (a)
|
|
|
316
|
|
|
|
20,018
|
|
|
POSCO ICT Co., Ltd. (a)
|
|
|
5,196
|
|
|
|
16,173
|
|
|
SK Gas Ltd. (a)
|
|
|
145
|
|
|
|
7,444
|
|
|
|
|
|
|
|
|
|
54,884
|
|
|
Spain – 0.2%
|
|
|
|
|
|
|
|
|
|
Red Electrica Corp. SA (a)
|
|
|
956
|
|
|
|
17,179
|
|
See Notes to the Financial Statements
Great Lakes Disciplined International Smaller Company Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 18.0% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden – 1.0%
|
|
|
|
|
|
|
|
Boliden AB (a)
|
|
|
1,511
|
|
|
$
|
27,107
|
|
|
Indutrade AB (a)
|
|
|
237
|
|
|
|
6,412
|
|
|
Kinnevik AB – Class B (a)
|
|
|
1,506
|
|
|
|
24,562
|
|
|
Svenska Cellulosa AB SCA – Class B (a)
|
|
|
3,268
|
|
|
|
32,340
|
|
|
|
|
|
|
|
|
|
90,421
|
|
|
Switzerland – 1.4%
|
|
|
|
|
|
|
|
|
|
ALSO Holding AG – REG D (a)
|
|
|
136
|
|
|
|
21,376
|
|
|
Baloise Holding AG – REG D (a)
|
|
|
214
|
|
|
|
27,899
|
|
|
Banque Cantonale Vaudoise – REG D (a)
|
|
|
49
|
|
|
|
40,112
|
|
|
Straumann Holding AG (a)
|
|
|
36
|
|
|
|
26,320
|
|
|
Vifor Pharma AG (a)*
|
|
|
93
|
|
|
|
12,723
|
|
|
|
|
|
|
|
|
|
128,430
|
|
|
United Kingdom – 2.1%
|
|
|
|
|
|
|
|
|
|
Bellway plc (a)
|
|
|
768
|
|
|
|
20,346
|
|
|
Bunzl plc (a)
|
|
|
351
|
|
|
|
7,026
|
|
|
Halma plc (a)
|
|
|
1,707
|
|
|
|
40,090
|
|
|
HomeServe plc (a)
|
|
|
3,121
|
|
|
|
40,653
|
|
|
Rightmove plc (a)
|
|
|
5,945
|
|
|
|
35,854
|
|
|
Spirax-Sarco Engineering plc (a)
|
|
|
413
|
|
|
|
41,462
|
|
|
|
|
|
|
|
|
|
185,431
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $2,107,161)
|
|
|
|
|
|
|
1,618,136
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS – 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil – 0.1%
|
|
|
|
|
|
|
|
|
|
Alpargatas SA
|
|
|
2,126
|
|
|
|
9,615
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany – 0.2%
|
|
|
|
|
|
|
|
|
|
Sartorius AG (a)*
|
|
|
86
|
|
|
|
20,561
|
|
|
Total Preferred Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $39,695)
|
|
|
|
|
|
|
30,176
|
|
See Notes to the Financial Statements
Great Lakes Disciplined International Smaller Company Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
MONEY MARKET FUND – 5.4%
|
|
|
|
|
|
|
|
First American Government Obligations Fund – Class Z, 0.39%^
|
|
|
|
|
|
|
|
Total Money Market Fund
|
|
|
|
|
|
|
|
(Cost $484,126)
|
|
|
484,126
|
|
|
$
|
484,126
|
|
|
Total Investments – 23.7%
|
|
|
|
|
|
|
|
|
|
(Cost $2,630,982)
|
|
|
|
|
|
|
2,132,438
|
|
|
Other Assets and Liabilities, Net – 76.3%
|
|
|
|
|
|
|
6,875,239
|
|
|
Total Net Assets – 100.0%
|
|
|
|
|
|
$
|
9,007,677
|
|
|
(a)
|
This security is categorized as a Level 2 security in the fair value hierarchy.
|
|
*
|
Non-income producing security.
|
|
^
|
The rate shown is the annualized seven-day effective yield as of March 31, 2020.
|
REIT – Real Estate Investment Trust
ADR – American Depositary Receipt
REG D – Regulation D allows capital to be raised through the sale of equity or debt securities without the need to register those securities with the Securities and Exchange Commission.
The Global Industry Classification Standard (“GICS”®) was developed by and is the exclusive property of MSCI, Inc.
(“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.
At March 31, 2020, the sector diversification for the Fund was as follows:
|
|
|
% of
|
|
Sector
|
|
Net Assets
|
|
Industrials
|
|
|
3.4
|
%
|
|
|
Financials
|
|
|
3.2
|
%
|
|
|
Consumer Discretionary
|
|
|
2.2
|
%
|
|
|
Information Technology
|
|
|
2.2
|
%
|
|
|
Real Estate
|
|
|
2.0
|
%
|
|
|
Health Care
|
|
|
1.6
|
%
|
|
|
Utilities
|
|
|
1.1
|
%
|
|
|
Consumer Staples
|
|
|
1.0
|
%
|
|
|
Materials
|
|
|
0.9
|
%
|
|
|
Communication Services
|
|
|
0.6
|
%
|
|
|
Energy
|
|
|
0.1
|
%
|
|
|
Other Assets and Liabilities, Net
|
|
|
81.7
|
%
|
|
|
Total
|
|
|
100.0
|
%
|
|
See Notes to the Financial Statements
Great Lakes Large Cap Value Fund
Schedule of Investments
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 92.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Services – 6.9%
|
|
|
|
|
|
|
|
Alphabet, Inc. – Class C*
|
|
|
1,060
|
|
|
$
|
1,232,579
|
|
|
Comcast Corp. – Class A
|
|
|
29,776
|
|
|
|
1,023,699
|
|
|
Walt Disney Co.
|
|
|
3,282
|
|
|
|
317,041
|
|
|
|
|
|
|
|
|
|
2,573,319
|
|
|
Consumer Discretionary – 7.7%
|
|
|
|
|
|
|
|
|
|
Booking Holdings, Inc.*
|
|
|
492
|
|
|
|
661,897
|
|
|
BorgWarner, Inc.
|
|
|
44,214
|
|
|
|
1,077,495
|
|
|
Expedia Group, Inc.
|
|
|
10,391
|
|
|
|
584,702
|
|
|
Hasbro, Inc.
|
|
|
7,609
|
|
|
|
544,424
|
|
|
|
|
|
|
|
|
|
2,868,518
|
|
|
Consumer Staples – 6.4%
|
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev SA/NV – ADR
|
|
|
12,067
|
|
|
|
532,396
|
|
|
Philip Morris International, Inc.
|
|
|
19,506
|
|
|
|
1,423,158
|
|
|
Sysco Corp.
|
|
|
9,729
|
|
|
|
443,934
|
|
|
|
|
|
|
|
|
|
2,399,488
|
|
|
Energy – 6.8%
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
9,930
|
|
|
|
719,528
|
|
|
Royal Dutch Shell – Class A – ADR
|
|
|
38,212
|
|
|
|
1,333,217
|
|
|
Schlumberger Ltd.
|
|
|
37,346
|
|
|
|
503,797
|
|
|
|
|
|
|
|
|
|
2,556,542
|
|
|
Financials – 21.5%
|
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
9,654
|
|
|
|
826,479
|
|
|
Ameriprise Financial, Inc.
|
|
|
4,972
|
|
|
|
509,530
|
|
|
Bank of America Corp.
|
|
|
42,886
|
|
|
|
910,470
|
|
|
Berkshire Hathaway, Inc. – Class B*
|
|
|
5,896
|
|
|
|
1,077,966
|
|
|
Chubb Ltd.
|
|
|
9,000
|
|
|
|
1,005,210
|
|
|
Citigroup, Inc.
|
|
|
18,863
|
|
|
|
794,510
|
|
|
Discover Financial Services
|
|
|
16,665
|
|
|
|
594,440
|
|
|
MetLife, Inc.
|
|
|
23,981
|
|
|
|
733,099
|
|
|
PNC Financial Services Group, Inc.
|
|
|
8,066
|
|
|
|
772,077
|
|
|
Prudential Financial, Inc.
|
|
|
16,219
|
|
|
|
845,659
|
|
|
|
|
|
|
|
|
|
8,069,440
|
|
|
Health Care – 19.8%
|
|
|
|
|
|
|
|
|
|
AbbVie, Inc.
|
|
|
18,546
|
|
|
|
1,413,020
|
|
|
Biogen, Inc.*
|
|
|
3,420
|
|
|
|
1,082,020
|
|
|
Boston Scientific Corp.*
|
|
|
11,117
|
|
|
|
362,748
|
|
|
CVS Health Corp.
|
|
|
17,285
|
|
|
|
1,025,519
|
|
See Notes to the Financial Statements
Great Lakes Large Cap Value Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 92.3% (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care – 19.8% (Continued)
|
|
|
|
|
|
|
|
McKesson Corp.
|
|
|
6,331
|
|
|
$
|
856,331
|
|
|
Merck & Co., Inc.
|
|
|
17,980
|
|
|
|
1,383,381
|
|
|
UnitedHealth Group, Inc.
|
|
|
5,132
|
|
|
|
1,279,818
|
|
|
|
|
|
|
|
|
|
7,402,837
|
|
|
Industrials – 13.5%
|
|
|
|
|
|
|
|
|
|
Canadian National Railway Co.
|
|
|
6,593
|
|
|
|
511,815
|
|
|
Cummins, Inc.
|
|
|
7,342
|
|
|
|
993,519
|
|
|
General Electric Co.
|
|
|
115,688
|
|
|
|
918,563
|
|
|
Lockheed Martin Corp.
|
|
|
3,289
|
|
|
|
1,114,806
|
|
|
PACCAR, Inc.
|
|
|
17,409
|
|
|
|
1,064,212
|
|
|
Wabtec Corp.
|
|
|
9,435
|
|
|
|
454,107
|
|
|
|
|
|
|
|
|
|
5,057,022
|
|
|
Information Technology – 6.3%
|
|
|
|
|
|
|
|
|
|
Intel Corp.
|
|
|
14,989
|
|
|
|
811,205
|
|
|
Oracle Corp.
|
|
|
31,736
|
|
|
|
1,533,801
|
|
|
|
|
|
|
|
|
|
2,345,006
|
|
|
Materials – 1.0%
|
|
|
|
|
|
|
|
|
|
DuPont de Nemours, Inc.
|
|
|
10,795
|
|
|
|
368,109
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities – 2.4%
|
|
|
|
|
|
|
|
|
|
Public Service Enterprise Group, Inc.
|
|
|
20,122
|
|
|
|
903,679
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $41,884,970)
|
|
|
|
|
|
|
34,543,960
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND – 3.9%
|
|
|
|
|
|
|
|
|
|
First American Government Obligations Fund – Class Z, 0.39%^
|
|
|
|
|
|
|
|
|
|
Total Money Market Fund
|
|
|
|
|
|
|
|
|
|
(Cost $1,468,301)
|
|
|
1,468,301
|
|
|
|
1,468,301
|
|
|
Total Investments – 96.2%
|
|
|
|
|
|
|
|
|
|
(Cost $43,353,271)
|
|
|
|
|
|
|
36,012,261
|
|
|
Other Assets and Liabilities, Net – 3.8%
|
|
|
|
|
|
|
1,411,202
|
|
|
Total Net Assets – 100.0%
|
|
|
|
|
|
$
|
37,423,463
|
|
|
*
|
Non-income producing security.
|
|
^
|
The rate shown is the annualized seven-day effective yield as of March 31, 2020.
|
The Global Industry Classification Standard (“GICS”®) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &
Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.
See Notes to the Financial Statements
Great Lakes Small Cap Opportunity Fund
Schedule of Investments
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 94.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Services – 4.3%
|
|
|
|
|
|
|
|
TripAdvisor, Inc.
|
|
|
103,001
|
|
|
$
|
1,791,187
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary – 13.9%
|
|
|
|
|
|
|
|
|
|
Adtalem Global Education, Inc.*
|
|
|
40,366
|
|
|
|
1,081,405
|
|
|
Despegar.com, Corp.*
|
|
|
66,345
|
|
|
|
376,176
|
|
|
Frontdoor, Inc.*
|
|
|
23,268
|
|
|
|
809,261
|
|
|
Gildan Activewear, Inc.
|
|
|
101,745
|
|
|
|
1,298,266
|
|
|
Mattel, Inc.*+
|
|
|
56,819
|
|
|
|
500,576
|
|
|
Nordstrom, Inc.
|
|
|
35,542
|
|
|
|
545,214
|
|
|
Shutterstock, Inc.
|
|
|
13,139
|
|
|
|
422,550
|
|
|
Urban Outfitters, Inc.*
|
|
|
52,945
|
|
|
|
753,937
|
|
|
|
|
|
|
|
|
|
5,787,385
|
|
|
Consumer Staples – 5.0%
|
|
|
|
|
|
|
|
|
|
Hain Celestial Group, Inc.*
|
|
|
40,585
|
|
|
|
1,053,992
|
|
|
Spectrum Brands Holdings, Inc.
|
|
|
28,488
|
|
|
|
1,036,109
|
|
|
|
|
|
|
|
|
|
2,090,101
|
|
|
Energy – 2.4%
|
|
|
|
|
|
|
|
|
|
Dril-Quip, Inc.*
|
|
|
32,235
|
|
|
|
983,168
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials – 20.9%
|
|
|
|
|
|
|
|
|
|
Axis Capital Holdings Ltd.
|
|
|
30,586
|
|
|
|
1,182,149
|
|
|
Bank OZK
|
|
|
47,079
|
|
|
|
786,219
|
|
|
First American Financial Corp.
|
|
|
15,853
|
|
|
|
672,326
|
|
|
Horace Mann Educators Corp.
|
|
|
22,845
|
|
|
|
835,899
|
|
|
Investors Bancorp, Inc.
|
|
|
216,813
|
|
|
|
1,732,336
|
|
|
Jefferies Financial Group, Inc.
