Mutual Funds
OVERVIEW PERFORMANCE MONTHLY CHARACTERISTICS QUARTERLY CHARACTERISTICS
Institutional High Income Fund

The Institutional High Income Fund invests at least 65% of assets in lower-quality, high yielding bonds that the managers believe offer attractive yields and the potential for capital appreciation

Portfolio Management

Dan Fuss, CFA, CIC
Matt Eagan, CFA
Kathleen Gaffney, CFA
Elaine Stokes

Total Fund Assets (as of 10/31/2011): $464.7 million

Lipper Category: High Current Yield Funds

Morningstar Category: High Yield Bond

Primary Benchmark: Barclays Capital US Corporate High Yield Bond Index

Goal: Seeks high total investment return

Strategy Highlights
  • Value driven, bottom up, opportunistic approach
  • Allocations to out of benchmark securities provide value and diversification
  • Long term investment horizon
Investment Strategy
  • Invests primarily in lower-rated fixed income securities
  • May invest any portion of its assets in securities of Canadian issuers
  • May invest up to 50% of its assets in foreign currency-denominated securities, including those in emerging markets as well as in currency hedging transactions
About Risk
  • Mutual funds that invest in bonds can lose their value as interest rates rise and bond prices usually fall; investor can lose principal
  • High yield securities are subject to a high degree of market and credit risk. In addition, the secondary market for these securities may lack liquidity, which in turn may adversely affect the value of these securities and that of the Fund
  • Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets
  • Securities issued by US Government agencies are not insured, and may not be guaranteed by the US Government
FUND FACTS as of 10/31/2011
Institutional High Income Fund
Ticker LSHIX
Fund Inception 6/5/1996
Class Inception 3/7/1997
CUSIP 543495600
Minimum Initial Investment1 $3,000,000
Gross Expense Ratio2 0.72%
Net Expense Ratio2 0.72%
Net Asset Value as of 10/31/2011 7.51
30-Day SEC Yield as of 10/31/20117.15%
Unsubsidized 30-Day SEC Yield as of 10/31/20117.15%
Fact SheetProspectus
CommentaryFund Report
Fund Application 
Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

Investment return and principal value may fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data quoted represents past performance and current returns may be higher or lower. Past performance is no guarantee of future results.
1 For further detail regarding Minimum Initial Investment, please see the fund prospectus.

2 Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 1/31/2012. Investors should consult the most recent prospectus for more detailed information.

The Barclays Capital Global Aggregate ex-USD Bond Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The liquidity constraint for all securities in the index is $300 million. Indexes are unmanaged, do not incur fees and it is not possible to invest directly in an index.
Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus, if available, containing this and other information on this web site. Read it carefully.