By Daily Crux Editor Sean Goldsmith:

Bond King Bill Gross, manager of the world's biggest bond fund at PIMCO, cut his holdings of mortgage bonds to 54% of assets, the lowest in nearly two years, from 61% in May. He also cut his government bond position to 24% of assets, the lowest since February. He's adding to cash and cash equivalents.

In his monthly investment outlook, Gross said investors should look for "secure income" from bonds and dividend-paying stocks... "The outlook for risky assets -- stocks, high-yield bonds, and commercial and residential real estate will involve just that -- risk,” he said.

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