|
|
|
73,739
|
|
|
|
1,008,012
|
|
|
PRA Group, Inc.*
|
|
|
39,525
|
|
|
|
1,095,633
|
|
|
Pzena Investment Management, Inc. – Class A
|
|
|
78,551
|
|
|
|
350,337
|
|
|
Trupanion, Inc.*+
|
|
|
40,058
|
|
|
|
1,042,710
|
|
|
|
|
|
|
|
|
|
8,705,621
|
|
|
Health Care – 8.1%
|
|
|
|
|
|
|
|
|
|
Dentsply Sirona, Inc.
|
|
|
16,571
|
|
|
|
643,452
|
|
|
Luminex Corp.
|
|
|
45,775
|
|
|
|
1,260,186
|
|
|
Medpace Holdings, Inc.*
|
|
|
2,677
|
|
|
|
196,438
|
|
|
Patterson Companies, Inc.
|
|
|
81,844
|
|
|
|
1,251,395
|
|
|
|
|
|
|
|
|
|
3,351,471
|
|
See Notes to the Financial Statements
Great Lakes Small Cap Opportunity Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS – 94.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials – 24.1%
|
|
|
|
|
|
|
|
Acuity Brands, Inc.
|
|
|
17,179
|
|
|
$
|
1,471,553
|
|
|
Crane Co.
|
|
|
30,660
|
|
|
|
1,507,859
|
|
|
EnerSys
|
|
|
17,286
|
|
|
|
856,003
|
|
|
KAR Auction Services, Inc.
|
|
|
68,513
|
|
|
|
822,156
|
|
|
Kirby Corp.*
|
|
|
7,957
|
|
|
|
345,891
|
|
|
MSC Industrial Direct Co., Inc. – Class A
|
|
|
23,377
|
|
|
|
1,285,034
|
|
|
Sensata Technologies Holding plc*
|
|
|
27,438
|
|
|
|
793,781
|
|
|
Standex International Corp.
|
|
|
13,443
|
|
|
|
658,976
|
|
|
UniFirst Corp.
|
|
|
7,052
|
|
|
|
1,065,487
|
|
|
Valmont Industries, Inc.
|
|
|
6,917
|
|
|
|
733,063
|
|
|
WESCO International, Inc.*
|
|
|
20,789
|
|
|
|
475,028
|
|
|
|
|
|
|
|
|
|
10,014,831
|
|
|
Information Technology – 9.2%
|
|
|
|
|
|
|
|
|
|
Avnet, Inc.
|
|
|
36,465
|
|
|
|
915,272
|
|
|
Coherent, Inc.*
|
|
|
5,501
|
|
|
|
585,361
|
|
|
Knowles Corp.*
|
|
|
40,805
|
|
|
|
545,971
|
|
|
MKS Instruments, Inc.
|
|
|
4,666
|
|
|
|
380,046
|
|
|
SS&C Technologies Holdings, Inc.
|
|
|
15,594
|
|
|
|
683,329
|
|
|
ViaSat, Inc.*
|
|
|
20,359
|
|
|
|
731,295
|
|
|
|
|
|
|
|
|
|
3,841,274
|
|
|
Materials – 3.6%
|
|
|
|
|
|
|
|
|
|
NewMarket Corp.
|
|
|
3,876
|
|
|
|
1,484,004
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate – 2.9%
|
|
|
|
|
|
|
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
11,754
|
|
|
|
1,186,919
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $57,022,343)
|
|
|
|
|
|
|
39,235,961
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND – 3.3%
|
|
|
|
|
|
|
|
|
|
First American Government Obligations Fund – Class Z, 0.39%^
|
|
|
|
|
|
|
|
|
|
Total Money Market Fund
|
|
|
|
|
|
|
|
|
|
(Cost $1,359,580)
|
|
|
1,359,580
|
|
|
|
1,359,580
|
|
See Notes to the Financial Statements
Great Lakes Small Cap Opportunity Fund
Schedule of Investments – Continued
March 31, 2020
|
Description
|
|
Shares
|
|
|
Value
|
|
|
INVESTMENT PURCHASED WITH PROCEEDS
|
|
|
|
|
|
|
|
FROM SECURITIES LENDING – 3.3%
|
|
|
|
|
|
|
|
First American Government Obligations Fund – Class Z, 0.39%^
|
|
|
|
|
|
|
|
Total Investment Purchased with Proceeds from Securities Lending
|
|
|
|
|
|
|
|
(Cost $1,373,221)
|
|
|
1,373,221
|
|
|
$
|
1,373,221
|
|
|
Total Investments – 101.0%
|
|
|
|
|
|
|
|
|
|
(Cost $59,755,144)
|
|
|
|
|
|
|
41,968,762
|
|
|
Other Assets and Liabilities, Net – (1.0)%
|
|
|
|
|
|
|
(426,215
|
)
|
|
Total Net Assets – 100.0%
|
|
|
|
|
|
$
|
41,542,547
|
|
|
*
|
Non-income producing security.
|
|
+
|
All or a portion of this security was out on loan at March 31, 2020. Total loaned securities had a market value of $1,340,366 at March 31, 2020. See Note 9 in the Notes to the Financial
Statements.
|
|
^
|
The rate shown is the annualized seven-day effective yield as of March 31, 2020.
|
The Global Industry Classification Standard (“GICS”®) was developed by and is the exclusive property of MSCI, Inc.
(“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.
See Notes to the Financial Statements
Great Lakes Funds
Statements of Assets and Liabilities
March 31, 2020
|
|
|
|
|
|
|
|
|
Disciplined
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
Disciplined
|
|
|
Smaller
|
|
|
|
|
Bond Fund
|
|
|
Equity Fund
|
|
|
Company Fund
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
At cost
|
|
$
|
104,821,100
|
|
|
$
|
33,322,746
|
|
|
$
|
2,630,982
|
|
|
At value
|
|
$
|
101,897,376
|
|
|
$
|
33,798,581
|
|
|
$
|
2,132,438
|
|
|
Cash
|
|
|
—
|
|
|
|
—
|
|
|
|
3,096
|
|
|
Foreign currencies (cost $2,028)
|
|
|
—
|
|
|
|
—
|
|
|
|
2,006
|
|
|
Receivable for investment securities sold
|
|
|
2,494,008
|
|
|
|
1,217,176
|
|
|
|
6,922,768
|
|
|
Dividends & interest receivable
|
|
|
792,453
|
|
|
|
36,273
|
|
|
|
39,046
|
|
|
Dividend tax reclaim receivable
|
|
|
—
|
|
|
|
—
|
|
|
|
27,526
|
|
|
Receivable from adviser
|
|
|
—
|
|
|
|
—
|
|
|
|
2,730
|
|
|
Receivable for capital shares sold
|
|
|
213,117
|
|
|
|
735,614
|
|
|
|
—
|
|
|
Prepaid expenses
|
|
|
10,290
|
|
|
|
12,050
|
|
|
|
11,929
|
|
|
Total Assets
|
|
|
105,407,244
|
|
|
|
35,799,694
|
|
|
|
9,141,539
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to custodian
|
|
|
—
|
|
|
|
699,150
|
|
|
|
—
|
|
|
Distributions payable
|
|
|
162,793
|
|
|
|
—
|
|
|
|
—
|
|
|
Payable for loans
|
|
|
1,058,000
|
|
|
|
5,184,000
|
|
|
|
—
|
|
|
Payable for investment securities purchased
|
|
|
163,053
|
|
|
|
—
|
|
|
|
85,311
|
|
|
Payable for capital shares redeemed
|
|
|
56,969
|
|
|
|
614,877
|
|
|
|
—
|
|
|
Payable to investment adviser
|
|
|
38,604
|
|
|
|
9,993
|
|
|
|
—
|
|
|
Payable for audit and tax fees
|
|
|
16,994
|
|
|
|
14,990
|
|
|
|
18,009
|
|
|
Payable for fund administration & accounting fees
|
|
|
15,658
|
|
|
|
10,464
|
|
|
|
13,080
|
|
|
Payable for compliance fees
|
|
|
1,931
|
|
|
|
1,932
|
|
|
|
1,934
|
|
|
Payable for transfer agent fees & expenses
|
|
|
3,548
|
|
|
|
2,979
|
|
|
|
2,764
|
|
|
Payable for custody fees
|
|
|
1,607
|
|
|
|
906
|
|
|
|
6,194
|
|
|
Payable for trustee fees
|
|
|
3,200
|
|
|
|
3,266
|
|
|
|
3,293
|
|
|
Accrued other fees
|
|
|
5,863
|
|
|
|
4,538
|
|
|
|
3,277
|
|
|
Total Liabilities
|
|
|
1,528,220
|
|
|
|
6,547,095
|
|
|
|
133,862
|
|
|
NET ASSETS
|
|
$
|
103,879,024
|
|
|
$
|
29,252,599
|
|
|
$
|
9,007,677
|
|
|
COMPOSITION OF NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
107,841,214
|
|
|
$
|
27,515,001
|
|
|
$
|
17,067,438
|
|
|
Total distributable earnings (accumulated loss)
|
|
|
(3,962,190
|
)
|
|
|
1,737,598
|
|
|
|
(8,059,761
|
)
|
|
Total net assets
|
|
$
|
103,879,024
|
|
|
$
|
29,252,599
|
|
|
$
|
9,007,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
103,879,024
|
|
|
$
|
29,252,599
|
|
|
$
|
9,007,677
|
|
|
Shares issued and outstanding(1)
|
|
|
10,893,548
|
|
|
|
2,178,474
|
|
|
|
1,151,727
|
|
|
Net asset value, offering price, and redemption price per share(2)
|
|
$
|
9.54
|
|
|
$
|
13.43
|
|
|
$
|
7.82
|
|
|
(1)
|
Unlimited shares authorized without par value.
|
|
(2)
|
A redemption fee of 1.00% is assessed against shares redeemed within 60 days of purchase for the Disciplined International Smaller Company Fund only.
|
See Notes to the Financial Statements
Great Lakes Funds
Statements of Assets and Liabilities – Continued
March 31, 2020
|
|
|
|
|
|
Small Cap
|
|
|
|
|
Large Cap
|
|
|
Opportunity
|
|
|
|
|
Value Fund
|
|
|
Fund
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
At cost
|
|
$
|
43,353,271
|
|
|
$
|
59,755,144
|
|
|
At value(1)
|
|
$
|
36,012,261
|
|
|
$
|
41,968,762
|
|
|
Receivable for investment securities sold
|
|
|
—
|
|
|
|
1,708,770
|
|
|
Dividends & interest receivable
|
|
|
72,006
|
|
|
|
53,895
|
|
|
Receivable for capital shares sold
|
|
|
1,475,923
|
|
|
|
51,148
|
|
|
Interest receivable from securities lending
|
|
|
—
|
|
|
|
1,532
|
|
|
Prepaid expenses
|
|
|
9,680
|
|
|
|
17,007
|
|
|
Total Assets
|
|
|
37,569,870
|
|
|
|
43,801,114
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Payable upon return of securities loaned (Note 9)
|
|
|
—
|
|
|
|
1,373,221
|
|
|
Payable for investment securities purchased
|
|
|
—
|
|
|
|
591,285
|
|
|
Payable for capital shares redeemed
|
|
|
95,775
|
|
|
|
221,690
|
|
|
Payable for audit and tax fees
|
|
|
14,999
|
|
|
|
14,990
|
|
|
Payable to investment adviser
|
|
|
12,400
|
|
|
|
21,039
|
|
|
Payable for fund administration & accounting fees
|
|
|
10,109
|
|
|
|
12,920
|
|
|
Payable for compliance fees
|
|
|
1,932
|
|
|
|
1,932
|
|
|
Payable for transfer agent fees & expenses
|
|
|
3,117
|
|
|
|
5,446
|
|
|
Payable for custody fees
|
|
|
689
|
|
|
|
1,095
|
|
|
Payable for trustee fees
|
|
|
3,277
|
|
|
|
3,242
|
|
|
Accrued other fees
|
|
|
4,109
|
|
|
|
4,807
|
|
|
Accrued distribution fees – Investor Class
|
|
|
—
|
|
|
|
6,900
|
|
|
Total Liabilities
|
|
|
146,407
|
|
|
|
2,258,567
|
|
|
NET ASSETS
|
|
$
|
37,423,463
|
|
|
$
|
41,542,547
|
|
|
COMPOSITION OF NET ASSETS
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
44,912,267
|
|
|
$
|
60,459,365
|
|
|
Total accumulated loss
|
|
|
(7,488,804
|
)
|
|
|
(18,916,818
|
)
|
|
Total net assets
|
|
$
|
37,423,463
|
|
|
$
|
41,542,547
|
|
|
(1) Includes loaned securities of:
|
|
$
|
—
|
|
|
$
|
1,340,366
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Class Shares:
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
—
|
|
|
$
|
6,531,441
|
|
|
Shares issued and outstanding(2)
|
|
|
—
|
|
|
|
625,513
|
|
|
Net asset value, offering price, and redemption price per share
|
|
$
|
—
|
|
|
$
|
10.44
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class Shares:
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
37,423,463
|
|
|
$
|
35,011,105
|
|
|
Shares issued and outstanding(2)
|
|
|
3,708,326
|
|
|
|
3,286,808
|
|
|
Net asset value, offering price, and redemption price per share
|
|
$
|
10.09
|
|
|
$
|
10.65
|
|
(2) Unlimited shares authorized without par value.
