(Bloomberg) — Pimco's Total Return Fund increased its stake in U.S. government debt to a 25-month high in July as a rally in Treasuries pushed yields to an all-time low and then fizzled.

Treasuries and related securities accounted for 45.6% of assets, rising from 39.7% in June, according to Pimco's monthly holdings reports on its website. The figure is the highest since June 2014. Total Return, based in Newport Beach, Calif., is the world's biggest actively run bond fund with $86.8 billion in assets.

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