(Bloomberg) -- A Morningstar Inc. analyst reiterated his top rating for Pacific Investment Management Co.’s Total Return Fund, the world’s largest bond fund.

The research firm today kept its gold rating for Bill Gross’s $236 billion Total Return Fund, a day after reducing Newport Beach, California-based Pimco’s stewardship grade and one of the components of the analyst rating that looks at the priorities of the firm. Analyst ratings are qualitative, and different from Morningstar’s five-star rating system, which is based on risk-adjusted returns.

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