See Notes to the Financial Statements
Great Lakes Funds
Statements of Operations
For the Year Ended March 31, 2020
|
|
|
|
|
|
|
|
|
Disciplined
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
Disciplined
|
|
|
Smaller
|
|
|
|
|
Bond Fund
|
|
|
Equity Fund
|
|
|
Company Fund
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
3,830,651
|
|
|
$
|
5,907
|
|
|
$
|
13,047
|
|
|
Dividend income
|
|
|
62,196
|
|
|
|
709,979
|
|
|
|
370,194
|
|
|
Less: Foreign taxes withheld
|
|
|
—
|
|
|
|
—
|
|
|
|
(48,086
|
)
|
|
Total investment income
|
|
|
3,892,847
|
|
|
|
715,886
|
|
|
|
335,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees (See Note 4)
|
|
|
501,650
|
|
|
|
257,948
|
|
|
|
131,467
|
|
|
Fund administration & accounting fees (See Note 4)
|
|
|
88,480
|
|
|
|
59,625
|
|
|
|
78,715
|
|
|
Federal & state registration fees
|
|
|
22,931
|
|
|
|
21,210
|
|
|
|
20,880
|
|
|
Transfer agent fees & expenses (See Note 4)
|
|
|
21,537
|
|
|
|
18,213
|
|
|
|
15,767
|
|
|
Audit and tax fees
|
|
|
16,988
|
|
|
|
14,984
|
|
|
|
18,011
|
|
|
Trustee fees (See Note 4)
|
|
|
13,537
|
|
|
|
13,417
|
|
|
|
13,384
|
|
|
Custody fees (See Note 4)
|
|
|
12,638
|
|
|
|
6,382
|
|
|
|
34,796
|
|
|
Compliance fees (See Note 4)
|
|
|
11,044
|
|
|
|
11,044
|
|
|
|
11,044
|
|
|
Postage & printing fees
|
|
|
8,591
|
|
|
|
5,245
|
|
|
|
2,566
|
|
|
Legal fees
|
|
|
7,741
|
|
|
|
7,720
|
|
|
|
7,741
|
|
|
Other fees
|
|
|
4,371
|
|
|
|
4,371
|
|
|
|
6,254
|
|
|
Interest expense
|
|
|
1,905
|
|
|
|
965
|
|
|
|
—
|
|
|
Insurance fees
|
|
|
1,794
|
|
|
|
1,407
|
|
|
|
1,290
|
|
|
Total expenses before waiver
|
|
|
713,207
|
|
|
|
422,531
|
|
|
|
341,915
|
|
|
Less: Fee waiver from investment adviser (See Note 4)
|
|
|
—
|
|
|
|
(56,140
|
)
|
|
|
(151,288
|
)
|
|
Total net expenses
|
|
|
713,207
|
|
|
|
366,391
|
|
|
|
190,627
|
|
|
NET INVESTMENT INCOME
|
|
|
3,179,640
|
|
|
|
349,495
|
|
|
|
144,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
1,132,344
|
|
|
|
2,126,399
|
|
|
|
(3,458,908
|
)
|
|
Foreign currency translation
|
|
|
—
|
|
|
|
—
|
|
|
|
745
|
|
|
Net change in unrealized appreciation/depreciation of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(3,010,060
|
)
|
|
|
(4,994,003
|
)
|
|
|
328,776
|
|
|
Foreign currency translation
|
|
|
—
|
|
|
|
—
|
|
|
|
(19,201
|
)
|
|
Net realized and unrealized loss on investments
|
|
|
(1,877,716
|
)
|
|
|
(2,867,604
|
)
|
|
|
(3,148,588
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
|
$
|
1,301,924
|
|
|
$
|
(2,518,109
|
)
|
|
$
|
(3,004,060
|
)
|
See Notes to the Financial Statements
Great Lakes Funds
Statements of Operations – Continued
For the Year Ended March 31, 2020
|
|
|
|
|
|
Small Cap
|
|
|
|
|
Large Cap
|
|
|
Opportunity
|
|
|
|
|
Value Fund
|
|
|
Fund
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
21,668
|
|
|
$
|
73,890
|
|
|
Dividend income
|
|
|
1,188,499
|
|
|
|
1,480,317
|
|
|
Less: Foreign taxes withheld
|
|
|
(22,505
|
)
|
|
|
(6,487
|
)
|
|
Securities lending income
|
|
|
—
|
|
|
|
46,041
|
|
|
Total investment income
|
|
|
1,187,662
|
|
|
|
1,593,761
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Investment advisory fees (See Note 4)
|
|
|
287,936
|
|
|
|
434,860
|
|
|
Fund administration & accounting fees (See Note 4)
|
|
|
57,374
|
|
|
|
71,600
|
|
|
Federal & state registration fees
|
|
|
20,713
|
|
|
|
33,121
|
|
|
Transfer agent fees & expenses (See Note 4)
|
|
|
18,494
|
|
|
|
32,760
|
|
|
Audit and tax fees
|
|
|
15,005
|
|
|
|
14,984
|
|
|
Trustee fees (See Note 4)
|
|
|
13,438
|
|
|
|
13,462
|
|
|
Compliance fees (See Note 4)
|
|
|
11,044
|
|
|
|
11,044
|
|
|
Legal fees
|
|
|
7,741
|
|
|
|
7,741
|
|
|
Other fees
|
|
|
4,371
|
|
|
|
5,125
|
|
|
Postage & printing fees
|
|
|
5,285
|
|
|
|
7,744
|
|
|
Custody fees (See Note 4)
|
|
|
5,089
|
|
|
|
6,406
|
|
|
Insurance fees
|
|
|
1,428
|
|
|
|
1,570
|
|
|
Distribution fees – Investor Class (See Note 5)
|
|
|
—
|
|
|
|
28,144
|
|
|
Total expenses before waiver
|
|
|
447,918
|
|
|
|
668,561
|
|
|
Less: Fee waiver from investment adviser (See Note 4)
|
|
|
(40,009
|
)
|
|
|
(3,364
|
)
|
|
Total net expenses
|
|
|
407,909
|
|
|
|
665,197
|
|
|
NET INVESTMENT INCOME
|
|
|
779,753
|
|
|
|
928,564
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments
|
|
|
20,483
|
|
|
|
(199,834
|
)
|
|
Net change in unrealized appreciation/depreciation of investments
|
|
|
(7,578,043
|
)
|
|
|
(21,024,946
|
)
|
|
Net realized and unrealized loss on investments
|
|
|
(7,557,560
|
)
|
|
|
(21,224,780
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN NET ASSETS FROM OPERATIONS
|
|
$
|
(6,777,807
|
)
|
|
$
|
(20,296,216
|
)
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Statements of Changes in Net Assets
|
|
|
For the Year
|
|
|
For the Year
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
3,179,640
|
|
|
$
|
3,536,901
|
|
|
Net realized gain (loss) on investments
|
|
|
1,132,344
|
|
|
|
(1,269,120
|
)
|
|
Net change in unrealized appreciation/depreciation of investments
|
|
|
(3,010,060
|
)
|
|
|
1,751,562
|
|
|
Net increase resulting from operations
|
|
|
1,301,924
|
|
|
|
4,019,343
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
11,213,038
|
|
|
|
22,566,668
|
|
|
Proceeds from reinvestment of distributions
|
|
|
1,013,977
|
|
|
|
1,174,376
|
|
|
Payments for shares redeemed
|
|
|
(36,442,386
|
)
|
|
|
(28,927,507
|
)
|
|
Net decrease in net assets from capital share transactions
|
|
|
(24,215,371
|
)
|
|
|
(5,186,463
|
)
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders
|
|
|
(3,209,885
|
)
|
|
|
(3,554,845
|
)
|
|
TOTAL DECREASE IN NET ASSETS
|
|
|
(26,123,332
|
)
|
|
|
(4,721,965
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
Beginning of Year
|
|
|
130,002,356
|
|
|
|
134,724,321
|
|
|
End of Year
|
|
$
|
103,879,024
|
|
|
$
|
130,002,356
|
|
See Notes to the Financial Statements
Great Lakes Disciplined Equity Fund
Statements of Changes in Net Assets
|
|
|
For the Year
|
|
|
For the Year
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
349,495
|
|
|
$
|
375,646
|
|
|
Net realized gain on investments
|
|
|
2,126,399
|
|
|
|
2,172,183
|
|
|
Net change in unrealized appreciation/depreciation of investments
|
|
|
(4,994,003
|
)
|
|
|
1,062,059
|
|
|
Net increase (decrease) resulting from operations
|
|
|
(2,518,109
|
)
|
|
|
3,609,888
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
5,188,288
|
|
|
|
7,281,634
|
|
|
Proceeds from reinvestment of distributions
|
|
|
876,281
|
|
|
|
2,208,480
|
|
|
Payments for shares redeemed
|
|
|
(15,532,066
|
)
|
|
|
(10,327,728
|
)
|
|
Net decrease in net assets from capital share transactions
|
|
|
(9,467,497
|
)
|
|
|
(837,614
|
)
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders
|
|
|
(1,596,824
|
)
|
|
|
(4,097,499
|
)
|
|
TOTAL DECREASE IN NET ASSETS
|
|
|
(13,582,430
|
)
|
|
|
(1,325,225
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
Beginning of Year
|
|
|
42,835,029
|
|
|
|
44,160,254
|
|
|
End of Year
|
|
$
|
29,252,599
|
|
|
$
|
42,835,029
|
|
See Notes to the Financial Statements
Great Lakes Disciplined International Smaller Company Fund
Statements of Changes in Net Assets
|
|
|
For the Year
|
|
|
For the Year
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
144,528
|
|
|
$
|
186,722
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(3,458,908
|
)
|
|
|
(4,092,483
|
)
|
|
Foreign currency translation
|
|
|
745
|
|
|
|
(6,364
|
)
|
|
Net change in unrealized appreciation/depreciation of:
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
328,776
|
|
|
|
(2,192,022
|
)
|
|
Foreign currency translation
|
|
|
(19,201
|
)
|
|
|
(681
|
)
|
|
Net decrease resulting from operations
|
|
|
(3,004,060
|
)
|
|
|
(6,104,828
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
984,442
|
|
|
|
5,658,618
|
|
|
Proceeds from reinvestment of distributions
|
|
|
126,724
|
|
|
|
350,811
|
|
|
Payments for shares redeemed
|
|
|
(3,562,698
|
)
|
|
|
(20,981,882
|
)
|
|
Net decrease in net assets from capital share transactions
|
|
|
(2,451,532
|
)
|
|
|
(14,972,453
|
)
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders
|
|
|
(151,445
|
)
|
|
|
(386,579
|
)
|
|
TOTAL DECREASE IN NET ASSETS
|
|
|
(5,607,037
|
)
|
|
|
(21,463,860
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
Beginning of Year
|
|
|
14,614,714
|
|
|
|
36,078,574
|
|
|
End of Year
|
|
$
|
9,007,677
|
|
|
$
|
14,614,714
|
|
See Notes to the Financial Statements
Great Lakes Large Cap Value Fund
Statements of Changes in Net Assets
|
|
|
For the Year
|
|
|
For the Year
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
779,753
|
|
|
$
|
880,671
|
|
|
Net realized gain on investments
|
|
|
20,483
|
|
|
|
2,946,662
|
|
|
Net change in unrealized appreciation/depreciation of investments
|
|
|
(7,578,043
|
)
|
|
|
(3,050,359
|
)
|
|
Net increase (decrease) resulting from operations
|
|
|
(6,777,807
|
)
|
|
|
776,974
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
6,810,802
|
|
|
|
5,831,615
|
|
|
Proceeds from reinvestment of distributions
|
|
|
1,054,217
|
|
|
|
3,400,066
|
|
|
Payments for shares redeemed
|
|
|
(7,989,169
|
)
|
|
|
(7,396,950
|
)
|
|
Net increase (decrease) in net assets from capital share transactions
|
|
|
(124,150
|
)
|
|
|
1,834,731
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders
|
|
|
(2,478,516
|
)
|
|
|
(5,943,215
|
)
|
|
TOTAL DECREASE IN NET ASSETS
|
|
|
(9,380,473
|
)
|
|
|
(3,331,510
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
Beginning of Year
|
|
|
46,803,936
|
|
|
|
50,135,446
|
|
|
End of Year
|
|
$
|
37,423,463
|
|
|
$
|
46,803,936
|
|
See Notes to the Financial Statements
Great Lakes Small Cap Opportunity Fund
Statements of Changes in Net Assets
|
|
|
For the Year
|
|
|
For the Year
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
928,564
|
|
|
$
|
184,653
|
|
|
Net realized gain (loss) on investments
|
|
|
(199,834
|
)
|
|
|
6,961,186
|
|
|
Net change in unrealized appreciation/depreciation of investments
|
|
|
(21,024,946
|
)
|
|
|
(1,647,961
|
)
|
|
Net increase (decrease) resulting from operations
|
|
|
(20,296,216
|
)
|
|
|
5,497,878
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
Investor Class:
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
2,797,994
|
|
|
|
4,998,061
|
|
|
Proceeds from reinvestment of distributions
|
|
|
821,432
|
|
|
|
811,600
|
|
|
Payments for shares redeemed
|
|
|
(3,717,534
|
)
|
|
|
(2,153,370
|
)
|
|
Increase (decrease) in net assets from Investor Class transactions
|
|
|
(98,108
|
)
|
|
|
3,656,291
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
6,881,224
|
|
|
|
7,781,068
|
|
|
Proceeds from reinvestment of distributions
|
|
|
3,331,708
|
|
|
|
5,818,034
|
|
|
Payments for shares redeemed
|
|
|
(21,752,292
|
)
|
|
|
(17,295,675
|
)
|
|
Decrease in net assets from Institutional Class transactions
|
|
|
(11,539,360
|
)
|
|
|
(3,696,573
|
)
|
|
Net decrease in net assets from capital share transactions
|
|
|
(11,637,468
|
)
|
|
|
(40,282
|
)
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
Net Distributions to Shareholders – Investor Class
|
|
|
(821,488
|
)
|
|
|
(818,542
|
)
|
|
Net Distributions to Shareholders – Institutional Class
|
|
|
(4,374,202
|
)
|
|
|
(7,831,072
|
)
|
|
Total distributions to shareholders
|
|
|
(5,195,690
|
)
|
|
|
(8,649,614
|
)
|
|
TOTAL DECREASE IN NET ASSETS
|
|
|
(37,129,374
|
)
|
|
|
(3,192,018
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
Beginning of Year
|
|
|
78,671,921
|
|
|
|
81,863,939
|
|
|
End of Year
|
|
$
|
41,542,547
|
|
|
$
|
78,671,921
|
|
See Notes to the Financial Statements
Great Lakes Bond Fund
Financial Highlights
For a Fund share outstanding throughout the year
Institutional Class
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
|
$
|
9.71
|
|
|
$
|
9.68
|
|
|
$
|
9.76
|
|
|
$
|
9.81
|
|
|
$
|
9.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.25
|
|
|
|
0.25
|
|
|
|
0.22
|
|
|
|
0.21
|
|
|
|
0.23
