Disciplined International Smaller Company Fund

The Great Lakes Disciplined International Smaller Company Fund seeks to provide total return.

DISTINGUISHING CHARACTERISTICS

• The fund follows a small cap "core"international strategy

INVESTMENT PROCESS

The Fund is actively managed using a proprietary quantitative process that projects a stock's performance based upon a variety of factors, such as the stock's growth or value traits, market capitalization, earnings volatility, earnings yield, financial leverage and currency sensitivity.

Applying a "bottom up" systematic process, the Management Team evaluates a broad universe of stocks using three independent analyses, each of which is designed to provide a distinct valuation perspective:

• Broad Universe Analysis: Evaluates each stock relative to all other stocks in the international small cap universe using financial and technical factors.
• Style-Specific Analysis: Segregates the international small cap universe into four style and market cap groups and evaluates each stock relative to its peers using a customized model which includes financial and technical factors specific to each style and market cap combination.
• Sector-Specific Analysis: Divides the international small cap universe into 11 economic sectors and evaluates each stock relative to its sector peers using financial and technical factors.

These three analyses are combined to generate an excess return expectation for each stock. This expectation is used to rank all stocks from best to worst and only those in the top 20% are considered for purchase.

We determine the size of each position owned by the Fund by analyzing the tradeoffs among a number of factors, including the investment attractiveness of each position, its estimated impact on the risk of the overall portfolio and the expected cost of trading.

PORTFOLIO MANAGEMENT

Jon E. Quigley, CFA
Chief Investment Officer - Disciplined Equities

Jon is a Chief Investment Officer of Disciplined Equities and has over 20 years of investment experience. He leads the management of all client portfolios and provides managerial oversight of the Disciplined Equity Team. Jon earned a B.A. in Economics from Wake Forest University. He is a member of the Society of Quantitative Analysts, the CFA Institute, the CFA Tampa Bay Society, and the Chicago Quantitative Alliance.

John D. Bright, CFA
Senior Portfolio Manager

Mr. Bright is a Portfolio Manager – Disciplined Equity of the Adviser since 2011. He has over 17 years of investment experience. Mr. Bright is primarily responsible for portfolio construction and research across all disciplined equity strategies. From 1998 to 2002, he was a Senior Trading Associate with Investment Advisory Services, a division of Raymond James Financial, where he was responsible for block and individual account trading as well as portfolio management review. Mr. Bright earned a B.S. in Finance from the University of South Florida and has obtained the Chartered Financial Analyst designation. He is a member of the CFA Institute and the CFA Tampa Bay Society.