Left panel: predicted luminosity function at z ≤ 0.1 (in bj band, solid line) compared with observations from Jones et al. (2006). Central panel: predicted local stellar mass function (solid line) compared with data from Baldry et al. (2012, squares), Li & White (2009, triangles), Panter et al. (2007, circles), and Fontana et al. (2006, diamonds). Right panel: the contour plot shows the predicted relative fraction of bulge-to-total mass as a function of the galaxy stellar mass. This is compared with data from Fisher & Drory (2011). The corresponding distribution of B/T ratios (differential number of objects per B/T bin, normalized to the total number, solid line) is also compared with the SDSS data (Lackner & Gunn 2012, shaded histogram) in the rightmost panel, for galaxies in the magnitude range −24 ≤ M_r ≤ −17.