485BPOS 2012-03-31 0001511699 2012-09-28 Managed Portfolio Series false 2012-09-28 2012-09-28 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the annual fund operating expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the portfolio turnover of the<br />Predecessor Fund (as defined in the Performance section below) was 126% of its<br />average portfolio value.</tt> <div style="display:none">~ http://www.glafunds.com/role/ExpenseExample_S000038407Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.glafunds.com/role/BarChartData_S000038407Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Great Lakes Small Cap Opportunity Fund (the "Fund") seeks to provide total<br />return.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the expense limitation for one year).</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />(plus any borrowings for investment purposes) in equity securities of<br />small-capitalization ("small cap") companies, including common and preferred<br />stocks and convertible securities. It is currently anticipated that the Fund<br />normally will invest at least 95% of its net assets in these companies. The Fund<br />considers a company to be a small cap company if it has a market capitalization,<br />at the time of purchase, within the capitalization range of the Russell 2000&#xAE;<br />Index as of the date it was last reconstituted. The market capitalizations<br />within the index vary, but as of June 30, 2012, they ranged from approximately<br />$12.6 million to $3.3 billion.<br /> <br />Although the Fund may from time to time emphasize smaller or larger<br />capitalization companies within the range of the Russell 2000&#xAE; Index, as a<br />result of the investment process discussed below, the Adviser anticipates that<br />generally the Fund's capitalization weightings will be similar to those of the<br />Russell 2000&#xAE; Index. The Fund's investments primarily include common stocks of<br />U.S.-based companies that are listed on a U.S. stock exchange, although the Fund<br />may invest up to 20% of its total assets in securities denominated in foreign<br />currencies.<br /> <br />The Fund follows a "core" strategy in that it is intended not to exhibit a<br />pronounced style bias towards either "growth" or "value." The Adviser's<br />proprietary investment process may tilt the Fund temporarily towards a<br />particular style, but such tactical shifts are expected to even out over time.<br /> <br />The Fund is actively managed using a fundamental process that incorporates both<br />quantitative screening techniques and rigorous investment analysis. The Adviser<br />has designed its fundamental process to add value in the small cap universe<br />which it believes lacks an efficient market. Many listed securities have limited<br />published research coverage, which may result in the market not fully assessing<br />the value or growth prospects of the companies.<br /> <br />The Adviser seeks to invest in the securities of companies it believes are<br />undervalued by the marketplace in relation to the company's ability to generate<br />attractive returns on capital. Attractive returns can then be reinvested in<br />growth opportunities or a return of capital to shareholder in the form of<br />dividends, debt repayment, or share buybacks. The Adviser considers measures<br />such as price/book ("P/B") ratio, price/sales ("P/S") ratio, price/earnings<br />("P/E") ratio, earnings relative to enterprise value (the total value of a<br />company's outstanding equity and debt), and the discounted value of a company's<br />future cash flows.<br /> <br />In addition to investing in equity securities of small cap companies, the Fund<br />may invest in other investment companies, including exchange-traded funds<br />("ETFs") to the extent permitted by the Investment Company Act of 1940, as<br />amended (the "1940 Act"), in order to reduce cash balances in the Fund and<br />increase the level of Fund assets exposed to small cap companies.<br /> <br />The Adviser determines the size of each position (i.e., stocks owned by the<br />Fund) by analyzing the trade-offs among a number of factors, including the<br />investment attractiveness of each position, its estimated impact on the risk of<br />the overall portfolio and the expected cost of trading.<br />&#xA0;&#xA0;<br />Holdings are generally sold as they reach the Adviser's valuation targets, or if<br />the situation changes in an unexpected way which may permanently impair return<br />prospects. For example, situations can change due to management missteps or<br />changes in the macro-economic environment.<br /> <br />At the discretion of the Adviser, the Fund may invest up to 100% of its assets<br />in cash, cash equivalents, and high-quality, short-term debt securities and<br />money market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions, which may result in the Fund not<br />achieving its investment objective.</tt> Great Lakes Small Cap Opportunity Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Example After tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Investment Objective The Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures because when a capital loss occurs upon the redemption of shares, a tax deduction is provided that benefits the investor. 1.26 Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). Performance 50000 <tt>After tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and does not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your situation and may differ from<br />those shown. The performance of each class will vary from the after-tax returns<br />shown above for the Institutional Class shares as a result of sales loads,<br />higher Rule 12b-1 fees and expenses. Furthermore, the after-tax returns shown<br />are not relevant to those who hold their shares through tax-deferred arrangements <br />such as 401(k) plans or individual retirement accounts ("IRAs"). The "Return After <br />Taxes on Distributions and Sale of Fund Shares" may be higher than other return <br />figures because when a capital loss occurs upon the redemption of shares, a tax <br />deduction is provided that benefits the investor.</tt> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. <tt>Best Quarter&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter <br />Q2 2009 28.42%&#xA0;&#xA0;&#xA0;Q3 2011 (22.77)% <br /><br />Year-to-Date as of March 31, 2012 14.60%</tt> 855-278-2020 The Annual Fund Operating Expenses shown above have been restated to reflect the estimated expenses for the Fund's current fiscal year and are not based on the expenses incurred during the Predecessor Fund's (as defined in the Performance section below) previous fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the periods ended December 31, 2011 Portfolio Turnover <tt>As with any mutual fund, there are risks to investing. An investment in the Fund<br />is not a deposit of a bank and is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other governmental agency. Remember, in<br />addition to possibly not achieving your investment goals, you could lose all or<br />a portion of your investment in the Fund over short or even long periods of<br />time. The principal risks of investing in the Fund are:<br /> <br />General Market Risk. The Fund's net asset value and investment return will<br />fluctuate based upon changes in the value of its portfolio securities.