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Fees and Expenses of the Fund The following table describes the fees and expenses that you will pay if you buy, hold and sell shares of The Adirondack Small Cap Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees Paid directly from your investment): <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_ze9YyWIzIPS4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zCuxSGLwVDU5" style="font: 12pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td style="width: 84%"> </td> <td id="xdx_49A_20260801__20260801__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zFzPnUc36o28" style="width: 16%; text-align: center"> </td></tr> <tr id="xdx_409_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zEz7IM9hkcJ1" style="vertical-align: top"> <td>Maximum Sales Charge (Load) Imposed on Purchases</td> <td style="text-align: center">None</td></tr> <tr id="xdx_40C_eoef--MaximumDeferredSalesChargeOverOther_dpn_zQzEiafQfG34" style="vertical-align: top"> <td>Maximum Deferred Sales Charge (Load)</td> <td style="text-align: center">None</td></tr> <tr id="xdx_409_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zKBju49AQxpd" style="vertical-align: top"> <td>Maximum Sales Charge (Load) on Reinvested Dividends</td> <td style="text-align: center">None</td></tr> <tr id="xdx_407_eoef--RedemptionFee_dn_zIKmAM7mWY8i" style="vertical-align: top"> <td>Redemption Fee </td> <td style="text-align: center">None</td></tr> <tr id="xdx_400_eoef--ExchangeFee_dn_zANo6rxPhR4" style="vertical-align: top"> <td>Exchange Fee</td> <td style="text-align: center">None</td></tr> </table> 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zPUT4QRvWtVk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zvIqFCoPg8t1" style="font: 12pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="width: 81%"> </td> <td id="xdx_493_20260801__20260801__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zfgiOXUP2ozl" style="width: 19%; text-align: center"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dn_zfSHuFz4wSX" style="vertical-align: top"> <td>Management Fees </td> <td style="text-align: center">1.08%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dn_zM5yKtNcXpSg" style="vertical-align: top"> <td>Distribution (and/or Service) (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dn_zq7S8h7aBajl" style="vertical-align: top"> <td>Other Expenses</td> <td style="text-align: center">0.40%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dn_zx0AZapGGsI9" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses</td> <td style="text-align: center">1.48%</td></tr> </table> 0.0108 0 0.0040 0.0148 Expense Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1OrnutlY8Pi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zrdvu5XbwZX7" style="font: 12pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_489_eoef--ExpenseExampleYear01_zSSBfq4ZjBOl" style="width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_z64cVpYlptp4" style="width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zMGy0Ck5SZkk" style="width: 25%; text-align: center">5 years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_zbFtEKPE6Hwb" style="width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260801__20260801__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zDCZST00lPbd" style="vertical-align: top"> <td style="text-align: center">$151</td> <td style="text-align: center">$468</td> <td style="text-align: center">$808</td> <td style="text-align: center">$1,768</td></tr> </table> 151 468 808 1768 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48.10% of the average value of its portfolio. 0.4810 Principal Investment Strategy The Fund seeks to achieve its objective by investing in a diversified portfolio of undervalued common stocks of small capitalization companies as determined by the Advisor. Small capitalization companies are defined by the Advisor as issuers that, at the time of initial purchase, have a market capitalization below $9.5 billion. Under normal circumstances, at least 80% of the Fund’s assets will be invested in common stocks of small capitalization companies. The Fund may invest up to 15% of its assets in sponsored American Depositary Receipts (“ADRs”) issued by foreign companies. The Advisor employs a contrarian selection strategy, which primarily focuses on out-of-favor securities. Market expectations for such companies are low, resulting in attractive valuations in certain cases. To find such stocks, the Advisor uses screens that include key valuation metrics such as price-to-book value, price-to-cash flow, price-to-revenue and price-to-earnings. The Advisor establishes price targets before securities are purchased and re-evaluates these price targets quarterly, or more frequently if conditions warrant. When price targets are reached, the position is sold. In addition, the Advisor will reduce positions that exceed 5% of the portfolio and sell those securities when the original investment rationale is no longer justified due to either company specific or industry issues. Principal Risks of Investing in the Fund Risks in General Domestic economic growth and market conditions, interest rate levels, political events, international conflicts, tariffs and trade wars, climate change and climate-related events, and global pandemics are among the factors affecting the Fund’s investments. There is risk that these and other factors may adversely affect the Fund’s performance. 