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(0.17
|
)
|
|
|
0.03
|
|
|
|
(0.08
|
)
|
|
|
(0.04
|
)
|
|
|
(0.10
|
)
|
|
Total from investment operations
|
|
|
0.08
|
|
|
|
0.28
|
|
|
|
0.14
|
|
|
|
0.17
|
|
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.25
|
)
|
|
|
(0.25
|
)
|
|
|
(0.22
|
)
|
|
|
(0.22
|
)
|
|
|
(0.24
|
)
|
|
Net realized gains
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Total distributions
|
|
|
(0.25
|
)
|
|
|
(0.25
|
)
|
|
|
(0.22
|
)
|
|
|
(0.22
|
)
|
|
|
(0.24
|
)
|
|
Net asset value, end of year
|
|
$
|
9.54
|
|
|
$
|
9.71
|
|
|
$
|
9.68
|
|
|
$
|
9.76
|
|
|
$
|
9.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
|
|
|
0.79
|
%
|
|
|
3.02
|
%
|
|
|
1.44
|
%
|
|
|
1.71
|
%
|
|
|
1.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, at end of year (000’s)
|
|
$
|
103,879
|
|
|
$
|
130,002
|
|
|
$
|
134,724
|
|
|
$
|
120,752
|
|
|
$
|
92,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before expense waiver/recoupment
|
|
|
0.57
|
%
|
|
|
0.56
|
%
|
|
|
0.57
|
%
|
|
|
0.60
|
%
|
|
|
0.73
|
%
|
|
After expense waiver/recoupment
|
|
|
0.57
|
%
|
|
|
0.61
|
%
|
|
|
0.65
|
%
|
|
|
0.65
|
%
|
|
|
0.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After expense waiver/recoupment
|
|
|
2.54
|
%
|
|
|
2.65
|
%
|
|
|
2.22
|
%
|
|
|
2.13
|
%
|
|
|
2.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover Rate
|
|
|
87
|
%
|
|
|
47
|
%
|
|
|
52
|
%
|
|
|
69
|
%
|
|
|
68
|
%
|
See Notes to the Financial Statements
Great Lakes Disciplined Equity Fund
Financial Highlights
For a Fund share outstanding throughout the year
Institutional Class
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
|
$
|
14.97
|
|
|
$
|
15.16
|
|
|
$
|
15.61
|
|
|
$
|
14.41
|
|
|
$
|
14.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.13
|
|
|
|
0.13
|
|
|
|
0.15
|
|
|
|
0.22
|
|
|
|
0.15
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(1.08
|
)
|
|
|
1.13
|
|
|
|
1.87
|
|
|
|
1.91
|
|
|
|
(0.20
|
)
|
|
Total from investment operations
|
|
|
(0.95
|
)
|
|
|
1.26
|
|
|
|
2.02
|
|
|
|
2.13
|
|
|
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.13
|
)
|
|
|
(0.14
|
)
|
|
|
(0.15
|
)
|
|
|
(0.22
|
)
|
|
|
(0.15
|
)
|
|
Net realized gains
|
|
|
(0.46
|
)
|
|
|
(1.31
|
)
|
|
|
(2.32
|
)
|
|
|
(0.71
|
)
|
|
|
(0.33
|
)
|
|
Total distributions
|
|
|
(0.59
|
)
|
|
|
(1.45
|
)
|
|
|
(2.47
|
)
|
|
|
(0.93
|
)
|
|
|
(0.48
|
)
|
|
Net asset value, end of year
|
|
$
|
13.43
|
|
|
$
|
14.97
|
|
|
$
|
15.16
|
|
|
$
|
15.61
|
|
|
$
|
14.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
|
|
|
-6.88
|
%
|
|
|
9.22
|
%
|
|
|
12.76
|
%
|
|
|
14.95
|
%
|
|
|
-0.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, at end of year (000’s)
|
|
$
|
29,253
|
|
|
$
|
42,835
|
|
|
$
|
44,160
|
|
|
$
|
46,611
|
|
|
$
|
47,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before expense waiver
|
|
|
0.98
|
%
|
|
|
0.95
|
%
|
|
|
0.95
|
%
|
|
|
0.92
|
%
|
|
|
0.98
|
%
|
|
After expense waiver
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After expense waiver
|
|
|
0.81
|
%
|
|
|
0.85
|
%
|
|
|
0.91
|
%
|
|
|
1.39
|
%
|
|
|
1.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover Rate
|
|
|
97
|
%
|
|
|
107
|
%
|
|
|
104
|
%
|
|
|
114
|
%
|
|
|
112
|
%
|
See Notes to the Financial Statements
Great Lakes Disciplined International Smaller Company Fund
Financial Highlights
For a Fund share outstanding throughout each period
Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inception(1)
|
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Through
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
10.51
|
|
|
$
|
12.17
|
|
|
$
|
11.21
|
|
|
$
|
9.79
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.13
|
|
|
|
0.07
|
|
|
|
0.08
|
|
|
|
0.08
|
|
|
|
0.02
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
(2.70
|
)
|
|
|
(1.59
|
)
|
|
|
1.15
|
|
|
|
1.40
|
|
|
|
(0.23
|
)
|
|
Total from investment operations
|
|
|
(2.57
|
)
|
|
|
(1.52
|
)
|
|
|
1.23
|
|
|
|
1.48
|
|
|
|
(0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.12
|
)
|
|
|
—
|
|
|
|
(0.16
|
)
|
|
|
(0.06
|
)
|
|
|
—
|
|
|
Net realized gains
|
|
|
—
|
|
|
|
(0.14
|
)
|
|
|
(0.11
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Total distributions
|
|
|
(0.12
|
)
|
|
|
(0.14
|
)
|
|
|
(0.27
|
)
|
|
|
(0.06
|
)
|
|
|
—
|
|
|
Net asset value, end of period
|
|
$
|
7.82
|
|
|
$
|
10.51
|
|
|
$
|
12.17
|
|
|
$
|
11.21
|
|
|
$
|
9.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
|
|
|
-24.74
|
%
|
|
|
-12.44
|
%
|
|
|
10.99
|
%
|
|
|
15.16
|
%
|
|
|
-2.10
|
%(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, at end of period (000’s)
|
|
$
|
9,008
|
|
|
$
|
14,615
|
|
|
$
|
36,079
|
|
|
$
|
2,345
|
|
|
$
|
2,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before expense reimbursement/waiver
|
|
|
2.60
|
%
|
|
|
1.85
|
%
|
|
|
1.81
|
%
|
|
|
10.97
|
%
|
|
|
15.42
|
%(3)
|
|
After expense reimbursement/waiver
|
|
|
1.45
|
%
|
|
|
1.45
|
%
|
|
|
1.45
|
%
|
|
|
1.45
|
%
|
|
|
1.45
|
%(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After expense reimbursement/waiver
|
|
|
1.10
|
%
|
|
|
0.64
|
%
|
|
|
0.60
|
%
|
|
|
0.81
|
%
|
|
|
0.77
|
%(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover Rate
|
|
|
111
|
%
|
|
|
113
|
%
|
|
|
99
|
%
|
|
|
107
|
%
|
|
|
30
|
%(2)
|
|
(1)
|
Inception date of the Fund was December 21, 2015.
|
|
(2)
|
Not annualized.
|
|
(3)
|
Annualized.
|
See Notes to the Financial Statements
Great Lakes Large Cap Value Fund
Financial Highlights
For a Fund share outstanding throughout the year
Institutional Class
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
|
$
|
12.75
|
|
|
$
|
14.29
|
|
|
$
|
15.23
|
|
|
$
|
13.45
|
|
|
$
|
14.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.22
|
|
|
|
0.25
|
|
|
|
0.20
|
|
|
|
0.24
|
|
|
|
0.25
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(2.19
|
)
|
|
|
(0.08
|
)
|
|
|
1.01
|
|
|
|
2.26
|
|
|
|
(0.13
|
)
|
|
Total from investment operations
|
|
|
(1.97
|
)
|
|
|
0.17
|
|
|
|
1.21
|
|
|
|
2.50
|
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.22
|
)
|
|
|
(0.25
|
)
|
|
|
(0.20
|
)
|
|
|
(0.24
|
)
|
|
|
(0.25
|
)
|
|
Net realized gains
|
|
|
(0.47
|
)
|
|
|
(1.46
|
)
|
|
|
(1.95
|
)
|
|
|
(0.48
|
)
|
|
|
(0.53
|
)
|
|
Total distributions
|
|
|
(0.69
|
)
|
|
|
(1.71
|
)
|
|
|
(2.15
|
)
|
|
|
(0.72
|
)
|
|
|
(0.78
|
)
|
|
Net asset value, end of year
|
|
$
|
10.09
|
|
|
$
|
12.75
|
|
|
$
|
14.29
|
|
|
$
|
15.23
|
|
|
$
|
13.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
|
|
|
-16.64
|
%
|
|
|
1.98
|
%
|
|
|
7.36
|
%
|
|
|
18.87
|
%
|
|
|
1.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, at end of year (000’s)
|
|
$
|
37,423
|
|
|
$
|
46,804
|
|
|
$
|
50,135
|
|
|
$
|
50,902
|
|
|
$
|
46,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before expense waiver
|
|
|
0.93
|
%
|
|
|
0.90
|
%
|
|
|
0.90
|
%
|
|
|
0.91
|
%
|
|
|
1.01
|
%
|
|
After expense waiver
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After expense waiver
|
|
|
1.62
|
%
|
|
|
1.76
|
%
|
|
|
1.28
|
%
|
|
|
1.66
|
%
|
|
|
1.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover Rate
|
|
|
27
|
%
|
|
|
42
|
%
|
|
|
61
|
%
|
|
|
48
|
%
|
|
|
67
|
%
|
See Notes to the Financial Statements
Great Lakes Small Cap Opportunity Fund
Financial Highlights
For a Fund share outstanding throughout the year
Investor Class
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
|
$
|
16.50
|
|
|
$
|
17.36
|
|
|
$
|
17.24
|
|
|
$
|
14.36
|
|
|
$
|
16.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
0.18
|
|
|
|
(0.01
|
)
|
|
|
0.02
|
|
|
|
0.04
|
|
|
|
0.07
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(5.07
|
)
|
|
|
1.05
|
|
|
|
1.35
|
|
|
|
2.90
|
|
|
|
(1.10
|
)
|
|
Total from investment operations
|
|
|
(4.89
|
)
|
|
|
1.04
|
|
|
|
1.37
|
|
|
|
2.94
|
|
|
|
(1.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.14
|
)
|
|
|
—
|
|
|
|
(0.06
|
)
|
|
|
(0.06
|
)
|
|
|
(0.01
|
)
|
|
Net realized gains
|
|
|
(1.03
|
)
|
|
|
(1.90
|
)
|
|
|
(1.19
|
)
|
|
|
—
|
|
|
|
(1.04
|
)
|
|
Total distributions
|
|
|
(1.17
|
)
|
|
|
(1.90
|
)
|
|
|
(1.25
|
)
|
|
|
(0.06
|
)
|
|
|
(1.05
|
)
|
|
Net asset value, end of year
|
|
$
|
10.44
|
|
|
$
|
16.50
|
|
|
$
|
17.36
|
|
|
$
|
17.24
|
|
|
$
|
14.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
|
|
|
-32.07
|
%
|
|
|
7.28
|
%
|
|
|
7.98
|
%
|
|
|
20.47
|
%
|
|
|
-5.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, at end of year (000’s)
|
|
$
|
6,531
|
|
|
$
|
10,868
|
|
|
$
|
7,238
|
|
|
$
|
9,772
|
|
|
$
|
9,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
1.13
|
%
|
|
|
1.10
|
%
|
|
|
1.10
|
%
|
|
|
1.10
|
%
|
|
|
1.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
1.06
|
%
|
|
|
0.00
|
%
|
|
|
0.05
|
%
|
|
|
0.14
|
%
|
|
|
0.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover Rate
|
|
|
53
|
%
|
|
|
115
|
%
|
|
|
101
|
%
|
|
|
106
|
%
|
|
|
102
|
%
|
See Notes to the Financial Statements
Great Lakes Small Cap Opportunity Fund
Financial Highlights
For a Fund share outstanding throughout the year
Institutional Class
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
|
$
|
16.80
|
|
|
$
|
17.64
|
|
|
$
|
17.51
|
|
|
$
|
14.58
|
|
|
$
|
16.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.23
|
|
|
|
0.04
|
|
|
|
0.06
|
|
|
|
0.06
|
|
|
|
0.11
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(5.18
|
)
|
|
|
1.06
|
|
|
|
1.37
|
|
|
|
2.97
|
|
|
|
(1.11
|
)
|
|
Total from investment operations
|
|
|
(4.95
|
)
|
|
|
1.10
|
|
|
|
1.43
|
|
|
|
3.03
|
|
|
|
(1.00
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.18
|
)
|
|
|
(0.04
|
)
|
|
|
(0.11
|
)
|
|
|
(0.10
|
)
|
|
|
(0.03
|
)
|
|
Net realized gains
|
|
|
(1.02
|
)
|
|
|
(1.90
|
)
|
|
|
(1.19
|
)
|
|
|
—
|
|
|
|
(1.04
|
)
|
|
Total distributions
|
|
|
(1.20
|
)
|
|
|
(1.94
|
)
|
|
|
(1.30
|
)
|
|
|
(0.10
|
)
|
|
|
(1.07
|
)
|
|
Net asset value, end of year
|
|
$
|
10.65
|
|
|
$
|
16.80
|
|
|
$
|
17.64
|
|
|
$
|
17.51
|
|
|
$
|
14.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return
|
|
|
-31.87
|
%
|
|
|
7.51
|
%
|
|
|
8.21
|
%
|
|
|
20.78
|
%
|
|
|
-5.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, at end of year (000’s)
|
|
$
|
35,011
|
|
|
$
|
67,804
|
|
|
$
|
74,626
|
|
|
$
|
72,171
|
|
|
$
|
60,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
0.88
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.85
|
%
|
|
|
0.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
1.32
|
%
|
|
|
0.25
|
%
|
|
|
0.30
|
%
|
|
|
0.39
|
%
|
|
|
0.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover Rate
|
|
|
53
|
%
|
|
|
115
|
%
|
|
|
101
|
%
|
|
|
106
|
%
|
|
|
102
|
%
|
See Notes to the Financial Statements
Great Lakes Funds
Notes to the Financial Statements
March 31, 2020
1. ORGANIZATION
Managed Portfolio Series (the “Trust”) was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as
an open-end management investment company. The Great Lakes Bond Fund (“Bond Fund”), Great Lakes Disciplined Equity Fund (“Disciplined Equity Fund”), Great Lakes Disciplined International Smaller Company Fund (“Disciplined International Smaller
Company Fund”), Great Lakes Large Cap Value Fund (“Large Cap Value Fund”), and Great Lakes Small Cap Opportunity Fund (“Small Cap Opportunity Fund”) (each a “Fund” and collectively, the “Funds”) are each a diversified series with their own investment
objectives and policies within the Trust. The investment objective of each Fund is total return. Additionally, the Bond Fund has an emphasis on current income. The Funds are investment companies and accordingly follow the investment company
accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The Bond Fund and Large Cap Value Fund commenced operations on September
28, 2012. The Disciplined Equity Fund commenced operations on June 1, 2009, the Disciplined International Smaller Company Fund commenced operations on December 21, 2015, and the Small Cap Opportunity Fund commenced operations on December 5, 2008.