&#xA0;&#xA0;Certain<br />securities selected for the Fund's portfolio may be worth less than the price<br />originally paid for them, or less than they were worth at an earlier time.<br /> <br />Management Risk. The Fund may not meet its investment objective or may<br />underperform investment vehicles with similar strategies if the Adviser cannot<br />successfully implement the Fund's investment strategies.<br /> <br />Equity Securities Risk. The equity securities held in the Fund's portfolio may<br />experience sudden, unpredictable drops in value or long periods of decline in<br />value. This may occur because of factors that affect securities markets generally <br />or factors affecting specific industries, sectors or companies in which the Fund <br />invests.<br /> <br />Preferred Stock Risk. A preferred stock is a blend of the characteristics of a<br />bond and common stock. It may offer the higher yield of a bond and has priority<br />over common stock in equity ownership, but it does not have the seniority of a<br />bond and, unlike common stock, its participation in the issuer's growth may be<br />limited. Preferred stock has preference over common stock in the receipt of<br />dividends or in any residual assets after payment to creditors should the issuer<br />be dissolved. Although the dividend on a preferred stock may be set at a fixed<br />annual rate, in some circumstances it may be changed or passed by the issuer.<br /> <br />Convertible Securities Risk. Convertible securities risk is the risk that the<br />market values of convertible securities tend to decline as interest rates<br />increase and, conversely, to increase as interest rates decline. A convertible<br />security's market value, however, also tends to reflect the market price of the<br />common stock of the issuing company when that stock price approaches or is<br />greater than the convertible security's "conversion price." The conversion price<br />is defined as the predetermined price at which the convertible security could be<br />exchanged for the associated stock. As the market price of the underlying common<br />stock declines, the price of the convertible security tends to be influenced<br />more by the yield of the convertible security.<br /> <br />Investment Company Risk. The Fund may be subject to increased expenses and reduced <br />performance as a result of its investments in other investment companies. When <br />investing in other investment companies, the Fund bears its pro rata share of the <br />other investment company's fees and expenses including the duplication of advisory <br />and other fees and expenses.<br /> <br />ETF Risk. The market price of the shares of an ETF will fluctuate based on<br />changes in the net asset value as well as changes in the supply and demand of<br />its shares in the secondary market. It is also possible that an active secondary<br />market of an ETF's shares may not develop and market trading in the shares of<br />the ETF may be halted under certain circumstances. ETFs have management and<br />other expenses. The Fund will bear its pro rata portion of these expenses and<br />therefore the Fund's expenses may be higher than if it invested directly in<br />securities.<br />&#xA0;&#xA0;<br />Small Cap Companies Risk. The small cap companies in which the Fund invests may<br />not have the management experience, financial resources, product diversification<br />and competitive strengths of large cap companies. Therefore, these securities<br />may be more volatile and less liquid than the securities of larger, more<br />established companies. Small cap company stocks may also be bought and sold less<br />often and in smaller amounts than larger company stocks. Because of this, if the<br />Adviser wants to sell a large quantity of a small cap company stock, it may have<br />to sell at a lower price than it might prefer, or it may have to sell in smaller<br />than desired quantities over a period of time. Analysts and other investors may<br />follow these companies less actively and therefore information about these<br />companies may not be as readily available as that for large cap companies.<br /> <br />Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve<br />risks not ordinarily associated with investments in securities and instruments<br />of U.S. issuers, including risks relating to political, social and economic<br />developments abroad, differences between U.S. and foreign regulatory and<br />accounting requirements, tax risks, and market practices, as well as<br />fluctuations in foreign currencies.<br /> <br />Currency Risk. When the Fund buys or sells securities on a foreign stock exchange, <br />the transaction is undertaken in the local currency rather than in U.S. dollars, <br />which carries the risk that the value of the foreign currency will increase or <br />decrease, which may impact the value of the Fund's portfolio holdings and your <br />investment. Non-U.S. countries may adopt economic policies and/or currency <br />exchange controls that affect its currency valuations in a disadvantageous manner <br />for U.S. investors and companies and restrict or prohibit the Fund's ability to <br />repatriate both investment capital and income, which could place the Fund's assets <br />in such country at risk of total loss.<br /> <br />Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the<br />potential to result in the realization by the Fund and distribution to<br />shareholders of a greater amount of capital gains than if the Fund had a low<br />portfolio turnover rate. This may mean that you would be likely to have a higher<br />tax liability. Distributions to shareholders of short-term capital gains are<br />taxed as ordinary income under federal tax laws. When purchasing Fund securities<br />through a broker, high portfolio turnover generally involves correspondingly<br />greater brokerage commission expenses, which must be borne directly by the Fund.</tt> Fees and Expenses of the Fund Actual after-tax returns depend on your situation and may differ from those shown. The performance of each class will vary from the after-tax returns shown above for the Institutional Class shares as a result of sales loads, higher Rule 12b-1 fees and expenses. Principal Investment Strategies www.glafunds.com <tt>The accompanying bar chart and table provide some indication of the risks of<br />investing in the Fund. Effective December 14, 2012, substantially all of the<br />assets of the Great Lakes Small Cap Opportunity Fund, a series of Northern<br />Lights Fund Trust, (the "Predecessor Fund") which had the same portfolio<br />managers as the Fund and has substantially similar investment strategies as <br />the Fund, were transferred to the Fund in a tax-free reorganization (the<br />"Reorganization"). The performance figures for the Fund's Institutional Class<br />Shares in the bar chart and table and the Investor Class Shares in the table<br />represent the performance of the Predecessor Fund's shares from year-to-year,<br />and the table compares the average annual total returns for certain periods with<br />those of a broad measure of market performance. Updated performance information<br />is available at www.glafunds.com or by calling 855-278-2020. The Predecessor<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in the<br />Fund. More information about these and other discounts is available from your<br />financial professional and in "Shareholder Information - Class Descriptions" of<br />the Fund's statutory Prospectus on page 50.