Royce Low-Priced Stock Fund gained 2.6% for the year-to-date period ended June 30, trailing its small-cap benchmark, the Russell 2000 Index, which was up 4.8% for the same period. While the Fund's relative results for the first half left something to be desired, we were pleased with the portfolio's absolute return, particularly in a market that continued to present challenges for active, risk-conscious approaches.