485BPOS

Filed with the U.S. Securities and Exchange Commission on July 7, 2016

1933 Act Registration File No. 333-17391

1940 Act File No. 811-07959

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM N‑1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	☒
Pre‑Effective Amendment No.	☐
Post‑Effective Amendment No.   730	☒
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	☒
Amendment No. 732	☒

(Check appropriate box or boxes.)

ADVISORS SERIES TRUST

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin  53202

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s Telephone Numbers, Including Area Code) (414) 765-6609

Douglas G. Hess, President

Advisors Series Trust

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue, 5^th Floor

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

Domenick Pugliese, Esq.

Schiff Hardin LLP

666 Fifth Avenue, Suite 1700

New York, New York 10103

It is proposed that this filing will become effective

ý	immediately upon filing pursuant to paragraph (b)
☐	on pursuant to paragraph (b)
☐	60 days after filing pursuant to paragraph (a)(1)
☐	on pursuant to paragraph (a)(1)
☐	75 days after filing pursuant to paragraph (a)(2)
☐	on pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[  ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 730 to the Advisors Series Trust’s (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 724 on Form N-1A filed June 23, 2016.  This PEA No. 730 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 724 to the Trust’s Registration Statement for its series: Wasmer Schroeder High Yield Municipal Fund.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment (“PEA”) No. 730 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this PEA No. 730 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 7^th day of July, 2016.

Advisors Series Trust

By:/s/ Douglas G. Hess     

Douglas G. Hess

President

Pursuant to the requirements of the Securities Act, this PEA No. 730 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
Gail S. Duree*	Trustee	July 7, 2016
Gail S. Duree
George J. Rebhan*	Trustee	July 7, 2016
George J. Rebhan
George T. Wofford*	Trustee	July 7, 2016
George T. Wofford
Raymond B. Woolson*	Trustee	July 7, 2016
Raymond B. Woolson
Joe D. Redwine*	Trustee, Chairman and	July 7, 2016
Joe D. Redwine	Chief Executive Officer
/s/ Cheryl L. King	Treasurer and Principal	July 7, 2016
Cheryl L. King	Financial Officer
/s/ Douglas G. Hess	President and Principal	July 7, 2016
Douglas G. Hess	Executive Officer
*By: /s/ Douglas G. Hess		July 7, 2016
Douglas G. Hess Attorney-In Fact pursuant to Power of Attorney

C-1

EXHIBIT LIST

Exhibit	Exhibit No.
Instance Document	EX-101.INS
Schema Document	EX-101.SCH
Calculation Linkbase Document	EX-101.CAL
Definition Linkbase Document	EX-101.DEF
Label Linkbase Document	EX-101.LAB
Presentation Linkbase Document	EX-101.PRE

C-2

XML

Document and Entity Information	Total
Prospectus:
Document Type	485BPOS
Document Period End Date	Feb. 29, 2016
Registrant Name	ADVISORS SERIES TRUST
Central Index Key	0001027596
Amendment Flag	false
Document Creation Date	Jun. 23, 2016
Document Effective Date	Jun. 24, 2016
Prospectus Date	Jun. 28, 2016
Wasmer Schroeder High Yield Municipal Fund | Institutional Class
Prospectus:
Trading Symbol	WSHYX

XML

Wasmer Schroeder High Yield Municipal Fund

Wasmer Schroeder High Yield Municipal Fund

Investment Objectives

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.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Wasmer Schroeder High Yield Municipal Fund Institutional Class
Redemption Fees (as a percentage of amount redeemed on shares held for 60 days or less)	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	Wasmer Schroeder High Yield Municipal Fund Institutional Class
Management Fees	0.70%
Other Expenses	0.26%
Total Annual Fund Operating Expenses	0.96%
Less: Fee Waiver	(0.01%)	[1]
Total Annual Fund Operating Expenses After Fee Waiver	0.95%

Example.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap only in the first year). 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example	1 Year	3 Years	5 Years	10 Years
Wasmer Schroeder High Yield Municipal Fund | Institutional Class | USD ($)	97	305	530	1,177

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio.

Principal Investment Strategies

The Fund’s 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 Fund’s 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 & Poor’s Ratings Services (“S&P”) and/or Fitch Ratings, Inc. (“Fitch”) and/or ‘Baa3’ or higher by Moody’s Investors Service, Inc. (“Moody’s”).  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 Moody’s as ‘Baa1’ through ‘D’ (inclusive); non-rated securities may also meet the Adviser’s 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 Fund may also invest up to 100% of the Fund’s total assets in high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

The Adviser’s decision to buy or sell securities is based on its consideration of, among other things, the issuer’s 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 Fund’s broad risk exposures (such as duration, optionality, curve positioning, sector exposure, and aggregate credit quality), to increase or reduce the Fund’s 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.

