[en] LISS is a Light-Ion Spin Synchrotron and storage ring that is being considered as an upgrade of the Indiana University Cyclotron Facility. Current plans call for a racetrack design for the ring that will provide variable energy polarized proton and deuteron beams up to a momentum of 16 GeV/c and unpolarized light ions with 3 ≤A ≤ 40 accelerated to comparable rigidities. Experiments would be conducted using both polarized and unpolarized internal targets. The racetrack design for the ring will provide for two ∼100-m long, zero-dispersion straight sections that allow for the installation of sophisticated experimental equipment. The ring design will incorporate the recently developed technologies of Siberian snakes allowing for relatively straightforward acceleration and use of polarized beams for high-precision experiments, electron cooling for shrinking the emittance of the stored beams, and carrier-free polarized internal targets. This talk will focus on that part of the physics Program of the LISS facility associated with the production of strange and charmed quarks. Examples will include the study of the spin-dependence of the A-nucleon scattering length; second-generation associated hyperon production experiments emphasizing polarization transfer and exclusive identification of the produced hyperons (ΛΣ, etc.) with the goal of understanding the dynamical origin of hyperon polarization; and studies of the total charm production cross section in p-p collisions near threshold