Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., cut holdings of Treasuries and raised holdings of mortgages last month.

Gross reduced the proportion of U.S. government and Treasury debt in the $252.4 billion Total Return Fund to 32 percent of assets in March, according to a report placed on the company’s website Wednesday. The allocation was 37 percent in February. Newport Beach, California-based Pimco doesn’t comment directly on monthly changes in its portfolio holdings.