What Equus said 
Protein requirements increase a lot as pregnancy goes on, and increase hugely by the time she’s nursing.
An 1100lb mare less than 5 months pregnant needs 630gm crude protein (CP) and 27gm lysine (lys).
5 months = 685 and 29.5
6 months = 704 and 30.3
7 months = 729 and 31.3
8 months = 759 and 32.7
9 months = 797 and 34.3
10 months = 841 and 36.2
11 months = 893 and 38.4
1st month lactation = 1535 and 84.8, and from there it decreases to, at 6 months lactation, 1265 and 66.9
How ya gonna get that much if you aren’t feeding high protein feeds with high quality protein (ie enough lysine for one)? 
Let’s say she is eating a lot of food by that first month of lactation -30,000 calories (the average horse not working needs about 16,000 just for maintenance, for comparison). So, that 1500gm total protein makes up just 5% of the total calories. Given the common “a horse needs a 10% protein diet”, this example makes it looks like the horse is under-nourished 
20lb of 9% hay only gives 817 total grams of protein for comparison. So, if that’s the protein % of her hay, and that’s what she’s eating, that’s 700gm protein that needs to be recovered somewhere. 5lb of a 16% feed gives another 363gm protein for 1180gm total. Still short! You see where this is going 