The Small Cap Opportunity Fund currently offers two classes of shares, the Investor Class and the Institutional Class. Each class of shares has identical rights and privileges except with respect to the distribution fees and voting rights on matters
affecting a single share class. The Bond Fund, Disciplined Equity Fund, Disciplined International Smaller Company Fund and Large Cap Value Fund currently offer only Institutional Class shares. The Funds may issue an unlimited number of shares of
beneficial interest, with no par value.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in preparation of its financial statements. These policies are in conformity with generally accepted
accounting principles in the United States of America (“GAAP”).
Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.
Federal Income Taxes – The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated
investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no cost to the Funds. Therefore, no federal income or excise tax provision is required. As of and
during the year ended March 31, 2020, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. The Funds recognize interest and penalties, if any, related to
unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. As of and during the year ended March 31, 2020, the Funds did not incur any interest or penalties. The Funds are not subject to examination
by U.S. tax authorities for the years prior to March 31, 2017.
Security Transactions, Investment Income and Distributions – The Funds follow industry practice and record security transactions on the trade date. Realized gains
and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for
in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. Gains realized by the Funds on the sale of securities in certain countries may also be subject to non-U.S. taxes. Discounts and premiums on
securities purchased are amortized over the expected life of the respective securities using the constant yield method.
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
The Bond Fund will declare daily and pay monthly distributions of net investment income. The Large Cap Value Fund and the Disciplined Equity Fund will make distributions, if any, of net investment
income quarterly. The Disciplined International Smaller Company Fund and the Small Cap Opportunity Fund will make distributions, if any, of net investment income annually. The Funds will also distribute net capital gains, if any, at least annually,
typically during the month of December. The Funds may make additional distributions if deemed to be desirable any time during the year. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting
purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. Where such differences are permanent in nature, GAAP requires
that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes.
Reclassification of Capital Accounts – GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and
tax reporting. These reclassifications have no effect on net assets, results of operations or net asset value (“NAV”) per share. For the year ended March 31, 2020, the following reclassifications were made:
|
|
|
Total Distributable
|
|
|
|
|
|
|
|
Earnings
|
|
|
|
|
|
Fund
|
|
(Accumulated Loss)
|
|
|
Paid-in Capital
|
|
|
Bond Fund
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Disciplined Equity Fund
|
|
|
—
|
|
|
|
—
|
|
|
Disciplined International Smaller Company Fund
|
|
|
—
|
|
|
|
—
|
|
|
Large Cap Value Fund
|
|
|
3
|
|
|
|
(3
|
)
|
|
Small Cap Opportunity Fund
|
|
|
—
|
|
|
|
—
|
|
Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of
valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss
from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books
and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end,
resulting from changes in exchange rates.
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the
Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific
class. Most Fund expenses are allocated by class based on relative net assets. 12b-1 fees are expensed at 0.25% of average daily net assets of Investor Class shares. Expenses associated with a specific fund in the Trust are charged to that fund.
Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.
Illiquid Securities – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be
sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the Fund. Illiquid securities may be valued under methods approved by the Board of Trustees (the “Board”) as
reflecting fair value. The Funds will not hold more than 15% of the value of their net assets in illiquid securities. At March 31, 2020, the Funds did not hold any illiquid securities.
Security Loans – When the Funds loan securities held in their portfolios, the Funds receive compensation in the form of fees, or retain a portion of the interest
on the investment of any cash received as collateral. The Funds also continue to receive dividends on the securities loaned. The loans are secured by collateral at least equal to 105% of the value of the loaned securities that are foreign
securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event collateralization is below 100% of the value of securities loaned. Gain or loss in the
value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. Currently, only the Small Cap
Opportunity Fund is eligible to participate in securities lending. See Note 9.
New Accounting Pronouncements and Other Matters – In March 2017, the FASB issued ASU No. 2017-08 (“ASU”), Premium Amortization on Purchased Callable Debt
Securities, which amends the accounting standards to shorten the amortization period of certain purchased callable debt securities to the earliest call date. The ASU is effective for fiscal years and interim periods within those fiscal years
beginning after December 15, 2018. The Funds have adopted the new amendment as of April 1, 2019. This adoption of the ASU did not have a material impact on the financial statements and did not impact net assets of the Funds.
3. SECURITIES VALUATION
The Funds have adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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.
|
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and would be based on the best information available.
|
Following is a description of the valuation techniques applied to each Fund’s major categories of assets and liabilities measured at fair value on a recurring basis. Each Fund’s investments are carried
at fair value.
Equity Securities – Equity securities, including common stocks and exchange traded funds (“ETFs”) and real estate investment trusts (“REITs”), that are primarily
traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices.
Securities traded primarily in the Nasdaq Global Market System for which market quotations are readily available shall be valued using the Nasdaq Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the
last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in
Level 1 of the fair value hierarchy. If the market for a particular security is not active, and the mean between bid and ask prices is used, these securities are categorized in Level 2 of the fair value hierarchy.
In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Funds’ NAV is calculated will result in an adjustment to the trading prices of
foreign securities when foreign markets open on the following business day. The Funds will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s
ability to seek to profit by estimating the Funds’ NAV in advance of the time the NAV is calculated. In such cases, these securities are categorized in Level 2 of the fair value hierarchy.
Investment Companies – Investments in other mutual funds, including money market funds, are valued at their NAV per share and are categorized in Level 1 of the
fair value hierarchy.
Fixed Income Securities – Asset-backed, corporate, mortgage-backed, municipal bonds, and U.S. government & agency securities are valued at fair value on the
basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable
issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Fixed income securities are categorized in Level 2 of the fair value hierarchy.
Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board. These procedures consider
many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Fund could obtain the fair value assigned to a security if they were to sell the security at approximately the time at
which the Fund determines their net asset values per share. The Board has established a Valuation Committee to administer, implement, and oversee the fair valuation process, and to make fair value decisions when necessary. The Board regularly
reviews reports of the Valuation Committee that describe any fair value determinations and methods.
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value each Fund’s
securities as of March 31, 2020:
|
Bond Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Corporate Bonds
|
|
$
|
—
|
|
|
$
|
72,313,172
|
|
|
$
|
—
|
|
|
$
|
72,313,172
|
|
|
U.S. Government Agency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-Backed Securities
|
|
|
—
|
|
|
|
14,171,054
|
|
|
|
—
|
|
|
|
14,171,054
|
|
|
Commercial Mortgage-Backed Securities
|
|
|
—
|
|
|
|
8,600,822
|
|
|
|
—
|
|
|
|
8,600,822
|
|
|
Municipal Bonds
|
|
|
—
|
|
|
|
6,017,139
|
|
|
|
—
|
|
|
|
6,017,139
|
|
|
Investment Company
|
|
|
480,900
|
|
|
|
—
|
|
|
|
—
|
|
|
|
480,900
|
|
|
Asset-Backed Security
|
|
|
—
|
|
|
|
313,916
|
|
|
|
—
|
|
|
|
313,916
|
|
|
Money Market Fund
|
|
|
373
|
|
|
|
—
|
|
|
|
—
|
|
|
|
373
|
|
|
Total Investments
|
|
$
|
481,273
|
|
|
$
|
101,416,103
|
|
|
$
|
—
|
|
|
$
|
101,897,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disciplined Equity Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
$
|
33,798,581
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,798,581
|
|
|
Total Investments
|
|
$
|
33,798,581
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,798,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disciplined International Smaller Company Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
$
|
307,114
|
|
|
$
|
1,311,022
|
|
|
$
|
—
|
|
|
$
|
1,618,136
|
|
|
Preferred Stocks
|
|
|
9,615
|
|
|
|
20,561
|
|
|
|
—
|
|
|
|
30,176
|
|
|
Money Market Fund
|
|
|
484,126
|
|
|
|
—
|
|
|
|
—
|
|
|
|
484,126
|
|
|
Total Investments
|
|
$
|
800,855
|
|
|
$
|
1,331,583
|
|
|
$
|
—
|
|
|
$
|
2,132,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap Value Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
$
|
34,543,960
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34,543,960
|
|
|
Money Market Fund
|
|
|
1,468,301
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,468,301
|
|
|
Total Investments
|
|
$
|
36,012,261
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,012,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Cap Opportunity Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
$
|
39,235,960
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39,235,960
|
|
|
Investment Purchased with Proceeds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from Securities Lending
|
|
|
1,373,221
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,373,221
|
|
|
Money Market Fund
|
|
|
1,359,580
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,359,580
|
|
|
Total Investments
|
|
$
|
41,968,761
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,968,761
|
|
Refer to the Schedule of Investments for further information on the classification of investments.
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has an agreement with Great Lakes Advisors, LLC (the “Adviser”) to furnish investment advisory services to the Funds. For its services, the Funds pay the Adviser a monthly management fee
based upon the average daily net assets of the Funds at the following annual rates:
|
Fund
|
|
|
|
Bond Fund
|
0.40%
|
|
|
Disciplined Equity Fund
|
0.60%
|
|
|
Disciplined International Smaller Company Fund
|
1.00%
|
|
|
Large Cap Value Fund
|
0.60%
|
|
|
Small Cap Opportunity Fund
|
0.60%
|
|
The Funds’ Adviser has contractually agreed to waive its management fees and pay Fund expenses to ensure that total annual operating expenses (excluding acquired fund fees and expenses,
leverage/borrowing interest, interest expense, taxes, brokerage commissions, and extraordinary expenses) do not exceed the following rates (based upon the average daily net assets of the Funds):
|
Fund
|
Investor Class
|
Institutional Class
|
|
|
Bond Fund
|
N/A
|
0.65%
|
|
|
Disciplined Equity Fund
|
N/A
|
0.85%
|
|
|
Disciplined International Smaller Company Fund
|
N/A
|
1.45%
|
|
|
Large Cap Value Fund
|
N/A
|
0.85%
|
|
|
Small Cap Opportunity Fund
|
1.24%
|
0.99%
|
|
Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of thirty-six months following the date on which such fee waiver and expense payment was made, if such recoupment
can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreement is intended to be continual
in nature and cannot be terminated within a year after the effective date of the Funds’ prospectus. After that date, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board or the Adviser. Waived fees and
reimbursed expenses subject to potential recovery by month of expiration are as follows:
|
|
|
April 2020 –
|
|
|
April 2021 –
|
|
|
April 2022 –
|
|
|
Fund
|
|
March 2021
|
|
|
March 2022
|
|
|
March 2023
|
|
|
Bond Fund
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Disciplined Equity Fund
|
|
|
45,649
|
|
|
|
44,304
|
|
|
|
56,140
|
|
|
Disciplined International Smaller Company Fund
|
|
|
97,055
|
|
|
|
116,121
|
|
|
|
151,288
|
|
|
Large Cap Value Fund
|
|
|
24,064
|
|
|
|
23,953
|
|
|
|
40,009
|
|
|
Small Cap Opportunity Fund
|
|
|
—
|
|
|
|
—
|
|
|
|
3,364
|
|
U.S. Bancorp Fund Services, LLC (the “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator, Transfer Agent, and Fund Accountant. U.S. Bank, N.A. (the
“Custodian”) serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state
regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian; coordinates the payment of the Funds’ expenses and reviews the Funds’ expense
accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services,
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and
accounting, transfer agency, custody and compliance services for the year ended March 31, 2020, are disclosed in the Statements of Operations.
Quasar Distributors, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. Effective March 31, 2020, Foreside Financial Group, LLC
(“Foreside”) acquired Quasar Distributors, LLC (“Quasar”), the Funds’ distributor, from U.S. Bancorp. As a result of the acquisition, Quasar became a wholly-owned broker-dealer subsidiary of Foreside and is no longer affiliated with U.S. Bancorp. The
Board of Trustees of the Funds has approved a new Distribution Agreement to enable Quasar to continue serving as the Funds’ distributor.