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 government agency. You may lose money by investing in the Fund. Domestic economic growth and market conditions, interest rate levels, political events, international conflicts, tariffs and trade wars, climate change and climate-related events, and global pandemics are among the factors affecting the Fund’s investments. There is risk that these and other factors may adversely affect the Fund’s performance. 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 government agency You may lose money by investing in the Fund Risks of Investing in Common Stocks The Fund invests primarily in common stocks, which subjects the Fund and its shareholders to the risks associated with common stock investing. These risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. The Fund invests primarily in common stocks, which subjects the Fund and its shareholders to the risks associated with common stock investing. These risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change Foreign Risk To the extent the Fund invests in foreign securities by purchasing ADRs, the Fund may be subject to risks not usually associated with owning securities of U.S. issuers. These risks can include fluctuations in foreign currencies, foreign currency exchange controls, political and economic instability, differences in financial reporting, differences in securities regulation and trading, and taxation issues. To the extent the Fund invests in foreign securities by purchasing ADRs, the Fund may be subject to risks not usually associated with owning securities of U.S. issuers. These risks can include fluctuations in foreign currencies, foreign currency exchange controls, political and economic instability, differences in financial reporting, differences in securities regulation and trading, and taxation issues Risks of Smaller-Sized Companies To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience. To the extent the Fund invests in the stocks of smaller-sized companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Smaller-sized companies may experience higher failure rates than larger companies. Smaller-sized companies may have limited markets, product lines or financial resources and may lack management experience Value Investing Risk Value investing attempts to identify companies selling at a discount to their intrinsic value. Value investing may also involve the purchase of securities that are disfavored in the market or companies whose value the Advisor believes is not fully recognized by the investing public. Value investing is subject to the risk that a company’s intrinsic value may never be fully realized by the market or that a company judged by the Advisor to be undervalued may actually be appropriately priced. Value investing attempts to identify companies selling at a discount to their intrinsic value. Value investing may also involve the purchase of securities that are disfavored in the market or companies whose value the Advisor believes is not fully recognized by the investing public. Value investing is subject to the risk that a company’s intrinsic value may never be fully realized by the market or that a company judged by the Advisor to be undervalued may actually be appropriately priced Sector Risk Stocks within the same group of industries may decline in price due to sector-specific market or economic developments. If the Advisor invests a significant portion of its assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. Similarly, focusing on investments in certain industries subjects the Fund to the risk that companies in that industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. Stocks within the same group of industries may decline in price due to sector-specific market or economic developments. If the Advisor invests a significant portion of its assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. Similarly, focusing on investments in certain industries subjects the Fund to the risk that companies in that industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment Fund Management Risk The Advisor’s strategy of investing in undervalued securities may fail. The Advisor may be incorrect in its assessment of the intrinsic value of the companies in which the Fund invests, or value stocks may be out of favor with investors. The Fund may underperform and you may lose money. The Advisor’s strategy of investing in undervalued securities may fail. The Advisor may be incorrect in its assessment of the intrinsic value of the companies in which the Fund invests, or value stocks may be out of favor with investors. The Fund may underperform and you may lose money Performance Risk/Return Bar Chart and Table The bar chart and performance table below show the variability of the returns of the Fund, which is one indicator of the risks of investing in the Fund. The bar chart shows changes in the annual returns of the Fund for each full calendar year of operations. The performance table shows how the Fund’s average annual total returns compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) does not necessarily reflect how the Fund will perform in the future. Updated performance information is available at www.adirondackfunds.com/fund-performance/ or by calling 1-888-686-2729. The Fund’s past