Principal Investment Risks

Losing all or a portion of your money on your investment is a risk of investing in the Fund.  The following additional risks could affect the value of your investment:

· Market Risk.  The prices of the securities in which the Fund invests may decline for a number of reasons including responses to economic and political developments.

· Management Risk.  The Fund is an actively managed portfolio.  The Adviser’s management practices and investment strategies might not work to produce the desired results.

· High Yield Risk.  High yield debt obligations (commonly known as “junk bonds”) are speculative investments and entail greater risk of loss of principal than securities and loans that are investment grade rated because of their greater exposure to credit risk. The high yield market at times is subject to substantial volatility and high yield debt obligations may be less liquid than higher quality securities.

· Municipal Securities Risk.  Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features.  Municipal securities may be difficult to obtain because of limited supply, which may increase the cost of such securities and effectively reduce their yield.

· Sector and Geographic Risk.  Since the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territory and may invest a significant portion of its assets in certain sectors or types of obligations, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly.  General obligation bonds issued by municipalities are adversely affected by economic downturns and the resulting decline in tax revenues.  Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades.

· Fixed Income Securities Risks.  Fixed income (debt) securities are generally subject to the following risks:

o Interest Rate Risk.  The market value of fixed income securities changes in response to interest rate changes and other factors.  Generally, the price of fixed income securities will increase as interest rates fall and will decrease as interest rates rise. It is likely there will be less governmental action in the near future to maintain low interest rates.  The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.  The magnitude of changes in the price of fixed income securities is generally greater for those securities with longer maturities.

o Extension Risk.  If interest rates rise, repayments of principal on certain fixed income securities may occur at a slower-than-expected rate and, as a result, the expected maturity of such securities could lengthen which could cause their value to decline.

o Credit Risk.  The issuers of the debt securities held by the Fund may not be able to make interest or principal payments.  The Fund may invest in securities that are not investment grade and are generally considered speculative because they present a greater risk of loss, including payment default, than higher quality debt securities.  The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities.

o Prepayment Risk.  Issuers of securities held by the Fund may be able to prepay principal due on these securities, particularly during periods of declining interest rates, and the Fund may have to invest the proceeds in lower-yielding securities.

· Rule 144A Securities Risk.  The market for Rule 144A securities typically is less active than the market for publicly-traded securities.  Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Fund at quoted market prices.

· Alternative Minimum Tax Risk.  The Fund may invest in municipal bonds, the interest on which is a tax preference item.  If a Fund shareholder’s AMT liability increased as a result of such dividends, this result would reduce the Fund’s after-tax return to the shareholder.

· Political, Legislative or Regulatory Risk.  The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level.

· Reinvestment Risk.  A decline in interest rates may cause issuers to prepay higher-yielding debt securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income.

· Tax and Taxability Risk.  Distributions are includable in alternative minimum taxable income in computing a shareholder’s liability for the alternative minimum tax.  The Fund relies on the opinion of the issuer’s bond counsel that the interest paid on the issuer’s securities will not be subject to federal income tax.  However, after the Fund buys a security issued as tax-exempt, the Internal Revenue Service may determine that interest on the security should, in fact, be taxable, in which event the dividends the Fund pays with respect to that interest would be subject to federal income tax.

· Zero Coupon Securities Risk.  While interest payments are not made on such securities, holders of such securities are deemed to have received income annually, notwithstanding that cash may not be received currently.  Some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently.  Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.

Performance

The following information provides some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with broad measures of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.WSCFunds.com or by calling the Fund toll-free at 1-855-972-6864 (855-WSC-MUNI).

Calendar Year Total Returns as of December 31,

The Fund’s calendar year-to-date return as of March 31, 2016 was 2.03%.  During the period of time shown in the bar chart, the Fund’s highest quarterly return was 2.03% for the quarter ended September 30, 2015, and the lowest quarterly return was -1.07% for the quarter ended June 30, 2015.