</tt> <div style="display:none">~ http://www.glafunds.com/role/OperatingExpensesData_S000038407Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.glafunds.com/role/PerformanceTableData_S000038407Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="display:none">~ http://www.glafunds.com/role/ShareholderFeesData_S000038407Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Index (reflects no deduction for fees, expenses or taxes) -0.0418 0.1835 2008-12-05 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0110 0.1807 2008-12-05 Institutional Class Shares Return After Taxes on Distributions -0.0491 0.1936 2008-12-05 GLSIX Worst Quarter Best Quarter 0.0000 2012-03-31 Institutional Class Shares Return Before Taxes 98 2009-06-30 306 -0.2277 0.2709 1178 531 0.2842 -0.0035 0.0036 0.0060 2011-09-30 0.2859 Year-to-Date -0.0035 0.0000 0.0096 0.2242 2008-12-05 0.1460 GLSCX 0.0500 Investor Class Shares Return Before Taxes 617 865 1893 1132 -0.0563 0.0036 0.0060 0.0025 0.0121 0.2002 2008-12-05 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the annual fund operating expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the portfolio turnover of the<br />Predecessor Fund (as defined in the Performance section below) was 106% of its<br />average portfolio value.</tt> <div style="display:none">~ http://www.glafunds.com/role/ExpenseExample_S000038406Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.glafunds.com/role/BarChartData_S000038406Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Great Lakes Disciplined Equity Fund (the "Fund") seeks to provide total<br />return.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the expense limitation for one<br />year).</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />(plus any borrowings for investment purposes) in equity securities including<br />common and preferred stocks and convertible securities. Typically, the Fund<br />invests at least 80% of its assets in common stocks issued by large-capitalization <br />("large cap") companies, although it is currently anticipated that the Fund <br />normally will invest at least 95% of its net assets in these companies. The Fund <br />considers a company to be a large cap company if it has a market capitalization, <br />at the time of purchase, within the capitalization range of the S&amp;P 500&#xAE; Index. <br />The market capitalizations within the index vary, but as of June 30, 2012, they<br />ranged from approximately $890 million to $546.08 billion.<br /> <br />Although the Fund may from time to time emphasize smaller or larger<br />capitalization companies within the range of the S&amp;P 500&#xAE;, as a result of the<br />quantitative process discussed below, the Adviser and Advanced Investment<br />Partners, LLC (the "Sub-Adviser") anticipate that generally the Fund's weighted<br />average market capitalization will be similar to that of the S&amp;P 500&#xAE; Index. The<br />Fund's investments primarily include common stocks of U.S.-based companies that<br />are listed on a U.S. stock exchange, although the Fund may also invest up to 20%<br />of its total assets in securities denominated in foreign currencies.<br /> <br />The Fund follows a "core" strategy in that it is intended not to exhibit a<br />pronounced style bias towards either "growth" or "value." The Sub-Adviser's<br />proprietary quantitative process may tilt the Fund temporarily towards a<br />particular style, but such tactical shifts are expected to even out over<br />time. The Fund is actively managed using a proprietary quantitative process<br />which projects a stock's performance based upon a variety of factors, such as<br />the stock's growth or value traits, market capitalization, earnings volatility,<br />earnings yield, financial leverage or currency sensitivity. This process tracks<br />the historical performance of each of these factors against relevant economic<br />and market variables, and then determines how each of the factors is expected to<br />perform given current economic conditions, which may include volatility, gross<br />domestic product ("GDP"), unemployment and inflation. The process then measures<br />the relative sensitivity of each of the stocks in the Fund's investable universe<br />to the various factors and projects each stock's performance based on this<br />sensitivity. Stocks are selected for purchase or sale through a disciplined<br />analysis intended to maximize the Fund's overall projected return while<br />maintaining risk levels (as measured by volatility) similar to that of the S&amp;P<br />500&#xAE; Index.<br /> <br />In addition to investing in equity securities issued by large cap companies, the<br />Fund may invest in other investment companies, including exchange-traded funds<br />("ETFs"), to the extent permitted by the Investment Company Act of 1940, as<br />amended (the "1940 Act"), in order to reduce cash balances in the Fund and<br />increase the level of Fund assets exposed to large cap companies.<br /> <br />The Sub-Adviser determines the size of each position owned by the Fund by<br />analyzing the tradeoffs among a number of factors, including the investment<br />attractiveness of each position, its estimated impact on the risk of the overall<br />portfolio and the expected cost of trading.<br /> <br />At the discretion of the Adviser or Sub-Adviser, the Fund may invest up to 100%<br />of its assets in cash, cash equivalents, and high-quality, short-term debt<br />securities and money market instruments for temporary defensive purposes in<br />response to adverse market, economic or political conditions, which may result<br />in the Fund not achieving its investment objective.</tt> Great Lakes Disciplined Equity Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Example After tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Investment Objective The Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1.06 Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). Performance 50000 <tt>After tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and does not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your situation and may differ from<br />those shown. The performance of each class will vary from the after-tax returns<br />shown above for the Institutional Class shares as a result of sales loads,<br />higher Rule 12b-1 fees and expenses. Furthermore, the after-tax returns shown<br />are not relevant to those who hold their shares through tax-deferred<br />arrangements such as 401(k) plans or individual retirement accounts ("IRAs").