performance (before and after taxes) does not necessarily reflect how the Fund will perform in the future www.adirondackfunds.com/fund-performance/ 1-888-686-2729 Year-by-Year Total Returns for years ended 12/31 During the periods shown in the bar chart, the highest quarterly return was 35.46% for the quarter ended December 31, 2020 and the lowest quarterly return was -36.25% for the quarter ended March 31, 2020. The return for the period from January 1, 2026 to June 30, 2026 was 18.20%. highest quarterly return 0.3546 lowest quarterly return -0.3625 <div id="xdx_A8F_eoef--BarChartTableTextBlock_zPfZoslFOQak"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQusVdmGhik5" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2016</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20160101__20161231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zG9bfLKCwzJk" style="white-space: nowrap; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">0.1917</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2017</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20170101__20171231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_z9uzFjckM4hd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">0.1055</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2018</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20180101__20181231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_z0G7GkTvKPlf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">-0.231</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2019</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20190101__20191231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zOjfIXFMSfNh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">0.1595</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2020</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20200101__20201231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zFSkugZZrFni" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">0.0529</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2021</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20210101__20211231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zphKvYprQVp2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">0.2708</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2022</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20220101__20221231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zI5DUgvHlQL6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">-0.0139</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2023</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20230101__20231231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zJgChAYmKgjh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">0.1659</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2024</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_zK1cTJbY0KCk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">0.1955</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2025</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--ClassAxis__custom--C000012957Member_z3hhdbmpiUQi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">0.1268</td></tr> </table> 0.1917 0.1055 -0.231 0.1595 0.0529 0.2708 -0.0139 0.1659 0.1955 0.1268 Average Annual Total Returns as of December 31, 2025 <div id="xdx_A83_eoef--PerformanceTableTextBlock_z9Ctk99qdpsa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zvRQg7kU9C59" style="font: 12pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="vertical-align: bottom; width: 60%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center; line-height: 14pt">1 Year</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 14%; text-align: center; line-height: 14pt">5 Years</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 14%; text-align: center; line-height: 14pt">10 Years</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="padding: 0.75pt"> </td> <td style="padding: 0.75pt; text-align: center"> </td> <td style="padding: 0.75pt; text-align: center"> </td> <td style="padding: 0.75pt; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 14pt">Return Before Taxes</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004764Member_zBefj3jAFOl4" style="padding: 0.75pt; text-align: center">12.68%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004764Member_zYsvInG88zai" style="padding: 0.75pt; text-align: center">14.50%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004764Member_zGUCfr4Aza63" style="padding: 0.75pt; text-align: center">9.31%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="line-height: 14pt">Return After Taxes on Distributions </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZJRxhvd99ge" style="padding: 0.75pt; text-align: center">10.48%</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zThNANSUOg59" style="padding: 0.75pt; text-align: center">14.05%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUzvmK5rcqLb" style="padding: 0.75pt; text-align: center">8.36%</td></tr> <tr style="vertical-align: top"> <td style="line-height: 14pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlX0cgjaONN3" style="padding: 0.75pt; text-align: center">8.78%</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyvNNSkcIpsb" style="padding: 0.75pt; text-align: center">11.65%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zd8fhQfZcxpl" style="padding: 0.75pt; text-align: