WSHYX — Wasmer Schroeder High Yield Municipal Fund

WSHYX Fund Overview

WSHYX — Wasmer Schroeder High Yield Municipal Fund is a US mutual fund managed by Advisors Series Trust, categorised as Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Advisors Series Trust
• Category: Corporate Bond
• Assets under management: $68.34M
• Ticker: WSHYX
• SEC CIK: 0001027596
• SEC series ID: S000044710
• Share class ID: C000138967

WSHYX Investment Objective and Strategy

Wasmer Schroeder High Yield Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors Series Trust.

Investment objective

The Wasmer Schroeder High Yield Municipal Fund (the Fund) seeks to generate a high level of interest income that is not subject to federal income tax.

Principal investment strategy

The Funds principal investment strategy focuses on medium- to lower-credit quality municipal securities. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities that pay interest not subject to regular federal income tax. Some of these investments in municipal securities may pay interest that is not exempt from the federal alternative minimum tax (AMT). Municipal securities may include debt obligations of U.S. states, territories, counties, cities, political subdivisions, government agencies and instrumentalities. The Fund also invests in non-governmental municipal issuers, including, but not limited to, healthcare organizations, corporate issuers of municipal debt, and various project finance bond issues.

The Fund primarily invests in general obligation and revenue obligation securities, including fixed and variable rate securities, municipal notes and private placements, auction-rate securities, variable rate demand notes, lease-backed obligations and certificates of participation. The Fund may from time to time invest temporarily up to 20% of its net assets in taxable securities of at least comparable quality to the municipal securities in which the Fund invests. The Fund may also invest up to 25% of its net assets in municipal securities that are subject to the AMT. The Fund has no policy limiting its investments in municipal securities whose issuers are located in the same state or territory. However, it is not the present intention of the Fund to invest more than 25% of the Funds net assets in issuers located in the same state.

The Fund may hold up to 15% of its net assets in illiquid or thinly traded securities, which may include securities that are subject to resale restrictions such as those issued pursuant to Rule 144A of the Securities Act of 1933, as amended (the Securities Act). Securities issued pursuant to Rule 144A will be considered liquid if determined to be so under procedures adopted by the Board. The Fund may invest in securities that do not produce immediate cash income, such as zero coupon securities and securities that are in payment default. The Adviser seeks to meet these investment parameters by investing in higher yielding securities, specifically municipal securities that are deemed to be of medium- or lower-credit quality. Investment grade securities are those securities rated BBB- or higher by Standard & Poors Ratings Services (S&P) and/or Fitch Ratings, Inc.

(Fitch) and/or Baa3 or higher by Moodys Investors Service, Inc. (Moodys). The Fund considers medium- and lower-rated securities to be those securities that are rated by S&P and/or Fitch as BBB+ through D (inclusive) and rated by Moodys as Baa1 through D (inclusive); non-rated securities may also meet the Advisers definition of a medium- or lower-credit quality security. The Fund may invest an unlimited amount of its total assets in below-investment grade debt securities (or junk bonds). The Adviser may make the determination to overweight higher-credit quality securities if it deems the difference in returns between quality classifications is too narrow or if the Adviser anticipates adverse developments in the medium- and/or lower-credit quality segments of the municipal market . The Advisers decision to buy or sell securities is based on its consideration of, among other things, the issuers financial resources and operating history, its sensitivity to economic conditions and trends, the ability of its management, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage.

The Adviser may pursue purchases or sales of securities to shift the Funds broad risk exposures (such as duration, optionality, curve positioning, sector exposure, and aggregate credit quality), to increase or reduce the Funds exposure to a particular issuer, or for general liquidity needs of the Fund. The risk of market value fluctuations resulting from shifts in interest rates are not a major consideration. In current market conditions, the Fund anticipates investing substantially in municipal bonds with remaining maturities of 5- to 30-years. The Fund does not target a specific level of portfolio turnover as purchases and sales are made if the Adviser determines the transactions will be advantageous to the Fund.

WSHYX Costs and Fees

WSHYX costs about $76 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.76%
• Gross expense ratio: 0.79%
• Portfolio turnover: 27%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

WSHYX Cashflows

Over the 12 months to 2020-05, Wasmer Schroeder High Yield Municipal Fund had net inflows of $12.31M, from monthly SEC N-PORT filings.

WSHYX Debt Constituents

No individual debt constituents are reported in Wasmer Schroeder High Yield Municipal Fund's latest SEC N-PORT filing.

WSHYX Prospectus and SEC Filings

Official Wasmer Schroeder High Yield Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-07-13
• Prospectus (485BPOS) — filed 2018-07-10
• Prospectus supplement (497) — filed 2018-01-16
• Portfolio holdings (N-PORT) — filed 2020-07-30
• Annual census (N-CEN) — filed 2020-05-13
• Annual census (N-CEN) — filed 2019-05-14

Related Funds

Other Corporate Bond funds tracked on ABC INVEST:

• First Trust Preferred Securities and Income ETF (FPE)
• Nuveen Preferred Securities and Income Fund (NPSAX)
• Spectrum Preferred and Capital Securities Income Fund (PNARX)
• Invesco Variable Rate Preferred ETF (VRP)
• First Trust Institutional Preferred Securities and Income ETF (FPEI)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.