</tt> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. <tt>Best Quarter&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Worst Quarter&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Q4 2010 11.35%&#xA0;&#xA0;&#xA0;Q3 2011 (12.66)%&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Year-to-Date as of March 31, 2012 12.59%</tt> 855-278-2020 The Annual Fund Operating Expenses shown above have been restated to reflect the estimated expenses for the Fund's current fiscal year and are not based on the expenses incurred during the Predecessor Fund's (as defined in the Performance section below)previous fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for the periods ended December 31, 2011 Portfolio Turnover <tt>As with any mutual fund, there are risks to investing. An investment in the Fund<br />is not a deposit of a bank and is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other governmental agency. Remember, in<br />addition to possibly not achieving your investment goals, you could lose all or<br />a portion of your investment in the Fund over short or even long periods of<br />time. The principal risks of investing in the Fund are:<br /> <br />General Market Risk. The Fund's net asset value and investment return will<br />fluctuate based upon changes in the value of its portfolio securities.&#xA0;&#xA0;Certain<br />securities selected for the Fund's portfolio may be worth less than the price<br />originally paid for them, or less than they were worth at an earlier time.<br /> <br />Management Risk. The Fund may not meet its investment objective or may<br />underperform investment vehicles with similar strategies if the Adviser and<br />Sub-Adviser cannot successfully implement the Fund's investment strategies.<br /> <br />Equity Securities Risk. The equity securities held in the Fund's portfolio may<br />experience sudden, unpredictable drops in value or long periods of decline in<br />value. This may occur because of factors that affect securities markets<br />generally or factors affecting specific industries, sectors or companies in<br />which the Fund invests.<br /> <br />Preferred Stock Risk.&#xA0;&#xA0;A preferred stock is a blend of the characteristics of a<br />bond and common stock. It may offer the higher yield of a bond and has priority<br />over common stock in equity ownership, but it does not have the seniority of a<br />bond and, unlike common stock, its participation in the issuer's growth may be<br />limited. Preferred stock has preference over common stock in the receipt of<br />dividends or in any residual assets after payment to creditors should the issuer<br />be dissolved. Although the dividend on a preferred stock may be set at a fixed<br />annual rate, in some circumstances it may be changed by the issuer.<br /> <br />Convertible Securities Risk. Convertible securities risk is t he risk that the<br />market values of convertible securities tend to decline as interest rates<br />increase and, conversely, to increase as interest rates decline. A convertible<br />security's market value, however, also tends to reflect the market price of the<br />common stock of the issuing company when that stock price approaches or is<br />greater than the convertible security's "conversion price." T he conversion<br />price is defined as the predetermined price at which the convertible security<br />could be exchanged for the associated stock. As the market price of the<br />underlying common stock declines, the price of the convertible security tends to<br />be influenced more by the yield of the convertible security.<br /> <br />Investment Company Risk. The Fund may be subject to increased expenses and<br />reduced performance as a result of its investments in other investment<br />companies. When investing in other investment companies, the Fund bears its pro<br />rata share of the other investment company's fees and expenses including the<br />duplication of advisory and other fees and expenses.<br /> <br />ETF Risk. The market price of the shares of an ETF will fluctuate based on<br />changes in the net asset value as well as changes in the supply and demand of<br />its shares in the secondary market. It is also possible that an active secondary<br />market of an ETF's shares may not develop and market trading in the shares of<br />the ETF may be halted under certain circumstances. ETFs have management and<br />other expenses. The Fund will bear its pro rata portion of these expenses and<br />therefore the Fund's expenses may be higher than if it invested directly in<br />securities.<br /> <br />Large Cap Companies Risk. The Fund's investment in larger companies is subject<br />to the risk that larger companies are sometimes unable to attain the high growth<br />rates of successful, smaller companies, especially during extended periods of<br />economic expansion.<br />&#xA0;&#xA0;<br />Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve<br />risks not ordinarily associated with investments in securities and instruments<br />of U.S. issuers, including risks relating to political, social and economic<br />developments abroad, differences between U.S. and foreign regulatory and<br />accounting requirements, tax risks, and market practices, as well as<br />fluctuations in foreign currencies.<br /> <br />Currency Risk. When the Fund buys or sells securities on a foreign stock<br />exchange, the transaction is undertaken in the local currency rather than in<br />U.S. dollars, which carries the risk that the value of the foreign currency will<br />increase or decrease, which may impact the value of the Fund's portfolio<br />holdings and your investment. Non-U.S. countries may adopt economic policies<br />and/or currency exchange controls that affect its currency valuations in a<br />disadvantageous manner for U.S. investors and companies and restrict or prohibit<br />the Fund's ability to repatriate both investment capital and income, which could<br />place the Fund's assets in such country at risk of total loss.<br /> <br />Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the<br />potential to result in the realization by the Fund and distribution to<br />shareholders of a greater amount of capital gains than if the Fund had a low<br />portfolio turnover rate. This may mean that you would be likely to have a higher<br />tax liability. Distributions to shareholders of short-term capital gains are<br />taxed as ordinary income under federal tax laws. When purchasing Fund securities<br />through a broker, high portfolio turnover generally involves correspondingly<br />greater brokerage commission expenses, which must be borne directly by the Fund.</tt> Fees and Expenses of the Fund Actual after-tax returns depend on your situation and may differ from those shown. The performance of each class will vary from the after-tax returns shown above for the Institutional Class shares as a result of sales loads, higher Rule 12b-1 fees and expenses. Principal Investment Strategies www.glafunds.com <tt>The accompanying bar chart and table provide some indication of the risks of<br />investing in the Fund. Effective December 14, 2012, substantially all of the<br />assets of the Great Lakes Disciplined Equity Fund, a series of Northern Lights<br />Fund Trust, (the "Predecessor Fund") which had the same portfolio managers as<br />the Fund and has substantially similar investment strategies as the Fund, were<br />transferred to the Fund in a tax-free reorganization (the "Reorganization"). The<br />performance figures for the Fund's Institutional Class Shares in the bar chart<br />and table and the Investor Class Shares in the table represent the performance<br />of the Predecessor Fund's shares from year-to-year, and the table compares the<br />average annual total returns for certain periods with those of a broad measure<br />of market performance. Updated performance information is available at<br />www.glafunds.com or by calling 855-278-2020. The Predecessor Fund's past<br />performance (before and after taxes) is not necessarily an indication of how the<br />Fund will perform in the future.