center">7.29%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="line-height: 14pt">Standard & Poor’s 500 Index (reflects no deductions for fees, expenses or taxes)*</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_fKg_____zUTgYikmp1t6" style="padding: 0.75pt; text-align: center">17.88%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_fKg_____z5Bg3kvBX7Mb" style="padding: 0.75pt; text-align: center">14.42%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_fKg_____zUgfzKY4GOg7" style="padding: 0.75pt; text-align: center">14.82%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="line-height: 14pt">Morningstar US Small Cap Broad Value Extended Index (reflects no deductions for fees, expenses or taxes)**</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--MorningstarIndexMember_fKio___zMyZMftSz3fd" style="padding: 0.75pt; text-align: center">10.48%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--MorningstarIndexMember_fKio___zba5tlFRkCDl" style="padding: 0.75pt; text-align: center">10.32%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--MorningstarIndexMember_fKio___z5i9N0b0nj83" style="padding: 0.75pt; text-align: center">9.50%</td></tr> <tr style="vertical-align: top; background-color: #C6D9F1"> <td style="line-height: 14pt">iShares Russell 2000 Value ETF***</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexMember_fKioq_zN70xTsUeQT7" style="padding: 0.75pt; text-align: center">12.41%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexMember_fKioq_zyfEW8PcVc29" style="padding: 0.75pt; text-align: center">8.63%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004764Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexMember_fKioq_zBKI2nIn4Pe" style="padding: 0.75pt; text-align: center">9.08%</td></tr> </table> 0.1268 0.1450 0.0931 0.1048 0.1405 0.0836 0.0878 0.1165 0.0729 0.1788 0.1442 0.1482 0.1048 0.1032 0.0950 0.1241 0.0863 0.0908 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="font: 12pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">*</td><td style="text-align: justify">In order to comply with the definition and intent set forth by the U.S. Securities and Exchange Commission, the Fund’s broad-based securities market index (benchmark index) is the Standard & Poor’s 500 Index. The Standard & Poor’s 500 Index is a market value-weighted index of 500 stocks seen as indicators of U.S. equities. You cannot invest directly in an index.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">**</td><td style="text-align: justify">In addition, the Fund compares itself to the Morningstar US Small Cap Borad Value Extended Index (MSI). The Fund believes the MSI’s comprehensive and consistent tracking of the United States small cap equity universe is closer to that of the Fund. Therefore, the Fund believes the MSI is a better indicator for investors as to the performance of the Fund versus the broader United States small cap equity market. More information about Morningstar Indices can be found at https://indexes.morningstar.com/.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt/12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">***</td><td style="text-align: justify">The Fund also compares itself to the iShares Russell 2000 Value ETF (IWN). The iShares Russell 2000 Value ETF (IWN) represents a realistic alternative for retail investors when deciding between active or passive small cap investing. It also leads to more fair (real world) return comparisons as iShares managers face similar administrative cost, liquidity, and taxation constraints when implementing this index replicating strategy as do active managers. The IWN was launched in 2000 by Barclay's (Now BlackRock Fund Advisors) and is the largest fund available to investors that replicates the Russell 2000 Value Index (RUJ). Its assets are presently over $14.2 billion.</td></tr></table> In order to comply with the definition and intent set forth by the U.S. Securities and Exchange Commission, the Fund’s broad-based securities market index (benchmark index) is the Standard & Poor’s 500 Index. The Standard & Poor’s 500 Index is a market value-weighted index of 500 stocks seen as indicators of U.S. equities. You cannot invest directly in an index. In addition, the Fund compares itself to the Morningstar US Small Cap Borad Value Extended Index (MSI). The Fund believes the MSI’s comprehensive and consistent tracking of the United States small cap equity universe is closer to that of the Fund. Therefore, the Fund believes the MSI is a better indicator for investors as to the performance of the Fund versus the broader United States small cap equity market. More information about Morningstar Indices can be found at https://indexes.morningstar.com/. The Fund also compares itself to the iShares Russell 2000 Value ETF (IWN). The iShares Russell 2000 Value ETF (IWN) represents a realistic alternative for retail investors when deciding between active or passive small cap investing. It also leads to more fair (real world) return comparisons as iShares managers face similar administrative cost, liquidity, and taxation constraints when implementing this index replicating strategy as do active managers. The IWN was launched in 2000 by Barclay's (Now BlackRock Fund Advisors) and is the largest fund available to investors that replicates the Russell 2000 Value Index (RUJ). Its assets are presently over $14.2 billion.