5. DISTRIBUTION AND SHAREHOLDER SERVICING FEES
The Small Cap Opportunity Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”) in the Investor Class only. The Plan permits the Fund to pay for distribution and related expenses at
an annual rate of 0.25% of the Investor Class average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to
financial intermediaries and compensation of personnel involved in selling shares of the Fund. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses
incurred. For the year ended March 31, 2020, the Fund’s Investor Class incurred the following expenses pursuant to the Plan:
|
Fund
|
Amount
|
|
|
Small Cap Opportunity Fund
|
$28,144
|
|
6. CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Funds were as follows:
|
|
|
Bond Fund
|
|
|
Disciplined Equity Fund
|
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,143,958
|
|
|
|
2,353,504
|
|
|
|
344,093
|
|
|
|
474,749
|
|
|
Shares issued in reinvestment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of distributions
|
|
|
102,805
|
|
|
|
122,324
|
|
|
|
56,218
|
|
|
|
160,090
|
|
|
Shares redeemed
|
|
|
(3,735,466
|
)
|
|
|
(3,017,953
|
)
|
|
|
(1,083,611
|
)
|
|
|
(686,311
|
)
|
|
Net decrease in capital shares
|
|
|
(2,488,703
|
)
|
|
|
(542,125
|
)
|
|
|
(683,300
|
)
|
|
|
(51,472
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disciplined International
|
|
|
|
|
|
|
|
|
|
|
|
|
Smaller Company Fund
|
|
|
Large Cap Value Fund
|
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
93,122
|
|
|
|
495,048
|
|
|
|
562,956
|
|
|
|
414,957
|
|
|
Shares issued in reinvestment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of distributions
|
|
|
11,822
|
|
|
|
35,724
|
|
|
|
80,424
|
|
|
|
281,962
|
|
|
Shares redeemed
|
|
|
(344,313
|
)
|
|
|
(2,103,169
|
)
|
|
|
(604,704
|
)
|
|
|
(534,894
|
)
|
|
Net increase (decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in capital shares
|
|
|
(239,369
|
)
|
|
|
(1,572,397
|
)
|
|
|
38,676
|
|
|
|
162,025
|
|
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
|
|
|
Small Cap Opportunity Fund
|
|
|
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
|
March 31, 2020
|
|
|
March 31, 2019
|
|
|
|
Investor Class:
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
170,623
|
|
|
|
310,997
|
|
|
|
Shares issued in reinvestment
|
|
|
|
|
|
|
|
|
|
|
of distributions
|
|
|
51,989
|
|
|
|
54,838
|
|
|
|
Shares redeemed
|
|
|
(255,895
|
)
|
|
|
(123,959
|
)
|
|
|
Net increase (decrease)
|
|
|
(33,283
|
)
|
|
|
241,876
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
431,536
|
|
|
|
447,615
|
|
|
|
Shares issued in reinvestment
|
|
|
|
|
|
|
|
|
|
|
of distributions
|
|
|
206,939
|
|
|
|
386,067
|
|
|
|
Shares redeemed
|
|
|
(1,386,653
|
)
|
|
|
(1,028,106
|
)
|
|
|
Net decrease
|
|
|
(748,178
|
)
|
|
|
(194,424
|
)
|
|
|
Net increase (decrease)
|
|
|
|
|
|
|
|
|
|
|
in capital shares
|
|
|
(781,461
|
)
|
|
|
47,452
|
|
|
7. INVESTMENT TRANSACTIONS
The aggregate purchases and sales, excluding short-term investments, by the Funds for the year ended March 31, 2020, were as follows:
|
|
|
U.S. Government Securities
|
|
|
Other
|
|
|
Fund
|
|
Purchases
|
|
|
Sales
|
|
|
Purchases
|
|
|
Sales
|
|
|
Bond Fund
|
|
$
|
62,276,361
|
|
|
$
|
63,752,416
|
|
|
$
|
41,488,280
|
|
|
$
|
60,327,270
|
|
|
Disciplined Equity Fund
|
|
|
—
|
|
|
|
—
|
|
|
|
40,672,950
|
|
|
|
45,919,346
|
|
|
Disciplined International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smaller Company Fund
|
|
|
—
|
|
|
|
—
|
|
|
|
13,077,778
|
|
|
|
21,688,452
|
|
|
Large Cap Value Fund
|
|
|
—
|
|
|
|
—
|
|
|
|
12,537,406
|
|
|
|
15,549,454
|
|
|
Small Cap Opportunity Fund
|
|
|
—
|
|
|
|
—
|
|
|
|
35,817,821
|
|
|
|
50,593,561
|
|
8. INCOME TAX INFORMATION
The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at March 31, 2020, the Funds' most recently
completed fiscal year end, were as follows:
|
|
|
Aggregate Gross
|
|
|
Aggregate Gross
|
|
|
Net Appreciation
|
|
|
Federal Income
|
|
|
Fund
|
|
Appreciation
|
|
|
Depreciation
|
|
|
(Depreciation)
|
|
|
Tax Cost
|
|
|
Bond Fund
|
|
$
|
1,210,935
|
|
|
$
|
(4,168,433
|
)
|
|
$
|
(2,957,498
|
)
|
|
$
|
104,854,874
|
|
|
Disciplined Equity Fund
|
|
|
3,988,036
|
|
|
|
(3,539,145
|
)
|
|
|
448,891
|
|
|
|
33,349,690
|
|
|
Disciplined International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smaller Company Fund
|
|
|
34,896
|
|
|
|
(554,454
|
)
|
|
|
(519,558
|
)
|
|
|
2,630,982
|
|
|
Large Cap Value Fund
|
|
|
2,232,416
|
|
|
|
(9,744,035
|
)
|
|
|
(7,511,619
|
)
|
|
|
43,523,880
|
|
|
Small Cap Opportunity Fund
|
|
|
1,163,256
|
|
|
|
(19,663,676
|
)
|
|
|
(18,500,420
|
)
|
|
|
60,469,182
|
|
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the differences in tax treatment of wash sales.
At March 31, 2020, the Funds' most recently completed fiscal year end, the components of accumulated earnings (deficit) on a tax-basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
|
|
|
|
|
Undistributed
|
|
|
Undistributed
|
|
|
Other
|
|
|
Unrealized
|
|
|
Earnings
|
|
|
|
|
Ordinary
|
|
|
Long-Term
|
|
|
Accumulated
|
|
|
Appreciation
|
|
|
(Accumulated
|
|
|
Fund
|
|
Income
|
|
|
Capital Gains
|
|
|
Losses
|
|
|
(Depreciation)
|
|
|
Losses)
|
|
|
Bond Fund
|
|
$
|
120,269
|
|
|
$
|
—
|
|
|
$
|
(1,124,961
|
)
|
|
$
|
(2,957,498
|
)
|
|
$
|
(3,962,190
|
)
|
|
Disciplined Equity Fund
|
|
|
—
|
|
|
|
1,288,707
|
|
|
|
—
|
|
|
|
448,891
|
|
|
|
1,737,598
|
|
|
Disciplined International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smaller Company Fund
|
|
|
127,486
|
|
|
|
—
|
|
|
|
(7,667,689
|
)
|
|
|
(519,558
|
)
|
|
|
(8,059,761
|
)
|
|
Large Cap Value Fund
|
|
|
22,815
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,511,619
|
)
|
|
|
(7,488,804
|
)
|
|
Small Cap Opportunity Fund
|
|
|
280,888
|
|
|
|
—
|
|
|
|
(697,286
|
)
|
|
|
(18,500,420
|
)
|
|
|
(18,916,818
|
)
|
As of March 31, 2020, the Funds' most recently completed fiscal year end, the Funds had the following in capital loss carryovers, which will be permitted to be carried over for an unlimited period.
|
Fund
|
|
Short-Term
|
|
|
Long-Term
|
|
|
Bond Fund
|
|
$
|
—
|
|
|
$
|
962,168
|
|
|
Disciplined Equity Fund
|
|
|
—
|
|
|
|
—
|
|
|
Disciplined International Smaller Company Fund
|
|
|
6,144,728
|
|
|
|
1,522,961
|
|
|
Large Cap Value Fund
|
|
|
—
|
|
|
|
—
|
|
|
Small Cap Opportunity Fund
|
|
|
—
|
|
|
|
—
|
|
During the year ended March 31, 2020, the Bond Fund utilized short-term capital loss carryovers of $483,714 and long-term capital loss carryovers of $618,384. The Disciplined Equity Fund, the
Disciplined International Smaller Company Fund, the Large Cap Value Fund and the Small Cap Opportunity Fund did not utilize any capital loss carryovers during the year ended March 31, 2020.
A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are
certain capital and ordinary losses which occur during the portion of each Fund’s taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended March 31, 2020, the Small Cap Opportunity plans to defer $697,286 in
late year losses. The Bond Fund, Disciplined Equity Fund, Disciplined International Smaller Company Fund and Large Cap Value Fund do not plan to defer any late year losses.
The tax character of distributions paid during the year ended March 31, 2020, was as follows:
|
Fund
|
Ordinary Income*
|
|
Long-Term Capital Gains**
|
|
Total
|
|
Bond Fund
|
|
$
|
3,262,785
|
|
|
|
$
|
—
|
|
|
|
$
|
3,262,785
|
|
|
Disciplined Equity Fund
|
|
|
485,757
|
|
|
|
|
1,111,067
|
|
|
|
|
1,596,824
|
|
|
Disciplined International Smaller Company Fund
|
|
|
151,445
|
|
|
|
|
—
|
|
|
|
|
151,445
|
|
|
Large Cap Value Fund
|
|
|
777,020
|
|
|
|
|
1,701,496
|
|
|
|
|
2,478,516
|
|
|
Small Cap Opportunity Fund
|
|
|
3,979,338
|
|
|
|
|
1,216,352
|
|
|
|
|
5,195,690
|
|
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
The tax character of distributions paid during the year ended March 31, 2019, was as follows:
|
Fund
|
Ordinary Income*
|
|
Long-Term Capital Gains**
|
|
Total
|
|
Bond Fund
|
|
$
|
3,520,689
|
|
|
|
$
|
—
|
|
|
|
$
|
3,520,689
|
|
|
Disciplined Equity Fund
|
|
|
1,037,281
|
|
|
|
|
3,060,218
|
|
|
|
|
4,097,499
|
|
|
Disciplined International Smaller Company Fund
|
|
|
335,238
|
|
|
|
|
51,341
|
|
|
|
|
386,579
|
|
|
Large Cap Value Fund
|
|
|
1,411,016
|
|
|
|
|
4,532,199
|
|
|
|
|
5,943,215
|
|
|
Small Cap Opportunity Fund
|
|
|
3,468,318
|
|
|
|
|
5,181,296
|
|
|
|
|
8,649,614
|
|
|
*
|
For Federal income tax purposes, distributions of short-term capital gains are treated as ordinary income.
|
|
**
|
The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3)(c), the amount necessary to reduce the earnings and profits of the Funds related to
net capital gain to zero for the tax year ended March 31, 2020.
|
9. SECURITIES LENDING
Following the terms of a securities lending agreement with the Funds’ Custodian, the Funds may lend securities from its portfolio to brokers, dealers and financial institutions in order to increase the
return on its portfolio, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least
equal to 105% of the value of the loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event the
collateralization is below 100% of the value of the securities loaned. During the time securities are on loan, the borrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn
income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Adviser considers all relevant facts and
circumstances, including the size, creditworthiness and reputation of the broker, relevant facts dealer or financial institution. Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could
experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities.
Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the
security is out on loan would continue to be borne by the applicable Fund. Currently, only the Small Cap Opportunity Fund is eligible to participate in securities lending. As of March 31, 2020, the Small Cap Opportunity Fund had securities on loan
with a value of $1,340,366 and collateral value of $1,373,221.
The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the First American Government Obligations Fund – Class Z (a
money market fund subject to Rule 2a-7 under the 1940 Act). The remaining contractual maturity of all securities lending transactions is overnight and continuous. The Funds are not subject to a master netting agreement with respect to securities
lending; therefore, no additional disclosures are required. The fee and interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds’ Statements of
Operations. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Custodian as lending
agent.
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
10. LINE OF CREDIT
The Funds have established an unsecured line of credit (“LOC”) in the amount of $25,000,000, 15% of a Fund’s gross market value or 33.33% of the fair value of the Fund’s investments, whichever is less.
The LOC matures, unless renewed on July 25, 2020. The LOC is intended to provide short-term financing, if necessary, subject to certain restrictions and covenants, in connection with shareholder redemptions and other short-term liquidity needs of the
Funds. The LOC is with the Custodian. Interest is charged at the prime rate which was 3.25% as of March 31, 2020. The interest rate during the period was between 3.25%-5.50%. The Funds have authorized U.S. Bank N.A. to charge any of the accounts of
the Funds for any missed payments. For the year ended March 31, 2020, the Disciplined International Smaller Company Fund, Large Cap Value Fund and Small Cap Opportunity Fund did not have any borrowings under the LOC. For the year ended March 31,
2020, the Bond Fund and Disciplined Equity Fund LOC activity was as follows:
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding
|
|
|
|
|
|
|
|
Date of
|
|
|
|
|
Average
|
|
as of March 31,
|
|
Interest
|
|
|
Maximum
|
|
Maximum
|
|
LOC Agent
|
Fund
|
|
Borrowings
|
|
|
2020
|
|
|
Expense
|
|
|
Borrowing
|
|
Borrowing
|
|
U.S. Bank N.A.
|
Bond Fund
|
|
$
|
36,822
|
|
|
$
|
1,058,000
|
|
|
$
|
1,905
|
|
|
$
|
1,561,000
|
|
08/30/2019
|
|
U.S. Bank N.A.
|
Disc. Equity Fund
|
|
|
28,937
|
|
|
|
5,184,000
|
|
|
|
965
|
|
|
|
5,184,000
|
|
03/31/2020
|
11. PRINCIPAL RISKS – DISCIPLINED INTERNATIONAL SMALLER COMPANY FUND
Currency Risk – When a Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars,
which carries the risk that the value of the foreign currency will increase or decrease, which may impact the value of the Fund’s portfolio holdings and your investment. Other countries may adopt economic policies and/or currency exchange controls
that affect its currency valuations in a disadvantageous manner for U.S. investors and companies and restrict or prohibit the Fund’s ability to repatriate both investment capital and income, which could place the Fund’s assets at risk of total loss.
Currency risks may be greater in emerging and frontier market countries than in developed market countries.
Emerging Markets Risk – Emerging markets are markets of countries in the initial stages of industrialization and that generally have low per capita income. In
addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and
securities markets that are substantially smaller, less liquid and more volatile with less government oversight than more developed countries.
Foreign Securities Risk – Investing in foreign companies involve risks not generally associated with investment in the securities of U.S. companies, including
risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies.
12. SECTOR RISK
As of March 31, 2020, the Bond Fund had a significant portion of its assets invested in the financials sector. The financials sector may be more greatly impacted by the performance of the overall
economy, interest rates, competition, and consumer confidence spending. The Disciplined Equity Fund had a significant portion of its assets invested in the information technology sector. The information technology sector may be more sensitive to
short product cycles, competition and more aggressive pricing than the overall market.
