Wasmer Schroeder High Yield Municipal Fund plans March launch

By Toni Weeks

San Luis Obispo, Calif., Jan. 14 - Advisors Series Trust announced plans to launch a new municipal fund in March, the Wasmer Schroeder High Yield Municipal Fund.

The fund will seek to generate a high level of interest income that is not subject to federal income tax and will target medium- to lower-credit-quality municipal securities. Under normal market conditions, it will invest 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 will pay interest that is not exempt from the federal alternative minimum tax.

Jason D Diefenthaler will be the portfolio manager.

The fund plans to offer institutional class shares, which will be subject to a redemption fee of 1% for shares held for 60 days or less.

Including management fees of 0.75% and taking into account the effects of a fee waiver and expense reimbursement agreement with the investment adviser, net annual fund operating expenses are expected to be 1%.

Naples, Fla.-based Wasmer, Schroeder and Co, Inc. will serve as the investment adviser.

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