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in the<br />Fund. More information about these and other discounts is available from your<br />financial professional and in "Shareholder Information - Class Descriptions" of<br />the Fund's statutory Prospectus on page 50.</tt> <div style="display:none">~ http://www.glafunds.com/role/OperatingExpensesData_S000038406Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.glafunds.com/role/PerformanceTableData_S000038406Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="display:none">~ http://www.glafunds.com/role/ShareholderFeesData_S000038406Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 0.1412 2009-06-01 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0073 0.1047 2009-06-01 Institutional Class Shares Return After Taxes on Distributions -0.0115 0.1162 2009-06-01 GLDNX Worst Quarter Best Quarter 0.0000 2012-03-31 Institutional Class Shares Return Before Taxes 56 2010-12-31 248 -0.1266 -0.0033 0.1446 1054 455 0.1135 0.0107 0.0028 0.0060 2014-12-31 2011-09-30 Year-to-Date 0.0107 0.0000 0.0055 0.0088 0.1305 2009-06-01 0.1259 GLDEX 0.0500 Investor Class Shares Return Before Taxes 578 810 -0.0033 1778 1061 -0.0427 0.0028 0.0060 2014-12-31 0.0025 0.0080 0.0113 0.1048 2009-06-01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the annual fund operating expenses or in the Example, affect the Fund's<br />performance.</tt> <div style="display:none">~ http://www.glafunds.com/role/ExpenseExample_S000038405Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Great Lakes Large Cap Value Fund (the "Fund") seeks total return.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the expense limitation for one<br />year).</tt> <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />(plus any borrowings for investment purposes) in equity securities issued by<br />large-capitalization ("large cap") companies, including common and preferred<br />stocks and convertible securities. The Fund considers a company to be a large<br />cap company if it has a market capitalization, at the time of purchase, over $2<br />billion.<br /> <br />The Adviser utilizes an actively managed, "bottom up" strategy for the Fund that<br />is designed to seek superior risk-adjusted performance. The Adviser focuses on<br />three principles when selecting investments for the Fund. First, the Adviser<br />analyzes a company's "value" or earning power, which is the company's ability to<br />generate a profit for reinvestment in the company or distributions to<br />shareholders. The Adviser uses return on investment as the best representation<br />of earning power and invests in companies with rising or high returns on<br />invested capital. Second, the Adviser uses proven valuation methods to identify<br />attractively priced companies based primarily on elements of earnings<br />power. Finally, the Adviser diversifies the portfolio in order to manage<br />risk. The Fund typically invests in a portfolio of 35 to 55 companies. Stock<br />selection is made by consensus of the Great Lakes Value Equity Team with the<br />Adviser's Chief Investment Officer - Equities having veto authority within this<br />selection process.<br /> <br />In addition to investing in equity securities issued by large cap companies, the<br />Fund may invest in other investment companies, including exchange-traded funds<br />("ETFs"), to the extent permitted by the Investment Company Act of 1940, as<br />amended (the "1940 Act"), in order to reduce cash balances and increase the<br />Fund's exposure to large cap companies. The Fund may also invest up to 20% of<br />its total assets in securities denominated in foreign currencies.<br /> <br />At the discretion of the Adviser, the Fund may invest up to 100% of its assets<br />in cash, cash equivalents, and high-quality, short-term debt securities and<br />money market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions, which may result in the Fund not<br />achieving its investment objective.</tt> Great Lakes Large Cap Value Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Example Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. When the Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance 50000 855-278-2020 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>As with any mutual fund, there are risks to investing. An investment in the Fund<br />is not a deposit of a bank and is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other governmental agency. Remember, in<br />addition to possibly not achieving your investment goals, you could lose all or<br />a portion of your investment in the Fund over short or even long periods of<br />time. The principal risks of investing in the Fund are:<br /> <br />General Market Risk. The Fund's net asset value and investment return will<br />fluctuate based upon changes in the value of its portfolio securities.&#xA0;&#xA0;Certain<br />securities selected for the Fund's portfolio may be worth less than the price<br />originally paid for them, or less than they were worth at an earlier time.<br /> <br />Management Risk. The Fund may not meet its investment objective or may<br />underperform investment vehicles with similar strategies if the Adviser cannot<br />successfully implement the Fund's investment strategies.<br /> <br />Equity Securities Risk. The equity securities held in the Fund's portfolio may<br />experience sudden, unpredictable drops in value or long periods of decline in<br />value. This may occur because of factors that affect securities markets<br />generally or factors affecting specific industries, sectors or companies in<br />which the Fund invests.<br />&#xA0;&#xA0;<br />Preferred Stock Risk.&#xA0;&#xA0;A preferred stock is a blend of the characteristics of a<br />bond and common stock. It may offer the higher yield of a bond and has priority<br />over common stock in equity ownership, but it does not have the seniority of a<br />bond and, unlike common stock, its participation in the issuer's growth may be<br />limited. Preferred stock has preference over common stock in the receipt of<br />dividends or in any residual assets after payment to creditors should the issuer<br />be dissolved. Although the dividend on a preferred stock may be set at a fixed<br />annual rate, in some circumstances it may be changed or passed by the issuer.<br /> <br />Convertible Securities Risk. Convertible securities risk is t he risk that the<br />market values of convertible securities tend to decline as interest rates<br />increase and, conversely, to increase as interest rates decline. A convertible<br />security's market value, however, also tends to reflect the market price of the<br />common stock of the issuing company when that stock price approaches or is<br />greater than the convertible security's "conversion price." T he conversion<br />price is defined as the predetermined price at which the convertible security<br />could be exchanged for the associated stock. As the market price of the<br />underlying common stock declines, the price of the convertible security tends to<br />be influenced more by the yield of the convertible security.