Left panel: similar to the bottom panel of Fig. 4 (error bands omitted for clarity). The thick black line corresponds to our by-eye estimate of the average V_rot,HI – V_h relation implied by the dwarf data, when analyzed with DC14 profiles. Dwarfs with low values of R_out,HI (cyan datapoints) are given low weight in our estimate (see Sect. 2.2.2). The relation stops at V_h,max ≈ 22 km s^-1, because we assume that smaller halos do not host galaxies due to cosmic reionization (Sawala et al. 2015). Right panel: similar to the left panel of Fig. 2. The thick black line denotes the cumulative VF of galaxies that results from the average V_rot – V_h relation implied by the dwarfs (i.e., according to the black line in the left panel of this figure). It should be interpreted as a lower limit on the galactic VF that is expected in ΛCDM, after accounting for baryonic effects (see Sect. 4). The dashed portion of the line reflects the abrupt halt in the growth of the galaxy count, that is imposed to mimic the effect of cosmic reionization. For reference, we also show the ΛCDM expectation for the galactic VF when no profile modification by baryons is assumed (black dot-dashed line), and when V_rot,HI = V_h,max is assumed in addition (dotted black line, same as thick dotted line in the left panel of Fig. 2).