Bill Gross, who runs the world’s biggest bond fund at PIMCO, has removed government-related debt from his flagship fund, The Wall Street Journal reports. The fund still holds about $20 billion to $30 billion in Treasury bills with maturities under 12 months. PIMCO’s $237 billion Total Return Fund last held zero government-related debt in January 2009 and Gross had cut the holdings to 12% of assets in January, adds Global Pensions. In February 2011, Gross increased holdings of emerging-market debt to 10% from 9% in January. He also removed holdings of mortgage securities to 34% from 42% in January.

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