Mutual Funds
OVERVIEW PERFORMANCE MONTHLY CHARACTERISTICS QUARTERLY CHARACTERISTICS
Inflation Protected Securities Fund

The Inflation Protected Securities Fund seeks to generate superior, long-term, risk-adjusted investment performance relative to the Barclays Capital US Treasury Inflation Protected Securities Index

Portfolio Management

John Hyll
Cliff Rowe, CFA

Total Fund Assets (as of 10/31/2011): $26.3 million

Lipper Category: Treasury Inflation Protected Securities

Morningstar Category: Inflation-Protected Bond

Primary Benchmark: Barclays Capital US Treasury Inflation Protected Securities Index

Secondary Benchmark: Barclays Capital Government Bond

Goal: Seeks high total investment return

Strategy Highlights
  • An effective hedge for inflation risk
  • Potential benefits from bonds denominated in other currencies
Investment Strategy
  • Invests at least 80% of assets in inflation-protected securities, debt securities issued by the US Treasury (TIPS)
  • May invest up to 10% of assets in lower-rated fixed income securities
  • May invest in nominal treasury securities, corporate bonds, asset-backed securities and mortgage-related securities
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
  • Although the US Government guarantees the timely payment of principal and interest on most of the funds' underlying securities, the value of fund shares is not guaranteed and will fluctuate
FUND FACTS as of 10/31/2011
Inflation Protected Securities Fund (R-Class)
Ticker LIPRX
Fund Inception 5/20/1991
Class Inception 5/28/2010
CUSIP 543495733
Minimum Initial Investment1 $2,500
Gross Expense Ratio2 2.36%
Net Expense Ratio2 0.65%
Net Asset Value as of 10/31/2011 11.76
30-Day SEC Yield as of 10/31/2011-0.03%
Unsubsidized 30-Day SEC Yield as of 10/31/2011-0.49%
Fact SheetProspectus
CommentaryFund Report
Fund Application 
Inflation Protected Securities Fund (I-Class)
Ticker LSGSX
Fund Inception 5/20/1991
Class Inception 5/20/1991
CUSIP 543495766
Minimum Initial Investment1 $100,000
Gross Expense Ratio2 1.22%
Net Expense Ratio2 0.40%
Net Asset Value as of 10/31/2011 11.79
30-Day SEC Yield as of 10/31/20110.22%
Unsubsidized 30-Day SEC Yield as of 10/31/2011-0.25%
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; Class I shares are set to expire 1/31/2012, Class R on 1/31/2012. Investors should consult the most recent prospectus for more detailed information.

The Barclays Capital US Treasury Inflation Protected Securities 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.