<br /> <br />Value-Style Investing Risk. The Fund's value investments are subject to the risk<br />that their intrinsic values may not be recognized by the broad market or that<br />their prices may decline.<br /> <br />Large Cap Companies Risk. The Fund's investment in larger companies is subject<br />to the risk that larger companies are sometimes unable to attain the high growth<br />rates of successful, smaller companies, especially during extended periods of<br />economic expansion.<br /> <br />Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve<br />risks not ordinarily associated with investments in securities and instruments<br />of U.S. issuers, including risks relating to political, social and economic<br />developments abroad, differences between U.S. and foreign regulatory and<br />accounting requirements, tax risks, and market practices, as well as<br />fluctuations in foreign currencies.<br /> <br />Currency Risk. When the Fund buys or sells securities on a foreign stock<br />exchange, the transaction is undertaken in the local currency rather than in<br />U.S. dollars, which carries the risk that the value of the foreign currency will<br />increase or decrease, which may impact the value of the Fund's portfolio<br />holdings and your investment. Non-U.S. countries may adopt economic policies<br />and/or currency exchange controls that affect its currency valuations in a<br />disadvantageous manner for U.S. investors and companies and restrict or prohibit<br />the Fund's ability to repatriate both investment capital and income, which could<br />place the Fund's assets in such country at risk of total loss.<br /> <br />Investment Company Risk. The Fund may be subject to increased expenses and<br />reduced performance as a result of its investments in other investment<br />companies. When investing in other investment companies, the Fund bears its pro<br />rata share of the other investment company's fees and expenses including the<br />duplication of advisory and other fees and expenses.<br /> <br />ETF Risk.&#xA0;&#xA0;The market price of the shares of an ETF will fluctuate based on<br />changes in the net asset value as well as changes in the supply and demand of<br />its shares in the secondary market. It is also possible that an active secondary<br />market of an ETF's shares may not develop and market trading in the shares of<br />the ETF may be halted under certain circumstances. ETFs have management and<br />other expenses. The Fund will bear its pro rata portion of these expenses and<br />therefore the Fund's expenses may be higher than if it invested directly in<br />securities.<br />&#xA0;&#xA0;<br />New Fund Risk. The Fund is new with no operating history and there can be no<br />assurance that the Fund will grow to or maintain an economically viable size, in<br />which case the Board of Trustees may determine to liquidate the Fund.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.glafunds.com <tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Until such time, inception-to-date performance<br />information as of the end of most recently completed calendar quarter will be<br />available on the Fund's website at www.glafunds.com or by calling the Fund<br />toll-free at 855-278-2020. Performance information, when available, will provide<br />some indication of the risks of investing in the Fund by showing changes in the<br />Fund's performance from year-to-year and by showing how the Fund's average<br />annual returns for certain periods compare with those of a broad measure of<br />market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in the<br />Fund. More information about these and other discounts is available from your<br />financial professional and in "Shareholder Information - Class Descriptions" of<br />the Fund's statutory Prospectus on page 50.</tt> <div style="display:none">~ http://www.glafunds.com/role/OperatingExpensesData_S000038405Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="display:none">~ http://www.glafunds.com/role/ShareholderFeesData_S000038405Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> GLLIX 0.0000 87 297 -0.0012 0.0037 0.0060 2014-12-31 0.0000 0.0085 0.0097 GLLVX 0.0500 607 857 -0.0012 0.0037 0.0060 2014-12-31 0.0025 0.0110 0.0122 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the annual fund operating expenses or in the Example, affect the Fund's<br />performance.</tt> <div style="display:none">~ http://www.glafunds.com/role/ExpenseExample_S000038404Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Great Lakes Bond Fund (the "Fund") seeks total return with an emphasis on<br />current income.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the expense limitation for one<br />year).</tt> <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />(plus any borrowings for investment purposes) in bonds. Fund investments include<br />fixed and floating rate corporate bonds; asset-backed and mortgage-backed<br />securities and securities issued, backed or otherwise guaranteed by the U.S.<br />government, or its agencies, including securities issued by U.S. government<br />sponsored entities.<br /> <br />The Adviser's investment process is team driven to provide research, analysis<br />and portfolio implementation. The Fund utilizes an actively managed, "bottom up"<br />strategy that emphasizes adding value by actively managing issues, sectors,<br />credit quality and yield curve positions. The Adviser places a great deal of<br />emphasis on the identification of structural features, such as coupon rate,<br />maturity, yield, duration and credit rating, that will perform best in the<br />current market environment and possible future environments. Although<br />"creditworthiness" is of fundamental importance, especially in the corporate<br />sector, the Adviser may invest up to 30% of the Fund's total assets in high<br />yield debt or "junk bonds" (higher-risk, lower-rated fixed income securities<br />such as those rated lower than BBB- by Standard &amp; Poor's Rating Service, Inc.<br />("S&amp;P") or equivalently rated by Moody's Investors Service, Inc. ("Moody's") or<br />Fitch, Inc. ("Fitch"), or, if unrated, determined by the Adviser to be of<br />comparable quality).<br /> <br />In addition to investing in bonds, the Fund may invest in other investment<br />companies, including exchange-traded funds ("ETFs"), to the extent permitted by<br />the Investment Company Act of 1940, as amended (the "1940 Act"), in order to<br />reduce cash balances and increase the Fund's exposure to bonds. The Fund may<br />also invest up to 25% of its total assets in securities denominated in foreign<br />currencies.<br /> <br />At the discretion of the Adviser, the Fund may invest up to 100% of its assets<br />in cash, cash equivalents, and high-quality, short-term debt securities and<br />money market instruments for temporary defensive purposes in response to adverse<br />market, economic or political conditions, which may result in the Fund not<br />achieving its investment objective.