Average Annual Total Returns (For the period ended December 31, 2015)

Average Annual Returns - Wasmer Schroeder High Yield Municipal Fund	Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Institutional Class	Return Before Taxes	4.24%	9.38%	Mar. 31, 2014
After Taxes on Distributions | Institutional Class	Return After Taxes on Distributions	3.86%	8.90%
After Taxes on Distributions and Sale of Fund Shares | Institutional Class	Return After Taxes on Distributions and Sale of Fund Shares	4.13%	7.98%
Barclays Municipal High Yield Index (reflects no deduction for fees, expenses or taxes)	Barclays Municipal High Yield Index (reflects no deduction for fees, expenses or taxes)	1.81%	5.28%	Mar. 31, 2014
Barclays Municipal Bond Index (reflects no deduction for fees, expenses or taxes)	Barclays Municipal Bond Index (reflects no deduction for fees, expenses or taxes)	3.30%	5.06%	Mar. 31, 2014

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).  The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

[1] Wasmer, Schroeder & Company, Inc. (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), taxes, interest expense and extraordinary expenses) do not exceed 0.95% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least June 27, 2017, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were paid, subject to the Expense Cap.

XML

Label

Element

Value

Wasmer Schroeder High Yield Municipal Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Wasmer Schroeder High Yield Municipal Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objectives

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

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.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

Jun. 27, 2017

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

27.00%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example.

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap only in the first year). 

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund’s 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 Fund’s 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 & Poor’s Ratings Services (“S&P”) and/or Fitch Ratings, Inc. (“Fitch”) and/or ‘Baa3’ or higher by Moody’s Investors Service, Inc. (“Moody’s”).  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 Moody’s as ‘Baa1’ through ‘D’ (inclusive); non-rated securities may also meet the Adviser’s 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 Fund may also invest up to 100% of the Fund’s total assets in high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

The Adviser’s decision to buy or sell securities is based on its consideration of, among other things, the issuer’s 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 Fund’s broad risk exposures (such as duration, optionality, curve positioning, sector exposure, and aggregate credit quality), to increase or reduce the Fund’s 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.

Risk [Heading]

rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Losing all or a portion of your money on your investment is a risk of investing in the Fund.  The following additional risks could affect the value of your investment:

· Market Risk.  The prices of the securities in which the Fund invests may decline for a number of reasons including responses to economic and political developments.

· Management Risk.  The Fund is an actively managed portfolio.  The Adviser’s management practices and investment strategies might not work to produce the desired results.

· High Yield Risk.  High yield debt obligations (commonly known as “junk bonds”) are speculative investments and entail greater risk of loss of principal than securities and loans that are investment grade rated because of their greater exposure to credit risk. The high yield market at times is subject to substantial volatility and high yield debt obligations may be less liquid than higher quality securities.

· Municipal Securities Risk.  Municipal securities rely on the creditworthiness or revenue production of their issuers or auxiliary credit enhancement features.  Municipal securities may be difficult to obtain because of limited supply, which may increase the cost of such securities and effectively reduce their yield.

· Sector and Geographic Risk.  Since the Fund may invest a significant portion of its assets in obligations issued in a particular state and/or U.S. territory and may invest a significant portion of its assets in certain sectors or types of obligations, the value of Fund shares may be affected by events that adversely affect that state, U.S. territory, sector or type of obligation and may fluctuate more than that of a fund that invests more broadly.  General obligation bonds issued by municipalities are adversely affected by economic downturns and the resulting decline in tax revenues.  Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades.

· Fixed Income Securities Risks.  Fixed income (debt) securities are generally subject to the following risks:

o Interest Rate Risk.  The market value of fixed income securities changes in response to interest rate changes and other factors.  Generally, the price of fixed income securities will increase as interest rates fall and will decrease as interest rates rise. It is likely there will be less governmental action in the near future to maintain low interest rates.  The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant.  The magnitude of changes in the price of fixed income securities is generally greater for those securities with longer maturities.

o Extension Risk.  If interest rates rise, repayments of principal on certain fixed income securities may occur at a slower-than-expected rate and, as a result, the expected maturity of such securities could lengthen which could cause their value to decline.

o Credit Risk.  The issuers of the debt securities held by the Fund may not be able to make interest or principal payments.  The Fund may invest in securities that are not investment grade and are generally considered speculative because they present a greater risk of loss, including payment default, than higher quality debt securities.  The degree of credit risk depends on the issuer’s financial condition and on the terms of the securities.

o Prepayment Risk.  Issuers of securities held by the Fund may be able to prepay principal due on these securities, particularly during periods of declining interest rates, and the Fund may have to invest the proceeds in lower-yielding securities.