Great Lakes Funds
Notes to the Financial Statements – Continued
March 31, 2020
13. CONTROL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of
March 31, 2020, each Fund’s percentage of control ownership positions greater than 25% are as follows:
|
Fund
|
Shareholder
|
Percent of Shares Held
|
|
Bond Fund
|
Lafoba & Co.
|
70.14%
|
|
|
Wells Fargo Clearing Services, LLC
|
25.78%
|
|
|
|
|
|
Disciplined Equity Fund
|
Lafoba & Co.
|
53.26%
|
|
|
Wells Fargo Clearing Services, LLC
|
38.97%
|
|
|
|
|
|
Disciplined International
|
|
|
|
Smaller Company Fund
|
Wells Fargo Clearing Services, LLC
|
81.48%
|
|
|
|
|
|
Large Cap Value Fund
|
Lafoba & Co.
|
35.44%
|
|
|
Wells Fargo Clearing Services, LLC
|
27.04%
|
|
|
|
|
|
Small Cap Opportunity Fund
|
Wells Fargo Clearing Services, LLC
|
39.75%
|
14. SUBSEQUENT EVENTS
Based upon a recommendation by the Adviser, the Board of Trustees of the Trust approved a plan of liquidation for the Disciplined International Smaller Company Fund, on May 1, 2020. The liquidation will
occur on or around June 30, 2020 (the “Liquidation”). The Adviser determined that the Fund had limited prospects for meaningful growth. As a result, the Adviser and the Board of Trustees believed the Liquidation of the Disciplined International
Smaller Company Fund was in the best interest of shareholders.
On May 8, 2020, the Disciplined International Smaller Company Fund paid an ordinary income distribution of $127,486 or $0.50983646 per share.
The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the
Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.
Management has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.
Great Lakes Funds
Report of Independent Registered Public Accounting Firm
To the Shareholders of Great Lakes Funds and
Board of Trustees of Managed Portfolio Series
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Great Lakes Bond Fund, Great Lakes Disciplined Equity Fund, Great Lakes Disciplined
International Smaller Company Fund, Great Lakes Large Cap Value Fund, and Great Lakes Small Cap Opportunity Fund (the “Great Lakes Funds” or the “Funds”), each a series of Managed Portfolio Series, as of March 31, 2020, the related statements of
operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five periods in the period then ended
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of March 31, 2020, the results of their operations for the
year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five periods in the period then ended, in conformity with accounting principles generally accepted in
the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Subsequent Liquidation
As discussed within Note 14 to the financial statements, on May 1, 2020, the Board of Trustees of Managed Portfolio Series approved a plan of liquidation of Great Lakes Disciplined International Smaller
Company Fund.
We have served as the Funds’ auditor since 2015.
COHEN & COMPANY, LTD.
Cleveland, Ohio
May 28, 2020
Great Lakes Funds
Additional Information (Unaudited)
March 31, 2020
APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Great Lakes Advisors, LLC
At the regular meeting of the Board of Trustees of Managed Portfolio Series (“Trust”) on February 17-18, 2020, the Trust’s Board of Trustees (“Board”), each of whom were present in person, including all
of the Trustees who are not “interested persons” of the Trust, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, (“Independent Trustees”) considered and approved the continuation of the Investment Advisory
Agreement between the Trust and Great Lakes Advisors, LLC (“Great Lakes” or the “Adviser”) regarding the Great Lakes Bond Fund, the Great Lakes Large Cap Value Fund, the Great Lakes Disciplined Equity Fund, the Great Lakes Small Cap Opportunity Fund
and the Great Lakes Disciplined International Smaller Company Fund (each a “Fund” or collectively, the “Funds”) (the “Investment Advisory Agreement”) for another annual term.
Prior to the meeting and at a meeting held on January 7, 2020, the Trustees received and considered information from Great Lakes and the Trust’s administrator designed to provide the Trustees with the
information necessary to evaluate the continuance of the Investment Advisory Agreement (“Support Materials”). Before voting to approve the continuance of the Investment Advisory Agreement, the Trustees reviewed the Support Materials with Trust
management and with counsel to the Independent Trustees, and received a memorandum from such counsel discussing the legal standards for their consideration of the renewal of the Investment Advisory Agreement. This information, together with the
information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations.
In determining whether to continue the Investment Advisory Agreement, the Trustees considered all factors they believed relevant, including the following with respect to each Fund: (1) the nature,
extent, and quality of the services provided by Great Lakes with respect to the Fund; (2) the Fund’s historical performance and the performance of other investment accounts managed by Great Lakes; (3) the costs of the services provided by Great Lakes
and the profits realized by Great Lakes from services rendered to the Fund; (4) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (5) the extent to which economies of scale may be
realized as the Fund grows, and whether the advisory fee for the Fund reflects such economies of scale for the Fund’s benefit; and (6) other benefits to Great Lakes resulting from its relationship with the Funds. In their deliberations, the Trustees
weighed to varying degrees the importance of the information provided to them, did not identify any particular information that was all-important or controlling, and considered the information and made its determinations for each Fund separately and
independently of the other Fund.
Based upon the information provided to the Board throughout the course of the year, including at an in-person presentation by representatives of Great Lakes, and the Support Materials, the Board
concluded that the overall arrangements between the Trust and Great Lakes set forth in the Investment Advisory Agreement, as it relates to each Fund, continue to be fair and reasonable in light of the services that Great Lakes performs, the
investment advisory fees that each Fund pays, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. The material factors and conclusions that formed the basis of the Trustees’ determination
to approve the continuation of the Investment Advisory Agreement as it relates to each Fund are summarized below.
Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that Great Lakes provides under the Investment Advisory Agreement
with respect to each Fund, noting that such services include, but are not limited to, the following: (1) investing each Fund’s assets consistent with the Fund’s investment objective and investment policies; (2) determining the portfolio securities to
be purchased, sold or otherwise disposed of, and the timing of such transactions; (3) voting all proxies with respect to the Funds’ portfolio securities; (4) maintaining the
Great Lakes Funds
Additional Information (Unaudited) – Continued
March 31, 2020
required books and records for transactions that Great Lakes effects on behalf of the Funds; (5) selecting broker-dealers to execute orders on behalf of the Funds; (6) monitoring and maintaining each
Fund’s compliance with policies and procedures of the Trust and with applicable securities laws. The Trustees noted Great Lakes’ strong capitalization, its assets under management, and the fact that Great Lakes is a wholly-owned subsidiary of
Wintrust Financial Corporation, a financial services holding company. The Trustees then considered the Funds’ portfolio managers and noted each portfolio manager’s extensive portfolio management and security research and analysis experience. The
Trustees concluded that they were satisfied with the nature, extent and quality of services that Great Lakes provides to each of the Funds under the Investment Advisory Agreement.
Fund Historical Performance and the Overall Performance of Great Lakes. In assessing the quality of the portfolio management delivered by Great Lakes, the
Trustees considered the short-term and long-term performance of each Fund on both an absolute basis and in comparison to an appropriate benchmark index, each Fund’s respective peer funds according to Morningstar classifications, and each Fund’s
respective composite of separate accounts that Great Lakes manages utilizing a similar investment strategy, where applicable. When comparing each Fund’s performance against its respective Morningstar peer group, the Trustees took into account that
the investment objective and strategies of each Fund, as well as the Fund’s level of risk tolerance, may differ significantly from the funds in the peer group.
|
|
•
|
Great Lakes Bond Fund. The Trustees noted the Fund had underperformed its peer group median and average for the year-to-date, one-year, three-year and
five-year periods ended October 31, 2019. The Trustees also noted that the Fund had underperformed its benchmark index over the same periods. The Trustees also considered that the Fund had achieved positive total returns across all periods
reviewed since inception and observed that the Fund’s performance generally tracked the performance of a composite of Great Lakes’ similarly managed accounts over all relevant time periods.
|
|
|
|
|
|
|
•
|
Great Lakes Disciplined Equity Fund. The Trustees noted that the Fund had outperformed its peer group average over the year-to-date, one-year periods
ended October 31, 2019 and outperformed the peer group median and average over the five-year and ten-year periods ended October 31, 2019. The Trustees also noted that the Fund had underperformed the peer group median over the year-to-date and
one-year periods ended October 31, 2019 and underperformed the peer group median and average over the three-year period ended October 31, 2019. The Trustees also observed that the Fund trailed its benchmark across all relevant periods ended
October 31, 2019. The Trustees considered that the Fund had achieved positive total returns across each time period reviewed since inception and also observed that the Fund’s performance was consistent with the performance of a composite of
Great Lakes’ similarly managed accounts over all relevant time periods.
|
|
|
|
|
|
|
•
|
Great Lakes Disciplined International Smaller Company Fund. The Trustees noted that the Fund had underperformed its peer group median, average and
benchmark index over the year-to-date, one-year and three-year periods ended October 31, 2019. The Trustees noted that the Fund’s returns were within the range of returns in the peer group. The Trustees also considered that the Fund had
achieved positive total returns across each time period reviewed since inception.
|
|
|
|
|
|
|
•
|
Great Lakes Large Cap Value Fund. The Trustees noted that the Fund had outperformed its peer group median and average over the year-to-date, one-year and
five-year periods ended October 31, 2019, but underperformed its peer group median and average over the three-year period ended October 31, 2019. The Trustees also observed that the Fund had outperformed its benchmark index over the
year-to-date period ended
|
Great Lakes Funds
Additional Information (Unaudited) – Continued
March 31, 2020
|
|
|
October 31, 2019, and underperformed its benchmark over the one-year, three-year and five-year periods ended October 31, 2019. The Trustees also considered that the Fund had achieved positive
total returns since inception. The Trustees also observed that the Fund’s performance was consistent with the performance of a composite of Great Lakes’ similarly managed accounts over all relevant time periods.
|
|
|
|
|
|
|
•
|
Great Lakes Small Cap Opportunity Fund. The Trustees noted that the Fund had underperformed the peer group median and average over the outperformed its
peer group median, average and benchmark index over the year-to-date, one-year, and three-year periods ended October 31, 2018, but underperformed the peer group median, average and benchmark index over the five-year period. The Trustees also
considered that the Fund had achieved positive total returns for all relevant periods since inception. The Trustees also observed that the Fund’s performance was consistent over the longer-term with the performance of a composite of Great
Lakes’ similarly managed accounts over all relevant time periods.
|
Cost of Advisory Services and Profitability. The Trustees considered the annual advisory fee that each Fund pays to Great Lakes under the Investment Advisory
Agreement, as well as Great Lakes’ profitability from services that it rendered to each Fund during the 12-month period ended September 30, 2019. In that regard, the Trustees considered the effect of an expense limitation agreement on Great Lakes’
compensation and that Great Lakes has contractually agreed to reduce its advisory fees and, if necessary, reimburse each Fund for operating expenses, as specified in the Funds’ prospectus. With respect to the Great Lakes Disciplined International
Smaller Company Fund, the Trustees noted that after giving effect to the expense limitation agreement the relationship had not been profitable to Great Lakes during the 12-month period ended September 30, 2019. The Trustees noted that the
relationship with each of the other Great Lakes Funds had been profitable. The Trustees then considered that the management fees that Great Lakes charges to separately managed accounts with similar investment strategies to those of the Great Lakes
Large Cap Value Fund, Great Lakes Bond Fund and Great Lakes Disciplined Equity Fund are generally lower than the management fee for the corresponding Fund. The Trustees observed that Great Lakes does not manage other accounts utilizing a similar
investment strategy to that of the Great Lakes Disciplined International Smaller Company Fund for purposes of conducting a management fee comparison and that the fee charged to accounts utilizing a similar investment strategy to the Great Lakes Small
Cap Opportunity Fund is higher than the fee charged to the Fund. The Trustees took into account that Great Lakes has additional responsibilities with respect to the Funds, including additional compliance obligations, greater cash management
responsibilities and increased trading. The Trustees concluded that Great Lakes’ service relationship with the Great Lakes Disciplined International Smaller Company Fund was not profitable to Great Lakes but that the relationships with the other
Funds each yield a reasonable profit.
Comparative Fee and Expense Data. The Trustees considered a comparative analysis of contractual expenses borne by the Funds and those of funds in corresponding
Morningstar peer group. The Trustees noted:
|
|
•
|
Great Lakes Bond Fund. The Fund’s management fee was equal to the peer group median and slightly above the peer group average. The total expenses of the
Fund (after fee waivers and expense reimbursements) were slightly above the peer group median and average. Additionally, when limited to comparably-sized funds, the Fund’s total expenses were above the peer group median but below the average.
|
|
|
|
|
|
|
•
|
Great Lakes Disciplined Equity Fund. The Fund’s management fee was equal to the peer group median and below the peer group average. The total expenses
of the Fund (after fee waivers and expense reimbursements) were slightly above the peer group median and average. When limited to comparably sized funds both the management fee and total expenses of the Fund were below the peer group median
and average.
|
Great Lakes Funds
Additional Information (Unaudited) – Continued
March 31, 2020
|
|
•
|
Great Lakes Disciplined International Smaller Company Fund. The Fund’s management fee was above to the peer group median and average. The Fund’s total
expenses (after fee waivers and expense reimbursements) were above the peer group median and average.
|
|
|
|
|
|
|
•
|
Great Lakes Large Cap Value Fund. The Fund’s management fee was slightly above the peer group median and average. The total expenses of the Fund (after
fee waivers and expense reimbursements) were above the peer group median and average. Additionally, when limited to comparably-sized funds, the Fund’s total expenses were below the peer group median and average.
|
|
|
|
|
|
|
•
|
Great Lakes Small Cap Opportunity Fund. The Fund’s management fee was significantly lower than the peer group median and average management fees. The
total expenses of the Fund’s Institutional Class (after fee waivers and expense reimbursements) were lower than the peer group median and average. The total expenses of the Fund’s Investor Class were slightly above the peer group median and
average but below the peer group median and average when the peer group was limited to comparably-sized funds.
|
While recognizing that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, the Trustees concluded that Great Lakes’
advisory fees with respect to each Fund continue to be reasonable.