</tt> Great Lakes Bond Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. Example Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. When the Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance 100000 855-278-2020 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>As with any mutual fund, there are risks to investing. An investment in the Fund<br />is not a deposit of a bank and is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other governmental agency. Remember, in<br />addition to possibly not achieving your investment goals, you could lose all or<br />a portion of your investment in the Fund over short or even long periods of<br />time. The principal risks of investing in the Fund are:<br /> <br />General Market Risk. The Fund's net asset value and investment return will<br />fluctuate based upon changes in the value of its portfolio securities.&#xA0;&#xA0;Certain<br />securities selected for the Fund's portfolio may be worth less than the price<br />originally paid for them, or less than they were worth at an earlier time.<br /> <br />Management Risk. The Fund may not meet its investment objective or may<br />underperform investment vehicles with similar strategies if the Adviser cannot<br />successfully implement the Fund's investment strategies.<br />&#xA0;&#xA0;<br />Debt Securities Risks. The Fund's investments in debt securities will be subject<br />to credit risk, interest rate risk, prepayment risk and duration risk. Credit<br />risk is the risk that an issuer will not make timely payments of principal and<br />interest. Interest rate risk is the risk that the value of debt securities<br />fluctuates with changes in interest rates (e.g. increases in interest rates<br />result in a decrease in value of debt securities). Pre-payment risk is the risk<br />that the principal on debt securities will be paid off prior to maturity causing<br />the Fund to invest in debt securities with lower interest rates. Duration risk<br />is the risk that holding long duration and long maturity investments will<br />magnify certain other risks, including interest rate risk and credit risk.<br /> <br />Floating Rate Securities Risks. Because changes in interest rates on floating<br />(or variable) rate securities may lag behind changes in market rates, the value<br />of such securities may decline during periods of rising interest rates until<br />their interest rates reset to market rates. The interest rate on a floating rate<br />security may reset on a predetermined schedule and as a result, not reset during<br />periods when changes in market rates are substantial. Lifetime limits on resets<br />may also prevent their rates from adjusting to market rates. During periods of<br />declining interest rates, because the interest rates on floating rate securities<br />generally reset downward, their market value is unlikely to rise to the same<br />extent as the value of comparable fixed rate securities.<br /> <br />Government-Sponsored Entities Risk. The Fund invests in securities issued or<br />guaranteed by government-sponsored entities. However, these securities may not<br />be guaranteed or insured by the U.S. government and may only be supported by the<br />credit of the issuing agency.<br /> <br />Asset-Backed and Mortgage-Backed Securities Risk. Asset-backed and<br />mortgage-backed securities are sensitive to changes in interest rates. When<br />interest rates decline, asset-backed and mortgage-backed securities are subject<br />to prepayment risk, which is the risk that borrowers will pay off more than<br />their required monthly payments. As prepayments occur, the principal balance of<br />the security is paid back faster than what was originally expected and thereby<br />shortens the average life of the security requiring the Fund to reinvest a<br />larger amount of assets at a time when interest rates are low. Conversely, when<br />interest rates increase, asset-backed and mortgage-backed securities are subject<br />to extension risk. Extension risk is the risk that borrowers will decide not to<br />make prepayments on their loans to the extent initially expected and instead<br />make only the required monthly payments. As the prepayments that were expected<br />do not materialize, the average life of the security lengthens thereby locking<br />the Fund into holding a lower-yielding security during a period of rising<br />interest rates. The unpredictability associated with prepayments increases the<br />Fund's volatility. Asset-backed and mortgage-backed securities are also subject<br />to the risk of loss if there are defaults on the loans underlying these<br />securities unless guaranteed by a government housing agency.<br /> <br />Below Investment Grade Debt Securities Risk. Investments in below investment<br />grade debt securities and unrated securities of similar credit quality as<br />determined by the Adviser (commonly known as "junk bonds") involve a greater<br />risk of default and are subject to greater levels of credit and liquidity<br />risk. Below investment grade debt securities have speculative characteristics<br />and their value may be subject to greater fluctuation than investment grade debt<br />securities.<br /> <br />Investment Company Risk. The Fund may be subject to increased expenses and<br />reduced performance as a result of its investments in other investment<br />companies. When investing in other investment companies, the Fund bears its pro<br />rata share of the other investment company's fees and expenses including the<br />duplication of advisory and other fees and expenses.<br /> <br />ETF Risk.&#xA0;&#xA0;The market price of the shares of an ETF will fluctuate based on<br />changes in the net asset value as well as changes in the supply and demand of<br />its shares in the secondary market. It is also possible that an active secondary<br />market of an ETF's shares may not develop and market trading in the shares of<br />the ETF may be halted under certain circumstances. ETFs have management and<br />other expenses. The Fund will bear its pro rata portion of these expenses and<br />therefore the Fund's expenses may be higher than if it invested directly in<br />securities.<br /><br />Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve<br />risks not ordinarily associated with investments in securities and instruments<br />of U.S. issuers, including risks relating to political, social and economic<br />developments abroad, differences between U.S. and foreign regulatory and<br />accounting requirements, tax risks, and market practices, as well as<br />fluctuations in foreign currencies.<br /> <br />Currency Risk. When the Fund buys or sells securities on a foreign stock<br />exchange, the transaction is undertaken in the local currency rather than in<br />U.S. dollars, which carries the risk that the value of the foreign currency will<br />increase or decrease, which may impact the value of the Fund's portfolio<br />holdings and your investment. Non-U.S. countries may adopt economic policies<br />and/or currency exchange controls that affect its currency valuations in a<br />disadvantageous manner for U.S. investors and companies and restrict or prohibit<br />the Fund's ability to repatriate both investment capital and income, which could<br />place the Fund's assets in such country at risk of total loss.<br /> <br />New Fund Risk. The Fund is new with no operating history and there can be no<br />assurance that the Fund will grow to or maintain an economically viable size, in<br />which case the Board of Trustees may determine to liquidate the Fund.