Bill Gross, Pacific Investment Management Co.'s founder and co-chief investment officer and the manager of its $157 billion Total Return Fund, reduced his holdings of mortgage debt to the lowest level in a year.

Gross cut the holdings to 61% last month, from 64% in April, according to a Monday posting on the Newport Beach, Calif., company's Web site. He also reduced his holdings of government-related debt to 25% while boosting investment grade holdings to 18%.

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