Wells Fargo's Asset Allocation Fund lowers fixed-income exposure

By Toni Weeks

San Diego, Nov. 17 - Wells Fargo Advantage Funds said in a 497 filing with the Securities and Exchange Commission that it has made a change to the principal investment strategy for its Asset Allocation Fund.

According to the filing, the fund invests all of its investable assets in Asset Allocation Trust, an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC, and the trust, in turn, invests its assets in GMO-managed mutual funds. GMO, who shifts the trust's investments in the underlying funds in response to changes in market valuations and investment outlook, now intends to expose at least 15% of the trust's assets to fixed-income investments. The previous percentage was 25% of the fund's assets.

The fund's investment adviser is San Francisco-based Wells Fargo Funds Management, LLC, a subsidiary of Wells Fargo & Co.

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