Economies of Scale. The Trustees considered whether the Funds would benefit from any economies of scale, noting that the investment advisory fees for the Funds
do not contain breakpoints. The Trustees took into account the fact that Great Lakes had agreed to consider breakpoints in the future in response to asset growth in each of the Funds, but had also expressed some reservation about doing so for the
Great Lakes Small Cap Opportunity Fund because of concerns about potential capacity constraints associated with the Fund’s strategy of investing in small cap stocks. The Trustees noted that given current asset levels, it was not necessary to
consider the implementation of fee breakpoints at the present time, but agreed to revisit the issue in the future as circumstances change and Fund asset levels increase.
Other Benefits. The Trustees considered the direct and indirect benefits that could be realized by the Adviser and its affiliates from the Adviser’s relationship
with the Funds. The Trustees considered the extent to which Great Lakes utilizes soft dollar arrangements with respect to portfolio transactions of certain Funds. The Trustees noted that Great Lakes does not use affiliated brokers to execute the
portfolio transactions of the Funds. While the Trustees noted the Great Lakes Small Cap Opportunity Fund utilizes Rule 12b-1 fees to pay for shareholder and distribution services performed on behalf of each Fund, the Trustees observed that
distribution expenses that Great Lakes incurred significantly exceed any Rule 12b-1 payments from such Fund. The Trustees considered that Great Lakes may receive some form of reputational benefit from services rendered to the Funds, but that such
benefits are immaterial and cannot otherwise be quantified. The Trustees concluded that Great Lakes does not receive any additional material benefits from its relationship with the Funds.
Great Lakes Funds
Additional Information (Unaudited) – Continued
March 31, 2020
TRUSTEES AND OFFICERS
|
|
|
Term of
|
Number of
|
|
Other
|
|
|
|
Office and
|
Portfolios
|
|
Directorships
|
|
|
Position(s)
|
Length of
|
in Trust
|
|
Held by
|
|
Name, Address
|
Held with
|
Time
|
Overseen
|
Principal Occupation(s)
|
Trustee During
|
|
and Year of Birth
|
the Trust
|
Served
|
by Trustee
|
During the Past Five Years
|
the Past Five Years
|
|
Independent Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leonard M. Rush, CPA
|
Lead
|
Indefinite
|
39
|
Retired, Chief Financial Officer,
|
Independent Trustee,
|
|
615 E. Michigan St.
|
Independent
|
Term; Since
|
|
Robert W. Baird & Co. Incorporated
|
ETF Series Solutions
|
|
Milwaukee, WI 53202
|
Trustee
|
April 2011
|
|
(2000-2011).
|
(50 Portfolios)
|
|
Year of Birth: 1946
|
and Audit
|
|
|
|
(2012-Present).
|
|
|
Committee
|
|
|
|
|
|
|
Chairman
|
|
|
|
|
|
|
|
|
|
|
|
|
David A. Massart
|
Trustee
|
Indefinite
|
39
|
Co-Founder and Chief Investment
|
Independent Trustee,
|
|
615 E. Michigan St.
|
and
|
Term; Since
|
|
Strategist, Next Generation Wealth
|
ETF Series Solutions
|
|
Milwaukee, WI 53202
|
Valuation
|
April 2011
|
|
Management, Inc. (2005-Present).
|
(50 Portfolios)
|
|
Year of Birth: 1967
|
Committee
|
|
|
|
(2012-Present).
|
|
|
Chairman
|
|
|
|
|
|
|
|
|
|
|
|
|
David M. Swanson
|
Trustee
|
Indefinite
|
39
|
Founder and Managing Partner,
|
Independent Trustee,
|
|
615 E. Michigan St.
|
and
|
Term; Since
|
|
SwanDog Strategic Marketing,
|
ALPS Variable
|
|
Milwaukee, WI 53202
|
Nominating
|
April 2011
|
|
LLC (2006-Present).
|
Investment Trust
|
|
Year of Birth: 1957
|
& Governance
|
|
|
|
(10 Portfolios)
|
|
|
Committee
|
|
|
|
(2006-Present);
|
|
|
Chairman
|
|
|
|
Independent Trustee,
|
|
|
|
|
|
|
RiverNorth
|
|
|
|
|
|
|
Opportunities
|
|
|
|
|
|
|
Closed-End Fund
|
|
|
|
|
|
|
(2015-Present).
|
|
Interested Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Robert J. Kern*
|
Chairman,
|
Indefinite
|
39
|
Retired, Executive Vice
|
None
|
|
615 E. Michigan St.
|
and Trustee
|
Term; Since
|
|
President, U.S. Bancorp
|
|
|
Milwaukee, WI 53202
|
|
January 2011
|
|
Fund Services, LLC
|
|
|
Year of Birth: 1958
|
|
|
|
(1994-2018).
|
|
|
*
|
Mr. Kern is an “interested person” of the Trust as defined by the 1940 Act by virtue of the fact that he was a board member of the Funds’ principal underwriter, Quasar Distributors, LLC, an
affiliate of the Administrator.
|
Great Lakes Funds
Additional Information (Unaudited) – Continued
March 31, 2020
|
|
|
Term of
|
Number of
|
|
Other
|
|
|
|
Office and
|
Portfolios
|
|
Directorships
|
|
|
Position(s)
|
Length of
|
in Trust
|
|
Held by
|
|
Name, Address
|
Held with
|
Time
|
Overseen
|
Principal Occupation(s)
|
Trustee During
|
|
and Year of Birth
|
the Trust
|
Served
|
by Trustee
|
During the Past Five Years
|
the Past Five Years
|
|
Officers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brian R. Wiedmeyer
|
President and
|
Indefinite
|
N/A
|
Vice President, U.S. Bancorp Fund
|
N/A
|
|
615 E. Michigan St.
|
Principal
|
Term; Since
|
|
Services, LLC (2005-Present).
|
|
|
Milwaukee, WI 53202
|
Executive
|
November 2018
|
|
|
|
|
Year of Birth: 1973
|
Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
Deborah Ward
|
Vice President,
|
Indefinite
|
N/A
|
Senior Vice President, U.S. Bancorp
|
N/A
|
|
615 E. Michigan St.
|
Chief
|
Term; Since
|
|
Fund Services, LLC (2004-Present).
|
|
|
Milwaukee, WI 53202
|
Compliance
|
April 2013
|
|
|
|
|
Year of Birth: 1966
|
Officer and
|
|
|
|
|
|
|
Anti-Money
|
|
|
|
|
|
|
Laundering
|
|
|
|
|
|
|
Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
Benjamin Eirich
|
Treasurer,
|
Indefinite
|
N/A
|
Assistant Vice President, U.S. Bancorp
|
N/A
|
|
615 E. Michigan St.
|
Principal
|
Term; Since
|
|
Fund Services, LLC (2008-Present).
|
|
|
Milwaukee, WI 53202
|
Financial
|
August 2019
|
|
|
|
|
Year of Birth: 1981
|
Officer and
|
(Treasurer);
|
|
|
|
|
|
Vice President
|
Since
|
|
|
|
|
|
|
November 2018
|
|
|
|
|
|
|
(Vice President)
|
|
|
|
|
|
|
|
|
|
|
|
Thomas A. Bausch, Esq.
|
Secretary
|
Indefinite
|
N/A
|
Vice President, U.S. Bancorp Fund
|
N/A
|
|
615 E. Michigan St.
|
|
Term; Since
|
|
Services, LLC (2016-Present); Associate,
|
|
|
Milwaukee, WI 53202
|
|
November 2017
|
|
Godfrey & Kahn S.C. (2012-2016).
|
|
|
Year of Birth: 1979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Douglas Schafer
|
Assistant
|
Indefinite
|
N/A
|
Assistant Vice President, U.S. Bancorp
|
N/A
|
|
615 E. Michigan St.
|
Treasurer
|
Term; Since
|
|
Fund Services, LLC (2002-Present).
|
|
|
Milwaukee, WI 53202
|
and Vice
|
May 2016
|
|
|
|
|
Year of Birth: 1970
|
President
|
(Assistant
|
|
|
|
|
|
|
Treasurer); Since
|
|
|
|
|
|
|
November 2018
|
|
|
|
|
|
|
(Vice President)
|
|
|
|
|
|
|
|
|
|
|
|
Michael J. Cyr II
|
Assistant
|
Indefinite
|
N/A
|
Officer, U.S. Bancorp Fund Services,
|
N/A
|
|
615 E. Michigan St.
|
Treasurer
|
Term; Since
|
|
LLC (2013-Present).
|
|
|
Milwaukee, WI 53202
|
and Vice
|
August 2019
|
|
|
|
|
Year of Birth: 1992
|
President
|
|
|
|
|
Great Lakes Funds
Additional Information (Unaudited) – Continued
March 31, 2020
AVAILABILITY OF FUND PORTFOLIO INFORMATION
Each Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31,
2020). The Funds’ Forms N-Q or Part F of Form N-PORT are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. For information on the Public Reference Room call
1-800-SEC-0330. In addition, each Fund’s Form N-Q Part F of Form N-PORT is available without charge upon request by calling 1-855-278-2020.
AVAILABILITY OF FUND PROXY VOTING INFORMATION
A description of the Funds’ Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-855-278-2020. Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 1-855-278-2020, or (2) on the SEC’s website at www.sec.gov.
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For the fiscal year ended March 31, 2020, certain dividends paid by the Funds may be reported as qualified dividend income and may be eligible for taxation at capital gain rates. The percentage of
dividends declared from ordinary income designated as qualified dividend income was as follows:
|
Fund
|
|
|
|
Bond Fund
|
0.00%
|
|
|
Disciplined Equity Fund
|
100.00%
|
|
|
Disciplined International Smaller Company Fund
|
100.00%
|
|
|
Large Cap Value Fund
|
100.00%
|
|
|
Small Cap Opportunity Fund
|
39.68%
|
|
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2020, was as follows:
|
Fund
|
|
|
|
Bond Fund
|
0.00%
|
|
|
Disciplined Equity Fund
|
100.00%
|
|
|
Disciplined International Smaller Company Fund
|
1.11%
|
|
|
Large Cap Value Fund
|
100.00%
|
|
|
Small Cap Opportunity Fund
|
37.89%
|
|
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:
|
Fund
|
|
|
|
Bond Fund
|
0.00%
|
|
|
Disciplined Equity Fund
|
39.96%
|
|
|
Disciplined International Smaller Company Fund
|
0.00%
|
|
|
Large Cap Value Fund
|
0.00%
|
|
|
Small Cap Opportunity Fund
|
81.38%
|
|
Great Lakes Funds
PRIVACY NOTICE (UNAUDITED)
The Funds collect only relevant information about you that the law allows or requires it to have in order to conduct its business and properly service you. The Funds collect financial and personal
information about you (“Personal Information”) directly (e.g., information on account applications and other forms, such as your name, address, and social security number, and information provided to access account information or conduct account
transactions online, such as password, account number, e-mail address, and alternate telephone number), and indirectly (e.g., information about your transactions with us, such as transaction amounts, account balance and account holdings).
The Funds do not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction,
service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the
Funds, as well as the Funds’ investment adviser who is an affiliate of the Funds. If you maintain a retirement/educational custodial account directly with the Funds, we may also disclose your Personal Information to the custodian for that account
for shareholder servicing purposes. The Funds limit access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Funds. All shareholder records will be
disposed of in accordance with applicable law. The Funds maintain physical, electronic and procedural safeguards to protect your Personal Information and requires its third-party service providers with access to such information to treat your
Personal Information with the same high degree of confidentiality.
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, credit union, bank or trust company, the privacy
policy of your financial intermediary governs how your non-public personal information is shared with unaffiliated third parties.
INVESTMENT ADVISER
Great Lakes Advisors, LLC
231 South LaSalle Street, 4th Floor
Chicago, Illinois 60604
DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 1250
Milwaukee, Wisconsin 53202
CUSTODIAN
U.S. Bank, N.A.
1555 North River Center Drive
Milwaukee, Wisconsin 53212
ADMINISTRATOR, FUND ACCOUNTANT
AND TRANSFER AGENT
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
LEGAL COUNSEL
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, Pennsylvania 19103
This report must be accompanied or preceded by a prospectus.
The Funds’ Statement of Additional Information contains additional information about the
Funds’ trustees and is available without charge upon request by calling 1-855-278-2020.
GK-ANNUAL
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by
this period.
The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s code of ethics that applies to the registrant’s principal executive officer and principal financial officer is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Leonard M. Rush is the “audit committee financial expert” and is considered to be “independent” as
each term is defined in Item 3 of Form N‑CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual
financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the
principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning; including reviewing the Funds’
tax returns and distribution calculations. There were no “other services” provided by the principal accountant. For the fiscal years ended March 31, 2019 and March 31, 2020, the Funds’ principal accountant was Cohen & Company, Ltd. The
following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
|
|
FYE 3/31/2020
|
FYE 3/31/2019
|
|
Audit Fees
|
$65,000
|
$62,500
|
|
Audit-Related Fees
|
$0
|
$0
|
|
Tax Fees
|
$15,000
|
$15,000
|
|
All Other Fees
|
$0
|
$0
|
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by Cohen & Company, Ltd. for the fiscal years ended March 31, 2019 and March 31, 2020, applicable to non-audit services pursuant to waiver of
pre-approval requirement were as follows:
|
|
FYE 3/31/2020
|
FYE 3/31/2019
|
|
Audit-Related Fees
|
0%
|
0%
|
|
Tax Fees
|
0%
|
0%
|
|
All Other Fees
|
0%
|
0%
|
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other
controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is
compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
|
Non-Audit Related Fees
|
FYE 3/31/2020
|
FYE 3/31/2019
|
|
Registrant
|
$0
|
$0
|
|
Registrant’s Investment Adviser
|
$0
|
$0
|
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.
Item 11. Controls and Procedures.
|
(a)
|
The Registrant’s [President/Chief Executive Officer] and [Treasurer/Chief Financial Officer] have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the
“Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the
Registrant and by the Registrant’s service provider.
|
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Exhibits.
(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or
more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
(Registrant) Managed Portfolio Series
By (Signature and Title) * /s/Brian R. Wiedmeyer
Brian R. Wiedmeyer, President
Date June 1, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
By (Signature and Title) * /s/Brian R. Wiedmeyer
Brian R. Wiedmeyer, President
Date June 1, 2020
By (Signature and Title)* /s/Benjamin J. Eirich
Benjamin J. Eirich, Treasurer
Date June 1, 2020
* Print the name and title of each signing officer under his or her signature.