· Rule 144A Securities Risk.  The market for Rule 144A securities typically is less active than the market for publicly-traded securities.  Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Fund at quoted market prices.

· Alternative Minimum Tax Risk.  The Fund may invest in municipal bonds, the interest on which is a tax preference item.  If a Fund shareholder’s AMT liability increased as a result of such dividends, this result would reduce the Fund’s after-tax return to the shareholder.

· Political, Legislative or Regulatory Risk.  The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level.

· Reinvestment Risk.  A decline in interest rates may cause issuers to prepay higher-yielding debt securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income.

· Tax and Taxability Risk.  Distributions are includable in alternative minimum taxable income in computing a shareholder’s liability for the alternative minimum tax.  The Fund relies on the opinion of the issuer’s bond counsel that the interest paid on the issuer’s securities will not be subject to federal income tax.  However, after the Fund buys a security issued as tax-exempt, the Internal Revenue Service may determine that interest on the security should, in fact, be taxable, in which event the dividends the Fund pays with respect to that interest would be subject to federal income tax.

· Zero Coupon Securities Risk.  While interest payments are not made on such securities, holders of such securities are deemed to have received income annually, notwithstanding that cash may not be received currently.  Some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently.  Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.

Risk Lose Money [Text]

rr_RiskLoseMoney

Losing all or a portion of your money on your investment is a risk of investing in the Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks of investing in the Fund. The bar chart shows the annual return for the Fund for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with broad measures of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.WSCFunds.com or by calling the Fund toll-free at 1-855-972-6864 (855-WSC-MUNI).

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following information provides some indication of the risks of investing in the Fund.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-855-972-6864

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.WSCFunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

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Calendar Year Total Returns as of December 31,

Bar Chart Closing [Text Block]

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The Fund’s calendar year-to-date return as of March 31, 2016 was 2.03%.  During the period of time shown in the bar chart, the Fund’s highest quarterly return was 2.03% for the quarter ended September 30, 2015, and the lowest quarterly return was -1.07% for the quarter ended June 30, 2015.

Year to Date Return, Label

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year-to-date return

Bar Chart, Year to Date Return, Date

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Mar. 31, 2016

Bar Chart, Year to Date Return

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2.03%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date

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Sep. 30, 2015

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

2.03%

Lowest Quarterly Return, Label

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lowest quarterly return

Lowest Quarterly Return, Date

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Jun. 30, 2015

Lowest Quarterly Return

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(1.07%)

Index No Deduction for Fees, Expenses, Taxes [Text]

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(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

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Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

Performance Table Explanation after Tax Higher

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The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

Performance Table Closing [Text Block]

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).  The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

Caption

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Average Annual Total Returns (For the period ended December 31, 2015)

Wasmer Schroeder High Yield Municipal Fund | Barclays Municipal High Yield Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

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Label

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Barclays Municipal High Yield Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

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1.81%

Average Annual Returns, Since Inception

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5.28%

Average Annual Returns, Inception Date

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Mar. 31, 2014

Wasmer Schroeder High Yield Municipal Fund | Barclays Municipal Bond Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

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Label

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Barclays Municipal Bond Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

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3.30%

Average Annual Returns, Since Inception

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5.06%

Average Annual Returns, Inception Date

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Mar. 31, 2014

Wasmer Schroeder High Yield Municipal Fund | Institutional Class

Risk/Return:

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Redemption Fee (as a percentage of Amount Redeemed)

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(1.00%)

Management Fees

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0.70%

Other Expenses

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0.26%

Total Annual Fund Operating Expenses

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0.96%

Less: Fee Waiver

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(0.01%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

0.95%

Expense Example, with Redemption, 1 Year

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$ 97

Expense Example, with Redemption, 3 Years

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305

Expense Example, with Redemption, 5 Years

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530

Expense Example, with Redemption, 10 Years

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$ 1,177

Annual Return 2015

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4.24%

Label

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Return Before Taxes

Average Annual Returns, 1 Year

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4.24%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

9.38%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Wasmer Schroeder High Yield Municipal Fund | Institutional Class | After Taxes on Distributions

Risk/Return:

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Label

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Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

3.86%

Average Annual Returns, Since Inception

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8.90%

Wasmer Schroeder High Yield Municipal Fund | Institutional Class | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

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Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

4.13%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.98%

[1] Wasmer, Schroeder & Company, Inc. (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), taxes, interest expense and extraordinary expenses) do not exceed 0.95% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least June 27, 2017, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were paid, subject to the Expense Cap.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Jun. 28, 2016