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.glafunds.com <tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Until such time, inception-to-date performance<br />information as of the end of most recently completed calendar quarter will be<br />available on the Fund's website at www.glafunds.com or by calling the Fund<br />toll-free at 855-278-2020. Performance information, when available, will provide<br />some indication of the risks of investing in the Fund by showing changes in the<br />Fund's performance from year-to-year and by showing how the Fund's average<br />annual returns for certain periods compare with those of a broad measure of<br />market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $100,000 in the<br />Fund. More information about these and other discounts is available from your<br />financial professional and in "Shareholder Information - Class Descriptions" of<br />the Fund's statutory Prospectus on page 50.</tt> <div style="display:none">~ http://www.glafunds.com/role/OperatingExpensesData_S000038404Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="display:none">~ http://www.glafunds.com/role/ShareholderFeesData_S000038404Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> GLBNX 0.0000 72 254 -0.0014 0.0039 0.0040 2014-12-31 0.0000 0.0070 0.0084 0.0005 GLBDX 0.0375 468 695 -0.0014 0.0039 0.0040 2014-12-31 0.0025 0.0095 0.0109 0.0005 0001511699 ck0001511699:SummaryS000038404Memberck0001511699:S000038404Memberck0001511699:C000118448Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038404Memberck0001511699:S000038404Memberck0001511699:C000118449Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038404Memberck0001511699:S000038404Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038405Memberck0001511699:S000038405Memberck0001511699:C000118450Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038405Memberck0001511699:S000038405Memberck0001511699:C000118451Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038405Memberck0001511699:S000038405Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038406Memberck0001511699:S000038406Memberck0001511699:C000118452Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038406Memberck0001511699:S000038406Memberck0001511699:C000118453Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038406Memberck0001511699:S000038406Memberrr:AfterTaxesOnDistributionsMemberck0001511699:C000118453Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038406Memberck0001511699:S000038406Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001511699:C000118453Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038406Memberck0001511699:S000038406Memberck0001511699:RRINDEX00001Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038406Memberck0001511699:S000038406Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038407Memberck0001511699:S000038407Memberck0001511699:C000118454Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038407Memberck0001511699:S000038407Memberck0001511699:C000118455Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038407Memberck0001511699:S000038407Memberrr:AfterTaxesOnDistributionsMemberck0001511699:C000118455Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038407Memberck0001511699:S000038407Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001511699:C000118455Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038407Memberck0001511699:S000038407Memberck0001511699:RRINDEX00002Member 2012-09-28 2012-09-28 0001511699 ck0001511699:SummaryS000038407Memberck0001511699:S000038407Member 2012-09-28 2012-09-28 0001511699 2012-09-28 2012-09-28 pure iso4217:USD Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Great Lakes Advisors, LLC (the "Adviser" or "Great Lakes") has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its management fees, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses,brokerag commissions, interest, taxes and extraordinary expenses) do not exceed 0.90% of the average daily net assets of the Investor Class and 0.65% of the average daily net assets of the Institutional Class. Expenses reimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limits. The Operating Expense Limitation Agreement will be in effect and cannot be terminated through at least one year from the effective date of this Prospectus, subject thereafter to termination at any time upon 60 days' written notice by either the Trust or the Adviser through December 31, 2014. The Trust's Board of Trustees (the "Board of Trustees") must consent to the termination of the Operating Expense Limitation Agreement by the Adviser after one year from the effective date of this Prospectus, which consent shall not be unreasonably withheld. Great Lakes Advisors, LLC (the "Adviser" or "Great Lakes") has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its management fees, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses,brokerage commissions, interest, taxes and extraordinary expenses) do not exceed 1.10% of the average daily net assets of the Investor Class and 0.85% of the average daily net assets of the Institutional Class. Expenses reimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limits. The Operating Expense Limitation Agreement will be in effect and cannot be terminated through at least one year from the effective date of this Prospectus, subject thereafter to termination at any time upon 60 days' written notice by either the Trust or the Adviser through December 31, 2014. The Trust's Board of Trustees (the "Board of Trustees") must consent to the termination of the Operating Expense Limitation Agreement by the Adviser after one year from the effective date of this Prospectus, which consent shall not be unreasonably withheld. The Annual Fund Operating Expenses shown above have been restated to reflect the estimated expenses for the Fund's current fiscal year and are not based on the expenses incurred during the Predecessor Fund's (as defined in the Performance section below) previous fiscal year. Great Lakes Advisors, LLC (the "Adviser" or "Great Lakes") has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its management fees, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses,brokerage commissions, interest, taxes and extraordinary expenses) do not exceed 0.80% of the average daily net assets of the Investor Class and 0.55% of the average daily net assets of the Institutional Class. Expenses reimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limits. The Operating Expense Limitation Agreement will be in effect and cannot be terminated through at least one year from the effective date of this Prospectus, subject thereafter to termination at any time upon 60 days' written notice by either the Trust or the Adviser through December 31, 2014. The Trust's Board of Trustees (the "Board of Trustees") must consent to the termination of the Operating Expense Limitation Agreement by the Adviser after one year from the effective date of this Prospectus, which consent shall not be unreasonably withheld. Prior to the Reorganization, the Institutional Class shares were referred to as Class Y shares. Prior to the Reorganization, the Investor Class shares were referred to as Class A shares. Prior to the Reorganization, the Institutional Class shares were referred to as Class I shares.